Ing Variable Portfolios N-CSRS Certified semi-annual shareholder report (management investment company)

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-7651
ING Variable Portfolios, Inc.
(Exact name of registrant as specified in charter)
7337 E. Doubletree Ranch Rd., Scottsdale, AZ					85258
(Address of principal executive offices)					(Zip code)
The Corporation Trust Incorporated, 300 E. Lombard Street, Baltimore, MD 21201
(Name and address of agent for service)
Registrant’s telephone number, including area code:				1-800-992-0180
Date of fiscal year end:	December 31
Date of reporting period:		January 1, 2008 to June 30, 2008

ITEM 1.REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):

Semi-Annual Report

June 30, 2008

Classes ADV, I and S

ING Variable Product Funds

Domestic Equity and Income Portfolios

n ING VP Balanced Portfolio

n ING VP Growth and Income Portfolio

Domestic Equity Growth Portfolios

n ING Opportunistic LargeCap Growth Portfolio (formerly, ING VP Growth Portfolio)

n ING VP Small Company Portfolio

Domestic Equity Value Portfolio

n ING Opportunistic LargeCap Value Portfolio (formerly, ING VP Value Opportunity Portfolio)

Fixed Income Portfolios

n ING VP Intermediate Bond Portfolio

n ING VP Money Market Portfolio

Global and International Equity Portfolio

n ING BlackRock Global Science and Technology Portfolio (formerly, ING VP Global Science and Technology Portfolio)

Index Portfolios

n ING International Index Portfolio

n ING Lehman Brothers U.S. Aggregate Bond Index^® Portfolio

n ING Russell^TM Large Cap Index Portfolio

n ING Russell^TM Mid Cap Index Portfolio

n ING Russell^TM Small Cap Index Portfolio

n ING WisdomTree^SM Global High-Yielding Equity Index Portolio

This report is submitted for general information to shareholders of the ING Funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

FUNDS

TABLE OF CONTENTS

President's Letter	1
Market Perspective	2
Shareholder Expense Examples	4
Statements of Assets and Liabilities	8
Statements of Operations	15
Statements of Changes in Net Assets	19
Financial Highlights	25
Notes to Financial Statements	44
Portfolios of Investments	62
Advisory Contract Approval Discussion	189

PROXY VOTING INFORMATION

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the ING Funds' website at www.ingfunds.com; and (3) on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. Information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the ING Funds' website at www.ingfunds.com and on the SEC's website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Portfolios' Forms N-Q are available on the SEC's website at www.sec.gov. The Portfolios' Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330; and is available upon request from the Portfolios by calling Shareholder Services toll-free at (800) 992-0180.

PRESIDENT'S LETTER

Dear Shareholder,

The first half of the year has been a challenging period for investors. We have seen a variety of industries impacted by an economic uncertainty and market volatility.

Often what happens in these situations is that anxiety clouds sound investment principles. Market corrections are a natural part of the investing and attempts to "time" buy-and-sell decisions often backfire and, in fact, hinder achieving long-term investment goals. Research bears this out. Based on Bloomberg research, if you were fully invested in domestic equities between December 1997 and December 2007, a $10,000 investment would have grown to more than $17,000. However, had you missed the "best" 10 days of that ten-year period, your $10,000 would have grown to less than $12,000. Missing the "best" 20 days of that ten-year cycle would have been even costlier, resulting in your original $10,000 investment being worth less than $8,000.⁽¹⁾

No one knows when those "best" days will occur, but history tells us that, when investing, staying focused on the long term may be the prudent strategy.

ING encourages you to take this opportunity to meet with your financial professionals to ensure your portfolio reflects your goals and risk tolerance. In doing this, many investors discover that building a well-diversified investment portfolio, one made up of allocations to a wide range of asset classes, may be the best way to withstand market volatility.

At ING Funds we strive to offer our clients quality investments. I thank you for your continued support and confidence and we look forward to serving you in the future.

Sincerely,

Shaun Mathews,
CEO
ING Funds
August 8, 2008

The views expressed in the President's Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and ING Funds disclaims any responsibility to update such views. These views may not be relied on as investment advice and because investment decisions for an ING Fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any ING Fund. Reference to specific company securities should not be construed as recommendations or investment advice. Consider the fund's investment objectives, risks, and charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.

International investing poses special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.

⁽¹⁾  Bloomberg calculations based on performance of the Standard & Poor's 500^® Composite Stock Price Index ("S&P 500^® Index") between December 31, 1997 and December 31, 2007.

1

MARKET PERSPECTIVE: SIX MONTHS ENDED JUNE 30, 2008

The first half of 2008 carried on where 2007 left off, with mutually reinforcing financial dislocation and economic weakness driving investors from risky assets. A six-week rally fizzled in mid-May and global equities in the form of the Morgan Stanley Capital International ("MSCI") World^® Index⁽¹⁾ measured in local currencies, including net reinvested dividends ("MSCI" for regions discussed below) declined, returning (12.8)% through June 30, 2008. In currencies, the dollar fell 6.8% and 5.5% against the euro and yen respectively, but edged up 0.1% against the pound, as the UK economy faced challenges roughly similar to those in the United States.

It was clear that the credit crisis that surfaced in 2007 had its roots in the real economy, as the drumbeat of news was monotonously bad.

The housing market continued its inexorable march down. By the end of June, house prices were down 15.3% year-over-year, by one measure. The pace of new home sales was the second lowest since 1991, and although existing home sales rebounded from the slowest pace in nine years, it was pointed out that about one-third of purchases reflected foreclosures or other distressed sales.

The February 2008 payrolls report showed the first fall in over four years. Payrolls fell again in the next four reports. The June unemployment report disclosed the biggest increase in two decades: by 0.5% to 5.5%.

First quarter gross domestic product ("GDP") grew at just 0.96% annualized, with profits from current production down for the third straight quarter.

Back in the financial sector, write-downs of asset-backed securities continued apace, but with some unsettling variations on the theme. Merrill Lynch's $10 to $20 billion of write-downs included the guarantees of monoline insurers. Moody's Investors Service ("Moody's") put their Aaa ratings up for review on January 17, 2008. Now the status and viability of insured municipal debt, which reflects the credit rating of the insurers, was in doubt.

The following Monday, with U.S. exchanges closed for a holiday, major international stock markets sold off by about 6%. On Tuesday, the Federal Reserve Board (the "Fed") acted, cutting the federal funds and discount rates by 75 basis points. Eight days later, at their regular meeting, the Federal Open Market Committee ("FOMC") cut the federal funds and discount rates again, this time by 50 basis points.

Despite stubbornly high inflation, there was now no doubt about the required direction of policy. Congress agreed in February 2008 to spend $117 billion in tax rebates as part of a $168 billion plan to stimulate the economy. In March 2008, the Fed reduced the discount rate further, by 100 basis points to 2.5% and the federal funds rate by 75 basis points to 2.25%. Events took another remarkable turn when Bear Stearns, an investment bank near the eye of the storm since the credit crisis blew in, was laid low in days by rumors of insolvency due to liquidity problems. Over a weekend, the Fed brokered the sale of Bear Stearns, a $90 stock in December 2007, to JP Morgan for just $10 per share.

The trauma of Bear Stearns' forced sale proved that some market players were indeed too connected to fail. The Fed followed this up by opening the discount window to other primary dealers. This might at least draw a line under the threat of systemic failure that Bear Stearns may have posed. The relief rally was sustained on the last day of April 2008 when the FOMC reduced the federal funds rate by 0.25% to 2%, and barely hinted that they might be done.

However, the underlying problems had not disappeared and the rally soon failed. The price of oil was still moving up and on the second to last day of June settled above $140 per barrel for the first time. But it was really all commodities, as well as food, whose prices were on the rise. It was little surprise when headline Consumer Price Index ("CPI") inflation was reported in June at 4.2% year-over-year, and June ended with consumer confidence the lowest since May 1980.

In U.S. fixed income markets, a flight to safety in the first quarter was partly reversed. Treasury Bill yields fell 143 basis points to 1.71%, while 10-year Treasury Note yields lost 5 basis points to 3.98%. The Lehman Brothers^® U.S. Aggregate Bond ("LBAB") Index⁽²⁾ of investment grade bonds returned 1.13% through June 30, 2008, but the Lehman Brothers^® High Yield Bond — 2% Issuer Constrained Composite Index⁽³⁾ r eturned (1.08)% for the same period.

U.S. equities, represented by the Standard & Poor's 500^® ("S&P 500^®") Composite Stock Price Index⁽⁴⁾ including dividends, returned (11.9)% through June 30, 2008. Profits for S&P 500^® companies suffered their third straight quarter of decline, latterly by more than 25%. In both returns and profits, it was the financials within the S&P 500^® Index that led the way down, often cutting dividends along the way.

2

MARKET PERSPECTIVE: SIX MONTHS ENDED JUNE 30, 2008

In international markets, the MSCI Japan^® Index⁽⁵⁾ returned (10.4)% through June 30, 2008. While there was some encouraging news like quarterly GDP growth of 1%, its main source, exports, faced the twin threats of a slowing world economy and a higher yen. The MSCI Europe ex UK^® Index⁽⁶⁾ returned (19.6)% through June 30, 2008. Business and consumer confidence faded as banks continued to write down asset-backed securities in huge volumes and toughened credit standards. Consumer price inflation driven by food and energy surged to 4.0%, a 16-year high, and the European C entral Bank threatened a July rate increase. In the UK, the MSCI UK^® Index⁽⁷⁾ returned (11.2)% through June 30, 2008. The country remained in the grip of the worst housing slump since the early 1990s and house prices fell year-over-year at the fastest rate since 1992. The Bank of England (the "Bank") cut rates twice to 5.0%, but with inflation now up to 3.3%, it was clear that the Bank was out of ammunition.

⁽¹⁾  The MSCI World^®Index is an unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.

⁽²⁾  The LBAB Index is an unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.

⁽³⁾  The Lehman Brothers^® High Yield Bond — 2% Issuer Constrained Composite Index is an unmanaged index that measures the performance of fixed-income securities.

⁽⁴⁾  The S&P 500^® Index is an unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.

⁽⁵⁾  The MSCI Japan^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.

⁽⁶⁾  The MSCI Europe ex UK^®Index is a free float adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.

⁽⁷⁾  The MSCI UK^®Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.

All indices are unmanaged and investors cannot invest directly in an index.

Past performance does not guarantee future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Portfolios' performance is subject to change since the period's end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.ingfunds.com to obtain performance data current to the most recent month end.

Market Perspective reflects the views of ING's Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.

3

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2008 to June 30, 2008. The Portfolios' expenses are shown without the imposition of any charges which are, or may be, imposed under your annuity contract. Expenses would have been higher if such charges were included.

Actual Expenses

The first section of the table shown, "Actual Portfolio Return," provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second section of the table shown, "Hypothetical (5% return before expenses)," provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the hypothetical lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

ING VP Balanced Portfolio	Beginning Account Value January 1, 2008		Ending Account Value June 30, 2008		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2008*
Actual Portfolio Return
Class ADV	$	1,000.00	$	912.90		1.11	%	$	5.28
Class I		1,000.00		916.40		0.61			2.91
Class S		1,000.00		915.40		0.86			4.10
Hypothetical (5% return before expenses)
Class ADV	$	1,000.00	$	1,019.34		1.11	%	$	5.57
Class I		1,000.00		1,021.83		0.61			3.07
Class S		1,000.00		1,020.59		0.86			4.32

*  Expenses are equal to each Portfolio's respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year.

4

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

ING VP Growth and Income Portfolio	Beginning Account Value January 1, 2008		Ending Account Value June 30, 2008		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2008*
Actual Portfolio Return
Class ADV	$	1,000.00	$	891.10		1.10	%	$	5.17
Class I		1,000.00		893.00		0.60			2.82
Class S		1,000.00		892.00		0.85			4.00
Hypothetical (5% return before expenses)
Class ADV	$	1,000.00	$	1,019.39		1.10	%	$	5.52
Class I		1,000.00		1,021.88		0.60			3.02
Class S		1,000.00		1,020.64		0.85			4.27
ING Opportunistic LargeCap Growth Portfolio
Actual Portfolio Return
Class ADV	$	1,000.00	$	837.10		1.23	%	$	5.62
Class I		1,000.00		839.10		0.73			3.34
Class S		1,000.00		838.10		0.98			4.48
Hypothetical (5% return before expenses)
Class ADV	$	1,000.00	$	1,018.75		1.23	%	$	6.17
Class I		1,000.00		1,021.23		0.73			3.67
Class S		1,000.00		1,019.99		0.98			4.92
ING VP Small Company Portfolio
Actual Portfolio Return
Class I	$	1,000.00	$	937.60		0.84	%	$	4.05
Class S		1,000.00		936.10		1.09			5.25
Hypothetical (5% return before expenses)
Class I	$	1,000.00	$	1,020.69		0.84	%	$	4.22
Class S		1,000.00		1,019.44		1.09			5.47
ING Opportunistic LargeCap Value Portfolio
Actual Portfolio Return
Class ADV	$	1,000.00	$	854.00		1.20	%	$	5.53
Class I		1,000.00		859.00		0.70			3.24
Class S		1,000.00		857.60		0.95			4.39
Hypothetical (5% return before expenses)
Class ADV	$	1,000.00	$	1,018.90		1.20	%	$	6.02
Class I		1,000.00		1,021.38		0.70			3.52
Class S		1,000.00		1,020.14		0.95			4.77

*  Expenses are equal to each Portfolio's respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year.

5

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

ING VP Intermediate Bond Portfolio	Beginning Account Value January 1, 2008		Ending Account Value June 30, 2008		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2008*
Actual Portfolio Return
Class ADV	$	1,000.00	$	986.30		0.99	%	$	4.89
Class I		1,000.00		988.80		0.49			2.42
Class S		1,000.00		986.80		0.74			3.66
Hypothetical (5% return before expenses)
Class ADV	$	1,000.00	$	1,019.94		0.99	%	$	4.97
Class I		1,000.00		1,022.43		0.49			2.46
Class S		1,000.00		1,021.18		0.74			3.72
ING VP Money Market Portfolio
Actual Portfolio Return
Class I	$	1,000.00	$	1,016.10		0.34	%	$	1.70
Hypothetical (5% return before expenses)
Class I	$	1,000.00	$	1,023.17		0.34	%	$	1.71
ING BlackRock Global Science and Technology Portfolio
Actual Portfolio Return
Class I	$	1,000.00	$	875.20		1.06	%	$	4.94
Class S		1,000.00		874.50		1.31			6.11
Hypothetical (5% return before expenses)
Class I	$	1,000.00	$	1,019.59		1.06	%	$	5.32
Class S		1,000.00		1,018.35		1.31			6.57
ING International Index Portfolio
Actual Portfolio Return
Class ADV(1)	$	1,000.00	$	1,001.00		1.00	%	$	3.06
Class I(1)		1,000.00		1,002.00		0.50			1.53
Class S(1)		1,000.00		1,001.00		0.75			2.30
Hypothetical (5% return before expenses)
Class ADV	$	1,000.00	$	1,019.89		1.00	%	$	5.02
Class I		1,000.00		1,022.38		0.50			2.51
Class S		1,000.00		1,021.13		0.75			3.77
ING Lehman Brothers U.S. Aggregate Bond Index® Portfolio
Actual Portfolio Return
Class ADV(1)	$	1,000.00	$	995.00		0.95	%	$	2.90
Class I(2)		1,000.00		997.00		0.45			1.41
Class S(1)		1,000.00		995.00		0.70			2.14
Hypothetical (5% return before expenses)
Class ADV	$	1,000.00	$	1,020.14		0.95	%	$	4.77
Class I		1,000.00		1,022.63		0.45			2.26
Class S		1,000.00		1,021.38		0.70			3.52

*  Expenses are equal to each Portfolio's respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year.

⁽¹⁾  Commencement of operations was March 10, 2008. Expenses paid reflect the 113 day period ended June 30, 2008.

⁽²⁾  Commencement of operations was March 7, 2008. Expenses paid reflect the 115 day period ended June 30, 2008.

6

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

ING RussellTM Large Cap Index Portfolio	Beginning Account Value January 1, 2008		Ending Account Value June 30, 2008		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2008*
Actual Portfolio Return
Class ADV(1)	$	1,000.00	$	998.00		0.87	%	$	2.68
Class I(1)		1,000.00		999.00		0.37			1.14
Class S(1)		1,000.00		999.00		0.62			1.91
Hypothetical (5% return before expenses)
Class ADV	$	1,000.00	$	1,020.54		0.87	%	$	4.37
Class I		1,000.00		1,023.02		0.37			1.86
Class S		1,000.00		1,021.78		0.62			3.12
ING RussellTM Mid Cap Index Portfolio
Actual Portfolio Return
Class ADV(1)	$	1,000.00	$	1,064.00		0.93	%	$	2.96
Class I(1)		1,000.00		1,065.00		0.43			1.37
Class S(1)		1,000.00		1,064.00		0.68			2.17
Hypothetical (5% return before expenses)
Class ADV	$	1,000.00	$	1,020.24		0.93	%	$	4.67
Class I		1,000.00		1,022.73		0.43			2.16
Class S		1,000.00		1,021.48		0.68			3.42
ING RussellTM Small Cap Index Portfolio
Actual Portfolio Return
Class ADV(1)	$	1,000.00	$	1,072.00		0.95	%	$	3.04
Class I(1)		1,000.00		1,074.00		0.45			1.44
Class S(1)		1,000.00		1,073.00		0.70			2.24
Hypothetical (5% return before expenses)
Class ADV	$	1,000.00	$	1,020.14		0.95	%	$	4.77
Class I		1,000.00		1,022.63		0.45			2.26
Class S		1,000.00		1,021.38		0.70			3.52
ING WisdomTreeSM Global High-Yielding Equity Index Portfolio
Actual Portfolio Return
Class ADV(2)	$	1,000.00	$	910.00		1.20	%	$	4.85
Class I(2)		1,000.00		913.00		0.70			2.84
Class S(2)		1,000.00		912.00		0.89			3.60
Hypothetical (5% return before expenses)
Class ADV	$	1,000.00	$	1,018.90		1.20	%	$	6.02
Class I		1,000.00		1,021.38		0.70			3.52
Class S		1,000.00		1,020.44		0.89			4.47

*  Expenses are equal to each Portfolio's respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year.

⁽¹⁾  Commencement of operations was March 10, 2008. Expenses paid reflect the 113 day period ended June 30, 2008.

⁽²⁾  Commencement of operations was January 28, 2008. Expenses paid reflect the 155 day period ended June 30, 2008.

7

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2008 (UNAUDITED)

	ING VP Balanced Portfolio			ING VP Growth and Income Portfolio			ING Opportunistic LargeCap Growth Portfolio			ING VP Small Company Portfolio
ASSETS:
Investments in securities at value+*	$	843,083,331		$	2,525,431,312		$	112,697,735		$	559,088,429
Short-term investments in affiliates at amortized cost	��	17,800,000			—			—			25,750,000
Short-term investments at amortized cost		145,681,590			204,440,832			23,482,407			154,506,125
Cash		8,148,093			459			1,408			—
Cash collateral for futures		2,398,223			—			—			—
Foreign currencies at value**		15,639			592,336			—			—
Receivables:
Investment securities sold		28,558,001			56,845,465			5,248,544			18,399,087
Fund shares sold		9,298			263,036			15,536			3,476,666
Dividends and interest		2,872,669			3,718,629			33,643			562,522
Variation margin		33,758			—			—			—
Unrealized appreciation on forward foreign currency contracts		242,743			—			—			—
Upfront payments made on swap agreements		2,212,805			—			—			—
Unrealized appreciation on swap agreements		7,536,993			—			—			—
Prepaid expenses		29,800			80,382			4,414			17,115
Total assets		1,058,622,943			2,791,372,451			141,483,687			761,799,944
LIABILITIES:
Payable for investment securities purchased		59,056,411			46,973,046			5,208,791			26,386,609
Payable for fund shares redeemed		852,103			3,498,298			31,860			922,907
Payable for futures variation margin		209,008			—			—			—
Payable upon receipt of securities loaned		113,272,479			170,933,504			23,054,407			151,578,125
Unrealized depreciation on forward foreign currency contracts		66,640			—			—			—
Upfront payments received on swap agreements		1,844,448			—			—			—
Unrealized depreciation on swap agreements		2,677,494			—			—			—
Payable to affiliates		416,411			1,211,848			67,407			394,344
Payable for directors fees		23,501			34,508			3,226			542
Other accrued expenses and liabilities		65,957			307,689			33,129			56,806
Total liabilities		178,484,452			222,958,893			28,398,820			179,339,333
NET ASSETS	$	880,138,491		$	2,568,413,558		$	113,084,867		$	582,460,611
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	952,559,811		$	4,382,790,881		$	271,178,242		$	610,469,029
Undistributed net investment income		12,070,588			20,701,604			215,423			1,822,522
Accumulated net realized gain (loss) on investments, foreign currency related transactions, futures, and swaps		(38,246,158	)		(1,917,188,842	)		(156,777,689	)		1,024,530
Net unrealized appreciation or depreciation on investments, foreign currency related transactions, futures, and swaps		(46,245,750	)		82,109,915			(1,531,109	)		(30,855,470	)
NET ASSETS	$	880,138,491		$	2,568,413,558		$	113,084,867		$	582,460,611
+ Including securities loaned at value	$	109,310,764		$	166,249,354		$	22,285,178		$	145,422,152
* Cost of investments in securities	$	893,639,093		$	2,443,346,910		$	114,228,844		$	589,943,899
** Cost of foreign currencies	$	15,639		$	596,581		$	—		$	—

See Accompanying Notes to Financial Statements
8

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

	ING VP Balanced Portfolio		ING VP Growth and Income Portfolio		ING Opportunistic LargeCap Growth Portfolio		ING VP Small Company Portfolio
Class ADV:
Net assets	$	819	$	1,072,026	$	1,173,337		n/a
Shares authorized		500,000,000		unlimited		100,000,000		n/a
Par value	$	0.001	$	1.00	$	0.001		n/a
Shares outstanding		70		48,885		112,463		n/a
Net asset value and redemption price per share	$	11.65	$	21.93	$	10.43		n/a
Class I:
Net assets	$	870,967,942	$	2,467,863,821	$	98,746,988	$	560,761,590
Shares authorized		500,000,000		unlimited		100,000,000		100,000,000
Par value	$	0.001	$	1.00	$	0.001	$	0.001
Shares outstanding		74,417,025		111,593,857		9,456,249		35,240,085
Net asset value and redemption price per share	$	11.70	$	22.11	$	10.44	$	15.91
Class S:
Net assets	$	9,169,730	$	99,477,711	$	13,164,542	$	21,699,021
Shares authorized		500,000,000		unlimited		100,000,000		100,000,000
Par value	$	0.001	$	1.00	$	0.001	$	0.001
Shares outstanding		787,647		4,527,875		1,271,412		1,376,610
Net asset value and redemption price per share	$	11.64	$	21.97	$	10.35	$	15.76

See Accompanying Notes to Financial Statements
9

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2008 (UNAUDITED)

	ING Opportunistic LargeCap Value Portfolio			ING VP Intermediate Bond Portfolio			ING VP Money Market Portfolio			ING BlackRock Global Science and Technology Portfolio
ASSETS:
Investments in securities at value+*	$	126,954,741		$	3,547,657,096		$	—		$	206,334,127
Short-term investments**		—			9,910,210			—			—
Short-term investments in affiliates at amortized cost		300,000			92,725,000			—			—
Short-term investments at amortized cost+		30,354,270			1,060,119,358			1,812,466,790			42,407,785
Cash		871			2,395,506			6,011,564			15,935,040
Cash collateral for futures		—			16,953,286			—			—
Foreign currencies at value***		—			177,454			—			1,515,484
Receivables:
Investment securities sold		—			342,228,695			—			1,001,729
Fund shares sold		30,783			1,816,732			187,178			44,994
Dividends and interest		255,982			20,285,263			3,753,844			55,929
Variation margin		—			109,793			—			—
Unrealized appreciation on forward foreign currency contracts		—			2,493,971			—			377,419
Upfront payments made on swap agreements		—			19,498,396			—			—
Unrealized appreciation on swap agreements		—			59,648,662			—			—
Prepaid expenses		4,633			93,418			52,788			2,686
Reimbursement due from manager		—			—			—			1,328
Total assets		157,901,280			5,176,112,840			1,822,472,164			267,676,521
LIABILITIES:
Payable for investment securities purchased		—			738,923,011			5,988,333			7,872,895
Payable for fund shares redeemed		588,683			8,739,922			2,872,145			319,240
Payable for futures variation margin		—			1,729,130			—			—
Payable upon receipt of securities loaned		29,757,270			780,560,923			111,270,923			42,407,785
Unrealized depreciation on forward foreign currency contracts		—			712,296			—			119,065
Upfront payments received on swap agreements		—			19,489,303			—			—
Unrealized depreciation on swap agreements		—			19,918,825			—			—
Payable to affiliates		76,692			1,608,720			423,237			214,140
Payable for directors fees		4,765			4,107			2,051			136
Other accrued expenses and liabilities		26,229			49,455			25,499			28,849
Total liabilities		30,453,639			1,571,735,692			120,582,188			50,962,110
NET ASSETS	$	127,447,641		$	3,604,377,148		$	1,701,889,976		$	216,714,411
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	143,696,940		$	3,710,116,155		$	1,678,282,335		$	253,008,386
Undistributed net investment income		1,471,248			74,786,238			28,025,749			51,989
Accumulated net realized loss on investments, foreign currency related transactions, futures, and swaps		(6,862,694	)		(9,382,832	)		(4,418,108	)		(27,892,788	)
Net unrealized depreciation on investments, foreign currency related transactions, futures, and swaps		(10,857,853	)		(171,142,413	)		—			(8,453,176	)
NET ASSETS	$	127,447,641		$	3,604,377,148		$	1,701,889,976		$	216,714,411
+ Including securities loaned at value	$	28,870,264		$	766,718,238		$	108,513,948		$	40,776,757
* Cost of investments in securities	$	137,812,594		$	3,758,216,643		$	—		$	215,055,632
** Cost of short-term investments	$	—		$	9,913,767		$	—		$	—
*** Cost of foreign currencies	$	—		$	172,880		$	—		$	1,505,937

See Accompanying Notes to Financial Statements
10

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

	ING Opportunistic LargeCap Value Portfolio		ING VP Intermediate Bond Portfolio		ING VP Money Market Portfolio		ING BlackRock Global Science and Technology Portfolio
Class ADV:
Net assets	$	746	$	968		n/a		n/a
Shares authorized		100,000,000		unlimited		n/a		n/a
Par value	$	0.001	$	1.00		n/a		n/a
Shares outstanding		66		76		n/a		n/a
Net asset value and redemption price per share	$	11.37	$	12.75		n/a		n/a
Class I:
Net assets	$	109,079,918	$	2,360,239,278	$	1,701,889,976	$	82,618,811
Shares authorized		100,000,000		unlimited		unlimited		100,000,000
Par value	$	0.001	$	1.00	$	1.00	$	0.001
Shares outstanding		9,456,227		184,784,562		129,514,220		17,315,903
Net asset value and redemption price per share	$	11.54	$	12.77	$	13.14	$	4.77
Class S:
Net assets	$	18,366,977	$	1,244,136,902		n/a	$	134,095,600
Shares authorized		100,000,000		unlimited		n/a		100,000,000
Par value	$	0.001	$	1.00		n/a	$	0.001
Shares outstanding		1,603,179		98,163,655		n/a		28,309,797
Net asset value and redemption price per share	$	11.46	$	12.67		n/a	$	4.74

See Accompanying Notes to Financial Statements
11

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2008 (UNAUDITED)

	ING International Index Portfolio			ING Lehman Brothers U.S. Aggregate Bond Index® Portfolio			ING RussellTM Large Cap Index Portfolio			ING RussellTM Mid Cap Index Portfolio
ASSETS:
Investments in securities at value*	$	293,102,118		$	58,867,484		$	805,276,127		$	158,137,628
Investments in affiliates**		1,421,438			—			—			—
Short-term investments in affiliates at amortized cost		8,102,000			—			61,113,000			8,064,000
Short-term investments at amortized cost		—			12,969,212			—			—
Cash		—			151,478			412			119
Cash collateral for futures		836,757			—			900,000			124,800
Foreign currencies at value***		9,864,326			—			—			—
Receivables:
Investment securities sold		—			1,612,289			17,865,728			15,496,661
Fund shares sold		408,126			1,463,921			1,172,428			426,107
Dividends and interest		562,570			454,228			1,095,091			193,825
Variation margin		62,471			—			13,750			—
Prepaid expenses		9,666			9,664			9,665			9,665
Reimbursement due from manager		18,213			4,830			3,087			15,477
Total assets		314,387,685			75,533,106			887,449,288			182,468,282
LIABILITIES:
Payable for investment securities purchased		9,708,399			11,069,170			62,429,219			20,346,664
Payable for fund shares redeemed		2,818			2,385			45,725			54,436
Payable for futures variation margin		13,769			—			—			7,062
Payable to affiliates		119,533			21,685			263,893			56,532
Payable to custodian due to bank overdraft		19,482			—			—			—
Payable for directors fees		506			532			—			692
Other accrued expenses and liabilities		44,608			16,121			49,274			44,482
Total liabilities		9,909,115			11,109,893			62,788,111			20,509,868
NET ASSETS	$	304,478,570		$	64,423,213		$	824,661,177		$	161,958,414
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	328,943,307		$	64,613,325		$	908,382,994		$	169,417,292
Undistributed net investment income		1,996,085			493,509			2,868,594			405,466
Accumulated net realized gain (loss) on investments, foreign currency related transactions, and futures		116,056			(72,025	)		(8,155,858	)		763,100
Net unrealized depreciation on investments, foreign currency related transactions, and futures		(26,576,878	)		(611,596	)		(78,434,553	)		(8,627,444	)
NET ASSETS	$	304,478,570		$	64,423,213		$	824,661,177		$	161,958,414
* Cost of investments in securities	$	319,100,081		$	59,479,080		$	883,451,028		$	166,736,836
** Cost of investments in affiliates	$	1,728,925		$	—		$	—		$	—
*** Cost of foreign currencies	$	9,785,249		$	—		$	—		$	—

See Accompanying Notes to Financial Statements
12

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

	ING International Index Portfolio		ING Lehman Brothers U.S. Aggregate Bond Index® Portfolio		ING RussellTM Large Cap Index Portfolio		ING RussellTM Mid Cap Index Portfolio
Class ADV:
Net assets	$	3,014	$	12,363	$	611,496	$	62,016
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		301		1,242		61,285		5,828
Net asset value and redemption price per share	$	10.01	$	9.95	$	9.98	$	10.64
Class I:
Net assets	$	301,993,753	$	52,922,890	$	817,191,257	$	154,470,991
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		30,127,864		5,310,495		81,764,814		14,500,612
Net asset value and redemption price per share	$	10.02	$	9.97	$	9.99	$	10.65
Class S:
Net assets	$	2,481,803	$	11,487,960	$	6,858,424	$	7,425,407
Shares authorized		100,000,000		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		247,854		1,154,596		686,504		697,846
Net asset value and redemption price per share	$	10.01	$	9.95	$	9.99	$	10.64

See Accompanying Notes to Financial Statements
13

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2008 (UNAUDITED)

	ING RussellTM Small Cap Index Portfolio			ING WisdomTreeSM Global High-Yielding Equity Index Portfolio
ASSETS:
Investments in securities at value*	$	155,977,929		$	146,390,512
Investments in affiliates**		—			1,101,214
Short-term investments in affiliates at amortized cost		9,941,000			3,551,000
Cash		—			82,912
Cash collateral for futures		172,200			—
Foreign currencies at value***		—			1,553,646
Receivables:
Investment securities sold		35,513,224			—
Fund shares sold		426,972			3,806,209
Dividends and interest		179,781			528,812
Prepaid expenses		9,665			21,332
Reimbursement due from manager		12,470			91,162
Total assets		202,233,241			157,126,799
LIABILITIES:
Payable for investment securities purchased		41,138,843			4,205,442
Payable for fund shares redeemed		21,074			—
Payable for futures variation margin		24,817			—
Payable to affiliates		60,145			85,732
Payable to custodian due to bank overdraft		5,197			—
Payable for directors fees		148			1,254
Other accrued expenses and liabilities		36,627			95,584
Total liabilities		41,286,851			4,388,012
NET ASSETS	$	160,946,390		$	152,738,787
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	166,641,452		$	167,591,402
Undistributed net investment income		366,490			2,174,445
Accumulated net realized gain (loss) on investments, foreign currency related transactions, and futures		472,581			(1,534,562	)
Net unrealized depreciation on investments, foreign currency related transactions, and futures		(6,534,133	)		(15,492,498	)
NET ASSETS	$	160,946,390		$	152,738,787
* Cost of investments in securities	$	162,470,640		$	161,728,058
** Cost of investments in affiliates	$	—		$	1,254,320
*** Cost of foreign currencies	$	—		$	1,559,105
Class ADV:
Net assets	$	24,687		$	920
Shares authorized		100,000,000			100,000,000
Par value	$	0.001		$	0.001
Shares outstanding		2,302			101
Net asset value and redemption price per share	$	10.72		$	9.10
Class I:
Net assets	$	153,009,870		$	22,829,043
Shares authorized		100,000,000			100,000,000
Par value	$	0.001		$	0.001
Shares outstanding		14,248,966			2,500,001
Net asset value and redemption price per share	$	10.74		$	9.13
Class S:
Net assets	$	7,911,833		$	129,908,824
Shares authorized		100,000,000			100,000,000
Par value	$	0.001		$	0.001
Shares outstanding		737,589			14,238,536
Net asset value and redemption price per share	$	10.73		$	9.12

See Accompanying Notes to Financial Statements
14

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2008 (UNAUDITED)

	ING VP Balanced Portfolio			ING VP Growth and Income Portfolio			ING Opportunistic LargeCap Growth Portfolio			ING VP Small Company Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(1)	$	6,201,917		$	27,027,820		$	679,430		$	3,565,575
Interest		9,717,120			452,522			4,357			31,542
Securities lending income		536,557			975,150			33,777			581,330
Total investment income		16,455,594			28,455,492			717,564			4,178,447
EXPENSES:
Investment management fees		2,388,004			6,453,473			387,451			2,141,734
Distribution and service fees:
Class ADV		4			2,582			3,146			—
Class S		11,880			39,411			20,453			6,422
Transfer agent fees		185			3,640			178			186
Administrative service fees		262,675			709,878			35,516			157,057
Shareholder reporting expense		48,700			93,360			12,190			18,945
Registration fees		437			1,177			—			212
Professional fees		68,500			130,130			10,842			28,195
Custody and accounting expense		74,740			145,782			14,560			33,510
Directors fees		40,330			101,920			6,552			18,176
Miscellaneous expense		16,140			84,308			5,615			11,242
Interest expense		172			93			874			1,985
Total expenses		2,911,767			7,765,754			497,377			2,417,664
Net waived and reimbursed fees		(8,691	)		(11,866	)		(56	)		(6,658	)
Brokerage commission recapture		—			—			(251	)		—
Net expenses		2,903,076			7,753,888			497,070			2,411,006
Net investment income		13,552,518			20,701,604			220,494			1,767,441
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS, FUTURES, AND SWAPS
Net realized gain (loss) on:
Investments		(32,081,632	)		(85,629,386	)		(17,328,618	)		2,249,331
Foreign currency related transactions		(1,064,548	)		106,911			—			—
Futures		(243,681	)		(3,735,079	)		—			—
Swaps		(729,870	)		—			—			—
Net realized gain (loss) on investments, foreign currency related transactions, futures, and swaps		(34,119,731	)		(89,257,554	)		(17,328,618	)		2,249,331
Net change in unrealized appreciation or depreciation on:
Investments		(67,186,172	)		(234,631,156	)		(7,706,877	)		(42,825,749	)
Foreign currency related transactions		(36,408	)		4,406			—			—
Futures		(351,547	)		272,929			—			—
Swaps		3,566,736			—			—			—
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, futures, and swaps		(64,007,391	)		(234,353,821	)		(7,706,877	)		(42,825,749	)
Net realized and unrealized loss on investments, foreign currency related transactions, futures, and swaps		(98,127,122	)		(323,611,375	)		(25,035,495	)		(40,576,418	)
Decrease in net assets resulting from operations	$	(84,574,604	)	$	(302,909,771	)	$	(24,815,001	)	$	(38,808,977	)
* Foreign taxes withheld	$	534		$	363,297		$	7,825		$	—
(1) Dividends from affiliates	$	383,711		$	515,755		$	2,487		$	270,221

See Accompanying Notes to Financial Statements
15

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2008 (UNAUDITED)

	ING Opportunistic LargeCap Value Portfolio			ING VP Intermediate Bond Portfolio			ING VP Money Market Portfolio		ING BlackRock Global Science and Technology Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(1)	$	1,948,215		$	2,408,131		$	—	$	566,605
Interest		2,816			88,968,847			30,915,934		60,584
Securities lending income		56,218			4,079,482			49,696		61,563
Total investment income		2,007,249			95,456,460			30,965,630		688,752
EXPENSES:
Investment management fees		432,229			7,090,128			2,174,114		636,064
Distribution and service fees:
Class ADV		4			2			—		—
Class S		25,811			1,516,135			—		60,276
Transfer agent fees		185			4,062			74		148
Administrative service fees		39,620			974,884			478,295		36,824
Shareholder reporting expense		10,232			97,200			50,336		4,550
Registration fees		—			1,004			2,187		—
Professional fees		1,721			190,845			70,880		7,280
Custody and accounting expense		10,371			150,295			88,985		16,322
Directors fees		6,656			100,675			45,380		4,412
Miscellaneous expense		4,363			40,646			15,732		2,768
Interest expense		184			2,893			—		—
Total expenses		531,376			10,168,769			2,925,983		768,644
Net waived and reimbursed fees		(34	)		(31,332	)		—		(72	)
Net expenses		531,342			10,137,437			2,925,983		768,572
Net investment income (loss)		1,475,907			85,319,023			28,039,647		(79,820	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS, FUTURES, AND SWAPS
Net realized gain (loss) on:
Investments		(5,838,667	)		12,036,550			159,396		5,119,280
Foreign currency related transactions		—			(10,071,911	)		—		(547,104	)
Futures		—			(629,151	)		—		—
Swaps		—			(7,102,091	)		—		—
Net realized gain (loss) on investments, foreign currency related transactions, futures, and swaps		(5,838,667	)		(5,766,603	)		159,396		4,572,176
Net change in unrealized appreciation or depreciation on:
Investments		(18,114,712	)		(154,860,300	)		—		(23,509,440	)
Foreign currency related transactions		—			90,100			—		406,373
Futures		—			(805,671	)		—		—
Swaps		—			30,729,080			—		—
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, futures, and swaps		(18,114,712	)		(124,846,791	)		—		(23,103,067	)
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, futures, and swaps		(23,953,379	)		(130,613,394	)		159,396		(18,530,891	)
Increase (decrease) in net assets resulting from operations	$	(22,477,472	)	$	(45,294,371	)	$	28,199,043	$	(18,610,711	)
* Foreign taxes withheld	$	41,096		$	9,484		$	—	$	24,198
(1) Dividends from affiliates	$	1,586		$	1,292,410		$	—	$	—

See Accompanying Notes to Financial Statements
16

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2008 (UNAUDITED)

	ING International Index Portfolio			ING Lehman Brothers U.S. Aggregate Bond Index® Portfolio			ING RussellTM Large Cap Index Portfolio			ING RussellTM Mid Cap Index Portfolio
	March 10, 2008(1) to June 30, 2008			March 7, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(2)	$	2,121,756		$	—		$	3,344,955		$	532,578
Interest		92,317			568,457			—			470
Total investment income		2,214,073			568,457			3,344,955			533,048
EXPENSES:
Investment management fees		165,155			51,702			321,588			88,402
Distribution and service fees:
Class ADV		4			10			230			28
Class S		662			2,019			2,443			1,782
Transfer agent fees		2,015			888			5,729			1,802
Administrative service fees		43,461			16,157			128,633			28,517
Shareholder reporting expense		12,252			4,846			10,032			9,190
Professional fees		11,272			4,524			11,930			8,030
Custody and accounting expense		6,961			2,423			10,394			6,083
Directors fees		3,049			1,293			9,529			2,609
Offering expense		4,335			4,335			4,335			4,335
Miscellaneous expense		7,852			1,546			4,265			12,470
Licensing fee		—			—			3,087			3,087
Total expenses		257,018			89,743			512,195			166,335
Net waived and reimbursed fees		(39,030	)		(14,795	)		(35,834	)		(38,753	)
Net expenses		217,988			74,948			476,361			127,582
Net investment income		1,996,085			493,509			2,868,594			405,466
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS, AND FUTURES
Net realized gain (loss) on:
Investments		164,795			(72,025	)		(4,535,321	)		962,549
Foreign currency related transactions		170,470			—			—			—
Futures		(219,209	)		—			(3,620,537	)		(199,449	)
Net realized gain (loss) on investments, foreign currency related transactions, and futures		116,056			(72,025	)		(8,155,858	)		763,100
Net change in unrealized appreciation or depreciation on:
Investments		(26,305,450	)		(611,596	)		(78,174,901	)		(8,599,208	)
Foreign currency related transactions		75,138			—			—			—
Futures		(346,566	)		—			(259,652	)		(28,236	)
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, and futures		(26,576,878	)		(611,596	)		(78,434,553	)		(8,627,444	)
Net realized and unrealized loss on investments, foreign currency related transactions, and futures		(26,460,822	)		(683,621	)		(86,590,411	)		(7,864,344	)
Decrease in net assets resulting from operations	$	(24,464,737	)	$	(190,112	)	$	(83,721,817	)	$	(7,458,878	)
* Foreign taxes withheld	$	395,249		$	—		$	—		$	—
(1) Commencement of operations
(2) Dividends from affiliates	$	11,991		$	—		$	137,331		$	27,555

See Accompanying Notes to Financial Statements
17

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2008 (UNAUDITED)

	ING RussellTM Small Cap Index Portfolio			ING WisdomTreeSM Global High-Yielding Equity Index Portfolio
	March 10, 2008(1) to June 30, 2008			January 28, 2008(1) to June 30, 2008
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(2)	$	501,137		$	2,345,561
Interest		534			119,664
Total investment income		501,671			2,465,225
EXPENSES:
Investment management fees		95,482			160,384
Distribution and service fees:
Class ADV		12			4
Class S		2,429			61,190
Transfer agent fees		1,377			5,294
Administrative service fees		28,934			34,866
Shareholder reporting expense		8,422			6,972
Registration fees		—			1,743
Professional fees		7,800			6,972
Custody and accounting expense		4,846			29,073
Directors fees		2,091			3,486
Offering expense		4,335			15,669
Miscellaneous expense		7,757			5,587
Licensing fee		3,087			66,605
Total expenses		166,572			397,845
Net waived and reimbursed fees		(31,391	)		(107,065	)
Net expenses		135,181			290,780
Net investment income		366,490			2,174,445
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS, AND FUTURES
Net realized gain (loss) on:
Investments		840,582			(1,525,795	)
Foreign currency related transactions		—			(34,657	)
Futures		(368,001	)		25,890
Net realized gain (loss) on investments, foreign currency related transactions, and futures		472,581			(1,534,562	)
Net change in unrealized depreciation on:
Investments		(6,492,711	)		(15,490,652	)
Foreign currency related transactions		—			(1,846	)
Futures		(41,422	)		—
Net change in unrealized depreciation on investments, foreign currency related transactions, and futures		(6,534,133	)		(15,492,498	)
Net realized and unrealized loss on investments, foreign currency related transactions, and futures		(6,061,552	)		(17,027,060	)
Decrease in net assets resulting from operations	$	(5,695,062	)	$	(14,852,615	)
* Foreign taxes withheld	$	24		$	280,441
(1) Commencement of operations
(2) Dividends from affiliates	$	35,365		$	47,351

See Accompanying Notes to Financial Statements
18

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING VP Balanced Portfolio						ING VP Growth and Income Portfolio
	Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007
FROM OPERATIONS:
Net investment income	$	13,552,518		$	30,275,597		$	20,701,604		$	39,549,958
Net realized gain (loss) on investments, foreign currency related transactions, futures, and swaps		(34,119,731	)		87,413,218			(89,257,554	)		312,390,947
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, futures, and swaps		(64,007,391	)		(54,913,731	)		(234,353,821	)		(132,775,658	)
Increase (decrease) in net assets resulting from operations		(84,574,604	)		62,775,084			(302,909,771	)		219,165,247
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(24	)		(27	)		—			(15,923	)
Class I		(30,852,412	)		(30,215,749	)		—			(39,306,243	)
Class S		(281,504	)		(258,983	)		—			(348,348	)
Net realized gains:
Class ADV		(81	)		(40	)		—			—
Class I		(79,796,689	)		(44,705,487	)		—			—
Class S		(795,569	)		(414,002	)		—			—
Total distributions		(111,726,279	)		(75,594,288	)		—			(39,670,514	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		2,310,427			10,060,036			265,384,892			8,193,101
Proceeds from shares issued in merger (Note 14)		—			—			—			74,681,070
Reinvestment of distributions		111,726,174			75,594,221			—			39,643,089
		114,036,601			85,654,257			265,384,892			122,517,260
Cost of shares redeemed		(94,377,799	)		(210,666,560	)		(216,556,561	)		(582,395,681	)
Net increase (decrease) in net assets resulting from capital share transactions		19,658,802			(125,012,303	)		48,828,331			(459,878,421	)
Net decrease in net assets		(176,642,081	)		(137,831,507	)		(254,081,440	)		(280,383,688	)
NET ASSETS:
Beginning of period		1,056,780,572			1,194,612,079			2,822,494,998			3,102,878,686
End of period	$	880,138,491		$	1,056,780,572		$	2,568,413,558		$	2,822,494,998
Undistributed net investment income at end of period	$	12,070,588		$	29,652,010		$	20,701,604		$	—

See Accompanying Notes to Financial Statements
19

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Opportunistic LargeCap Growth Portfolio						ING VP Small Company Portfolio
	Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007
FROM OPERATIONS:
Net investment income	$	220,494		$	791,630		$	1,767,441		$	6,680,858
Net realized gain (loss) on investments		(17,328,618	)		44,248,409			2,249,331			72,679,556
Net change in unrealized appreciation or depreciation on investments		(7,706,877	)		(12,856,157	)		(42,825,749	)		(50,313,212	)
Increase (decrease) in net assets resulting from operations		(24,815,001	)		32,183,882			(38,808,977	)		29,047,202
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		—			(5,297	)		—			—
Class I		(749,873	)		(317,593	)		(5,835,407	)		(935,976	)
Class S		(45,652	)		(41,178	)		(24,190	)		—
Net realized gains:
Class I		—			—			(73,864,230	)		(76,399,058	)
Class S		—			—			(384,889	)		(343,384	)
Total distributions		(795,525	)		(364,068	)		(80,108,716	)		(77,678,418	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		3,238,789			14,782,965			127,333,112			167,605,751
Proceeds from shares issued in merger (Note 14)		—			36,851,627			—			—
Reinvestment of distributions		795,525			364,068			80,108,716			77,678,418
		4,034,314			51,998,660			207,441,828			245,284,169
Cost of shares redeemed		(24,934,346	)		(110,992,399	)		(112,444,978	)		(104,878,944	)
Net increase (decrease) in net assets resulting from capital share transactions		(20,900,032	)		(58,993,739	)		94,996,850			140,405,225
Net increase (decrease) in net assets		(46,510,558	)		(27,173,925	)		(23,920,843	)		91,774,009
NET ASSETS:
Beginning of period		159,595,425			186,769,350			606,381,454			514,607,445
End of period	$	113,084,867		$	159,595,425		$	582,460,611		$	606,381,454
Undistributed net investment income at end of period	$	215,423		$	790,454		$	1,822,522		$	5,914,678

See Accompanying Notes to Financial Statements
20

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Opportunistic LargeCap Value Portfolio						ING VP Intermediate Bond Portfolio
	Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007
FROM OPERATIONS:
Net investment income	$	1,475,907		$	2,650,025		$	85,319,023		$	150,321,596
Net realized gain (loss) on investments, foreign currency related transactions, futures, and swaps		(5,838,667	)		25,750,024			(5,766,603	)		59,827,309
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, futures, and swaps		(18,114,712	)		(22,057,799	)		(124,846,791	)		(39,635,582	)
Increase (decrease) in net assets resulting from operations		(22,477,472	)		6,342,250			(45,294,371	)		170,513,323
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(11	)		(17	)		(9	)		(34	)
Class I		(2,288,554	)		(2,729,403	)		(21,685,061	)		(83,987,331	)
Class S		(316,610	)		(385,996	)		(11,549,969	)		(38,555,643	)
Net realized gains:
Class ADV		(140	)		—			(13	)		—
Class I		(17,966,905	)		—			(30,133,342	)		—
Class S		(3,013,623	)		—			(16,667,523	)		—
Total distributions		(23,585,843	)		(3,115,416	)		(80,035,917	)		(122,543,008	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		488,835			1,549,317			791,433,367			1,136,671,743
Proceeds from shares issued in merger (Note 14)		—			—			48,015,614			—
Reinvestment of distributions		23,585,688			3,115,398			80,025,958			122,517,553
		24,074,523			4,664,715			919,474,939			1,259,189,296
Cost of shares redeemed		(17,888,338	)		(41,972,831	)		(536,437,716	)		(490,715,350	)
Net increase (decrease) in net assets resulting from capital share transactions		6,186,185			(37,308,116	)		383,037,223			768,473,946
Net increase (decrease) in net assets		(39,877,130	)		(34,081,282	)		257,706,935			816,444,261
NET ASSETS:
Beginning of period		167,324,771			201,406,053			3,346,670,213			2,530,225,952
End of period	$	127,447,641		$	167,324,771		$	3,604,377,148		$	3,346,670,213
Undistributed net investment income at end of period	$	1,471,248		$	2,600,516		$	74,786,238		$	22,702,254

See Accompanying Notes to Financial Statements
21

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING VP Money Market Portfolio						ING BlackRock Global Science and Technology Portfolio
	Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007
FROM OPERATIONS:
Net investment income (loss)	$	28,039,647		$	77,934,256		$	(79,820	)	$	(214,304	)
Net realized gain on investments and foreign currency related transactions		159,396			43,078			4,572,176			9,815,376
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		—			—			(23,103,067	)		4,940,443
Increase (decrease) in net assets resulting from operations		28,199,043			77,977,334			(18,610,711	)		14,541,515
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(77,938,538	)		(57,130,928	)		—			—
Total distributions		(77,938,538	)		(57,130,928	)		—			—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		190,571,536			503,402,892			27,842,346			17,784,780
Proceeds from shares issued in merger (Note 14)		—			—			123,216,459			—
Reinvestment of distributions		77,938,538			57,130,928			—			—
		268,510,074			560,533,820			151,058,805			17,784,780
Cost of shares redeemed		(228,019,890	)		(226,091,022	)		(14,816,734	)		(15,393,467	)
Net increase in net assets resulting from capital share transactions		40,490,184			334,442,798			136,242,071			2,391,313
Net increase (decrease) in net assets		(9,249,311	)		355,289,204			117,631,360			16,932,828
NET ASSETS:
Beginning of period		1,711,139,287			1,355,850,083			99,083,051			82,150,223
End of period	$	1,701,889,976		$	1,711,139,287		$	216,714,411		$	99,083,051
Undistributed net investment income at end of period	$	28,025,749		$	77,924,640		$	51,989		$	131,809

See Accompanying Notes to Financial Statements
22

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING International Index Portfolio			ING Lehman Brothers U.S. Aggregate Bond Index® Portfolio			ING RussellTM Large Cap Index Portfolio			ING RussellTM Mid Cap Index Portfolio
	March 10, 2008(1) to June 30, 2008			March 7, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008
FROM OPERATIONS:
Net investment income	$	1,996,085		$	493,509		$	2,868,594		$	405,466
Net realized gain (loss) on investments, foreign currency related transactions, and futures		116,056			(72,025	)		(8,155,858	)		763,100
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, and futures		(26,576,878	)		(611,596	)		(78,434,553	)		(8,627,444	)
Decrease in net assets resulting from operations		(24,464,737	)		(190,112	)		(83,721,817	)		(7,458,878	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		357,358,873			65,132,989			939,802,446			201,762,573
Cost of shares redeemed		(28,415,566	)		(519,664	)		(31,419,452	)		(32,345,281	)
Net increase in net assets resulting from capital share transactions		328,943,307			64,613,325			908,382,994			169,417,292
Net increase in net assets		304,478,570			64,423,213			824,661,177			161,958,414
NET ASSETS:
Beginning of period		—			—			—			—
End of period	$	304,478,570		$	64,423,213		$	824,661,177		$	161,958,414
Undistributed net investment income at end of period	$	1,996,085		$	493,509		$	2,868,594		$	405,466

⁽¹⁾  Commencement of operations

See Accompanying Notes to Financial Statements
23

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING RussellTM Small Cap Index Portfolio			ING WisdomTreeSM Global High-Yielding Equity Index Portfolio
	March 10, 2008(1) to June 30, 2008			January 28, 2008(1) to June 30, 2008
FROM OPERATIONS:
Net investment income	$	366,490		$	2,174,445
Net realized gain (loss) on investments, foreign currency related transactions, and futures		472,581			(1,534,562	)
Net change in unrealized depreciation on investments, foreign currency related transactions, and futures		(6,534,133	)		(15,492,498	)
Decrease in net assets resulting from operations		(5,695,062	)		(14,852,615	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		203,393,572			168,231,135
Cost of shares redeemed		(36,752,120	)		(639,733	)
Net increase in net assets resulting from capital share transactions		166,641,452			167,591,402
Net increase in net assets		160,946,390			152,738,787
NET ASSETS:
Beginning of period		—			—
End of period	$	160,946,390		$	152,738,787
Undistributed net investment income at end of period	$	366,490		$	2,174,445

⁽¹⁾  Commencement of operations

See Accompanying Notes to Financial Statements
24

ING VP BALANCED PORTFOLIO (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class ADV
		Six Months Ended June 30, 2008			Year Ended December 31, 2007			December 29, 2006(1) to December 31, 2006
Per Share Operating Performance:
Net asset value, beginning of period	$		14.34			14.65			14.65
Income (loss) from investment operations:
Net investment income (loss)	$		0.13			0.29			(0.00	)**
Net realized and unrealized gain (loss) on investments	$		(1.33	)		0.37			—
Total from investment operations	$		(1.20	)		0.66			(0.00	)**
Less distributions from:
Net investment income	$		0.34			0.39			—
Net realized gains on investments	$		1.15			0.58			—
Total distributions	$		1.49			0.97			—
Net asset value, end of period	$		11.65			14.34			14.65
Total Return(2)	%		(8.71	)		4.78			—
Ratios and Supplemental Data:
Net assets, end of period (millions)	$		0	***		0	***		0	***
Ratios to average net assets:
Expenses(3)	%		1.11	†		1.10	†		1.10	†
Net investment income (loss)(3)	%		2.07	†		2.05	†		(1.10	)†
Portfolio turnover rate	%		128			257			236

		Class I
		Six Months Ended June 30,			Year Ended December 31,
		2008			2007			2006			2005			2004		2003
Per Share Operating Performance:
Net asset value, beginning of year	$		14.45			14.65			13.64			13.40			12.50		10.73
Income (loss) from investment operations:
Net investment income	$		0.20			0.39	*		0.34	*		0.29	*		0.29		0.25
Net realized and unrealized gain (loss) on investments	$		(1.35	)		0.38			1.00			0.27			0.87		1.76
Total from investment operations	$		(1.15	)		0.77			1.34			0.56			1.16		2.01
Less distributions from:
Net investment income	$		0.45			0.39			0.33			0.32			0.26		0.24
Net realized gains on investments	$		1.15			0.58			—			—			—		—
Total distributions	$		1.60			0.97			0.33			0.32			0.26		0.24
Net asset value, end of year	$		11.70			14.45			14.65			13.64			13.40		12.50
Total Return(2)	%		(8.36	)		5.57			9.99			4.24			9.42		18.87
Ratios and Supplemental Data:
Net assets, end of year (millions)	$		871			1,046			1,184			1,236			1,358		1,375
Ratios to average net assets:
Expenses(3)	%		0.61	†		0.60	†		0.60	†		0.60			0.59		0.60
Net investment income(3)	%		2.84	†		2.68	†		2.44	†		2.30			2.15		2.04
Portfolio turnover rate	%		128			257			236			308			272		333

⁽¹⁾  Commencement of operations.
⁽²⁾  Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.
⁽³⁾  Annualized for periods less than one year.
*  Calculated using average number of shares outstanding throughout the period.
**  Amount is more than $(0.005).
***  Amount is less than $500,000.
^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio.

See Accompanying Notes to Financial Statements
25

ING VP BALANCED PORTFOLIO (UNAUDITED)(CONTINUED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class S
		Six Months Ended June 30,			Year Ended December 31,										May 29, 2003(1) to December 31,
		2008			2007			2006			2005		2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$		14.36			14.57			13.58			13.35		12.49		11.53
Income (loss) from investment operations:
Net investment income	$		0.17			0.35	*		0.32	*		0.27		0.22		0.34
Net realized and unrealized gain (loss) on investments	$		(1.33	)		0.38			0.97			0.25		0.89		0.85
Total from investment operations	$		(1.16	)		0.73			1.29			0.52		1.11		1.19
Less distributions from:
Net investment income	$		0.41			0.36			0.30			0.29		0.25		0.23
Net realized gains on investments	$		1.15			0.58			—			—		—		—
Total distributions	$		1.56			0.94			0.30			0.29		0.25		0.23
Net asset value, end of period	$		11.64			14.36			14.57			13.58		13.35		12.49
Total Return(2)	%		(8.46	)		5.31			9.62			3.99		9.06		10.51
Ratios and Supplemental Data:
Net assets, end of period (millions)	$		9			10			11			3		3		1
Ratios to average net assets:
Expenses(3)	%		0.86	†		0.85	†		0.85	†		0.85		0.84		0.83
Net investment income(3)	%		2.59	†		2.43	†		2.29	†		2.06		1.98		3.06
Portfolio turnover rate	%		128			257			236			308		272		333

⁽¹⁾  Commencement of operations.

⁽²⁾  Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽³⁾  Annualized for periods less than one year.

*  Calculated using average number of shares outstanding throughout the period.

^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio.

See Accompanying Notes to Financial Statements
26

ING VP GROWTH AND INCOME PORTFOLIO (UNAUDITED)

FINANCIAL
HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class ADV
		Six Months Ended June 30, 2008			Year Ended December 31, 2007			December 20, 2006(1) to December 31, 2006
Per Share Operating Performance:
Net asset value, beginning of period	$		24.61			23.38			23.70
Income (loss) from investment operations:
Net investment income	$		0.13	*		0.72	*		0.01	*
Net realized and unrealized gain (loss) on investments	$		(2.81	)		0.84			(0.06	)
Total from investment operations	$		(2.68	)		1.56			(0.05	)
Less distributions from:
Net investment income	$		—			0.33			0.27
Total distributions	$		—			0.33			0.27
Net asset value, end of period	$		21.93			24.61			23.38
Total Return(2)	%		(10.89	)		6.66			(0.23	)
Ratios and Supplemental Data:
Net assets, end of period (millions)	$		1			1			0	**
Ratios to average net assets:
Expenses(3)	%		1.10	†		1.09	†		1.09	†
Net investment income(3)	%		1.11	†		2.95	†		1.08	†
Portfolio turnover rate	%		74			146			103

		Class I
		Six Months Ended June 30,			Year Ended December 31,
		2008			2007			2006			2005		2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$		24.76			23.38			20.71			19.35		18.28		14.50
Income (loss) from investment operations:
Net investment income	$		0.18	*		0.33	*		0.25	*		0.23		0.28		0.16
Net realized and unrealized gain (loss) on investments	$		(2.83	)		1.40			2.69			1.35		1.24		3.62
Total from investment operations	$		(2.65	)		1.73			2.94			1.58		1.52		3.78
Less distributions from:
Net investment income	$		—			0.35			0.27			0.22		0.45		—
Total distributions	$		—			0.35			0.27			0.22		0.45		—
Net asset value, end of period	$		22.11			24.76			23.38			20.71		19.35		18.28
Total Return(2)	%		(10.70	)		7.40			14.20			8.13		8.39		26.07
Ratios and Supplemental Data:
Net assets, end of period (millions)	$		2,468			2,796			3,098			3,146		3,531		3,795
Ratios to average net assets:
Expenses(3)	%		0.60	†		0.59	†		0.59	†		0.59		0.58		0.60
Net investment income(3)	%		1.61	†		1.32	†		1.15	†		1.03		1.41		0.95
Portfolio turnover rate	%		74			146			103			80		139		150

⁽¹⁾  Commencement of operations.

⁽²⁾  Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽³⁾  Annualized for periods less than one year.

*  Calculated using average number of shares outstanding throughout the period.

**  Amount is less than $500,000.

^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio.

See Accompanying Notes to Financial Statements
27

ING VP GROWTH AND INCOME PORTFOLIO (UNAUDITED)(CONTINUED)

FINANCIAL
HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class S
		Six Months Ended June 30,			Year Ended December 31,										June 11, 2003(1) to December 31,
		2008			2007			2006			2005		2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$		24.63			23.30			20.69			19.34		18.26		16.32
Income (loss) from investment operations:
Net investment income	$		0.14	*		0.37	*		0.20	*		0.14		0.21		0.04
Net realized and unrealized gain (loss) on investments	$		(2.80	)		1.29			2.64			1.41		1.26		1.90
Total from investment operations	$		(2.66	)		1.66			2.84			1.55		1.47		1.94
Less distributions from:
Net investment income	$		—			0.33			0.23			0.20		0.39		—
Total distributions	$		—			0.33			0.23			0.20		0.39		—
Net asset value, end of period	$		21.97			24.63			23.30			20.69		19.34		18.26
Total Return(2)	%		(10.80	)		7.13			13.72			7.98		8.10		11.89
Ratios and Supplemental Data:
Net assets, end of period (millions)	$		99			25			5			2		2		2

Ratios to average net assets:

Expenses(3)	%	0.85	†	0.84	†	0.84	†	0.84	0.83	0.84
Net investment income(3)	%	1.22	†	1.50	†	0.94	†	0.78	1.18	0.57
Portfolio turnover rate	%	74		146		103		80	139	150

⁽¹⁾  Commencement of operations.

⁽²⁾  Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽³⁾  Annualized for periods less than one year.

*  Calculated using average number of shares outstanding throughout the period.

^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio.

See Accompanying Notes to Financial Statements
28

ING OPPORTUNISTIC LARGECAP GROWTH PORTFOLIO (UNAUDITED)

FINANCIAL
HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class ADV
		Six Months Ended June 30, 2008			Year Ended December 31, 2007			December 29, 2006(1) to December 31, 2006
Per Share Operating Performance:
Net asset value, beginning of period	$		12.46			10.65			10.65
Income (loss) from investment operations:
Net investment loss	$		(0.01	)		(0.02	)*		(0.00	)**
Net realized and unrealized gain (loss) on investments	$		(2.02	)		1.85			—
Total from investment operations	$		(2.03	)		1.83			(0.00	)**
Less distributions from:
Net investment income	$		—			0.02			—
Total distributions	$		—			0.02			—
Net asset value, end of period	$		10.43			12.46			10.65
Total Return(2)	%		(16.29	)		17.21			—
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		1,173			1,386			1
Ratios to average net assets:
Gross expenses prior to brokerage commission recapture(3)	%		1.23			1.20			1.19
Net expenses after brokerage commission recapture(3)	%		1.23	†		1.20	†		1.19
Net investment loss after brokerage commission recapture(3)	%		(0.12	)†		(0.18	)†		(1.19	)
Portfolio turnover rate	%		150			279			188

		Class I
		Six Months Ended June 30,			Year Ended December 31,
		2008			2007			2006		2005			2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$		12.53			10.65			10.38		9.56			8.93		6.85
Income (loss) from investment operations:
Net investment income	$		0.03			0.05	*		0.02		0.02			0.06		0.01
Net realized and unrealized gain (loss) on investments	$		(2.04	)		1.85			0.26		0.87			0.58		2.07
Total from investment operations	$		(2.01	)		1.90			0.28		0.89			0.64		2.08
Less distributions from:
Net investment income	$		0.08			0.02			0.01		0.07			0.01		—
Total distributions	$		0.08			0.02			0.01		0.07			0.01		—
Net asset value, end of period	$		10.44			12.53			10.65		10.38			9.56		8.93
Total Return(2)	%		(16.09	)		17.86			2.65		9.38	††		7.19		30.36
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		98,747			137,104			186,495		175,297			193,280		224,330
Ratios to average net assets:
Gross expenses prior to brokerage
commission recapture(3)	%		0.73			0.70			0.69		0.69			0.69		0.71
Net expenses after brokerage commission recapture(3)	%		0.73	†		0.70	†		0.69		0.69			0.69		0.71
Net investment income after brokerage
commission recapture(3)	%		0.38	†		0.42	†		0.19		0.08			0.61		0.13
Portfolio turnover rate	%		150			279			188		119			123		162

⁽¹⁾  Commencement of operations.

⁽²⁾  Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽³⁾  Annualized for periods less than one year.

*  Calculated using average number of shares outstanding throughout the period.

**  Amount is more than $(0.005).

^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has more than 0.005% impact on the expense ratio and net investment income or loss ratio.

^††  In 2005, the Investment Adviser fully reimbursed the Portfolio for a loss incurred from a transaction not meeting the Portfolio's investment's guidelines. There was no impact on total return.

See Accompanying Notes to Financial Statements
29

ING OPPORTUNISTIC LARGECAP GROWTH PORTFOLIO (UNAUDITED)(CONTINUED)

FINANCIAL
HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class S
		Six Months Ended June 30,			Year Ended December 31,
		2008			2007			2006			2005			2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$		12.39			10.56			10.31			9.50			8.88		6.83
Income (loss) from investment operations:
Net investment income (loss)	$		0.03			0.00	*		(0.01	)		(0.00	)*		0.04		0.00	*
Net realized and unrealized gain (loss) on investments	$		(2.04	)		1.85			0.26			0.85			0.58		2.05
Total from investment operations	$		(2.01	)		1.85			0.25			0.85			0.62		2.05
Less distributions from:
Net investment income	$		0.03			0.02			—			0.04			—		—
Total distributions	$		0.03			0.02			—			0.04			—		—
Net asset value, end of period	$		10.35			12.39			10.56			10.31			9.50		8.88
Total Return(1)	%		(16.19	)		17.54			2.42			9.05	††		6.98		30.01
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		13,165			21,105			273			285			356		292
Ratios to average net assets:
Gross expenses prior to brokerage commission recapture(2)	%		0.98			0.95			0.94			0.94			0.94		0.96
Net expenses after brokerage commission recapture(2)	%		0.98	†		0.95	†		0.94			0.94			0.94		0.96
Net investment income (loss) after brokerage
commission recapture(2)	%		0.13	†		0.23	†		(0.06	)		(0.17	)		0.44		(0.10	)
Portfolio turnover rate	%		150			279			188			119			123		162

⁽¹⁾  Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽²⁾  Annualized for periods less than one year.

*  Amount is less than $0.005 or more than $(0.005).

^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has more than 0.005% impact on the expense ratio and net investment income ratio.

^††  In 2005, the Investment Adviser fully reimbursed the Portfolio for a loss incurred from a transaction not meeting the Portfolio's investment's guidelines. There was no impact on total return.

See Accompanying Notes to Financial Statements
30

ING VP SMALL COMPANY PORTFOLIO (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class I
		Six Months Ended June 30,			Year Ended December 31,
		2008			2007			2006			2005			2004			2003
Per Share Operating Performance:
Net asset value, beginning of period	$		19.56			21.70			21.65			19.94			17.48			12.75
Income (loss) from investment operations:
Net investment income	$		0.05	*		0.24	*		0.05			0.10			0.04			0.06
Net realized and unrealized gain (loss) on investments	$		(1.25	)		0.99			3.46			1.92			2.47			4.71
Total from investment operations	$		(1.20	)		1.23			3.51			2.02			2.51			4.77
Less distributions from:
Net investment income	$		0.18			0.04			0.09			0.03			0.05			0.04
Net realized gains on investments	$		2.27			3.33			3.37			0.28			—			—
Total distributions	$		2.45			3.37			3.46			0.31			0.05			0.04
Net asset value, end of period	$		15.91			19.56			21.70			21.65			19.94			17.48
Total Return(1)	%		(6.24	)		5.90			16.79			10.27	††		14.39			37.47
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		560,762			603,492			512,446			393,700			461,014			464,228
Ratios to average net assets:
Expenses(2)	%		0.84	†		0.84	†		0.85	†		0.85			0.84			0.85
Net investment income(2)	%		0.62	†		1.16	†		0.26	†		0.43			0.21			0.47
Portfolio turnover rate	%		66			106			83			72			93			178
		Class S
		Six Months Ended June 30,			Year Ended December 31,
		2008			2007			2006			2005			2004			2003
Per Share Operating Performance:
Net asset value, beginning of period	$		19.39			21.54			21.59			19.90			17.49			12.72
Income (loss) from investment operations:
Net investment income (loss)	$		0.05	*		0.18	*		(0.05	)*		0.06			0.03	*		0.01
Net realized and unrealized gain (loss) on investments	$		(1.27	)		1.00			3.41			1.92			2.43			4.79
Total from investment operations	$		(1.22	)		1.18			3.36			1.98			2.46			4.80
Less distribution from:
Net investment income	$		0.14			—			0.04			0.01			0.05			0.03
Net realized gains on investments	$		2.27			3.33			3.37			0.28			—			—
Total distribution	$		2.41			3.33			3.41			0.29			0.05			0.03
Net asset value, end of period	$		15.76			19.39			21.54			21.59			19.90			17.49
Total Return(1)	%		(6.39	)		5.68			16.07			10.05	††		14.09			37.76
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		21,699			2,890			2,162			68,768			72,225			840
Ratios to average net assets:
Expenses(2)	%		1.09	†		1.09	†		1.10	†		1.10			1.09			1.10
Net investment income (loss)(2)	%		0.58	†		0.90	†		(0.24	)†		0.26			0.19			0.22
Portfolio turnover rate	%		66			106			83			72			93			178

⁽¹⁾  Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year are not annualized.

⁽²⁾  Annualized for periods less than one year.

*  Calculated using average number of shares outstanding throughout the period.

^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income or loss ratio.

^††  In 2005, the Investment Adviser fully reimbursed the Portfolio for a loss incurred from a transaction not meeting the Portfolio's investment guidelines. There was no impact on total return.

See Accompanying Notes to Financial Statements
31

ING OPPORTUNISTIC LARGECAP VALUE PORTFOLIO (UNAUDITED)

FINANCIAL
HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class ADV
		Six Months Ended June 30, 2008			Year Ended December 31, 2007			December 29, 2006(1) to December 31, 2006
Per Share Operating Performance:
Net asset value, beginning of period	$		15.82			15.72			15.72
Income (loss) from investment operations:
Net investment income (loss)	$		0.10	*		0.16			(0.00	)**
Net realized and unrealized gain (loss) on investments	$		(2.24	)		0.20			—
Total from investment operations	$		(2.14	)		0.36			(0.00	)**
Less distributions from:
Net investment income	$		0.16			0.26			—
Net realized gains on investments	$		2.15			—			—
Total distributions	$		2.31			0.26			—
Net asset value, end of period	$		11.37			15.82			15.72
Total Return(2)	%		(14.60	)		2.33			—
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		1			1			1
Ratios to average net assets:
Expenses(3)	%		1.20	†		1.19	†		1.19
Net investment income (loss)(3)	%		1.50	†		0.99	†		(1.19	)
Portfolio turnover rate	%		59			197			83

		Class I
		Six Months Ended June 30,			Year Ended December 31,
		2008			2007			2006			2005			2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$		16.05			15.84			13.84			13.19			12.08		9.77
Income (loss) from investment operations:
Net investment income	$		0.15			0.23	*		0.23	*		0.19	*		0.24		0.10
Net realized and unrealized gain (loss) on investments	$		(2.24	)		0.24			1.98			0.71			0.98		2.29
Total from investment operations	$		(2.09	)		0.47			2.21			0.90			1.22		2.39
Less distributions from:
Net investment income	$		0.27			0.26			0.21			0.25			0.11		0.08
Net realized gains on investments	$		2.15			—			—			—			—		—
Total distributions	$		2.42			0.26			0.21			0.25			0.11		0.08
Net asset value, end of period	$		11.54			16.05			15.84			13.84			13.19		12.08
Total Return(2)	%		(14.10	)		3.01			16.10			6.95			10.15		24.59
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		109,080			143,438			173,014			178,828			219,889		257,448
Ratios to average net assets:
Expenses(3)	%		0.70	†		0.69	†		0.69			0.70			0.69		0.70
Net investment income(3)	%		2.08	†		1.44	†		1.58			1.47			1.61		0.91
Portfolio turnover rate	%		59			197			83			94			16		251

⁽¹⁾  Commencement of operations.

⁽²⁾  Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽³⁾  Annualized for periods less than one year.

*  Calculated using average number of shares outstanding throughout the period.

**  Amount is more than $(0.005).

^†  Impact of waiving advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income or loss ratio.

See Accompanying Notes to Financial Statements
32

ING OPPORTUNISTIC LARGECAP VALUE PORTFOLIO (UNAUDITED)(CONTINUED)

FINANCIAL
HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class S
		Six Months Ended June 30,			Year Ended December 31,
		2008			2007			2006			2005			2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$		15.93			15.72			13.77			13.12			12.03		9.75
Income (loss) from investment operations:
Net investment income	$		0.13			0.19	*		0.19	*		0.16	*		0.13		0.04
Net realized and unrealized gain (loss) on investments	$		(2.22	)		0.24			1.96			0.71			1.05		2.31
Total from investment operations	$		(2.09	)		0.43			2.15			0.87			1.18		2.35
Less distributions from:
Net investment income	$		0.23			0.22			0.20			0.22			0.09		0.07
Net realized gains on investments	$		2.15			—			—			—			—		—
Total distributions	$		2.38			0.22			0.20			0.22			0.09		0.07
Net asset value, end of period	$		11.46			15.93			15.72			13.77			13.12		12.03
Total Return(1)	%		(14.24	)		2.77			15.77			6.76			9.88		24.21
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		18,367			23,886			28,391			30,125			3,505		2,277
Ratios to average net assets:
Expenses(2)	%		0.95	†		0.94	†		0.94			0.95			0.94		0.95
Net investment income(2)	%		1.84	†		1.19	†		1.32			1.18			1.36		0.64
Portfolio turnover rate	%		59			197			83			94			16		251

⁽¹⁾  Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽²⁾  Annualized for periods less than one year.

*  Calculated using average number of shares outstanding throughout the period.

^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio.

See Accompanying Notes to Financial Statements
33

ING VP INTERMEDIATE BOND PORTFOLIO (UNAUDITED)

FINANCIAL
HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class ADV
		Six Months Ended June 30, 2008			Year Ended December 31, 2007			December 20, 2006(1) to December 31, 2006
Per Share Operating Performance:
Net asset value, beginning of period	$		13.23			12.96			13.53
Income (loss) from investment operations:
Net investment income	$		0.27			0.63	*		0.02
Net realized and unrealized gain (loss) on investments	$		(0.45	)		0.09			(0.06	)
Total from investment operations	$		(0.18	)		0.72			(0.04	)
Less distributions from:
Net investment income	$		0.12			0.45			0.53
Net realized gains on investments	$		0.18			—			—
Total distributions	$		0.30			0.45			0.53
Net asset value, end of period	$		12.75			13.23			12.96
Total Return(2)	%		(1.37	)		5.60	††		(0.30	)
Ratios and Supplemental Data:
Net assets, end of period (millions)	$		0	**		0	**		0	**
Ratios to average net assets:
Expenses(3)	%		0.99	†		0.99	†		0.99	†
Net investment income(3)	%		4.16	†		4.77	†		6.82	†
Portfolio turnover rate	%		298			438			390

		Class I
		Six Months Ended June 30,			Year Ended December 31,
		2008			2007			2006			2005			2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$		13.22			12.96			12.97			13.14			14.15		13.53
Income (loss) from investment operations:
Net investment income	$		0.31			0.69	*		0.65	*		0.54			0.53		0.56
Net realized and unrealized gain (loss) on investments	$		(0.45	)		0.08			(0.12	)		(0.13	)		0.13		0.29
Total from investment operations	$		(0.14	)		0.77			0.53			0.41			0.66		0.85
Less distributions from:
Net investment income	$		0.13			0.51			0.54			0.51			1.11		0.11
Net realized gains on investments	$		0.18			—			—			0.07			0.56		0.12
Total distributions	$		0.31			0.51			0.54			0.58			1.67		0.23
Net asset value, end of period	$		12.77			13.22			12.96			12.97			13.14		14.15
Total Return(2)	%		(1.12	)		5.95	††		4.06			3.14			4.88		6.30
Ratios and Supplemental Data:
Net assets, end of period (millions)	$		2,360			2,267			1,909			1,148			1,093		1,126
Ratios to average net assets:
Expenses(3)	%		0.49	†		0.49	†		0.49	†		0.49			0.48		0.50
Net investment income(3)	%		4.90	†		5.19	†		4.97	†		4.14			3.79		3.77
Portfolio turnover rate	%		298			438			390			589			407		521

⁽¹⁾  Commencement of operations.

⁽²⁾  Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽³⁾  Annualized for periods less than one year.

*  Calculated using average number of shares outstanding throughout the period.

**  Amount is less than $500,000.

^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio.

^††  There was no impact on total return by the affiliate payment in Note 16.

See Accompanying Notes to Financial Statements
34

ING VP INTERMEDIATE BOND PORTFOLIO (UNAUDITED)(CONTINUED)

FINANCIAL
HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class S
		Six Months Ended June 30,			Year Ended December 31,
		2008			2007			2006			2005			2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$		13.14			12.89			12.91			13.09			14.13		13.53
Income (loss) from investment operations:
Net investment income	$		0.29	*		0.65	*		0.61	*		0.41			0.40		0.49
Net realized and unrealized gain (loss) on investments	$		(0.46	)		0.08			(0.12	)		(0.03	)		0.22		0.32
Total from investment operations	$		(0.17	)		0.73			0.49			0.38			0.62		0.81
Less distributions from:
Net investment income	$		0.12			0.48			0.51			0.49			1.10		0.09
Net realized gains on investments	$		0.18			—			—			0.07			0.56		0.12
Total distributions	$		0.30			0.48			0.51			0.56			1.66		0.21
Net asset value, end of period	$		12.67			13.14			12.89			12.91			13.09		14.13
Total Return(1)	%		(1.32	)		5.70	††		3.77			2.94			4.58		6.04
Ratios and Supplemental Data:
Net assets, end of period (millions)	$		1,244			1,080			621			617			301		71
Ratios to average net assets:
Expenses(2)	%		0.74	†		0.74	†		0.74	†		0.74			0.73		0.75
Net investment income(2)	%		4.45	†		4.92	†		4.69	†		3.94			3.52		3.52
Portfolio turnover rate	%		298			438			390			589			407		521

⁽¹⁾  Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽²⁾  Annualized for periods less than one year.

*  Calculated using average number of shares outstanding throughout the period.

^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio.

^††  There was no impact on total return by the affiliate payment in Note 16.

See Accompanying Notes to Financial Statements
35

ING VP MONEY MARKET PORTFOLIO (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class I
		Six Months Ended June 30,			Year Ended December 31,
		2008			2007			2006			2005			2004			2003
Per Share Operating Performance:
Net asset value, beginning of period	$		13.51			13.40			13.17			12.94			12.94			13.03
Income (loss) from investment operations:
Net investment income	$		0.21	*		0.66	*		0.63	*		0.39			0.15			0.08
Net realized and unrealized gain (loss) on investments	$		(0.00	)**		(0.00	)**		0.00	**		(0.01	)		(0.01	)		0.03
Total from investment operations	$		0.21			0.66			0.63			0.38			0.14			0.11
Less distributions from:
Net investment income	$		0.58			0.55			0.40			0.15			0.14			0.20
Total distributions	$		0.58			0.55			0.40			0.15			0.14			0.20
Net asset value, end of period	$		13.14			13.51			13.40			13.17			12.94			12.94
Total Return(1)	%		1.61			5.13			4.88			2.98			1.06			0.92
Ratios and Supplemental Data:
Net assets, end of period (millions)	$		1,702			1,711			1,356			1,073			1,101			1,238
Ratios to average net assets:
Expenses(2)	%		0.34			0.33			0.34			0.35			0.34			0.35
Net investment income(2)	%		3.22			5.03			4.79			2.93			1.11			0.91

⁽¹⁾  Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽²⁾  Annualized for periods less than one year.

*  Calculated using average number of shares outstanding throughout the period.

**  Amount is less than $0.005 or more than $(0.005).

See Accompanying Notes to Financial Statements
36

ING BLACKROCK GLOBAL SCIENCE AND TECHNOLOGY PORTFOLIO (UNAUDITED)

FINANCIAL
HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class I
		Six Months Ended June 30,			Year Ended December 31,
		2008			2007			2006			2005			2004			2003
Per Share Operating Performance:
Net asset value, beginning of period	$		5.45			4.58			4.27			3.82			3.87			2.66
Income (loss) from investment operations:
Net investment loss	$		(0.00	)*		(0.01	)		(0.01	)		(0.02	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss) on investments (net of Indian tax)	$		(0.68	)		0.88			0.32			0.47			(0.02	)		1.23
Total from investment operations	$		(0.68	)		0.87			0.31			0.45			(0.05	)		1.21
Net asset value, end of period	$		4.77			5.45			4.58			4.27			3.82			3.87
Total Return(1)	%		(12.48	)		19.00			7.26			11.78			(1.29	)		45.49
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		82,619			97,943			81,599			84,523			86,291			97,742
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment(3)	%		1.06			1.08			1.08			1.06			1.05			1.10
Net expenses after expense waiver/recoupment(2)(3)	%		1.06	†		1.08			1.08			1.06			1.05			1.11
Net investment loss after expense waiver/recoupment(2)(3)	%		(0.09	)†		(0.24	)		(0.29	)		(0.48	)		(0.67	)		(0.88	)
Portfolio turnover rate	%		99			84			129			118			163			15

		Class S
		Six Months Ended June 30,			Year Ended December 31,						July 20, 2005(4) to December 31,			January 1, 2003 to December 16,			Year Ended December 31,			November 1, 2001(5) to December 31,
		2008			2007			2006			2005			2003(4)			2002			2001
Per Share Operating Performance:
Net asset value, beginning of period	$		5.42			4.56			4.27			3.90			2.65			4.53			3.92
Income (loss) from investment operations:
Net investment loss	$		(0.01	)		(0.02	)		(0.02	)		(0.01	)		(0.07	)		(0.04	)		—
Net realized and unrealized gain (loss) on investments (net of Indian tax)	$		(0.67)			0.88			0.31			0.38			1.09			(1.84)			0.61
Total from investment operations	$		(0.68	)		0.86			0.29			0.37			1.02			(1.88	)		0.61
Net asset value, end of period	$		4.74			5.42			4.56			4.27			3.67			2.65			4.53
Total Return(1)	%		(12.55	)		18.86			6.79			9.49			38.49			(41.50	)		15.56
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		134,096			1,140			551			78			—			7			12
Ratios to average net assets:
Gross expenses prior to expense waiver/recoupment(3)	%		1.31			1.33			1.33			1.31			1.35			1.36			1.36
Net expenses after expense waiver/recoupment(2)(3)	%		1.31†			1.33			1.33			1.31			1.36			1.37			1.36
Net investment loss after expense waiver/recoupment(2)(3)	%		(0.18	)†		(0.50	)		(0.51	)		(0.73	)		(1.13	)		(1.14	)		(0.74	)
Portfolio turnover rate	%		99			84			129			118			15			61			129

⁽¹⁾  Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽²⁾  The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

⁽³⁾  Annualized for periods less than one year.

⁽⁴⁾  Class S was fully redeemed on December 16, 2003 and recommenced operations on July 20, 2005.

⁽⁵⁾  Commencement of operations.

*  Amount is more than $(0.005).

^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment loss ratio.

See Accompanying Notes to Financial Statements
37

ING INTERNATIONAL INDEX PORTFOLIO (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class ADV			Class I
		March 10, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008
Per Share Operating Performance:
Net asset value, beginning of period	$		10.00			10.00
Income (loss) from investment operations:
Net investment income	$		0.15			0.15	*
Net realized and unrealized loss on investments	$		(0.14	)		(0.13	)
Total from investment operations	$		0.01			0.02
Net asset value, end of period	$		10.01			10.02
Total Return(2)	%		0.10			0.20
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		3			301,994
Ratios to average net assets:
Gross expenses prior to expense waiver(3)	%		1.08			0.58
Net expenses after expense waiver(3)(4)	%		1.00	†		0.50	†
Net investment income after expense waiver(3)(4)	%		4.74	†		4.56	†
Portfolio turnover rate	%		18			18

		Class S
		March 10, 2008(1) to June 30, 2008
Per Share Operating Performance:
Net asset value, beginning of period	$		10.00
Income (loss) from investment operations:
Net investment income	$		0.12	*
Net realized and unrealized loss on investments	$		(0.11	)
Total from investment operations	$		0.01
Net asset value, end of period	$		10.01
Total Return(2)	%		0.10
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		2,482
Ratios to average net assets:
Gross expenses prior to expense waiver(3)	%		0.83
Net expenses after expense waiver(3)(4)	%		0.75	†
Net investment income after expense waiver(3)(4)	%		3.67	†
Portfolio turnover rate	%		18

⁽¹⁾  Commencement of operations.

⁽²⁾  Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽³⁾  Annualized for periods less than one year.

⁽⁴⁾  The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses), subject to possible recoupment by the Investment Adviser within three years of being incurred.

*  Calculated using average number of shares outstanding throughout the period.

^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio.

See Accompanying Notes to Financial Statements
38

ING LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX^® PORTFOLIO (UNAUDITED)

FINANCIAL
HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class ADV			Class I
		March 10, 2008(1) to June 30, 2008			March 7, 2008(1) to June 30, 2008
Per Share Operating Performance:
Net asset value, beginning of period	$		10.00			10.00
Income (loss) from investment operations:
Net investment income	$		0.08	*		0.09
Net realized and unrealized loss on investments	$		(0.13	)		(0.12	)
Total from investment operations	$		(0.05	)		(0.03	)
Net asset value, end of period	$		9.95			9.97
Total Return(2)	%		(0.50	)		(0.30	)
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		12			52,923
Ratios to average net assets:
Gross expenses prior to expense waiver(3)	%		1.04			0.54
Net expenses after expense waiver(3)(4)	%		0.95			0.45
Net investment income after expense waiver(3)(4)	%		2.78			3.01
Portfolio turnover rate	%		96			96

		Class S
		March 10, 2008(1) to June 30, 2008
Per Share Operating Performance:
Net asset value, beginning of period	$		10.00
Income (loss) from investment operations:
Net investment income	$		0.10	*
Net realized and unrealized loss on investments	$		(0.15	)
Total from investment operations	$		(0.05	)
Net asset value, end of period	$		9.95
Total Return(2)	%		(0.50	)
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		11,488
Ratios to average net assets:
Gross expenses prior to expense waiver(3)	%		0.79
Net expenses after expense waiver(3)(4)	%		0.70
Net investment income after expense waiver(3)(4)	%		3.33
Portfolio turnover rate	%		96

⁽¹⁾  Commencement of operations.

⁽²⁾  Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽³⁾  Annualized for periods less than one year.

⁽⁴⁾  The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses), subject to possible recoupment by the Investment Adviser within three years of being incurred.

*  Calculated using average number of shares outstanding throughout the period.

See Accompanying Notes to Financial Statements
39

ING RUSSELL^TM LARGE CAP PORTFOLIO (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class ADV			Class I
		March 10, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008
Per Share Operating Performance:
Net asset value, beginning of period	$		10.00			10.00
Income (loss) from investment operations:
Net investment income	$		0.05	*		0.07	*
Net realized and unrealized loss on investments	$		(0.07	)		(0.08	)
Total from investment operations	$		(0.02	)		(0.01	)
Net asset value, end of period	$		9.98			9.99
Total Return(2)	%		(0.20	)		(0.10	)
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		611			817,191
Ratios to average net assets:
Gross expenses prior to expense waiver(3)	%		0.90			0.40
Net expenses after expense waiver(3)(4)	%		0.87	†		0.37	†
Net investment income after expense waiver(3)(4)	%		1.68	†		2.27	†
Portfolio turnover rate	%		5			5

		Class S
		March 10, 2008(1) to June 30, 2008
Per Share Operating Performance:
Net asset value, beginning of period	$		10.00
Income (loss) from investment operations:
Net investment income	$		0.05	*
Net realized and unrealized loss on investments	$		(0.06	)
Total from investment operations	$		(0.01	)
Net asset value, end of period	$		9.99
Total Return(2)	%		(0.10	)
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		6,858
Ratios to average net assets:
Gross expenses prior to expense waiver(3)	%		0.65
Net expenses after expense waiver(3)(4)	%		0.62	†
Net investment income after expense waiver(3)(4)	%		1.68	†
Portfolio turnover rate	%		5

⁽¹⁾  Commencement of operations.

⁽²⁾  Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽³⁾  Annualized for periods less than one year.

⁽⁴⁾  The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses), subject to possible recoupment by the Investment Adviser within three years of being incurred.

*  Calculated using average number of shares outstanding throughout the period.

^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio.

See Accompanying Notes to Financial Statements
40

ING RUSSELL^TM MID CAP PORTFOLIO (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class ADV			Class I
		March 10, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008
Per Share Operating Performance:
Net asset value, beginning of period	$		10.00			10.00
Income from investment operations:
Net investment income	$		0.04	*		0.03
Net realized and unrealized gain on investments	$		0.60			0.62
Total from investment operations	$		0.64			0.65
Net asset value, end of period	$		10.64			10.65
Total Return(2)	%		6.40			6.50
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		62			154,471
Ratios to average net assets:
Gross expenses prior to expense waiver(3)	%		1.07			0.57
Net expenses after expense waiver(3)(4)	%		0.93	†		0.43	†
Net investment income after expense waiver(3)(4)	%		1.06	†		1.40	†
Portfolio turnover rate	%		19			19

		Class S
		March 10, 2008(1) to June 30, 2008
Per Share Operating Performance:
Net asset value, beginning of period	$		10.00
Income from investment operations:
Net investment income	$		0.04	*
Net realized and unrealized gain on investments	$		0.60
Total from investment operations	$		0.64
Net asset value, end of period	$		10.64
Total Return(2)	%		6.40
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		7,425
Ratios to average net assets:
Gross expenses prior to expense waiver(3)	%		0.82
Net expenses after expense waiver(3)(4)	%		0.68	†
Net investment income after expense waiver(3)(4)	%		1.24	†
Portfolio turnover rate	%		19

⁽¹⁾  Commencement of operations.

⁽²⁾  Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽³⁾  Annualized for periods less than one year.

⁽⁴⁾  The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses), subject to possible recoupment by the Investment Adviser within three years of being incurred.

*  Calculated using average number of shares outstanding throughout the period.

^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio.

See Accompanying Notes to Financial Statements
41

ING RUSSELL^TM SMALL CAP PORTFOLIO (UNAUDITED)

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class ADV			Class I
		March 10, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008
Per Share Operating Performance:
Net asset value, beginning of period	$		10.00			10.00
Income from investment operations:
Net investment income	$		0.03	*		0.04	*
Net realized and unrealized gain on investments	$		0.69			0.70
Total from investment operations	$		0.72			0.74
Net asset value, end of period	$		10.72			10.74
Total Return(2)	%		7.20			7.40
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		25			153,010
Ratios to average net assets:
Gross expenses prior to expense waiver(3)	%		1.06			0.56
Net expenses after expense waiver(3)(4)	%		0.95	†		0.45	†
Net investment income after expense waiver(3)(4)	%		0.95	†		1.25	†
Portfolio turnover rate	%		41			41

		Class S
		March 10, 2008(1) to June 30, 2008
Per Share Operating Performance:
Net asset value, beginning of period	$		10.00
Income from investment operations:
Net investment income	$		0.04	*
Net realized and unrealized gain on investments	$		0.69
Total from investment operations	$		0.73
Net asset value, end of period	$		10.73
Total Return(2)	%		7.30
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		7,912
Ratios to average net assets:
Gross expenses prior to expense waiver(3)	%		0.81
Net expenses after expense waiver(3)(4)	%		0.70	†
Net investment income after expense waiver(3)(4)	%		1.06	†
Portfolio turnover rate	%		41

⁽¹⁾  Commencement of operations.

⁽²⁾  Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽³⁾  Annualized for periods less than one year.

⁽⁴⁾  The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses), subject to possible recoupment by the Investment Adviser within three years of being incurred.

*  Calculated using average number of shares outstanding throughout the period.

^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio.

See Accompanying Notes to Financial Statements
42

ING WISDOMTREE^SM GLOBAL HIGH-YIELDING EQUITY INDEX PORTFOLIO (UNAUDITED)

FINANCIAL
HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class ADV			Class I
		January 28, 2008(1) to June 30, 2008			January 28, 2008(1) to June 30, 2008
Per Share Operating Performance:
Net asset value, beginning of period	$		10.00			10.00
Income (loss) from investment operations:
Net investment income	$		0.22			0.25
Net realized and unrealized gain (loss) on investments	$		(1.12	)		(1.12	)
Total from investment operations	$		(0.90	)		(0.87	)
Net asset value, end of period	$		9.10			9.13
Total Return(2)	%		(9.00	)		(8.70	)
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		1			22,829
Ratios to average net assets:
Gross expenses prior to expense waiver(3)	%		1.46			0.96
Net expenses after expense waiver(3)(4)	%		1.20	†		0.70	†
Net investment income after expense waiver(3)(4)	%		5.20	†		5.86	†
Portfolio turnover rate	%		86			86

		Class S
		January 28, 2008(1) to June 30, 2008
Per Share Operating Performance:
Net asset value, beginning of period	$		10.00
Income (loss) from investment operations:
Net investment income	$		0.26	*
Net realized and unrealized gain (loss) on investments	$		(1.14	)
Total from investment operations	$		(0.88	)
Net asset value, end of period	$		9.12
Total Return(2)	%		(8.80	)
Ratios and Supplemental Data:
Net assets, end of period (000's)	$		129,909
Ratios to average net assets:
Gross expenses prior to expense waiver(3)	%		1.21
Net expenses after expense waiver(3)(4)	%		0.89	†
Net investment income after expense waiver(3)(4)	%		6.34	†
Portfolio turnover rate	%		86

⁽¹⁾  Commencement of operations.

⁽²⁾  Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽³⁾  Annualized for periods less than one year.

⁽⁴⁾  The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses), subject to possible recoupment by the Investment Adviser within three years of being incurred.

*  Calculated using average number of shares outstanding throughout the period.

^†  Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio.

See Accompanying Notes to Financial Statements
43

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED)

NOTE 1 — ORGANIZATION

Organization. The ING Variable Product Funds are comprised of ING VP Balanced Portfolio, Inc., ING Variable Funds, ING Variable Portfolios, Inc., ING VP Intermediate Bond Portfolio, ING Strategic Allocation Portfolios, Inc. and ING VP Money Market Portfolio (collectively, "Registrants"), all of which are open-end investment management companies registered under the Investment Company Act of 1940, as amended ("1940Act").

ING VP Balanced Portfolio, Inc. is a company incorporated under the laws of Maryland on December 14, 1988 with one portfolio, ING VP Balanced Portfolio ("Balanced"). ING Variable Funds is a business trust formed under the laws of Massachusetts on January 25, 1984 with one portfolio, ING VP Growth and Income Portfolio ("Growth and Income"). ING Variable Portfolios, Inc. is a company incorporated under the laws of Maryland on June 4, 1996 and has thirteen separate portfolios. The ten portfolios that are in this report are: ING Opportunistic LargeCap Growth Portfolio ("Opportunistic LargeCap Growth"), formerly, ING VP Growth Portfolio, ING VP Small Company Portfolio ("Small Company"), ING Opportunistic LargeCap Value Portfolio ("Opportunistic LargeCap Value"), formerly, ING VP Value Opportunity Portfolio, ING BlackRock Global Science and Technology Portfolio ("Global Science and Technology"), formerly, ING VP Global Science and Technology Portf olio, ING International Index Portfolio ("International Index"), ING Lehman Brothers U.S. Aggregate Bond Index^® Portfolio ("LBAB Index"), ING Russell^TM Large Cap Index Portfolio ("Russell^TM Large Cap Index"), ING Russell^TM Mid Cap Index Portfolio ("Russell^TM Mid Cap Index"), ING Russell^TM Small Cap Index Portfolio ("Russell^TM Small Cap Index") and ING WisdomTree^SM Global High-Yielding Equity Index Portfolio ("WisdomTree^SM Index"). ING VP Intermediate Bond Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one portfolio, ING VP Intermediate Bond Portfolio ("Intermediate Bond"). ING VP Money Market Portfolio is a business trust under the laws of Massachusetts on January 25, 1984 with one portfolio, ING VP Money Market Portfolio ("Money Market"). Each of the portfolios is a "Portfolio" and collectively, they are the "Portfolios".

The following is a brief description of each Portfolio's investment objective:

•  Balanced seeks to maximize investment return consistent with reasonable safety of principal, by investing in a diversified portfolio of one or more of the following asset classes: stocks, bonds, and cash equivalents based on the judgment of the Portfolio's management, of which of those sectors or mix thereof offers the best investment prospects;

•  Growth and Income seeks to maximize total return through investments in a diversified portfolio of common stocks and securities convertible into common stock;

•  Opportunistic LargeCap Growth seeks growth of capital through investment in a diversified portfolio consisting primarily of common stocks and securities convertible into common stock believed to offer growth potential;

•  Small Company seeks growth of capital primarily through investment in a diversified portfolio of common stocks and securities of companies with smaller market capitalizations;

•  Opportunistic LargeCap Value seeks growth of capital primarily through investment in a diversified portfolio of common stocks;

•  Intermediate Bond seeks to maximize total return consistent with reasonable risk;

•  Money Market seeks to provide high current return, consistent with preservation of capital and liquidity, through investment in high-quality money market investments;

•  Global Science and Technology seeks long-term capital appreciation;

•  International Index seeks investment results (before fees and expenses) that correspond to the total return of a widely accepted international index;

•  LBAB Index seeks investment results (before fees and expenses) that correspond to the total return of the Lehman Brothers U.S. Aggregate Bond Index^®;

•  Russell^TM Large Cap Index seeks investment results (before fees and expenses) that correspond to the total return of the Russell Top 200^® Index;

•  Russell^TM Mid Cap Index seeks investment results (before fees and expenses) that correspond to the total return of the Russell Midcap^® Index;

•  Russell^TM Small Cap Index seeks investment results (before fees and expenses) that correspond to the total return of the Russell 2000^® Index; and

•  WisdomTree^SM Index seeks investment returns that closely correspond to the price and yield performance, before fees and expenses, of the WisdomTree^SM Global High-Yielding Equity Index.

44

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 1 — ORGANIZATION (continued)

Each Portfolio offers Class I and Class S shares. Each Portfolio except Small Company, Money Market and Global Science and Technology offers Adviser ("ADV") Class shares. The three classes differ principally in applicable distribution and service fees. Shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Portfolios and earn income and realized gains/losses from the Portfolio pro rata based on the average daily net assets of each class, without discrimination between share classes. Common expenses of the Portfolios (including custodial asset-based fees, legal and audit fees, printing and mailing expenses, transfer agency out-of-pocket expenses, and fees and expenses of the independent trustees) are allocated to each Portfolio in proportion to its relative daily net assets. Expenses directly attributable to a particular portfolio (including advisory, admin istration, custodial transaction-based, registration, other professional, distribution and/or service fees, certain taxes, and offering costs) are charged directly to that Portfolio. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution, and shareholder servicing fees.

Shares of the Portfolios may be offered to separate accounts of insurance companies as investment options under variable annuity contracts and variable life insurance policies. Shares may also be offered to qualified pension and retirement plans outside the variable contract and to certain investment advisers and their affiliates. Class I shares may be made available to other investment companies, including series of the companies under fund-of-funds arrangements.

Participating insurance companies and other designated organizations are authorized to receive purchase orders on the Portfolio's behalf.

ING Investments, LLC ("ING Investments'' or the "Investment Adviser"), an Arizona limited liability company, serves as the investment adviser to the Portfolios. ING Investments has engaged ING Investment Management Co. ("ING IM''), a Connecticut corporation, to serve as the sub-adviser to each Portfolio, with the exception of Global Science and Technology and LBAB Index. ING Funds Distributor, LLC ("IFD" or the "Distributor") is the principal underwriter of the Portfolios. ING Investments, ING IM and the Distributor are indirect, wholly-owned subsidiaries of ING Groep N.V. ("ING Groep"). ING Groep is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 75 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of about 125,000 people, ING Groep compris es a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES`

The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Such policies are in conformity with U.S. generally accepted accounting principles for investment companies.

A.  Security Valuation. Investments in equity securities traded on a national securities exchange are valued at the last reported sale price. Securities reported by NASDAQ are valued at the NASDAQ official closing prices. Securities traded on an exchange or NASDAQ for which there has been no sale and securities traded in the over-the-counter-market are valued at the mean between the last reported bid and ask prices. All investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities are valued at prices obtained from independent services or from one or more dealers making markets in the securities and may be adjusted based on the Portfolios' valuation procedures. U.S. government obligations are valued by using market quotations or independent pricing services that use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics.

Securities and assets for which market quotations are not readily available (which may include certain restricted securities, which are subject to limitations as to their sale) are valued at their fair values as determined in good faith by or under the supervision of the Portfolios' Board of Directors/Trustees ("Board"), in accordance with methods that are specifically authorized by the Board. Securities traded on exchanges, including foreign exchanges, which close earlier than the time that a Portfolio calculates its net asset value ("NAV") may also be valued at their fair values as determined in good faith by or under the supervision of a Portfolio's Board, in accordance with methods that are specifically authorized by the Board. The value of a foreign security traded on an exchange outside the United States is generally based on its price on the principal foreign exchange where it trades as of the time a Portfolio determines its NAV or if the foreign exchange closes prior to the time the Portfolio

45

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

determines its NAV, the most recent closing price of the foreign security on its principal exchange. Trading in certain non-U.S. securities may not take place on all days on which the New York Stock Exchange ("NYSE") is open. Further, trading takes place in various foreign markets on days on which the NYSE is not open. Consequently, the calculation of a Portfolio's NAV may not take place contemporaneously with the determination of the prices of securities held by a Portfolio in foreign securities markets. Further, the value of a Portfolio's assets may be significantly affected by foreign trading on days when a shareholder cannot purchase or redeem shares of the Portfolio. In calculating a Portfolio's NAV, foreign securities denominated in foreign currency are converted to U.S. dollar equivalents. If an event occurs after the time at which the market for foreign securities held by a Portfolio closes but before the time that a Portfolio's NAV is calculated, such event may cause the closing price on the foreign exchange to not represent a readily available reliable market value quotation for such securities at the time a Portfolio determines its NAV. In such a case, a Portfolio will use the fair value of such securities as determined under a Portfolio's valuation procedures. Events after the close of trading on a foreign market that could require a Portfolio to fair value some or all of its foreign securities include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis in the determination of a security's fair value, the Board has authorized the use of one or more independent research services to assist with such determinations. An independent research service may use statistical analyses and quantitative models to help determine fair value as of the time a Portfolio calculates its NAV. There can be no assurance that s uch models accurately reflect the behavior of the applicable markets or the effect of the behavior of such markets on the fair value of securities, or that such markets will continue to behave in a fashion that is consistent with such models. Unlike the closing price of a security on an exchange, fair value determinations employ elements of judgment. Consequently, the fair value assigned to a security may not represent the actual value that a Portfolio could obtain if it were to sell the security at the time of the close of the NYSE. Pursuant to procedures adopted by the Board, a Portfolio is not obligated to use the fair valuations suggested by any research service, and valuation recommendations provided by such research services may be overridden if other events have occurred or if other fair valuations are determined in good faith to be more accurate. Unless an event is such that it causes a Portfolio to determine that the closing pri ces for one or more securities do not represent readily available reliable market value quotations at the time the Portfolio determines its NAV, events that occur between the time of the close of the foreign market on which they are traded and the close of regular trading on the NYSE will not be reflected in the Portfolio's NAV. Investments in securities maturing in 60 days or less from date of acquisition are valued at amortized cost which approximates market value.

Money Market uses the amortized cost method to value its portfolio securities, which approximates market value. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity, regardless of the impact of fluctuating interest rates or the market value of the security.

Effective for fiscal years beginning after November 15, 2007, Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, "Fair Value Measurements", establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset that are observable are classified as "Level 2" and unobservable inputs, including the sub-adviser's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A tabl e summarizing the Portfolios' investments under these levels of classification is included following the Portfolios of Investments.

B.  Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis.

46

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.

C.  Foreign Currency Translation. The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1)  Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day.

(2)  Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at the end of the day, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Portfolio's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and e conomic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.

D.  ForwardForeign Currency Transactions and Futures Contracts. Certain Portfolios may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. A Portfolio either enters into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or uses forward foreign currency cont racts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

Each Portfolio, with the exception of Money Market, may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. A futures contract obligates the seller of the contract to deliver and the purchaser of the contract to take delivery of the type of foreign currency, financial instrument or security called for in the contract at a specified future time for a specified price. Upon entering into such a contract, a Portfolio is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is traded. Pursuant to the contract, a Portfolio agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margins and are recorded as unrealized gains or losses by the Portfolio. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

E.  Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Balanced, Opportunistic LargeCap Growth, Small Company, Opportunistic LargeCap

47

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Value, Money Market and Global Science and Technology declare and pay dividends annually. Growth and Income, Intermediate Bond, International Index, LBAB Index, Russell^TM Large Cap Index, Russell^TM Mid Cap Index, Russell^TM Small Cap Index and WisdomTree^SM Index declare and pay dividends semi-annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies.

F.  Federal Income Taxes. It is the policy of the Portfolios to comply with subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized capital gains to their shareholders. Therefore, no federal income tax provision is required. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expire.

G.  Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

H.  Repurchase Agreements. Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, be ing invested by the Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Portfolio in the event the Portfolio is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.

I.  Securities Lending. Each Portfolio has the option to temporarily loan up to 30% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, a Portfolio has the right to use collateral to offset losses incurred. There would be potential loss to a Portfolio in the event a Portfolio is delayed or prevented from exercising its right to dispose of the collateral. A Portfolio bears the risk of loss with respect to the investment of collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing i n a Portfolio.

J.  Illiquid and Restricted Securities. The Portfolios may not invest more than 15% (10% for Money Market) of their net assets in illiquid securities. Illiquid securities are not readily marketable. Disposing of illiquid investments may involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for the Portfolios to sell them promptly at an acceptable price. The Portfolios may also invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933 ("1933 Act") or securities offered pursuant to Section 4(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Certain restricted securities may be considered liquid pur suant to guidelines approved by the Board or may be deemed to be illiquid because they may not be readily marketable. Illiquid and restricted securities are valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined under procedures approved by the Board.

K.  When-Issued and Delayed-Delivery Transactions. Each Portfolio may purchase or sell securities on a when-issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are

48

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

fixed at the time the transaction is negotiated. The market value of such is identified in the Portfolio of Investments. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to hold liquid assets as collateral with the Portfolios' custodian sufficient to cover the purchase price.

L.  Mortgage Dollar Roll Transactions. Balanced, Growth and Income, Opportunistic LargeCap Value, Global Science and Technology, and Money Market Portfolios may engage in dollar roll transactions with respect to mortgage-backed securities issued by Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corp. In a dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker/dealer, and simultaneously agrees to repurchase a substantially similar (i.e., same type, coupon, and maturity) security from the institution on a delayed delivery basis at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but g enerally will be collateralized by different pools of mortgages with different prepayment histories. The Portfolios account for dollar roll transactions as purchases and sales.

M.  OptionsContracts. Certain Portfolios may purchase put and call options and may write (sell) put options and covered call options. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the premium received by the Portfolios upon the writing of a put or call option is included in the Statements of Assets and Liabilities as a liability which is subsequ ently marked-to-market until it is exercised or closed, or it expires. The Portfolios will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Portfolios give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Portfolios may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Portfolios pay a pr emium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

N.  Swap Contracts. Each Portfolio, with the exception of Money Market, may enter into interest rate swaps, currency swaps and other types of swap agreements, including swaps on securities and indices. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other on regularly scheduled dates over a stated term, based on different interest rates, currency exchange rates, security prices, the prices or rates of other types of financial instruments or assets or the levels of specified indices. During the term of the swap, changes in the value of the swap, if any, are recognized by marking-to-market the value of the swap and is recorded as an unrealized gain or loss on the Statements of Operations. Upfront payments made and/or re ceived by the Portfolio, are recorded as an asset or liability on the Statements of Assets or Liabilities. Periodic payments made and/or received are recorded as a realized gain or loss on the Statements of Operations. Derivatives are also subject to credit risks related to the counterparty's ability to perform, and any deterioration in the counterparty's creditworthiness could adversely affect the instrument.

O.  Reverse Repurchase Agreements. A reverse repurchase agreement involves the sale of a security, with an agreement to repurchase the same or a substantially similar security at an agreed upon price and date. Reverse repurchase agreements are considered borrowings and the difference between the sale and repurchase prices represents interest expense at an agreed upon rate. Whether such a transaction produces a gain for a Portfolio depends upon whether the income and gains on the securities purchased with the proceeds received from the sale of the security exceeds the interest expense incurred by the Portfolio. Reverse repurchase agreements, as a leveraging technique, may increase a Portfolio's yield; however, such transactions also increase a

49

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Portfolio's risk to capital and may result in a shareholder's loss of principal.

P.  Organization Expenses and Offering Costs. Costs incurred with the organization of the Portfolios are expensed as incurred. Costs incurred with the offering of shares of the Portfolios are deferred and amortized over a period of twelve months.

Q.  Indemnifications. In the normal course of business, the Registrants may enter into contracts that provide certain indemnifications. The Registrants' maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

NOTE 3 — INVESTMENT TRANSACTIONS

For the six months ended June 30, 2008, the cost of purchases and the proceeds from the sales of securities, excluding short-term securities and U.S. government securities, were as follows:

	Purchases		Sales
Balanced	$	659,293,742	$	647,372,234
Growth and Income		1,996,091,840		1,884,703,378
Opportunistic LargeCap Growth		196,807,886		218,778,732
Small Company		383,726,448		372,967,819
Opportunistic LargeCap Value		86,107,284		102,418,102
Intermediate Bond		880,755,653		594,129,078
Global Science and Technology		147,956,651		135,063,984
International Index		348,887,755		28,979,347
LBAB Index		20,413,367		2,332,284
RussellTM Large Cap Index		907,830,111		19,843,762
RussellTM Mid Cap Index		183,659,260		17,884,973
RussellTM Small Cap Index		199,898,155		38,326,966
WisdomTreeSM Index		235,776,741		71,276,394
U.S. government securities not included above were as follows:
	Purchases		Sales
Balanced	$	546,756,563	$	669,284,326
Intermediate Bond		10,089,219,150		10,118,018,151
LBAB Index		91,963,044		50,408,480

NOTE 4 — INVESTMENT MANAGEMENT, ADMINISTRATIVE AND LICENSING FEES

The Portfolios entered into investment management agreements ("Investment Management Agreements") with the Investment Adviser. The Investment Management Agreements compensate the Investment Adviser with a fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:

Balanced	0.500	%
Growth and Income	0.500% on first $10 billion; 0.450% on next $5 billion; and 0.425% over $15 billion

Opportunistic LargeCap Growth	0.600	%
Small Company	0.750	%
Opportunistic LargeCap Value	0.600	%
Intermediate Bond	0.400	%
Money Market	0.250	%
Global Science and Technology	0.950	%
International Index	0.380	%
LBAB Index	0.320	%
RussellTM Large Cap Index	0.250	%
RussellTM Mid Cap Index	0.310	%
RussellTM Small Cap Index	0.330	%
WisdomTreeSM Index	0.460	%

The Investment Adviser entered into sub-advisory agreements with ING IM. ING IM acts as sub-adviser to all Portfolios except for Global Science and Technology and LBAB Index. Subject to such policies as the Board or the Investment Adviser may determine, ING IM manages the Portfolios' assets in accordance with the Portfolios' investment objectives, policies, and limitations.

BlackRock Advisors, LLC ("BlackRock"), serves as Sub-Adviser to Global Science and Technology pursuant to a Sub-Advisory Agreement effective February 2, 2007 between the Investment Adviser and BlackRock.

Lehman Brothers Asset Management LLC ("Lehman Brothers Asset Management") serves as Sub-Adviser to LBAB Index pursuant to a Sub-Advisory Agreement effective March 7, 2008.

ING Funds are permitted to invest end-of-day cash balances into ING Institutional Prime Money Market Fund. Investment management fees paid by the Portfolios will be reduced by an amount equal to the management fees paid indirectly to ING Institutional Prime Money Market Fund with respect to assets invested by the Portfolios. For the period ended June 30, 2008, the Investment Adviser for Balanced, Growth and Income, Opportunistic LargeCap Growth, Small Company, Opportunistic LargeCap Value, Intermediate Bond, Global Science and Technology, International Index, Russell^TM Large Cap Index, Russell^TM Mid Cap Index, Russell^TM Small Cap Index and WisdomTree^SM Index waived $8,691, $11,866, $56, $6,658, $34, $31,322, $72, $343, $4,139, $809, $1,038 and $1,238 of such management fees, respectively. These fees are not subject to recoupment.

Pursuant to administration agreements, ING Funds Services, LLC ("IFS"), an indirect, wholly-owned subsidiary of ING Groep, acts as administrator and provides certain administrative and shareholder services necessary for Portfolio operations and is responsible for the supervision of other service providers.

50

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 4 — INVESTMENT MANAGEMENT ADMINISTRATIVE AND LICENSING FEES (continued)

IFS is entitled to receive from Balanced, Growth and Income, Opportunistic LargeCap Growth, Small Company, Opportunistic LargeCap Value, Intermediate Bond, Money Market and Global Science and Technology a fee at an annual rate of 0.055% on the first $5 billion of daily net assets and 0.03% thereafter.

IFS is entitled to receive from International Index, LBAB Index, Russell^TM Large Cap Index, Russell^TM Mid Cap Index, Russell^TM Small Cap Index and WisdomTree^SM Index a fee at an annual rate of 0.10% of daily net assets.

Russell Investment Group receives an annual licensing fee for the Russell Top 200^® Index, the Russell Mid Cap^® Index and the Russell 2000^® Index. WisdomTree^SM Index pays an annual licensing fee to WisdomTree Investments, Inc.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

ADV Class shares of the respective Portfolios are subject to a Shareholder Service and Distribution Plan (the "Plan"). Under the Plan, the Distributor is paid an annual shareholder service fee at the rate of 0.25% and an annual distribution fee at the rate of 0.25% of the average daily net assets attributable to its ADV Class shares.

Class S shares of the Portfolios have adopted Distribution Plans pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plans"), whereby the Distributor is compensated by the Portfolios for expenses incurred in the distribution of each Portfolio's shares ("Distribution Fees"). Pursuant to the 12b-1 Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each Portfolio's shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees ("Service Fees") paid to securities dealers who have executed a distribution agreement with the Distributor. Under the 12b-1 Plans, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25%⁽¹⁾ of average daily net assets.

⁽¹⁾  Effective January 16, 2008, IFD has agreed to waive a portion of the service/distribution fees for Class S Shares of WisdomTree^SM Index so that the fees collected will not exceed 0.19% through May 1, 2009.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES

At June 30, 2008, the Portfolios had the following amounts recorded in payable to affiliates on the accompanying Statements of Assets and Liabilities (see Notes 4 and 5):

	Accrued Investment Management Fees		Accrued Administrative Fees		Accrued Shareholder Service and Distribution Fees		Accrued Recoupment		Total
Balanced	$	373,276	$	41,200	$	1,935	$	—	$	416,411
Growth and Income		1,079,626		118,870		13,352		—		1,211,848
Opportunistic LargeCap Growth		58,679		5,379		3,349		—		67,407
Small Company		364,544		26,819		2,981		—		394,344
Opportunistic LargeCap Value		66,589		6,105		3,998		—		76,692
Intermediate Bond		1,189,656		164,393		254,671		—		1,608,720
Money Market		346,917		76,320		—		—		423,237
Global Science and Technology		175,622		10,167		28,351		—		214,140
International Index		94,271		24,864		398		—		119,533
LBAB Index		15,338		4,793		1,554		—		21,685
RussellTM Large Cap Index		169,712		68,927		1,696		23,558		263,893
RussellTM Mid Cap Index		41,626		13,560		1,346		—		56,532
RussellTM Small Cap Index		44,877		13,756		1,512		—		60,145
WisdomTreeSM Index		54,825		11,951		18,956		—		85,732

The Registrants have adopted a Deferred Compensation Plan (the "Policy"), which allows eligible non-affiliated directors as described in the Policy to defer the receipt of all or a portion of the directors' fees payable. Deferred fees are invested in various funds advised by ING Investments until distribution in accordance with the Policy.

At June 30, 2008, the following ING Portfolios or indirect, wholly owned subsidiaries of ING Groep owned more than 5% of the following Portfolios:

ING Life Insurance and Annuity Company — Balanced (91.66%); Growth and Income (85.45%); Opportunistic LargeCap Growth (88.80%); Small Company (49.72%); Opportunistic LargeCap Value (82.69%); Intermediate Bond (31.05%); Money Market (98.34%); Global Science and Technology (37.73%); and WisdomTree^SM Index (15.32%)

ING LifeStyle Aggressive Growth Portfolio — Small Company (6.21%); International Index (20.17%); Russell^TM Large Cap Index (14.76%); Russell^TM Mid Cap Index (15.00%); and Russell^TM Small Cap Index (15.00%)

ING LifeStyle Growth Portfolio — Small Company (20.61%); International Index (46.86%); Russell^TM

51

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES (continued)

Large Cap Index (39.19%); Russell^TM Mid Cap Index (49.80%); and Russell^TM Small Cap Index (49.78%)

ING LifeStyle Moderate Growth Portfolio — Intermediate Bond (7.95%); Small Company (5.44%); International Index (21.18%); Russell^TM Large Cap Index (31.01%); Russell^TM Mid Cap Index (19.70%); and Russell^TM Small Cap Index (19.69%)

ING LifeStyle Moderate Portfolio — Intermediate Bond (5.42%); International Index (10.83%); Russell^TM Large Cap Index (13.88%); Russell^TM Mid Cap Index (10.08%); and Russell^TM Small Cap Index (10.07%)

ING USA Annuity and Life Insurance Company — Opportunistic LargeCap Value (13.89%); Intermediate Bond (33.94%); Global Science and Technology (61.06%); LBAB Index (96.46%); and WisdomTree^SM Index (82.96%)

Reliastar Life Insurance Company — Opportunistic LargeCap Growth (7.79%); and LBAB Index (94.15%)

For the six months ended June 30, 2008, Global Science and Technology placed a portion of its portfolio transactions with a brokerage firm which is an affiliate of the Investment Adviser. The commissions paid to the affiliated firm, ING Baring LLC, was $617.

NOTE 7 — EXPENSE LIMITATIONS

ING Investments entered into written expense limitation agreements ("Expense Limitation Agreements") with each of the following Portfolios whereby the Investment Adviser has agreed to limit expenses, excluding interest expense, taxes, brokerage commissions and extraordinary expenses (and acquired fund fees and expenses) to the levels listed below:

	Class ADV			Class I			Class S
Opportunistic LargeCap Growth		1.30	%		0.80	%		1.05	%
Small Company		N/A			0.95	%		1.20	%
Opportunistic LargeCap Value		1.30	%		0.80	%		1.05	%
Global Science and Technology(1)		N/A			1.05	%		1.30	%
International Index		1.00	%		0.50	%		0.75	%
LBAB Index		0.95	%		0.45	%		0.70	%
RussellTM Large Cap Index		0.87	%		0.37	%		0.62	%
RussellTM Mid Cap Index		0.93	%		0.43	%		0.68	%
RussellTM Small Cap Index		0.95	%		0.45	%		0.70	%
WisdomTreeSM Index		1.20	%		0.70	%		0.89	%

⁽¹⁾ Prior to April 28, 2008, the expense limits for Global Science and Technology were 1.15% and 1.40% for Class I and Class S, respectively.

The Investment Adviser may at a later date recoup from a Portfolio management fees waived and other expenses assumed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Portfolio's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Manager are reflected on the accompanying Statements of Assets and Liabilities for each Portfolio.

As of June 30, 2008, the amount of waived and reimbursed fees that are subject to recoupment by the Investment Adviser, and the related expiration dates are as follows:

	June 30,
	2009		2010		2011		Total
International Index	$	—	$	—	$	38,687	$	38,687
LBAB Index		—		—		14,795		14,795
RussellTM Large Cap Index		—		—		31,695		31,695
RussellTM Mid Cap Index		—		—		37,944		37,944
RussellTM Small Cap Index		—		—		30,353		30,353
WisdomTreeSM Index		—		—		91,162		91,162

The Expense Limitation Agreements are contractual and shall renew automatically for one-year terms unless ING Investments provides written notice of the termination of an Expense Limitation Agreement within 90 days of the end of the then current term.

NOTE 8 — LINE OF CREDIT

The Portfolios, in addition to certain other funds managed by the Investment Adviser, have entered into an unsecured committed revolving line of credit agreement (the "Credit Agreement ") with Citibank, N.A. for an aggregate amount of $100,000,000. The proceeds may be used only to: (1) temporarily finance the purchase and sale of securities; (2) finance the redemption of shares of an investor in the Portfolios; and (3) enable the Portfolios to meet other emergency expenses as defined in the Credit Agreement. The Portfolios to which the line of credit is available pay a commitment fee equal to 0.08% per annum on the daily unused portion of the committed line amount. Each of the Portfolios will pay its pro rata share of both the agent and commitment fee. Generally, borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 30 days after the date of a revolvi ng credit advance. The following Portfolios utilized the line of credit during the six months ended June 30, 2008:

	Days Utilized		Approximate Average Daily Balance		Approximate Weighted Average Interest Rate
Balanced		3	$	600,000		3.49	%
Growth and Income		1		1,340,000		2.53
Opportunistic LargeCap Growth		2		4,865,000		3.29
Small Company		6		4,631,667		2.61
Opportunistic LargeCap Value		5		324,000		4.15
Intermediate Bond		4		9,072,500		2.92

52

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Class ADV						Class I						Class S
	Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007
Balanced (Number of Shares)
Shares sold		—			2			97,140			601,762			81,620			98,592
Reinvestment of distributions		—			—			9,121,937			5,397,784			89,235			48,696
Shares redeemed		—			—			(7,227,019	)		(14,407,746	)		(99,110	)		(164,770	)
Net increase (decrease) in shares outstanding		—			2			1,992,058			(8,408,200	)		71,745			(17,482	)
Balanced ($)
Shares sold	$	—		$	28		$	1,283,487		$	8,646,382		$	1,026,940		$	1,413,626
Reinvestment of distributions		—			—			110,649,099			74,921,236			1,077,075			672,985
Shares redeemed		—			—			(93,097,622	)		(208,308,305	)		(1,280,177	)		(2,358,255	)
Net increase (decrease)	$	—		$	28		$	18,834,964		$	(124,740,687	)	$	823,838		$	(271,644	)
	Class ADV						Class I						Class S
	Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007
Growth and Income (Number of Shares)
Shares sold		24,869			4,938			7,697,949			203,330			3,970,402			126,276
Proceeds from shares issued in merger		—			114,031			—			2,058,554			—			852,618
Reinvestment of distributions		—			642			—			1,574,933			—			14,041
Shares redeemed		(25,182	)		(70,456	)		(9,029,893	)		(23,418,770	)		(464,321	)		(175,331	)
Net increase (decrease) in shares outstanding		(313	)		49,155			(1,331,944	)		(19,581,953	)		3,506,081			817,604
Growth and Income ($)
Shares sold	$	560,876		$	122,979		$	173,276,258		$	4,950,308		$	91,547,758		$	3,119,814
Proceeds from shares issued in merger		—			2,802,427			—			50,909,777			—			20,968,866
Reinvestment of distributions		—			15,909			—			39,278,832			—			348,348
Shares redeemed		(571,304	)		(1,754,815	)		(205,444,498	)		(576,312,116	)		(10,540,759	)		(4,328,750	)
Net increase (decrease)	$	(10,428	)	$	1,186,500		$	(32,168,240	)	$	(481,173,199	)	$	81,006,999		$	20,108,278
	Class ADV						Class I						Class S
	Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007
Opportunistic LargeCap Growth (Number of Shares)
Shares sold		34,418			83,613			134,037			978,074			118,147			225,599
Proceeds from shares issued in merger		—			260,860			—			294,101			—			2,834,516
Reinvestment of distributions		—			493			69,368			29,544			4,259			3,866
Shares redeemed		(33,205	)		(233,810	)		(1,690,358	)		(7,868,207	)		(554,072	)		(1,386,799	)
Net increase (decrease) in shares outstanding		1,213			111,156			(1,486,953	)		(6,566,488	)		(431,666	)		1,677,182
Opportunistic LargeCap Growth ($)
Shares sold	$	386,766		$	977,275		$	1,545,559		$	11,185,278		$	1,306,464		$	2,620,412
Proceeds from shares issued in merger		—			2,856,192			—			3,220,605			—			30,774,830
Reinvestment of distributions		—			5,295			749,873			317,595			45,652			41,178
Shares redeemed		(367,159	)		(2,637,192	)		(18,674,244	)		(92,737,170	)		(5,892,943	)		(15,618,037	)
Net increase (decrease)	$	19,607		$	1,201,570		$	(16,378,812	)	$	(78,013,692	)	$	(4,540,827	)	$	17,818,383

53

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 9 — CAPITAL SHARES (continued)

	Class I						Class S
	Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007
Small Company (Number of Shares)
Shares sold		6,255,389			8,292,290			1,209,310			50,908
Reinvestment of distributions		4,962,617			4,011,153			25,696			17,941
Shares redeemed		(6,826,192	)		(5,072,403	)		(7,450	)		(20,147	)
Net increase in shares outstanding		4,391,814			7,231,040			1,227,556			48,702
Small Company ($)
Shares sold	$	107,285,012		$	166,568,181		$	20,048,100		$	1,037,570
Reinvestment of distributions		79,699,637			77,335,029			409,079			343,389
Shares redeemed		(112,311,684	)		(104,467,481	)		(133,294	)		(411,463	)
Net increase	$	74,672,965		$	139,435,729		$	20,323,885		$	969,496

	Class ADV				Class I						Class S
	Six Months Ended June 30, 2008		Year Ended December 31, 2007		Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007
Opportunistic LargeCap Value (Number of Shares)
Shares sold		—		1		26,282			69,432			10,170			26,164
Reinvestment of distributions		1		—		1,629,562			171,661			269,654			24,430
Shares redeemed		—		—		(1,133,827	)		(2,226,807	)		(175,936	)		(357,045	)
Net increase (decrease) in shares outstanding		1		1		522,017			(1,985,714	)		103,888			(306,451	)
Opportunistic LargeCap Value ($)
Shares sold	$	—	$	16	$	357,403		$	1,122,023		$	131,432		$	427,278
Reinvestment of distributions		11		—		20,255,455			2,729,402			3,330,222			385,996
Shares redeemed		—		—		(15,486,431	)		(36,232,111	)		(2,401,907	)		(5,740,720	)
Net increase (decrease)	$	11	$	16	$	5,126,427		$	(32,380,686	)	$	1,059,747		$	(4,927,446	)
	Class ADV				Class I						Class S
	Six Months Ended June 30, 2008		Year Ended December 31, 2007		Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007
Intermediate Bond (Number of Shares)
Shares sold		—		1		42,070,912			49,001,222			18,423,029			36,862,315
Proceeds from shares issued in merger		—		—		2,918,609			—			848,254			—
Reinvestment of distributions		—		—		4,038,072			6,365,573			2,214,874			2,943,179
Shares redeemed		—		—		(35,672,870	)		(31,214,224	)		(5,515,139	)		(5,787,371	)
Net increase in shares outstanding		—		1		13,354,723			24,152,571			15,971,018			34,018,123
Intermediate Bond ($)
Shares sold	$	—	$	13	$	548,203,681		$	650,399,991		$	243,229,686		$	486,271,739
Proceeds from shares issued in merger		—		—		37,264,333			—			10,751,281			—
Reinvestment of distributions		—		—		51,808,466			83,961,911			28,217,492			38,555,642
Shares redeemed		—		—		(465,506,554	)		(414,573,638	)		(70,931,162	)		(76,141,712	)
Net increase	$	—	$	13	$	171,769,926		$	319,788,264		$	211,267,297		$	448,685,669

	Class I
	Six Months Ended June 30, 2008			Year Ended December 31, 2007
Money Market (Number of Shares)
Shares sold		14,252,844			38,082,834
Reinvestment of distributions		6,003,955			4,428,411
Shares redeemed		(17,414,755	)		(17,045,429	)
Net increase in shares outstanding		2,842,044			25,465,816
Money Market ($)
Shares sold	$	190,571,536		$	503,402,892
Reinvestment of distributions		77,938,538			57,130,928
Shares redeemed		(228,019,890	)		(226,091,022	)
Net increase	$	40,490,184		$	334,442,798

54

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 9 — CAPITAL SHARES (continued)

	Class I						Class S
	Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007
Global Science and Technology (Number of Shares)
Shares sold		1,690,772			3,234,547			3,896,091			115,132
Proceeds from shares issued in merger		—			—			24,911,193			—
Shares redeemed		(2,332,612	)		(3,091,773	)		(707,843	)		(25,466	)
Net increase (decrease) in shares outstanding		(641,840	)		142,774			28,099,441			89,666
Global Science and Technology ($)
Shares sold	$	8,267,092		$	17,170,211		$	19,575,254		$	614,569
Proceeds from shares issued in merger		—			—			123,216,459			—
Shares redeemed		(11,289,586	)		(15,261,016	)		(3,527,148	)		(132,451	)
Net increase (decrease)	$	(3,022,494	)	$	1,909,195		$	139,264,565		$	482,118

	Class ADV			Class I			Class S
	March 10, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008
International Index (Number of Shares)
Shares sold		301			32,718,028			255,781
Shares redeemed		—			(2,590,164	)		(7,927	)
Net increase in shares outstanding		301			30,127,864			247,854
International Index ($)
Shares sold	$	3,010		$	354,631,090		$	2,724,773
Shares redeemed		—			(28,330,261	)		(85,305	)
Net increase	$	3,010		$	326,300,829		$	2,639,468
	Class ADV			Class I			Class S
	March 10, 2008(1) to June 30, 2008			March 7, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008
LBAB Index (Number of Shares)
Shares sold		1,244			5,315,907			1,201,466
Shares redeemed		(2	)		(5,412	)		(46,870	)
Net increase in shares outstanding		1,242			5,310,495			1,154,596
LBAB Index ($)
Shares sold	$	12,462		$	53,149,379		$	11,971,148
Shares redeemed		(19	)		(54,001	)		(465,644	)
Net increase	$	12,443		$	53,095,378		$	11,505,504
	Class ADV			Class I			Class S
	March 10, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008
RussellTM Large Cap Index (Number of Shares)
Shares sold		61,380			84,492,152			813,108
Shares redeemed		(95	)		(2,727,338	)		(126,604	)
Net increase in shares outstanding		61,285			81,764,814			686,504
RussellTM Large Cap Index ($)
Shares sold	$	657,699		$	930,322,232		$	8,822,515
Shares redeemed		(1,008	)		(30,116,119	)		(1,302,325	)
Net increase	$	656,691		$	900,206,113		$	7,520,190

⁽¹⁾ Commencement of operations

55

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 9 — CAPITAL SHARES (continued)

	Class ADV			Class I			Class S
	March 10, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008
RussellTM Mid Cap Index (Number of Shares)
Shares sold		5,839			17,276,361			767,426
Shares redeemed		(11	)		(2,775,749	)		(69,580	)
Net increase in shares outstanding		5,828			14,500,612			697,846
RussellTM Mid Cap Index ($)
Shares sold	$	66,518		$	192,995,161		$	8,700,894
Shares redeemed		(131	)		(31,586,090	)		(759,060	)
Net increase	$	66,387		$	161,409,071		$	7,941,834
	Class ADV			Class I			Class S
	March 10, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008			March 10, 2008(1) to June 30, 2008
RussellTM Small Cap Index (Number of Shares)
Shares sold		2,302			17,195,221			1,038,565
Shares redeemed		—			(2,946,255	)		(300,976	)
Net increase in shares outstanding		2,302			14,248,966			737,589
RussellTM Small Cap Index ($)
Shares sold	$	26,078		$	191,622,231		$	11,745,263
Shares redeemed		—			(33,385,464	)		(3,366,656	)
Net increase	$	26,078		$	158,236,767		$	8,378,607
	Class ADV			Class I			Class S
	January 28, 2008(1) to June 30, 2008			January 28, 2008(1) to June 30, 2008			January 28, 2008(1) to June 30, 2008
WisdomTreeSM Index (Number of Shares)
Shares sold		101			2,500,001			14,302,040
Shares redeemed		—			—			(63,504	)
Net increase in shares outstanding		101			2,500,001			14,238,536
WisdomTreeSM Index ($)
Shares sold	$	1,010		$	25,000,010		$	143,230,115
Shares redeemed		—			—			(639,733	)
Net increase	$	1,010		$	25,000,010		$	142,590,382

⁽¹⁾ Commencement of operations

NOTE 10 — ILLIQUID SECURITIES

Pursuant to guidelines adopted by the Portfolios' Board, the following securities have been deemed to be illiquid. Each Portfolio currently limits investment in illiquid securities to 15% (10% for Money Market) of the Portfolio's net assets, at market value, at time of purchase.

	Principal Security	Initial Acquision Amount		Date	Cost		Percent of Net Value		Assets
Balanced	Alpine III, 3.270%, due 08/16/14	$	218,000	08/16/04	$	218,073	$	218,591		0.0	%
	Alpine III, 3.670%, due 08/16/14		218,000	08/16/04		218,073		218,715		0.0	%
	Alpine III, 5.470%, due 08/16/14		328,000	08/16/04		330,626		330,355		0.0	%
	Alpine III, 8.720%, due 08/16/14		560,000	08/16/04		560,812		572,417		0.1	%
	Hudson Mezzanine Funding, 3.206%, due 06/12/42		927,000	12/21/06		926,288		2,318		0.0	%
					$	2,253,872	$	1,342,396		0.1	%

56

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 10 — ILLIQUID SECURITIES (continued)

	Principal Security	Initial Acquision Amount		Date	Cost		Percent of Net Value		Assets
Intermediate Bond	Alpine III, 3.270%, due 08/16/14	$	1,006,000	08/16/04	$	1,006,321	$	1,008,729		0.0	%
	Alpine III, 3.670%, due 08/16/14		1,006,000	08/16/04		1,006,321		1,009,301		0.0	%
	Alpine III, 5.470%, due 08/16/14		1,507,000	08/16/04		1,520,846		1,517,820		0.0	%
	Alpine III, 8.720%, due 08/16/14		2,576,000	08/16/04		2,602,683		2,633,118		0.1	%
	Hudson Mezzanine Funding, 3.206%, due 06/12/42		6,265,000	12/21/06		6,260,186		15,663		0.0	%
					$	12,396,357	$	6,184,631		0.1	%

NOTE 11 — SECURITIES LENDING

Under an agreement with The Bank of New York Mellon Corporation ("BNY"), the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. Government securities. The collateral must be in an amount equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the "Agreement"). The securities purchased with cash collateral received are reflected in the Portfolio of Investments. Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security, however there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising their right to dispose of the collateral. The Portfolios bear the risk of loss with respect to the investment of collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio. At June 30, 2008, the Portfolios had securities on loan with the following market values:

	Value of Securities Loaned		Value of Collateral
Balanced	$	109,310,764	$	113,272,479
Growth and Income		166,249,354		170,933,504
Opportunistic LargeCap Growth		22,285,178		23,054,407
Small Company		145,422,152		151,578,125
Opportunistic LargeCap Value		28,870,264		29,757,270
Intermediate Bond		766,718,238		780,560,923
Money Market		108,513,948		111,270,923
Global Science and Technology		40,776,757		42,407,785

NOTE 12 — CONCENTRATION OF INVESTMENT RISKS

Concentration (Global Science and Technology). The Portfolio concentrates (for purposes of the 1940 Act) its assets in securities related to a particular industry, which means that at least 25% of its assets will be invested in that particular industry at all times. As a result, the Portfolio may be subject to greater market fluctuation than a portfolio which has securities representing a broader range of investment alternatives.

Foreign Securities (All Portfolios). Investments in foreign securities may entail risks not present in domestic investments. Since securities in which the Portfolios may invest are denominated in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolios. Foreign investments may also subject the Portfolios to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, as well as changes vis-a-vis the U.S. dollar from movements in currency, and changes in security value and interest rate, all of which could affect the market and/or credit risk of the Portfolios' investments.

Emerging Markets Investments (Intermediate Bond, Global Science and Technology and WisdomTree^SM Index). Because of less developed markets and economies and, in some countries, less mature governments and governmental institutions, the risks of investing in foreign securities can be intensified in the case of investments in issuers domiciled or doing substantial business in emerging market countries.

Index Strategy (International Index, LBAB Index, Russell^TM Large Cap Index, Russell^TM Mid Cap Index, Russell^TM Small Cap Index and WisdomTree^SM Index). A Portfolio may use an indexing strategy that does not attempt to manage market volatility, use defensive strategies or reduce the effects of any long-term periods of poor stock performance. The correlation between a Portfolio and an index performance may be affected by the Portfolio's expenses, and the timing of purchases and redemptions of a Portfolio's shares.

57

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 13 — FEDERAL INCOME TAXES AND OTHER TAX MATTERS

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

	Six Months Ended June 30, 2008				Year Ended December 31, 2007
	Ordinary Income		Long-Term Capital Gains		Ordinary Income		Long-Term Capital Gains
Balanced	$	60,979,330	$	50,746,949	$	42,494,750	$	33,099,538
Growth and Income		—		—		39,670,514		—
Opportunistic LargeCap Growth		795,525		—		364,068		—
Small Company		5,859,597		74,249,119		10,265,009		67,413,409
Opportunistic LargeCap Value		2,605,175		20,980,668		3,115,416		—
Intermediate Bond		80,035,917		—		122,543,008		—
Money Market		77,938,538		—		57,130,928		—

The tax-basis components of distributable earnings and the expiration dates of the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2007 were:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards			Expiration Dates
Balanced	$	60,972,577	$	50,744,407	$	13,310,749		$	(574,085	)		2008
									(574,085	)		2009
								$	(1,148,170	)*
Growth and Income		—		—		299,273,284			(1,077,057	)		2008
									(1,077,056	)		2009
									(1,745,504,149	)		2010
									(63,082,574	)		2011
								$	(1,810,740,836	)*
Opportunistic LargeCap Growth		790,454		—		5,924,373			(71,685,369	)		2009
									(65,982,870	)		2010
									(1,529,437	)		2011
								$	(139,197,676	)*
Small Company		5,854,495		74,243,480		10,811,300			—			—
Opportunistic LargeCap Value		2,600,516		20,976,051		6,237,449			—			—
Intermediate Bond		80,001,470		—		(60,410,188	)		—			—
Money Market		77,924,640		—		—			(616,847	)		2008
									(3,715,968	)		2009
									(169	)		2011
									(244,520	)		2012
								$	(4,577,504	)
Global Science and Technology		—		—		14,832,352			(11,940,884	)		2009
									(15,534,432	)		2010
									(4,912,495	)		2011
								$	(32,387,811	)

* Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code.

The Portfolio's major tax jurisdictions are federal, Arizona and Massachusetts. The earliest tax year that remains subject to examination by these jurisdictions is 2003.

58

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 13 — FEDERAL INCOME TAXES AND OTHER TAX MATTERS (continued)

Under U.S. federal income tax law, as specified in the Internal Revenue Code (the "Code") and U.S. Treasury regulations, the Portfolios must meet various technical requirements relating to fund administration, portfolio investments, and "eligible investors" in the Portfolios. Complying with these requirements is a condition for beneficial tax treatment of certain insurance products that offer the Portfolios as investment options. The failure of the Portfolios to meet any of these complex requirements could result in an excise tax, administrative penalties imposed by the Internal Revenue Service, potential liability to insurers whose products include the Portfolios as investment options, and unanticipated costs associated with remedying a failure. It was disclosed in the Portfolio's Annual Report for the year ended December 31, 2006, that an affiliate of a Portfolio's investment adviser may have failed to limit the availability of Intermediat e Bond for investment to "eligible investors" under the Code. Management has determined that it is more likely than not the Portfolio would sustain their tax position relative to this matter.

NOTE 14 — REORGANIZATIONS

On April 28, 2008, Global Science & Technology and Intermediate Bond, as listed below ("Acquiring Portfolios"), acquired the assets and certain liabilities of ING Global Technology Portfolio and ING Lord Abbett U.S. Government Securities Portfolio, also listed below ("Acquired Portfolios"), respectively, in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the Acquired Portfolio's shareholders. The number and value of shares issued by the Acquiring Portfolio are presented in Note 9 — Capital Shares. Net assets and unrealized depreciation as of the reorganization date were as follows:

Acquiring Portfolios	Acquired Portfolio	Total Net Assets of Acquired Portfolio (000's)		Total Net Assets of Acquiring Portfolio (000's)		Acquired Capital Loss Carryforwards (000's)		Acquired Portfolio Unrealized Depreciation (000's)			Conversion Ratio
Global	ING Global
Science &  Technology
Technology	Portfolio	$	123,216	$	87,851	$	—	$	(128	)		1.30
Intermediate Bond	ING Lord Abbett U.S Government Securities Portfolio		48,016		3,557,999		—		—			0.77

The net assets of Global Science & Technology and Intermediate Bond after the acquisitions were approximately $211,067,879 and $3,606,015,157, respectively.

On November 10, 2007, Growth and Income, as listed below ("Acquiring Portfolio"), acquired the assets and certain liabilities of ING Fundamental Research Portfolio, also listed below ("Acquired Portfolio"), in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the Acquired Portfolio's shareholders. The number and value of shares issued by the Acquiring Portfolio are presented in Note 9 — Capital Share Transactions. Net assets, acquired capital loss carryforwards and unrealized appreciation as of the reorganization date were as follows:

Acquiring Portfolio	Acquired Portfolio	Total Net Assets of Acquired Portfolio (000's)		Total Net Assets of Acquiring Portfolio (000's)		Acquired Capital Loss Carryforwards (000's)		Acquired Portfolio Unrealized Appreciation (000's)		Conversion Ratio
Growth and	ING Fundamental
Income	Research
	Portfolio
Class ADV	Class ADV	$	2,802	$	1	$	99	$	701		0.37
Class I	Class I		50,910		2,805,342		1,793		1,280		0.37
Class S	Class S		20,969		6,214		738		1,334		0.37
		$	74,681	$	2,811,557	$	2,630	$	3,315

The net assets of Growth and Income after the acquisition were approximately $2,886,238,230.

On January 15, 2007, Opportunistic LargeCap Growth, as listed below ("Acquiring Portfolio"), acquired the assets and certain liabilities of ING Goldman Sachs Capital Growth Portfolio, also listed below ("Acquired Portfolio"), in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the Acquired Portfolio's shareholders. The number and value of shares issued by the Acquiring Portfolio are presented in

59

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 14 — REORGANIZATIONS (continued)

Note 9 — Capital Share Transactions. Net assets, acquired capital loss carryforwards and unrealized appreciation as of the reorganization date were as follows:

Acquiring Portfolio	Acquired Portfolio	Total Net Assets of Acquired Portfolio (000's)		Total Net Assets of Acquiring Portfolio (000's)		Acquired Capital Loss Carryforwards (000's)		Acquired Portfolio Unrealized Appreciation (000's)		Conversion Ratio
Opportunistic	ING Goldman Sachs
LargeCap	Capital Growth
Growth	Portfolio
Class ADV	Class ADV	$	2,856	$	1	$	740	$	1,689		1.14
Class I	Class I		3,221		189,159		834		254		1.15
Class S	Class S		30,775		281		7,973		3,322		1.15
		$	36,852	$	189,441	$	9,547	$	5,265

The net assets of Opportunistic LargeCap Growth after the acquisition were approximately $226,292,711.

NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board issued FASB Interpretation No. 48 ("FIN 48"), "Accounting for Uncertainty in Income Taxes." This standard defines the threshold for recognizing the benefits of tax-return positions in the financial statements as "more-likely-than-not" to be sustained upon challenge by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50 percent likely to be realized. FIN 48 was effective for fiscal years beginning after December 15, 2006, with early application permitted if no interim financial statements had been issued. Acknowledging the unique issues that FIN 48 presents for investment companies that calculate NAVs, the SEC indicated that they would not object if a fund implemented FIN 48 in its NAV calculation as late as its last NAV calculation in the first required financial statement reporting period for its fiscal year beginning after December 15, 2006. At adoption, companies must adjust their financial statements to reflect only those tax positions that are more likely-than-not to be sustained as of the adoption date. Management of the Portfolios has analyzed the tax positions of the Portfolios. Upon adoption of FIN 48 on June 29, 2007, management identified no uncertain tax positions that have not met the more likely-than-not standard.

On March 19, 2008, the FASB issued Statement of Financial Accounting Standards No. 161 ("SFAS No. 161"), "Disclosure about Derivative Instruments and Hedging Activities." This new accounting statement requires enhanced disclosures about an entity's derivative and hedging activities. Entities are required to provide enhanced disclosures about (a) how and why an entity invests in derivatives, (b) how derivatives are accounted for under SFAS No. 133, and (c) how derivatives affect an entity's financial position, financial performance, and cash flows. SFAS No. 161 also requires enhanced disclosures regarding credit-risk-related contingent features of derivative instruments. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. As of June 30, 2008, management of the Portfolios is currently assessing t he impact of the expanded financial statement disclosures that will result from adopting SFAS No. 161.

NOTE 16 — INFORMATION REGARDING TRADING OF ING'S U.S. MUTUAL FUNDS

The adviser and its affiliates ("ING") received informal and formal requests for information or subpoenas from the SEC, NASD, Attorney General for the State of New York ("NYAG") as well as certain other governmental agencies in connection with "late trading" activity and/or "market timing" activity in the Portfolios. ING agreed with the Portfolios to indemnify and hold harmless the Portfolios from all damages resulting from wrongful conduct by ING or its employees or from ING's internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the U.S. Securities and Exchange Commission. In November, 2007, ING settled its indemnification commitments by making payments to the affected Portfolios. In connection with the settlement, ING paid $1,480 to Intermediate Bond.

NOTE 17 — LITIGATION

On December 12, 2003, Aeltus Investment Management, Inc. received a copy of a complaint (the "Complaint") filed in the United States Bankruptcy Court for the Southern District of New York in the matter of Enron Corp. v. Mass Mutual Life Insurance Co., et al. Among other defendants named in the Complaint are defendants ING VP Balanced Portfolio,

60

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 17 — LITIGATION (continued)

and ING VP Bond Portfolio (the "Subject Portfolios"). As of August 6, 2004 the ING VP Bond Portfolio changed its name to the ING VP Intermediate Bond Portfolio. The Complaint alleges that Enron Corp. ("Enron") transferred to the defendants, including the Subject Portfolios, over $1 billion in the aggregate for the purpose of prepaying certain commercial paper issued by Enron (the "Notes") and held by the defendants prior to the filing by Enron for bankruptcy protection under Chapter 11 of Title 11 of the Bankruptcy Code (the "Bankruptcy Code").

The Complaint seeks to recover from the defendants, including the Subject Portfolios, these transfers under the alternative but interrelated bankruptcy theories of preferential transfer and fraudulent conveyance. Although the Complaint does not specify the amount of each transfer in dispute, it appears that the sale of ING VP Balanced Portfolio, Inc. of $23,181,757 of the Notes on or about October 29, 2001, and the sale by ING VP Bond Portfolio, Inc. of $24,963,125 of the Notes on or about October 29, 2001 are in dispute. The Complaint seeks to require the Subject Portfolios to repay to Enron the full amount of these transfers, in which event the Subject Portfolios would be granted unsecured claims against the Enron bankruptcy estate in the amounts of the repayments. If Enron proves up the elements of preferential transfer and/or fraudulent conveyance, these are strict liability theories of recovery.

The Subject Portfolios are part of a defense group of similarly-situated defendants. Along with those and other defendants, the Subject Portfolios moved to dismiss all counts of the Complaint, contending, among other things, that section 546(e) of the Bankruptcy Code provides a complete defense.

The Bankruptcy Court denied the motion on July 1, 2005. Accordingly, the Subject Portfolios filed an answer to the Complaint on July 29, 2005. The Subject Portfolios have moved for leave to pursue an immediate appeal (the "Appeal") of the Bankruptcy Court's decision to the District Court.

On April 4, 2006, the Securities and Exchange Commission filed a memorandum in support of the Subject Portfolio's motion for leave with the district court. In addition, the U.S. Attorney's office, on behalf of the United States of America and the Department of Treasury as well as the Governor of the Federal Reserve Board has each filed statements of interest in support of the Appeal.

The discovery period has ended and experts have been identified. Settlements between plaintiff and various defendants, both large and small, have taken place and continue in the 40%-of-exposure range. Enron has settled with Lehman Brothers and their downstream investors for approximately 29.3% of their claim. The total cash that will be paid to Enron by this block of defendants is approximately $138 million and comprises approximately 42% of the total claims made in the litigation. Additionally, last year JPMorganChase settled with Enron on a global basis, including this lawsuit, for approximately $1 billion. Other smaller defendants have settled with Enron for varying amounts. The court is being informed of the settlements as they are reached. Expert depositions are expected to be taken through the second quarter of 2008.

On April 29, 2008, a motion for summary judgment brief was filed on behalf of ING Investment Management and the Funds that joins a plenary brief filed by Goldman Sachs in which the rest of the investor defendants will also join. In addition, a separate brief was filed on behalf of IIM and asserts the defenses unique to the investment advisor defendants; that they were merely conduits. Our reply brief was filed last month. The court will hear arguments on the motion late September, 2008.

Settlement talks continue with some of the remaining co-defendants. Historically, the range of settlement figures has been between 25 - 40% of face value and we have been determined to defend the case vigorously since that would mean a payment of approximately $12,000,000 - 19,200,000. However, there is a group of defendants who are planning to mediate with Enron just prior to the summary judgment argument and it is expected that they will negotiate a settlement of approximately 15 - 16% of face value. For IIM and the Funds, that would mean a payment of approximately $7,200,000 - $7,700,000. In the next month, we will give consideration to whether that may be a wise financial decision based on the marked increase in fees that would occur if some of our co-defendants settle since we currently split fees with them. It is believed that the facts and the weight of legal authority continue in our favor and the briefs are strong.

NOTE 18 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2008, the following Portfolio declared dividends of:

Per Share  Type		Amount	Payable Date	Record Date
LBAB Index
Class ADV NII	$	0.0691	July 3, 2008	June 30, 2008
Class I NII		0.0757	July 3, 2008	June 30, 2008
Class S NII		0.0740	July 3, 2008	June 30, 2008

NII — Net investment income

61

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED)

Shares				Value
COMMON STOCK: 62.3%
			Advertising: 0.5%
	2,000	@	Getty Images, Inc.	$	67,860
	185,400	@,L	Interpublic Group of Cos., Inc.		1,594,440
	360	@	inVentiv Health, Inc.		10,004
	52,800	L	Omnicom Group		2,369,664
					4,041,968
			Aerospace/Defense: 1.9%
	3,500	@,L	Alliant Techsystems, Inc.		355,880
	5,730	@,L	BE Aerospace, Inc.		133,452
	84,400		Boeing Co.		5,546,768
	1,600	L	Cubic Corp.		35,648
	1,020		Curtiss-Wright Corp.		45,635
	1,000	L	DRS Technologies, Inc.		78,720
	2,390	@	Esterline Technologies Corp.		117,731
	49,200		Goodrich Corp.		2,335,032
	38,800		Lockheed Martin Corp.		3,828,008
	560	@,L	Moog, Inc.		20,854
	29,600		Northrop Grumman Corp.		1,980,240
	2,400	@,L	Orbital Sciences Corp.		56,544
	3,100	@,L	Teledyne Technologies, Inc.		151,249
	33,510		United Technologies Corp.		2,067,567
					16,753,328

Shares				Value
			Agriculture: 1.2%
	5,500	@,L	Alliance One International, Inc.	$	28,105
	95,500		Altria Group, Inc.		1,963,480
	1,390		Andersons, Inc.		56,587
	57,100		Archer-Daniels-Midland Co.		1,927,125
	93,200		Philip Morris International, Inc.		4,603,148
	45,000		Reynolds American, Inc.		2,100,150
	2,300		Universal Corp.		104,006
					10,782,601
			Airlines: 0.0%
	6,965		Skywest, Inc.		88,107
					88,107
			Apparel: 0.7%
	59,300	@	Coach, Inc.		1,712,584
	2,640	@,L	CROCS, Inc.		21,146
	1,040	@,L	Deckers Outdoor Corp.		144,768
	7,070	@,L	Iconix Brand Group, Inc.		85,406
	1,000	@,L	Maidenform Brands, Inc.		13,500
	47,900		Nike, Inc.		2,855,319
	900		Oxford Industries, Inc.		17,235
	1,600	@,L	Perry Ellis International, Inc.		33,952
	2,100	@,L	Quiksilver, Inc.		20,622
	3,870	@,L	Skechers USA, Inc.		76,471
	15,800		VF Corp.		1,124,644
	1,800	@,L	Volcom, Inc.		43,074
	4,000	@,L	Warnaco Group, Inc.		176,280
	4,400		Wolverine World Wide, Inc.		117,348
					6,442,349
			Auto Manufacturers: 0.0%
	4,600	L	Oshkosh Truck Corp.		95,174
	10	L	Wabash National Corp.		76
					95,250
			Auto Parts & Equipment: 0.5%
	1,500	L	ArvinMeritor, Inc.		18,720
	8,700	L	BorgWarner, Inc.		386,106
	37,400	@,L	Goodyear Tire & Rubber Co.		666,842
	100,100		Johnson Controls, Inc.		2,870,868
	5,600	@,L	Lear Corp.		79,408
	4,300		Superior Industries International		72,584
					4,094,528
			Banks: 1.8%
	9,820	L	Bank Mutual Corp.		98,593
	129,100		Bank of America Corp.		3,081,617
	3,600	L	Bank of Hawaii Corp.		172,080
	81,200		Bank of New York Mellon Corp.		3,071,796
	23,900		BB&T Corp.		544,203
	1,500	L	Boston Private Financial Holdings, Inc.		8,505
	26,700	L	Capital One Financial Corp.		1,014,867
	7,650	L	Cascade Bancorp.		58,905
	10,500	L	Cathay General Bancorp.		114,135

See Accompanying Notes to Financial Statements
62

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Banks (continued)
	5,390	L	Central Pacific Financial Corp.	$	57,457
	1,939	L	Commerce Bancshares, Inc.		76,901
	1,600		Community Bank System, Inc.		32,992
	2,000	L	Corus Bankshares, Inc.		8,320
	4,762	L	East-West Bancorp., Inc.		33,620
	23,300		Fifth Third Bancorp.		237,194
	1,200		First Financial Bankshares, Inc.		54,972
	5,800	L	First Midwest Bancorp., Inc.		108,170
	4,800	L	FirstMerit Corp.		78,288
	1,186	L	Frontier Financial Corp.		10,105
	5,480	L	Glacier Bancorp., Inc.		87,625
	5,600	L	Hanmi Financial Corp.		29,176
	17,397	L	Marshall & Ilsley Corp.		266,696
	1,090		Nara Bancorp., Inc.		11,696
	3,990	L	National Penn Bancshares, Inc.		52,987
	14,757		Northern Trust Corp.		1,011,887
	1,100	L	PacWest Bancorp		16,368
	2,500	L	Prosperity Bancshares, Inc.		66,825
	5,400	L	Provident Bankshares Corp.		34,452
	89,100	L	Regions Financial Corp.		972,081
	1,160	@,L	Signature Bank		29,882
	24,900		State Street Corp.		1,593,351
	2,100	L	Sterling Bancorp.		25,095
	3,990		Sterling Financial Corp.		16,519
	740	L	Susquehanna Bancshares, Inc.		10,131
	1,200	@,L	SVB Financial Group		57,732
	5,600	L	Trustco Bank Corp.		41,552
	9,730	L	UCBH Holdings, Inc.		21,893
	300	L	UMB Financial Corp.		15,381
	1,000	L	United Community Banks, Inc.		8,530
	10,400		Webster Financial Corp.		193,440
	39,200		Wells Fargo & Co.		931,000
	5,200	L	Whitney Holding Corp.		95,160
	10,700	L	Wilmington Trust Corp.		282,908
	3,390	L	Wintrust Financial Corp.		80,852
	43,100	L	Zions Bancorp.		1,357,219
					16,173,158
			Beverages: 0.9%
	580	@,L	Boston Beer Co., Inc.		23,594
	113,700		Coca-Cola Co.		5,910,126
	900	@,L	Green Mountain Coffee Roasters, Inc.		33,813
	2,500	@,L	Hansen Natural Corp.		72,050
	55,800		Pepsi Bottling Group, Inc.		1,557,936
	12,700		PepsiAmericas, Inc.		251,206
	4,100		PepsiCo, Inc.		260,719
					8,109,444
			Biotechnology: 0.9%
	81,200	@	Amgen, Inc.		3,829,392
	20,800	@	Biogen Idec, Inc.		1,162,512
	14,800	@,L	Celgene Corp.		945,276

Shares				Value
	500	@,L	Charles River Laboratories International, Inc.	$	31,960
	3,000	@,L	Enzo Biochem, Inc.		33,660
	28,600	@	Gilead Sciences, Inc.		1,514,370
	6,400	@	Invitrogen Corp.		251,264
	1,820	@,L	Martek Biosciences Corp.		61,352
	2,600	@	PDL BioPharma, Inc.		27,612
	3,980	@,L	Regeneron Pharmaceuticals, Inc.		57,471
	5,000	@,L	Vertex Pharmaceuticals, Inc.		167,350
					8,082,219
			Building Materials: 0.1%
	600	L	Apogee Enterprises, Inc.		9,696
	2,720	@,L	Drew Industries, Inc.		43,384
	6,804		Gibraltar Industries, Inc.		108,660
	3,100	L	Lennox International, Inc.		89,776
	3,800	@,L	NCI Building Systems, Inc.		139,574
	2,096	L	Quanex Building Products Corp.		31,147
	30	L	Simpson Manufacturing Co., Inc.		712
	680	L	Texas Industries, Inc.		38,168
	1,100	L	Universal Forest Products, Inc.		32,956
					494,073
			Chemicals: 1.8%
	7,600		Air Products & Chemicals, Inc.		751,336
	5,200		Airgas, Inc.		303,628
	800	L	Albemarle Corp.		31,928
	2,400	L	Cabot Corp.		58,344
	1,800	L	CF Industries Holdings, Inc.		275,040
	4,100		Cytec Industries, Inc.		223,696
	16,300		Dow Chemical Co.		569,033
	90,000		EI Du Pont de Nemours & Co.		3,860,100
	300		FMC Corp.		23,232
	4,190	L	HB Fuller Co.		94,024
	45,700		Hercules, Inc.		773,701
	8,100	L	International Flavors & Fragrances, Inc.		316,386
	6,200		Lubrizol Corp.		287,246
	3,950	L	Minerals Technologies, Inc.		251,181
	32,700		Monsanto Co.		4,134,588
	1,260	L	NewMarket Corp.		83,450
	7,900	L	Olin Corp.		206,822
	1,770	@,L	OM Group, Inc.		58,038
	3,250	@,L	PolyOne Corp.		22,653
	2,705		Quaker Chemical Corp.		72,115
	5,000		Rohm & Haas Co.		232,200
	7,700	L	RPM International, Inc.		158,620
	2,670	L	Schulman A, Inc.		61,490
	50,900	L	Sigma-Aldrich Corp.		2,741,474
	3,800	L	Terra Industries, Inc.		187,530
	3,200	L	Tronox, Inc.		9,664
	1,200		Valspar Corp.		22,692
	1,200		Zep, Inc.		17,856
					15,828,067

See Accompanying Notes to Financial Statements
63

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Coal: 0.1%
	5,300		Arch Coal, Inc.	$	397,659
	3,570	L	Massey Energy Co.		334,688
	1,300	@,L	Patriot Coal Corp.		199,277
					931,624
			Commercial Services: 0.9%
	500	L	Aaron Rents, Inc.		11,165
	1,400	L	Administaff, Inc.		39,046
	4,800	@,L	Alliance Data Systems Corp.		271,440
	1,900	@,L	AMN Healthcare Services, Inc.		32,148
	11,000	@	Apollo Group, Inc. - Class A		486,860
	2,560	L	Arbitron, Inc.		121,600
	800	@,L	Bankrate, Inc.		31,256
	5,436	L	Bowne & Co., Inc.		69,309
	4,700	@,L	Career Education Corp.		68,667
	1,500	L	CDI Corp.		38,160
	1,000	L	Chemed Corp.		36,610
	3,000	@	ChoicePoint, Inc.		144,600
	300	@,L	Consolidated Graphics, Inc.		14,781
	1,000		Corporate Executive Board Co.		42,050
	4,800	@,L	Cross Country Healthcare, Inc.		69,168
	2,400	L	DeVry, Inc.		128,688
	2,800	@,L	Gartner, Inc.		58,016
	1,200		Global Payments, Inc.		55,920
	35,500		H&R Block, Inc.		759,700
	3,600	@,L	Healthspring, Inc.		60,768
	2,000	L	Heidrick & Struggles International, Inc.		55,280
	3,420		Hillenbrand, Inc.		73,188
	2,500	@,L	ITT Educational Services, Inc.		206,575
	600	@,L	Kendle International, Inc.		21,798
	7,800	@,L	Korn/Ferry International		122,694
	2,180	@,L	Live Nation, Inc.		23,064
	6,100		Manpower, Inc.		355,264
	2,900	L	MAXIMUS, Inc.		100,978
	11,400	@,L	MPS Group, Inc.		121,182
	6,400	@,L	Navigant Consulting, Inc.		125,184
	6,100	@,L	On Assignment, Inc.		48,922
	650	@,L	Parexel International Corp.		17,102
	2,600		Pharmaceutical Product Development, Inc.		111,540
	700	@,L	Pharmanet Development Group		11,039
	900	@,L	Pre-Paid Legal Services, Inc.		36,558
	3,400	@,L	Quanta Services, Inc.		113,118
	4,800	@,L	Rent-A-Center, Inc.		98,736
	15,900	L	Robert Half International, Inc.		381,123
	9,000	L	Rollins, Inc.		133,380
	61,800		RR Donnelley & Sons Co.		1,834,842
	10,600		Service Corp. International		104,516
	700	L	Strayer Education, Inc.		146,349
	4,540	@,L	TrueBlue, Inc.		59,973

Shares				Value
	1,200	@,L	United Rentals, Inc.	$	23,532
	7,800	@,L	Valassis Communications, Inc.		97,656
	1,650	@,L	Volt Information Sciences, Inc.		19,652
	3,300		Watson Wyatt Worldwide, Inc.		174,537
	11,800		Western Union Co.		291,696
					7,449,430
			Computers: 3.9%
	37,700	@,L	Affiliated Computer Services, Inc.		2,016,573
	700	@,L	Ansoft Corp.		25,480
	30,100	@	Apple, Inc.		5,039,944
	2,590	@,L	CACI International, Inc.		118,544
	13,500	@,L	Cadence Design Systems, Inc.		136,350
	4,000	@,L	Ciber, Inc.		24,840
	175,500	@	Dell, Inc.		3,839,940
	3,000		Diebold, Inc.		106,740
	1,700	@,L	DST Systems, Inc.		93,585
	45,200	@	EMC Corp.		663,988
	188,200		Hewlett-Packard Co.		8,320,322
	88,700		International Business Machines Corp.		10,513,611
	39,300	@,L	Lexmark International, Inc.		1,313,799
	3,800	@	Mentor Graphics Corp.		60,040
	6,274	@,L	Micros Systems, Inc.		191,294
	1,640	L	MTS Systems Corp.		58,843
	10,700	@	NCR Corp.		269,640
	2,700	@,L	Radiant Systems, Inc.		28,971
	4,470	@,L	Radisys Corp.		40,498
	750	@	SI International, Inc.		15,705
	2,200	@,L	SRA International, Inc.		49,412
	1,400	@,L	Synaptics, Inc.		52,822
	9,100	@,L	Synopsys, Inc.		217,581
	12,600	@	Teradata Corp.		291,564
	10,300	@,L	Western Digital Corp.		355,659
					33,845,745
			Cosmetics/Personal Care: 0.9%
	23,600		Avon Products, Inc.		850,072
	1,800	@,L	Chattem, Inc.		117,090
	112,092		Procter & Gamble Co.		6,816,315
					7,783,477
			Distribution/Wholesale: 0.2%
	6,360	@,L	Brightpoint, Inc.		46,428
	2,900	L	Fastenal Co.		125,164
	4,670	@,L	Fossil, Inc.		135,757
	16,800	@	Ingram Micro, Inc.		298,200
	9,020	@,L	LKQ Corp.		162,991
	3,860	L	Owens & Minor, Inc.		176,363
	820	@,L	Scansource, Inc.		21,943
	6,200	@	Tech Data Corp.		210,118
	3,020	@,L	United Stationers, Inc.		111,589
	1,000	L	Watsco, Inc.		41,800
					1,330,353

See Accompanying Notes to Financial Statements
64

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Diversified Financial Services: 2.5%
	1,240	@,L	Affiliated Managers Group, Inc.	$	111,674
	7,800		American Express Co.		293,826
	1,700	@,L	AmeriCredit Corp.		14,654
	160,100		Citigroup, Inc.		2,683,276
	26,200	L	Countrywide Financial Corp.		111,350
	96,100		Discover Financial Services		1,265,637
	2,400	L	Eaton Vance Corp.		95,424
	50,500	L	Federal National Mortgage Association		985,255
	3,680	L	Financial Federal Corp.		80,813
	31,650		Goldman Sachs Group, Inc.		5,535,585
	3,200	@	IntercontinentalExchange, Inc.		364,800
	1,850	@	Investment Technology Group, Inc.		61,901
	118,500		JPMorgan Chase & Co.		4,065,735
	3,040	@,L	LaBranche & Co., Inc.		21,523
	23,700	L	Lehman Brothers Holdings, Inc.		469,497
	59,400	L	Merrill Lynch & Co., Inc.		1,883,574
	76,100		Morgan Stanley		2,744,927
	3,000	L	National Financial Partners Corp.		59,460
	21,500	L	NYSE Euronext		1,089,190
	2,600		OptionsXpress Holdings, Inc.		58,084
	2,280	@,L	Portfolio Recovery Associates, Inc.		85,500
	7,400		Raymond James Financial, Inc.		195,286
	3,780	L	SWS Group, Inc.		62,786
	1,000	@,L	World Acceptance, Corp.		33,670
					22,373,427
			Electric: 2.5%
	121,700		American Electric Power Co., Inc.		4,895,991
	16,900	@	Aquila, Inc.		63,713
	4,900		Avista Corp.		105,154
	700	L	Central Vermont Public Service Corp.		13,559
	83,300	L	Dominion Resources, Inc.		3,955,917
	13,300	L	DPL, Inc.		350,854
	64,100	L	DTE Energy Co.		2,720,404
	142,600		Duke Energy Corp.		2,478,388
	97,100		Edison International		4,988,998
	6,000	@,L	El Paso Electric Co.		118,800
	6,900		Energy East Corp.		170,568
	12,500	L	Hawaiian Electric Industries		309,125
	13,200		MDU Resources Group, Inc.		460,152
	1,500		Northeast Utilities		38,295
	2,700		OGE Energy Corp.		85,617
	37,100		Pepco Holdings, Inc.		951,615
	5,100		Puget Energy, Inc.		122,349
	4,700		SCANA Corp.		173,900
	500		Wisconsin Energy Corp.		22,610
					22,026,009

Shares					Value
				Electrical Components & Equipment: 0.1%
			4,100	Ametek, Inc.	$	193,602
	1,600	L		Belden CDT, Inc.		54,208
	1,100	@,L		Energizer Holdings, Inc.		80,399
	5,800	L		Hubbell, Inc.		231,246
	800	@		Littelfuse, Inc.		25,240
						584,695
				Electronics: 1.5%
	63,400	@		Agilent Technologies, Inc.		2,253,236
	2,400	L		Amphenol Corp.		107,712
	900	L		Analogic Corp.		56,763
	7,300			Applera Corp.-Applied Biosystems Group		244,404
	8,900	@,L		Arrow Electronics, Inc.		273,408
	8,200	@		Avnet, Inc.		223,696
	7,860	@,L		Benchmark Electronics, Inc.		128,432
	4,700			Brady Corp.		162,291
	2,370	@,L		Checkpoint Systems, Inc.		49,486
	8,874			CTS Corp.		89,184
	2,660	@,L		Cymer, Inc.		71,501
	2,150	@,L		Dionex Corp.		142,696
	2,100	@,L		Faro Technologies, Inc.		52,857
	4,770	@,L		Flir Systems, Inc.		193,519
	1,350	@,L		II-VI, Inc.		47,142
	1,200	@,L		Itron, Inc.		118,020
	69,800			Jabil Circuit, Inc.		1,145,418
	3,410	@,L		LoJack Corp.		27,144
	4,800	L		Methode Electronics, Inc.		50,160
	7,600			National Instruments Corp.		215,612
	44,800			PerkinElmer, Inc.		1,247,680
	1,470	@,L		Plexus Corp.		40,690
	2,100	@,L		Rogers Corp.		78,939
	4,100			Technitrol, Inc.		69,659
	42,300	@		Thermo Electron Corp.		2,357,379
	2,000	@,L		Thomas & Betts Corp.		75,700
	4,304	@,L		Trimble Navigation Ltd.		153,653
	5,123	@,L		TTM Technologies, Inc.		67,675
	38,600	@@		Tyco Electronics Ltd.		1,382,652
	2,300	@,L		Varian, Inc.		117,438
	9,800	@		Vishay Intertechnology, Inc.		86,926
	24,325	@		Waters Corp.		1,568,963
	680	L		Woodward Governor Co.		24,249
						12,924,284
				Engineering & Construction: 0.3%
	6,910	@,L		EMCOR Group, Inc.		197,142
	10,300	L		Fluor Corp.		1,916,624
	2,800			Granite Construction, Inc.		88,284
	9,200			KBR, Inc.		321,172
	3,480	@		Shaw Group, Inc.		215,029
	1,920	@		URS Corp.		80,582
						2,818,833
				Entertainment: 0.0%
	3,500	@		DreamWorks Animation SKG, Inc.		104,335
	4,500	L		International Speedway Corp.		175,635

See Accompanying Notes to Financial Statements
65

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Entertainment (continued)
	2,600	@,L	Macrovision Solutions Corp.	$	38,896
	1,100	@,L	Scientific Games Corp.		32,582
	2,800	@,L	Shuffle Master, Inc.		13,832
					365,280
			Environmental Control: 0.2%
	125,700	@	Allied Waste Industries, Inc.		1,586,334
	5,000	@,L	Darling International, Inc.		82,600
	3,000		Republic Services, Inc.		89,100
	3,350	@,L	Waste Connections, Inc.		106,966
					1,865,000
			Food: 1.0%
	34,700		ConAgra Foods, Inc.		669,016
	3,100		Corn Products International, Inc.		152,241
	3,300	L	Flowers Foods, Inc.		93,522
	22,317		General Mills, Inc.		1,356,204
	960	@,L	Great Atlantic & Pacific Tea Co.		21,907
	3,720	@,L	Hain Celestial Group, Inc.		87,346
	1,379		Hormel Foods Corp.		47,727
	38,400		Kellogg Co.		1,843,968
	740	L	Nash Finch Co.		25,360
	2,510	@,L	Ralcorp Holdings, Inc.		124,094
	6,502	L	Ruddick Corp.		223,084
	900	L	Sanderson Farms, Inc.		31,068
	215,600		Sara Lee Corp.		2,641,100
	23,800		Supervalu, Inc.		735,182
	2,700	@,L	TreeHouse Foods, Inc.		65,502
	9,700		WM Wrigley Jr. Co.		754,466
					8,871,787
			Forest Products & Paper: 0.0%
	8,200	@,L	Buckeye Technologies, Inc.		69,372
	4,280	L	Rock-Tenn Co.		128,357
	1,639	L	Temple-Inland, Inc.		18,472
					216,201
			Gas: 0.2%
	4,640		Atmos Energy Corp.		127,925
	5,530		Energen Corp.		431,506
	4,650	L	New Jersey Resources Corp.		151,823
	1,360	L	Northwest Natural Gas Co.		62,914
	4,300	L	Piedmont Natural Gas Co.		112,488
	1,400		South Jersey Industries, Inc.		52,304
	5,510		Southern Union Co.		148,880
	8,270		UGI Corp.		237,432
	34	L	Vectren Corp.		1,061
	8,800		WGL Holdings, Inc.		305,712
					1,632,045
			Hand/Machine Tools: 0.3%
	2,900	L	Baldor Electric Co.		101,442
	2,600	L	Kennametal, Inc.		84,630
	3,600		Lincoln Electric Holdings, Inc.		283,320
	3,400		Regal-Beloit Corp.		143,650

Shares				Value
	13,300		Snap-On, Inc.	$	691,733
	19,300		Stanley Works		865,219
					2,169,994
			Healthcare-Products: 1.8%
	490	@,L	Abaxism, Inc.		11,824
	3,400	@,L	Affymetrix, Inc.		34,986
	2,290	@,L	Arthrocare Corp.		93,455
	600	L	Beckman Coulter, Inc.		40,518
	90,800	@	Boston Scientific Corp.		1,115,932
	1,350	L	Cooper Cos., Inc.		50,153
	1,070	@	Cyberonics		23,219
	10,144		Densply International, Inc.		373,299
	2,900	@,L	Edwards Lifesciences Corp.		179,916
	5,000	@	Gen-Probe, Inc.		237,400
	3,800	@,L	Henry Schein, Inc.		195,966
	1,100	L	Hill-Rom Holdings, Inc.		29,678
	8,804	@,L	Hologic, Inc.		191,927
	2,880	@,L	ICU Medical, Inc.		65,894
	3,902	@,L	Idexx Laboratories, Inc.		190,183
	3,400	@,L	Immucor, Inc.		87,992
	3,000		Invacare Corp.		61,320
	36,800		Johnson & Johnson		2,367,712
	2,190	@,L	Kensey Nash Corp.		70,190
	2,690	@,L	Kinetic Concepts, Inc.		107,358
	111,600		Medtronic, Inc.		5,775,300
	1,620	L	Mentor Corp.		45,068
	1,800	L	Meridian Bioscience, Inc.		48,456
	3,700	@,L	Merit Medical Systems, Inc.		54,390
	2,300	@	Osteotech, Inc.		13,087
	52,100	@,L	Patterson Cos., Inc.		1,531,219
	830	@,L	PSS World Medical, Inc.		13,529
	1,700	@,L	Resmed, Inc.		60,758
	57,300	@	St. Jude Medical, Inc.		2,342,424
	300	@,L	SurModics, Inc.		13,452
	2,800	@	Techne Corp.		216,692
	300	L	Vital Signs, Inc.		17,034
	890		West Pharmaceutical Services, Inc.		38,519
					15,698,850
			Healthcare-Services: 0.5%
	27,400		Aetna, Inc.		1,110,522
	1,930	@,L	Amedisys, Inc.		97,311
	4,290	@,L	AMERIGROUP Corp.		89,232
	2,800	@,L	Amsurg Corp.		68,180
	2,100	@,L	Apria Healthcare Group, Inc.		40,719
	3,300	@,L	Centene Corp.		55,407
	8,600		Cigna Corp.		304,354
	14,400	@,L	Health Management Associates, Inc.		93,744
	7,500	@	Health Net, Inc.		180,450
	2,340	@,L	Healthways, Inc.		69,264
	1,000	@,L	Kindred Healthcare, Inc.		28,760
	26,800	@	Laboratory Corp. of America Holdings		1,866,084
	3,100	@,L	LifePoint Hospitals, Inc.		87,730
	4,100	@,L	Lincare Holdings, Inc.		116,440
	1,900	@,L	Molina Healthcare, Inc.		46,246
	3,830	@,L	Pediatrix Medical Group, Inc.		188,551

See Accompanying Notes to Financial Statements
66

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Healthcare-Services (continued)
	900	@,L	RehabCare Group, Inc.	$	14,427
	790	@,L	Res-Care, Inc.		14,046
	1,800	@	WellCare Health Plans, Inc.		65,070
					4,536,537
			Home Builders: 0.2%
	5,600	@,L	Champion Enterprises, Inc.		32,760
	4,400	@,L	Hovnanian Enterprises, Inc.		24,112
	56,000	L	Lennar Corp.		691,040
	2,320		M/I Homes, Inc.		36,494
	2,700	L	MDC Holdings, Inc.		105,462
	400	@,L	NVR, Inc.		200,032
	2,400	L	Ryland Group, Inc.		52,344
	1,177	L	Thor Industries, Inc.		25,023
	9,600	@,L	Toll Brothers, Inc.		179,808
					1,347,075
			Home Furnishings: 0.0%
	3,580	L	Ethan Allen Interiors, Inc.		88,068
	10,500	L	Furniture Brands International, Inc.		140,280
	1,000	@,L	Universal Electronics, Inc.		20,900
					249,248
			Household Products/Wares: 0.8%
	9,500	L	American Greetings Corp.		117,230
	2,400	L	Blyth, Inc.		28,872
	2,940	@,L	Central Garden & Pet Co.		12,054
	42,300		Clorox Co.		2,208,060
	74,900		Kimberly-Clark Corp.		4,477,522
	3,700	@,L	Spectrum Brands, Inc.		9,435
	4,400	L	Tupperware Corp.		150,568
	500		WD-40 Co.		14,625
					7,018,366
			Housewares: 0.0%
	870	L	Libbey, Inc.		6,473
	3,860	L	Toro Co.		128,422
					134,895
			Insurance: 2.7%
	44,600	@@	ACE Ltd.		2,457,014
	33,500		Aflac, Inc.		2,103,800
	11,375		American Financial Group, Inc.		304,281
	114,000		American International Group, Inc.		3,016,440
	6,099		Arthur J. Gallagher & Co.		146,986
	12,100		Assurant, Inc.		798,116
	3,500	L	Brown & Brown, Inc.		60,865
	64,700		Chubb Corp.		3,170,947
	4,220		Delphi Financial Group		97,651
	5,070	@@	Everest Re Group Ltd.		404,130
	804	L	Fidelity National Title Group, Inc.		10,130
	2,000		First American Corp.		52,800
	3,669		Hanover Insurance Group, Inc.		155,933
	30,127		Hartford Financial Services Group, Inc.		1,945,300

Shares				Value
	10,000		HCC Insurance Holdings, Inc.	$	211,400
	1,800	L	Horace Mann Educators Corp.		25,236
	73,550	L	Metlife, Inc.		3,881,234
	1,760	@,L	Navigators Group, Inc.		95,128
	5,500	@	Philadelphia Consolidated Holding Co.		186,835
	1,570	L	Presidential Life Corp.		24,209
	1,600	@,L	ProAssurance Corp.		76,976
	4,200		Protective Life Corp.		159,810
	13,900	L	Prudential Financial, Inc.		830,386
	2,480		RLI Corp.		122,686
	2,200		Safety Insurance Group, Inc.		78,430
	6,060	L	Selective Insurance Group		113,686
	4,300	L	Stancorp Financial Group, Inc.		201,928
	1,960		Tower Group, Inc.		41,532
	58,500		Travelers Cos., Inc.		2,538,900
	2,280	L	United Fire & Casualty Co.		61,400
	1,100	L	Unitrin, Inc.		30,327
	9,650		WR Berkley Corp.		233,144
	700		Zenith National Insurance Corp.		24,612
					23,662,252
			Internet: 0.9%
	4,600	@,L	Amazon.com, Inc.		337,318
	5,900	@,L	Avocent Corp.		109,740
	2,420	@,L	Blue Coat Systems, Inc.		34,146
	2,240	@,L	Blue Nile, Inc.		95,245
	2,811	@,L	Cybersource Corp.		47,028
	2,380	@,L	DealerTrack Holdings, Inc.		33,582
	1,800	@,L	Digital River, Inc.		69,444
	25,500	@	eBay, Inc.		696,915
	36,100	@,L	Expedia, Inc.		663,518
	800	@	F5 Networks, Inc.		22,736
	5,700	@	Google, Inc.-Class A		3,000,594
	1,730	@,L	Infospace, Inc.		14,411
	4,900	@,L	j2 Global Communications, Inc.		112,700
	1,100	@,L	Knot, Inc.		10,758
	5,675	@,L	McAfee, Inc.		193,120
	2,600	@,L	NetFlix, Inc.		67,782
	1,940	L	Nutri/System, Inc.		27,432
	3,840	@,L	Perficient, Inc.		37,094
	6,280	@,L	Secure Computing Corp.		25,999
	3,150	@,L	Stamps.com, Inc.		39,312
	83,100	@	Symantec Corp.		1,607,985
	4,700	L	United Online, Inc.		47,141
	4,000	@,L	Valueclick, Inc.		60,600
	4,860	@,L	Websense, Inc.		81,842
	24,700	@,L	Yahoo!, Inc.		510,302
					7,946,744
			Investment Companies: 0.0%
	7,300	L	Apollo Investment Corp.		104,609
					104,609
			Iron/Steel: 0.4%
	1,600		Carpenter Technology Corp.		69,840
	2,760		Cleveland-Cliffs, Inc.		328,964

See Accompanying Notes to Financial Statements
67

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Iron/Steel (continued)
	27,400		Nucor Corp.	$	2,045,958
	500	L	Olympic Steel, Inc.		37,960
	4,400		Reliance Steel & Aluminum Co.		339,196
	4,900		Steel Dynamics, Inc.		191,443
	2,000		United States Steel Corp.		369,560
					3,382,921
			Leisure Time: 0.0%
	5,030	L	Brunswick Corp.		53,318
	10,800	L	Callaway Golf Co.		127,764
	3,650	L	Polaris Industries, Inc.		147,387
	2,100	@,L	WMS Industries, Inc.		62,517
					390,986
			Machinery-Construction & Mining: 0.5%
	41,500		Caterpillar, Inc.		3,063,530
	4,500		Joy Global, Inc.		341,235
	24,200	@	Terex Corp.		1,243,154
					4,647,919
			Machinery-Diversified: 0.3%
	5,200	@,L	AGCO Corp.		272,532
	3,300	L	Applied Industrial Technologies, Inc.		79,761
	800	L	Briggs & Stratton Corp.		10,144
	3,250	L	Cognex Corp.		74,913
	3,600		Flowserve Corp.		492,120
	3,900	@	Gardner Denver, Inc.		221,520
	8,073		Graco, Inc.		307,339
	6,000	L	IDEX Corp.		221,040
	2,100	@,L	Intevac, Inc.		23,688
	300	L	Lindsay Manufacturing Co.		25,491
	2,500	L	Nordson Corp.		182,225
	1,950		Robbins & Myers, Inc.		97,247
	4,200		Roper Industries, Inc.		276,696
	3,600	L	Wabtec Corp.		175,032
	4,700	@,L	Zebra Technologies Corp.		153,408
					2,613,156
			Media: 0.9%
	26,800		Clear Channel Communications, Inc.		943,360
	46,100	@	DIRECTV Group, Inc.		1,194,451
	1,000	L	Factset Research Systems, Inc.		56,360
	1,500	L	Media General, Inc.		17,925
	124,146		News Corp.-Class A		1,867,156
	3,800	@,L	Scholastic Corp.		108,908
	25,200	@	Viacom-Class B		769,608
	101,500		Walt Disney Co.		3,166,800
					8,124,568
			Metal Fabricate/Hardware: 0.1%
	1,600	L	AM Castle & Co.		45,776
	2,300		Commercial Metals Co.		86,710
	500		Lawson Products		12,390
	3,900	L	Mueller Industries, Inc.		125,580
	1,500		Timken Co.		49,410
	380		Valmont Industries, Inc.		39,630
	8,400	L	Worthington Industries		172,200
					531,696

Shares				Value
			Mining: 0.4%
	1,000	L	Amcol International Corp.	$	28,460
	500	@,L	Brush Engineered Materials, Inc.		12,210
	1,000	@,L	Century Aluminum Co.		66,490
	26,000		Freeport-McMoRan Copper & Gold, Inc.		3,046,940
	700	@,L	RTI International Metals, Inc.		24,934
					3,179,034
			Miscellaneous Manufacturing: 3.2%
	3,960		Acuity Brands, Inc.		190,397
	2,300	L	AO Smith Corp.		75,509
	7,339	L	Aptargroup, Inc.		307,871
	2,300	L	Barnes Group, Inc.		53,107
	2,800		Brink's Co.		183,176
	2,430	@,L	Ceradyne, Inc.		83,349
	2,700		Clarcor, Inc.		94,770
	25,400	L	Cooper Industries Ltd.		1,003,300
	6,700		Crane Co.		258,151
	2,400	L	Donaldson Co., Inc.		107,136
	75,500		Dover Corp.		3,651,935
	41,700		Eaton Corp.		3,543,249
	3,250	@,L	EnPro Industries, Inc.		121,355
	359,015		General Electric Co.		9,582,095
	2,600	@,L	Griffon Corp.		22,776
	2,800		Harsco Corp.		152,348
	42,300		Honeywell International, Inc.		2,126,844
	67,900		Leggett & Platt, Inc.		1,138,683
	1,000	@	Lydall, Inc.		12,550
	3,200	L	Matthews International Corp.-Class A		144,832
	3,100	L	Myers Industries, Inc.		25,265
	32,100	L	Parker Hannifin Corp.		2,289,372
	6,100	L	Pentair, Inc.		213,622
	2,400		SPX Corp.		316,152
	1,806		Teleflex, Inc.		100,396
	51,600		Textron, Inc.		2,473,188
	2,000	L	Tredegar Corp.		29,400
					28,300,828
			Office Furnishings: 0.0%
	5,602	L	Herman Miller, Inc.		139,434
	6,200	L	HNI, Corp.		109,492
					248,926
			Office/Business Equipment: 0.3%
	61,100		Pitney Bowes, Inc.		2,083,510
	29,800		Xerox Corp.		404,088
					2,487,598
			Oil & Gas: 9.6%
	42,800		Anadarko Petroleum Corp.		3,203,152
	27,600		Apache Corp.		3,836,400
	2,410	@,L	Atwood Oceanics, Inc.		299,659
	860	@,L	Bill Barrett Corp.		51,093
	4,340		Cabot Oil & Gas Corp.		293,948
	16,800		Chesapeake Energy Corp.		1,108,128
	148,786		Chevron Corp.		14,749,156
	6,800	L	Cimarex Energy Co.		473,756
	98,500		ConocoPhillips		9,297,415

See Accompanying Notes to Financial Statements
68

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Oil & Gas (continued)
	13,800	@,L	Denbury Resources, Inc.	$	503,700
	40,300		Devon Energy Corp.		4,842,448
	4,458	@,L	Encore Acquisition Co.		335,197
	2,200		Equitable Resources, Inc.		151,932
	310,640		ExxonMobil Corp.		27,376,703
	6,000	@,L	Forest Oil Corp.		447,000
	2,700		Frontier Oil Corp.		64,557
	3,800	L	Helmerich & Payne, Inc.		273,676
	18,800		Hess Corp.		2,372,372
	17,900		Marathon Oil Corp.		928,473
	17,200		Murphy Oil Corp.		1,686,460
	2,200	@,L	Newfield Exploration Co.		143,550
	16,600		Noble Energy, Inc.		1,669,296
	73,800		Occidental Petroleum Corp.		6,631,668
	4,200	L	Patterson-UTI Energy, Inc.		151,368
	700	L	Penn Virginia Corp.		52,794
	280	@,L	Petroleum Development Corp.		18,617
	4,560	@,L	Petroquest Energy, Inc.		122,664
	3,110	@,L	Pioneer Drilling Co.		58,499
	2,900	L	Pioneer Natural Resources Co.		227,012
	5,693	@	Plains Exploration & Production Co.		415,418
	8,500	@	Pride International, Inc.		401,965
	3,200	@,L	Quicksilver Resources, Inc.		123,648
	5,400	@	Southwestern Energy Co.		257,094
	5,200	L	St. Mary Land & Exploration Co.		336,128
	2,700	@,L	Stone Energy Corp.		177,957
	2,680	@,L	Swift Energy Co.		177,041
	7,403	@,L	Transocean, Inc.		1,128,143
	3,300	@,L	Unit Corp.		273,801
					84,661,888
			Oil & Gas Services: 0.3%
	1,400	@,L	Basic Energy Services, Inc.		44,100
	600	@,L	Dril-Quip, Inc.		37,800
	4,200	@,L	FMC Technologies, Inc.		323,106
	1,030	L	Gulf Island Fabrication, Inc.		50,398
	5,140	@,L	Helix Energy Solutions Group, Inc.		214,030
	1,850	@,L	Hornbeck Offshore Services, Inc.		104,544
	4,760	@,L	ION Geophysical Corp.		83,062
	1,300	L	Lufkin Industries, Inc.		108,264
	350	@,L	NATCO Group, Inc.		19,086
	3,400	@,L	Oceaneering International, Inc.		261,970
	11,000		Schlumberger Ltd.		1,181,730
	1,570	@,L	SEACOR Holdings, Inc.		140,531
	1,100	@,L	Superior Energy Services		60,654
	1,460	@,L	W-H Energy Services, Inc.		139,780
					2,769,055
			Packaging & Containers: 0.2%
	38,400		Ball Corp.		1,833,216
	2,900		Packaging Corp. of America		62,379
	5,411		Sonoco Products Co.		167,470
					2,063,065

Shares				Value
			Pharmaceuticals: 2.6%
	1,450	@,L	Alpharma, Inc.	$	32,669
	6,400		AmerisourceBergen Corp.		255,936
	3,400	@,L	Cephalon, Inc.		226,746
	3,100	@,L	Cubist Pharmaceuticals, Inc.		55,366
	85,000		Eli Lilly & Co.		3,923,600
	7,500	@,L	Endo Pharmaceuticals Holdings, Inc.		181,425
	36,300	@	Express Scripts, Inc.		2,276,736
	30,500	@	Forest Laboratories, Inc.		1,059,570
	2,600	@,L	HealthExtras, Inc.		78,364
	28,400	@,L	King Pharmaceuticals, Inc.		297,348
	5,800		Medicis Pharmaceutical Corp.		120,524
	102,100		Merck & Co., Inc.		3,848,149
	900	@	NBTY, Inc.		28,854
	1,830	@,L	Noven Pharmaceuticals, Inc.		19,563
	5,600	L	Omnicare, Inc.		146,832
	1,700	L	Perrigo Co.		54,009
	43,600		Pfizer, Inc.		761,692
	7,130	@,L	Salix Pharmaceuticals Ltd.		50,124
	900	@,L	Savient Pharmaceuticals, Inc.		22,770
	141,400		Schering-Plough Corp.		2,784,166
	2,910	@,L	Sciele Pharma, Inc.		56,309
	5,200	@,L	Sepracor, Inc.		103,584
	4,800	@	Theragenics Corp.		17,424
	1,000	@,L	USANA Health Sciences, Inc.		26,870
	4,100	@,L	VCA Antech, Inc.		113,898
	6,420	@,L	Viropharma, Inc.		71,005
	24,800	@,L	Watson Pharmaceuticals, Inc.		673,816
	113,600		Wyeth		5,448,256
					22,735,605
			Pipelines: 0.5%
	7,500		National Fuel Gas Co.		446,100
	6,700		Oneok, Inc.		327,161
	48,700		Spectra Energy Corp.		1,399,638
	45,700		Williams Cos., Inc.		1,842,167
					4,015,066
			Real Estate: 0.0%
	1,400	@,L	Forestar Real Estate Group, Inc.		26,670
	1,390	L	Jones Lang LaSalle, Inc.		83,664
					110,334
			Retail: 3.5%
	17,800		Abercrombie & Fitch Co.		1,115,704
	5,100	L	Advance Auto Parts, Inc.		198,033
	3,650	@,L	Aeropostale, Inc.		114,355
	8,655		American Eagle Outfitters		117,968
	2,500	@,L	AnnTaylor Stores Corp.		59,900
	18,300	@	Autozone, Inc.		2,214,483
	3,100	L	Barnes & Noble, Inc.		77,004
	29,700		Best Buy Co., Inc.		1,176,120
	32,800	@,L	Big Lots, Inc.		1,024,672
	5,300	@,L	BJ's Wholesale Club, Inc.		205,110
	825		Brown Shoe Co., Inc.		11,179
	1,480	@,L	Buffalo Wild Wings, Inc.		36,748

See Accompanying Notes to Financial Statements
69

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Retail (continued)
	950	L	Casey's General Stores, Inc.	$	22,012
	2,400	L	Cash America International, Inc.		74,400
	4,700	L	Cato Corp.		66,928
	2,300	@,L	CEC Entertainment, Inc.		64,423
	3,870	@,L	Charlotte Russe Holding, Inc.		68,731
	1,000	@,L	Chipotle Mexican Grill, Inc.		82,620
	6,500	L	Christopher & Banks Corp.		44,200
	11,100	@	Collective Brands, Inc.		129,093
	2,600	@	Copart, Inc.		111,332
	9,300		CVS Caremark Corp.		368,001
	800	L	DineEquity, Inc.		29,888
	7,600	@,L	Dollar Tree, Inc.		248,444
	3,700	@,L	Dress Barn, Inc.		49,506
	56,200	L	Family Dollar Stores, Inc.		1,120,628
	3,000	@	Finish Line		26,100
	4,430	@,L	First Cash Financial Services, Inc.		66,406
	36,100	@,L	GameStop Corp.		1,458,440
	92,400		Gap, Inc.		1,540,308
	1,700	@,L	Genesco, Inc.		52,479
	1,750		Guess ?, Inc.		65,538
	2,550	@,L	Gymboree Corp.		102,179
	7,000	@,L	Hanesbrands, Inc.		189,980
	5,800	L	Haverty Furniture Cos., Inc.		58,232
	6,240	@,L	Insight Enterprises, Inc.		73,195
	5,200	@,L	Jack in the Box, Inc.		116,532
	600	@,L	Jo-Ann Stores, Inc.		13,818
	3,100	@,L	JOS A Bank Clothiers, Inc.		82,925
	731	L	Landry's Restaurants, Inc.		13,136
	84,000	L	Limited Brands, Inc.		1,415,400
	1,000	L	Longs Drug Stores Corp.		42,110
	94,400		McDonald's Corp.		5,307,168
	3,500		Movado Group, Inc.		69,300
	5,000		MSC Industrial Direct Co.		220,550
	4,360		OfficeMax, Inc.		60,604
	3,240	@,L	Panera Bread Co.		149,882
	3,480	@,L	PetMed Express, Inc.		42,630
	1,870	@,L	PF Chang's China Bistro, Inc.		41,776
	3,400	L	Phillips-Van Heusen		124,508
	1,600	@,L	Red Robin Gourmet Burgers, Inc.		44,384
	5,500	L	Regis Corp.		144,925
	7,400		Ross Stores, Inc.		262,848
	2,970	L	Ruby Tuesday, Inc.		16,038
	2,200	@,L	School Specialty, Inc.		65,406
	5,960	@,L	Sonic Corp.		88,208
	2,140	@,L	Texas Roadhouse, Inc.		19,196
	5,600	L	Tiffany & Co.		228,200
	87,400	L	TJX Cos., Inc.		2,750,478
	1,600	@,L	Tractor Supply Co.		46,464
	2,380	@,L	Tween Brands, Inc.		39,175
	6,900	@,L	Urban Outfitters, Inc.		215,211
	121,100		Wal-Mart Stores, Inc.		6,805,820
	2,360	L	World Fuel Services Corp.		51,778
	2,150	@,L	Zumiez, Inc.		35,647
					30,978,456

Shares				Value
			Savings & Loans: 0.1%
	4,726	L	Anchor Bancorp. Wisconsin, Inc.	$	33,129
	2,500		Astoria Financial Corp.		50,200
	3,040	L	Brookline Bancorp., Inc.		29,032
	6,150	L	Dime Community Bancshares		101,537
	3,200	L	First Niagara Financial Group, Inc.		41,152
	2,400	@,L	Guaranty Financial Group, Inc.		12,888
	22,600		Hudson City Bancorp., Inc.		376,968
	18,700	L	New York Community Bancorp., Inc.		333,608
	15,800	L	Washington Federal, Inc.		285,980
					1,264,494
			Semiconductors: 1.4%
	1,600	@,L	ATMI, Inc.		44,672
	5,810	@	Axcelis Technologies, Inc.		28,353
	2,040	@,L	Brooks Automation, Inc.		16,871
	3,600	@,L	Cabot Microelectronics Corp.		119,340
	4,305		Cohu, Inc.		63,197
	1,800	@,L	Cree, Inc.		41,058
	2,700	@,L	Cypress Semiconductor Corp.		66,825
	1,270	@,L	Diodes, Inc.		35,103
	7,900	@,L	DSP Group, Inc.		55,300
	1,900	@	Integrated Device Technology, Inc.		18,886
	197,300	L	Intel Corp.		4,238,004
	6,200	@,L	International Rectifier Corp.		119,040
	1,900	L	Intersil Corp.		46,208
	6,800	@,L	Lam Research Corp.		245,820
	2,500	L	Micrel, Inc.		22,875
	1,400	@,L	Microsemi Corp.		35,252
	2,300	@,L	MKS Instruments, Inc.		50,370
	89,200		National Semiconductor Corp.		1,832,168
	15,900	@	Nvidia Corp.		297,648
	950	@,L	Pericom Semiconductor Corp.		14,098
	43,200	@,L	QLogic Corp.		630,288
	3,300	@,L	Semtech Corp.		46,431
	1,500	@,L	Silicon Laboratories, Inc.		54,135
	7,800	@,L	Skyworks Solutions, Inc.		76,986
	2,800	@,L	Standard Microsystems Corp.		76,020
	1,000	@,L	Supertex, Inc.		23,340
	144,700		Texas Instruments, Inc.		4,074,752
	3,700	@,L	Triquint Semiconductor, Inc.		22,422
	4,135	@,L	Varian Semiconductor Equipment Associates, Inc.		143,981
	700	@,L	Veeco Instruments, Inc.		11,256
					12,550,699
			Software: 2.8%
	3,100	@,L	ACI Worldwide, Inc.		54,529
	12,200	@	Activision, Inc.		415,654
	4,700	L	Acxiom Corp.		54,003
	3,880	@,L	Ansys, Inc.		182,826

See Accompanying Notes to Financial Statements
70

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Software (continued)
	32,300	@	Autodesk, Inc.	$	1,092,063
	1,360	@,L	Avid Technology, Inc.		23,106
	8,100	@	BMC Software, Inc.		291,600
	9,000		Broadridge Financial Solutions ADR		189,450
	56,600		CA, Inc.		1,306,894
	3,900	@	Captaris, Inc.		15,795
	900	@,L	Concur Technologies, Inc.		29,907
	2,010	@,L	CSG Systems International		22,150
	6,800	@,L	Digi International, Inc.		53,380
	3,029		Dun & Bradstreet Corp.		265,462
	10,600	@,L	Epicor Software Corp.		73,246
	64,700	@	Fiserv, Inc.		2,935,439
	69,300		IMS Health, Inc.		1,614,690
	6,530	@,L	Informatica Corp.		98,211
	2,070	@,L	JDA Software Group, Inc.		37,467
	1,080	@,L	Mantech International Corp.		51,970
	4,900	@,L	Metavante Technologies, inc.		110,838
	408,175		Microsoft Corp.		11,228,894
	1,100	@,L	Omnicell, Inc.		14,498
	162,200	@	Oracle Corp.		3,406,200
	6,700	@,L	Parametric Technology Corp.		111,689
	1,310	@,L	Phase Forward, Inc.		23,541
	2,100	@,L	Phoenix Technologies Ltd.		23,100
	3,600	@,L	Progress Software Corp.		92,052
	1,810	@,L	Smith Micro Software, Inc.		10,317
	1,500	@,L	SPSS, Inc.		54,555
	6,443	@,L	Sybase, Inc.		189,553
	2,700	@,L	SYNNEX Corp.		67,743
	1,820	@,L	Take-Two Interactive Software, Inc.		46,537
	1,600	@,L	Tyler Technologies, Inc.		21,712
					24,209,071
			Telecommunications: 2.8%
	15,900	@	3Com Corp.		33,708
	5,100	@,L	ADC Telecommunications, Inc.		75,327
	1,590	@,L	Anixter International, Inc.		94,589
	5,192	@,L	Arris Group, Inc.		43,872
	228,037		AT&T, Inc.		7,682,567
	1,310		Black Box Corp.		35,619
	27,300		CenturyTel, Inc.		971,607
	4,900	@,L	Cincinnati Bell, Inc.		19,502
	271,160	@	Cisco Systems, Inc.		6,307,182
	2,823	@,L	CommScope, Inc.		148,970
	1,870	@,L	Comtech Telecommunications		91,630
	50,200		Corning, Inc.		1,157,110
	3,590	L	Fairpoint Communications, Inc.		25,884
	6,720	@,L	Foundry Networks, Inc.		79,430
	6,400	@,L	Harmonic, Inc.		60,864
	4,983		Harris Corp.		251,592
	23,900	@,L	JDS Uniphase Corp.		271,504
	3,650	@,L	Netgear, Inc.		50,589
	7,100	@,L	Network Equipment Technologies, Inc.		25,205
	5,100	@,L	NeuStar, Inc.		109,956

Shares				Value
	3	@,@@,L	Nortel Networks Corp.	$	25
	4,390	@,L	Novatel Wireless, Inc.		48,861
	4,500		Plantronics, Inc.		100,440
	239,900	L	Qwest Communications International, Inc.		942,807
	8,900	@,L	Symmetricom, Inc.		34,176
	6,675		Telephone & Data Systems, Inc.		315,527
	2,100	@	Tollgrade Communications, Inc.		9,429
	101,100		Verizon Communications, Inc.		3,578,940
	2,900	@,L	Viasat, Inc.		58,609
	178,400		Windstream Corp.		2,201,456
					24,826,977
			Textiles: 0.1%
	3,130		G&K Services, Inc.		95,340
	4,100	@,L	Mohawk Industries, Inc.		262,810
	1,600		Unifirst Corp.		71,456
					429,606
			Toys/Games/Hobbies: 0.2%
	50,800	L	Hasbro, Inc.		1,814,576
	1,900	@,L	Jakks Pacific, Inc.		41,515
	685	@,L	Marvel Entertainment, Inc.		22,016
					1,878,107
			Transportation: 0.3%
	500	L	Alexander & Baldwin, Inc.		22,775
	2,600	L	Arkansas Best Corp.		95,264
	1,300	L	Forward Air Corp.		44,980
	1,410	@,L	HUB Group, Inc.		48,123
	3,000	@,L	Kirby Corp.		144,000
	1,700		Landstar System, Inc.		93,874
	1,550	@,L	Old Dominion Freight Line		46,531
	1,800	L	Overseas Shipholding Group		143,136
	23,300	L	Ryder System, Inc.		1,604,904
	5,700		Tidewater, Inc.		370,671
					2,614,258
			Trucking & Leasing: 0.0%
	1,800		GATX Corp.		79,794
					79,794
Total Common Stock (Cost $576,272,639)					547,965,959
REAL ESTATE INVESTMENT TRUSTS: 0.4%
			Apartments: 0.0%
	680		Essex Property Trust, Inc.		72,420
	710	L	Home Properties, Inc.		34,123
					106,543
			Diversified: 0.1%
	2,700	L	Colonial Properties Trust		54,054
	2,700	L	Cousins Properties, Inc.		62,370
	1,400	L	Duke Realty Corp.		31,430
	2,140		Entertainment Properties Trust		105,802

See Accompanying Notes to Financial Statements
71

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Diversified (continued)
	8,240		Lexington Corporate Properties Trust	$	112,311
	1,500		Liberty Property Trust		49,725
	200		PS Business Parks, Inc.		10,320
					426,012
			Health Care: 0.0%
	2,800	L	Health Care Real Estate Investment Trust, Inc.		124,600
	2,800	L	Medical Properties Trust, Inc.		28,336
	2,120	L	Senior Housing Properties Trust		41,404
					194,340
			Hotels: 0.1%
	8,320	L	DiamondRock Hospitality Co.		90,605
	12,400	L	Hospitality Properties Trust		303,304
	41,700		Host Hotels & Resorts, Inc.		569,205
					963,114
			Office Property: 0.1%
	3,260		BioMed Realty Trust, Inc.		79,968
	4,400	L	Highwoods Properties, Inc.		138,248
	300		Kilroy Realty Corp.		14,109
	1,900		Mack-Cali Realty Corp.		64,923
	2,880	L	Parkway Properties, Inc.		97,142
					394,390
			Regional Malls: 0.0%
	4,300	L	Macerich Co.		267,159
	3,700	L	Pennsylvania Real Estate Investment Trust		85,618
					352,777
			Shopping Centers: 0.1%
	2,400		Regency Centers Corp.		141,888
	10,100	L	Weingarten Realty Investors		306,232
					448,120
			Single Tenant: 0.0%
	4,000	L	National Retail Properties, Inc.		83,600
					83,600
			Storage: 0.0%
	3,800	L	Extra Space Storage, Inc.		58,368
					58,368
			Warehouse/Industrial: 0.0%
	5,200		AMB Property Corp.		261,976
					261,976
Total Real Estate Investment Trusts (Cost $3,840,600)					3,289,240

Shares				Value
PREFERRED STOCK: 0.6%
			Banks: 0.1%
	35,875	@@,P	Santander Finance	$	595,525
					595,525
			Diversified Financial Services: 0.3%
	24,000	P	Deutsche Bank Capital Trust II		474,000
	14,000	P	JPMorgan Chase Capital XXVI		362,460
	46,500	P	Merrill Lynch & Co., Inc.		630,075
	857	#,P	Zurich RegCaPS Funding Trust		821,113
					2,287,648
			Insurance: 0.2%
	48,903	@@,P	Aegon NV		836,241
	19,271	@@,P	Aegon NV-Series 1		323,560
	51,650	P	Metlife, Inc.		1,105,310
					2,265,111
			Sovereign: 0.0%
	9,000	P,L	Federal National Mortgage Association, Series P		161,820
					161,820
Total Preferred Stock (Cost $7,056,820)					5,310,104
Principal Amount				Value
CORPORATE BONDS/NOTES: 10.8%
			Agriculture: 0.1%
$	209,000		Philip Morris International, Inc., 5.650%, due 05/16/18	$	203,518
	409,000		Philip Morris International, Inc., 6.375%, due 05/16/38		399,888
					603,406
			Airlines: 0.2%
	1,268,000	C	Delta Airlines, Inc., 7.570%, due 11/18/10		1,198,260
	756,000		United Air Lines, Inc., 6.932%, due 09/01/11		876,960
					2,075,220
			Auto Manufacturers: 0.1%
	952,495		Ford Motor Co., 5.480%, due 11/29/13		770,926
					770,926
			Banks: 2.9%
	1,040,000	@@,C	Australia & New Zealand Banking Group Ltd., 3.181%, due 12/31/49		670,800
	1,639,000	C	BAC Capital Trust XIV, 5.630%, due 12/31/49		1,279,961
	86,276	@@,#	Banco Itau SA, 2.683%, due 09/20/08		86,121

See Accompanying Notes to Financial Statements
72

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Banks (continued)
$	786,000	@@,#,C	Banco Mercantil del Norte SA, 6.135%, due 10/13/16	$	769,191
	905,000	C	Bank of America Corp., 8.000%, due 01/30/18		849,243
	686,000	C	Bank of America Corp., 8.125%, due 12/29/49		649,306
	400,000	@@,C	Bank of Ireland, 3.063%, due 12/29/49		272,000
	210,000	@@,C	Bank of Scotland, 3.063%, due 12/31/49		128,625
	77,000	C	BankAmerica Capital II, 8.000%, due 12/15/26		77,098
	490,000	@@,C	Barclays Bank PLC, 4.000%, due 12/31/49		320,950
	434,000	@@,#,C	Barclays Bank PLC, 5.926%, due 09/29/49		370,588
	933,000	@@,#	Barclays Bank PLC, 6.050%, due 12/04/17		916,140
	110,000	@@,C	Barclays O/S Inv, 3.189%, due 04/11/49		69,102
	710,000	@@,C,L	BNP Paribas, 2.708%, due 09/29/49		536,149
	377,000	@@,#,C	Danske Bank A/S, 5.914%, due 12/29/49		343,393
	220,000	@@,C	Den Norske Bank ASA, 2.938%, due 11/29/49		146,960
	723,000	#,C	Dresdner Funding Trust I, 8.151%, due 06/30/31		604,716
	483,000		Fifth Third Bancorp., 8.250%, due 03/01/38		392,209
	525,000		First Tennessee Bank NA, 2.779%, due 05/18/09		502,961
	1,000	C	Fleet Capital Trust II, 7.920%, due 12/11/26		1,007
	416,000	@@,#,C	HBOS PLC, 5.375%, due 11/29/49		367,242
	860,000	@@,C	Hongkong & Shanghai Banking Corp., Ltd., 3.063%, due 07/29/49		580,500
	1,150,000	@@,C	HSBC Bank PLC, 3.288%, due 06/29/49		759,000
	1,140,000	@@,L	HSBC Bank PLC, 3.438%, due 06/29/49		757,981
	770,000	@@,C,L	Lloyds TSB Bank PLC, 2.813%, due 11/29/49		504,350
	1,030,000	@@,C,L	Lloyds TSB Bank PLC, 3.110%, due 08/29/49		674,650
	620,000	@@,C	Lloyds TSB Bank PLC, 3.500%, due 06/29/49		406,646
	382,000	@@,#,C	Lloyds TSB Group PLC, 6.267%, due 11/13/49		305,182
	805,000	@@,C	Mizuho Financial Group Cayman Ltd., 8.375%, due 01/29/49		806,744
	2,228,000	C	National City Preferred Capital Trust I, 12.000%, due 12/29/49		2,129,164
	130,000	@@,C	National Westminster Bank PLC, 3.125%, due 11/29/49		83,753

Principal Amount				Value
$	60,000	@@,C	National Westminster Bank PLC, 3.250%, due 08/29/49	$	39,300
	500,000	#,C	PNC Preferred Funding Trust I, 8.700%, due 02/19/49		498,479
	487,000	#,C	Rabobank Capital Funding II, 5.260%, due 12/29/49		446,646
	612,000	#,C	Rabobank Capital Funding Trust, 5.254%, due 12/31/49		526,426
	538,000	C	RBS Capital Trust I, 5.512%, due 09/30/49		468,168
	1,580,000	@@,C,L	Royal Bank of Scotland Group PLC, 3.375%, due 12/29/49		1,003,300
	370,000	@@,C	Societe Generale, 3.003%,due 11/29/49		274,251
	1,800,000	@@,C,L	Standard Chartered PLC, 3.063%, due 11/29/49		1,134,000
	1,400,000	@@,C,L	Standard Chartered PLC, 3.875%, due 07/29/49		882,000
	230,000	@@,C	Standard Chartered PLC, 3.963%, due 01/29/49		152,950
	200,000	@@,#,C	Standard Chartered PLC, 6.409%, due 12/31/49		160,742
	100,000	@@,#,C	Standard Chartered PLC, 7.014%, due 07/30/49		86,368
	290,000	C	State Street Capital Trust III, 8.250%, due 12/29/49		294,800
	898,000	@@,C	Sumitomo Mitsui Banking Corp., 8.150%, due 08/01/49		903,801
	324,000	C	SunTrust Preferred Capital I, 5.853%, due 12/31/49		235,880
	284,000	C	USB Capital IX, 6.189%, due 03/29/49		215,968
	541,000		Wachovia Bank NA, 6.600%, due 01/15/38		472,826
	597,000	C	Wachovia Capital Trust III, 5.800%, due 03/15/42		406,189
	450,000	@@,C	Westpac Banking Corp., 2.806%, due 09/30/49		351,224
	372,000	@@,#,C	Westpac Capital Trust IV, 5.256%, due 12/29/49		304,599
					25,219,649
			Beverages: 0.1%
BRL	1,039,000	@@,#	Ambev International Finance Co., Ltd., 9.500%, due 07/24/17		533,078
					533,078
			Chemicals: 0.2%
$	378,000	C	PPG Industries, Inc., 7.700%, due 03/15/38		413,119
	260,000	Z	Stauffer Chemical, 4.330%, due 04/15/10		240,971
	570,000	Z	Stauffer Chemical, 8.070%, due 04/15/17		331,444

See Accompanying Notes to Financial Statements
73

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Chemicals (continued)
$	450,000	Z	Stauffer Chemical, 8.090%, due 04/15/18	$	249,530
	477,000		Union Carbide Corp., 7.750%, due 10/01/96		416,779
					1,651,843
			Computers: 0.1%
	453,000	C	Lexmark International, Inc., 5.900%, due 06/01/13		446,430
	399,000	C,L	Lexmark International, Inc., 6.650%, due 06/01/18		392,573
					839,003
			Diversified Financial Services: 3.4%
	2,095,000	@@,#,C	Aiful Corp., 4.450%, due 02/16/10		1,893,467
	218,000	@@,#,C,I	Alpine III, 3.270%, due 08/16/14		218,591
	218,000	@@,#,I	Alpine III, 3.670%, due 08/16/14		218,715
	328,000	@@,#,I	Alpine III, 5.470%, due 08/16/14		330,355
	560,000	@@,#,I	Alpine III, 8.720%, due 08/16/14		572,417
	539,000		American Express Co., 7.000%, due 03/19/18		546,571
	382,000		American Express Co., 8.150%, due 03/19/38		425,842
	500,000		American General Finance Corp., 6.900%, due 12/15/17		436,504
	2,520,000	#	Astoria Depositor Corp., 8.144%, due 05/01/21		2,469,600
	485,000	@@,C	BNP Paribas, 2.938%, due 12/31/49		338,288
	959,000	L	CIT Group, Inc., 2.906%, due 03/12/10		833,222
	555,000		CIT Group, Inc., 2.935%, due 02/13/12		442,482
	680,000	L	Citigroup, Inc., 6.125%, due 05/15/18		651,918
	611,000	C	Citigroup, Inc., 8.300%, due 12/21/57		578,506
	1,725,000	C	Citigroup, Inc., 8.400%, due 04/29/49		1,641,959
	569,000	#,C	Corestates Capital Trust I, 8.000%, due 12/15/26		584,611
	495,000		Countrywide Financial Corp., 5.800%, due 06/07/12		468,575
	762,000	@@	Eksportfinans A/S, 5.125%, due 10/26/11		790,448
	420,000	@@,C	Financiere CSFB NV, 2.938%, due 03/29/49		275,100
	492,000		Ford Motor Credit Co., 5.538%, due 01/13/12		349,968
	743,000		Ford Motor Credit Co., 7.241%, due 04/15/12		696,500
	713,000		Ford Motor Credit Co., 8.000%, due 12/15/16		518,895
	760,000	C	Fund American Cos., Inc., 5.875%, due 05/15/13		735,974

Principal Amount				Value
$	883,000		General Electric Capital Corp., 5.875%, due 01/14/38	$	802,884
	816,000	C	Goldman Sachs Group, Inc., 5.793%, due 12/31/49		567,871
	397,000	#,C	Harley-Davidson Funding Corp., 6.800%, due 06/15/18		392,949
	562,000	#,C	HVB Funding Trust III, 9.000%, due 10/22/31		542,424
	571,000		John Deere Capital Corp., 4.950%, due 12/17/12		574,092
	841,000	C	JPMorgan Chase & Co., 7.900%, due 04/29/49		790,902
	614,000	C	Lehman Brothers Holdings, Inc., 6.000%, due 05/03/32		470,605
	911,000	C	Lehman Brothers Holdings, Inc., 7.500%, due 05/11/38		847,406
	2,627,000	#,C	Mangrove Bay Pass-through Trust, 6.102%, due 07/15/33		1,607,963
	1,131,000	@@,#	Mantis Reef Ltd., 4.799%, due 11/03/09		1,105,376
	939,918	@@,#,C	PF Export Receivables Master Trust, 6.436%, due 06/01/15		955,709
	1,431,341	#,C	Piper Jaffray Equipment Trust Securities, 6.000%, due 09/10/11		1,266,737
	1,216,348	#,C	Piper Jaffray Equipment Trust Securities, 6.750%, due 04/01/11		1,076,468
	83,139	#	Power Receivable Finance, LLC, 6.290%, due 01/01/12		85,121
	1,122,000	@@,#	TNK-BP Finance SA, 7.500%, due 07/18/16		1,064,441
	4,767,391	#,Z	Toll Road Investors Partnership II LP, 24.010%, due 02/15/45		480,505
	430,000	#,C	Twin Reefs Pass- through Trust, 3.459%, due 12/10/49		15,803
	848,000	@@,C	UFJ Finance Aruba AEC, 8.750%, due 12/31/49		849,042
	446,000	#,C	Wachovia Capital Trust V, 7.965%, due 06/01/27		439,832
					29,954,638
			Electric: 0.6%
	1,298,000	C	Commonwealth Edison Co., 6.950%, due 07/15/18		1,294,755
	400,000	C	DTE Energy Co., 7.050%, due 06/01/11		414,692
	303,000	C	FPL Group Capital, Inc., 6.350%, due 10/01/66		264,844
	92,000	C	FPL Group Capital, Inc., 6.650%, due 06/15/67		81,461
	483,966	#,C	Juniper Generation, LLC, 6.790%, due 12/31/14		505,146

See Accompanying Notes to Financial Statements
74

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Electric (continued)
$	611,000	C	Nevada Power Co., 5.950%, due 03/15/16	$	609,237
	417,000	C	Nevada Power Co., 6.750%, due 07/01/37		409,601
	1,214,000	C	NorthWestern Corp., 5.875%, due 11/01/14		1,196,408
	473,000	C	Sierra Pacific Power Co., 6.250%, due 04/15/12		486,702
	479,000	#	White Pine Hydro Portfolio, LLC, 7.260%, due 07/20/15		456,134
					5,718,980
			Energy-Alternate Sources: 0.2%
	600,000		Greater Ohio Ethanol, LLC, 6.363%, due 12/31/13		573,750
	700,000		Greater Ohio Ethanol, LLC, 12.630%, due 12/31/13		648,375
	319,000	#	White Pine Hydro, LLC, 6.960%, due 07/10/37		303,127
	467,000	#	White Pine Hydro, LLC, 6.310%, due 07/10/17		451,418
					1,976,670
			Food: 0.1%
	782,000		Kraft Foods, Inc., 6.125%, due 02/01/18		761,522
	107,000		Kraft Foods, Inc., 6.875%, due 02/01/38		104,348
					865,870
			Forest Products & Paper: 0.1%
	330,000	@@	Abitibi-Consolidated, Inc., 7.500%, due 04/01/28		123,750
	885,000	@@,C	Abitibi-Consolidated, Inc., 8.500%, due 08/01/29		331,875
	686,000	@@,C	Abitibi-Consolidated, Inc., 8.850%, due 08/01/30		260,680
					716,305
			Gas: 0.2%
	2,447,000	C	Southern Union Co., 7.200%, due 11/01/66		1,986,795
					1,986,795
			Healthcare-Services: 0.1%
	684,000	C	UnitedHealth Group, Inc., 6.875%, due 02/15/38		649,253
					649,253
			Home Builders: 0.1%
	690,000	C,L	Beazer Homes USA, Inc., 8.125%, due 06/15/16		527,850
					527,850

Principal Amount				Value
			Insurance: 0.7%
$	1,355,000	@@,C	Aegon NV, 4.634%, due 12/31/49	$	813,000
	798,000		American International Group, Inc., 5.850%, due 01/16/18		748,941
	562,000	#,C	American International Group, Inc., 8.175%, due 05/15/58		530,316
	729,000	#,C	Metlife Capital Trust IV, 7.875%, due 12/15/37		716,424
	368,000	#,C	North Front Pass- through Trust, 5.810%, due 12/15/24		342,800
	1,082,000	C	Progressive Corp., 6.700%, due 06/15/37		950,304
	491,000		Prudential Financial, Inc., 6.000%, due 12/01/17		486,445
	533,000		Prudential Financial, Inc., 6.625%, due 12/01/37		504,697
	1,899,000	@@,±,C	Security Capital Assurance Ltd., 6.880%, due 06/30/49		9,495
	761,000	@@,#,C	White Mountains Re Group Ltd., 7.506%, due 05/29/49		580,491
	244,000	@@,C	XL Capital, Ltd., 6.500%, due 12/15/49		164,945
					5,847,858
			Iron/Steel: 0.0%
	193,000	@@,#,C	ArcelorMittal, 6.125%, due 06/01/18		188,955
					188,955
			Media: 0.1%
	494,000	C	News America, Inc., 6.650%, due 11/15/37		483,889
					483,889
			Miscellaneous Manufacturing: 0.2%
	812,000		General Electric Co., 5.250%, due 12/06/17		782,027
	559,000	C	Honeywell International, Inc., 5.300%, due 03/01/18		551,691
					1,333,718
			Multi-National: 0.0%
	313,000	@@	Corp. Andina de Fomento CAF, 5.125%, due 05/05/15		296,903
					296,903
			Oil & Gas: 0.1%
	459,000	@@,#	Empresa Nacional de Petroleo ENAP, 4.875%, due 03/15/14		434,743
	331,000	@@,#	Empresa Nacional de Petroleo ENAP, 6.750%, due 11/15/12		344,485
					779,228

See Accompanying Notes to Financial Statements
75

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Pipelines: 0.1%
$	345,000	C	Northwest Pipeline Corp., 7.000%, due 06/15/16	$	358,800
	536,000	C	Panhandle Eastern Pipe Line, 6.200%, due 11/01/17		508,572
	460,000	C	Transcontinental Gas Pipe Line Corp., 6.400%,due 04/15/16		461,725
					1,329,097
			Real Estate: 0.5%
	366,000	C	iStar Financial, Inc., 5.150%, due 03/01/12		302,190
	111,000	C	iStar Financial, Inc., 5.500%, due 06/15/12		91,097
	233,000	C	iStar Financial, Inc., 5.850%, due 03/15/17		184,656
	413,000	C	iStar Financial, Inc., 8.625%, due 06/01/13		378,260
	162,000	C	Liberty Property LP, 6.375%, due 08/15/12		158,840
	532,000	C	Liberty Property LP, 7.750%, due 04/15/09		540,252
	134,000	C	Rouse Co., 7.200%, due 09/15/12		123,582
	2,190,000	#,C	Rouse Co. LP/TRC Co.-Issuer, Inc., 6.750%, due 05/01/13		1,984,201
	367,000	C	Simon Property Group L.P., 5.300%, due 05/30/13		361,450
					4,124,528
			Retail: 0.3%
	465,585	#,C	CVS Lease Pass-through, 6.036%, due 12/10/28		433,542
	414,000	C	Darden Restaurants, Inc., 5.625%, due 10/15/12		398,136
	924,000	C	Darden Restaurants, Inc., 6.200%, due 10/15/17		858,847
	311,000	C	McDonald's Corp., 5.800%, due 10/15/17		318,023
	260,000	C	Nordstrom, Inc., 7.000%, due 01/15/38		248,922
					2,257,470
			Savings & Loans: 0.0%
	100,000	#,C	Washington Mutual IV, 9.750%, due 10/29/49		78,861
	300,000	#,C	Washington Mutual Preferred Funding Delaware, 6.534%, due 03/15/11		133,435
					212,296
			Software: 0.0%
	272,000	C	Oracle Corp., 6.500%, due 04/15/38		273,571
					273,571

Principal Amount				Value
			Telecommunications: 0.2%
$	1,263,000		Bellsouth Telecommunications, Inc., 7.000%, due 12/01/95	$	1,185,449
	69,000	C	Embarq Corp., 7.995%, due 06/01/36		65,448
	1,017,000	C	Sprint Capital Corp., 6.875%, due 11/15/28		848,763
					2,099,660
			Transportation: 0.1%
	491,000	C	CSX Corp., 6.250%, due 04/01/15		493,338
	556,000	C	CSX Corp., 7.450%, due 04/01/38		558,888
					1,052,226
			Water: 0.0%
	180,000	C	American Water Capital Corp., 6.085%, due 10/15/17		172,957
	146,000	C	American Water Capital Corp., 6.593%, due 10/15/37		135,138
					308,095
Total Corporate Bonds/Notes (Cost $105,345,747)					94,676,980
U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.8%
			Federal Home Loan Mortgage Corporation: 3.3%
	146,901	C,S	4.500%, due 12/15/16		147,364
	2,094,000	C,S	4.500%, due 02/15/20		1,991,618
	2,003,497	C,S	5.000%, due 08/15/16		2,019,809
	1,456,000	C,S	5.000%, due 12/15/17		1,470,286
	959,000	C,S	5.000%, due 05/15/20		948,699
	1,613,145	C,S	5.000%, due 08/15/21		1,633,648
	2,435,000	C,S	5.000%, due 04/15/23		2,373,552
	902,000	C,S	5.000%, due 09/15/31		867,491
	343,000	C,S	5.000%, due 02/15/32		332,181
	341,000	C,S	5.000%, due 04/15/32		336,553
	322,225	S	5.015%, due 04/01/35		322,283
	574,000	C,S	5.500%, due 12/15/20		568,068
	367,000	C,S	5.500%, due 09/15/32		362,717
	344,000	C,S	5.500%, due 10/15/32		341,011
	306,000	C,S	5.500%, due 11/15/32		303,107
	367,000	C,S	5.500%, due 07/15/33		370,286
	237,000	W	5.500%, due 07/15/34		233,482
	6,377,254	C,S	6.000%, due 01/15/29		6,542,119
	7,115,000		6.000%, due 04/15/38		7,187,260
	247,680	S	6.500%, due 11/01/28		258,008
	51,506	S	6.500%, due 12/01/31		53,574
					28,663,116
			Federal National Mortgage Association: 1.5%
	42,003	S	2.833%, due 08/25/33		41,362
	1,065,625	S	5.000%, due 02/25/29		1,073,535
	1,876,000	S	5.500%, due 05/25/30		1,864,146
	67,614	S	6.000%, due 06/01/16		69,576
	324,144	S	6.000%, due 07/01/16		333,554
	102,586	S	6.000%, due 08/01/16		105,564

See Accompanying Notes to Financial Statements
76

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Federal National Mortgage Association (continued)
$	91,037	S	6.000%, due 10/01/16	$	93,680
	400,680	S	6.000%, due 03/01/17		412,187
	133,677	S	6.000%, due 04/01/17		137,516
	229,386	S	6.000%, due 06/01/17		235,973
	44,569	S	6.000%, due 09/01/17		45,849
	70,337	S	6.000%, due 10/01/17		72,357
	223,233	S	6.000%, due 11/01/17		229,713
	246,477	S	6.000%, due 12/01/17		253,556
	212,314	S	6.000%, due 12/01/18		218,146
	3,388,717	S	6.000%, due 07/25/29		3,486,947
	1,787,772	S	6.000%, due 04/25/31		1,854,025
	852,389	S	6.000%, due 01/01/38		860,980
	35,883	S	7.000%, due 06/01/29		38,068
	797	S	7.000%, due 08/01/29		843
	4,671	S	7.000%, due 10/01/29		4,940
	73,343	S	7.000%, due 01/01/30		77,574
	1,101,294	S	7.000%, due 06/01/31		1,165,341
	11,966	S	7.000%, due 10/01/31		12,650
	22,861	S	7.000%, due 01/01/32		24,168
	4,958	S	7.000%, due 04/01/32		5,242
	14,119	S	7.000%, due 05/01/32		14,928
	32,509	S	7.000%, due 07/01/32		34,372
	10,954	S	7.500%, due 11/01/29		11,826
	69,360	S	7.500%, due 10/01/30		74,760
	108,065	S	7.500%, due 11/01/30		116,479
	549,450	C,S	7.500%, due 01/25/48		564,725
					13,534,582
			Government National Mortgage Association: 2.0%
	20,765	S	5.125%, due 12/20/29		20,872
	7,342,000		6.000%, due 07/15/33		7,453,275
	79,712	S	6.375%, due 04/20/28		81,194
	121,292	S	6.500%, due 10/15/31		125,995
	7,224,000	W	6.500%, due 07/15/38		7,462,168
	395,183	S	7.000%, due 09/15/24		422,048
	643,886	S	7.000%, due 10/15/24		687,635
	109,901	S	7.000%, due 11/15/24		117,366
	1,023,683	S	7.500%, due 12/15/23		1,101,300
					17,471,853
Total U.S. Government Agency Obligations (Cost $59,751,109)					59,669,551
U.S. TREASURY OBLIGATIONS: 2.6%
			U.S. Treasury Bonds: 0.8%
	4,784,000	L	3.875%, due 05/15/18		4,745,508
	2,513,000	L	5.000%, due 05/15/37		2,701,478
					7,446,986
			U.S. Treasury Notes: 0.6%
	2,188,000		2.875%, due 06/30/10		2,198,748
	2,697,000		3.375%, due 06/30/13		2,702,691
					4,901,439
			Treasury Inflation Indexed Protected Securitiesip: 1.2%
	3,025,405	L	0.875%, due 04/15/10		3,078,589
	1,866,283	L	1.750%, due 01/15/28		1,776,177
	5,799,285	L	2.000%, due 04/15/12		6,120,061
					10,974,827
Total U.S. Treasury Obligations (Cost $23,265,647)					23,323,252

Principal Amount				Value
ASSET-BACKED SECURITIES: 1.1%
			Credit Card Asset-Backed Securities: 0.0%
$	553,000	C,S	Citibank Credit Card Issuance Trust, 5.650%, due 09/20/19	$	546,261
					546,261
			Home Equity Asset-Backed Securities: 0.4%
	2,707,000	C,S	GSAA Trust, 5.242%, due 06/25/34		2,662,420
	428,000	#,C,S	Irwin Home Equity, 5.960%, due 08/25/37		276,929
	153,045	C,S	Merrill Lynch Mortgage Investors, Inc., 2.843%, due 07/25/34		134,211
	207	C,S	Renaissance Home Equity Loan Trust, 4.456%, due 05/25/35		206
	428,000	C,S	Residential Funding Mortgage Securities II, Inc., 5.890%, due 05/25/37		337,381
					3,411,147
			Other Asset-Backed Securities: 0.7%
	112,798	C,S	Amortizing Residential Collateral Trust, 2.733%, due 05/25/32		83,382
	103,572	C,S	Chase Funding Mortgage Loan Asset-Backed Certificates, 2.783%, due 07/25/33		94,499
	1,702	C,S	Chase Funding Mortgage Loan Asset-Backed Certificates, 4.045%, due 05/25/33		1,680
	104,000	C,S	Countrywide Asset-Backed Certificates, 5.689%, due 10/25/46		92,689
	952,735	C,S	Credit-Based Asset Servicing and Securitization, LLC, 4.831%, due 08/25/35		940,673
	1,511,016	C,S	Credit-Based Asset Servicing and Securitization, LLC, 5.501%, due 12/25/36		1,467,633
	459,000	#,C,S	Credit-Based Asset Servicing and Securitization, LLC, 5.746%, due 12/25/37		369,710
	241,000	#,C,S	Credit-Based Asset Servicing and Securitization, LLC, 6.020%, due 12/25/37		155,219
	663,152	C,S	Equity One, Inc., 5.050%, due 09/25/33		598,160
	121,931	C,S	Fannie Mae, 2.623%, due 04/25/35		118,880
	1,120,000	#,C,S	Grand Horn Ltd., 3.310%, due 01/12/22		1,038,800

See Accompanying Notes to Financial Statements
77

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Other Asset-Backed Securities (continued)
$	927,000	#,C,S,I	Hudson Mezzanine Funding, 3.206%, due 06/12/42	$	2,318
	231,192	@@,#,C,S	Liberty Square CDO Ltd., 3.181%, due 04/15/13		220,210
	502,891	C,S	Merrill Lynch Mortgage Investors, Inc., 5.609%, due 03/25/37		478,501
	2,249	C,S	Popular Mortgage Pass-through Trust, 4.000%, due 12/25/34		2,209
	23,374	C,S	Residential Asset Mortgage Products, Inc., 3.103%, due 06/25/33		18,651
	423,858	C,S	Structured Asset Securities Corp., 4.910%, due 06/25/33		376,131
					6,059,345
Total Asset-Backed Securities (Cost $11,639,159)					10,016,753
COLLATERALIZED MORTGAGE OBLIGATIONS: 9.8%
	783,850	C,S	American Home Mortgage Assets, 4.448%, due 11/25/46		579,434
	1,009,037	#	Astoria Depositor Corp., 7.902%, due 05/01/21		998,947
	154,994	C,S	Banc of America Alternative Loan Trust, 6.479%, due 04/25/37		141,190
	19,885,200	C,S,^	Banc of America Commercial Mortgage, Inc., 0.465%, due 01/15/49		347,369
	100,000	C,S	Banc of America Commercial Mortgage, Inc., 4.161%, due 12/10/42		99,327
	60,000	C,S	Banc of America Commercial Mortgage, Inc., 4.429%, due 11/10/39		58,211
	10,000	C,S	Banc of America Commercial Mortgage, Inc., 4.502%, due 07/10/42		9,748
	7,785	C,S	Banc of America Commercial Mortgage, Inc., 4.772%, due 07/11/43		7,770
	8,748	C,S	Banc of America Commercial Mortgage, Inc., 4.877%, due 11/10/42		8,740
	10,000	C,S	Banc of America Commercial Mortgage, Inc., 4.891%, due 07/10/45		9,765

Principal Amount				Value
$	516,000	C,S	Banc of America Commercial Mortgage, Inc., 5.463%, due 09/10/47	$	394,096
	160,000	C,S	Banc of America Commercial Mortgage, Inc., 6.186%, due 06/11/35		164,501
	1,540,838	C,S	Banc of America Funding Corp., 5.258%, due 09/20/35		1,457,949
	2,998,602	C,S	Banc of America Funding Corp., 5.651%, due 06/20/37		2,838,044
	2,271,179	C,S	Banc of America Funding Corp., 5.750%, due 09/20/34		2,123,984
	451,351	C,S	Banc of America Funding Corp., 7.000%, due 10/25/37		405,569
	919,706	C,S	Banc of America Mortgage Securities, Inc., 5.173%, due 09/25/35		864,058
	731,616	C,S	Banc of America Mortgage Securities, Inc., 5.250%, due 11/25/19		705,537
	779,046	C,S	Banc of America Mortgage Securities, Inc., 5.500%, due 11/25/33		724,621
	1,426,634	C,S	Banc of America Mortgage Securities, Inc., 5.500%, due 06/25/35		1,411,761
	225,414	C,S	Bear Stearns Alternative-A Trust, 2.803%, due 07/25/34		192,370
	24,312	C,S	Bear Stearns Commercial Mortgage Securities, 4.030%, due 02/13/46		24,145
	392,000	#,C,S	Bear Stearns Commercial Mortgage Securities, 5.660%, due 09/11/41		305,435
	1,000	C,S	Capco America Securitization Corp., 6.460%, due 10/15/30		1,004
	1,897,423	C,S	Chase Manhattan Bank-First Union National Bank, 7.439%, due 08/15/31		1,940,961
	2,139,163	C,S	Chase Mortgage Finance Corp., 5.409%, due 12/25/35		1,973,119
	1,211,699	C,S	Chase Mortgage Finance Corp., 5.500%, due 11/25/35		1,193,037
	728,286	C,S	Chaseflex Trust, 6.500%, due 02/25/37		571,696
	161,880	C,S	Citigroup Mortgage Loan Trust, Inc., 5.937%, due 06/25/36		146,279

See Accompanying Notes to Financial Statements
78

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	2,244,453	C,S	Citigroup Mortgage Loan Trust, Inc., 6.000%, due 11/25/35	$	2,143,233
	849,592	C,S	Citigroup Mortgage Securities, Inc., 5.500%, due 02/25/22		820,435
	444,000	C,S	Commercial Mortgage Pass-Through Certificates, 4.221%, due 03/10/39		436,256
	15,000	C,S	Commercial Mortgage Pass-through Certificates, 3.600%, due 03/10/39		14,937
	43,084	C,S	Countrywide Alternative Loan Trust, 2.783%, due 02/25/35		40,219
	638,951	C,S	Countrywide Alternative Loan Trust, 4.408%, due 11/25/46		363,403
	24,115	C,S	Countrywide Alternative Loan Trust, 5.407%, due 10/25/35		19,174
	1,788,693	C,S	Countrywide Alternative Loan Trust, 5.500%, due 02/25/25		1,620,490
	556,567	C,S	Countrywide Home Loan Mortgage Pass-through Trust, 5.250%, due 10/25/35		489,136
	546,325	C,S	Credit Suisse First Boston Mortgage Securities Corp., 3.727%, due 03/15/35		525,769
	379,937	C,S	Credit Suisse First Boston Mortgage Securities Corp., 3.819%, due 05/15/36		368,121
	10,000	C,S	Credit Suisse First Boston Mortgage Securities Corp., 4.801%, due 03/15/36		9,744
	8,000	C,S	Credit Suisse First Boston Mortgage Securities Corp., 7.842%, due 04/15/62		8,395
	1,199,990	C,S	Credit Suisse Mortgage Capital Certificates, 7.000%, due 08/25/36		1,081,595
	104,428	C,S	DLJ Commercial Mortgage Corp., 7.300%, due 06/10/32		106,374
	863,177	C,S	First Horizon Alternative Mortgage Securities, 5.500%, due 08/25/35		770,277
	553,739	C,S	First Horizon Asset Securities, Inc., 5.396%, due 10/25/35		538,471
	728,502	C,S	First Horizon Asset Securities, Inc., 5.500%, due 12/25/35		717,575

Principal Amount				Value
$	1,500,000	C,S	First Union National Bank Commercial Mortgage, 6.663%, due 01/12/43	$	1,546,497
	18,895,042	C,S,^	GE Capital Commercial Mortgage Corp., 0.505%, due 06/10/48		248,780
	277,991	C,S	GE Capital Commercial Mortgage Corp., 3.752%, due 07/10/39		277,171
	1,000	C,S	GE Capital Commercial Mortgage Corp., 4.865%, due 07/10/39		985
	215,533	C,S	GE Capital Commercial Mortgage Corp., 5.560%, due 06/10/38		217,595
	1,377,401	C,S	GMAC Mortgage Corp. Loan Trust, 4.582%, due 10/19/33		1,277,886
	1,647,768	C,S	GMAC Mortgage Corp. Loan Trust, 5.251%, due 03/18/35		1,551,353
	163,373	C,S	GMAC Mortgage Corp. Loan Trust, 5.462%, due 11/19/35		153,615
	15,680,029	#,C,S,^	Greenwich Capital Commercial Funding Corp., 0.323%, due 03/10/39		283,315
	870,000	C,S	Greenwich Capital Commercial Funding Corp., 5.117%, due 04/10/37		868,771
	474,000	C,S	Greenwich Capital Commercial Funding Corp., 5.534%, due 03/10/39		344,320
	240,000	C,S	Greenwich Capital Commercial Funding Corp., 5.554%, due 03/10/39		171,957
	192,000	C,S	Greenwich Capital Commercial Funding Corp., 5.613%, due 03/10/39		126,265
	684,000	C,S	GS Mortgage Securities Corp. II, 5.627%, due 04/10/38		504,455
	857,525	#,C,S	GSMPS Mortgage Loan Trust, 2.833%, due 01/25/35		776,321
	761,548	#,C,S	GSMPS Mortgage Loan Trust, 2.883%, due 04/25/36		758,116
	412,167	C,S	GSR Mortgage Loan Trust, 5.500%, due 07/25/35		391,801
	764,119	C,S	GSR Mortgage Loan Trust, 6.500%, due 10/25/36		768,755
	219,659	C,S	Harborview Mortgage Loan Trust, 2.833%, due 01/19/35		190,622

See Accompanying Notes to Financial Statements
79

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	307,190	C,S	Homebanc Mortgage Trust, 3.343%, due 08/25/29	$	291,414
	227,174	C,S	JPMorgan Alternative Loan Trust, 5.505%, due 01/25/36		197,427
	55,546,016	C,S,^	JPMorgan Chase Commercial Mortgage Securities Corp., 0.040%, due 01/12/43		60,690
	15,000	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 4.223%, due 01/15/42		14,861
	880,497	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 4.262%, due 08/12/40		878,930
	14,000	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 4.865%, due 03/15/46		13,656
	468,000	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 5.298%, due 05/15/47		460,084
	152,000	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 5.455%, due 05/15/47		124,183
	304,000	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 5.495%, due 05/15/47		236,296
	125,873	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 6.023%, due 04/15/45		127,124
	877,000	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 6.051%, due 04/15/45		882,591
	4,070,296	C,S,^	LB-UBS Commercial Mortgage Trust, 0.676%, due 02/15/40		107,358
	528,000	C,S	LB-UBS Commercial Mortgage Trust, 4.201%, due 12/15/29		524,274
	999	C,S	LB-UBS Commercial Mortgage Trust, 4.567%, due 06/15/29		999
	615,454	C,S	LB-UBS Commercial Mortgage Trust, 4.821%, due 04/15/30		614,384
	231,000	C,S	LB-UBS Commercial Mortgage Trust, 4.836%, due 02/15/40		197,349
	250,000	C,S	LB-UBS Commercial Mortgage Trust, 4.885%, due 09/15/30		249,587
	10,000	C,S	LB-UBS Commercial Mortgage Trust, 4.998%, due 04/15/30		9,804

Principal Amount				Value
$	340,000	C,S	LB-UBS Commercial Mortgage Trust, 5.103%, due 11/15/30	$	339,381
	415,000	C,S	LB-UBS Commercial Mortgage Trust, 5.347%, due 11/15/38		392,023
	620,000	C,S	LB-UBS Commercial Mortgage Trust, 5.456%, due 04/15/40		500,832
	329,000	C,S	LB-UBS Commercial Mortgage Trust, 5.516%, due 11/15/38		226,735
	246,000	C,S	LB-UBS Commercial Mortgage Trust, 5.533%, due 02/15/40		176,554
	491,000	C,S	LB-UBS Commercial Mortgage Trust, 5.563%, due 02/15/40		342,696
	2,212,000	C,S	LB-UBS Commercial Mortgage Trust, 6.365%, due 12/15/28		2,272,346
	3,135,355	C,S	LB-UBS Commercial Mortgage Trust, 7.370%, due 08/15/26		3,254,315
	652,279	C,S	Luminent Mortgage Trust, 2.683%, due 10/25/46		469,218
	522,000	C,S	MASTR Alternative Loans Trust, 6.250%, due 07/25/36		457,684
	21,820	C,S	MASTR Alternative Loans Trust, 6.500%, due 05/25/33		20,946
	279,181	C,S	MASTR Alternative Loans Trust, 8.500%, due 05/25/33		282,555
	13,019,292	#,C,S,^	Merrill Lynch Mortgage Trust, 0.177%, due 11/12/35		57,643
	3,108,998	C,S,^	Merrill Lynch/Countrywide Commercial Mortgage Trust, 0.732%, due 08/12/48		96,092
	237,000	C,S	Merrill Lynch/Countrywide Commercial Mortgage Trust, 5.479%, due 08/12/48		168,705
	264,000	C,S	Merrill Lynch/Countrywide Commercial Mortgage Trust, 5.509%, due 08/12/48		182,708
	109,634	C,S	MLCC Mortgage Investors, Inc., 2.803%, due 01/25/29		100,940
	160,000	C,S	Morgan Stanley Capital I, 5.007%, due 01/14/42		157,196
	125,787	C,S	MortgageIT Trust, 2.853%, due 11/25/35		73,646
	788,000	C,S	New York Mortgage Trust, Inc., 5.647%, due 05/25/36		750,856

See Accompanying Notes to Financial Statements
80

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	393,764	C,S	Prime Mortgage Trust, 2.983%, due 02/25/35	$	253,421
	95,816	C,S	Prudential Commercial Mortgage Trust, 3.669%, due 02/11/36		93,785
	991,478	C,S	RAAC Series, 5.250%, due 09/25/34		942,991
	120,935	C,S	Sequoia Mortgage Trust, 2.752%, due 01/20/35		115,212
	3,564	C,S	Structured Adjustable Rate Mortgage Loan Trust, 2.793%, due 07/25/35		2,769
	205,695	C,S	Structured Asset Mortgage Investments, Inc., 2.723%, due 04/19/35		192,595
	70,000	C,S	Wachovia Bank Commercial Mortgage Trust, 5.285%, due 07/15/42		70,036
	189,000	#,C,S	Wachovia Bank Commercial Mortgage Trust, 5.384%, due 10/15/44		143,046
	1,601,000	C,S	Wachovia Bank Commercial Mortgage Trust, 5.384%, due 10/15/44		1,279,678
	199,062	C,S	WaMu Mortgage Pass-Through Certificates, 5.636%, due 12/25/36		173,466
	339,246	C,S	Washington Mutual Mortgage Pass-through Certificates, 2.793%, due 01/25/45		263,029
	120,566	C,S	Washington Mutual Mortgage Pass-through Certificates, 2.803%, due 08/25/45		96,124
	56,803	C,S	Washington Mutual Mortgage Pass-through Certificates, 2.858%, due 06/25/44		52,880
	758,000	C,S	Washington Mutual Mortgage Pass-through Certificates, 3.796%, due 06/25/34		743,140
	1,845,119	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.268%, due 01/25/47		1,398,850
	534,815	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.338%, due 07/25/47		300,619
	992,300	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.448%, due 09/25/46		581,771

Principal Amount				Value
$	67,458	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.498%, due 05/25/46	$	41,567
	282,281	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.498%, due 06/25/46		180,660
	240,369	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.774%, due 07/25/46		170,306
	264,025	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.000%, due 12/25/18		254,320
	1,204,776	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.494%, due 01/25/37		1,109,448
	127,282	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.494%, due 01/25/37		111,637
	2,380,879	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.673%, due 06/25/37		2,145,479
	936,181	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.698%, due 06/25/37		869,127
	213,855	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.818%, due 06/25/37		195,179
	2,040,140	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.874%, due 07/25/37		1,929,292
	1,093,407	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.878%, due 07/25/37		983,993
	696,496	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.911%, due 07/25/37		631,813
	1,509,957	C,S	Washington Mutual Mortgage Pass-through Certificates, 6.000%, due 06/25/34		1,453,846
	1,123,560	C,S	Wells Fargo Mortgage-Backed Securities Trust, 6.000%, due 12/28/37		1,009,631
	1,445,000	C,S	Wells Fargo Mortgage-Backed Securities Trust, 3.498%, due 06/25/35		1,409,320
	2,225,000	C,S	Wells Fargo Mortgage-Backed Securities Trust, 4.500%, due 08/25/18		2,161,214

See Accompanying Notes to Financial Statements
81

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,245,000	C,S	Wells Fargo Mortgage-Backed Securities Trust, 4.789%, due 07/25/34	$	1,190,581
	686,422	C,S	Wells Fargo Mortgage-Backed Securities Trust, 4.886%, due 08/25/34		650,007
	1,666,315	C,S	Wells Fargo Mortgage-Backed Securities Trust, 5.111%, due 03/25/36		1,533,911
	2,303,460	C,S	Wells Fargo Mortgage-Backed Securities Trust, 5.387%, due 08/25/35		2,164,708
	786,712	C,S	Wells Fargo Mortgage-Backed Securities Trust, 5.634%, due 12/25/36		736,097
	1,410,059	C,S	Wells Fargo Mortgage-Backed Securities Trust, 5.935%, due 11/25/36		1,294,555
	2,104,296	C,S	Wells Fargo Mortgage-Backed Securities Trust, 5.938%, due 10/25/36		1,939,288
	222,035	C,S	Wells Fargo Mortgage-Backed Securities Trust, 6.000%, due 06/25/36		214,113
Total Collateralized Mortgage Obligations (Cost $93,965,937)					86,628,437
MUNICIPAL BONDS: 0.5%
			California: 0.1%
	806,000	C	City of San Diego, 7.125%, due 06/01/32		736,845
					736,845
			Florida: 0.0%
	345,000	C	Florida State Board of Education, 4.750%, due 06/01/35		325,487
					325,487
			Lousiana: 0.1%
	802,000	C	State of Louisiana, 5.000%, due 10/15/17		842,028
					842,028
			Michigan: 0.2%
	1,560,000		Michigan Tobacco Settlement Finance Authority, 7.309%, due 06/01/34		1,447,181
					1,447,181

Principal Amount				Value
			Washington: 0.1%
$	896,000	C	State of Washington, 5.000%, due 01/01/33	$	906,125
					906,125
Total Municipal Bonds (Cost $4,449,427)					4,257,666
OTHER BONDS: 0.9%
			Foreign Government Bonds: 0.9%
JPY	840,280,500		Japan Government CPI Linked, 1.200%, due 12/10/17		7,945,389
Total Other Bonds (Cost $8,052,008)					7,945,389
Total Long-Term Investments (Cost $893,639,093)					843,083,331
SHORT-TERM INVESTMENTS: 18.6%
			Commercial Paper: 3.4%
$	2,275,000		Alcoa, 2.960%, due 07/21/08		2,271,085
	6,000,000	S	Alcoa, 2.960%, due 08/15/08		5,977,383
	8,000,000	S	CVS Corp., 2.900%, due 07/01/08		7,999,356
	3,000,000		General Mills, Inc., 2.890%, due 07/24/08		2,994,241
	1,000,000	#	Unitedhealth Group, Inc., 2.690%, due 07/17/08		998,607
	8,000,000		Volkswagen of America, 2.870%, due 07/21/08		7,986,607
	1,977,000		Weatherford International Ltd., 3.050%, due 07/01/08		1,976,832
Total Commercial Paper (Cost $30,204,111)					30,204,111
			Mutual Fund: 2.0%
	17,800,000	**,S	ING Institutional Prime Money Market Fund		17,800,000
Total Mutual Fund (Cost $17,800,000)					17,800,000

	Repurchase Agreement: 0.3%
2,205,000	Goldman Sachs Repurchase Agreement dated 06/30/08, 2.350%, due 07/01/08, $2,205,144 to be received upon repurchase (Collateralized by $2,211,100 U.S. Treasury, 3.500%, Market Value plus accrued interest $2,249,163, due 12/15/09)	2,205,000
	Total Repurchase Agreement (Cost $2,205,000)	2,205,000

See Accompanying Notes to Financial Statements
82

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount			Value
		Securities Lending Collateralcc: 12.9%
$	113,272,479	Bank of New York Mellon Corp. Institutional Cash Reserves	$	113,272,479
Total Securities Lending Collateral (Cost $113,272,479)				113,272,479
Total Short-Term Investments (Cost $163,481,590)				163,481,590

Total Investments in Securities (Cost $1,057,120,683)*	114.4	%	$	1,006,564,921
Other Assets and Liabilities - Net	(14.4	)		(126,426,430	)
Net Assets	100.0	%	$	880,138,491

@  Non-income producing security

@@  Foreign Issuer

ADR  American Depositary Receipt

MASTR  Mortgage Asset Securitization Transaction, Inc.

#  Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds' Board of Directors/Trustees.

C  Bond may be called prior to maturity date.

P  Preferred Stock may be called prior to convertible date.

cc  Securities purchased with cash collateral for securities loaned.

ip  Treasury inflation indexed protected security whose principal value is adjusted in accordance with changes to the Consumer Price Index.

W  Settlement is on a when-issued or delayed-delivery basis with final maturity to be announced in the future.

S  All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities.

I  Illiquid security

L  Loaned security, a portion or all of the security is on loan at June 30, 2008.

**  Investment in affiliate

±  Defaulted security

^  Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.

Z  Indicates Zero Coupon Bond; rate shown reflects current effective yield.

BRL  Brazilian Real

JPY  Japanese Yen

*  Cost for federal income tax purposes is $1,068,751,360.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	14,612,880
Gross Unrealized Depreciation		(76,799,319	)
Net Unrealized Depreciation	$	(62,186,439	)

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 ("SFAS 157"), "Fair Value Measurements." This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical investments

•  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Portfolio's own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio's investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	682,327,678	$	(725,882	)
Level 2 — Other Significant Observable Inputs		308,695,757		4,892,385
Level 3 — Significant Unobservable Inputs		15,541,486		512,514
Total	$	1,006,564,921	$	4,679,017

*  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended June 30, 2008, were as follows:

	Investments in Securities			Other Financial Instruments**
Balance at 12/31/07	$	14,796,745		$	(48,239	)
Net purchases/sales		2,118,588			465,385
Total realized and unrealized gain (loss)		(1,373,847	)		95,368
Transfers in and/or out of Level 3		—			—
Balance at 06/30/08	$	15,541,486		$	512,514

**  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

For the six months ended June 30, 2008, total unrealized gain (loss) on Level 3 securities attributable to the change in net assets was $(2,504,044). Total unrealized gain (loss) for all securities (including Level 1 and Level 2) can be found on the accompanying Statements of Operations.

See Accompanying Notes to Financial Statements
83

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

At June 30, 2008 the following forward foreign currency contracts were outstanding for the ING VP Balanced Portfolio:

Currency	Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation/ (Depreciation)
Brazil Real BRL 926,700	Sell	07/11/08		556,577		576,408	$	(19,831	)
British Pound Sterling GBP 1,676,700	Sell	08/07/08		3,291,282		3,329,555		(38,274	)
Japanese Yen JPY 673,255,000	Sell	07/11/08		6,436,232		6,344,515		91,717
New Zealand Dollars NZD 6,302,100	Sell	07/11/08		4,944,552		4,793,525		151,026
New Zealand Dollars NZD 1,573,755	Sell	07/11/08		1,188,500		1,197,035		(8,535	)
							$	176,103

ING VP Balanced Portfolio Open Futures Contracts on June 30, 2008

Contract Description	Number of Contracts		Notional Market Value			Expiration Date	Unrealized Appreciation/ (Depreciation)
Long Contracts
90-Day Eurodollar		120	$	29,004,000		03/16/09	$	115,554
90-Day Eurodollar		60		14,470,500		06/15/09		53,560
Australia 10-Year Bond		51		4,728,825		09/15/08		78,062
Canada 10-Year Bond		37		4,262,420		09/19/08		(25,174	)
Euro-Bund		35		6,093,066		09/08/08		(71,713	)
Euro-Schatz		163		26,260,313		09/08/08		(156,860	)
Long Gilt		22		4,574,405		09/26/08		(75,640	)
Russell Mini		20		1,383,400		09/19/08		(65,874	)
S&P 500		39		12,490,725		09/18/08		(658,266	)
S&P Mid 400 E-Mini		10		821,200		09/19/08		(32,864	)
U.S. Treasury 5-Year Note		68		7,517,719		09/30/08		(1,257	)
U.S. Treasury 10-Year Note		152		17,316,126		09/19/08		293,535
U.S. Treasury Long Bond		40		4,623,750		09/19/08		99,363
							$	(447,574	)
Short Contracts
Fed Fund 30-Day		36	$	(14,699,676	)	07/31/08	$	(2,340	)
Japan 10-Year Bond (TSE)		6		(7,653,623	)	09/10/08		(88,082	)
Japanese Government Bonds 10-Year Mini		18		(2,292,527	)	09/09/08		(12,656	)
U.S. Treasury 2-Year Note		155		(32,736,484	)	09/30/08		(175,230	)
							$	(278,308	)

ING VP Balanced Portfolio Interest Rate Swap Agreements Outstanding on June 30, 2008:

	Termination Date	Notional Principal Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 4.04221% and pay a floating rate based on 3-month USD-LIBOR Counterparty: Citibank N.A., New York	12/13/09	USD	21,865,000	$	235,851
Receive a fixed rate equal to 3.18600% and pay a floating rate based on 3-month USD-LIBOR Counterparty: Citibank N.A., New York	04/22/10	USD	17,126,000		(86,249	)
Receive a floating rate based on 3-month USD-LIBOR and pay a fixed rate equal to 2.87750% Counterparty: Citibank N.A., New York	04/14/11	USD	400,000		9,652
Receive a floating rate based on 3-month USD-LIBOR and pay a fixed rate equal to 4.80031% Counterparty: Citibank N.A., New York	12/13/17	USD	5,226,000		(73,988	)
Receive a floating rate based on 3-month USD-LIBOR and pay a fixed rate equal to 4.27000% Counterparty: Citibank N.A., New York	01/23/18	USD	12,549,000		195,379
				$	280,645

See Accompanying Notes to Financial Statements
84

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

ING VP Balanced Portfolio Credit Default Swap Agreements Outstanding on June 30, 2008:

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate			Termination Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Citibank N.A., New York	Abitibi-Consolidated Co. of Canada 8.375%, 04/01/15	Sell		5.000	%	06/20/13	USD	242,000	$	(6,410	)
Citibank N.A., New York	Abitibi-Consolidated Co. of Canada 8.375%, 04/01/15	Sell		5.000	%	06/20/13	USD	242,000		(6,183	)
Lehman Brothers Special Financing Inc.	ABX.HE.AAA.06-1 Index	Buy		(0.180	)%	07/25/45	USD	832,189		21,211
Citibank N.A., New York	ABX.HE.AAA.07-1 Index	Sell		0.090	%	08/25/37	USD	711,000		(117,083	)
Lehman Brothers Special Financing Inc.	ABX.HE.AAA.07-1 Index	Sell		0.090	%	08/25/37	USD	844,000		(149,448	)
Lehman Brothers Special Financing Inc.	Agrium Inc. 8.250%, 02/15/11	Buy		(0.670	)%	03/20/13	USD	1,205,000		(941	)
Barclays Bank PLC, London	Alcoa Inc. 5.375%, 01/15/13	Buy		(0.390	)%	09/20/12	USD	809,000		15,872
Citibank N.A., New York	Alcoa Inc. 5.375%, 01/15/13	Buy		(1.000	)%	03/20/13	USD	244,000		(434	)
Citibank N.A., New York	Alcoa Inc. 5.375%, 01/15/13	Buy		(0.570	)%	12/20/17	USD	2,022,000		73,022
JPMorgan Chase Bank N.A., New York	Alcoa Inc. 5.375%, 01/15/13	Buy		(0.430	)%	09/20/12	USD	438,000		7,920
Lehman Brothers Special Financing Inc.	Alcoa Inc. 5.375%, 01/15/13	Buy		(0.400	)%	09/20/12	USD	876,000		16,850
Lehman Brothers Special Financing Inc.	AMBAC Financial Group Inc. 9.375%, 08/01/11	Buy		(5.000	)%	03/20/13	USD	141,000		33,451
UBS AG	Australia and New Zealand Banking Group Ltd. 4.450%, 02/05/15	Buy		(0.510	)%	09/20/17	USD	661,000		43,520
UBS AG	Australia and New Zealand Banking Group Ltd. 4.450%, 02/05/15	Buy		(0.350	)%	09/20/17	USD	720,000		30,704
Barclays Bank PLC, London	Bank of America Corp. 6.250%, 04/15/12	Sell		0.900	%	03/20/13	USD	1,127,000		(8,341	)
Lehman Brothers Special Financing Inc.	Bank of America Corp. 6.250%, 04/15/12	Buy		(0.800	)%	09/20/11	USD	2,060,000		7,532
Citibank N.A., New York	Bank of Scotland 5.125%, 12/05/13	Buy		(0.320	)%	09/20/17	USD	928,000		142,826
Citibank N.A., New York	Bank of Scotland 5.125%, 12/05/13	Buy		(0.660	)%	09/20/17	USD	938,000		122,824
Citibank N.A., New York	Bank of Scotland 5.125%, 12/05/13	Buy		(0.650	)%	09/20/17	USD	436,000		57,385
UBS AG	Bank of Scotland 5.125%, 12/05/13	Buy		(0.410	)%	09/20/17	USD	720,000		106,436
Lehman Brothers Special Financing Inc.	Belo Corp. 7.750%, 06/01/27	Buy		(3.450	)%	03/20/13	USD	416,000		(7,762	)
Merrill Lynch International	Belo Corp. 7.750%, 06/01/27	Buy		(2.050	)%	12/20/17	USD	812,000		42,391
Citibank N.A., New York	Belo Corp. 8.000%, 11/01/08	Buy		(0.930	)%	09/20/12	USD	482,000		34,592
Citibank N.A., New York	Belo Corp. 8.000%, 11/01/08	Buy		(1.400	)%	09/20/14	USD	484,000		37,104
Citibank N.A., New York	BNP Paribas 5.250%, 12/17/12	Buy		(0.250	)%	09/20/17	USD	928,000		75,646
Citibank N.A., New York	BNP Paribas 5.250%, 12/17/12	Buy		(0.520	)%	09/20/17	USD	194,000		12,055
Citibank N.A., New York	BNP Paribas 5.250%, 12/17/12	Buy		(0.520	)%	09/20/17	USD	436,000		27,093
Citibank N.A., New York	CDX.EM.9 Index	Buy		(2.650	)%	06/20/13	USD	7,078,000		(8,294	)
Barclays Bank PLC, London	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	1,534,000		7,806
Barclays Bank PLC, London	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	1,937,000		42,741
Citibank N.A., New York	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	2,690,000		(6,984	)
Citibank N.A., New York	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	1,121,000		40,468
Lehman Brothers Special Financing Inc.	CDX.NA.HY.10 Index	Sell		5.000	%	06/20/13	USD	3,000,000		(85,075	)

See Accompanying Notes to Financial Statements
85

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate			Termination Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Lehman Brothers Special Financing Inc.	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	1,690,000	$	34,588
Morgan Stanley Capital Services Inc.	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	1,536,000		6,859
Morgan Stanley Capital Services Inc.	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	3,077,000		2,132
UBS AG	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	2,125,000		(5,447	)
UBS AG	CDX.NA.HY.8 Index	Sell		2.750	%	06/20/12	USD	1,847,340		(63,567	)
UBS AG	CDX.NA.HY.8 Index	Buy		(2.750	)%	06/20/12	USD	1,897,830		101,996
Lehman Brothers Special Financing Inc.	CDX.NA.HY.8 Index (15-25% Tranche)	Buy		(4.750	)%	06/20/12	USD	2,599,000		208,209
Lehman Brothers Special Financing Inc.	CDX.NA.HY.9 Index (15-25% Tranche)	Sell		7.050	%	12/20/12	USD	1,299,000		(179,644	)
Citibank N.A., New York	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	1,742,000		25,794
Citibank N.A., New York	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	761,000		11,402
Lehman Brothers Special Financing Inc.	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	2,085,000		15,662
Lehman Brothers Special Financing Inc.	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	2,780,000		14,170
Lehman Brothers Special Financing Inc.	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	2,780,000		15,407
Lehman Brothers Special Financing Inc.	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	1,408,000		34,122
Lehman Brothers Special Financing Inc.	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	1,124,000		19,376
Lehman Brothers Special Financing Inc.	CDX.NA.IG.10 Index	Sell		1.550	%	06/20/13	USD	18,000,000		(286,922	)
UBS AG	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	2,616,000		34,482
Lehman Brothers Special Financing Inc.	CDX.NA.IG.9 Index	Sell		0.600	%	12/20/12	USD	4,015,000		(85,028	)
Citibank N.A., New York	CDX.NA.IG.9 Index (15-30% Tranche)	Buy		(0.790	)%	12/20/17	USD	835,000		18,307
Lehman Brothers Special Financing Inc.	CDX.NA.IG.9 Index (15-30% Tranche)	Buy		(0.790	)%	12/20/17	USD	1,886,000		41,349
Citibank N.A., New York	CDX.NA.IG.9 Index (30-100% Tranche)	Sell		0.740	%	12/20/12	USD	1,220,000		24,478
Citibank N.A., New York	CDX.NA.IG.9 Index (30-100% Tranche)	Sell		0.780	%	12/20/12	USD	1,568,000		34,082
Lehman Brothers Special Financing Inc.	CDX.NA.IG.9 Index (30-100% Tranche)	Sell		0.455	%	12/20/12	USD	6,288,000		24,671
Citibank N.A., New York	CDX.NA.IG.9 Index (3-7% Tranche)	Buy		(6.300	)%	12/20/17	USD	223,000		18,071
Lehman Brothers Special Financing Inc.	CDX.NA.IG.9 Index (3-7% Tranche)	Buy		(6.300	)%	12/20/17	USD	504,000		40,843
Citibank N.A., New York	CIT Group Inc. 7.750%, 04/02/12	Buy		(7.450	)%	06/20/13	USD	214,000		2,862
Citibank N.A., New York	CIT Group Inc. 7.750%, 04/02/12	Buy		(5.650	)%	06/20/13	USD	618,000		43,791
JPMorgan Chase Bank N.A., New York	Citizens Communications Co. 6.250%, 01/15/13	Buy		(3.800	)%	03/20/13	USD	1,385,000		(24,700	)
Citibank N.A., New York	Clear Channel Communications 5.750%, 01/15/13	Buy		(6.700	)%	03/20/13	USD	311,000		42,703
Citibank N.A., New York	Clear Channel Communications 5.750%, 01/15/13	Buy		(6.850	)%	03/20/13	USD	228,000		30,250
Citibank N.A., New York	Clear Channel Communications 5.750%, 01/15/13	Buy		(6.900	)%	03/20/13	USD	353,000		46,290
Citibank N.A., New York	Clear Channel Communications 5.750%, 01/15/13	Buy		(6.900	)%	03/20/13	USD	391,000		51,273
Citibank N.A., New York	Clear Channel Communications 5.750%, 01/15/13	Buy		(6.800	)%	03/20/13	USD	197,000		26,442

See Accompanying Notes to Financial Statements
86

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate			Termination Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Citibank N.A., New York	Clear Channel Communications 5.750%, 01/15/13	Buy		(7.050	)%	06/20/13	USD	253,000	$	33,456
Lehman Brothers Special Financing Inc.	Clear Channel Communications 5.750%, 01/15/13	Buy		(8.080	)%	03/20/13	USD	697,000		66,003
Lehman Brothers Special Financing Inc.	Clear Channel Communications 5.750%, 01/15/13	Buy		(8.450	)%	03/20/13	USD	69,000		5,746
Morgan Stanley Capital Services Inc.	Clear Channel Communications 5.750%, 01/15/13	Buy		(6.850	)%	06/20/13	USD	127,000		17,598
UBS AG	Clear Channel Communications 5.750%, 01/15/13	Buy		(6.900	)%	03/20/13	USD	239,000		31,341
Citibank N.A., New York	CMBX.NA.AAA.1 Index	Buy		(0.100	)%	10/12/52	USD	562,000		1,665
Citibank N.A., New York	CMBX.NA.AAA.4 Index	Buy		(0.350	)%	02/17/51	USD	563,000		9,611
Citibank N.A., New York	CMS Energy Corporation 6.875%, 12/15/15	Sell		0.820	%	03/20/12	USD	190,000		(3,997	)
Merrill Lynch International	CMS Energy Corporation 6.875%, 12/15/15	Sell		0.840	%	03/20/12	USD	1,020,000		(20,767	)
Lehman Brothers Special Financing Inc.	Countrywide Home Loan 4.000%, 03/22/11	Sell		8.700	%	12/20/12	USD	83,000		19,821
UBS AG	Countrywide Home Loan 4.000%, 03/22/11	Sell		9.000	%	12/20/12	USD	83,000		20,747
Citibank N.A., New York	Countrywide Home Loan 6.000%, 01/24/18	Sell		2.500	%	06/20/13	USD	459,000		5,866
Lehman Brothers Special Financing Inc.	Countrywide Home Loan 6.000%, 01/24/18	Sell		2.100	%	09/20/11	USD	2,060,000		(36,353	)
Lehman Brothers Special Financing Inc.	Countrywide Home Loan 6.000%, 01/24/18	Buy		(2.850	)%	06/20/13	USD	112,000		(3,024	)
Credit Suisse International	D.R. Horton Inc. 5.375%, 06/15/12	Buy		(4.250	)%	03/20/13	USD	346,000		3,670
Bear Stearns Credit Products Inc.	Darden Restaurants Inc. 7.125%, 02/01/16	Buy		(1.640	)%	03/20/18	USD	723,000		4,043
Citibank N.A., New York	Darden Restaurants Inc. 7.125%, 02/01/16	Buy		(0.610	)%	12/20/12	USD	207,000		7,800
Citibank N.A., New York	Darden Restaurants Inc. 7.125%, 02/01/16	Buy		(1.310	)%	12/20/17	USD	201,000		5,713
Morgan Stanley Capital Services Inc.	Domtar Corp. 7.875%, 10/15/11	Buy		(2.650	)%	09/20/11	USD	543,500		2,664
UBS AG	Domtar Corp. 7.875%, 10/15/11	Sell		2.600	%	09/20/11	USD	542,000		(3,444	)
Citibank N.A., New York	DTE Energy Co. 7.050%, 06/01/11	Buy		(0.700	)%	06/20/11	USD	400,000		(533	)
Citibank N.A., New York	Federal Home Loan Mortgage Corp. 5.500%, 09/15/11	Buy		(0.560	)%	03/20/13	USD	825,000		2,071
Lehman Brothers Special Financing Inc.	Federal Home Loan Mortgage Corp. 5.500%, 09/15/11	Buy		(0.960	)%	03/20/13	USD	348,000		(5,073	)
Lehman Brothers Special Financing Inc.	Federal Home Loan Mortgage Corp. 5.875%, 03/21/11	Buy		(2.100	)%	03/20/13	USD	348,000		(7,743	)
Lehman Brothers Special Financing Inc.	Federal Home Loan Mortgage Corp. 5.875%, 03/21/11	Buy		(1.050	)%	06/20/13	USD	1,124,000		26,468
Citibank N.A., New York	Federal National Mortgage Association 5.250%, 08/01/12	Buy		(1.300	)%	06/20/13	USD	871,000		13,509

See Accompanying Notes to Financial Statements
87

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate			Termination Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Lehman Brothers Special Financing Inc.	Federal National Mortgage Association 5.250%, 08/01/12	Buy		(1.470	)%	03/20/13	USD	640,000	$	4,206
Lehman Brothers Special Financing Inc.	Federal National Mortgage Association 5.250%, 08/01/12	Buy		(2.070	)%	03/20/13	USD	348,000		(21,380	)
Citibank N.A., New York	Federal National Mortgage Association 5.500%, 06/09/33	Buy		(0.820	)%	03/20/13	USD	1,499,000		(12,058	)
Citibank N.A., New York	Federal National Mortgage Association 5.500%, 06/09/33	Buy		(0.560	)%	03/20/13	USD	824,000		2,523
Citibank N.A., New York	Federal National Mortgage Association 5.500%, 06/09/33	Buy		(0.840	)%	03/20/18	USD	1,499,000		(16,013	)
Lehman Brothers Special Financing Inc.	Federal National Mortgage Association 5.500%, 06/09/33	Buy		(0.830	)%	03/20/13	USD	670,000		(5,676	)
Lehman Brothers Special Financing Inc.	Federal National Mortgage Association 5.500%, 06/09/33	Buy		(0.930	)%	03/20/13	USD	348,000		(4,434	)
Citibank N.A., New York	Federative Republic of Brazil 12.250%, 03/06/30	Sell		0.240	%	07/20/08	USD	1,970,000		(60	)
Citibank N.A., New York	Federative Republic of Brazil 12.250%, 03/06/30	Buy		(0.740	)%	07/20/12	USD	492,000		4,675
Lehman Brothers Special Financing Inc.	Federative Republic of Brazil 12.250%, 03/06/30	Buy		(0.800	)%	07/20/12	USD	884,000		6,435
Lehman Brothers Special Financing Inc.	Federative Republic of Brazil 12.250%, 03/06/30	Buy		(1.420	)%	03/20/13	USD	1,633,000		(19,789	)
UBS AG	Federative Republic of Brazil 12.250%, 03/06/30	Buy		(0.780	)%	07/20/12	USD	2,037,500		16,341
UBS AG	Federative Republic of Brazil 12.250%, 03/06/30	Buy		(0.860	)%	08/20/12	USD	568,000		3,360
UBS AG	Federative Republic of Brazil 12.250%, 03/06/30	Buy		(1.150	)%	08/20/12	USD	1,376,000		(6,911	)
UBS AG	Federative Republic of Brazil 12.250%, 03/06/30	Sell		1.400	%	01/20/13	USD	492,000		5,993
UBS AG	Federative Republic of Brazil 12.250%, 03/06/30	Buy		(1.420	)%	03/20/13	USD	1,152,000		(13,960	)
Citibank N.A., New York	First Data Corp. 4.700%, 08/01/13	Buy		(5.350	)%	12/20/12	USD	990,000		52,289
Citibank N.A., New York	First Data Corp. 4.700%, 08/01/13	Buy		(5.900	)%	12/20/17	USD	559,000		29,811
Barclays Bank PLC, London	GAP Inc. 8.800%, 12/15/08	Buy		(1.200	)%	06/20/13	USD	344,000		(4,266	)
Citibank N.A., New York	GAP Inc. 8.800%, 12/15/08	Buy		(1.190	)%	06/20/13	USD	154,000		(1,842	)
Citibank N.A., New York	GAP Inc. 8.800%, 12/15/08	Buy		(0.850	)%	06/20/13	USD	142,000		441
Citibank N.A., New York	General Electric Capital Corp. 6.000%, 06/15/12	Sell		1.170	%	03/20/13	USD	2,912,000		(52,971	)
Barclays Bank PLC, London	Goldman Sachs Group Inc. 6.600%, 01/15/12	Buy		(1.100	)%	06/20/13	USD	508,000		5,620
Barclays Bank PLC, London	Goldman Sachs Group Inc. 6.600%, 01/15/12	Buy		(1.130	)%	06/20/13	USD	726,000		7,088
Citibank N.A., New York	Goldman Sachs Group Inc. 6.600%, 01/15/12	Buy		(0.960	)%	12/20/12	USD	1,165,000		17,675
Lehman Brothers Special Financing Inc.	Goldman Sachs Group Inc. 6.600%, 01/15/12	Buy		(1.030	)%	12/20/12	USD	803,000		9,956

See Accompanying Notes to Financial Statements
88

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate			Termination Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services Inc.	Goldman Sachs Group Inc. 6.600%, 01/15/12	Buy		(1.030	)%	12/20/12	USD	743,000	$	9,212
UBS AG	Harrah's Operating Co. Inc. 5.625%, 06/01/15	Buy		(7.450	)%	03/20/13	USD	351,000		65,952
UBS AG	HSBC Bank PLC 4.250%, 03/18/16	Buy		(0.400	)%	09/20/17	USD	720,000		33,940
Citibank N.A., New York	International Lease Finance Corp. 4.150%, 01/20/15	Buy		(1.670	)%	06/20/13	USD	1,121,000		65,567
UBS AG	LCDX.NA.8 Index	Buy		(1.200	)%	06/20/12	USD	3,698,862		86,763
UBS AG	LCDX.NA.8 Index	Buy		(1.200	)%	06/20/12	USD	622,966		10,317
Citibank N.A., New York	LCDX.NA.9 Index (15-100% Tranche)	Buy		(1.080	)%	12/20/12	USD	1,352,000		20,053
Lehman Brothers Special Financing Inc.	LCDX.NA.9 Index (15-100% Tranche)	Buy		(1.060	)%	12/20/12	USD	901,000		(34,858	)
Barclays Bank PLC, London	Lehman Brothers Hldgs. 6.625%, 01/18/12	Buy		(2.450	)%	06/20/13	USD	157,000		2,544
JPMorgan Chase Bank N.A., New York	Lehman Brothers Hldgs. 6.625%, 01/18/12	Buy		(2.500	)%	06/20/13	USD	488,000		6,934
Barclays Bank PLC, London	Lloyds TSB Group PLC 5.875%, 07/08/14	Buy		(0.500	)%	12/20/17	USD	373,000		25,188
Barclays Bank PLC, London	Louisiana-Pacific Corp. 8.875%, 08/15/10	Buy		(3.850	)%	03/20/13	USD	194,000		10,356
Citibank N.A., New York	Louisiana-Pacific Corp. 8.875%, 08/15/10	Buy		(2.000	)%	12/20/12	USD	461,000		53,142
Citibank N.A., New York	Louisiana-Pacific Corp. 8.875%, 08/15/10	Buy		(2.100	)%	12/20/12	USD	829,000		92,712
Morgan Stanley Capital Services Inc.	Louisiana-Pacific Corp. 8.875%, 08/15/10	Buy		(2.230	)%	12/20/12	USD	743,000		79,771
UBS AG	Louisiana-Pacific Corp. 8.875%, 08/15/10	Buy		(2.000	)%	12/20/12	USD	485,000		55,909
Lehman Brothers Special Financing Inc.	Macquarie Bank Ltd. FRN, 09/18/15	Buy		(1.200	)%	12/20/12	USD	2,836,000		196,355
Lehman Brothers Special Financing Inc.	Macquarie Bank Ltd. FRN, 09/18/15	Sell		1.300	%	12/20/17	USD	1,689,000		(212,410	)
Citibank N.A., New York	Marks & Spencer PLC 6.375%, 11/07/11	Buy		(1.100	)%	03/20/13	USD	881,000		34,592
Citibank N.A., New York	Marks & Spencer PLC 6.375%, 11/07/11	Buy		(1.400	)%	03/20/13	USD	631,000		17,037
Citibank N.A., New York	MBIA Inc. 6.625%, 10/01/28	Buy		(5.000	)%	09/20/13	USD	140,000		394
Citibank N.A., New York	MBIA Inc. 6.625%, 10/01/28	Buy		(5.000	)%	09/20/13	USD	284,000		4,836
Goldman Sachs International	MBIA Inc. 6.625%, 10/01/28	Buy		(5.000	)%	09/20/13	USD	554,000		4,316
JPMorgan Chase Bank N.A., New York	MBIA Inc. 6.625%, 10/01/28	Sell		0.000	%	09/20/08	USD	1,738,000		57,558
Citibank N.A., New York	MBIA Insurance Corp. (no specified obligation)	Sell		5.000	%	09/20/13	USD	139,000		(5,151	)
Citibank N.A., New York	MBIA Insurance Corp. (no specified obligation)	Sell		5.000	%	09/20/13	USD	284,000		(383	)
Goldman Sachs International	MBIA Insurance Corp. (no specified obligation)	Sell		5.000	%	09/20/13	USD	554,000		(23,287	)
Barclays Bank PLC, London	Merrill Lynch & Co. 5.000%, 01/15/15	Buy		(0.860	)%	09/20/12	USD	1,746,000		109,752
Barclays Bank PLC, London	Morgan Stanley 6.600%, 04/01/12	Buy		(1.040	)%	12/20/12	USD	745,000		30,304
Citibank N.A., New York	Morgan Stanley 6.600%, 04/01/12	Buy		(1.080	)%	12/20/12	USD	1,165,000		45,605
Barclays Bank PLC, London	Norbord Inc. 7.250%, 07/01/12	Buy		(6.350	)%	06/20/13	USD	170,000		(4,758	)
Citibank N.A., New York	Norbord Inc. 7.250%, 07/01/12	Sell		2.200	%	06/20/12	USD	193,000		(21,074	)
Citibank N.A., New York	Norbord Inc. 7.250%, 07/01/12	Buy		(5.250	)%	03/20/13	USD	383,000		4,926
Citibank N.A., New York	Norbord Inc. 7.250%, 07/01/12	Buy		(6.500	)%	06/20/13	USD	487,000		(16,297	)

See Accompanying Notes to Financial Statements
89

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate			Termination Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Citibank N.A., New York	Norbord Inc. 7.250%, 07/01/12	Buy		(2.450	)%	12/20/17	USD	1,108,000		$	148,818
Credit Suisse International	Norbord Inc. 7.250%, 07/01/12	Buy		(1.450	)%	06/20/14	USD	1,448,000			236,003
UBS AG	Norbord Inc. 7.250%, 07/01/12	Buy		(1.500	)%	06/20/12	USD	193,000			25,267
UBS AG	Norbord Inc. 7.250%, 07/01/12	Buy		(2.400	)%	12/20/17	USD	440,000			60,301
Citibank N.A., New York	Potash Corp. Of Saskatchewan 7.750%, 05/31/11	Buy		(0.600	)%	03/20/13	USD	403,000			(3,431	)
Lehman Brothers Special Financing Inc.	Potash Corp. Of Saskatchewan 7.750%, 05/31/11	Buy		(0.670	)%	03/20/18	USD	1,205,000			(15,055	)
Morgan Stanley Capital Services Inc.	Potash Corp. Of Saskatchewan 7.750%, 05/31/11	Buy		(0.610	)%	03/20/13	USD	805,000			(7,200	)
Lehman Brothers Special Financing Inc.	Radian Group Inc. 5.375%, 06/15/15	Sell		3.900	%	09/20/14	USD	1,887,900			(787,060	)
UBS AG	Radian Group Inc. 5.375%, 06/15/15	Buy		(0.850	)%	09/20/14	USD	1,887,900			906,779
Citibank N.A., New York	Royal Bank of Scotland PLC 6.000%, 05/10/13	Buy		(0.290	)%	09/20/17	USD	928,000			101,387
UBS AG	Royal Bank of Scotland PLC 6.000%, 05/10/13	Buy		(0.400	)%	09/20/17	USD	720,000			73,109
Citibank N.A., New York	Societe Generale 6.625%, 04/27/15	Buy		(0.510	)%	09/20/17	USD	194,000			13,844
Citibank N.A., New York	Societe Generale 6.625%, 04/27/15	Buy		(0.510	)%	09/20/17	USD	436,000			31,113
UBS AG	Societe Generale 6.625%, 04/27/15	Buy		(0.380	)%	09/20/17	USD	720,000			58,052
Barclays Bank PLC, London	Standard Chartered Bank 3.625%, 02/03/17	Buy		(0.750	)%	12/20/17	USD	373,000			17,933
Citibank N.A., New York	Standard Chartered Bank 3.625%, 02/03/17	Buy		(0.670	)%	09/20/17	USD	194,000			10,243
UBS AG	Standard Chartered Bank 3.625%, 02/03/17	Buy		(0.420	)%	09/20/17	USD	720,000			50,925
Goldman Sachs International	Temple-Inland Inc. 7.875%, 05/01/12	Buy		(1.040	)%	03/20/14	USD	414,000			53,761
JPMorgan Chase Bank N.A., New York	Temple-Inland Inc. 7.875%, 05/01/12	Buy		(0.890	)%	03/20/14	USD	905,000			123,452
JPMorgan Chase Bank N.A., New York	Temple-Inland Inc. 7.875%, 05/01/12	Buy		(1.020	)%	03/20/14	USD	1,181,000			154,393
Morgan Stanley Capital Services Inc.	Temple-Inland Inc. 7.875%, 05/01/12	Buy		(0.900	)%	03/20/14	USD	793,000			107,827
Morgan Stanley Capital Services Inc.	Temple-Inland Inc. 7.875%, 05/01/12	Buy		(1.600	)%	09/20/17	USD	811,000			109,697
UBS AG	Temple-Inland Inc. 7.875%, 05/01/12	Buy		(0.900	)%	03/20/14	USD	847,000			115,170
UBS AG	Toll Bros Finance Corp. 6.875%, 11/15/12	Buy		(1.000	)%	06/20/12	USD	1,756,000			117,643
Citibank N.A., New York	VF Corp. 8.500%, 10/01/10	Buy		(0.700	)%	09/20/13	USD	279,000	��		525
Citibank N.A., New York	Wachovia Corp. 3.625%, 02/17/09	Sell		1.170	%	03/20/13	USD	1,198,000			(61,380	)
Citibank N.A., New York	Wachovia Corp. 3.625%, 02/17/09	Sell		2.950	%	03/20/13	USD	697,000			22,687
Citibank N.A., New York	Washington Mutual Inc. 5.250%, 09/15/17	Buy		(3.700	)%	06/20/13	USD	459,000			37,821
UBS AG	Westpac Banking Corp. 5.875%, 04/29/18	Buy		(0.350	)%	09/20/17	USD	720,000			55,736
UBS AG	Westpac Banking Corp. 5.875%, 04/29/18	Buy		(0.510	)%	09/20/17	USD	661,000			43,602
JPMorgan Chase Bank N.A., New York	Weyerhaeuser Co. 6.750%, 03/15/12	Buy		(0.640	)%	03/20/14	USD	974,000			73,423
Barclays Bank PLC, London	Weyerhaeuser Co. 7.125%, 07/15/23	Sell		0.780	%	09/20/12	USD	874,000			(42,356	)
Citibank N.A., New York	Whirlpool Corp. 7.750%, 07/15/16	Buy		(1.210	)%	09/20/13	USD	838,000			1,206
Citibank N.A., New York	Whirlpool Corp. 7.750%, 07/15/16	Buy		(1.250	)%	09/20/13	USD	84,000			—
Citibank N.A., New York	Williams Partners LP 7.500%, 06/15/11	Sell		1.030	%	03/20/12	USD	1,036,947			2,546

See Accompanying Notes to Financial Statements
90

  PORTFOLIO OF INVESTMENTS

ING VP BALANCED PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate			Termination Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	XL Capital Assurance Inc. (no specified obligation)	Buy		(5.000	)%	03/20/13	USD	209,000	$	57,965
Lehman Brothers Special Financing Inc.	XL Capital Assurance Inc. (no specified obligation)	Buy		(5.000	)%	03/20/13	USD	141,000		45,393
Merrill Lynch International	XL Capital Assurance Inc. (no specified obligation)	Buy		(5.000	)%	03/20/13	USD	209,000		57,965
UBS AG	XL Capital Assurance Inc. (no specified obligation)	Buy		(6.400	)%	12/20/12	USD	247,000		103,081
UBS AG	XL Capital Assurance Inc. (no specified obligation)	Buy		(5.000	)%	03/20/13	USD	729,000		153,284
UBS AG	XL Capital Ltd. 5.250%, 09/15/14	Buy		(0.610	)%	09/20/16	USD	1,025,000		129,287
UBS AG	XL Capital Ltd. 5.250%, 09/15/14	Buy		(0.610	)%	09/20/16	USD	2,050,000		258,573
									$	4,578,854

See Accompanying Notes to Financial Statements
91

  PORTFOLIO OF INVESTMENTS
ING VP GROWTH AND INCOME PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED)

Shares				Value
COMMON STOCK: 98.3%
			Aerospace/Defense: 1.8%
	730,200	@,L	BE Aerospace, Inc.	$	17,006,358
	294,800	L	Lockheed Martin Corp.		29,084,968
					46,091,326
			Agriculture: 2.4%
	1,168,938		Altria Group, Inc.		24,033,365
	738,126		Philip Morris International, Inc.		36,456,043
					60,489,408
			Apparel: 1.0%
	428,250	L	Nike, Inc.		25,527,983
					25,527,983
			Banks: 4.6%
	652,300	L	Associated Banc-Corp.		12,582,867
	684,000	L	Bank of New York Mellon Corp.		25,875,720
	520,800		PNC Financial Services Group, Inc.		29,737,680
	354,100		State Street Corp.		22,658,859
	1,011,300		US Bancorp.		28,205,157
					119,060,283
			Beverages: 1.9%
	481,700		Coca-Cola Co.		25,038,766
	370,650		PepsiCo, Inc.		23,569,634
					48,608,400
			Biotechnology: 0.7%
	250,400	@	Genentech, Inc.		19,005,360
					19,005,360

Shares				Value
			Chemicals: 1.3%
	467,600	L	Eastman Chemical Co.	$	32,198,936
					32,198,936
			Computers: 4.6%
	1,165,700	@,L	Cognizant Technology Solutions Corp.		37,896,907
	2,062,900	@,L	EMC Corp.		30,304,001
	389,900		International Business Machines Corp.		46,214,847
	259,750	L	Seagate Technology, Inc.		4,969,018
	2,600		Seagate Technology, Inc.-Escrow		—
					119,384,773
			Cosmetics/Personal Care: 3.3%
	756,000	L	Avon Products, Inc.		27,231,120
	931,692		Procter & Gamble Co.		56,656,191
					83,887,311
			Diversified Financial Services: 4.9%
	2,374,176	L	Citigroup, Inc.		39,791,190
	160,296	@@	Deutsche Boerse AG		18,122,463
	1,364,201		Invesco Ltd.		32,713,540
	975,900		Morgan Stanley		35,200,713
					125,827,906
			Electric: 3.1%
	828,358		Centerpoint Energy, Inc.		13,253,909
	1,076,200	L	NSTAR		36,397,084
	781,100		PG&E Corp.		31,001,859
					80,652,852
			Electronics: 1.1%
	623,300	L	Amphenol Corp.		27,973,704
					27,973,704
			Engineering & Construction: 1.2%
	407,332	@,@@	Foster Wheeler Ltd.		29,796,336
					29,796,336
			Entertainment: 0.8%
	804,400	L	International Game Technology		20,093,912
					20,093,912
			Healthcare-Products: 4.5%
	865,053	@@	Covidien Ltd.		41,427,388
	737,560		Johnson & Johnson		47,454,610
	684,300	@	St. Jude Medical, Inc.		27,974,184
					116,856,182
			Healthcare-Services: 0.4%
	218,700	@	WellPoint, Inc.		10,423,242
					10,423,242
			Household Products/Wares: 0.6%
	243,250		Kimberly-Clark Corp.		14,541,485
					14,541,485
			Insurance: 3.6%
	842,400		American International Group, Inc.		22,289,904
	765,100	@@,L	Aspen Insurance Holdings Ltd.		18,109,917
	587,700		Protective Life Corp.		22,361,985
	703,000		Travelers Cos., Inc.		30,510,200
					93,272,006

See Accompanying Notes to Financial Statements
92

  PORTFOLIO OF INVESTMENTS
ING VP GROWTH AND INCOME PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Internet: 3.2%
	1,083,900	@	eBay, Inc.	$	29,622,987
	97,608	@	Google, Inc.-Class A		51,382,803
					81,005,790
			Machinery-Diversified: 1.3%
	520,046		Roper Industries, Inc.		34,260,630
					34,260,630
			Media: 0.8%
	923,761	@	Discovery Holding Co.		20,285,792
					20,285,792
			Mining: 2.5%
	530,800		Alcoa, Inc.		18,907,096
	277,800		Freeport-McMoRan Copper & Gold, Inc.		32,555,382
	148,504	@@	Xstrata PLC		11,829,878
					63,292,356
			Miscellaneous Manufacturing: 4.0%
	1,488,381		General Electric Co.		39,724,889
	731,400		Honeywell International, Inc.		36,774,792
	208,800		SPX Corp.		27,505,224
					104,004,905
			Oil & Gas: 10.7%
	368,100		Anadarko Petroleum Corp.		27,548,604
	220,700		Apache Corp.		30,677,300
	1,380,015	L	ExxonMobil Corp.		121,620,722
	716,000		Marathon Oil Corp.		37,138,920
	398,800	@@	Royal Dutch Shell PLC ADR-Class A		32,585,948
	387,500		XTO Energy, Inc.		26,547,625
					276,119,119
			Oil & Gas Services: 5.8%
	358,600	L	Baker Hughes, Inc.		31,320,124
	904,400	L	BJ Services Co.		28,886,536
	722,900	L	Halliburton Co.		38,364,303
	297,400		Schlumberger Ltd.		31,949,682
	429,300	@,@@,L	Willbros Group, Inc		18,807,633
					149,328,278
			Pharmaceuticals: 6.6%
	919,850		Abbott Laboratories		48,724,455
	319,900	L	AmerisourceBergen Corp.		12,792,801
	529,300	@	Hospira, Inc.		21,230,223
	1,441,800		Merck & Co., Inc.		54,341,442
	702,450	@@,L	Teva Pharmaceutical Industries Ltd. ADR		32,172,210
					169,261,131
			Retail: 5.6%
	276,000		CVS Caremark Corp.		10,921,320
	543,900	L	Darden Restaurants, Inc.		17,372,166
	509,500	L	Home Depot, Inc.		11,932,490
	477,450		McDonald's Corp.		26,842,239
	891,000		Ross Stores, Inc.		31,648,320
	811,300	L	Wal-Mart Stores, Inc.		45,595,060
					144,311,595
			Semiconductors: 2.1%
	2,494,750		Intel Corp.		53,587,226
					53,587,226

Shares					Value
				Software: 5.7%
	534,050	@,L		Adobe Systems, Inc.	$	21,036,230
	573,950	@,L		Ansys, Inc.		27,044,524
	2,181,011			Microsoft Corp.		59,999,613
	1,810,050	@		Oracle Corp.		38,011,050
						146,091,417
				Telecommunications: 4.7%
	1,518,000			AT&T, Inc.		51,141,421
	1			Fairpoint Communications, Inc.		7
	9	@,@@,L		Nortel Networks Corp.		74
	1,051,050			Qualcomm, Inc.		46,635,089
	2,556,600	L		Sprint Nextel Corp.		24,287,700
						122,064,291
				Toys/Games/Hobbies: 1.3%
	57,200	@@		Nintendo Co., Ltd.		32,436,603
						32,436,603
				Transportation: 2.2%
	330,800	L		Tidewater, Inc.		21,511,924
	452,700			Union Pacific Corp.		34,178,850
						55,690,774
Total Common Stock (Cost $2,443,346,910)						2,525,431,312
Principal Amount					Value
CONVERTIBLE BONDS: 0.0%
				Electric: 0.0%
$	20,000,000	L		Mirant Corp.-Escrow (In Default), Discount Note, due 06/15/21		—
Total Convertible Bonds (Cost $—)						—
CORPORATE BONDS/NOTES: 0.0%
				Energy-Alternate Sources: 0.0%
			10,000,000	Southern Energy-Escrow, Discount Note, due 07/15/09		—
Total Corporate Bonds/Notes (Cost $—)						—
Total Long-Term Investments (Cost $2,443,346,910)						2,525,431,312
SHORT-TERM INVESTMENTS: 8.0%
				Commercial Paper: 1.0%
	5,000,000			Jupiter Securities Co., LLC, 2.590%, due 08/07/08		4,986,120
	17,150,000			Volkswagen of America, 3.050%, due 07/01/08		17,148,547
	4,000,000			Weatherford International Ltd., 3.050%, due 07/01/08		3,999,661
Total Commercial Paper (Cost $26,134,328)						26,134,328

See Accompanying Notes to Financial Statements
93

  PORTFOLIO OF INVESTMENTS
ING VP GROWTH AND INCOME PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount			Value
		Repurchase Agreement: 0.3%
$	7,373,000	Goldman Sachs Repurchase Agreement dated 06/30/08, 2.350%, due 07/01/08, $7,373,481 to be received upon repurchase (Collateralized by $7,393,200 U.S. Treasury, 3.500%, Market Value plus accrued interest $7,520,470, due 12/15/09)	$	7,373,000
Total Repurchase Agreement (Cost $7,373,000)				7,373,000
		Securities Lending Collateralcc: 6.7%
	170,933,504	Bank of New York Mellon Corp. Institutional Cash Reserves		170,933,504
Total Securities Lending Collateral (Cost $170,933,504)				170,933,504
Total Short-Term Investments (Cost $204,440,832)				204,440,832

Total Investments in Securities (Cost $2,647,787,742)*	106.3	%	$	2,729,872,144
Other Assets and Liabilities - Net	(6.3	)		(161,458,586	)
Net Assets	100.0	%	$	2,568,413,558

@  Non-income producing security

@@  Foreign Issuer

ADR  American Depositary Receipt

cc  Securities purchased with cash collateral for securities loaned.

L  Loaned security, a portion or all of the security is on loan at June 30, 2008.

*  Cost for federal income tax purposes is $2,657,118,011.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	220,216,421
Gross Unrealized Depreciation		(147,462,288	)
Net Unrealized Appreciation	$	72,754,133

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 ("SFAS 157"), "Fair Value Measurements." This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical investments

•  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Portfolio's own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio's investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	2,633,975,872	$	—
Level 2 — Other Significant Observable Inputs		95,896,272		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	2,729,872,144	$	—

*  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

See Accompanying Notes to Financial Statements
94

ING OPPORTUNISTIC LARGECAP  PORTFOLIO OF INVESTMENTS
GROWTH PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED)

Shares				Value
COMMON STOCK: 98.1%
			Aerospace/Defense: 3.1%
	35,800		Lockheed Martin Corp.	$	3,532,028
					3,532,028
			Agriculture: 1.0%
	15,700	@@,L	British American Tobacco PLC ADR		1,087,225
					1,087,225
			Apparel: 2.6%
	50,100		Nike, Inc.		2,986,461
					2,986,461
			Auto Parts & Equipment: 0.9%
	21,600	@@,L	Autoliv, Inc.		1,006,992
					1,006,992
			Beverages: 0.5%
	10,100		Coca-Cola Co.		524,998
					524,998
			Biotechnology: 2.9%
	19,700	@	Biogen Idec, Inc.		1,101,033
	55,400	@,L	Invitrogen Corp.		2,175,004
					3,276,037
			Chemicals: 3.6%
	14,600		Monsanto Co.		1,846,024
	15,700	@	Mosaic Co.		2,271,790
					4,117,814
			Commercial Services: 0.6%
	26,200	L	Western Union Co.		647,664
					647,664

Shares				Value
			Computers: 11.2%
	22,500	@	Apple, Inc.	$	3,767,400
	89,200		Hewlett-Packard Co.		3,943,532
	30,900		International Business Machines Corp.		3,662,577
	38,300	@,L	Western Digital Corp.		1,322,499
					12,696,008
			Cosmetics/Personal Care: 1.5%
	24,800		Colgate-Palmolive Co.		1,713,680
					1,713,680
			Diversified Financial Services: 0.4%
	15,300	@,L	Nasdaq Stock Market, Inc.		406,215
					406,215
			Electronics: 3.7%
	40,100		Applera Corp.-Applied Biosystems Group		1,342,548
	28,800	@	Dolby Laboratories, Inc.		1,153,601
	20,400		PerkinElmer, Inc.		568,140
	20,800	@	Thermo Electron Corp.		1,159,184
					4,223,473
			Engineering & Construction: 4.0%
	22,200	@,@@	ABB Ltd. ADR		628,704
	9,200		Fluor Corp.		1,711,936
	25,400		KBR, Inc.		886,714
	21,100	@	McDermott International, Inc.		1,305,879
					4,533,233
			Food: 1.9%
	23,500		HJ Heinz Co.		1,124,475
	36,000	@@	Unilever PLC ADR		1,022,760
					2,147,235
			Healthcare-Products: 5.3%
	139,400	@	Boston Scientific Corp.		1,713,226
	16,300		Densply International, Inc.		599,840
	2,100	@,L	Intuitive Surgical, Inc.		565,740
	17,900		Johnson & Johnson		1,151,686
	22,500	@@,L	Mindray Medical International Ltd. ADR		839,700
	27,800	@	St. Jude Medical, Inc.		1,136,464
					6,006,656
			Insurance: 1.5%
	26,700	L	Aflac, Inc.		1,676,760
					1,676,760
			Internet: 6.8%
	16,200	@,L	Amazon.com, Inc.		1,187,946
	5,100	@	Google, Inc.-Class A		2,684,742
	146,700	@,L	Symantec Corp.		2,838,645
	45,200	@,L	Yahoo!, Inc.		933,832
					7,645,165
			Iron/Steel: 1.4%
	23,300	L	AK Steel Holding Corp.		1,607,700
					1,607,700
			Machinery-Construction & Mining: 1.1%
	17,200		Caterpillar, Inc.		1,269,704
					1,269,704

See Accompanying Notes to Financial Statements
95

ING OPPORTUNISTIC LARGECAP   PORTFOLIO OF INVESTMENTS
GROWTH PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Machinery-Diversified: 1.9%
	10,200	@,L	AGCO Corp.	$	534,582
	11,600		Flowserve Corp.		1,585,720
					2,120,302
			Media: 2.4%
	58,300	@,L	DIRECTV Group, Inc.		1,510,553
	41,300	@	Dish Network Corp.		1,209,264
					2,719,817
			Miscellaneous Manufacturing: 3.4%
	30,000		3M Co.		2,087,700
	13,000		Brink's Co.		850,460
	11,800		Honeywell International, Inc.		593,304
	7,700		Textron, Inc.		369,061
					3,900,525
			Oil & Gas: 8.7%
	48,600		ExxonMobil Corp.		4,283,118
	9,900		Hess Corp.		1,249,281
	17,200		Noble Energy, Inc.		1,729,632
	16,200	@	Unit Corp.		1,344,114
	12,000	@	Whiting Petroleum Corp.		1,272,960
					9,879,105
			Oil & Gas Services: 1.1%
	15,800	@	FMC Technologies, Inc.		1,215,494
					1,215,494
			Packaging & Containers: 1.3%
	11,900		Ball Corp.		568,106
	22,900	@	Owens-Illinois, Inc.		954,701
					1,522,807
			Pharmaceuticals: 3.1%
	25,000		Eli Lilly & Co.		1,154,000
	20,500	@	Express Scripts, Inc.		1,285,760
	34,200	L	Perrigo Co.		1,086,534
					3,526,294
			Retail: 6.7%
	12,100	L	Abercrombie & Fitch Co.		758,428
	5,000	@	Autozone, Inc.		605,050
	94,900	L	TJX Cos., Inc.		2,986,503
	28,800	@,L	Urban Outfitters, Inc.		898,272
	40,600		Wal-Mart Stores, Inc.		2,281,720
					7,529,973
			Savings & Loans: 0.8%
	51,000		Hudson City Bancorp., Inc.		850,680
					850,680
			Semiconductors: 5.5%
	53,900	L	Altera Corp.		1,115,730
	132,500	L	Intel Corp.		2,846,100
	40,500		Texas Instruments, Inc.		1,140,480
	44,900		Xilinx, Inc.		1,133,725
					6,236,035
			Software: 5.6%
	78,800	@	BMC Software, Inc.		2,836,800
	102,100		Microsoft Corp.		2,808,771
	30,100	@	Oracle Corp.		632,100
					6,277,671
			Telecommunications: 1.4%
	50,900	@	Cisco Systems, Inc.		1,183,934
	26,600	@@,L	Turkcell Iletisim Hizmet AS ADR		387,030
					1,570,964

Shares				Value
			Toys/Games/Hobbies: 1.1%
	35,600		Hasbro, Inc.	$	1,271,632
					1,271,632
			Transportation: 1.1%
	18,200	@@,L	Frontline Ltd.		1,269,996
					1,269,996
			Total Common Stock (Cost $112,421,726)		110,996,343
EXCHANGE-TRADED FUNDS: 1.5%
			Exchange-Traded Funds: 1.5%
	30,800	L	iShares Russell 1000 Growth Index Fund		1,701,392
			Total Exchange-Traded Funds (Cost $1,807,118)		1,701,392
			Total Long-Term Investments (Cost $114,228,844)		112,697,735

Principal Amount			Value
SHORT-TERM INVESTMENTS: 20.8%
		Repurchase Agreement: 0.4%
$	428,000	Morgan Stanley Repurchase Agreement dated 06/30/08, 2.400%, due 07/01/08, $428,029 to be received upon repurchase (Collateralized by $445,000 Federal Home Loan Mortgage Corporation, Discount Note, Market Value $4 39,304, due 12/30/08)		428,000
Total Repurchase Agreement (Cost $428,000)				428,000
		Securities Lending Collateralcc: 20.4%

23,054,407 Bank of New York
Mellon Corp. Institutional
Cash Reserves 23,054,407

Total Securities Lending Collateral (Cost $23,054,407)	23,054,407
Total Short-Term Investments (Cost $23,482,407)	23,482,407

Total Investments in Securities (Cost $137,711,251)*	120.4	%	$	136,180,142
Other Assets and Liabilities - Net	(20.4	)		(23,095,275	)
Net Assets	100.0	%	$	113,084,867

@  Non-income producing security

@@  Foreign Issuer

ADR  American Depositary Receipt

cc  Securities purchased with cash collateral for securities loaned.

L  Loaned security, a portion or all of the security is on loan at June 30, 2008.

*  Cost for federal income tax purposes is $138,831,290.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	2,785,213
Gross Unrealized Depreciation		(5,436,361	)
Net Unrealized Depreciation	$	(2,651,148	)

See Accompanying Notes to Financial Statements
96

ING OPPORTUNISTIC LARGECAP   PORTFOLIO OF INVESTMENTS
GROWTH PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 ("SFAS 157"), "Fair Value Measurements." This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical investments

•  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Portfolio's own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio's investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	135,752,142	$	—
Level 2 — Other Significant Observable Inputs		428,000		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	136,180,142	$	—

*  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

See Accompanying Notes to Financial Statements
97

  PORTFOLIO OF INVESTMENTS
ING VP SMALL COMPANY PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED)

Shares				Value
COMMON STOCK: 90.2%
			Advertising: 0.5%
	93,340	@,L	inVentiv Health, Inc.	$	2,593,919
					2,593,919
			Aerospace/Defense: 2.5%
	72,500		DRS Technologies, Inc.		5,707,200
	130,200	@,L	Moog, Inc.		4,848,648
	82,700	@	Teledyne Technologies, Inc.		4,034,933
					14,590,781
			Apparel: 0.7%
	147,822	@,@@,L	Gildan Activewear, Inc.		3,825,633
					3,825,633
			Auto Parts & Equipment: 0.7%
	205,800	L	ArvinMeritor, Inc.		2,568,384
	199,400	L	Cooper Tire & Rubber Co.		1,563,296
					4,131,680
			Banks: 4.9%
	491,114		Bank Mutual Corp.		4,930,785
	223,450	L	FirstMerit Corp.		3,644,470
	95,400	L	Hancock Holding Co.		3,748,266
	95,269	L	Prosperity Bancshares, Inc.		2,546,540
	125,000	@,L	Signature Bank		3,220,000
	165,800		Susquehanna Bancshares, Inc.		2,269,802
	89,400	@,L	SVB Financial Group		4,301,034
	246,300	@,L	Texas Capital Bancshares, Inc.		3,940,800
					28,601,697
			Biotechnology: 1.8%
	39,900	@,L	Alexion Pharmaceuticals, Inc.		2,892,750
	43,500	@	Bio-Rad Laboratories, Inc.		3,518,715

Shares				Value
	520,760	@,L	Human Genome Sciences, Inc.	$	2,713,160
	132,833	@,L	Third Wave Technologies, Inc.		1,482,416
					10,607,041
			Chemicals: 2.3%
	109,700		Albemarle Corp.		4,378,127
	68,100		Cytec Industries, Inc.		3,715,536
	89,300	L	HB Fuller Co.		2,003,892
	209,400		Hercules, Inc.		3,545,142
					13,642,697
			Commercial Services: 2.9%
	68,200	L	Arbitron, Inc.		3,239,500
	175,800	L	Deluxe Corp.		3,132,756
	51,800	@	FTI Consulting, Inc.		3,546,228
	214,600	@,L	Geo Group, Inc.		4,828,500
	168,700	@,L	TrueBlue, Inc.		2,228,527
					16,975,511
			Computers: 2.0%
	100,400	@,L	CACI International, Inc.		4,595,308
	350,300	@,L	Mentor Graphics Corp.		5,534,740
	93,800	@,@@	Xyratex Ltd.		1,561,770
					11,691,818
			Distribution/Wholesale: 0.9%
	152,900	@	Tech Data Corp.		5,181,781
					5,181,781
			Diversified Financial Services: 2.6%
	52,600	@,L	Affiliated Managers Group, Inc.		4,737,156
	109,500	@	Investment Technology Group, Inc.		3,663,870
	118,603	@,L	KBW, Inc.		2,440,850
	201,600		OptionsXpress Holdings, Inc.		4,503,744
					15,345,620
			Electric: 2.1%
	142,800		Cleco Corp.		3,331,524
	110,000	L	Idacorp, Inc.		3,177,900
	260,200		Portland General Electric Co.		5,859,704
					12,369,128
			Electrical Components & Equipment: 1.4%
	122,500	@,L	Advanced Energy Industries, Inc.		1,678,250
	18,200		Ametek, Inc.		859,404
	305,800	@,L	Greatbatch, Inc.		5,290,340
					7,827,994
			Electronics: 5.4%
	64,300	@,L	Cymer, Inc.		1,728,384
	112,100	@,L	FEI Co.		2,553,638
	164,500	@	NU Horizons Electronics Corp.		799,470
	269,600	@,L	Orbotech Ltd.		3,591,072
	158,000	@	Plexus Corp.		4,373,440
	280,400		Technitrol, Inc.		4,763,996
	108,200	@	Thomas & Betts Corp.		4,095,370
	116,000	@	Varian, Inc.		5,922,960
	132,900	L	Watts Water Technologies, Inc.		3,309,210
					31,137,540
			Environmental Control: 1.0%
	181,700	@,L	Waste Connections, Inc.		5,801,681
					5,801,681

See Accompanying Notes to Financial Statements
98

  PORTFOLIO OF INVESTMENTS
ING VP SMALL COMPANY PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Food: 1.2%
	48,400		Corn Products International, Inc.	$	2,376,924
	171,200	L	Flowers Foods, Inc.		4,851,808
					7,228,732
			Gas: 2.8%
	128,500	L	New Jersey Resources Corp.		4,195,525
	218,700	L	Vectren Corp.		6,825,627
	148,000		WGL Holdings, Inc.		5,141,520
					16,162,672
			Hand/Machine Tools: 0.7%
	95,300	L	Regal-Beloit Corp.		4,026,425
					4,026,425
			Healthcare-Products: 2.3%
	139,300	L	ev3, Inc.		1,320,564
	129,300	L	Meridian Bioscience, Inc.		3,480,756
	261,390	@	Micrus Endovascular Corp.		3,664,688
	68,500	@,@@,L	Orthofix International NV		1,983,075
	323,587	@,L	Spectranetics Corp.		3,190,568
	10	@,L	Volcano Corp.		122
					13,639,773
			Healthcare-Services: 2.1%
	76,100	@	Magellan Health Services, Inc.		2,817,983
	227,700	@,L	Nighthawk Radiology Holdings, Inc.		1,612,116
	25,300	@,L	Pediatrix Medical Group, Inc.		1,245,519
	101,700		Universal Health Services, Inc.		6,429,474
					12,105,092
			Household Products/Wares: 0.3%
	107,200	@,L	Jarden Corp.		1,955,328
					1,955,328
			Housewares: 1.0%
	175,100	L	Toro Co.		5,825,577
					5,825,577
			Insurance: 4.5%
	204,304	@@	Aspen Insurance Holdings Ltd.		4,835,876
	99,900		Delphi Financial Group		2,311,686
	110,900		Hanover Insurance Group, Inc.		4,713,250
	106,450	@@	Platinum Underwriters Holdings Ltd.		3,471,335
	100,350	@,L	ProAssurance Corp.		4,827,839
	81,500	L	Reinsurance Group of America		3,546,880
	127,172	L	Selective Insurance Group		2,385,747
					26,092,613
			Internet: 2.2%
	208,648	@,L	Cogent Communications Group, Inc.		2,795,883
	164,750	@,L	Trizetto Group		3,522,355
	381,700	@,L	Websense, Inc.		6,427,824
					12,746,062
			Machinery-Diversified: 3.2%
	102,400	@	Gardner Denver, Inc.		5,816,320
	77,000	L	Nordson Corp.		5,612,530
	62,200	L	Tennant Co.		1,870,354
	114,200		Wabtec Corp.		5,552,404
					18,851,608

Shares				Value
			Media: 0.4%
	252,014	L	Entercom Communications Corp.	$	1,769,138
	197,700	L	GateHouse Media, Inc.		486,342
					2,255,480
			Metal Fabricate/Hardware: 0.8%
	98,200		Commercial Metals Co.		3,702,140
	47,200	@,L	Ladish Co., Inc.		971,848
					4,673,988
			Mining: 0.1%
	19,000	@,L	RTI International Metals, Inc.		676,780
					676,780
			Miscellaneous Manufacturing: 0.7%
	171,100	L	Barnes Group, Inc.		3,950,699
					3,950,699
			Oil & Gas: 3.6%
	78,400	@,L	Carrizo Oil & Gas, Inc.		5,338,256
	207,800	@,L	EXCO Resources, Inc.		7,669,898
	218,600	@,L	Parallel Petroleum Corp.		4,400,418
	45,200	@	Unit Corp.		3,750,244
					21,158,816
			Oil & Gas Services: 4.1%
	206,800	@,L	Cal Dive International, Inc.		2,955,172
	34,400	@	Core Laboratories NV		4,896,840
	59,600	@	Dril-Quip, Inc.		3,754,800
	333,500	@,L	Global Industries Ltd.		5,979,655
	252,400	@,L	Tetra Technologies, Inc.		5,984,404
					23,570,871
			Packaging & Containers: 2.6%
	176,100	@	Crown Holdings, Inc.		4,576,839
	211,600	@	Pactiv Corp.		4,492,268
	120,800	L	Silgan Holdings, Inc.		6,129,392
					15,198,499
			Pharmaceuticals: 2.7%
	343,600	@	Akorn, Inc.		1,137,316
	73,200	@,L	BioMarin Pharmaceuticals, Inc.		2,121,336
	149,300	@,L	KV Pharmaceutical Co.		2,885,969
	194,600	L	Mylan Laboratories		2,348,822
	107,300	L	Omnicare, Inc.		2,813,406
	43,100	@,L	United Therapeutics Corp.		4,213,025
					15,519,874
			Retail: 6.7%
	88,400	@,L	Gymboree Corp.		3,542,188
	224,200	@,L	Jack in the Box, Inc.		5,024,322
	214,302	@,L	Jo-Ann Stores, Inc.		4,935,375
	163,981	@,L	JoS. A Bank Clothiers, Inc.		4,386,492
	60,900		Longs Drug Stores Corp.		2,564,499
	206,200	@,L	Papa John's International, Inc.		5,482,858
	110,400	L	Phillips-Van Heusen		4,042,848
	185,300		Regis Corp.		4,882,655
	364,050	L	Stage Stores, Inc.		4,248,464
					39,109,701
			Savings &Loans: 1.8%
	226,672	L	First Niagara Financial Group, Inc.		2,915,002
	324,168	L	NewAlliance Bancshares, Inc.		4,045,617
	390,600		Westfield Financial, Inc.		3,534,930
					10,495,549

See Accompanying Notes to Financial Statements
99

  PORTFOLIO OF INVESTMENTS
ING VP SMALL COMPANY PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Semiconductors: 5.1%
	219,500	@,L	DSP Group, Inc.	$	1,536,500
	443,600	@	Emulex Corp.		5,167,940
	589,400	@,L	Entegris, Inc.		3,860,570
	200,200	@	Fairchild Semiconductor International, Inc.		2,348,346
	224,900	@,L	Formfactor, Inc.		4,144,907
	172,500	L	Micrel, Inc.		1,578,375
	485,500	@,L	ON Semiconductor Corp.		4,452,035
	292,500	@,@@	Verigy Ltd.		6,642,675
					29,731,348
			Software: 3.8%
	111,900	@	Ansys, Inc.		5,272,728
	643,600	@,L	Epicor Software Corp.		4,447,276
	276,500	@	Parametric Technology Corp.		4,609,255
	191,100	@	Progress Software Corp.		4,886,427
	132,550	@,L	THQ, Inc.		2,685,463
					21,901,149
			Telecommunications: 3.9%
	423,900	L	Alaska Communications Systems Group, Inc.		5,061,366
	59,500	@,L	CommScope, Inc.		3,139,815
	370,500	@,L	Foundry Networks, Inc.		4,379,310
	71,000		Otelco, Inc.		1,146,650
	289,728	@,L	RCN Corp.		3,123,268
	165,400	@	SBA Communications Corp.		5,956,054
					22,806,463
			Transportation: 1.9%
	120,200	L	General Maritime Corp.		3,122,796
	243,500	L	Heartland Express, Inc.		3,630,585
	195,900	L	Horizon Lines, Inc.		1,949,205
	70,000	@	HUB Group, Inc.		2,389,100
					11,091,686
Total Common Stock (Cost $552,199,651)					525,099,306
REAL ESTATE INVESTMENT TRUSTS: 4.4%
			Apartments: 0.8%
	94,841	L	Home Properties, Inc.		4,558,058
					4,558,058
			Diversified: 0.6%
	278,400		Lexington Corporate Properties Trust		3,794,592
					3,794,592
			Health Care: 0.7%
	225,200		Senior Housing Properties Trust		4,398,156
					4,398,156
			Hotels: 0.6%
	137,200		LaSalle Hotel Properties		3,447,836
					3,447,836
			Mortgage: 0.3%
	69,600		Hatteras Financial Corp.		1,600,104
					1,600,104
			Office Property: 0.8%
	185,400		BioMed Realty Trust, Inc.		4,547,862
					4,547,862

Shares				Value
			Warehouse/Industrial: 0.6%
	426,300		DCT Industrial Trust, Inc.	$	3,529,764
					3,529,764
Total Real Estate Investment Trusts (Cost $29,191,836)					25,876,372
EXCHANGE-TRADED FUNDS: 1.4%
			Exchange-Traded Funds: 1.4%
	117,525	L	iShares Russell 2000 Index Fund		8,112,751
Total Exchange-Traded Funds (Cost $8,552,412)					8,112,751
Total Long-Term Investments (Cost $589,943,899)					559,088,429
SHORT-TERM INVESTMENTS: 30.9%
			Mutual Fund: 4.4%
	25,750,000	**	ING Institutional Prime Money Market Fund		25,750,000
Total Mutual Fund (Cost $25,750,000)					25,750,000

Principal Amount			Value
		Repurchase Agreement: 0.5%
$	2,928,000	Morgan Stanley Repurchase Agreement dated 06/30/08, 2.400%, due 07/01/08, $2,928,195 to be received upon repurchase (Collateralized by $3,030,000 Federal Home Loan Mortgage Corporation, Discount Note, Market Valu e $2,991,216, due 12/30/08)		2,928,000
Total Repurchase Agreement (Cost $2,928,000)				2,928,000
		Securities Lending Collateralcc: 26.0%
	151,578,125	Bank of New York Mellon Corp. Institutional Cash Reserves		151,578,125
Total Securities Lending Collateral (Cost $151,578,125)				151,578,125
Total Short-Term Investments (Cost $180,256,125)				180,256,125

Total Investments in Securities (Cost $770,200,024)*	126.9	%	$	739,344,554
Other Assets and Liabilities - Net	(26.9	)		(156,883,943	)
Net Assets	100.0	%	$	582,460,611

@  Non-income producing security

@@  Foreign Issuer

cc  Securities purchased with cash collateral for securities loaned.

L  Loaned security, a portion or all of the security is on loan at June 30, 2008.

**  Investment in affiliate

*  Cost for federal income tax purposes is $774,754,022.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	35,866,682
Gross Unrealized Depreciation		(71,276,150	)
Net Unrealized Depreciation	$	(35,409,468	)

See Accompanying Notes to Financial Statements
100

  PORTFOLIO OF INVESTMENTS
ING VP SMALL COMPANY PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 ("SFAS 157"), "Fair Value Measurements." This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical investments

•  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Portfolio's own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio's investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	736,416,554	$	—
Level 2 — Other Significant Observable Inputs		2,928,000		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	739,344,554	$	—

*  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

See Accompanying Notes to Financial Statements
101

ING OPPORTUNISTIC LARGECAP  PORTFOLIO OF INVESTMENTS
VALUE PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED)

Shares				Value
COMMON STOCK: 96.4%
			Aerospace/Defense: 4.6%
	27,000		Boeing Co.	$	1,774,440
	21,700		Lockheed Martin Corp.		2,140,922
	30,700		United Technologies Corp.		1,894,190
					5,809,552
			Agriculture: 2.3%
	6,800	L	Bunge Ltd.		732,292
	32,100	@	Lorillard, Inc.		2,220,036
					2,952,328
			Banks: 7.4%
	56,500	@@,L	Banco Bilbao Vizcaya Argentaria SA ADR		1,071,805
	84,700	@@,L	Banco Santander Central Hispano SA ADR		1,540,693
	65,700		Bank of America Corp.		1,568,259
	35,400	L	Capital One Financial Corp.		1,345,554
	21,700	@@,L	Lloyds TSB Group PLC-Spon ADR		535,339
	53,100	L	Regions Financial Corp.		579,321
	9,000	@@	Uniao de Bancos Brasileiros SA GDR		1,142,370
	45,400	L	Wachovia Corp.		705,062
	38,400	L	Wells Fargo & Co.		912,000
					9,400,403
			Biotechnology: 1.1%
	24,100	@	Biogen Idec, Inc.		1,346,949
					1,346,949
			Chemicals: 3.9%
	19,800	L	Ashland, Inc.		954,360
	12,600		Lubrizol Corp.		583,758

Shares				Value
	56,800	L	Sherwin-Williams Co.	$	2,608,824
	15,500	L	Terra Industries, Inc.		764,925
					4,911,867
			Computers: 2.7%
	127,100	L	Seagate Technology, Inc.		2,431,423
	29,700	@,L	Western Digital Corp.		1,025,541
					3,456,964
			Cosmetics/Personal Care: 1.1%
	19,400		Colgate-Palmolive Co.		1,340,540
					1,340,540
			Diversified Financial Services: 5.1%
	16,900		American Express Co.		636,623
	5,300		Goldman Sachs Group, Inc.		926,970
	63,000		Invesco Ltd.		1,510,740
	67,400		JPMorgan Chase & Co.		2,312,494
	16,300	@@,L	ORIX Corp. ADR		1,175,719
					6,562,546
			Electric: 5.7%
	62,000	L	Alliant Energy Corp.		2,124,120
	3	@@,L	Cia Energetica de Minas Gerais ADR		74
	52,000	L	DTE Energy Co.		2,206,880
	57,700		Edison International		2,964,626
					7,295,700
			Electronics: 1.3%
	47,800		Applera Corp.-Applied Biosystems Group		1,600,344
					1,600,344
			Engineering & Construction: 0.5%
	19,100		KBR, Inc.		666,781
					666,781
			Food: 6.9%
	37,700		HJ Heinz Co.		1,803,945
	150,600		Kroger Co.		4,347,822
	102,800		Sara Lee Corp.		1,259,300
	52,200		Sysco Corp.		1,436,022
					8,847,089
			Healthcare-Services: 1.8%
	42,100	@,L	AMERIGROUP Corp.		875,680
	51,400	@,L	Lincare Holdings, Inc.		1,459,760
					2,335,440
			Household Products/Wares: 1.2%
	25,300		Kimberly-Clark Corp.		1,512,434
					1,512,434
			Insurance: 8.5%
	32,700	@@	ACE Ltd.		1,801,443
	30,100		American Financial Group, Inc.		805,175
	56,500	@@,L	Aspen Insurance Holdings Ltd.		1,337,355
	50,100	@@	Axis Capital Holdings Ltd.		1,493,481
	39,800		Chubb Corp.		1,950,598
	28,300	@@	RenaissanceRe Holdings Ltd.		1,264,161
	50,800		Travelers Cos., Inc.		2,204,720
					10,856,933
			Internet: 0.7%
	46,600	@,L	Expedia, Inc.		856,508
					856,508

See Accompanying Notes to Financial Statements
102

ING OPPORTUNISTIC LARGECAP   PORTFOLIO OF INVESTMENTS
VALUE PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Media: 0.5%
	25,200	@	Liberty Media Corp.-Entertainment	$	610,596
					610,596
			Mining: 1.2%
	13,200		Freeport-McMoRan Copper & Gold, Inc.		1,546,908
					1,546,908
			Miscellaneous Manufacturing: 5.3%
	32,100		Dover Corp.		1,552,677
	62,100		Honeywell International, Inc.		3,122,388
	29,300	L	Parker Hannifin Corp.		2,089,676
					6,764,741
			Office/Business Equipment: 0.8%
	19,400	@@	Canon, Inc. ADR		993,474
					993,474
			Oil & Gas: 21.4%
	54,700		Chevron Corp.		5,422,411
	10,000	L	Cimarex Energy Co.		696,700
	66,600		ConocoPhillips		6,286,374
	19,200	@@	ENI S.p.A. ADR		1,425,216
	131,800		ExxonMobil Corp.		11,615,534
	20,800		Occidental Petroleum Corp.		1,869,088
					27,315,323
			Pharmaceuticals: 1.2%
	90,300		Pfizer, Inc.		1,577,541
					1,577,541
			Retail: 2.2%
	171,600		Gap, Inc.		2,860,572
					2,860,572
			Software: 0.8%
	38,500		Microsoft Corp.		1,059,135
					1,059,135
			Telecommunications: 6.8%
	132,700		AT&T, Inc.		4,470,663
	54,500	@@,L	Partner Communications ADR		1,293,285
	36,600	@@	Telefonica SA ADR		2,912,628
					8,676,576
			Toys/Games/Hobbies: 1.4%
	48,500	L	Hasbro, Inc.		1,732,420
					1,732,420
			Total Common Stock (Cost $132,859,250)		122,889,664
REAL ESTATE INVESTMENT TRUSTS: 1.7%
			Hotels: 0.7%
	38,200	L	Hospitality Properties Trust		934,372
					934,372
			Warehouse/Industrial: 1.0%
	23,300	L	Prologis		1,266,355
					1,266,355
			Total Real Estate Investment Trusts (Cost $2,888,246)		2,200,727

Shares				Value
EXCHANGE-TRADED FUNDS: 1.5%
			Exchange-Traded Funds: 1.5%
	27,000	L	iShares Russell 1000 Value Index Fund	$	1,864,350
			Total Exchange-Traded Funds (Cost $2,065,098)		1,864,350
			Total Long-Term Investments (Cost $137,812,594)		126,954,741
SHORT-TERM INVESTMENTS: 24.1%
	300,000	**	ING Institutional Prime Money Market Fund		300,000
			Total Mutual Fund (Cost $300,000)		300,000

Principal Amount			Value
		Repurchase Agreement: 0.5%
$	597,000	Morgan Stanley Repurchase Agreement dated 06/30/08, 2.400%, due 07/01/08, $597,040 to be received upon repurchase (Collateralized by $620,000 Federal Home Loan Mortgage Corporation, Discount Note, Market Value $612,064, due 12/30/08)		597,000
Total Repurchase Agreement (Cost $597,000)				597,000
		Securities Lending Collateralcc: 23.4%
	29,757,270	Bank of New York Mellon Corp. Institutional Cash Reserves		29,757,270
Total Securities Lending Collateral (Cost $29,757,270)				29,757,270
Total Short-Term Investments (Cost $30,654,270)				30,654,270

Total Investments in Securities (Cost $168,466,864)*	123.7	%	$	157,609,011
Other Assets and Liabilities - Net	(23.7	)		(30,161,370	)
Net Assets	100.0	%	$	127,447,641

@  Non-income producing security

@@  Foreign Issuer

ADR  American Depositary Receipt

GDR  Global Depositary Receipt

cc  Securities purchased with cash collateral for securities loaned.

L  Loaned security, a portion or all of the security is on loan at June 30, 2008.

**  Investment in affiliate

*  Cost for federal income tax purposes is $168,937,639.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	6,527,901
Gross Unrealized Depreciation		(17,856,529	)
Net Unrealized Depreciation	$	(11,328,628	)

See Accompanying Notes to Financial Statements
103

ING OPPORTUNISTIC LARGECAP   PORTFOLIO OF INVESTMENTS
VALUE PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 ("SFAS 157"), "Fair Value Measurements." This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical investments

•  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Portfolio's own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio's investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	157,012,011	$	—
Level 2 — Other Significant Observable Inputs		597,000		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	157,609,011	$	—

*  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

See Accompanying Notes to Financial Statements
104

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED)

Principal Amount				Value
CORPORATE BONDS/NOTES: 24.5%
			Agriculture: 0.2%
$	2,565,000		Philip Morris International, Inc., 5.650%, due 05/16/18	$	2,497,725
	4,976,000		Philip Morris International, Inc., 6.375%, due 05/16/38		4,865,140
					7,362,865
			Airlines: 0.5%
	13,910,000	C	Delta Airlines, Inc., 7.570%, due 11/18/10		13,144,950
	3,733,000		United Air Lines, Inc., 6.932%, due 09/01/11		4,330,280
					17,475,230
			Auto Manufacturers: 0.1%
	6,190,725		Ford Motor Co., 5.480%, due 11/29/13		5,010,618
					5,010,618
			Banks: 6.1%
	7,880,000	@@,C	Australia & New Zealand Banking Group Ltd., 3.181%, due 12/31/49		5,082,600
	12,895,000	C	BAC Capital Trust XIV, 5.630%, due 12/31/49		10,070,221
	337,903	@@,#	Banco Itau SA, 2.683%, due 09/20/08		337,295
	6,565,000	@@,#,C	Banco Mercantil del Norte SA, 6.135%, due 10/13/16		6,424,607

Principal Amount				Value
$	9,820,000	C	Bank of America Corp., 8.000%, due 01/30/18	$	9,214,990
	7,458,000	C	Bank of America Corp., 8.125%, due 12/29/49		7,059,072
	3,090,000	@@,C	Bank of Ireland, 3.063%, due 12/29/49		2,101,200
	1,220,000	@@,C,L	Bank of Scotland, 3.063%, due 12/31/49		747,250
	539,000	C	BankAmerica Capital II, 8.000%, due 12/15/26		539,685
	2,120,000	@@,C	Barclays Bank PLC, 3.125%, due 08/29/49		1,366,590
	3,750,000	@@,C	Barclays Bank PLC, 4.000%, due 12/31/49		2,456,250
	3,395,000	@@,#,C	Barclays Bank PLC, 5.926%, due 09/29/49		2,898,957
	10,438,000	@@,#	Barclays Bank PLC, 6.050%, due 12/04/17		10,249,375
	1,475,000	@@,C	Barclays O/S Inv, 3.189%, due 04/11/49		926,595
	5,260,000	@@,C,L	BNP Paribas, 2.708%, due 09/29/49		3,972,031
	2,768,000	@@,#,C	Danske Bank A/S, 5.914%, due 12/29/49		2,521,249
	2,280,000	@@,C	Den Norske Bank ASA, 2.938%, due 11/29/49		1,523,040
	6,525,000	#,C	Dresdner Funding Trust I, 8.151%, due 06/30/31		5,457,503
	4,580,000		Fifth Third Bancorp., 8.250%, due 03/01/38		3,719,079
	6,361,000		First Tennessee Bank NA, 2.779%, due 05/18/09		6,093,965
	2,000	C	Fleet Capital Trust II, 7.920%, due 12/11/26		2,015
	3,280,000	@@,#,C	HBOS PLC, 5.375%, due 11/29/49		2,895,561
	8,370,000	@@,C	Hongkong & Shanghai Banking Corp., Ltd., 3.063%, due 07/29/49		5,649,750
	10,510,000	@@,C	HSBC Bank PLC, 3.288%, due 06/29/49		6,936,600
	5,770,000	@@	HSBC Bank PLC, 3.438%, due 06/29/49		3,836,450
	5,540,000	@@,C	Lloyds TSB Bank PLC, 2.813%, due 11/29/49		3,628,700
	6,070,000	@@,C	Lloyds TSB Bank PLC, 3.110%, due 08/29/49		3,975,850
	6,810,000	@@,C,L	Lloyds TSB Bank PLC, 3.500%, due 06/29/49		4,466,543
	2,819,000	@@,#,C	Lloyds TSB Group PLC, 6.267%, due 11/13/49		2,252,116
	6,715,000	@@,C	Mizuho Financial Group Cayman Ltd., 8.375%, due 01/29/49		6,729,551
	20,734,000	C	National City Preferred Capital Trust I, 12.000%, due 12/29/49		19,814,219
	760,000	@@,C,L	National Westminster Bank PLC, 3.125%, due 11/29/49		489,630
	1,140,000	@@,C,L	National Westminster Bank PLC, 3.250%, due 08/29/49		746,700

See Accompanying Notes to Financial Statements
105

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Banks (continued)
$	5,200,000	#,C	PNC Preferred Funding Trust I, 8.700%, due 02/19/49	$	5,184,176
	5,015,000	#,C	Rabobank Capital Funding II, 5.260%, due 12/29/49		4,599,442
	4,684,000	#,C	Rabobank Capital Funding Trust, 5.254%, due 12/31/49		4,029,050
	4,399,000	C	RBS Capital Trust I, 5.512%, due 09/30/49		3,828,010
	11,980,000	@@,C,L	Royal Bank of Scotland Group PLC, 3.375%, due 12/29/49		7,607,300
	2,860,000	@@,C	Societe Generale, 3.003%, due 11/29/49		2,119,886
	12,560,000	@@,C,L	Standard Chartered PLC, 3.063%, due 11/29/49		7,912,800
	3,240,000	@@,C,L	Standard Chartered PLC, 3.463%, due 12/29/49		2,089,800
	7,850,000	@@,C,L	Standard Chartered PLC, 3.875%, due 07/29/49		4,945,500
	1,260,000	@@,C	Standard Chartered PLC, 3.963%, due 01/29/49		837,900
	1,700,000	@@,#,C	Standard Chartered PLC, 6.409%, due 12/31/49		1,366,310
	1,500,000	@@,#,C	Standard Chartered PLC, 7.014%, due 07/30/49		1,295,519
	3,627,000	C	State Street Capital Trust III, 8.250%, due 12/29/49		3,687,027
	7,093,000	@@,C	Sumitomo Mitsui Banking Corp., 8.150%, due 08/01/49		7,138,821
	3,566,000	C	SunTrust Preferred Capital I, 5.853%, due 12/31/49		2,596,134
	757,000	@@	UBS AG, 5.875%, due 12/20/17		737,687
	3,134,000	C	USB Capital IX, 6.189%, due 03/29/49		2,383,247
	4,895,000		Wachovia Bank NA, 6.600%, due 01/15/38		4,278,157
	6,593,000	C	Wachovia Capital Trust III, 5.800%, due 03/15/42		4,485,765
	3,410,000	@@,C	Westpac Banking Corp., 2.806%, due 09/30/49		2,661,498
	2,973,000	@@,#,C	Westpac Capital Trust IV, 5.256%, due 12/29/49		2,434,337
					220,403,605
			Beverages: 0.1%
BRL	7,664,000	@@,#	Ambev International Finance Co., Ltd., 9.500%, due 07/24/17		3,932,156
					3,932,156
			Chemicals: 0.4%
$	4,609,000	C	PPG Industries, Inc., 7.700%, due 03/15/38		5,037,208
	1,510,000	Z	Stauffer Chemical, 4.330%, due 04/15/10		1,399,483

Principal Amount				Value
$	3,180,000	Z	Stauffer Chemical, 8.070%, due 04/15/17	$	1,849,106
	2,620,000	Z	Stauffer Chemical, 8.090%, due 04/15/18		1,452,816
	5,811,000		Union Carbide Corp., 7.750%, due 10/01/96		5,077,361
					14,815,974
			Computers: 0.3%
	5,449,000	C	Lexmark International, Inc., 5.900%, due 06/01/13		5,369,973
	4,794,000	C	Lexmark International, Inc., 6.650%, due 06/01/18		4,716,783
					10,086,756
			Diversified Financial Services: 7.6%
	17,487,000	@@,#,C	Aiful Corp., 4.450%, due 02/16/10		15,804,803
	1,006,000	@@,#,C,I	Alpine III, 3.270%, due 08/16/14		1,008,729
	1,006,000	@@,#,I	Alpine III, 3.670%, due 08/16/14		1,009,301
	1,507,000	@@,#,I	Alpine III, 5.470%, due 08/16/14		1,517,820
	2,576,000	@@,#,I	Alpine III, 8.720%, due 08/16/14		2,633,118
	5,154,000		American Express Co., 7.000%, due 03/19/18		5,226,398
	3,605,000		American Express Co., 8.150%, due 03/19/38		4,018,746
	4,700,000		American General Finance Corp., 6.900%, due 12/15/17		4,103,133
	17,659,000	#	Astoria Depositor Corp., 8.144%, due 05/01/21		17,305,821
	2,802,000	@@,C	BNP Paribas, 2.938%, due 12/31/49		1,954,401
	10,071,000		CIT Group, Inc., 2.906%, due 03/12/10		8,750,138
	6,400,000		CIT Group, Inc., 2.935%, due 02/13/12		5,102,490
	8,170,000		Citigroup, Inc., 6.125%, due 05/15/18		7,832,604
	6,652,000	C	Citigroup, Inc., 8.300%, due 12/21/57		6,298,240
	18,684,000	C	Citigroup, Inc., 8.400%, due 04/29/49		17,784,552
	5,122,000	#,C	Corestates Capital Trust I, 8.000%, due 12/15/26		5,262,522
	5,861,000		Countrywide Financial Corp., 5.800%, due 06/07/12		5,548,122
	6,814,000	@@,S	Eksportfinans A/S, 5.125%, due 10/26/11		7,068,387
	355,000	#	Farmers Exchange Capital, 7.200%, due 07/15/48		321,565
	3,090,000	@@,C	Financiere CSFB NV, 2.938%, due 03/29/49		2,023,950
	3,669,000		Ford Motor Credit Co., 5.538%, due 01/13/12		2,609,826

See Accompanying Notes to Financial Statements
106

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Diversified Financial Services (continued)
$	7,223,000		Ford Motor Credit Co., 7.241%, due 04/15/12	$	6,770,956
	8,272,000		Ford Motor Credit Co., 8.000%, due 12/15/16		6,020,056
	6,198,000	C	Fund American Cos., Inc., 5.875%, due 05/15/13		6,002,063
	7,666,000		General Electric Capital Corp., 5.875%, due 01/14/38		6,970,448
	5,944,000	C	Goldman Sachs Group, Inc., 5.793%, due 12/31/49		4,136,548
	242,000	C	Goldman Sachs Group, Inc., 6.750%, due 10/01/37		222,036
	4,791,000	#,C	Harley-Davidson Funding Corp., 6.800%, due 06/15/18		4,742,108
	4,798,000	#,C	HVB Funding Trust III, 9.000%, due 10/22/31		4,630,876
	11,976,000		International Lease Finance Corp., 6.625%, due 11/15/13		10,772,053
	6,993,000		John Deere Capital Corp., 4.950%, due 12/17/12		7,030,867
	10,081,000	C	JPMorgan Chase & Co., 7.900%, due 04/29/49		9,480,475
	6,391,000	C	Lehman Brothers Holdings Capital Trust VIII, 3.479%, due 05/29/49		4,532,753
	6,647,000	C	Lehman Brothers Holdings, Inc., 6.000%, due 05/03/32		5,094,640
	10,908,000	C	Lehman Brothers Holdings, Inc., 7.500%, due 05/11/38		10,146,545
	23,288,000	#,C	Mangrove Bay Pass-through Trust, 6.102%, due 07/15/33		14,254,369
	6,907,000	@@,#	Mantis Reef Ltd., 4.799%, due 11/03/09		6,750,515
	5,140,741	@@,#,C	PF Export Receivables Master Trust, 6.436%, due 06/01/15		5,227,106
	9,153,478	#,C	Piper Jaffray Equipment Trust Securities, 6.000%, due 09/10/11		8,100,828
	7,234,027	#,C	Piper Jaffray Equipment Trust Securities, 6.750%, due 04/01/11		6,402,114
	734,210	#	Power Receivable Finance, LLC, 6.290%, due 01/01/12		751,714
	9,082,000	@@,#	TNK-BP Finance SA, 7.500%, due 07/18/16		8,616,093
	32,450,810	#,Z	Toll Road Investors Partnership II LP, 24.010%, due 02/15/45		3,270,717
	2,981,000	#,C	Twin Reefs Pass-through Trust, 3.459%, due 12/10/49		109,552

Principal Amount				Value
$	7,075,000	@@,C	UFJ Finance Aruba AEC, 8.750%, due 12/31/49	$	7,083,695
	2,213,000	#,C	Wachovia Capital Trust V, 7.965%, due 06/01/27		2,182,396
					272,486,189
			Electric: 1.4%
	13,524,000	C	Commonwealth Edison Co., 6.950%, due 07/15/18		13,490,190
	4,310,000	C	DTE Energy Co., 7.050%, due 06/01/11		4,468,311
	3,316,000	C	FPL Group Capital, Inc., 6.350%, due 10/01/66		2,898,426
	1,105,000	C	FPL Group Capital, Inc., 6.650%, due 06/15/67		978,412
	1,271,371	#,C	Juniper Generation, LLC, 6.790%, due 12/31/14		1,327,010
	5,310,000	C	Nevada Power Co., 5.950%, due 03/15/16		5,294,675
	3,310,000	C	Nevada Power Co., 6.750%, due 07/01/37		3,251,271
	409,000	C	Nisource Finance Corp., 6.150%, due 03/01/13		408,332
	9,278,000	C	NorthWestern Corp., 5.875%, due 11/01/14		9,143,553
	5,053,000	C	Sierra Pacific Power Co., 6.250%, due 04/15/12		5,199,380
	3,936,000	#	White Pine Hydro Portfolio, LLC, 7.260%, due 07/20/15		3,748,103
					50,207,663
			Energy-Alternate Sources: 0.4%
	4,000,000		Greater Ohio Ethanol, LLC, 6.363%, due 12/31/13		3,825,000
	4,900,000		Greater Ohio Ethanol, LLC, 12.630%, due 12/31/13		4,538,625
	2,455,000	#	White Pine Hydro, LLC, 6.960%, due 07/10/37		2,332,844
	3,837,000	#	White Pine Hydro, LLC, 6.310%, due 07/10/17		3,708,971
					14,405,440
			Food: 0.2%
	6,651,000		Kraft Foods, Inc., 6.125%, due 02/01/18		6,476,830
	1,330,000		Kraft Foods, Inc., 6.875%, due 02/01/38		1,297,040
	596,000		Kraft Foods, Inc., 7.000%, due 08/11/37		591,911
					8,365,781
			Forest Products & Paper: 0.6%
	3,480,000	@@	Abitibi-Consolidated, Inc., 7.500%, due 04/01/28		1,305,000
	9,173,000	@@,C	Abitibi-Consolidated, Inc., 8.500%, due 08/01/29		3,439,875
	6,404,000	@@,C	Abitibi-Consolidated, Inc., 8.850%, due 08/01/30		2,433,520

See Accompanying Notes to Financial Statements
107

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Forest Products & Paper (continued)
$	7,843,000	C	International Paper Co., 7.950%, due 06/15/18	$	7,812,585
	5,604,000	C	International Paper Co., 8.700%, due 06/15/38		5,659,894
					20,650,874
			Gas: 0.4%
	16,171,000	C	Southern Union Co., 7.200%, due 11/01/66		13,129,736
					13,129,736
			Healthcare-Services: 0.2%
	8,308,000	C	UnitedHealth Group, Inc., 6.875%, due 02/15/38		7,885,954
					7,885,954
			Home Builders: 0.1%
	6,493,000	C	Beazer Homes USA, Inc., 8.125%, due 06/15/16		4,967,145
					4,967,145
			Insurance: 1.5%
	10,157,000	@@,C	Aegon NV, 4.634%, due 12/31/49		6,094,200
	8,012,000		American International Group, Inc., 5.850%, due 01/16/18		7,519,438
	6,738,000	#,C	American International Group, Inc., 8.175%, due 05/15/58		6,358,132
	5,776,000	#,C	Metlife Capital Trust IV, 7.875%, due 12/15/37		5,676,358
	1,741,000	#,C	North Front Pass-through Trust, 5.810%, due 12/15/24		1,621,780
	11,914,000	C	Progressive Corp., 6.700%, due 06/15/37		10,463,887
	4,220,000		Prudential Financial, Inc., 6.000%, due 12/01/17		4,180,851
	4,522,000		Prudential Financial, Inc., 6.625%, due 12/01/37		4,281,873
	15,654,000	@@,±,C	Security Capital Assurance Ltd., 6.880%, due 06/30/49		78,270
	8,235,000	@@,#,C	White Mountains Re Group Ltd., 7.506%, due 05/29/49		6,281,658
	2,275,000	@@,C	XL Capital, Ltd., 6.500%, due 12/15/49		1,537,914
					54,094,361
			Iron/Steel: 0.1%
	2,357,000	@@,#,C	ArcelorMittal, 6.125%, due 06/01/18		2,307,607
					2,307,607
			Media: 0.8%
	9,617,000	#,C	COX Communications, Inc., 6.250%, due 06/01/18		9,405,118
	2,927,000	#,C	COX Communications, Inc., 6.950%, due 06/01/38		2,870,863

Principal Amount				Value
$	4,390,000	C	News America, Inc., 6.650%, due 11/15/37	$	4,300,145
	3,348,000	@@,C	Thomson Reuters Corp., 5.950%, due 07/15/13		3,365,075
	5,578,000	@@,C	Thomson Reuters Corp., 6.500%, due 07/15/18		5,568,478
	3,850,000	C	Time Warner Cable, Inc., 7.300%, due 07/01/38		3,837,888
					29,347,567
			Miscellaneous Manufacturing: 0.4%
	9,126,000		General Electric Co., 5.250%, due 12/06/17		8,789,141
	6,785,000	C	Honeywell International, Inc., 5.300%, due 03/01/18		6,696,279
					15,485,420
			Multi-National: 0.1%
	3,865,000	@@,S	Corp. Andina de Fomento CAF, 5.125%, due 05/05/15		3,666,231
					3,666,231
			Oil & Gas: 0.1%
	2,783,000	@@,#	Empresa Nacional de Petroleo ENAP, 4.875%, due 03/15/14		2,635,927
	1,656,000	@@,#	Empresa Nacional de Petroleo ENAP, 6.750%, due 11/15/12		1,723,464
					4,359,391
			Pipelines: 0.3%
	1,893,000	C	Northwest Pipeline Corp., 7.000%, due 06/15/16		1,968,720
	4,352,000	C	Panhandle Eastern Pipe Line, 6.200%, due 11/01/17		4,129,299
	2,894,000	C	Transcontinental Gas Pipe Line Corp., 6.400%, due 04/15/16		2,904,853
					9,002,872
			Real Estate: 0.9%
	2,828,000	C	iStar Financial, Inc., 5.150%, due 03/01/12		2,334,952
	1,272,000	C	iStar Financial, Inc., 5.500%, due 06/15/12		1,043,919
	2,458,000	C	iStar Financial, Inc., 5.850%, due 03/15/17		1,947,999
	4,960,000	C	iStar Financial, Inc., 8.625%, due 06/01/13		4,542,780
	1,048,000	C	Liberty Property LP, 6.375%, due 08/15/12		1,027,555
	3,933,000	C	Liberty Property LP, 7.750%, due 04/15/09		3,994,009
	975,000	C	Rouse Co., 7.200%, due 09/15/12		899,201
	14,834,000	#,C	Rouse Co. LP/TRC Co.-Issuer, Inc., 6.750%, due 05/01/13		13,440,019
	4,414,000	C	Simon Property Group L.P., 5.300%, due 05/30/13		4,347,247
					33,577,681

See Accompanying Notes to Financial Statements
108

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Retail: 0.6%
$	5,594,749	#,C	CVS Lease Pass-through, 6.036%, due 12/10/28	$	5,209,701
	4,822,000	C	Darden Restaurants, Inc., 5.625%, due 10/15/12		4,637,231
	7,496,000	C	Darden Restaurants, Inc., 6.200%, due 10/15/17		6,967,442
	2,649,000	C	McDonald's Corp., 5.800%, due 10/15/17		2,708,820
	2,248,000	C	Nordstrom, Inc., 7.000%, due 01/15/38		2,152,217
					21,675,411
			Savings & Loans: 0.1%
	200,000	#,C	Washington Mutual IV, 9.750%, due 10/29/49		157,722
	3,000,000	#,C	Washington Mutual Preferred Funding Delaware, 6.534%, due 03/15/11		1,334,349
					1,492,071
			Software: 0.1%
	3,277,000	C	Oracle Corp., 6.500%, due 04/15/38		3,295,921
					3,295,921
			Telecommunications: 0.5%
	9,886,000		Bellsouth Telecommunications, Inc., 7.000%, due 12/01/95		9,278,980
	1,169,000	C	Embarq Corp., 7.995%, due 06/01/36		1,108,821
	10,057,000	C	Sprint Capital Corp., 6.875%, due 11/15/28		8,393,321
					18,781,122
			Transportation: 0.3%
	5,315,000	C	CSX Corp., 6.250%, due 04/01/15		5,340,310
	6,758,000	C	CSX Corp., 7.450%, due 04/01/38		6,793,101
					12,133,411
			Water: 0.1%
	2,218,000	C	American Water Capital Corp., 6.085%, due 10/15/17		2,131,212
	1,859,000	C	American Water Capital Corp., 6.593%, due 10/15/37		1,720,700
					3,851,912
Total Corporate Bonds/Notes (Cost $970,112,049)					884,256,964
U.S. GOVERNMENT AGENCY OBLIGATIONS: 21.7%
			Federal Home Loan Mortgage Corporation: 12.3%
	16,369,788	C,S	2.808%, due 05/15/33		15,921,439
	4,241,186	C,S	3.108%, due 04/15/32		4,232,102
	12,816,000	C,S,L	3.600%, due 05/20/11		12,809,669
	10,665,000	L	3.750%, due 06/28/13		10,481,370

Principal Amount				Value
$	2,572,618	C,S	4.500%, due 12/15/16	$	2,580,741
	7,753,000	C,S	4.500%, due 02/15/20		7,373,933
	8,976,935	C,S	5.000%, due 08/15/16		9,050,022
	9,490,000	C,S	5.000%, due 12/15/17		9,583,113
	2,808,000	C,S	5.000%, due 05/15/20		2,777,838
	5,225,338	C,S	5.000%, due 08/15/21		5,291,753
	7,892,000	C,S	5.000%, due 04/15/23		7,692,843
	6,475,721	C,S	5.000%, due 09/15/31		6,227,972
	2,458,000	C,S	5.000%, due 02/15/32		2,380,467
	10,310,220	C,S	5.000%, due 03/15/32		9,935,413
	6,681,000	C,S	5.000%, due 04/15/32		6,593,868
	7,628,000	C,S	5.000%, due 08/15/32		7,461,644
	9,737,000	C,S	5.000%, due 12/15/32		9,525,999
	3,891,733	C,S	5.000%, due 02/15/35		3,840,823
	900,000	W	5.000%, due 07/15/35		862,453
	1,170,428	S	5.015%, due 04/01/35		1,170,640
	8,930,000	C,S	5.250%, due 03/15/12		8,964,238
	18,196,065	C,S	5.500%, due 08/15/20		17,842,614
	4,161,000	C,S	5.500%, due 12/15/20		4,117,995
	12,728,922	C,S	5.500%, due 11/15/22		12,846,475
	18,218,000	C,S	5.500%, due 06/15/32		17,993,137
	16,989,000	C,S	5.500%, due 07/15/32		17,063,927
	14,157,000	C,S	5.500%, due 09/15/32		14,193,472
	2,494,000	C,S	5.500%, due 10/15/32		2,472,327
	2,217,000	C,S	5.500%, due 11/15/32		2,196,040
	1,100,000	C,S	5.500%, due 04/15/33		1,104,629
	7,306,000	C,S	5.500%, due 07/15/33		7,371,415
	5,030,000	C,S	5.500%, due 08/15/33		5,059,044
	59,784,000	W	5.500%, due 07/15/34		58,896,566
	15,345,301	C,S	6.000%, due 01/15/29		15,743,128
	108,470	S	6.000%, due 02/01/29		110,620
	14,557,506	S	6.000%, due 02/01/36		14,791,507
	60,313,000		6.000%, due 04/15/38		60,925,539
	42,698,000		6.500%, due 07/15/34		44,012,287
	1,136,749	S	7.000%, due 09/01/26		1,193,688
	232,619	S	7.000%, due 11/01/31		245,720
	471,722	S	7.500%, due 11/01/28		511,116
					443,449,586
			Federal National Mortgage Association: 4.2%
	2,360,491	S	2.733%, due 07/25/36		2,324,040
	400,554	S	2.833%, due 08/25/33		394,445
	9,729,000	C,S	3.125%, due 06/04/10		9,664,261
	14,978,000	S	3.875%, due 07/12/13		14,793,171
	1,259,539	S	4.929%, due 04/01/35		1,270,345
	5,072,334	S	5.000%, due 02/25/29		5,109,987
	1,390,152	S	5.027%, due 07/01/35		1,388,370
	944,617	S	5.229%, due 08/01/35		942,140
	18,376	S	5.500%, due 11/01/16		18,695
	90,124	S	5.500%, due 12/01/16		91,686
	13,472	S	5.500%, due 04/01/17		13,688
	10,898	S	5.500%, due 01/01/18		11,073
	477,353	S	5.500%, due 02/01/18		481,420
	8,124	S	5.500%, due 06/01/18		8,244
	55,694	S	5.500%, due 10/01/18		56,590
	5,861,000	S	5.500%, due 05/25/30		5,823,967
	10,174,566	S	5.500%, due 01/25/36		9,902,290
	12,607,415	S	5.500%, due 12/25/36		12,143,650
	10,087,396	S	5.500%, due 02/25/37		10,087,057
	429,553	S	5.500%, due 06/01/37		424,017
	2,889	S	6.000%, due 10/01/08		2,897
	106,078	S	6.000%, due 06/01/16		109,158
	288,053	S	6.000%, due 08/01/16		296,416

See Accompanying Notes to Financial Statements
109

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Federal National Mortgage Association (continued)
$	216,540	S	6.000%, due 10/01/16	$	222,827
	227,971	S	6.000%, due 01/01/17		234,549
	112,547	S	6.000%, due 02/01/17		115,779
	2,157	S	6.000%, due 03/01/17		2,219
	520,367	S	6.000%, due 04/01/17		535,311
	367,437	S	6.000%, due 05/01/17		377,989
	159,787	S	6.000%, due 06/01/17		164,376
	269,883	S	6.000%, due 07/01/17		277,633
	462,491	S	6.000%, due 08/01/17		475,817
	1,367,112	S	6.000%, due 09/01/17		1,406,374
	6,463	S	6.000%, due 10/01/17		6,648
	316,575	S	6.000%, due 11/01/17		325,766
	7,909	S	6.000%, due 02/01/18		8,136
	308,529	S	6.000%, due 04/01/18		316,619
	60,028	S	6.000%, due 09/01/18		61,677
	65,047	S	6.000%, due 10/01/18		66,834
	103,407	S	6.000%, due 11/01/18		106,248
	356,553	S	6.000%, due 12/01/18		366,904
	7,725,119	S	6.000%, due 07/25/29		7,949,048
	4,546,393	S	6.000%, due 04/25/31		4,714,878
	46,099,000	W	6.000%, due 07/14/37		46,509,558
	7,031,314	S	6.000%, due 01/01/38		7,102,177
	197,874	S	6.500%, due 01/01/23		206,415
	37,859	S	6.500%, due 04/01/27		39,403
	61,926	S	6.500%, due 02/01/28		64,450
	175,500	S	6.500%, due 01/01/32		182,325
	128,802	S	6.500%, due 09/01/32		133,730
	382,398	S	6.500%, due 10/01/32		397,029
	12,712	S	7.000%, due 08/01/25		13,499
	4,184	S	7.000%, due 11/01/25		4,444
	48,180	S	7.000%, due 12/01/25		51,164
	85,899	S	7.000%, due 02/01/26		91,218
	184,344	S	7.000%, due 03/01/26		195,771
	6,474	S	7.000%, due 12/01/27		6,876
	79,000	S	7.000%, due 01/01/30		83,556
	2,499,120	S	7.000%, due 06/01/31		2,644,386
	10,954	S	7.500%, due 11/01/29		11,826
	55,953	S	7.500%, due 10/01/30		60,309
	103,199	S	7.500%, due 11/01/30		111,234
	80,671	S	7.500%, due 09/01/31		86,873
	1,348,274	C,S	7.500%, due 01/25/48		1,385,757
	212,490	S	10.000%, due 02/25/19		240,741
					152,715,980
			Government National Mortgage Association: 5.2%
	58,355	S	5.125%, due 12/20/29		58,656
	89,082,000		6.000%, due 07/15/33		90,432,127
	85,058	S	6.375%, due 04/20/28		86,640
	61,579	S	6.500%, due 01/15/29		63,987
	2,152,418	S	6.500%, due 10/15/31		2,235,887
	122,604	S	6.500%, due 01/15/32		127,320
	87,640,000	W	6.500%, due 07/15/38		90,529,403
	370,437	S	7.000%, due 04/15/26		395,556
	2,532	S	7.000%, due 12/15/27		2,702
	34,874	S	7.000%, due 01/15/28		37,197
	145,122	S	7.000%, due 02/15/28		154,790
	149,143	S	7.000%, due 05/15/32		158,789
	23,981	S	7.500%, due 04/15/22		25,801
	6,038	S	7.500%, due 05/15/22		6,496
	4,654	S	7.500%, due 06/15/22		5,007
	1,343	S	7.500%, due 08/15/22		1,445
	184,439	S	7.500%, due 12/15/23		198,424

Principal Amount				Value
$	5,081	S	7.500%, due 06/15/24	$	5,472
	3,563	S	7.500%, due 01/15/26		3,839
	1,643	S	7.500%, due 07/15/26		1,770
	28,796	S	7.500%, due 03/15/29		30,997
	32,819	S	7.500%, due 04/15/29		35,327
	77,906	S	7.500%, due 08/15/29		83,861
	9,668	S	7.500%, due 09/15/29		10,407
	20,658	S	7.500%, due 10/15/29		22,237
	34,080	S	7.500%, due 12/15/29		36,689
	7,346	S	7.500%, due 01/15/30		7,904
	47,445	S	7.500%, due 02/15/30		51,047
	42,971	S	7.500%, due 05/15/30		46,233
	13,945	S	7.500%, due 06/15/30		15,005
	15,789	S	7.500%, due 07/15/30		16,988
	42,161	S	7.500%, due 08/15/30		45,363
	10,916	S	7.500%, due 10/15/30		11,745
	2,903	S	7.500%, due 11/15/30		3,114
	1,541	S	7.500%, due 01/15/31		1,657
	23,482	S	7.500%, due 02/15/31		25,255
	17,438	S	7.500%, due 03/15/31		18,755
	8,846	S	7.500%, due 04/15/31		9,514
	1,573	S	7.500%, due 09/15/31		1,692
	340,910	S	7.500%, due 12/15/31		366,770
	51,564	S	7.500%, due 01/15/32		55,484
	61,180	S	7.500%, due 03/15/32		65,802
	974	S	7.500%, due 04/15/32		1,046
	35,809	S	7.500%, due 05/15/32		38,471
	91,596	S	7.500%, due 06/15/32		98,404
					185,631,075
Total U.S. Government Agency Obligations (Cost $783,210,870)					781,796,641
U.S. TREASURY OBLIGATIONS: 22.0%
			U.S. Treasury Bonds: 7.9%
	196,433,000	L	3.875%, due 05/15/18		194,852,500
	83,846,000	L	5.000%, due 05/15/37		90,134,534
					284,987,034
			U.S. Treasury Notes: 10.6%
	47,236,000	S	2.875%, due 06/30/10		47,468,028
	334,415,000	L	3.375%, due 06/30/13		335,120,616
					382,588,644
			Treasury Inflation Indexed Protected Securitiesip: 3.5%
	34,617,531	L	0.875%, due 04/15/10		35,226,072
	19,020,701	L	1.750%, due 01/15/28		18,102,363
	69,489,786	S,L	2.000%, due 04/15/12		73,333,475
					126,661,910
Total U.S. Treasury Obligations (Cost $790,100,299)					794,237,588
ASSET-BACKED SECURITIES: 2.3%
			Credit Card Asset-Backed Securities: 0.1%
	4,167,000	C,S	Citibank Credit Card Issuance Trust, 5.650%, due 09/20/19		4,116,217
					4,116,217

See Accompanying Notes to Financial Statements
110

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Home Equity Asset-Backed Securities: 0.9%
$	1,253,000	C,S	GMAC Mortgage Corp. Loan Trust, 6.249%, due 12/25/37	$	425,245
	10,593,000	C,S	GSAA Trust, 5.242%, due 06/25/34		10,418,549
	3,328,000	#,C,S	Irwin Home Equity, 5.960%, due 08/25/37		2,153,319
	350,262	C,S	Merrill Lynch Mortgage Investors, Inc., 2.843%, due 07/25/34		307,158
	2,937,067	C,S	Morgan Stanley Capital I, 3.683%, due 06/25/33		2,498,396
	9,285,000	C,S	Morgan Stanley Mortgage Loan Trust, 5.858%, due 01/25/47		6,402,525
	243,876	C,S	Renaissance Home Equity Loan Trust, 4.456%, due 05/25/35		241,964
	3,393,000	C,S	Residential Funding Mortgage Securities II, Inc., 5.890%, due 05/25/37		2,674,614
	4,000,000	C,S	Specialty Underwriting & Residential Finance, 2.683%, due 12/25/36		3,616,732
	1,472,756	C,S	Wells Fargo Home Equity Trust, 3.970%, due 05/25/34		1,436,529
	500,000	C,S	Wells Fargo Home Equity Trust, 4.430%, due 05/25/34		486,381
					30,661,412
			Other Asset-Backed Securities: 1.3%
	274,483	C,S	Amortizing Residential Collateral Trust, 2.733%, due 05/25/32		202,903
	1,327,047	C,S	Bear Stearns Asset-Backed Securities, Inc., 2.883%, due 07/25/36		600,481
	622,000	S	CenterPoint Energy Transition Bond Co., LLC, 4.192%, due 02/01/20		605,577
	362,000	S	CenterPoint Energy Transition Bond Co., LLC, 5.234%, due 02/01/23		347,362
	599,529	C,S	Chase Funding Mortgage Loan Asset-Backed Certificates, 2.783%, due 07/25/33		547,007
	33,363	C,S	Chase Funding Mortgage Loan Asset-Backed Certificates, 4.045%, due 05/25/33		32,919
	85,000	C,S	Countrywide Asset-Backed Certificates, 5.689%, due 10/25/46		75,756

Principal Amount				Value
$	6,436,510	C,S	Credit-Based Asset Servicing and Securitization, LLC, 4.831%, due 08/25/35	$	6,355,020
	4,238,099	C,S	Credit-Based Asset Servicing and Securitization, LLC, 5.501%, due 12/25/36		4,116,418
	3,360,000	#,C,S	Credit-Based Asset Servicing and Securitization, LLC, 5.746%, due 12/25/37		2,706,376
	2,876,000	#,C,S	Credit-Based Asset Servicing and Securitization, LLC, 6.020%, due 12/25/37		1,852,325
	3,195,189	C,S	Equity One, Inc., 5.050%, due 09/25/33		2,882,045
	589,438	C,S	Fannie Mae, 2.623%, due 04/25/35		574,688
	2,265,290	C,S	First Horizon Asset Back Trust, 2.613%, due 09/25/29		1,921,725
	13,534,000	#,C,S	Grand Horn Ltd., 3.310%, due 01/12/22		12,552,785
	6,265,000	#,C,S,I	Hudson Mezzanine Funding, 3.206%, due 06/12/42		15,663
	2,736,247	C,S	Lehman XS Trust, 2.763%, due 08/25/35		2,034,878
	2,080,729	@@,#,C,S	Liberty Square CDO Ltd., 3.181%, due 04/15/13		1,981,894
	1,012,673	C,S	Merrill Lynch Mortgage Investors, Inc., 2.663%, due 09/25/36		758,058
	1,604,496	C,S	Merrill Lynch Mortgage Investors, Inc., 5.609%, due 03/25/37		1,526,678
	34,572	C,S	Popular Mortgage Pass-through Trust, 4.000%, due 12/25/34		33,967
	53,510	C,S	Residential Asset Mortgage Products, Inc., 3.103%, due 06/25/33		42,698
	2,873,655	C,S	Structured Asset Securities Corp., 4.910%, due 06/25/33		2,550,074
	3,625,000	@@,#,C,S	TCW Select Loan Fund Ltd., Inc., 3.490%, due 10/10/13		3,407,500
					47,724,797
Total Asset-Backed Securities (Cost $98,443,478)					82,502,426
COLLATERALIZED MORTGAGE OBLIGATIONS: 23.6%
	771,159	C,S	American Home Mortgage Assets, 4.318%, due 02/25/47		470,284
	9,616,403	C,S	American Home Mortgage Assets, 4.448%, due 11/25/46		7,108,587

See Accompanying Notes to Financial Statements
111

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	4,480,060	C,S	American Home Mortgage Assets, 4.528%, due 09/25/46	$	2,571,001
	4,724,739	C,S	American Home Mortgage Investment Trust, 2.773%, due 11/25/45		3,577,693
	6,864,998	#	Astoria Depositor Corp., 7.902%, due 05/01/21		6,796,348
	10,168,783	C,S	Banc of America Alternative Loan Trust, 6.280%, due 11/25/21		9,330,310
	7,948,374	C,S	Banc of America Alternative Loan Trust, 6.479%, due 04/25/37		7,240,445
	138,064,951	C,S,^	Banc of America Commercial Mortgage, Inc., 0.465%, due 01/15/49		2,411,815
	781,000	C,S	Banc of America Commercial Mortgage, Inc., 4.161%, due 12/10/42		775,744
	395,000	C,S	Banc of America Commercial Mortgage, Inc., 4.429%, due 11/10/39		383,226
	4,010,000	C,S	Banc of America Commercial Mortgage, Inc., 4.502%, due 07/10/42		3,908,859
	7,299,751	C,S	Banc of America Commercial Mortgage, Inc., 4.611%, due 07/10/43		7,266,478
	2,783,000	C,S	Banc of America Commercial Mortgage, Inc., 4.764%, due 07/10/45		2,762,953
	3,943,755	C,S	Banc of America Commercial Mortgage, Inc., 4.772%, due 07/11/43		3,936,331
	204,713	C,S	Banc of America Commercial Mortgage, Inc., 4.877%, due 11/10/42		204,511
	4,150,000	C,S	Banc of America Commercial Mortgage, Inc., 4.891%, due 07/10/45		4,052,515
	3,295,000	C,S	Banc of America Commercial Mortgage, Inc., 5.463%, due 09/10/47		2,516,564
	1,000,000	C,S	Banc of America Commercial Mortgage, Inc., 6.186%, due 06/11/35		1,028,131

Principal Amount				Value
$	5,947,321	C,S	Banc of America Funding Corp., 2.692%, due 05/20/47	$	4,106,196
	7,199,407	C,S	Banc of America Funding Corp., 2.692%, due 06/20/47		5,175,666
	10,969,694	C,S	Banc of America Funding Corp., 5.258%, due 09/20/35		10,379,583
	19,671,881	C,S	Banc of America Funding Corp., 5.651%, due 06/20/37		18,618,562
	5,198,477	C,S	Banc of America Funding Corp., 5.750%, due 09/20/34		4,861,564
	3,643,908	C,S	Banc of America Funding Corp., 7.000%, due 10/25/37		3,274,293
	5,292,757	C,S	Banc of America Mortgage Securities, Inc., 5.173%, due 09/25/35		4,972,512
	2,075,000	C,S	Banc of America Mortgage Securities, Inc., 5.250%, due 11/25/19		2,001,036
	2,241,674	C,S	Banc of America Mortgage Securities, Inc., 5.500%, due 11/25/33		2,085,069
	3,670,837	C,S	Banc of America Mortgage Securities, Inc., 5.500%, due 06/25/35		3,632,568
	1,305,190	C,S	Bear Stearns Alternative-A Trust, 2.803%, due 07/25/34		1,113,859
	409,569	C,S	Bear Stearns Commercial Mortgage Securities, 4.030%, due 02/13/46		406,753
	1,206,000	C,S	Bear Stearns Commercial Mortgage Securities, 4.565%, due 07/11/42		1,179,057
	416,788	C,S	Bear Stearns Commercial Mortgage Securities, 5.415%, due 04/12/38		418,398
	5,802,000	#,C,S	Bear Stearns Commercial Mortgage Securities, 5.660%, due 09/11/41		4,520,752
	3,221,000	C,S	Bear Stearns Commercial Mortgage Securities, 7.780%, due 02/15/32		3,327,270
	330,886	C,S	Capco America Securitization Corp., 6.260%, due 10/15/30		331,474
	325,000	C,S	Capco America Securitization Corp., 6.460%, due 10/15/30		326,262
	5,680,827	C,S	Chase Manhattan Bank-First Union National Bank, 7.439%, due 08/15/31		5,811,181

See Accompanying Notes to Financial Statements
112

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	10,449,665	C,S	Chase Mortgage Finance Corp., 5.409%, due 12/25/35	$	9,638,551
	6,440,527	C,S	Chase Mortgage Finance Corp., 5.500%, due 11/25/35		6,341,330
	9,259,031	C,S	Chaseflex Trust, 6.500%, due 02/25/37		7,268,228
	5,752,081	C,S	Citigroup Mortgage Loan Trust, Inc., 5.937%, due 06/25/36		5,197,725
	10,542,965	C,S	Citigroup Mortgage Loan Trust, Inc., 6.000%, due 11/25/35		10,067,502
	22,254,988	C,S	Citigroup Mortgage Loan Trust, Inc., 6.058%, due 08/25/36		20,167,259
	2,463,347	C,S	Citigroup Mortgage Securities, Inc., 5.500%, due 02/25/22		2,378,808
	819,000	C,S	Commercial Mortgage Pass-through Certificates, 3.600%, due 03/10/39		815,579
	2,349,559	C,S	Countrywide Alternative Loan Trust, 2.723%, due 11/25/46		1,292,113
	167,732	C,S	Countrywide Alternative Loan Trust, 2.783%, due 02/25/35		156,577
	972,747	C,S	Countrywide Alternative Loan Trust, 3.183%, due 09/25/36		948,470
	7,390,234	C,S	Countrywide Alternative Loan Trust, 4.408%, due 11/25/46		4,203,195
	12,577,816	C,S	Countrywide Alternative Loan Trust, 5.407%, due 10/25/35		10,000,845
	2,394,166	C,S	Countrywide Alternative Loan Trust, 5.500%, due 02/25/25		2,169,025
	3,998,008	C,S	Countrywide Home Loan Mortgage Pass-through Trust, 5.250%, due 10/25/35		3,513,628
	19,320,590	C,S	Countrywide Home Loan Mortgage Pass-through Trust, 5.750%, due 07/25/37		18,841,476
	1,515,802	C,S	Credit Suisse First Boston Mortgage Securities Corp., 3.727%, due 03/15/35		1,458,770
	1,062,274	C,S	Credit Suisse First Boston Mortgage Securities Corp., 3.819%, due 05/15/36		1,029,237
	2,328,000	C,S	Credit Suisse First Boston Mortgage Securities Corp., 4.801%, due 03/15/36		2,268,422

Principal Amount				Value
$	1,386,635	C,S	Credit Suisse First Boston Mortgage Securities Corp., 5.000%, due 08/25/20	$	1,331,015
	184,000	C,S	Credit Suisse First Boston Mortgage Securities Corp., 7.842%, due 04/15/62		193,089
	3,620,969	C,S	Credit Suisse Mortgage Capital Certificates, 7.000%, due 08/25/36		3,263,714
	2,232,035	C,S	DLJ Commercial Mortgage Corp., 7.300%, due 06/10/32		2,273,621
	10,715,285	C,S	First Horizon Alternative Mortgage Securities, 5.500%, due 08/25/35		9,562,042
	3,871,812	C,S	First Horizon Asset Securities, Inc., 5.500%, due 12/25/35		3,813,737
	3,400,000	C,S	First Union National Bank Commercial Mortgage, 6.663%, due 01/12/43		3,505,393
	131,184,990	C,S,^	GE Capital Commercial Mortgage Corp., 0.505%, due 06/10/48		1,727,234
	737,054	C,S	GE Capital Commercial Mortgage Corp., 3.752%, due 07/10/39		734,880
	803,000	C,S	GE Capital Commercial Mortgage Corp., 4.371%, due 01/10/38		794,703
	351,000	C,S	GE Capital Commercial Mortgage Corp., 4.865%, due 07/10/39		345,608
	872,692	C,S	GE Capital Commercial Mortgage Corp., 5.560%, due 06/10/38		881,041
	3,532,918	C,S	GMAC Mortgage Corp. Loan Trust, 4.582%, due 10/19/33		3,277,670
	7,794,505	C,S	GMAC Mortgage Corp. Loan Trust, 5.251%, due 03/18/35		7,338,429
	4,642,742	C,S	GMAC Mortgage Corp. Loan Trust, 5.462%, due 11/19/35		4,365,442
	254,628	C,S	GMAC Mortgage Corp. Loan Trust, 5.500%, due 09/25/34		251,759
	109,240,059	#,C,S,^	Greenwich Capital Commercial Funding Corp., 0.323%, due 03/10/39		1,973,804
	6,871,000	C,S	Greenwich Capital Commercial Funding Corp., 5.117%, due 04/10/37		6,861,290
	3,280,000	C,S	Greenwich Capital Commercial Funding Corp., 5.534%, due 03/10/39		2,382,635

See Accompanying Notes to Financial Statements
113

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,660,000	C,S	Greenwich Capital Commercial Funding Corp., 5.554%, due 03/10/39	$	1,189,368
	1,325,000	C,S	Greenwich Capital Commercial Funding Corp., 5.613%, due 03/10/39		871,363
	12,993,000	C,S	GS Mortgage Securities Corp. II, 5.560%, due 11/10/39		12,463,344
	4,390,000	C,S	GS Mortgage Securities Corp. II, 5.627%, due 04/10/38		3,237,659
	1,252,911	#,C,S	GSMPS Mortgage Loan Trust, 2.833%, due 01/25/35		1,134,265
	2,844,940	C,S	GSR Mortgage Loan Trust, 5.500%, due 07/25/35		2,704,364
	7,232,758	C,S	GSR Mortgage Loan Trust, 6.500%, due 10/25/36		7,276,642
	1,007,059	C,S	Harborview Mortgage Loan Trust, 2.833%, due 01/19/35		873,935
	689,304	C,S	Homebanc Mortgage Trust, 3.343%, due 08/25/29		653,906
	15,000,000	C,S	JPMorgan Alternative Loan Trust, 2.653%, due 08/25/36		12,788,106
	1,036,731	C,S	JPMorgan Alternative Loan Trust, 5.505%, due 01/25/36		900,974
	356,239,474	C,S,^	JPMorgan Chase Commercial Mortgage Securities Corp., 0.040%, due 01/12/43		389,227
	553,177	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 4.200%, due 07/12/35		546,326
	3,944,000	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 4.223%, due 01/15/42		3,907,544
	3,875,346	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 4.275%, due 01/12/37		3,781,460
	1,402,000	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 4.865%, due 03/15/46		1,367,596
	978,000	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 5.455%, due 05/15/47		799,021
	3,434,790	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 5.475%, due 04/15/43		3,289,443

Principal Amount				Value
$	1,951,000	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 5.495%, due 05/15/47	$	1,516,492
	594,399	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 6.023%, due 04/15/45		600,310
	4,421,000	C,S	JPMorgan Chase Commercial Mortgage Securities Corp., 6.051%, due 04/15/45		4,449,186
	29,195,985	C,S	JPMorgan Mortgage Trust, 5.403%, due 11/25/35		27,917,467
	28,052,553	C,S,^	LB-UBS Commercial Mortgage Trust, 0.676%, due 02/15/40		739,914
	1,873,000	C,S	LB-UBS Commercial Mortgage Trust, 3.992%, due 10/15/29		1,856,005
	7,078,000	C,S	LB-UBS Commercial Mortgage Trust, 4.201%, due 12/15/29		7,028,055
	509,000	C,S	LB-UBS Commercial Mortgage Trust, 4.310%, due 02/15/30		504,220
	1,717,000	C,S	LB-UBS Commercial Mortgage Trust, 4.510%, due 12/15/29		1,667,804
	2,302,204	C,S	LB-UBS Commercial Mortgage Trust, 4.567%, due 06/15/29		2,302,623
	2,888,510	C,S	LB-UBS Commercial Mortgage Trust, 4.821%, due 04/15/30		2,883,486
	1,112,000	C,S	LB-UBS Commercial Mortgage Trust, 4.836%, due 02/15/40		950,008
	2,060,000	C,S	LB-UBS Commercial Mortgage Trust, 4.885%, due 09/15/30		2,056,593
	2,416,000	C,S	LB-UBS Commercial Mortgage Trust, 4.998%, due 04/15/30		2,368,677
	3,500,000	C,S	LB-UBS Commercial Mortgage Trust, 5.103%, due 11/15/30		3,493,631
	5,512,000	C,S	LB-UBS Commercial Mortgage Trust, 5.347%, due 11/15/38		5,206,815
	6,517,000	C,S	LB-UBS Commercial Mortgage Trust, 5.403%, due 02/15/40		6,196,818
	4,256,000	C,S	LB-UBS Commercial Mortgage Trust, 5.456%, due 04/15/40		3,437,972
	2,358,000	C,S	LB-UBS Commercial Mortgage Trust, 5.516%, due 11/15/38		1,625,052
	1,693,000	C,S	LB-UBS Commercial Mortgage Trust, 5.533%, due 02/15/40		1,215,062

See Accompanying Notes to Financial Statements
114

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	3,386,000	C,S	LB-UBS Commercial Mortgage Trust, 5.563%, due 02/15/40	$	2,363,279
	3,854,000	C,S	LB-UBS Commercial Mortgage Trust, 6.080%, due 06/15/38		3,802,491
	244,000	C,S	LB-UBS Commercial Mortgage Trust, 6.226%, due 03/15/26		246,151
	7,500,000	C,S	LB-UBS Commercial Mortgage Trust, 6.317%, due 04/15/41		7,328,366
	1,900,000	C,S	LB-UBS Commercial Mortgage Trust, 6.317%, due 04/15/41		1,916,699
	15,737,000	C,S	LB-UBS Commercial Mortgage Trust, 6.365%, due 12/15/28		16,166,323
	11,696,779	C,S	LB-UBS Commercial Mortgage Trust, 7.370%, due 08/15/26		12,140,570
	3,766,881	C,S	Luminent Mortgage Trust, 2.683%, due 10/25/46		2,709,711
	350,634	C,S	MASTR Adjustable Rate Mortgages Trust, 4.534%, due 01/25/47		238,596
	3,752,000	C,S	MASTR Alternative Loans Trust, 6.250%, due 07/25/36		3,289,716
	64,278	C,S	MASTR Alternative Loans Trust, 6.500%, due 05/25/33		61,702
	709,741	C,S	MASTR Alternative Loans Trust, 8.500%, due 05/25/33		718,319
	1,728,669	C,S	MASTR Asset Securitization Trust, 5.500%, due 06/25/33		1,637,312
	3,897,657	C,S	MASTR Reperforming Loan Trust, 2.843%, due 07/25/35		3,259,789
	83,495,729	#,C,S,^	Merrill Lynch Mortgage Trust, 0.177%, due 11/12/35		369,677
	104,154,377	S,^	Merrill Lynch Mortgage Trust, 0.215%, due 10/12/41		1,697,716
	2,725,000	C,S	Merrill Lynch Mortgage Trust, 4.892%, due 02/12/42		2,674,227
	19,329,167	C,S,^	Merrill Lynch/Countrywide Commercial Mortgage Trust, 0.732%, due 08/12/48		597,422
	1,445,000	C,S	Merrill Lynch/Countrywide Commercial Mortgage Trust, 5.479%, due 08/12/48		1,028,600
	1,617,000	C,S	Merrill Lynch/Countrywide Commercial Mortgage Trust, 5.509%, due 08/12/48		1,119,088

Principal Amount				Value
$	985,369	C,S	MLCC Mortgage Investors, Inc., 2.713%, due 04/25/29	$	902,723
	447,744	C,S	MLCC Mortgage Investors, Inc., 2.803%, due 01/25/29		412,238
	8,915,000	C,S	Morgan Stanley Capital I, 5.007%, due 01/14/42		8,758,777
	1,834,905	C,S	Morgan Stanley Dean Witter Capital I, 4.180%, due 03/12/35		1,768,679
	70,421	C,S	MortgageIT Trust, 2.853%, due 11/25/35		41,230
	3,764,000	C,S	New York Mortgage Trust, Inc., 5.647%, due 05/25/36		3,586,578
	1,804,000	C,S	Nomura Asset Securities Corp., 6.690%, due 03/15/30		1,871,039
	1,863,455	C,S	Prime Mortgage Trust, 2.983%, due 02/25/35		1,199,292
	2,089,697	C,S	Prudential Commercial Mortgage Trust, 3.669%, due 02/11/36		2,045,406
	13,974,373	C,S	RAAC Series, 5.250%, due 09/25/34		13,290,970
	1,643,703	C,S	Residential Accredit Loans, Inc., 2.713%, due 05/25/46		878,452
	14,388,058	C,S	Residential Accredit Loans, Inc., 5.500%, due 05/25/34		9,736,292
	1,227,940	C,S	Residential Funding Mortgage Security I, 2.933%, due 05/25/33		1,162,659
	640,882	C,S	Sequoia Mortgage Trust, 2.752%, due 01/20/35		610,554
	811,372	C,S	Structured Adjustable Rate Mortgage Loan Trust, 2.793%, due 07/25/35		630,434
	1,281,779	C,S	Structured Asset Mortgage Investments, Inc., 2.723%, due 04/19/35		1,200,148
	5,591,516	C,S	Structured Asset Mortgage Investments, Inc., 6.137%, due 12/27/35		4,816,318
	1,248,563	C,S	Structured Asset Securities Corp., 5.500%, due 07/25/33		1,169,599
	2,025,038	C,S	Thornburg Mortgage Securities Trust, 2.833%, due 12/25/33		2,018,888
	2,087,568	C,S	Thornburg Mortgage Securities Trust, 2.853%, due 09/25/44		2,003,090
	630,000	C,S	Wachovia Bank Commercial Mortgage Trust, 5.285%, due 07/15/42		630,328

See Accompanying Notes to Financial Statements
115

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,336,000	#,C,S	Wachovia Bank Commercial Mortgage Trust, 5.384%, due 10/15/44	$	1,011,163
	11,328,000	C,S	Wachovia Bank Commercial Mortgage Trust, 5.384%, due 10/15/44		9,054,461
	1,896,576	C,S	WaMu Mortgage Pass-Through Certificates, 5.636%, due 12/25/36		1,652,704
	7,399,835	C,S	Washington Mutual Mortgage Pass-through Certificates, 2.683%, due 09/25/46		3,763,577
	916,820	C,S	Washington Mutual Mortgage Pass-through Certificates, 2.793%, due 01/25/45		710,842
	1,146,888	C,S	Washington Mutual Mortgage Pass-through Certificates, 2.803%, due 08/25/45		914,387
	906,832	C,S	Washington Mutual Mortgage Pass-through Certificates, 2.858%, due 06/25/44		844,204
	1,666,108	C,S	Washington Mutual Mortgage Pass-through Certificates, 2.883%, due 08/25/45		1,286,792
	1,200,325	C,S	Washington Mutual Mortgage Pass-through Certificates, 3.083%, due 07/25/36		1,039,022
	4,782,000	C,S	Washington Mutual Mortgage Pass-through Certificates, 3.796%, due 06/25/34		4,688,251
	30,333	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.228%, due 02/25/47		22,939
	7,306,950	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.228%, due 03/25/47		5,013,166
	20,015,365	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.268%, due 01/25/47		15,174,361
	11,613,281	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.278%, due 06/25/47		8,339,713
	8,856,030	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.288%, due 04/25/47		5,744,900

Principal Amount				Value
$	12,841,244	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.298%, due 04/25/47	$	9,699,627
	12,579,705	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.298%, due 05/25/47		9,509,828
	4,659,150	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.298%, due 05/25/47		2,961,638
	727,625	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.338%, due 12/25/46		402,286
	4,703,102	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.338%, due 07/25/47		3,388,605
	4,250,176	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.338%, due 07/25/47		2,389,020
	2,044,109	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.361%, due 01/25/47		1,533,081
	7,853,689	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.368%, due 11/25/46		5,353,546
	1,467,979	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.368%, due 11/25/46		753,318
	8,268,953	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.488%, due 09/25/46		5,847,199
	6,543,408	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.498%, due 05/25/46		4,032,023
	846,156	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.498%, due 06/25/46		541,540
	15,555,462	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.518%, due 06/25/46		11,977,705
	2,290,463	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.774%, due 07/25/46		1,622,839
	1,489,580	C,S	Washington Mutual Mortgage Pass-through Certificates, 4.780%, due 10/25/46		1,117,185
	4,345,240	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.000%, due 12/25/18		4,185,525

See Accompanying Notes to Financial Statements
116

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$	1,627,231	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.028%, due 11/25/46	$	813,615
	8,147,645	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.494%, due 01/25/37		7,502,962
	1,211,180	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.494%, due 01/25/37		1,062,311
	14,199,603	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.673%, due 06/25/37		12,795,677
	19,389,377	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.698%, due 06/25/37		18,000,609
	1,070,215	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.818%, due 06/25/37		976,752
	2,989,000	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.819%, due 10/25/36		2,849,355
	10,872,836	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.874%, due 07/25/37		10,282,074
	6,365,846	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.878%, due 07/25/37		5,728,833
	3,213,194	C,S	Washington Mutual Mortgage Pass-through Certificates, 5.911%, due 07/25/37		2,914,788
	3,425,936	C,S	Washington Mutual Mortgage Pass-through Certificates, 6.000%, due 06/25/34		3,298,626
	4,840,734	C,S	Wells Fargo Alternative Loan Trust, 6.000%, due 06/25/37		4,020,109
	2,360,246	C,S	Wells Fargo Alternative Loan Trust, 6.250%, due 11/25/37		2,257,777
	9,348,016	C,S	Wells Fargo Mortgage-Backed Securities Trust, 6.000%, due 12/28/37		8,400,127
	6,983,000	C,S	Wells Fargo Mortgage-Backed Securities Trust, 3.498%, due 06/25/35		6,810,576
	5,950,000	C,S	Wells Fargo Mortgage-Backed Securities Trust, 4.500%, due 08/25/18		5,779,426

Principal Amount				Value
$	8,712,000	C,S	Wells Fargo Mortgage-Backed Securities Trust, 4.789%, due 07/25/34	$	8,334,166
	3,962,529	C,S	Wells Fargo Mortgage-Backed Securities Trust, 4.886%, due 08/25/34		3,752,312
	6,166,058	C,S	Wells Fargo Mortgage-Backed Securities Trust, 5.000%, due 12/25/33		5,763,352
	9,621,709	C,S	Wells Fargo Mortgage-Backed Securities Trust, 5.111%, due 03/25/36		8,857,178
	29,079	C,S	Wells Fargo Mortgage-Backed Securities Trust, 5.258%, due 10/25/35		28,786
	10,437,034	C,S	Wells Fargo Mortgage-Backed Securities Trust, 5.387%, due 08/25/35		9,808,349
	8,224,511	C,S	Wells Fargo Mortgage-Backed Securities Trust, 5.634%, due 12/25/36		7,695,372
	7,635,174	C,S	Wells Fargo Mortgage-Backed Securities Trust, 5.935%, due 11/25/36		7,009,747
	8,757,790	C,S	Wells Fargo Mortgage-Backed Securities Trust, 5.938%, due 10/25/36		8,071,050
	9,486,679	C,S	Wells Fargo Mortgage-Backed Securities Trust, 6.000%, due 06/25/36		9,148,174
Total Collateralized Mortgage Obligations (Cost $947,467,904)					850,345,427
MUNICIPAL BONDS: 1.1%
			California: 0.2%
	6,691,000	C,S	City of San Diego, 7.125%, due 06/01/32		6,116,912
					6,116,912
			Florida: 0.1%
	3,775,000	C	Florida State Board of Education, 4.750%, due 06/01/35		3,561,486
					3,561,486
			Lousiana: 0.2%
	7,635,000	C	State of Louisiana, 5.000%, due 10/15/17		8,016,063
					8,016,063

See Accompanying Notes to Financial Statements
117

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Michigan: 0.3%
$	12,440,000	S	Michigan Tobacco Settlement Finance Authority, 7.309%, due 06/01/34	$	11,540,339
					11,540,339
			Washington: 0.3%
	8,530,000	C	State of Washington, 5.000%, due 01/01/33		8,626,389
					8,626,389
Total Municipal Bonds (Cost $39,406,816)					37,861,189
OTHER BONDS: 2.1%
			Foreign Government Bonds: 2.1%
JPY	7,997,991,000	S	Japan Government CPI Linked, 1.200%, due 12/10/17		75,626,114
Total Other Bonds (Cost $76,645,046)					75,626,114
Shares				Value
PREFERRED STOCK: 1.1%
			Banks: 0.1%
	248,050	@@,P	Santander Finance		4,117,630
					4,117,630
			Diversified Financial Services: 0.6%
	182,000	P	Deutsche Bank Capital Trust II		3,594,500
	159,000	P	JPMorgan Chase Capital XXVI		4,116,510
	327,325	P	Merrill Lynch & Co., Inc.		4,435,254
	8,933	#,P	Zurich RegCaPS Funding Trust		8,558,931
					20,705,195
			Insurance: 0.4%
	348,467	@@,P	Aegon NV		5,958,786
	134,500	@@,P	Aegon NV-Series 1		2,258,255
	312,072	P	Metlife, Inc.		6,678,341
					14,895,382
			Sovereign: 0.0%
	73,000	P	Federal National Mortgage Association, Series P		1,312,540
					1,312,540
Total Preferred Stock (Cost $52,830,181)					41,030,747
Total Long-Term Investments (Cost $3,758,216,643)					3,547,657,096

Principal Amount				Value
SHORT-TERM INVESTMENTS: 32.3%
			Commercial Paper: 7.5%
$	20,000,000	S	Alcoa, 2.850%, due 07/09/08	$	19,985,750
	7,000,000	S	Alcoa, 2.960%, due 07/21/08		6,987,954
	5,000,000	S	Alcoa, 2.960%, due 08/04/08		4,985,660
	34,000,000	S	Crown Point Capital, 2.900%, due 07/14/08		33,961,655
	35,000,000	S	CVS Corp., 2.900%, due 07/01/08		34,997,180
	25,000,000	S	Dow Chemical Co., 2.793%, due 07/28/08		24,942,639
	1,000,000	S	Fortune Brands, Inc., 2.880%, due 07/09/08		999,280
	1,200,000	#,S	Fortune Brands, Inc., 2.900%, due 07/07/08		1,199,323
	2,532,000	#,S	General Mills, Inc., 2.800%, due 07/08/08		2,530,425
	30,000,000	S	General Mills, Inc., 2.890%, due 07/24/08		29,942,400
	30,000,000	S	Jupiter Securities Co., LLC, 2.590%, due 08/07/08		29,918,348
	2,900,000	S	Kellogg Co., 2.750%, due 07/16/08		2,896,456
	25,000,000	S	Kellogg Co., 2.770%, due 07/22/08		24,957,700
	10,000,000	#,S	Unitedhealth Group, Inc., 2.771%, due 07/22/08		9,981,972
	30,000,000	S	Volkswagen of America, 2.850%, due 07/14/08		29,966,751
	5,000,000	S	Volkswagen of America, 3.050%, due 07/01/08		4,999,576
	7,500,000	S	Weatherford International Ltd., 3.050%, due 07/01/08		7,499,366
Total Commercial Paper (Cost $270,752,435)					270,752,435
Shares				Value
			Mutual Fund: 2.6%
	92,725,000	**,S	ING Institutional Prime Money Market Fund		92,725,000
Total Mutual Fund (Cost $92,725,000)					92,725,000
Principal Amount				Value
			U.S. Treasury Bills: 0.3%
$	10,000,000	Z	2.110%, due 12/04/08		9,910,210
Total U.S. Treasury Bills (Cost $9,913,767)					9,910,210

See Accompanying Notes to Financial Statements
118

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
		Repurchase Agreement: 0.2%
$	8,806,000	S	Goldman Sachs Repurchase Agreement dated 06/30/08, 2.350%, due 07/01/08, $8,806,575 to be received upon repurchase (Collateralized by $8,830,200 U.S. Treasury, 3.500%, Market Value plus accrued interest $8,982,207, due 12/15/09)	$	8,806,000
Total Repurchase Agreement (Cost $8,806,000)					8,806,000
		Securities Lending Collateralcc: 21.7%
	780,560,923		Bank of New York Mellon Corp. Institutional Cash Reserves		780,560,923
Total Securities Lending Collateral (Cost $780,560,923)					780,560,923
Total Short-Term Investments (Cost $1,162,758,125)					1,162,754,568

Total Investments in Securities (Cost $4,920,974,768)*	130.7	%	$	4,710,411,664
Other Assets and Liabilities - Net	(30.7	)		(1,106,034,516	)
Net Assets	100.0	%	$	3,604,377,148

@@  Foreign Issuer

MASTR  Mortgage Asset Securitization Transaction, Inc.

#  Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds' Board of Directors/Trustees.

C  Bond may be called prior to maturity date.

P  Preferred Stock may be called prior to convertible date.

cc  Securities purchased with cash collateral for securities loaned.

ip  Treasury inflation indexed protected security whose principal value is adjusted in accordance with changes to the Consumer Price Index.

W  Settlement is on a when-issued or delayed-delivery basis with final maturity to be announced in the future.

S  All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities.

I  Illiquid security

L  Loaned security, a portion or all of the security is on loan at June 30, 2008.

**  Investment in affiliate

±  Defaulted security

^  Interest only securities represent the right to receive the monthly interest payments on an underlying pool of

mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.

Z  Indicates Zero Coupon Bond; rate shown reflects current effective yield.

BRL  Brazilian Real

JPY  Japanese Yen

*  Cost for federal income tax purposes is $4,926,851,466.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	7,565,729
Gross Unrealized Depreciation		(224,005,531	)
Net Unrealized Depreciation	$	(216,439,802	)

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 ("SFAS 157"), "Fair Value Measurements." This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical investments

•  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Portfolio's own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio's investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	873,285,923	$	(2,095,870	)
Level 2 — Other Significant Observable Inputs		3,701,500,688		38,078,861
Level 3 — Significant Unobservable Inputs		135,625,053		3,453,021
Total	$	4,710,411,664	$	39,436,012

*  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended June 30, 2008, were as follows:

	Investments in Securities			Other Financial Instruments**
Balance at 12/31/07	$	99,898,567		$	(358,101	)
Net purchases/sales		46,631,559			2,041,290
Total realized and unrealized gain (loss)		(10,905,073	)		1,769,832
Transfers in and/or out of Level 3		—			—
Balance at 06/30/08	$	135,625,053		$	3,453,021

**  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

See Accompanying Notes to Financial Statements
119

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

For the six months ended June 30, 2008, total unrealized gain (loss) on Level 3 securities attributable to the change in net assets was $(17,520,383). Total unrealized gain (loss) for all securities (including Level 1 and Level 2) can be found on the accompanying Statements of Operations.

At June 30, 2008 the following forward foreign currency contracts were outstanding for the ING VP Intermediate Bond Portfolio:

Currency	Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation/ (Depreciation)
Brazil Real BRL 7,197,600	Sell	07/11/08		4,322,883		4,476,912	$	(154,029	)
British Pound Sterling GBP 18,168,600	Sell	08/07/08		35,664,090		36,078,815		(414,725	)
Japanese Yen JPY 6,022,187,900	Sell	07/11/08		57,571,352		56,750,955		820,397
New Zealand Dollars NZD 69,835,600	Sell	07/11/08		54,792,174		53,118,600		1,673,574
New Zealand Dollars NZD 26,466,499	Sell	07/11/08		19,987,500		20,131,042		(143,542	)
							$	1,781,675

ING VP Intermediate Bond Portfolio Open Futures Contracts on June30, 2008

Contract Description	Number of Contracts		Notional Market Value			Expiration Date	Unrealized Appreciation/ (Depreciation)
Long Contracts
90-Day Eurodollar		1,450	$	350,465,000		03/16/09	$	1,396,279
90-Day Eurodollar		725		174,851,875		06/15/09		647,181
Australia 10-Year Bond		552		51,182,573		09/15/08		844,910
Canada 10-Year Bond		401		46,195,420		09/19/08		(272,833	)
Euro-Bund		348		60,582,486		09/08/08		(713,033	)
Euro-Schatz		1,569		252,775,648		09/08/08		(1,509,903	)
Long Gilt		239		49,694,672		09/26/08		(821,875	)
U.S. Treasury 5-Year Note		435		48,091,290		09/30/08		(6,623	)
							$	(435,897	)
Short Contracts
Fed Fund 30-Day		435	$	(177,621,084	)	07/31/08	$	(28,277	)
Japan 10-Year Bond (TSE)		57		(72,709,422	)	09/10/08		(836,782	)
Japanese Government Bonds 10-Year Mini		167		(21,269,558	)	09/09/08		(117,414	)
U.S. Treasury Long Bond		271		(31,325,906	)	09/19/08		(677,500	)
							$	(1,659,973	)

ING VP Intermediate Bond Fund Interest Rate Swap Agreements Outstanding on June 30, 2008:

	Termination Date	Notional Principal Amount		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 4.04221% and pay a floating rate based on 3-month USD-LIBOR Counterparty: Citibank N.A., New York	12/13/09	USD	173,948,000	$	1,876,325
Receive a fixed rate equal to 3.18600% and pay a floating rate based on 3-month USD-LIBOR Counterparty: Citibank N.A., New York	04/22/10	USD	179,215,000		(902,556	)
Receive a floating rate based on 3-month USD-LIBOR and pay a fixed rate equal to 2.87750% Counterparty: Citibank N.A., New York	04/14/11	USD	4,310,000		104,003
Receive a floating rate based on 3-month USD-LIBOR and pay a fixed rate equal to 3.56500% Counterparty: Citibank N.A., New York	04/17/13	USD	1,350,000		36,806
Receive a floating rate based on 3-month USD-LIBOR and pay a fixed rate equal to 4.80031%	12/13/17	USD	41,434,000		(586,611	)
Counterparty: Citibank N.A., New York
Receive a floating rate based on 3-month USD-LIBOR and pay a fixed rate equal to 4.27000% Counterparty: Citibank N.A., New York	01/23/18	USD	108,077,000		1,682,685
				$	2,210,652

See Accompanying Notes to Financial Statements
120

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

ING VP Intermediate Bond Portfolio Credit Default Swap Agreements Outstanding on June 30, 2008:

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate			Termination Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Citibank N.A., New York	Abitibi-Consolidated Co. of Canada 8.375%, 04/01/15	Sell		5.000	%	06/20/13	USD	2,948,000	$	(78,080	)
Citibank N.A., New York	Abitibi-Consolidated Co. of Canada 8.375%, 04/01/15	Sell		5.000	%	06/20/13	USD	2,948,000		(75,321	)
Lehman Brothers Special Financing Inc.	ABX.HE.AAA.06-1 Index	Buy		(0.180	)%	07/25/45	USD	9,975,419		254,283
Citibank N.A., New York	ABX.HE.AAA.07-1 Index	Sell		0.090	%	08/25/37	USD	8,466,000		(1,394,128	)
Lehman Brothers Special Financing Inc.	ABX.HE.AAA.07-1 Index	Sell		0.090	%	08/25/37	USD	10,117,000		(1,791,433	)
Lehman Brothers Special Financing Inc.	Agrium Inc. 8.250%, 02/15/11	Buy		(0.670	)%	03/20/13	USD	9,767,000		(7,630	)
Barclays Bank PLC, London	Alcoa Inc. 5.375%, 01/15/13	Buy		(0.390	)%	09/20/12	USD	5,827,000		114,323
Citibank N.A., New York	Alcoa Inc. 5.375%, 01/15/13	Buy		(1.000	)%	03/20/13	USD	2,329,000		(4,138	)
Citibank N.A., New York	Alcoa Inc. 5.375%, 01/15/13	Buy		(0.570	)%	12/20/17	USD	14,942,000		539,612
JPMorgan Chase Bank N.A., New York	Alcoa Inc. 5.375%, 01/15/13	Buy		(0.430	)%	09/20/12	USD	3,153,000		57,015
Lehman Brothers Special Financing Inc.	Alcoa Inc. 5.375%, 01/15/13	Buy		(0.400	)%	09/20/12	USD	6,305,000		121,279
Lehman Brothers Special Financing Inc.	AMBAC Financial Group Inc. 9.375%, 08/01/11	Buy		(5.000	)%	03/20/13	USD	1,323,000		313,872
UBS AG	Australia & New Zealand Banking Group Ltd. 4.450%, 02/05/15	Buy		(0.350	)%	09/20/17	USD	5,233,000		223,161
UBS AG	Australia & New Zealand Banking Group Ltd. 4.450%, 02/05/16	Buy		(0.510	)%	09/20/17	USD	5,067,000		333,611
Barclays Bank PLC, London	Bank of America Corp. 6.250%, 04/15/12	Sell		0.900	%	03/20/13	USD	9,141,000		(67,656	)
Lehman Brothers Special Financing Inc.	Bank of America Corp. 6.250%, 04/15/12	Buy		(0.800	)%	09/20/11	USD	25,277,000		92,426
Citibank N.A., New York	Bank of Scotland 5.125%, 12/05/13	Buy		(0.320	)%	09/20/17	USD	6,645,000		1,022,714
Citibank N.A., New York	Bank of Scotland 5.125%, 12/05/13	Buy		(0.660	)%	09/20/17	USD	6,826,000		893,813
Citibank N.A., New York	Bank of Scotland 5.125%, 12/05/13	Buy		(0.650	)%	09/20/17	USD	3,151,000		414,728
UBS AG	Bank of Scotland 5.125%, 12/05/13	Buy		(0.410	)%	09/20/17	USD	5,233,000		773,586
Lehman Brothers Special Financing Inc.	Belo Corp. 7.750%, 06/01/27	Buy		(3.450	)%	03/20/13	USD	3,963,000		(73,945	)
Merrill Lynch International	Belo Corp. 7.750%, 06/01/27	Buy		(2.050	)%	12/20/17	USD	6,001,000		313,287
Citibank N.A., New York	Belo Corp. 8.000%, 11/01/08	Buy		(0.930	)%	09/20/12	USD	3,505,000		251,544
Citibank N.A., New York	Belo Corp. 8.000%, 11/01/08	Buy		(1.400	)%	09/20/14	USD	3,501,000		268,393
Citibank N.A., New York	BNP Paribas 5.250%, 12/17/12	Buy		(0.250	)%	09/20/17	USD	6,645,000		541,670
Citibank N.A., New York	BNP Paribas 5.250%, 12/17/12	Buy		(0.520	)%	09/20/17	USD	1,410,000		87,616
Citibank N.A., New York	BNP Paribas 5.250%, 12/17/12	Buy		(0.520	)%	09/20/17	USD	3,151,000		195,801
Citibank N.A., New York	CDX.EM.9 Index	Buy		(2.650	)%	06/20/13	USD	76,001,000		(89,059	)
UBS AG	CDX.NA.HY.8 Index	Sell		2.750	%	06/20/12	USD	13,683,780		(470,858	)
UBS AG	CDX.NA.HY.8 Index	Buy		(2.750	)%	06/20/12	USD	13,874,850		745,680
Lehman Brothers Special Financing Inc.	CDX.NA.HY.8 Index (15-25% Tranche)	Buy		(4.750	)%	06/20/12	USD	19,199,000		1,538,054
Lehman Brothers Special Financing Inc.	CDX.NA.HY.9 Index (15-25% Tranche)	Sell		7.050	%	12/20/12	USD	9,600,000		(1,327,622	)
Barclays Bank PLC, London	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	23,656,000		521,979
Barclays Bank PLC, London	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	18,825,000		95,795

See Accompanying Notes to Financial Statements
121

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate			Termination Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Citibank N.A., New York	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	25,673,000	$	(66,656	)
Citibank N.A., New York	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	13,498,000		487,277
Lehman Brothers Special Financing Inc.	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	20,229,000		414,008
Morgan Stanley Capital Services Inc.	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	18,846,000		84,155
Morgan Stanley Capital Services Inc.	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	37,645,000		26,081
UBS AG	CDX.NA.HY.10 Index	Buy		(5.000	)%	06/20/13	USD	20,283,000		(51,989	)
Lehman Brothers Special Financing Inc.	CDX.NA.IG.9 Index	Sell		0.600	%	12/20/12	USD	32,561,000		(689,560	)
Citibank N.A., New York	CDX.NA.IG.9 Index (15-30% Tranche)	Buy		(0.790	)%	12/20/17	USD	7,982,000		174,997
Lehman Brothers Special Financing Inc.	CDX.NA.IG.9 Index (15-30% Tranche)	Buy		(0.790	)%	12/20/17	USD	17,798,000		390,203
Citibank N.A., New York	CDX.NA.IG.9 Index (30-100% Tranche)	Sell		0.740	%	12/20/12	USD	11,640,000		233,545
Citibank N.A., New York	CDX.NA.IG.9 Index (30-100% Tranche)	Sell		0.780	%	12/20/12	USD	14,967,000		325,323
Lehman Brothers Special Financing Inc.	CDX.NA.IG.9 Index (30-100% Tranche)	Sell		0.455	%	12/20/12	USD	59,326,000		232,766
Citibank N.A., New York	CDX.NA.IG.9 Index (3-7% Tranche)	Buy		(6.300	)%	12/20/17	USD	2,128,000		172,447
Lehman Brothers Special Financing Inc.	CDX.NA.IG.9 Index (3-7% Tranche)	Buy		(6.300	)%	12/20/17	USD	4,746,000		384,602
Barclays Bank PLC, London	CDX.NA.IG.10 Index	Sell		1.550	%	06/20/13	USD	15,000,000		(207,453	)
Citibank N.A., New York	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	16,630,000		246,247
Citibank N.A., New York	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	8,259,000		123,740
Lehman Brothers Special Financing Inc.	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	19,903,000		149,504
Lehman Brothers Special Financing Inc.	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	26,537,000		135,259
Lehman Brothers Special Financing Inc.	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	26,537,000		147,070
Lehman Brothers Special Financing Inc.	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	16,860,000		408,593
Lehman Brothers Special Financing Inc.	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	13,505,000		223,518
UBS AG	CDX.NA.IG.10 Index	Buy		(1.550	)%	06/20/13	USD	28,488,000		375,505
Citibank N.A., New York	CIT Group Inc. 7.750%, 04/02/12	Buy		(7.450	)%	06/20/13	USD	2,312,000		30,917
Citibank N.A., New York	CIT Group Inc. 7.750%, 04/02/12	Buy		(5.650	)%	06/20/13	USD	7,433,000		526,698
JPMorgan Chase Bank N.A., New York	Citizens Communications Co. 6.250%, 01/15/13	Buy		(3.800	)%	03/20/13	USD	13,178,000		(235,016	)
Citibank N.A., New York	Clear Channel Communications 5.750%, 01/15/13	Buy		(6.700	)%	03/20/13	USD	2,967,000		407,395
Citibank N.A., New York	Clear Channel Communications 5.750%, 01/15/13	Buy		(6.850	)%	03/20/13	USD	2,108,000		279,683
Citibank N.A., New York	Clear Channel Communications 5.750%, 01/15/13	Buy		(6.900	)%	03/20/13	USD	3,301,000		432,870
Citibank N.A., New York	Clear Channel Communications 5.750%, 01/15/13	Buy		(6.900	)%	03/20/13	USD	3,663,000		480,340
Citibank N.A., New York	Clear Channel Communications 5.750%, 01/15/13	Buy		(6.800	)%	03/20/13	USD	1,848,000		248,040
Citibank N.A., New York	Clear Channel Communications 5.750%, 01/15/13	Buy		(7.050	)%	06/20/13	USD	2,640,000		349,110

See Accompanying Notes to Financial Statements
122

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate			Termination Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Lehman Brothers Special Financing Inc.	Clear Channel Communications 5.750%, 01/15/13	Buy		(8.080	)%	03/20/13	USD	6,597,000	$	624,707
Lehman Brothers Special Financing Inc.	Clear Channel Communications 5.750%, 01/15/13	Buy		(8.450	)%	03/20/13	USD	661,000		55,042
Morgan Stanley Capital Services Inc.	Clear Channel Communications 5.750%, 01/15/13	Buy		(6.850	)%	06/20/13	USD	1,330,000		184,289
UBS AG	Clear Channel Communications 5.750%, 01/15/13	Buy		(6.900	)%	03/20/13	USD	2,344,000		307,376
Citibank N.A., New York	CMBX.NA.AAA.1 Index	Buy		(0.100	)%	10/12/52	USD	6,759,000		20,004
Citibank N.A., New York	CMBX.NA.AAA.4 Index	Buy		(0.350	)%	02/17/51	USD	6,745,000		115,138
Citibank N.A., New York	CMS Energy Corporation 6.875%, 12/15/15	Sell		0.820	%	03/20/12	USD	1,040,000		(21,880	)
Merrill Lynch International	CMS Energy Corporation 6.875%, 12/15/15	Sell		0.840	%	03/20/12	USD	5,710,000		(116,257	)
Lehman Brothers Special Financing Inc.	Countrywide Home Loan 4.000%, 03/22/11	Sell		8.700	%	12/20/12	USD	649,000		154,988
UBS AG	Countrywide Home Loan 4.000%, 03/22/11	Sell		9.000	%	12/20/12	USD	649,000		162,230
Citibank N.A., New York	Countrywide Home Loan 6.000%, 01/24/18	Sell		2.500	%	06/20/13	USD	4,962,000		63,419
Lehman Brothers Special Financing Inc.	Countrywide Home Loan 6.000%, 01/24/18	Sell		2.100	%	09/20/11	USD	25,277,000		(446,070	)
Lehman Brothers Special Financing Inc.	Countrywide Home Loan 6.000%, 01/24/18	Buy		(2.850	)%	06/20/13	USD	1,349,000		(36,422	)
Credit Suisse International	D.R. Horton Inc. 5.375%, 06/15/12	Buy		(4.250	)%	03/20/13	USD	3,303,000		35,038
Citibank N.A., New York	Darden Restaurants Inc. 6.000%, 08/15/35	Buy		(1.650	)%	06/20/13	USD	1,500,000		(1,029	)
Bear Stearns Credit Products Inc.	Darden Restaurants Inc. 7.125%, 02/01/16	Buy		(1.640	)%	03/20/18	USD	5,860,000		32,771
Citibank N.A., New York	Darden Restaurants Inc. 7.125%, 02/01/16	Buy		(0.610	)%	12/20/12	USD	1,660,000		62,553
Citibank N.A., New York	Darden Restaurants Inc. 7.125%, 02/01/16	Buy		(1.310	)%	12/20/17	USD	1,634,000		46,446
Morgan Stanley Capital Services Inc.	Domtar Corp. 7.875%, 10/15/11	Buy		(2.650	)%	09/20/11	USD	2,758,500		13,521
UBS AG	Domtar Corp. 7.875%, 10/15/11	Sell		2.600	%	09/20/11	USD	2,761,000		(17,545	)
Citibank N.A., New York	DTE Energy Co. 7.050%, 06/01/11	Buy		(0.700	)%	06/20/11	USD	4,309,000		(5,738	)
Citibank N.A., New York	Federal Home Loan Mortgage Corp. 5.500%, 09/15/11	Buy		(0.560	)%	03/20/13	USD	7,873,000		19,767
Lehman Brothers Special Financing Inc.	Federal Home Loan Mortgage Corp. 5.500%, 09/15/11	Buy		(0.960	)%	03/20/13	USD	3,316,000		(48,339	)
Lehman Brothers Special Financing Inc.	Federal Home Loan Mortgage Corp. 5.875%, 03/21/11	Buy		(2.100	)%	03/20/13	USD	3,316,000		(73,786	)
Lehman Brothers Special Financing Inc.	Federal Home Loan Mortgage Corp. 5.875%, 03/21/11	Buy		(1.050	)%	06/20/13	USD	13,505,000		318,013
Citibank N.A., New York	Federal National Mortgage Association 5.250%, 08/01/12	Buy		(1.300	)%	06/20/13	USD	8,313,000		128,935

See Accompanying Notes to Financial Statements
123

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate			Termination Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Lehman Brothers Special Financing Inc.	Federal National Mortgage Association 5.250%, 08/01/12	Buy		(1.470	)%	03/20/13	USD	6,121,000	$	40,227
Lehman Brothers Special Financing Inc.	Federal National Mortgage Association 5.250%, 08/01/12	Buy		(2.070	)%	03/20/13	USD	3,316,000		(203,720	)
Citibank N.A., New York	Federal National Mortgage Association 5.500%, 06/09/33	Buy		(0.820	)%	03/20/13	USD	14,330,000		(115,271	)
Citibank N.A., New York	Federal National Mortgage Association 5.500%, 06/09/33	Buy		(0.560	)%	03/20/13	USD	7,866,000		24,081
Citibank N.A., New York	Federal National Mortgage Association 5.500%, 06/09/33	Buy		(0.840	)%	03/20/18	USD	14,330,000		(153,079	)
Lehman Brothers Special Financing Inc.	Federal National Mortgage Association 5.500%, 06/09/33	Buy		(0.830	)%	03/20/13	USD	6,414,000		(54,334	)
Lehman Brothers Special Financing Inc.	Federal National Mortgage Association 5.500%, 06/09/33	Buy		(0.930	)%	03/20/13	USD	3,316,000		(42,254	)
Citibank N.A., New York	Federative Republic of Brazil 12.250%, 03/06/30	Sell		0.240	%	07/20/08	USD	14,080,000		(428	)
Citibank N.A., New York	Federative Republic of Brazil 12.250%, 03/06/30	Buy		(0.740	)%	07/20/12	USD	3,522,000		33,467
Lehman Brothers Special Financing Inc.	Federative Republic of Brazil 12.250%, 03/06/30	Buy		(0.800	)%	07/20/12	USD	6,292,000		45,802
Lehman Brothers Special Financing Inc.	Federative Republic of Brazil 12.250%, 03/06/30	Buy		(1.420	)%	03/20/13	USD	15,590,000		(188,922	)
UBS AG	Federative Republic of Brazil 12.250%, 03/06/30	Buy		(0.780	)%	07/20/12	USD	14,517,500		116,435
UBS AG	Federative Republic of Brazil 12.250%, 03/06/30	Buy		(0.860	)%	08/20/12	USD	4,079,000		24,130
UBS AG	Federative Republic of Brazil 12.250%, 03/06/30	Buy		(1.150	)%	08/20/12	USD	10,111,000		(50,784	)
UBS AG	Federative Republic of Brazil 12.250%, 03/06/30	Sell		1.400	%	01/20/13	USD	3,986,000		48,556
UBS AG	Federative Republic of Brazil 12.250%, 03/06/30	Buy		(1.420	)%	03/20/13	USD	10,991,000		(133,191	)
Citibank N.A., New York	First Data Corp. 4.700%, 08/01/13	Buy		(5.350	)%	12/20/12	USD	7,311,000		386,150
Citibank N.A., New York	First Data Corp. 4.700%, 08/01/13	Buy		(5.900	)%	12/20/17	USD	4,133,000		220,407
Barclays Bank PLC, London	GAP Inc. 8.800%, 12/15/08	Buy		(1.200	)%	06/20/13	USD	3,711,000		(46,023	)
Citibank N.A., New York	GAP Inc. 8.800%, 12/15/08	Buy		(1.190	)%	06/20/13	USD	1,659,000		(19,839	)
Citibank N.A., New York	GAP Inc. 8.800%, 12/15/08	Buy		(0.850	)%	06/20/13	USD	1,700,000		5,285
Citibank N.A., New York	General Electric Capital Corp. 6.000%, 06/15/12	Sell		1.170	%	03/20/13	USD	27,468,000		(499,660	)
Barclays Bank PLC, London	Goldman Sachs Group Inc. 6.600%, 01/15/12	Buy		(1.100	)%	06/20/13	USD	10,912,000		120,721
Barclays Bank PLC, London	Goldman Sachs Group Inc. 6.600%, 01/15/12	Buy		(1.130	)%	06/20/13	USD	15,594,000		152,252
Citibank N.A., New York	Goldman Sachs Group Inc. 6.600%, 01/15/12	Buy		(0.960	)%	12/20/12	USD	8,950,000		135,790
Lehman Brothers Special Financing Inc.	Goldman Sachs Group Inc. 6.600%, 01/15/12	Buy		(1.030	)%	12/20/12	USD	6,593,000		81,741

See Accompanying Notes to Financial Statements
124

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate			Termination Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services Inc.	Goldman Sachs Group Inc. 6.600%, 01/15/12	Buy		(1.030	)%	12/20/12	USD	5,742,000	$	71,190
UBS AG	Harrah's Operating Co. Inc. 5.625%, 06/01/15	Buy		(7.450	)%	03/20/13	USD	2,847,000		534,942
UBS AG	HSBC Bank PLC 4.250%, 03/18/16	Buy		(0.400	)%	09/20/17	USD	5,233,000		246,678
Citibank N.A., New York	International Lease Finance Corp. 4.150%, 01/20/15	Buy		(1.670	)%	06/20/13	USD	13,498,000		789,499
UBS AG	LCDX.NA.8 Index	Buy		(1.200	)%	06/20/12	USD	26,514,646		621,946
UBS AG	LCDX.NA.8 Index	Buy		(1.200	)%	06/20/12	USD	4,465,625		73,952
Citibank N.A., New York	LCDX.NA.9 Index (15-100% Tranche)	Buy		(1.080	)%	12/20/12	USD	16,482,000		244,461
Lehman Brothers Special Financing Inc.	LCDX.NA.9 Index (15-100% Tranche)	Buy		(1.060	)%	12/20/12	USD	10,789,000		(417,405	)
Barclays Bank PLC, London	Lehman Brothers Hldgs. 6.625%, 01/18/12	Buy		(2.450	)%	06/20/13	USD	1,891,000		30,647
JPMorgan Chase Bank N.A., New York	Lehman Brothers Hldgs. 6.625%, 01/18/12	Buy		(2.500	)%	06/20/13	USD	5,877,000		83,506
Barclays Bank PLC, London	Lloyds TSB Group PLC 5.875%, 07/08/14	Buy		(0.500	)%	12/20/17	USD	2,859,000		193,064
Barclays Bank PLC, London	Louisiana-Pacific Corp. 8.875%, 08/15/10	Buy		(3.850	)%	03/20/13	USD	1,853,000		98,916
Citibank N.A., New York	Louisiana-Pacific Corp. 8.875%, 08/15/10	Buy		(2.000	)%	12/20/12	USD	3,317,000		382,372
Citibank N.A., New York	Louisiana-Pacific Corp. 8.875%, 08/15/10	Buy		(2.100	)%	12/20/12	USD	5,970,000		667,659
Citibank N.A., New York	Louisiana-Pacific Corp. 8.875%, 08/15/10	Buy		(3.010	)%	03/20/13	USD	1,700,000		141,817
Citibank N.A., New York	Louisiana-Pacific Corp. 8.875%, 08/15/10	Buy		(3.375	)%	03/20/13	USD	5,177,000		364,298
Morgan Stanley Capital Services Inc.	Louisiana-Pacific Corp. 8.875%, 08/15/10	Buy		(2.230	)%	12/20/12	USD	5,742,000		616,477
UBS AG	Louisiana-Pacific Corp. 8.875%, 08/15/10	Buy		(2.000	)%	12/20/12	USD	3,489,000		402,199
Lehman Brothers Special Financing Inc.	Macquarie Bank Ltd. FRN, 09/18/15	Buy		(1.200	)%	12/20/12	USD	22,001,000		1,523,274
Lehman Brothers Special Financing Inc.	Macquarie Bank Ltd. FRN, 09/18/15	Sell		1.300	%	12/20/17	USD	13,104,000		(1,647,970	)
Citibank N.A., New York	Marks & Spencer PLC 6.375%, 11/07/11	Buy		(1.100	)%	03/20/13	USD	8,289,000		325,458
Citibank N.A., New York	Marks & Spencer PLC 6.375%, 11/07/11	Buy		(1.400	)%	03/20/13	USD	5,960,000		160,919
Citibank N.A., New York	MBIA Inc. 6.625%, 10/01/28	Buy		(5.000	)%	09/20/13	USD	1,711,000		4,820
Citibank N.A., New York	MBIA Inc. 6.625%, 10/01/28	Buy		(5.000	)%	09/20/13	USD	3,460,000		58,916
Goldman Sachs International	MBIA Inc. 6.625%, 10/01/28	Buy		(5.000	)%	09/20/13	USD	6,777,000		52,798
JPMorgan Chase Bank N.A., New York	MBIA Inc. 6.625%, 10/01/28	Sell		0.000	%	09/20/08	USD	16,585,000		549,258
Citibank N.A., New York	MBIA Insurance Corp. (No Specified Obligation)	Sell		5.000	%	09/20/13	USD	1,710,000		(63,373	)
Citibank N.A., New York	MBIA Insurance Corp. (No Specified Obligation)	Sell		5.000	%	09/20/13	USD	3,460,000		(4,666	)
Goldman Sachs International	MBIA Insurance Corp. (No Specified Obligation)	Sell		5.000	%	09/20/13	USD	6,778,000		(284,909	)
Barclays Bank PLC, London	Merrill Lynch & Co. 5.000%, 01/15/15	Buy		(0.860	)%	09/20/12	USD	12,627,000		793,723
Barclays Bank PLC, London	Morgan Stanley 6.600%, 04/01/12	Buy		(1.040	)%	12/20/12	USD	5,724,000		232,830
Citibank N.A., New York	Morgan Stanley 6.600%, 04/01/12	Buy		(1.080	)%	12/20/12	USD	8,950,000		350,355
Citibank N.A., New York	Morgan Stanley 6.600%, 04/01/12	Buy		(1.900	)%	06/20/13	USD	5,497,000		35,549
Barclays Bank PLC, London	Norbord Inc. 7.250%, 07/01/12	Buy		(6.350	)%	06/20/13	USD	1,853,000		(51,858	)

See Accompanying Notes to Financial Statements
125

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate			Termination Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Citibank N.A., New York	Norbord Inc. 7.250%, 07/01/12	Sell		2.200	%	06/20/12	USD	1,495,500	$	(163,299	)
Citibank N.A., New York	Norbord Inc. 7.250%, 07/01/12	Buy		(5.250	)%	03/20/13	USD	3,658,000		47,043
Citibank N.A., New York	Norbord Inc. 7.250%, 07/01/12	Buy		(6.500	)%	06/20/13	USD	5,288,000		(176,963	)
Citibank N.A., New York	Norbord Inc. 7.250%, 07/01/12	Buy		(2.450	)%	12/20/17	USD	8,363,000		1,123,254
Credit Suisse International	Norbord Inc. 7.250%, 07/01/12	Buy		(1.450	)%	06/20/14	USD	9,317,000		1,518,534
UBS AG	Norbord Inc. 7.250%, 07/01/12	Buy		(1.500	)%	06/20/12	USD	1,495,500		195,785
UBS AG	Norbord Inc. 7.250%, 07/01/12	Buy		(2.400	)%	12/20/17	USD	3,325,000		455,687
Citibank N.A., New York	Potash Corp. Of Saskatchewan 7.750%, 05/31/11	Buy		(0.600	)%	03/20/13	USD	3,264,000		(27,789	)
Lehman Brothers Special Financing Inc.	Potash Corp. Of Saskatchewan 7.750%, 05/31/11	Buy		(0.670	)%	03/20/18	USD	9,767,000		(122,026	)
Morgan Stanley Capital Services Inc.	Potash Corp. Of Saskatchewan 7.750%, 05/31/11	Buy		(0.610	)%	03/20/13	USD	6,531,000		(58,415	)
Lehman Brothers Special Financing Inc.	Radian Group Inc. 5.375%, 06/15/15	Sell		3.900	%	09/20/14	USD	13,533,900		(5,642,242	)
UBS AG	Radian Group Inc. 5.375%, 06/15/15	Buy		(0.850	)%	09/20/14	USD	13,533,900		6,500,482
Citibank N.A., New York	Royal Bank of Scotland PLC 6.000%, 05/10/13	Buy		(0.290	)%	09/20/17	USD	6,645,000		725,991
UBS AG	Royal Bank of Scotland PLC 6.000%, 05/10/13	Buy		(0.400	)%	09/20/17	USD	5,233,000		531,363
Citibank N.A., New York	Societe Generale 6.625%, 04/27/15	Buy		(0.510	)%	09/20/17	USD	1,410,000		100,617
Citibank N.A., New York	Societe Generale 6.625%, 04/27/15	Buy		(0.510	)%	09/20/17	USD	3,151,000		224,854
UBS AG	Societe Generale 6.625%, 04/27/15	Buy		(0.380	)%	09/20/17	USD	5,233,000		421,923
Barclays Bank PLC, London	Standard Chartered Bank 3.625%, 02/03/17	Buy		(0.750	)%	12/20/17	USD	2,859,000		137,452
Citibank N.A., New York	Standard Chartered Bank 3.625%, 02/03/17	Buy		(0.670	)%	09/20/17	USD	1,410,000		74,447
UBS AG	Standard Chartered Bank 3.625%, 02/03/17	Buy		(0.420	)%	09/20/17	USD	5,233,000		370,128
Goldman Sachs International	Temple-Inland Inc. 7.875%, 05/01/12	Buy		(1.040	)%	03/20/14	USD	2,105,000		273,348
JPMorgan Chase Bank N.A., New York	Temple-Inland Inc. 7.875%, 05/01/12	Buy		(0.890	)%	03/20/14	USD	6,218,000		848,203
JPMorgan Chase Bank N.A., New York	Temple-Inland Inc. 7.875%, 05/01/12	Buy		(1.020	)%	03/20/14	USD	6,015,000		786,344
Morgan Stanley Capital Services Inc.	Temple-Inland Inc. 7.875%, 05/01/12	Buy		(0.900	)%	03/20/14	USD	5,447,000		740,650
Morgan Stanley Capital Services Inc.	Temple-Inland Inc. 7.875%, 05/01/12	Buy		(1.600	)%	09/20/17	USD	5,813,000		786,278
UBS AG	Temple-Inland Inc. 7.875%, 05/01/12	Buy		(0.900	)%	03/20/14	USD	5,820,000		791,368
UBS AG	Toll Bros Finance Corp. 6.875%, 11/15/12	Buy		(1.000	)%	06/20/12	USD	13,620,000		912,467
Citibank N.A., New York	VF Corp. 8.500%, 10/01/10	Buy		(0.700	)%	09/20/13	USD	3,418,000		6,429
Citibank N.A., New York	Wachovia Corp. 3.625%, 02/17/09	Sell		1.170	%	03/20/13	USD	11,270,000		(577,420	)
Citibank N.A., New York	Wachovia Corp. 3.625%, 02/17/09	Sell		2.950	%	03/20/13	USD	6,653,000		216,552
Citibank N.A., New York	Washington Mutual Inc. 5.250%, 09/15/17	Buy		(3.700	)%	06/20/13	USD	4,963,000		408,950
UBS AG	Westpac Banking Corp. 5.875%, 04/29/18	Buy		(0.350	)%	09/20/17	USD	5,233,000		405,089
UBS AG	Westpac Banking Corp. 5.875%, 4/29/18	Buy		(0.510	)%	09/20/17	USD	5,067,000		334,242
JPMorgan Chase Bank N.A., New York	Weyerhaeuser Co. 6.750%, 03/15/12	Buy		(0.640	)%	03/20/14	USD	6,191,000		466,694
Barclays Bank PLC, London	Weyerhaeuser Co. 7.125%, 07/15/23	Sell		0.780	%	09/20/12	USD	5,906,000		(286,208	)

See Accompanying Notes to Financial Statements
126

PORTFOLIO OF INVESTMENTS
ING VP INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/Receive Fixed Rate			Termination Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Citibank N.A., New York	Whirlpool Corp. 7.750%, 07/15/16	Buy		(1.210	)%	09/20/13	USD	10,259,000	$	14,767
Citibank N.A., New York	Whirlpool Corp. 7.750%, 07/15/16	Buy		(1.250	)%	09/20/13	USD	1,022,000		—
Citibank N.A., New York	Williams Partners LP 7.500%, 06/15/11	Sell		1.030	%	03/20/12	USD	7,035,351		17,253
Deutsche Bank AG	XL Capital Assurance Inc. (no specified obligation)	Buy		(5.000	)%	03/20/13	USD	1,990,000		551,909
Lehman Brothers Special Financing Inc.	XL Capital Assurance Inc. (no specified obligation)	Buy		(5.000	)%	03/20/13	USD	1,323,000		425,924
Merrill Lynch International	XL Capital Assurance Inc. (no specified obligation)	Buy		(5.000	)%	03/20/13	USD	1,990,000		551,909
UBS AG	XL Capital Assurance Inc. (no specified obligation)	Buy		(6.400	)%	12/20/12	USD	1,927,000		804,197
UBS AG	XL Capital Assurance Inc. (no specified obligation)	Buy		(5.000	)%	03/20/13	USD	6,954,000		1,462,195
UBS AG	XL Capital Ltd. 5.250%, 09/15/14	Buy		(0.610	)%	09/20/16	USD	5,501,000		693,859
UBS AG	XL Capital Ltd. 5.250%, 09/15/14	Buy		(0.610	)%	09/20/16	USD	11,002,000		1,387,717
									$	37,519,185

See Accompanying Notes to Financial Statements
127

  PORTFOLIO OF INVESTMENTS

ING VP MONEY MARKET PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED)

Principal Amount			Value
CERTIFICATES OF DEPOSIT: 2.4%
$	42,000,000	UBS AG, 2.980%, due 02/23/09	$	42,000,000
Total Certificates of Deposit (Cost $42,000,000)				42,000,000
COMMERCIAL PAPER: 42.9%
	18,000,000	American General, 2.950%, due 07/11/08		17,985,250
	28,000,000	ASB Finance, 2.985%, due 07/15/08		27,967,497
	13,000,000	Barton Capital, 2.600%, due 07/01/08		13,000,000
	10,000,000	Barton Capital, 2.630%, due 07/10/08		9,993,425
	29,000,000	Barton Capital, 2.650%, due 07/09/08		28,982,862
	8,000,000	Cafco, LLC, 2.490%, due 07/10/08		7,994,480
	11,000,000	Cafco, LLC, 2.550%, due 07/29/08		10,978,183
	15,000,000	Cafco, LLC, 2.650%, due 08/05/08		14,961,354
	13,250,000	Cafco, LLC, 2.780%, due 09/15/08		13,171,678
	10,000,000	Ciesco L.P., 2.420%, due 07/01/08		10,000,000
	12,500,000	Ciesco L.P., 2.520%, due 08/06/08		12,467,750
	7,000,000	Ciesco L.P., 2.640%, due 08/25/08		6,971,767

Principal Amount				Value
$	23,000,000		Ciesco L.P., 2.750%, due 09/03/08	$	22,887,556
	21,000,000		Citigroup, Inc., 2.780%, due 09/12/08		20,881,618
	22,500,000		Concord Minutemen Capital, 2.750%, due 07/01/08		22,500,000
	20,500,000	#	Concord Minutemen Capital, 2.850%, due 07/24/08		20,462,673
	6,500,000		Concord Minutemen Capital, 2.900%, due 08/19/08		6,473,901
	20,500,000		Concord Minutemen Capital, 3.030%, due 09/17/08		20,364,529
	13,000,000		Crown Point Capital, 2.640%, due 07/11/08		12,989,528
	20,500,000	#	Crown Point Capital, 2.850%, due 07/23/08		20,464,296
	6,500,000		Crown Point Capital, 2.900%, due 08/20/08		6,473,368
	20,500,000		Crown Point Capital, 3.030%, due 09/18/08		20,362,792
	13,250,000		Edison Asset Securitization, 2.500%, due 07/28/08		13,225,156
	8,000,000		Edison Asset Securitization, 2.540%, due 10/08/08		7,943,900
	3,750,000		Edison Asset Securitization, 2.600%, due 08/20/08		3,736,458
	7,000,000		Edison Asset Securitization, LLC, 2.650%, due 08/04/08		6,982,481
	50,000,000		General Electric Capital Corp., 2.510%, due 07/14/08		49,954,681
	9,000,000		Jupiter Securities Co., LLC, 2.450%, due 07/01/08		9,000,000
	14,000,000		Jupiter Securities Co., LLC, 2.490%, due 07/09/08		13,991,289
	13,250,000		Jupiter Securities Co., LLC, 2.550%, due 07/24/08		13,228,414
	1,448,000	#	Old Line Funding, LLC, 2.232%, due 07/28/08		1,445,176
	5,750,000		Old Line Funding, LLC, 2.440%, due 07/24/08		5,740,669
	14,000,000	#	Old Line Funding, LLC, 2.530%, due 07/21/08		13,980,322
	12,500,000		Old Line Funding, LLC, 2.530%, due 08/04/08		12,469,306
	10,000,000		Old Line Funding, LLC, 2.690%, due 08/26/08		9,958,156
	6,750,000	#	Old Line Funding, LLC, 2.732%, due 09/12/08		6,711,675
	13,250,000		Park Avenue, 2.500%, due 07/17/08		13,235,278
	12,500,000	#	Park Avenue, 2.550%, due 08/14/08		12,461,042
	13,000,000		Park Avenue, 2.740%, due 09/02/08		12,936,983
	15,000,000	#	Thunder Bay Funding, LLC, 2.540%, due 07/15/08		14,985,183
	6,500,000	#	Thunder Bay Funding, LLC, 2.550%, due 07/21/08		6,490,792
	13,250,000		Thunder Bay Funding, LLC, 2.620%, due 08/07/08		13,213,504
	2,750,000		Thunder Bay Funding, LLC, 2.760%, due 09/09/08		2,735,135
	4,750,000		Thunder Bay Funding, LLC, 2.770%, due 09/22/08		4,719,665

See Accompanying Notes to Financial Statements
128

  PORTFOLIO OF INVESTMENTS

ING VP MONEY MARKET PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
COMMERCIAL PAPER (continued)
$	25,000,000		Tulip Funding Corp., 2.570%, due 07/07/08	$	24,989,292
	20,250,000		Tulip Funding Corp., 2.670%, due 07/21/08		20,218,500
	15,000,000		Windmill Funding Corp., 2.470%, due 07/24/08		14,975,371
	13,100,000		Windmill Funding Corp., 2.530%, due 08/04/08		13,067,832
	13,500,000		Windmill Funding Corp., 2.580%, due 07/16/08		13,485,488
	6,000,000		Windmill Funding Corp., 2.690%, due 07/25/08		5,988,800
	2,347,000	#	Yorktown Capital, LLC, 2.340%, due 07/14/08		2,344,864
	5,821,000	#	Yorktown Capital, LLC, 2.445%, due 08/18/08		5,800,755
	18,500,000	#	Yorktown Capital, LLC, 2.500%, due 07/23/08		18,471,736
	13,250,000	#	Yorktown Capital, LLC, 2.753%, due 09/16/08		13,172,631
Total Commercial Paper (Cost $729,995,041)					729,995,041
CORPORATE BONDS/NOTES: 34.9%
	5,750,000		Allstate Life Global Funding Trusts, 2.513%, due 08/27/08		5,750,084
	14,000,000		American Express Bank FSB, 2.470%, due 10/16/08		13,991,647
	3,000,000		American Express Bank FSB, 2.673%, due 11/24/08		2,987,676
	11,000,000		American Express Credit Corp., 2.492%, due 08/19/08		11,000,026
	34,200,000	#	American General Finance Corp., 2.518%, due 09/12/08		34,200,982
	3,250,000	#	American Honda Finance Corp., 2.780%, due 11/07/08		3,248,530
	23,000,000	@@,#,C	Australia & New Zealand Banking Group Ltd., 2.892%, due 07/31/09		23,000,000
	7,100,000	@@,#	Banco Santander Totta SA, 2.480%, due 08/15/08		7,100,039
	6,750,000		Bank of America NA, 2.466%, due 06/12/09		6,739,063
	14,000,000	#,C	Bank of America NA, 2.988%, due 08/03/09		14,000,000
	7,800,000	@@,#	Bank of Scotland PLC, 2.541%, due 08/29/08		7,800,000
	15,000,000	@@,#	Bank of Scotland PLC, 3.550%, due 12/01/08		15,026,748
	5,500,000		Bank One Corp., 6.000%, due 08/01/08		5,502,728
	12,300,000		Bear Stearns Cos., Inc., 2.560%, due 08/05/08		12,300,000
	12,750,000		Bear Stearns Cos., Inc., 2.563%, due 08/28/08		12,750,000
	19,400,000		Bear Stearns Cos., Inc., 2.875%, due 07/02/08		19,398,575
	14,000,000	@@	BNP Paribas, 2.895%, due 05/13/09		14,000,000
	6,000,000		Canadian Imperial Bank of Commerce, 2.491%, due 08/22/08		6,000,169

Principal Amount				Value
$	10,000,000		Citigroup Funding, Inc., 2.110%, due 10/03/08	$	9,994,042
	1,000,000		Citigroup Funding, Inc., 2.862%, due 03/02/09		998,177
	8,500,000		Citigroup, Inc., 3.625%, due 02/09/09		8,504,361
	22,500,000	@@,#	Commonwealth Bank of Australia, 2.753%, due 12/18/08		22,491,608
	20,000,000		Credit Suisse First Boston USA, Inc., 2.807%, due 12/09/08		19,996,250
	4,749,000		Credit Suisse First Boston USA, Inc., 3.875%, due 01/15/09		4,763,479
	13,000,000	@@,#	Danske Bank A/S, 2.472%, due 08/19/08		12,999,866
	9,000,000	@@	Deutsche Bank AG, 2.461%, due 01/09/09		8,986,867
	4,000,000		General Electric Capital Corp., 2.170%, due 01/27/09		3,985,252
	19,550,000	#	Goldman Sachs Group, Inc., 2.528%, due 09/12/08		19,550,657
	7,000,000		Goldman Sachs Group, Inc., 2.841%, due 12/23/08		6,975,865
	5,750,000		Goldman Sachs Group, Inc., 3.013%, due 07/29/08		5,747,309
	6,500,000		JPMorgan Chase & Co., 2.532%, due 06/26/09		6,488,697
	6,000,000		JPMorgan Chase & Co., 3.500%, due 03/15/09		6,013,906
	5,700,000		Lehman Brothers Holdings, Inc., 3.500%, due 08/07/08		5,689,192
	42,000,000		Merrill Lynch & Co., Inc., 2.638%, due 08/22/08		41,994,307
	10,000,000		Morgan Stanley, 2.540%, due 09/03/08		10,001,433
	8,000,000		Morgan Stanley, 2.611%, due 09/03/08		8,000,803
	14,000,000	@@,#	Royal Bank of Scotland Group PLC, 2.511%, due 08/20/08		14,000,473
	17,000,000	@@,#	Santander U.S. Debt SA Unipersonal, 2.861%, due 09/19/08		16,991,586
	4,900,000	@@,#	Santander U.S. Debt SA Unipersonal, 2.878%, due 10/21/08		4,898,477
	3,000,000		SunTrust Bank, 4.000%, due 10/15/08		2,993,843
	14,300,000		Toyota Motor Credit Corp., 2.060%, due 10/20/08		14,274,338
	13,100,000		Toyota Motor Credit Corp., 2.410%, due 07/10/09		13,100,000
	13,250,000		Toyota Motor Credit Corp., 2.506%, due 01/12/09		13,252,283
	7,500,000		Toyota Motor Credit Corp., 2.860%, due 01/23/09		7,500,000
	4,700,000	L	US Bancorp., 5.300%, due 04/28/09		4,780,661
	6,000,000		Wachovia Bank NA - Old, 2.998%, due 01/12/09		6,004,493

See Accompanying Notes to Financial Statements
129

  PORTFOLIO OF INVESTMENTS

ING VP MONEY MARKET PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
CORPORATE BONDS/NOTES (continued)
$	8,500,000		Wachovia Bank NA, 2.070%, due 10/03/08	$	8,485,885
	2,000,000		Wachovia Bank NA, 2.110%, due 02/23/09		1,991,607
	4,600,000		Wachovia Corp., 2.533%, due 10/28/08		4,597,363
	1,500,000		Wachovia Corp., 3.500%, due 08/15/08		1,499,374
	2,252,000		Wachovia Corp., 3.625%, due 02/17/09		2,247,200
	14,000,000	#	Wells Fargo & Co., 2.608%, due 09/12/08		14,001,305
	4,000,000		Wells Fargo & Co., 3.125%, due 04/01/09		4,000,244
	9,750,000		Wells Fargo & Co., 3.552%, due 05/01/09		9,754,117
	7,800,000		Westpac Banking Corp., 2.751%, due 07/10/08		7,800,000
	9,500,000	#	Westpac Banking Corp., 2.776%, due 07/11/08		9,500,147
	14,000,000	@@,#	Westpac Banking Corp., 2.896%, due 03/27/09		14,000,000
Total Corporate Bonds/Notes (Cost $593,651,734)					593,651,734
U.S. GOVERNMENT AGENCY OBLIGATIONS: 9.3%
	27,500,000		Federal Home Loan Bank, 2.200%, due 04/01/09		27,480,903
	63,525,000	L	Federal Home Loan Bank, 2.250%, due 03/13/09		63,529,038
	27,500,000		Federal Home Loan Bank, 2.310%, due 04/07/09		27,500,000
	39,500,000		Federal National Mortgage Association, 2.265%, due 04/14/09		39,462,107
Total U.S. Government Agency Obligations (Cost $157,972,048)					157,972,048
U.S. TREASURY NOTES: 5.5%
	13,750,000	L	3.875, due 05/15/09		13,962,513
	48,000,000	L	4.875, due 05/31/09		49,173,704
	29,500,000	L	4.875, due 06/30/09		30,210,827
Total U.S. Treasury Notes (Cost $93,347,044)					93,347,044

REPURCHASE AGREEMENT: 5.0%
	84,230,000	Deutsche Bank Repurchase Agreement dated 06/30/08, 2.500%, due 07/01/08, $84,235,849 to be received upon repurchase (Collateralized by $83,882,000 various U.S. Government Agency Obligations, 4.250%-4.750%, Market Value plus accrued interest $85,914,899, due 11/20/09-01/02/13)	84,230,000
	Total Repurchase Agreement (Cost $84,230,000)		84,230,000

Principal Amount			Value
SECURITIES LENDING COLLATERALcc: 6.5%
$	111,270,923	Bank of New York Mellon Corp. Institutional Cash Reserves	$	111,270,923
Total Securities Lending Collateral (Cost $111,270,923)				111,270,923

Total Investments in Securities (Cost $1,812,466,790)*	106.5	%	$	1,812,466,790
Other Assets and Liabilities - Net	(6.5	)		(110,576,814	)
Net Assets	100.0	%	$	1,701,889,976

@@  Foreign Issuer

#  Securities with purchases pursuant to Rule144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds' Board of Directors/Trustees.

C  Bond may be called prior to maturity date.

cc  Securities purchased with cash collateral for securities loaned.

L  Loaned security, a portion or all of the security is on loan at June 30, 2008.

*  Cost for federal income tax purposes is the same as for financial statement purposes.

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 ("SFAS 157"), "Fair Value Measurements." This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical investments

•  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Portfolio's own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing

in those securities.

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio's investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	111,270,923	$	—
Level 2 — Other Significant Observable Inputs		1,701,195,867		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	1,812,466,790	$	—

*  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

See Accompanying Notes to Financial Statements
130

ING BLACKROCK GLOBAL SCIENCE AND  PORTFOLIO OF INVESTMENTS
TECHNOLOGY PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED)

Shares				Value
COMMON STOCK: 95.2%
			Bermuda: 1.7%
	24,700		Covidien Ltd.	$	1,182,883
	92,300	@,L	Marvell Technology Group Ltd.		1,630,018
	25,500		Tyco Electronics Ltd.		913,410
					3,726,311
			Canada: 1.4%
	36,300	@,L	Open Text Corp.		1,165,230
	16,400	@	Research In Motion Ltd.		1,917,160
					3,082,390
			China: 1.8%
	4,900	@,L	Baidu.com ADR		1,533,504
	15,000	L	China Medical Technologies, Inc. ADR		741,000
	39,800	@,L	Sina Corp.		1,693,490
					3,967,994
			Finland: 0.8%
	69,200		Nokia OYJ ADR		1,695,400
					1,695,400
			France: 0.5%
	12,400	@	UbiSoft Entertainment		1,084,406
					1,084,406
			Germany: 1.2%
	73,100	@,L	Infineon Technologies AG ADR		623,543
	38,600	L	SAP AG ADR		2,011,446
					2,634,989

Shares				Value
			Hong Kong: 1.2%
	204,400	L	ASM Pacific Technology	$	1,544,869
	75,500		China Mobile Ltd.		1,013,425
					2,558,294
			India: 0.5%
	63,000	@	Bharti Airtel Ltd.		1,060,687
					1,060,687
			Israel: 0.6%
	26,200		Teva Pharmaceutical Industries Ltd. ADR		1,199,960
					1,199,960
			Japan: 3.8%
	21,300	L	Canon, Inc.		1,096,437
	16,000		Disco Corp.		677,361
	100,100		Konica Minolta Holdings, Inc.		1,695,546
	67,300		Kurita Water Industries Ltd.		2,497,076
	12,300		Nidec Corp.		819,295
	2,400		Nintendo Co., Ltd.		1,360,976
					8,146,691
			Singapore: 0.6%
	145,300	@	Flextronics International Ltd.		1,365,820
					1,365,820
			South Korea: 1.2%
	6,900		LG Electronics, Inc.		780,270
	3,100		Samsung Electronics Co., Ltd.		1,852,059
					2,632,329
			Switzerland: 1.4%
	8,200		Alcon, Inc.		1,334,878
	6,800		Roche Holding AG		1,222,452
	4,400		Roche Holding Ltd. ADR		397,408
					2,954,738
			Taiwan: 2.5%
	450,100		Asustek Computer, Inc.		1,222,557
	79,719		AV TECH Corp.		352,727
	65,400		High Tech Computer Corp.		1,461,685
	1,403,000		Inventec Co., Ltd.		826,257
	101,600		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,108,456
	474,831		Vanguard International Semiconductor Corp.		347,668
					5,319,350
			United Kingdom: 0.4%
	231,500		Meggitt PLC		976,594
					976,594
			United States: 75.6%
	52,200	@	Adobe Systems, Inc.		2,056,158
	37,200	@	Agilent Technologies, Inc.		1,322,088
	22,400	@,L	Akamai Technologies, Inc.		779,296
	21,000	@,L	Alexion Pharmaceuticals, Inc.		1,522,500
	73,500		Altera Corp.		1,521,450
	31,900	@	American Tower Corp.		1,347,775
	38,900		Amphenol Corp.		1,745,832
	70,600		Analog Devices, Inc.		2,242,962
	60,400	@	Apple, Inc.		10,113,376

See Accompanying Notes to Financial Statements
131

ING BLACKROCK GLOBAL SCIENCE AND  PORTFOLIO OF INVESTMENTS
TECHNOLOGY PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			United States (continued)
	63,900	L	Applera Corp.-Celera Genomics Group	$	725,904
	116,700		Applied Materials, Inc.		2,227,803
	106,000	@,L	Ariba, Inc.		1,559,260
	53,100		AT&T, Inc.		1,788,939
	27,800		Automatic Data Processing, Inc.		1,164,820
	30,200		Baxter International, Inc.		1,930,988
	7,900		Beckman Coulter, Inc.		533,487
	25,800		Becton Dickinson & Co.		2,097,540
	58,800	@	BMC Software, Inc.		2,116,800
	73,700	@,L	Broadcom Corp.		2,011,273
	45,800		CA, Inc.		1,057,522
	29,400	@,L	Cavium Networks, Inc.		617,400
	15,656	@	Celgene Corp.		999,949
	23,800	@,L	Charles River Laboratories International, Inc.		1,521,296
	36,300	@,L	Ciena Corp.		841,071
	177,500	@	Cisco Systems, Inc.		4,128,650
	80,300	@	Citrix Systems, Inc.		2,361,623
	162,400		Corning, Inc.		3,743,320
	18,300		CR Bard, Inc.		1,609,485
	31,900		CVS Caremark Corp.		1,262,283
	40,800	@,L	Cyberonics		885,360
	42,300	@	eBay, Inc.		1,156,059
	26,500	@	Electronic Arts, Inc.		1,177,395
	134,100	@	EMC Corp.		1,969,929
	41,000	@	Genentech, Inc.		3,111,900
	65,900	@	Genzyme Corp.		4,746,118
	81,400	@	Gilead Sciences, Inc.		4,310,130
	3,610	@	Google, Inc.-Class A		1,900,376
	33,000		Harris Corp.		1,666,170
	97,400		Hewlett-Packard Co.		4,306,054
	48,900	@	Ingram Micro, Inc.		867,975
	203,200		Intel Corp.		4,364,736
	67,000		International Business Machines Corp.		7,941,510
	71,700	@,L	JDS Uniphase Corp.		814,512
	11,900		Johnson & Johnson		765,646
	99,600	@,L	Juniper Networks, Inc.		2,209,128
	39,800	L	KLA-Tencor Corp.		1,620,258
	120,500	@,L	Kulicke & Soffa Industries, Inc.		878,445
	26,300	@,L	Lam Research Corp.		950,745
	54,400	L	Linear Technology Corp.		1,771,808
	34,500		Lockheed Martin Corp.		3,403,770
	57,200		Maxim Integrated Products		1,209,780
	67,800	@	McAfee, Inc.		2,307,234
	73,100		Medtronic, Inc.		3,782,925
	37,800	L	Microchip Technology, Inc.		1,154,412
	179,800		Microsoft Corp.		4,946,298
	14,100	@,L	Millipore Corp.		956,826
	76,700		Motorola, Inc.		562,978
	35,300	@,L	Netlogic Microsystems, Inc.		1,171,960
	99,500	@,L	ON Semiconductor Corp.		912,415
	196,600	@	Oracle Corp.		4,128,600
	15,500	@,L	Priceline.com, Inc.		1,789,630
	35,000	@,L	Progress Software Corp.		894,950
	112,080		Qualcomm, Inc.		4,972,989
	40,800		Raytheon Co.		2,296,224
	38,500	@,L	Red Hat, Inc.		796,565
	25,500	@,L	Salesforce.com, Inc.		1,739,865
	59,700		Seagate Technology, Inc.		1,142,061
	33,700	@	SenoRx, Inc.		260,164
	29,800	@	St. Jude Medical, Inc.		1,218,224

Shares				Value
	86,200	@,L	Sybase, Inc.	$	2,536,004
	75,500	@	Symantec Corp.		1,460,925
	47,800	@	Syniverse Holdings, Inc.		774,360
	42,000	@,L	Synopsys, Inc.		1,004,220
	86,400	@	Teradyne, Inc.		956,448
	40,000		Texas Instruments, Inc.		1,126,400
	24,200	@,L	Varian Medical Systems, Inc.		1,254,770
	25,700	@,L	Varian Semiconductor Equipment Associates, Inc.		894,874
	67,200	@,L	VeriSign, Inc.		2,540,160
	39,800		Verizon Communications, Inc.		1,408,920
	21,100	@,L	Vertex Pharmaceuticals, Inc.		706,217
	80,100	L	Xilinx, Inc.		2,022,525
	82,200	@,L	Yahoo!, Inc.		1,698,252
	22,500	@	Zimmer Holdings, Inc.		1,531,125
					163,928,174
Total Common Stock (Cost $215,055,632)					206,334,127
Principal Amount				Value
SHORT-TERM INVESTMENTS: 19.6%

		Securities Lending Collateralcc: 19.6%
$	42,407,785	Bank of New York Mellon Corp. Institutional Cash Reserves	42,407,785
Total Short-Term Investments (Cost $42,407,785)			42,407,785

Total Investments in Securities (Cost $257,463,417)*	114.8	%	$	248,741,912
Other Assets and Liabilities - Net	(14.8	)		(32,027,501	)
Net Assets	100.0	%	$	216,714,411

@  Non-income producing security

ADR  American Depositary Receipt

cc  Securities purchased with cash collateral for securities loaned.

L  Loaned security, a portion or all of the security is on loan at June 30, 2008.

*  Cost for federal income tax purposes is $258,393,131.
Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	4,360,034
Gross Unrealized Depreciation		(14,011,253	)
Net Unrealized Depreciation	$	(9,651,219	)

See Accompanying Notes to Financial Statements
132

ING BLACKROCK GLOBAL SCIENCE AND  PORTFOLIO OF INVESTMENTS
TECHNOLOGY PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Industry	Percentage of Net Assets
Aerospace/Defense		3.1	%
Biotechnology		8.6
Commercial Services		0.5
Computers		14.7
Distribution/Wholesale		0.4
Electrical Components & Equipment		0.4
Electronics		3.0
Environmental Control		1.2
Hand/Machine Tools		0.3
Healthcare-Products		8.8
Internet		8.5
Miscellaneous Manufacturing		0.8
Office/Business Equipment		0.5
Pharmaceuticals		1.3
Retail		0.6
Semiconductors		16.0
Software		13.0
Telecommunications		12.9
Toys/Games/Hobbies		0.6
Short-Term Investments		19.6
Other Assets and Liabilities - Net		(14.8	)
Net Assets		100.0	%

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 ("SFAS 157"), "Fair Value Measurements." This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical investments

•  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Portfolio's own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio's investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	225,016,242	$	—
Level 2 — Other Significant Observable Inputs		23,725,670		258,354
Level 3 — Significant Unobservable Inputs		—		—
Total	$	248,741,912	$	258,354

*  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

At June 30, 2008 the following forward foreign currency contracts were outstanding for the ING BlackRock Global Science and Technology Portfolio:

Currency		Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation/ (Depreciation)
Switzerland Francs				USD
CHF	120,000	Buy	07/23/08		115,101		117,506	$	2,405
Switzerland Francs CHF 286,000		Buy	07/23/08		272,955		280,055		7,100
EURO EUR 1,000		Buy	07/23/08		1,537		1,573		36
EURO EUR 66,000		Buy	07/23/08		103,043		103,786		744
EURO EUR 107,000		Buy	07/23/08		165,791		168,260		2,468
British Pound Sterling GBP 132,000		Buy	07/23/08		256,814		262,429		5,615
British Pound Sterling GBP 115,000		Buy	07/23/08		226,902		228,632		1,729
British Pound Sterling GBP 60,000		Buy	07/23/08		117,672		119,286		1,615
British Pound Sterling GBP 110,000		Buy	07/23/08		218,947		218,691		(256	)
British Pound Sterling GBP 19,000		Buy	07/23/08		37,854		37,774		(80	)
Hong Kong Dollars HKD 7,900,000		Buy	07/23/08		1,013,664		1,013,701		37
Japanese Yen JPY 26,673,000		Buy	07/23/08		257,869		251,535		(6,334	)
Japanese Yen JPY 385,980,000		Buy	07/23/08		3,704,934		3,639,914		(65,020	)
Japanese Yen JPY 280,000		Buy	07/23/08		2,640		2,641		1
Norway Krone NOK 819,000		Buy	07/23/08		163,056		160,394		(2,662	)
								$	(52,602	)
Switzerland Francs CHF 578,000		Sell	07/23/08		574,085		565,985		8,099
Switzerland Francs CHF 808,000		Sell	07/23/08		782,008		791,204		(9,197	)
EURO EUR 549,500		Sell	07/23/08		864,692		864,100		591
EURO EUR 275,000		Sell	07/23/08		428,365		432,443		(4,078	)
British Pound Sterling GBP 848,500		Sell	07/23/08		1,655,466		1,686,904		(31,438	)
Hong Kong Dollars HKD 3,691,500		Sell	07/23/08		474,982		473,681		1,301
Hong Kong Dollars HKD 482,000		Sell	07/23/08		61,977		61,849		128
Hong Kong Dollars HKD 11,482,000		Sell	07/23/08		1,476,779		1,473,331		3,448
Hong Kong Dollars HKD 11,400,000		Sell	07/23/08		1,465,534		1,462,809		2,725
Hong Kong Dollars HKD 1,309,000		Sell	07/23/08		168,127		167,966		161
Japanese Yen JPY 295,737,751		Sell	07/23/08		2,940,862		2,788,901		151,961
Japanese Yen JPY 402,570,000		Sell	07/23/08		3,895,885		3,796,363		99,522
Japanese Yen JPY 280,000,000		Sell	07/23/08		2,686,624		2,640,489		46,135
Japanese Yen JPY 35,895,000		Sell	07/23/08		345,510		338,501		7,008
Japanese Yen JPY 219,736,000		Sell	07/23/08		2,106,769		2,072,180		34,590
								$	310,956

See Accompanying Notes to Financial Statements
133

PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED)

Shares				Value
COMMON STOCK: 95.0%
			Australia: 6.2%
	10,484		ABC Learning Centres Ltd.	$	10,058
	10,681		AGL Energy Ltd.		146,312
	27,223		Alumina Ltd.		123,580
	20,401		Amcor Ltd.		98,833
	45,259		AMP Ltd.		289,802
	8,794		Aristocrat Leisure Ltd.		54,013
	11,228		Asciano Group		37,348
	4,365		ASX Ltd.		131,430
	43,443		Australia & New Zealand Banking Group Ltd.		780,787
	25,034		AXA Asia Pacific Holdings Ltd.		112,245
	4,564		Babcock & Brown Ltd.		32,768
	8,329		Bendigo Bank Ltd.		87,282
	81,325		BHP Billiton Ltd.		3,461,227
	17,632		BlueScope Steel Ltd.		191,588
	39,540		Boart Longyear Group		84,547
	15,064		Boral Ltd.		81,603
	34,842	S	Brambles Ltd.		291,626
	2,186		Caltex Australia Ltd.		27,314
	4,959		Challenger Financial Services Group Ltd.		9,004
	13,885		Coca-Cola Amatil Ltd.		93,311
	1,700		Cochlear Ltd.		71,401
	32,498		Commonwealth Bank of Australia		1,253,110
	11,484		Computershare Ltd.		101,226
	11,759		Crown Ltd.		104,601
	13,156		CSL Ltd.		450,344
	29,406		CSR Ltd.		68,978
	2,500		Downer EDI Ltd.		16,421
	29,414	@	Fortescue Metals Group Ltd.		334,174

Shares				Value
	43,687		Foster's Group Ltd.	$	212,382
	21,446		Goodman Fielder Ltd.		28,896
	10,738		Harvey Norman Holdings Ltd.		31,778
	2,632		Iluka Resources Ltd.		11,927
	1,285		Incitec Pivot Ltd.		227,536
	45,859		Insurance Australia Group		152,812
	30,559		John Fairfax Holdings Ltd.		85,849
	3,307		Leighton Holdings Ltd.		161,034
	8,483		Lend Lease Corp., Ltd.		77,724
	4,055		Lion Nathan Ltd.		33,218
	20,215		Macquarie Airports Management Ltd.		39,984
	6,499		Macquarie Group Ltd.		302,565
	50,668		Macquarie Infrastructure Group		112,738
	40,583		National Australia Bank Ltd.		1,030,466
	10,959		Newcrest Mining Ltd.		304,145
	17,327		OneSteel Ltd.		123,509
	8,116		Orica Ltd.		227,797
	21,024		Origin Energy Ltd.		325,275
	39,486	@	Oxiana Ltd.		98,797
	37,600		Oxiana Ltd.		94,164
	13,482	@	Paladin Resources Ltd.		82,315
	3,665		PaperlinX Ltd.		6,028
	518		Perpetual Trustees Australia Ltd.		21,235
	20,125		Qantas Airways Ltd.		58,647
	22,159		QBE Insurance Group Ltd.		476,444
	7,015		Rio Tinto Ltd.		907,654
	14,805		Santos Ltd.		304,947
	3,391		Sims Group Ltd.		135,600
	9,849		Sonic Healthcare Ltd.		137,533
	9,536		St. George Bank Ltd.		248,130
	22,741		Suncorp-Metway Ltd.		284,971
	14,901		TABCORP Holdings Ltd.		140,106
	34,690		Tattersall's Ltd.		78,259
	141,577		Telstra Corp., Ltd.		575,281
	12,015		Toll Holdings Ltd.		69,526
	27,206	@	Transurban Group		110,603
	15,337		Wesfarmers Ltd.		548,061
	3,337		Wesfarmers Ltd.		120,323
	43,933		Westpac Banking Corp.		843,822
	10,929		Woodside Petroleum Ltd.		706,411
	30,153		Woolworths Ltd.		706,633
	3,839		WorleyParsons Ltd.		139,101
					18,929,159
			Austria: 0.6%
	786		Andritz AG		49,301
	363	@	bwin Interactive Entertainment		10,074
	4,611		Erste Bank der Oesterreichischen Sparkassen AG		285,175
	12,750	@	Immoeast Immobilien Anlagen AG		112,754
	8,939		Immofinanz Immobilien Anlagen AG		92,036
	7,546	@	Meinl European Land Ltd.		84,604
	2,003		Oesterreichische Elektrizitaetswirtschafts AG		178,857
	4,114		OMV AG		321,428
	1,308		Raiffeisen International Bank Holding AG		166,184
	7,961		Telekom Austria AG		172,505
	2,862		Voestalpine AG		234,213
	1,301		Wiener Staedtische Allgemeine Versicherung AG		85,729
	2,354		Wienerberger AG		98,427
					1,891,287

See Accompanying Notes to Financial Statements
134

PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Belgium: 1.0%
	1,045	@	AGFA-Gevaert NV	$	6,746
	4,105		Belgacom SA		176,112
	362		Colruyt SA		95,424
	2,574		Delhaize Group		172,403
	12,974		Dexia		206,570
	50,954		Fortis		809,377
	2,262		Groupe Bruxelles Lambert SA		268,200
	4,105		InBev NV		283,825
	218	S	Kbc Ancora		18,983
	4,228		KBC Groep NV		467,370
	1,058		Mobistar SA		85,400
	985		Nationale A Portefeuille		73,532
	300		Oriflame Cosmetics SA		19,171
	1,585		Solvay SA		206,495
	2,376		UCB SA		87,654
	3,252		Umicore		159,945
					3,137,207
			Bermuda: 0.1%
	400		Frontline Ltd.		28,074
	5,922		SeaDrill Ltd. ADR		180,758
					208,832
			China: 0.1%
	32,500		Fosun International		23,717
	53,000	@	Foxconn International Holdings Ltd.		51,424
	3,000	@	Parkson Retail Group Ltd.		21,961
	22,800		Tencent Holdings Ltd.		176,833
	58,000		Tingyi Cayman Islands Holding Corp.		71,729
					345,664
			Cyprus: 0.0%
	3,913	@	Prosafe Production Public Ltd.		22,664
	3,513	@	ProSafe SE		34,780
					57,444
			Denmark: 1.1%
	31		AP Moller-Maersk A/S-Class A		378,702
	35		AP Moller-Maersk A/S-Class B		426,896
	1,658		Carlsberg A/S		159,715
	1,100		Danisco A/S		70,524
	11,200		Danske Bank A/S		322,501
	4,617		DSV A/S		110,144
	1,407		Flsmidth & Co. A/S		153,724
	2,000	@	GN Store Nord		9,552
	1,557	@	Jyske Bank		92,646
	11,992		Novo-Nordisk A/S		789,440
	1,200		Novozymes A/S		108,032
	100		Rockwool International AS		12,803
	1,000		Sydbank A/S		38,006
	125	@	Topdanmark A/S		18,809
	200		TrygVesta A/S		14,117
	4,465	@	Vestas Wind Systems A/S		581,329
	350	@	William Demant Holding		22,986
					3,309,926
			Finland: 1.5%
	501		Amer Sports OYJ		7,557
	772		Cargotec Corp.		26,709
	3,421		Elisa OYJ		71,400
	10,288		Fortum OYJ		520,734

Shares				Value
	217		KCI Konecranes OYJ	$	8,910
	1,995		Kesko OYJ		64,194
	4,026		Kone OYJ		140,733
	2,868		Metso OYJ		129,808
	2,944		Neste Oil OYJ		86,288
	94,730		Nokia OYJ		2,315,481
	2,367		Nokian Renkaat OYJ		112,272
	677		OKO Bank		11,687
	1,225	S	Orion OYJ		24,330
	2,597		Outokumpu OYJ		90,247
	2,031		Rautaruukki OYJ		92,195
	11,580		Sampo OYJ		290,898
	14,821		Stora Enso OYJ (Euro Denominated Security)		138,083
	572		Tietoenator OYJ		11,902
	12,674		UPM-Kymmene OYJ		206,510
	2,110		Wartsila OYJ		131,754
	4,016		YIT OYJ		100,283
					4,581,975
			France: 9.2%
	4,732		Accor SA		314,347
	845		ADP		78,848
	3,827		Air France-KLM		91,285
	6,305		Air Liquide		830,059
	56,097		Alcatel SA		338,650
	2,276		Alstom		521,901
	1,675		Atos Origin		92,267
	37,796		AXA SA		1,113,694
	19,910		BNP Paribas		1,792,242
	5,074		Bouygues SA		334,767
	3,579		Capgemini SA		209,828
	14,481		Carrefour SA		816,264
	1,125		Casino Guichard Perrachon SA		127,045
	611		Christian Dior SA		62,764
	6,511		Cie de Saint-Gobain		403,231
	5,308		Cie Generale D'Optique Essilor International SA		323,785
	1,331		CNP Assurances		150,066
	2,696	@	Compagnie Generale de Geophysique SA		127,287
	3,402		Compagnie Generale des Etablissements Michelin		243,264
	22,963		Credit Agricole SA		466,159
	1,793		Dassault Systemes SA		108,848
	591		Eiffage SA		40,363
	4,660		Electricite de France		441,447
	43,800		France Telecom SA		1,284,527
	4,685		Gaz de France		299,974
	10,391		Groupe Danone		727,103
	1,555		Hermes International		244,164
	1,170		Imerys SA		84,487
	2,485		JC Decaux SA		62,991
	3,576		Lafarge SA		545,296
	3,340		Lagardere SCA		188,939
	655		Legrand SA		16,482
	5,295		L'Oreal SA		574,330
	5,632		LVMH Moet Hennessy Louis Vuitton SA		587,514
	5,677		Natixis		62,492
	936		Neopost SA		98,682
	3,790		PagesJaunes Groupe SA		55,434
	3,858		Pernod-Ricard SA		393,690

See Accompanying Notes to Financial Statements
135

PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			France (continued)
	3,526		Peugeot SA	$	190,447
	2,002		PPR		221,006
	3,553		Publicis Groupe		114,636
	4,644		Renault SA		377,960
	5,151		Safran SA		99,349
	24,992		Sanofi-Aventis		1,660,694
	5,322		Schneider Electric SA		572,533
	3,678		Scor SA		83,748
	645		Societe Des Autoroutes Paris-Rhin-Rhone		61,216
	11,378		Societe Generale		986,464
	3,205		Societe Television Francaise (T.F.1)		53,354
	2,553		Sodexho Alliance SA		167,017
	25,363		Suez SA		1,719,299
	2,407		Technip SA		222,117
	2,441		Thales SA		138,849
	1,716	@	Thomson		8,897
	51,341		Total SA		4,370,075
	2,246		Valeo SA		71,889
	1,172	S	Vallourec		409,884
	8,669		Veolia Environnement		483,967
	9,455		Vinci SA		577,361
	27,707		Vivendi		1,044,731
	227		Wendel Investissement		22,983
					27,912,992
			Germany: 8.3%
	4,790		Adidas AG		301,791
	10,828		Allianz AG		1,903,153
	22,956		BASF AG		1,575,304
	17,226		Bayer AG		1,446,116
	8,400		Bayerische Motoren Werke AG		403,593
	1,958		Beiersdorf AG		143,871
	971		Bilfinger Berger AG		84,093
	2,282		Celesio AG		82,458
	14,498		Commerzbank AG		431,391
	3,598		Continental AG		367,672
	21,501		DaimlerChrysler AG		1,330,904
	11,749		Deutsche Bank AG		1,006,467
	4,722		Deutsche Boerse AG		533,852
	5,670		Deutsche Lufthansa AG		122,165
	17,603		Deutsche Post AG		457,662
	1,894		Deutsche Postbank AG		166,241
	65,714		Deutsche Telekom AG		1,079,141
	14,998		E.ON AG		3,021,352
	4,644		Fresenius Medical Care AG & Co. KGaA		255,287
	3,307		GEA Group AG		116,293
	281		HeidelbergCement AG		40,217
	909		Heidelberger Druckmaschinen		18,594
	6,443		Henkel KGaA		241,189
	983		Hochtief AG		97,225
	4,696		Hypo Real Estate Holding AG		131,318
	20,597	@	Infineon Technologies AG		176,510
	2,170		IVG Immobilien AG		42,776
	891		K+S AG		511,183
	1,384	@	KarstadtQuelle AG		16,024
	2,884		Linde AG		405,452
	2,610		MAN AG		288,958
	1,627		Merck KGaA		230,688
	2,765		Metro AG		176,697
	5,000		Muenchener Rueckversicherungs AG		877,050

Shares				Value
	963	@	Premiere AG	$	21,189
	91		Puma AG Rudolf Dassler Sport		30,509
	1,161	@	Q-Cells AG		117,392
	984		Rheinmetall AG		71,045
	10,580		RWE AG		1,331,129
	973		Salzgitter AG		178,089
	20,447		SAP AG		1,066,284
	20,990		Siemens AG		2,313,760
	2,022		Solarworld AG		95,745
	8,680		ThyssenKrupp AG		543,991
	4,721		TUI AG		109,291
	4,422		Volkswagen AG		1,273,946
	109		Wacker Chemie AG		22,855
	219		Wincor Nixdorf AG		15,117
					25,273,029
			Greece: 0.6%
	9,782		Alpha Bank AE		296,137
	3,290		Coca-Cola Hellenic Bottling Co. SA		89,512
	7,363		EFG Eurobank Ergasias SA		175,318
	825		Hellenic Exchanges SA Holding Clearing Settlement and Registry		10,413
	3,194		Hellenic Petroleum SA		43,897
	5,735		Hellenic Telecommunications Organization SA		144,472
	10,625		National Bank of Greece SA		478,199
	5,678		OPAP SA		198,667
	8,099		Piraeus Bank SA		220,426
	2,473		Public Power Corp.		85,776
	1,432		Titan Cement Co. SA		56,867
	1,238		Viohalco		10,379
					1,810,063
			Hong Kong: 2.0%
	4,600		ASM Pacific Technology		34,767
	38,200		Bank of East Asia Ltd.		207,692
	54,000		Belle International Holdings		48,723
	107,000		BOC Hong Kong Holdings Ltd.		283,628
	16,000		C C Land Holdings Ltd.		9,961
	37,000		Cathay Pacific Airways Ltd.		70,473
	34,000		Cheung Kong Holdings Ltd.		459,783
	14,000		Cheung Kong Infrastructure Holdings Ltd.		59,321
	18,000		Chinese Estates Holdings Ltd.		27,702
	20,000	@	CITIC Intl. Financial Holdings Ltd.		15,306
	27,500		CLP Holdings Ltd.		235,835
	25,700		Esprit Holdings Ltd.		267,601
	8,000		Hang Lung Group Ltd.		35,680
	46,000		Hang Lung Properties Ltd.		147,677
	19,000		Hang Seng Bank Ltd.		401,168
	28,000		Henderson Land Development Co., Ltd.		175,063
	87,700		Hong Kong & China Gas		208,688
	1,200		Hong Kong Aircraft Engineerg Co., Ltd.		18,507
	26,000		Hong Kong Exchanges and Clearing Ltd.		380,867
	34,000		HongKong Electric Holdings		203,445
	20,000		Hopewell Holdings		71,095
	49,000	@	Hutchison Telecommunications International Ltd.		69,387

See Accompanying Notes to Financial Statements
136

PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Hong Kong (continued)
	52,000		Hutchison Whampoa Ltd.	$	524,384
	28,000		Hysan Development Co., Ltd.		77,051
	16,500		Kerry Properties Ltd.		86,775
	16,000	S	Kingboard Chemicals Holdings		73,877
	11,600		Lee & Man Paper Manufacturing Ltd.		17,306
	48,000		Li & Fung Ltd.		144,838
	24,500		Lifestyle International Holdings Ltd.		34,506
	22,000		Melco International Development		21,143
	39,500		MTR Corp.		124,443
	53,000		New World Development Ltd.		108,257
	32,200		Noble Group Ltd.		56,360
	12,000		NWS Holdings Ltd.		31,336
	8,000		Orient Overseas International Ltd.		40,069
	20,000		Pacific Basin Shipping Ltd.		28,618
	71,000		PCCW Ltd.		43,000
	40,000		Shangri-La Asia Ltd.		93,722
	55,500		Shui On Land Ltd.		46,281
	36,000		Shun TAK Holdings Ltd.		33,745
	42,000		Sino Land Co.		83,586
	33,000		Sun Hung Kai Properties Ltd.		448,604
	23,000		Swire Pacific Ltd.		235,424
	5,000		Television Broadcasts Ltd.		28,881
	32,000		Wharf Holdings Ltd.		133,972
	4,500		Wing Hang Bank Ltd.		59,595
	6,500		Yue Yuen Industrial Holdings		15,443
					6,023,585
			Ireland: 0.5%
	21,160		Allied Irish Banks PLC		326,096
	10,217		Anglo Irish Bank Corp. PLC		95,300
	25,891		Bank of Ireland-London Exchange		223,841
	12,685		CRH PLC		368,673
	10,847	@	Elan Corp. PLC		383,624
	7,365		Irish Life & Permanent PLC		75,786
	3,649		Kerry Group PLC		107,709
	2,943		Kingspan Group PLC		28,429
	166		Paddy Power PLC		5,227
	12,200	@	Ryanair Holdings PLC		53,679
	3,310		Smurfit Kappa PLC		26,984
					1,695,348
			Italy: 3.7%
	12,379		AEM S.p.A.		45,198
	10,625		Alleanza Assicurazioni SpA		114,927
	25,011		Assicurazioni Generali S.p.A.		955,884
	6,064		Autostrade S.p.A.		183,150
	49,537		Banca Monte dei Paschi di Siena S.p.A.		139,628
	11,920		Banca Popolare di Milano Scrl		111,256
	14,312		Banche Popolari Unite Scpa		334,410
	16,481		Banco Popolare Scarl		291,159
	103,054		Enel S.p.A.		977,615
	60,549		ENI S.p.A.		2,249,420
	16,376		Fiat S.p.A		266,552
	7,210		Finmeccanica S.p.A.		188,513
	1,565		Fondiaria-Sai S.p.A.		51,576
	21,327		Intesa Sanpaolo S.p.A.		109,895
	185,601		Intesa Sanpaolo S.p.A.		1,055,115
	2,573		Italcementi S.p.A.		42,566
	1,917		Italcementi S.p.A. RNC		22,242

Shares				Value
	2,022		Lottomatica S.p.A.	$	60,247
	4,273		Luxottica Group S.p.A.		99,723
	17,389		Mediaset S.p.A.		114,369
	13,513		Mediobanca S.p.A.		229,005
	41,707		Parmalat S.p.A		108,496
	2,184		Pirelli & C S.p.A.		1,498
	3,334		Prysmian S.p.A.		84,169
	3,171		Saipem S.p.A.		148,205
	15,346		Snam Rete Gas S.p.A.		104,605
	338,937		Telecom Italia S.p.A.		677,908
	312,349		Telecom Italia S.p.A. RNC		504,249
	39,515		Terna S.p.A		166,980
	280,343		UniCredito Italiano S.p.A.		1,705,288
	10,955		Unipol S.p.A.		25,739
					11,169,587
			Japan: 20.2%
	8	@	Access Co. Ltd.		14,323
	980		Acom Co., Ltd.		30,334
	4,000		Advantest Corp.		84,312
	17,600		Aeon Co., Ltd.		217,864
	1,800		Aeon Credit Service Co., Ltd.		22,556
	1,000		Aeon Mall Co., Ltd.		29,581
	1,550		Aiful Corp.		17,931
	9,267		Aioi Insurance Co. Ltd.		49,474
	4,900		Aisin Seiki Co., Ltd.		160,959
	21,000		Ajinomoto Co., Inc.		198,953
	200		Alfresa Holdings Corp.		14,314
	19,000		All Nippon Airways Co., Ltd.		71,060
	2,300		Alps Electric Co., Ltd.		23,789
	9,000		Amada Co., Ltd.		71,199
	400		Aoyama Trading Co., Ltd.		7,381
	10,400		Asahi Breweries Ltd.		194,413
	22,000		Asahi Glass Co. Ltd.		266,353
	32,000		Asahi Kasei Corp.		167,773
	3,000		Asics Corp.		32,789
	12,400		Astellas Pharma, Inc.		527,312
	8,000		Bank of Kyoto Ltd.		83,621
	30,000		Bank of Yokohama Ltd.		207,458
	2,000		Benesse Corp.		81,002
	15,900		Bridgestone Corp.		243,921
	1,761		Brother Industries Ltd.		24,280
	25,800		Canon, Inc.		1,328,079
	5,500		Casio Computer Co., Ltd.		62,582
	44		Central Japan Railway Co.		484,988
	20,000		Chiba Bank Ltd.		140,435
	4,000		Chiyoda Corp.		43,496
	16,900		Chubu Electric Power Co., Inc.		412,798
	200		Chugai Pharmaceutical Co., Ltd.		3,198
	3,344		Chugoku Electric Power Co., Inc.		71,356
	11,200		Citizen Watch Co. Ltd.		85,444
	700		Coca-Cola West Holdings Co., Ltd.		16,336
	2,000		COMSYS Holdings Corp.		17,663
	4,000		Credit Saison Co., Ltd.		83,907
	800		CSK Corp.		15,762
	11,000		Dai Nippon Printing Co., Ltd.		161,944
	8,000		Daido Steel Co., Ltd.		44,764
	1,000		Daifuku Co., Ltd.		9,857
	16,100		Daiichi Sankyo Co., Ltd.		443,529
	6,200		Daikin Industries Ltd.		313,490
	11,000		Dainippon Ink & Chemicals		31,922
	2,800		Daito Trust Construction Co., Ltd.		135,803
	12,000		Daiwa House Industry Co. Ltd		112,965

See Accompanying Notes to Financial Statements
137

PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Japan (continued)
	27,000		Daiwa Securities Group, Inc.	$	248,286
	12,400		Denso Corp.		427,073
	63		Dentsu, Inc.		133,690
	1,760		Diamond Lease Co., Ltd.		76,474
	6,000		Dowa Holdings Co., Ltd.		43,830
	90		East Japan Railway Co.		733,078
	7,000		Ebara Corp.		21,754
	800		EDION Corp.		6,675
	6,700		Eisai Co., Ltd.		236,671
	4,600		Electric Power Development Co.		170,781
	2,700	@	Elpida Memory, Inc.		86,591
	700		FamilyMart Co., Ltd.		28,653
	4,600		Fanuc Ltd.		449,867
	1,200		Fast Retailing Co., Ltd.		113,848
	11,000		Fuji Electric Holdings Co., Ltd.		38,893
	11,700		Fuji Photo Film Co., Ltd.		403,013
	6,000		Fujikura Ltd.		26,107
	46,000		Fujitsu Ltd.		341,588
	20,000		Fukuoka Financial Group, Inc.		90,411
	12,000		Furukawa Electric Co., Ltd.		52,232
	400		Glory Ltd.		9,428
	12,000		Gunma Bank Ltd.		79,999
	30,000		Hankyu Hanshin Holdings, Inc.		126,061
	34,500		Haseko Corp.		46,163
	600		Hikari Tsushin, Inc.		19,793
	4,000		Hino Motors Ltd.		24,844
	800		Hirose Electric Co., Ltd.		80,383
	4,000		Hiroshima Bank Ltd.		17,835
	3,000		Hitachi Chemical Co. Ltd.		61,913
	3,200	S	Hitachi Construction Machinery Co., Ltd.		89,715
	900		Hitachi High-Technologies Corp.		20,884
	79,000		Hitachi Ltd.		568,917
	1,000		Hitachi Metals Ltd.		16,419
	5,700		Hokkaido Electric Power Co., Inc.		116,083
	29,000		Hokugin Financial Group, Inc.		84,121
	1,400		Hokuriku Electric Power Co.		33,294
	38,100		Honda Motor Co., Ltd.		1,300,226
	10,600		Hoya Corp.		245,519
	3,100		Ibiden Co., Ltd.		112,890
	600		Idemitsu Kosan Co., Ltd.		53,360
	19		Inpex Holdings, Inc.		239,938
	9,300	@	Isetan Mitsukoshi Holdings Ltd.		99,582
	39,000		Ishikawajima - Harima Heavy Industries Co., Ltd.		78,999
	14,000		Isuzu Motors Ltd.		67,417
	900		Ito En Ltd.		14,177
	37,000		Itochu Corp.		394,485
	500		Itochu Techno-Solutions Corp.		16,248
	9,000		J Front Retailing Co., Ltd.		47,649
	600		Jafco Co., Ltd.		20,543
	32,000	@	Japan Airlines Corp.		67,212
	400		Japan Petroleum Exploration Co.		28,558
	8,000		Japan Steel Works Ltd.		155,598
	113		Japan Tobacco, Inc.		481,929
	12,200		JFE Holdings, Inc.		615,102
	6,000		JGC Corp.		118,150
	8,000		Joyo Bank Ltd.		38,960
	7,900		JS Group Corp.		125,783
	5,700		JSR Corp.		113,278
	77	@	Jupiter Telecommunications Co.		59,732
	24,000		Kajima Corp.		83,964
	10,000		Kaneka Corp.		68,119

Shares				Value
	18,800		Kansai Electric Power Co., Inc.	$	440,434
	4,000		Kansai Paint Co., Ltd.		27,698
	11,000		Kao Corp.		288,777
	41,000		Kawasaki Heavy Industries Ltd.		109,512
	16,000		Kawasaki Kisen Kaisha Ltd.		150,362
	58		KDDI Corp.		358,871
	12,000		Keihin Electric Express Railway Co. Ltd.		74,379
	18,000		Keio Corp.		91,093
	900		Keyence Corp.		214,536
	3,000		Kikkoman Corp.		36,647
	4,000		Kinden Corp.		40,381
	39,000		Kintetsu Corp.		122,339
	22,000		Kirin Brewery Co., Ltd.		344,021
	13	@	KK DaVinci Advisors		8,988
	62,000		Kobe Steel Ltd.		177,545
	21,700		Komatsu Ltd.		605,997
	2,700		Konami Corp.		94,436
	11,000		Konica Minolta Holdings, Inc.		186,324
	6,800		Koyo Seiko Co., Ltd.		108,029
	26,000		Kubota Corp.		186,859
	10,000		Kuraray Co., Ltd.		119,318
	3,200		Kurita Water Industries Ltd.		118,732
	3,900		Kyocera Corp.		367,900
	8,000		Kyowa Hakko Kogyo Co., Ltd.		82,022
	9,000		Kyushu Electric Power Co., Inc.		188,323
	800		Lawson, Inc.		38,976
	2,600		Leopalace21 Corp.		37,298
	500		Mabuchi Motor Co., Ltd.		27,155
	3,000		Makita Corp.		122,774
	40,000		Marubeni Corp.		333,640
	8,500		Marui Co., Ltd.		66,176
	2,400		Matsui Securities Co., Ltd.		14,439
	500		Matsumotokiyoshi Holdings Co., Ltd.		10,723
	42,000		Matsushita Electric Industrial Co., Ltd.		898,539
	10,000		Matsushita Electric Works Ltd.		102,044
	13,000		Mazda Motor Corp.		67,458
	4,000		Mediceo Paltac Holdings Co., Ltd.		73,661
	2,000		Meiji Dairies Corp.		10,262
	18,400		Millea Holdings, Inc.		717,142
	10,000		Minebea Co., Ltd.		57,188
	29,500		Mitsubishi Chemical Holdings Corp.		171,779
	32,800		Mitsubishi Corp.		1,080,784
	48,000		Mitsubishi Electric Corp.		519,162
	28,000		Mitsubishi Estate Co., Ltd.		641,049
	9,000		Mitsubishi Gas Chemical Co., Inc.		64,836
	77,000		Mitsubishi Heavy Industries Ltd.		367,773
	2,000		Mitsubishi Logistics Corp.		21,886
	30,000		Mitsubishi Materials Corp.		128,291
	48,255	@	Mitsubishi Motors Corp.		87,838
	12,000		Mitsubishi Rayon Co., Ltd.		37,851
	252,500		Mitsubishi UFJ Financial Group, Inc.		2,231,455
	41,000		Mitsui & Co., Ltd.		904,915
	20,000		Mitsui Chemicals, Inc.		98,764
	16,000		Mitsui Engineering & Shipbuilding Co. Ltd.		50,629
	22,000		Mitsui Fudosan Co., Ltd.		470,866
	4,000		Mitsui Mining & Smelting Co., Ltd.		11,811

See Accompanying Notes to Financial Statements
138

PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Japan (continued)
	26,000		Mitsui OSK Lines Ltd.	$	370,811
	9,000	@	Mitsui Sumitomo Insurance Group Holdings, Inc.		311,055
	20,000		Mitsui Trust Holdings, Inc.		119,124
	1,900		Mitsumi Electric Co., Ltd.		42,361
	229		Mizuho Financial Group, Inc.		1,065,499
	9,000		Mizuho Trust & Banking Co., Ltd.		15,514
	5,800		Murata Manufacturing Co., Ltd.		273,636
	6,300		Namco Bandai Holdings, Inc.		71,436
	55,000		NEC Corp.		288,775
	600	@	NEC Electronics Corp.		14,993
	6,000		NGK Insulators Ltd.		116,974
	3,000		NGK Spark Plug Co., Ltd.		34,531
	2,000		NHK Spring Co., Ltd.		15,962
	2,200		Nidec Corp.		146,541
	8,000		Nikon Corp.		234,186
	2,400	S	Nintendo Co., Ltd.		1,360,976
	8,000		Nippon Electric Glass Co., Ltd.		139,056
	22,000		Nippon Express Co., Ltd.		105,657
	3,000		Nippon Meat Packers, Inc.		40,651
	20,000		Nippon Mining Holdings, Inc.		125,572
	30,000		Nippon Oil Corp.		202,120
	18		Nippon Paper Group, Inc.		49,244
	11,000		Nippon Sheet Glass Co., Ltd.		54,519
	126,000	S	Nippon Steel Corp.		682,874
	133		Nippon Telegraph & Telephone Corp.		656,259
	22,000		Nippon Yusen KK		211,900
	8,340		Nipponkoa Insurance Co., Ltd.		72,432
	10,000		Nishi-Nippon City Bank Ltd.		29,823
	3,000		Nissan Chemical Industries Ltd.		36,917
	55,500		Nissan Motor Co., Ltd.		460,954
	5,500		Nisshin Seifun Group, Inc.		69,130
	23,000		Nisshin Steel Co., Ltd.		78,292
	2,000		Nisshinbo Industries, Inc.		23,802
	3,300		Nissin Food Products Co., Ltd.		110,644
	1,100		Nitori Co., Ltd.		56,507
	4,500		Nitto Denko Corp.		172,982
	3,300		NOK Corp.		52,517
	43,800		Nomura Holdings, Inc.		648,607
	700		Nomura Real Estate Holdings, Inc.		14,791
	3,300		Nomura Research Institute Ltd.		77,373
	9,000		NSK Ltd.		78,858
	11,000		NTN Corp.		73,348
	41		NTT Data Corp.		160,513
	382		NTT DoCoMo, Inc.		560,295
	32		NTT Urban Development Corp.		41,951
	19,000		Obayashi Corp.		86,113
	90		Obic Co., Ltd.		15,134
	16,000		Odakyu Electric Railway Co. Ltd.		103,995
	26,000		OJI Paper Co., Ltd.		122,273
	5,000	@	Oki Electric Industry Ltd.		7,673
	3,000		Okuma Corp.		29,866
	5,000	S	Olympus Corp.		169,506
	5,700		Omron Corp.		123,023
	700		Ono Pharmaceutical Co., Ltd.		38,606
	3,000		Onward Kashiyama Co., Ltd.		31,544
	600		Oracle Corp. Japan		24,461
	1,700		Oriental Land Co. Ltd.		101,566
	2,320		ORIX Corp.		332,287
	46,000		Osaka Gas Co., Ltd.		168,741
	100		Otsuka Corp.		6,906
	5,500		Pioneer Corp.		44,246

Shares				Value
	2,000		Promise Co., Ltd.	$	55,918
	165		Rakuten, Inc.		83,297
	144		Resona Holdings, Inc.		221,174
	17,000		Ricoh Co., Ltd.		307,689
	2,200		Rohm Co., Ltd.		127,026
	2,000		Sanken Electric Co., Ltd.		11,831
	1,400		Sankyo Co., Ltd.		91,220
	1,200	S	Santen Pharmaceutical Co., Ltd.		30,117
	46,000	@	Sanyo Electric Co., Ltd.		106,947
	8		Sapporo Hokuyo Holdings, Inc.		54,133
	2,000		Sapporo Holdings Ltd.		14,002
	56		SBI E*trade Securities Co., Ltd.		43,738
	5,300		Secom Co., Ltd.		258,153
	6,900		Sega Sammy Holdings, Inc.		60,401
	4,000		Seiko Epson Corp.		109,935
	19,000		Sekisui Chemical Co., Ltd.		129,578
	14,000		Sekisui House Ltd.		130,890
	20,500		Seven & I Holdings Co., Ltd.		586,979
	22,000		Sharp Corp.		358,628
	200		Shimamura Co., Ltd.		12,332
	2,000		Shimano, Inc.		100,537
	19,000		Shimizu Corp.		90,031
	9,700		Shin-Etsu Chemical Co., Ltd.		601,934
	1,300		Shinko Electric Industries		16,087
	10,000		Shinko Securities Co., Ltd.		29,484
	25,000		Shinsei Bank Ltd.		85,703
	8,000		Shionogi & Co., Ltd.		158,399
	6,000		Shiseido Co., Ltd.		137,502
	13,000		Shizuoka Bank Ltd.		132,855
	33,000		Showa Denko KK		87,611
	1,000		SMC Corp.		109,756
	18,200		Softbank Corp.		306,905
	189		Softbank Investment Corp.		41,365
	35,400		Sojitz Corp.		118,089
	22,000		Sompo Japan Insurance, Inc.		206,856
	24,200		Sony Corp.		1,060,775
	37	S	Sony Financial Holdings, Inc.		148,959
	3,800		Stanley Electric Co., Ltd.		92,126
	3,200		Sumco Corp.		70,899
	41,000		Sumitomo Chemical Co., Ltd.		258,303
	25,300		Sumitomo Corp.		332,398
	15,000		Sumitomo Electric Industries Ltd.		190,493
	13,000		Sumitomo Heavy Industries		88,171
	102,000		Sumitomo Metal Industries Ltd.		449,087
	12,000		Sumitomo Metal Mining Co., Ltd.		183,556
	163		Sumitomo Mitsui Financial Group, Inc.		1,225,794
	8,000		Sumitomo Realty & Development Co., Ltd.		159,145
	1,200		Sumitomo Rubber Industries, Inc.		8,976
	400		Sumitomo Titanium Corp.		21,009
	30,000		Sumitomo Trust & Banking Co., Ltd.		209,584
	6,000		Suruga Bank Ltd.		78,119
	1,600		Suzuken Co., Ltd.		59,102
	4,600		Suzuki Motor Corp.		108,949
	5,200		T&D Holdings, Inc.		320,739
	19,000		Taiheiyo Cement Corp.		38,175
	38,000		Taisei Corp.		90,643
	2,000		Taisho Pharmaceutical Co., Ltd.		37,207
	5,000		Taiyo Nippon Sanso Corp.		41,719
	2,000		Taiyo Yuden Co., Ltd.		20,669
	9,000		Takashimaya Co., Ltd.		81,770

See Accompanying Notes to Financial Statements
139

PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Japan (continued)
	20,400		Takeda Pharmaceutical Co., Ltd.	$	1,037,534
	3,090		Takefuji Corp.		43,029
	9,000		Tanabe Seiyaku Co., Ltd.		117,644
	3,100		TDK Corp.		185,498
	32,000		Teijin Ltd.		109,799
	3,300		Terumo Corp.		168,851
	2,600		THK Co., Ltd.		50,592
	25,000		Tobu Railway Co., Ltd.		118,512
	3,300		Toho Co. Ltd.		67,446
	600		Toho Titanium Co., Ltd.		11,781
	11,200		Tohoku Electric Power Co., Inc.		243,953
	700		Tokai Rika Co., Ltd.		14,494
	5,000		Tokuyama Corp.		37,259
	600		Tokyo Broadcasting System, Inc.		11,397
	29,400		Tokyo Electric Power Co., Inc.		757,003
	4,600		Tokyo Electron Ltd.		265,273
	46,000		Tokyo Gas Co., Ltd.		185,862
	700		Tokyo Steel Manufacturing Co., Ltd.		8,108
	6,000		Tokyo Tatemono Co., Ltd.		38,860
	30,000		Tokyu Corp.		155,665
	10,000		Tokyu Land Corp.		56,942
	12,000		Toppan Printing Co., Ltd.		132,186
	33,000		Toray Industries, Inc.		177,110
	72,000		Toshiba Corp.		531,183
	7,000		Tosoh Corp.		28,660
	9,000		Toto Ltd.		63,412
	4,600		Toyo Seikan Kaisha Ltd.		81,207
	3,000		Toyo Suisan Kaisha Ltd.		67,898
	1,900		Toyoda Gosei Co., Ltd.		55,603
	2,300		Toyota Boshoku Corp.		61,675
	4,600		Toyota Industries Corp.		147,692
	66,200		Toyota Motor Corp.		3,124,905
	4,900		Toyota Tsusho Corp.		115,010
	2,000		Trend Micro, Inc.		65,954
	30,000		Ube Industries Ltd.		106,262
	900		Uni-Charm Corp.		64,020
	4,000		UNY Co., Ltd.		39,431
	3,400		Urban Corp.		9,997
	3,300		Ushio, Inc.		54,039
	47		West Japan Railway Co.		230,688
	362		Yahoo! Japan Corp.		139,426
	3,300		Yakult Honsha Co. Ltd.		92,962
	2,100		Yamada Denki Co., Ltd.		149,621
	4,600		Yamaha Corp.		88,952
	3,600		Yamaha Motor Co., Ltd.		67,421
	11,000		Yamato Holdings Co., Ltd.		153,548
	600		Yamato Kogyo Co., Ltd.		28,652
	6,000		Yaskawa Electric Corp.		58,880
	1,600		Yokogawa Electric Corp.		14,659
	3,000		Zeon Corp.		12,044
					61,664,712
			Kazakhstan: 0.1%
	7,719	@	Eurasian Natural Resources Corp.		203,377
					203,377
			Luxembourg: 0.7%
	20,819		Arcelor		2,045,988
	4,362		SES - FDR		110,189
					2,156,177

Shares				Value
			Malaysia: 0.0%
	66,000	@,S	Genting International PLC	$	28,170
					28,170
			Netherlands: 4.8%
	34,917		Aegon NV		459,045
	6,650	S	Akzo Nobel NV		455,085
	8,882		ASML Holding NV		217,399
	1,185		Buhrmann NV		17,085
	7,714		European Aeronautic Defence and Space Co. NV		145,343
	1,533		Fugro NV		130,538
	5,904		Heineken NV		300,654
	44,957	**	ING Groep NV		1,421,438
	14,590		James Hardie Industries NV		59,237
	29,444		Koninklijke Ahold NV		394,715
	3,516		Koninklijke DSM NV		206,080
	25,400		Koninklijke Philips Electronics NV		860,183
	2,036	@	Qiagen NV		40,900
	1,478		Randstad Holdings NV		51,437
	14,732		Reed Elsevier NV		246,552
	93,163		Royal Dutch Shell PLC-Class A		3,818,887
	74,797		Royal Dutch Shell PLC-Class B		2,995,102
	43,405		Royal KPN NV		742,089
	3,643		SBM Offshore NV		134,047
	8,598		TNT NV		292,626
	1,907	@	TomTom		54,480
	48,300		Unilever NV		1,365,859
	6,940		Wolters Kluwer NV		161,535
					14,570,316
			New Zealand: 0.1%
	17,938		Auckland International Airport Ltd.		26,670
	10,239		Contact Energy Ltd.		62,315
	13,827		Fletcher Building Ltd.		66,880
	7,569		Sky City Entertainment Group Ltd.		17,651
	35,753	S	Telecom Corp. of New Zealand Ltd.		97,155
					270,671
			Norway: 1.1%
	5,019		Acergy SA		111,834
	4,617		Aker Kvaerner ASA		108,791
	18,900		DnB NOR ASA		240,108
	7,000	@	DNO International ASA		14,578
	17,000		Norsk Hydro ASA		247,884
	19,500		Orkla ASA		249,863
	4,300	@	Petroleum Geo-Services ASA		105,301
	3,800	@	Renewable Energy Corp. A/S		98,110
	31,450		Statoil ASA		1,173,392
	12,400		Storebrand ASA		91,819
	700		Tandberg ASA		11,437
	20,300		Telenor ASA		381,075
	1,100	@	TGS Nopec Geophysical Co. ASA		15,266
	1,200		Tomra Systems ASA		7,951
	4,715		Yara International ASA		416,408
					3,273,817
			Portugal: 0.3%
	4,173		Banco BPI SA		17,218
	67,528		Banco Comercial Portugues SA		145,650
	6,363		Banco Espirito Santo SA		98,971

See Accompanying Notes to Financial Statements
140

PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Portugal (continued)
	5,442		Brisa-Auto Estradas de Portugal SA	$	62,696
	41,764		Energias de Portugal SA		217,169
	17,684		Portugal Telecom SGPS SA		200,016
	6,025		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		49,973
	11,063		Sonae SGPS SA		13,253
					804,946
			Singapore: 1.0%
	38,000		CapitaLand Ltd.		159,679
	9,000		City Developments Ltd.		72,040
	31,000		ComfortDelgro Corp., Ltd.		34,270
	16,000		Cosco Corp. Singapore Ltd.		37,756
	26,000		DBS Group Holdings Ltd.		361,737
	22,000		Fraser and Neave Ltd.		73,397
	5,000		Jardine Cycle & Carriage Ltd.		62,664
	26,000		Keppel Corp., Ltd.		213,264
	5,000		Keppel Land Ltd.		18,262
	16,000		Neptune Orient Lines Ltd.		38,055
	13,000		Olam International Ltd.		23,189
	57,000		Oversea-Chinese Banking Corp.		343,326
	17,133		Parkway Holdings Ltd.		29,233
	29,000		SembCorp Industries Ltd.		89,022
	29,000		SembCorp Marine Ltd.		86,445
	9,000		Singapore Airlines Ltd.		97,409
	25,000		Singapore Exchange Ltd.		127,530
	13,000		Singapore Post Ltd.		10,522
	45,000		Singapore Press Holdings Ltd.		140,702
	36,000		Singapore Technologies Engineering Ltd.		72,880
	198,000		Singapore Telecommunications Ltd.		527,816
	33,000		United Overseas Bank Ltd.		453,033
	8,000	S	Venture Corp., Ltd.		57,888
	8,000		Wilmar International Ltd.		29,727
	17,000		Yanlord Land Group Ltd.		23,233
					3,183,079
			Spain: 3.9%
	4,667		Abertis Infraestructuras SA		110,416
	664		Acciona SA		156,962
	3,209		Acerinox SA		73,631
	4,487		ACS Actividades de Construccion y Servicios SA		224,525
	86,354		Banco Bilbao Vizcaya Argentaria SA		1,645,374
	17,122		Banco De Sabadell SA		144,321
	21,979		Banco Popular Espanol SA		302,883
	150,909		Banco Santander Central Hispano SA		2,753,204
	3,307		Bankinter SA		37,508
	5,202		Cintra Concesiones DE Infrae		58,037
	17,688		Corp. Mapfre SA		84,436
	15,259		Criteria Caixacorp SA		91,053
	4,588		Enagas		129,510
	741		Fomento de Construcciones y Contratas SA		43,840
	3,971		Gamesa Corp. Tecnologica SA		194,408
	2,734		Gas Natural SDG SA		158,767
	1,425		Grupo Ferrovial		87,789
	20,828	@	Iberdrola Renovables		160,463

Shares				Value
	84,681		Iberdrola SA	$	1,128,276
	8,665		Iberia Lineas Aereas de Espana		20,630
	4,970		Inditex SA		227,829
	3,917		Indra Sistemas SA		101,550
	2,881		Red Electrica de Espana		187,014
	16,855		Repsol YPF SA		661,466
	2,109		Sacyr Vallehermoso SA		64,382
	103,068		Telefonica SA		2,727,574
	2,778	@	Union Fenosa SA		161,436
	2,812		Zardoya-Otis SA		58,200
	2,747	@	Zeltia SA		19,558
					11,815,042
			Sweden: 2.1%
	7,975		Alfa Laval AB		123,209
	6,600		Assa Abloy AB		94,961
	22,400		Atlas Copco AB		327,608
	22,400		Atlas Copco AB-Class B		296,239
	6,700		Boliden AB		54,097
	4,900		Electrolux AB		62,263
	800		Elekta AB		15,332
	4,617		Getinge AB		112,568
	10,125		Hennes & Mauritz AB		546,247
	700		Holmen AB		20,466
	8,100		Husqvarna AB - B Shares		70,457
	2,485		Investor AB		52,171
	5,600	@	Lundin Petroleum AB		82,405
	746	@	Millicom International Cellular SA		76,797
	1,225		Modern Times Group AB		71,710
	47,200		Nordea Bank AB		646,759
	20,000		Sandvik AB		271,730
	7,900		Scania AB - B Shares		107,560
	4,400		Securitas AB		50,896
	9,000		Skandinaviska Enskilda Banken AB		166,042
	6,600		Skanska AB		94,131
	6,800		SKF AB - B Shares		105,979
	5,600	S	SSAB Svenskt Staal AB		158,246
	5,600		Ssab Svenskt Stal AB		179,599
	13,000	S	Svenska Cellulosa AB - B Shares		182,919
	9,400		Svenska Handelsbanken AB		222,690
	4,801		Swedbank AB		92,247
	6,400		Swedish Match AB		130,430
	5,922		Tele2 AB - B Shares		115,163
	71,600		Telefonaktiebolaget LM Ericsson		744,531
	51,500		TeliaSonera AB		380,739
	600		Trelleborg AB		9,003
	30,000		Volvo AB - A Shares		351,759
	34,800		Volvo AB - B Shares		423,762
					6,440,715
			Switzerland: 7.3%
	52,841	@	ABB Ltd.		1,495,710
	2,449	@	Actelion Ltd.-Reg		130,638
	3,726		Adecco SA		184,184
	2,552		Ciba Specialty Chemicals AG		73,473
	11,961		Compagnie Financiere Richemont AG		663,785
	25,981		Credit Suisse Group		1,182,577
	608		EFG International		16,547
	988		Geberit AG-Reg		145,057
	139		Givaudan		123,906

See Accompanying Notes to Financial Statements
141

PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Switzerland (continued)
	5,088	S	Holcim Ltd.	$	411,273
	4,869		Julius Baer Holding AG-Reg		326,530
	1,237	S	Kuehne & Nagel International AG		117,047
	23		Kuoni Reisen Holding		11,027
	3,906	@	Logitech International SA		104,423
	1,238		Lonza Group AG		171,089
	94,760		Nestle SA		4,270,328
	3,685		Nobel Biocare Holding AG		119,815
	56,052		Novartis AG		3,084,665
	192	@	OC Oerlikon Corp. AG		52,980
	586		Pargesa Holding SA		64,972
	531	@	PSP Swiss Property AG		31,505
	16,992		Roche Holding AG		3,054,691
	1,565		Schindler Holding AG		116,248
	125		SGS SA		178,256
	1,145		Sonova Holding AG-Reg		94,497
	15,820		STMicroelectronics NV		163,668
	56		Straumann Holding AG		13,387
	868		Sulzer AG		109,662
	878		Swatch Group AG-BR		218,321
	2,002		Swatch Group AG-Reg		93,388
	868	@	Swiss Life Holding		230,905
	8,203		Swiss Reinsurance		543,792
	301		Swisscom AG		100,252
	2,473		Syngenta AG		801,185
	1,576		Synthes, Inc.		216,767
	70,546	@	UBS AG-Reg		1,470,054
	15,516		Xstrata PLC		1,236,010
	3,678		Zurich Financial Services AG		937,356
					22,359,970
			United Kingdom: 18.5%
	7,854		3i Group PLC		128,476
	3,872		Aggreko PLC		56,358
	3,808		Alliance & Leicester PLC		22,224
	8,824		Amec PLC		155,490
	31,639		Anglo American PLC		2,222,123
	4,494		Antofagasta PLC		58,434
	29,360		ARM Holdings PLC		49,564
	35,433		AstraZeneca PLC		1,506,551
	64,978		Aviva PLC		644,198
	81,522		BAE Systems PLC		715,543
	12,523		Balfour Beatty PLC		105,347
	161,318		Barclays PLC		915,232
	13,657		Barratt Developments PLC		15,619
	1,376	@	Berkeley Group Holdings PLC		18,578
	78,602		BG Group PLC		2,042,665
	52,758		BHP Billiton PLC		2,023,269
	1,411		Bovis Homes Group PLC		9,507
	443,128		BP PLC		5,136,085
	18,754		British Airways PLC		79,879
	36,200		British American Tobacco PLC		1,248,676
	25,843		British Energy Group PLC		363,559
	24,037		British Sky Broadcasting PLC		225,290
	188,531		BT Group PLC		746,899
	7,421		Bunzl PLC		96,389
	10,865		Burberry Group PLC		97,721
	49,375		Cable & Wireless PLC		147,583
	34,080		Cadbury PLC		429,352
	3,057	@	Cairn Energy PLC		196,198
	12,083		Capita Group PLC		164,828
	3,378		Carnival PLC		107,247
	8,467		Carphone Warehouse Group		33,272

Shares				Value
	4,258		Cattles PLC	$	11,282
	92,107		Centrica PLC		566,503
	1,678		Charter PLC		28,882
	1,623		Close Brothers Group PLC		17,813
	30,738		Cobham PLC		120,644
	43,529		Compass Group PLC		327,422
	1,464		Cookson Group PLC		18,213
	8,954		Daily Mail & General Trust		55,628
	62,112		Diageo PLC		1,137,964
	35,785		DSG International PLC		31,519
	6,569		Enterprise Inns PLC		52,864
	22,451		Experian Group Ltd.		166,045
	9,282		Firstgroup PLC		95,719
	50,847		Friends Provident PLC		102,819
	18,154		GKN PLC		80,125
	133,127		GlaxoSmithKline PLC		2,942,873
	28,376		Group 4 Securicor PLC		113,975
	58,678		Hays PLC		105,200
	91,897	S	HBOS PLC		503,118
	19,191		Home Retail Group		82,928
	283,678		HSBC Holdings PLC		4,367,938
	11,612		ICAP PLC		124,379
	10,059		IMI PLC		87,557
	32,423		Imperial Tobacco Group PLC		1,204,468
	10,545		Inchcape PLC		66,744
	6,672		Intercontinental Hotels Group PLC		88,925
	37,930		International Power PLC		324,934
	17,854	@	Invensys PLC		92,251
	14,038		Investec PLC		85,475
	84,203		ITV PLC		74,558
	20,685		J Sainsbury PLC		130,580
	4,365		Johnson Matthey PLC		159,725
	2,878		Kazakhmys PLC		90,743
	8,571		Kesa Electricals PLC		26,857
	58,242		Kingfisher PLC		129,122
	18,267		Ladbrokes PLC		92,815
	130,146		Legal & General Group PLC		258,252
	134,118		Lloyds TSB Group PLC		822,848
	15,506		LogicaCMG PLC		33,203
	3,544		London Stock Exchange Group PLC		54,720
	2,124		Lonmin PLC		134,037
	41,846		Man Group PLC		516,937
	42,804		Marks & Spencer Group PLC		278,334
	20,855		Meggitt PLC		87,978
	4,077		Misys PLC		12,064
	9,244		Mitchells & Butlers PLC		37,539
	11,512		Mondi PLC		67,569
	61,662		National Grid PLC		808,281
	4,613		Next PLC		88,678
	133,553		Old Mutual PLC		245,167
	20,683		Pearson PLC		252,043
	11,094		Persimmon PLC		69,437
	2,525		Premier Farnell PLC		8,831
	59,625		Prudential PLC		628,909
	8,553		Punch Taverns PLC		53,156
	14,234		Reckitt Benckiser PLC		718,931
	27,681		Reed Elsevier PLC		315,438
	41,003		Rentokil Initial PLC		80,762
	15,760	S	Rexam PLC		121,069
	24,159		Rio Tinto PLC		2,909,394
	45,645	@	Rolls-Royce Group PLC		308,503

See Accompanying Notes to Financial Statements
142

PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			United Kingdom (continued)
	78,850		Royal & Sun Alliance Insurance Group	$	196,301
	413,477		Royal Bank of Scotland Group PLC		1,760,225
	21,670		SABMiller PLC		495,091
	21,102		Sage Group PLC		87,358
	4,029		Schroders PLC		72,956
	20,529		Scottish & Southern Energy PLC		571,994
	12,458		Serco Group PLC		110,550
	5,476		Severn Trent PLC		139,346
	14,381		Shire Ltd.		235,092
	39,768		Signet Group PLC		39,239
	21,619		Smith & Nephew PLC		237,191
	10,040		Smiths Group PLC		216,328
	12,005		Stagecoach Group PLC		66,587
	33,730		Standard Chartered PLC		955,214
	52,028		Standard Life PLC		216,296
	10,665		Tate & Lyle PLC		84,040
	45,057		Taylor Woodrow PLC		55,195
	185,333		Tesco PLC		1,355,581
	13,445		Thomas Cook Group PLC		62,333
	4,517		Thomson Reuters PLC		120,469
	22,226		Tomkins PLC		66,541
	4,186		Travis Perkins PLC		44,618
	13,746		TUI Travel PLC		55,860
	1,662		Tullett Prebon PLC		14,171
	16,363		Tullow Oil PLC		310,944
	40,670		Unilever PLC		1,155,510
	7,574		United Business Media PLC		81,699
	20,596		United Utilities PLC		280,270
	2,167		Vedanta Resources PLC		93,583
	1,284,254		Vodafone Group PLC		3,783,811
	4,923		Whitbread PLC		120,053
	4,820		William Hill PLC		30,568
	55,268		WM Morrison Supermarkets PLC		291,353
	17,924	S	Wolseley PLC		133,548
	26,934		WPP Group PLC		257,371
	20,777		Yell Group PLC		28,990
					56,209,119
Total Common Stock (Cost $314,984,715)					289,326,209
REAL ESTATE INVESTMENT TRUSTS: 1.2%
			Australia: 0.5%
	42,634		CFS Retail Property Trust		75,642
	13,351		Commonwealth Property Office Fund		15,811
	91,734		DB Rreef Trust		121,441
	47,188		GPT Group		100,551
	36,483		Macquarie Goodman Group		108,080
	32,843		Macquarie Office Trust		24,506
	29,521		Mirvac Group		83,841
	36,896		Stockland		190,782
	43,652		Westfield Group		682,092
					1,402,746
			Belgium: 0.0%
	79	S	Cofinimmo		14,341
					14,341
			France: 0.2%
	211		Gecina SA		25,501
	620		ICADE		72,306

Shares				Value
	2,052		Klepierre	$	102,874
	1,620		Unibail		373,050
					573,731
			Hong Kong: 0.0%
	56,500		Link Real Estate Investment Trust		128,738
					128,738
			Japan: 0.2%
	28		Japan Prime Realty Investment Corp.		82,843
	15		Japan Real Estate Investment Corp.		158,430
	18		Japan Retail Fund Investment Corp.		103,785
	15		Nippon Building Fund, Inc.		176,890
	16		Nomura Real Estate Office Fund, Inc.		120,501
					642,449
			Netherlands: 0.0%
	1,082		Corio NV		84,277
					84,277
			Singapore: 0.0%
	17,000	@	Ascendas Real Estate Investment Trust		27,563
	6,000	@	CapitaCommercial Trust		8,437
	42,000	@	CapitaMall Trust		92,637
					128,637
			United Kingdom: 0.3%
	10,634		British Land Co. PLC		149,540
	1,466		Great Portland Estates PLC		9,838
	7,637		Hammerson PLC		135,269
	10,385		Land Securities Group PLC		253,425
	6,555		Liberty International PLC		111,873
	10,658		Segro PLC		83,337
					743,282
Total Real Estate Investment Trusts (Cost $4,206,495)					3,718,201
PREFERRED STOCK: 0.5%
			Germany: 0.5%
	1,250		Fresenius AG		108,413
	6,174		Henkel KGaA-Vorzug		245,537
	2,008		Porsche AG		308,622
	1,050		RWE AG		105,329
	4,453	S	Volkswagen AG		644,618
					1,412,519
			Italy: 0.0%
	21,261		Unipol S.p.A.		40,852
					40,852
Total Preferred Stock (Cost $1,637,796)					1,453,371
RIGHTS: 0.0%
			Spain: 0.0%
	2,717		Zardoya Otis SA		5,604
					5,604

See Accompanying Notes to Financial Statements
143

PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			United Kingdom: 0.0%
	33,402		Barclays PLC	$	12,300
	36,758		HBOS PLC		7,871
					20,171
Total Rights (Cost $—)					25,775
Total Long-Term Investments (Cost $320,829,006)					294,523,556
SHORT-TERM INVESTMENTS: 2.7%
			Mutual Fund: 2.7%
	8,102,000	**,S	ING Institutional Prime Money Market Fund		8,102,000
Total Short-Term Investments (Cost $8,102,000)					8,102,000

Total Investments in Securities (Cost $328,931,006)*	99.4	%	$	302,625,556
Other Assets and Liabilities - Net	0.6			1,853,014
Net Assets	100.0	%	$	304,478,570

@  Non-income producing security

ADR  American Depositary Receipt

FDR  Fiduciary Depositary Receipt

S  All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities.

**  Investment in affiliate

*  Cost for federal income tax purposes is $329,237,824.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	3,053,819
Gross Unrealized Depreciation		(29,666,087	)
Net Unrealized Depreciation	$	(26,612,268	)
Industry	Percentage of Net Assets
Advertising		0.1	%
Aerospace/Defense		0.6
Agriculture		1.0
Airlines		0.2
Apparel		0.3
Auto Manufacturers		3.3
Auto Parts & Equipment		0.8
Banks		13.8
Beverages		1.2
Biotechnology		0.2
Building Materials		1.1
Chemicals		3.3
Commercial Services		1.0
Computers		0.5
Cosmetics/Personal Care		0.4
Distribution/Wholesale		1.2
Diversified		0.6
Diversified Financial Services		2.2
Electric		5.0
Electrical Components & Equipment		0.8
Electronics		1.3
Energy-Alternate Sources		0.4
Engineering & Construction		1.7
Entertainment		0.3
Environmental Control		0.0
Food		4.5
Food Service		0.2

Industry	Percentage of Net Assets
Forest Products & Paper		0.3	%
Gas		0.6
Hand/Machine Tools		0.2
Healthcare-Products		0.6
Healthcare-Services		0.1
Holding Companies-Diversified		0.8
Home Builders		0.2
Home Furnishings		0.8
Household Products/Wares		0.4
Insurance		4.8
Internet		0.2
Investment Companies		0.2
Iron/Steel		2.0
Leisure Time		0.2
Lodging		0.2
Machinery-Construction & Mining		0.4
Machinery-Diversified		1.3
Media		1.2
Metal Fabricate/Hardware		0.4
Mining		5.0
Miscellaneous Manufacturing		1.6
Office Property		0.2
Office/Business Equipment		0.6
Oil & Gas		8.4
Oil & Gas Services		0.3
Packaging & Containers		0.1
Pharmaceuticals		5.6
Real Estate		1.4
Retail		1.6
Semiconductors		0.4
Shipbuilding		0.0
Shopping Centers		0.4
Software		0.5
Storage/Warehousing		0.0
Telecommunications		6.7
Textiles		0.2
Toys/Games/Hobbies		0.5
Transportation		1.9
Venture Capital		0.1
Water		0.3
Short-Term Investments		2.7
Other Assets and Liabilities - Net		0.6
Net Assets		100.0	%

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 ("SFAS 157"), "Fair Value Measurements." This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical investments

•  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Portfolio's own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

See Accompanying Notes to Financial Statements
144

PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio's investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	11,504,395	$	(346,566	)
Level 2 — Other Significant Observable Inputs		291,121,161		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	302,625,556	$	(346,566	)

*  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

ING International Index Portfolio Open Futures Contracts on June 30, 2008

Contract Description	Number of Contracts		Notional Market Value		Expiration Date	Unrealized Depreciation
Long Contracts
CAC40 10 Euro		13	$	909,595	07/18/08	$	(39,111	)
DAX Index		2		510,124	09/19/08		(11,227	)
Dow Jones Euro Stoxx 50		32		1,702,932	09/19/08		(60,539	)
FTSE 100 Index		23		2,587,471	09/19/08		(64,456	)
Hang Seng Stock Index		1		141,845	06/30/08		(5,631	)
OMXS30 Index		41		587,178	07/18/08		(42,645	)
S&P ASX 200 Index (SPI)		6		746,743	09/18/08		(28,872	)
S&P/MIB Index		1		233,618	09/19/08		(8,425	)
Tokyo Price Index (TOPIX)		14		1,738,381	09/11/08		(85,660	)
						$	(346,566	)

See Accompanying Notes to Financial Statements
145

ING LEHMAN BROTHERS U.S. AGGREGATE  PORTFOLIO OF INVESTMENTS
BOND INDEX^® PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED)

Principal Amount				Value
CORPORATE BONDS/NOTES: 20.4%
			Aerospace/Defense: 0.3%
$	100,000	C	Northrop Grumman Corp., 7.125%, due 02/15/11	$	106,668
	85,000	C	United Technologies Corp., 4.875%, due 05/01/15		84,612
					191,280
			Agriculture: 0.2%
	120,000		Philip Morris International, Inc., 4.875%, due 05/16/13		118,005
					118,005
			Airlines: 0.6%
	100,000	C	Continental Airlines, Inc., 5.983%, due 04/19/22		82,752
	121,605	C	Delta Air Lines, Inc., 6.821%, due 08/10/22		102,756
	100,000	C	Northwest Airlines, Inc., 7.027%, due 11/01/19		88,500
	98,268	C	Southwest Airlines Co. 2007-1 Pass-Through Trust, 6.150%, due 08/01/22		93,138
					367,146
			Auto Manufacturers: 0.1%
	55,000		DaimlerChrysler NA Holding Corp., 6.500%, due 11/15/13		57,098
					57,098

Principal Amount				Value
			Banks: 2.2%
$	110,000		Bank of America Corp., 5.375%, due 06/15/14	$	108,169
	145,000		Bank of America Corp., 5.650%, due 05/01/18		135,619
	150,000	@@	Deutsche Bank AG/London, 5.375%, due 10/12/12		152,354
	100,000	@@	HSBC Holdings PLC, 6.500%, due 09/15/37		91,440
	415,000	@@	KFW, 3.250%, due 02/15/11		415,559
	110,000	@@	Royal Bank of Scotland Group PLC, 5.000%, due 11/12/13		109,519
	215,000		Wachovia Corp., 5.500%, due 05/01/13		205,991
	100,000		Wachovia Corp., 5.700%, due 08/01/13		95,970
	130,000		Wells Fargo & Co., 5.625%, due 12/11/17		126,007
					1,440,628
			Beverages: 0.1%
	100,000	C	Coca-Cola Co., 5.350%, due 11/15/17		100,984
					100,984
			Chemicals: 0.2%
	40,000		Dow Chemical Co., 7.375%, due 11/01/29		42,541
	75,000	C	EI Du Pont de Nemours & Co., 5.000%, due 01/15/13		75,709
					118,250
			Commercial Services: 0.1%
	50,000	#	Erac USA Finance Co., 7.000%, due 10/15/37		41,704
					41,704
			Computers: 0.1%
	100,000	C	Hewlett-Packard Co., 4.500%, due 03/01/13		99,145
					99,145
			Cosmetics/Personal Care: 0.1%
	50,000	C	Procter & Gamble Co., 5.550%, due 03/05/37		48,225
					48,225
			Diversified Financial Services: 4.6%
	75,000		American Express Co., 6.150%, due 08/28/17		73,382
	75,000		Bear Stearns Cos., Inc., 5.350%, due 02/01/12		73,750
	40,000		CIT Group, Inc., 5.000%, due 02/13/14		28,756
	205,000		Citigroup, Inc., 5.000%, due 09/15/14		190,111
	185,000		Citigroup, Inc., 5.875%, due 05/29/37		157,813
	100,000	@@,C	ConocoPhillips Canada Funding Co. I, 5.625%, due 10/15/16		102,046
	40,000		Countrywide Financial Corp., 5.800%, due 06/07/12		37,865

See Accompanying Notes to Financial Statements
146

ING LEHMAN BROTHERS U.S. AGGREGATE  PORTFOLIO OF INVESTMENTS
BOND INDEX^® PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Diversified Financial Services (continued)
$	425,000		General Electric Capital Corp., 5.250%, due 10/19/12	$	429,552
	100,000	C	General Electric Capital Corp., 6.750%, due 03/15/32		100,992
	200,000		Goldman Sachs Group, Inc., 4.750%, due 07/15/13		192,592
	125,000		Goldman Sachs Group, Inc., 6.150%, due 04/01/18		121,488
	75,000	C	Goldman Sachs Group, Inc., 6.450%, due 05/01/36		67,079
	300,000		HSBC Finance Corp., 4.125%, due 11/16/09		298,110
	75,000		HSBC Finance Corp., 5.000%, due 06/30/15		70,994
	110,000		International Lease Finance Corp., 5.625%, due 09/15/10		107,261
	150,000		International Lease Finance Corp., 5.625%, due 09/20/13		131,287
	75,000	C	JP Morgan Chase Capital XV, 5.875%, due 03/15/35		62,070
	200,000		JPMorgan Chase & Co., 5.375%, due 10/01/12		200,790
	110,000	C	Merrill Lynch & Co., Inc., 6.220%, due 09/15/26		91,296
	100,000	C	Morgan Stanley, 5.375%, due 10/15/15		91,625
	200,000	C	Morgan Stanley, 6.625%, due 04/01/18		189,837
	145,000	C	National Rural Utilities Cooperative Finance Corp., 5.750%, due 08/28/09		147,926
					2,966,622
			Electric: 1.4%
	40,000	C	Dominion Resources, Inc., 5.950%, due 06/15/35		36,013
	75,000		Duke Energy Carolinas, LLC, 6.000%, due 01/15/38		73,394
	75,000	C	Exelon Generation Co., LLC, 6.200%, due 10/01/17		73,177
	150,000	C	FirstEnergy Corp., 6.450%, due 11/15/11		154,030
	100,000	C	Florida Power & Light Co., 5.550%, due 11/01/17		101,791
	50,000	C	Midamerican Energy Co., 4.650%, due 10/01/14		48,668
	75,000	C	Midamerican Energy Holdings Co., 6.125%, due 04/01/36		72,254
	100,000	C	Pacific Gas & Electric Co., 6.050%, due 03/01/34		96,731
	200,000	C	Progress Energy, Inc., 7.100%, due 03/01/11		210,575
	50,000	C	Southern Cal Edison, 6.000%, due 01/15/34		49,947
					916,580
			Electronics: 0.1%
	50,000	@@,C	Koninklijke Philips Electronics NV, 5.750%, due 03/11/18		49,076
					49,076

Principal Amount				Value
			Food: 0.2%
$	100,000		Kraft Foods, Inc., 6.500%, due 08/11/17	$	100,298
	50,000	C	Kroger Co., 5.500%, due 02/01/13		50,208
					150,506
			Healthcare-Products: 0.2%
	100,000	@@,C	Covidien International Finance SA, 6.000%, due 10/15/17		101,388
	50,000	C	Johnson & Johnson, 5.950%, due 08/15/37		52,090
					153,478
			Healthcare-Services: 0.2%
	75,000	C	UnitedHealth Group, Inc., 6.000%, due 02/15/18		72,680
	50,000	C	WellPoint, Inc., 5.850%, due 01/15/36		43,101
					115,781
			Household Products/Wares: 0.1%
	50,000	C	Clorox Co., 5.450%, due 10/15/12		50,289
					50,289
			Insurance: 0.5%
	60,000	C	Genworth Financial, Inc., 6.515%, due 05/22/18		56,264
	75,000	C	Hartford Financial Services Group, Inc., 5.250%, due 10/15/11		74,192
	75,000	C	MetLife, Inc., 5.000%, due 06/15/15		72,970
	60,000		Prudential Financial, Inc., 6.625%, due 12/01/37		56,814
	40,000	C	Travelers Cos., Inc., 6.250%, due 06/15/37		37,301
					297,541
			Media: 1.1%
	125,000	C	Comcast Corp., 6.300%, due 11/15/17		124,091
	90,000	C	Comcast Corp., 6.500%, due 11/15/35		85,821
	50,000	C	COX Communications, Inc., 5.450%, due 12/15/14		48,113
	75,000	C	News America, Inc., 6.150%, due 03/01/37		69,275
	100,000	@@,C	Rogers Cable, Inc., 5.500%, due 03/15/14		96,379
	75,000	C	Time Warner Cable, Inc., 5.850%, due 05/01/17		71,355
	50,000	C	Time Warner, Inc., 5.875%, due 11/15/16		47,224
	50,000	C	Time Warner, Inc., 6.500%, due 11/15/36		44,644
	100,000	C	Viacom, Inc., 5.750%, due 04/30/11		100,298
					687,200

See Accompanying Notes to Financial Statements
147

ING LEHMAN BROTHERS U.S. AGGREGATE  PORTFOLIO OF INVESTMENTS
BOND INDEX^® PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Mining: 0.2%
$	100,000	C	Alcoa, Inc., 5.550%, due 02/01/17	$	93,791
	60,000	@@,C	Rio Tinto Finance USA Ltd., 6.500%, due 07/15/18		60,292
					154,083
			Miscellaneous Manufacturing: 0.3%
	75,000		Eaton Corp., 4.900%, due 05/15/13		74,884
	50,000	C	Parker Hannifin Corp., 5.500%, due 05/15/18		50,252
	100,000	@@,#,C	Siemens Financieringsmaatschappij NV, 6.125%, due 08/17/26		96,258
					221,394
			Multi-National: 1.5%
	440,000	@@	European Investment Bank, 2.625%, due 05/16/11		431,509
	535,000	@@	European Investment Bank, 4.250%, due 07/15/13		543,451
					974,960
			Office/Business Equipment: 0.2%
	125,000	C	Xerox Corp., 5.500%, due 05/15/12		123,661
					123,661
			Oil & Gas: 0.8%
	100,000	C	Anadarko Petroleum Corp., 5.950%, due 09/15/16		100,214
	50,000	C	Apache Corp., 5.625%, due 01/15/17		50,675
	50,000	@@,C	Canadian Natural Resources Ltd., 6.250%, due 03/15/38		47,061
	50,000	@@,C	EnCana Corp., 6.625%, due 08/15/37		50,040
	100,000	C	Marathon Oil Corp., 6.000%, due 10/01/17		99,604
	50,000	@@,C	Nexen, Inc., 6.400%, due 05/15/37		47,492
	50,000	@@,C	Suncor Energy, Inc., 6.500%, due 06/15/38		48,662
	25,000	C	Valero Energy Corp., 6.625%, due 06/15/37		22,991
	50,000	C	XTO Energy, Inc., 6.100%, due 04/01/36		47,778
					514,517
			Oil & Gas Services: 0.1%
	55,000	@@,C	Weatherford International Ltd., 7.000%, due 03/15/38		56,568
					56,568
			Pharmaceuticals: 0.5%
	150,000	@@,C	AstraZeneca PLC, 5.400%, due 09/15/12		153,541
	50,000	C	Bristol-Myers Squibb Co., 5.250%, due 08/15/13		51,027
	70,000	C	GlaxoSmithKline Capital, Inc., 5.650%, due 05/15/18		69,863
	50,000	C	Wyeth, 5.950%, due 04/01/37		48,424
					322,855

Principal Amount				Value
			Pipelines: 0.6%
$	50,000	#,C	DCP Midstream LLC, 6.750%, due 09/15/37	$	47,509
	100,000	C	Enterprise Products Operating L.P., 6.300%, due 09/15/17		99,472
	50,000	C	Kinder Morgan Energy Partners LP, 6.950%, due 01/15/38		49,781
	50,000	#,C	NGPL PipeCo, LLC, 6.514%, due 12/15/12		50,812
	50,000	C	ONEOK Partners L.P., 6.850%, due 10/15/37		49,015
	70,000	C	TEPPCO Partners L.P., 7.550%, due 04/15/38		73,194
					369,783
			Real Estate: 0.1%
	75,000	C	Simon Property Group LP, 5.250%, due 12/01/16		69,017
					69,017
			Retail: 0.9%
	75,000	C	CVS Caremark Corp., 6.250%, due 06/01/27		73,650
	50,000	C	Home Depot, Inc., 5.875%, due 12/16/36		40,972
	30,000		JC Penney Corp., Inc., 6.375%, due 10/15/36		25,129
	50,000	C	Macys Retail Holdings, Inc., 7.875%, due 07/15/15		50,433
	150,000	C	McDonald's Corp., 5.350%, due 03/01/18		146,618
	50,000	C	McDonald's Corp., 5.800%, due 10/15/17		51,129
	50,000	C	Target Corp., 6.500%, due 10/15/37		48,252
	55,000		Wal-Mart Stores, Inc., 4.500%, due 07/01/15		53,980
	105,000		Wal-Mart Stores, Inc., 6.500%, due 08/15/37		108,419
					598,582
			Savings & Loans: 0.2%
	125,000		Washington Mutual, Inc., 4.200%, due 01/15/10		108,788
					108,788
			Software: 0.2%
	130,000	C	Oracle Corp., 5.750%, due 04/15/18		130,129
					130,129
			Telecommunications: 2.2%
	135,000	C	AT&T, Inc., 6.500%, due 09/01/37		131,074
	25,000	@@,C	British Telecommunications PLC, 9.125%, due 12/15/30		30,131
	200,000	C	Cisco Systems, Inc., 5.250%, due 02/22/11		206,044
	35,000	@@	Deutsche Telekom International Finance BV, 8.750%, due 06/15/30		40,263
	50,000	C	Embarq Corp., 7.082%, due 06/01/16		47,558

See Accompanying Notes to Financial Statements
148

ING LEHMAN BROTHERS U.S. AGGREGATE  PORTFOLIO OF INVESTMENTS
BOND INDEX^® PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			Telecommunications (continued)
$	100,000	@@,C	France Telecom SA, 7.750%, due 03/01/11	$	105,968
	75,000	C	Motorola, Inc., 6.000%, due 11/15/17		65,670
	305,000	C	New Cingular Wireless Services, Inc., 7.875%, due 03/01/11		324,915
	125,000	C	Qwest Corp., 8.875%, due 03/15/12		128,125
	50,000	@@,C	Telecom Italia Capital SA, 5.250%, due 10/01/15		45,825
	50,000	@@,C	Telefonica Europe BV, 8.250%, due 09/15/30		57,554
	100,000	C	Verizon Communications, Inc., 5.350%, due 02/15/11		102,168
	50,000	C	Verizon Global Funding Corp., 7.750%, due 12/01/30		53,862
	75,000	@@,C	Vodafone Group PLC, 5.625%, due 02/27/17		72,368
					1,411,525
			Transportation: 0.2%
	55,000	C	Burlington Northern Santa Fe Corp., 6.150%, due 05/01/37		51,989
	50,000	@@,C	Canadian National Railway Co., 6.375%, due 11/15/37		49,452
					101,441
Total Corporate Bonds/Notes (Cost $13,441,377)					13,126,841
U.S. GOVERNMENT AGENCY OBLIGATIONS: 43.6%
			Federal Home Loan Bank: 1.9%
	35,000		3.625%, due 05/29/13		34,243
	200,000		4.500%, due 11/15/12		203,982
	685,000		4.875%, due 05/14/10		706,204
	140,000		5.375%, due 05/18/16		147,534
	95,000		5.625%, due 06/11/21		99,205
					1,191,168
			Federal Home Loan Mortgage Corporation: 11.9%
	460,000		3.875%, due 06/29/11		463,896
	202,163		4.500%, due 04/01/23		195,555
	115,000		4.875%, due 06/13/18		116,376
	629,046		5.000%, due 03/01/34		605,960
	715,000	W	5.000%, due 07/15/35		685,171
	453,226		5.000%, due 08/01/35		435,885
	278,847		5.096%, due 08/01/36		280,984
	150,000		5.125%, due 07/15/12		156,891
	1,255,000	W	5.500%, due 07/15/34		1,236,371
	1,156,894		5.500%, due 09/01/35		1,143,156
	91,328		5.500%, due 07/01/36		90,329
	1,670,000		6.000%, due 04/15/38		1,687,002
	115,000		6.500%, due 07/15/34		118,540
	351,546		6.500%, due 04/01/38		362,738
	80,000		6.750%, due 03/15/31		96,671
					7,675,525
			Federal National Mortgage Association: 27.3%
	480,000		3.375%, due 05/19/11		477,958
	194,981		4.000%, due 04/01/23		183,367
	175,000	C	4.350%, due 05/29/13		175,422

Principal Amount				Value
$	360,000	W	4.500%, due 07/25/18	$	347,962
	398,407		4.500%, due 06/01/23		385,508
	331,380		4.500%, due 05/01/35		308,869
	60,000	W	4.500%, due 07/15/35		55,613
	124,992		4.500%, due 03/01/38		115,954
	260,000		4.625%, due 10/15/13		265,351
	45,000		4.625%, due 10/15/14		45,816
	420,000		4.750%, due 11/19/12		431,606
	290,000	W	5.000%, due 07/18/21		286,783
	606,915		5.000%, due 05/01/23		600,934
	581,677		5.000%, due 03/01/34		561,239
	290,903		5.000%, due 01/01/36		279,863
	871,738		5.000%, due 02/01/36		838,657
	108,211		5.000%, due 05/01/36		104,104
	580,000	W	5.000%, due 07/01/37		555,997
	485,000		5.375%, due 06/12/17		507,899
	1,103,393		5.486%, due 11/01/36		1,119,361
	480,000		5.500%, due 03/15/11		504,639
	290,000	W	5.500%, due 07/15/19		291,949
	226,565		5.500%, due 02/01/23		228,510
	990,000	W	5.500%, due 07/15/34		975,923
	966,770		5.500%, due 11/01/34		956,932
	1,230,216		5.500%, due 05/01/35		1,216,552
	516,917		5.500%, due 07/01/35		511,173
	160,000		5.500%, due 07/01/37		157,750
	125,109		5.681%, due 10/01/37		128,051
	189,183		5.812%, due 06/01/37		192,229
	217,558		6.000%, due 08/01/21		223,330
	692,270		6.000%, due 01/01/36		700,152
	1,870,000	W	6.000%, due 07/14/37		1,886,654
	119,641		6.000%, due 10/01/37		121,003
	219,484		6.034%, due 09/01/37		224,211
	415,000	W	6.500%, due 07/15/33		427,255
	100,000		6.500%, due 10/01/37		103,107
	172,020		6.500%, due 11/01/37		177,329
	417,184		6.500%, due 12/01/37		430,058
	85,000		6.625%, due 11/15/30		101,216
	259,141		7.000%, due 10/01/36		271,998
	100,010		7.000%, due 06/01/38		104,977
					17,583,261
			Government National Mortgage Association: 2.5%
	253,197		5.000%, due 10/15/37		245,354
	70,000	W	5.500%, due 07/15/33		69,661
	544,337		5.500%, due 09/15/33		544,066
	531,661		6.000%, due 01/15/38		540,591
	185,097		7.000%, due 12/15/37		194,857
					1,594,529
			Other U.S. Agency Obligations: 0.0%
	25,000		Tennessee Valley Authority, 6.150%, due 01/15/38		28,121
					28,121
Total U.S. Government Agency Obligations (Cost $28,291,801)					28,072,604
U.S. TREASURY OBLIGATIONS: 21.7%
			U.S. Treasury Bonds: 11.8%
	750,000		4.000%, due 02/15/15		771,153
	545,000		4.125%, due 05/15/15		563,351
	485,000		4.250%, due 08/15/14		506,863

See Accompanying Notes to Financial Statements
149

ING LEHMAN BROTHERS U.S. AGGREGATE  PORTFOLIO OF INVESTMENTS
BOND INDEX^® PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Principal Amount				Value
			U.S. Treasury Bonds (continued)
$	620,000		4.250%, due 11/15/14	$	647,513
	865,000		4.250%, due 11/15/17		883,854
	595,000		4.500%, due 05/15/17		619,916
	310,000		4.500%, due 02/15/36		307,893
	450,000		5.125%, due 05/15/16		490,782
	200,000		5.375%, due 02/15/31		222,281
	145,000		6.000%, due 02/15/26		170,001
	575,000		6.250%, due 08/15/23		684,295
	620,000		6.875%, due 08/15/25		790,694
	155,000		7.125%, due 02/15/23		198,448
	115,000		8.125%, due 08/15/19		153,633
	455,000		8.125%, due 08/15/21		621,751
					7,632,428
			U.S. Treasury Notes: 9.9%
	1,035,000		3.375%, due 11/30/12		1,039,852
	205,000		3.625%, due 01/15/10		208,940
	185,000		3.875%, due 09/15/10		189,856
	580,000		4.000%, due 09/30/09		591,917
	295,000		4.125%, due 08/31/12		305,440
	1,030,000		4.375%, due 12/15/10		1,069,994
	605,000		4.625%, due 08/31/11		634,494
	405,000		4.750%, due 01/31/12		427,497
	380,000		4.750%, due 05/31/12		401,939
	740,000		4.875%, due 04/30/11		780,296
	700,000		4.875%, due 05/31/11		738,938
					6,389,163
Total U.S. Treasury Obligations (Cost $14,150,719)					14,021,591
COLLATERALIZED MORTGAGE OBLIGATIONS: 4.6%
	500,000	C	Banc of America Commercial Mortgage, Inc., 5.449%, due 01/15/49		470,065
	373,872	C	Credit Suisse Mortgage Capital Certificates, 5.250%, due 03/15/39		373,601
	500,000	C	Credit Suisse Mortgage Capital Certificates, 5.913%, due 06/15/39		476,402
	492,240	C	JPMorgan Chase Commercial Mortgage Securities Corp., 5.284%, due 05/15/47		485,234
	500,000	C	JPMorgan Chase Commercial Mortgage Securities Corp., 5.434%, due 01/15/49		459,833
	218,306	C	Salomon Brothers Mortgage Securities VII, Inc., 4.467%, due 03/18/36		214,016
	500,000	C	Wachovia Bank Commercial Mortgage Trust, 5.509%, due 04/15/47		467,084
Total Collateralized Mortgage Obligations (Cost $2,882,203)					2,946,235
MUNICIPAL BONDS: 0.1%
			Illinois: 0.1%
	55,000		State of Illinois, 5.100%, due 06/01/33		51,801
Total Municipal Bonds (Cost $53,327)					51,801

Principal Amount				Value
OTHER BONDS: 1.0%
			Foreign Government Bonds: 1.0%
$	225,000		Mexico Government International Bond, 6.375%, due 01/16/13	$	237,375
	140,000		Province of Ontario Canada, 3.625%, due 10/21/09		140,996
	100,000		Province of Quebec Canada, 7.125%, due 02/09/24		120,656
	150,000		Republic of Italy, 3.500%, due 07/15/11		149,385
					648,412
Total Other Bonds (Cost $659,653)					648,412
Total Long-Term Investments (Cost $59,479,080)					58,867,484
SHORT-TERM INVESTMENTS: 20.1%
			U.S. Government Agency Obligations: 20.1%
	1,000,000	Z	Federal Home Loan Bank, 1.800%, due 07/01/08		999,944
	2,975,000	Z	Federal Home Loan Bank, 2.150%, due 07/03/08		2,974,467
	2,000,000	Z	Federal Home Loan Bank, 2.180%, due 07/11/08		1,998,686
	7,000,000	Z	Federal Home Loan Bank, 2.220%, due 07/09/08		6,996,115
Total Short-Term Investments (Cost $12,969,212)					12,969,212

Total Investments in Securities (Cost $72,448,292)*	111.5	%	$	71,836,696
Other Assets and Liabilities - Net	(11.5	)		(7,413,483	)
Net Assets	100.0	%	$	64,423,213

@@  Foreign Issuer

#  Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds' Board of Directors/Trustees.

C  Bond may be called prior to maturity date.

W  Settlement is on a when-issued or delayed-delivery basis with final maturity to be announced in the future.

Z  Indicates Zero Coupon Bond; rate shown reflects current effective yield.

*  Cost for federal income tax purposes is $72,553,234.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	52,296
Gross Unrealized Depreciation		(768,834	)
Net Unrealized Depreciation	$	(716,538	)

See Accompanying Notes to Financial Statements
150

ING LEHMAN BROTHERS U.S. AGGREGATE  PORTFOLIO OF INVESTMENTS
BOND INDEX^® PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 ("SFAS 157"), "Fair Value Measurements." This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical investments

•  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Portfolio's own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio's investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	—	$	—
Level 2 — Other Significant Observable Inputs		71,687,311		—
Level 3 — Significant Unobservable Inputs		149,385		—
Total	$	71,836,696	$	—

*  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended June 30, 2008, were as follows:

	Investments in Securities			Other Financial Instruments*
Balance at 12/31/07	$	—		$	—
Net purchases/sales		149,533			—
Total realized and unrealized gain (loss)		(148	)		—
Transfers in and/or out of Level 3		—			—
Balance at 06/30/08	$	149,385		$	—

*  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

For the six months ended June 30, 2008, total unrealized gain (loss) on Level 3 securities attributable to the change in net assets was $(148). Total unrealized gain (loss) for all securities (including Level 1 and Level 2) can be found on the accompanying Statements of Operations.

See Accompanying Notes to Financial Statements
151

ING RUSSELL^TM LARGE CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED)

Shares			Value
COMMON STOCK: 97.5%
		Advertising: 0.2%
	28,350	Omnicom Group	$	1,272,348
				1,272,348
		Aerospace/Defense: 2.4%
	66,600	Boeing Co.		4,376,952
	35,350	General Dynamics Corp.		2,976,470
	29,200	Lockheed Martin Corp.		2,880,872
	30,350	Northrop Grumman Corp.		2,030,415
	37,550	Raytheon Co.		2,113,314
	86,300	United Technologies Corp.		5,324,710
				19,702,733
		Agriculture: 1.9%
	185,650	Altria Group, Inc.		3,816,964
	57,050	Archer-Daniels-Midland Co.		1,925,438
	186,950	Philip Morris International, Inc.		9,233,461
	15,200	Reynolds American, Inc.		709,384
				15,685,247
		Apparel: 0.2%
	31,400	Nike, Inc.		1,871,754
				1,871,754
		Auto Manufacturers: 0.2%
	32,350	Paccar, Inc.		1,353,201
				1,353,201

Shares				Value
			Auto Parts & Equipment: 0.2%
	52,650		Johnson Controls, Inc.	$	1,510,002
					1,510,002
			Banks: 4.2%
	394,800		Bank of America Corp.		9,423,876
	101,400		Bank of New York Mellon Corp.		3,835,962
	48,450		BB&T Corp.		1,103,207
	33,300		Capital One Financial Corp.		1,265,733
	30,700		PNC Financial Services Group, Inc.		1,752,970
	34,700		State Street Corp.		2,220,453
	31,300		SunTrust Bank		1,133,686
	154,300		US Bancorp.		4,303,427
	191,500		Wachovia Corp.		2,973,995
	292,800		Wells Fargo & Co.		6,954,000
					34,967,309
			Beverages: 2.9%
	63,200		Anheuser-Busch Cos., Inc.		3,925,984
	205,900		Coca-Cola Co.		10,702,682
	140,600		PepsiCo, Inc.		8,940,754
					23,569,420
			Biotechnology: 2.1%
	96,550	@	Amgen, Inc.		4,553,298
	25,700	@	Biogen Idec, Inc.		1,436,373
	38,600	@	Celgene Corp.		2,465,382
	41,200	@	Genentech, Inc.		3,127,080
	23,650	@	Genzyme Corp.		1,703,273
	81,750	@	Gilead Sciences, Inc.		4,328,663
					17,614,069
			Chemicals: 2.3%
	18,700		Air Products & Chemicals, Inc.		1,848,682
	82,500		Dow Chemical Co.		2,880,075
	79,900		EI Du Pont de Nemours & Co.		3,426,911
	48,650		Monsanto Co.		6,151,306
	13,800	@	Mosaic Co.		1,996,860
	27,800		Praxair, Inc.		2,619,872
					18,923,706
			Coal: 0.3%
	24,100		Peabody Energy Corp.		2,122,005
					2,122,005
			Commercial Services: 1.5%
	52,950	@@	Accenture Ltd.		2,156,124
	46,000		Automatic Data Processing, Inc.		1,927,400
	6,400		Mastercard, Inc.		1,699,328
	24,550		McKesson Corp.		1,372,591
	39,700	@	Visa, Inc.		3,228,007
	65,600		Western Union Co.		1,621,632
					12,005,082
			Computers: 5.3%
	78,150	@	Apple, Inc.		13,085,436
	161,000	@	Dell, Inc.		3,522,680
	183,300	@	EMC Corp.		2,692,677
	218,550		Hewlett-Packard Co.		9,662,096
	121,750		International Business Machines Corp.		14,431,028
					43,393,917

See Accompanying Notes to Financial Statements
152

ING RUSSELL^TM LARGE CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Cosmetics/Personal Care: 2.4%
	45,050		Colgate-Palmolive Co.	$	3,112,955
	270,700		Procter & Gamble Co.		16,461,267
					19,574,222
			Diversified Financial Services: 5.4%
	89,200		American Express Co.		3,360,164
	1,500		Blackrock, Inc.		265,500
	82,850		Charles Schwab Corp.		1,701,739
	482,600		Citigroup, Inc.		8,088,376
	4,840		CME Group, Inc.		1,854,640
	57,350		Federal Home Loan Mortgage Corporation		940,540
	94,350		Federal National Mortgage Association		1,840,769
	13,650		Franklin Resources, Inc.		1,251,023
	34,950		Goldman Sachs Group, Inc.		6,112,755
	306,035		JPMorgan Chase & Co.		10,500,061
	49,100		Lehman Brothers Holdings, Inc.		972,671
	87,150		Merrill Lynch & Co., Inc.		2,763,527
	98,150		Morgan Stanley		3,540,271
	23,450		NYSE Euronext		1,187,977
					44,380,013
			Electric: 2.5%
	51,250		Dominion Resources, Inc.		2,433,863
	112,150		Duke Energy Corp.		1,949,167
	16,950		Entergy Corp.		2,042,136
	58,200		Exelon Corp.		5,235,672
	27,050		FirstEnergy Corp.		2,227,027
	36,150		FPL Group, Inc.		2,370,717
	45,050		Public Service Enterprise Group, Inc.		2,069,147
	68,000		Southern Co.		2,374,560
					20,702,289
			Electrical Components & Equipment: 0.4%
	69,250		Emerson Electric Co.		3,424,413
					3,424,413
			Electronics: 0.4%
	37,100	@	Thermo Electron Corp.		2,067,583
	42,400	@@	Tyco Electronics Ltd.		1,518,768
					3,586,351
			Energy-Alternate Sources: 0.1%
	4,000	@	First Solar, Inc.		1,091,280
					1,091,280
			Environmental Control: 0.2%
	43,550		Waste Management, Inc.		1,642,271
					1,642,271
			Food: 1.4%
	29,700		General Mills, Inc.		1,804,869
	22,150		Kellogg Co.		1,063,643
	134,400		Kraft Foods, Inc.		3,823,680
	58,600		Kroger Co.		1,691,782
	53,250		Sysco Corp.		1,464,908
	21,100		WM Wrigley Jr. Co.		1,641,158
					11,490,040

Shares				Value
			Healthcare-Products: 4.0%
	55,650		Baxter International, Inc.	$	3,558,261
	21,600		Becton Dickinson & Co.		1,756,080
	132,650	@	Boston Scientific Corp.		1,630,269
	44,300	@@	Covidien Ltd.		2,121,527
	249,850		Johnson & Johnson		16,075,349
	99,550		Medtronic, Inc.		5,151,713
	27,250		Stryker Corp.		1,713,480
	20,550	@	Zimmer Holdings, Inc.		1,398,428
					33,405,107
			Healthcare-Services: 0.8%
	42,950		Aetna, Inc.		1,740,764
	108,950		UnitedHealth Group, Inc.		2,859,938
	46,650	@	WellPoint, Inc.		2,223,339
					6,824,041
			Household Products/Wares: 0.3%
	37,100		Kimberly-Clark Corp.		2,217,838
					2,217,838
			Insurance: 2.8%
	29,550	@@	ACE Ltd.		1,627,910
	42,100		Aflac, Inc.		2,643,880
	48,800		Allstate Corp.		2,224,792
	206,000		American International Group, Inc.		5,450,760
	32,450		Chubb Corp.		1,590,375
	27,900		Hartford Financial Services Group, Inc.		1,801,503
	27,872		Loews Corp.		1,307,197
	40,050		Metlife, Inc.		2,113,439
	38,450		Prudential Financial, Inc.		2,297,003
	53,650		Travelers Cos., Inc.		2,328,410
					23,385,269
			Internet: 2.4%
	27,950	@	Amazon.com, Inc.		2,049,574
	98,400	@,S	eBay, Inc.		2,689,272
	20,950	@	Google, Inc.-Class A		11,028,499
	74,500	@	Symantec Corp.		1,441,575
	122,200	@	Yahoo!, Inc.		2,524,652
					19,733,572
			Iron/Steel: 0.5%
	28,050		Nucor Corp.		2,094,494
	10,400		United States Steel Corp.		1,921,712
					4,016,206
			Leisure Time: 0.2%
	38,650		Carnival Corp.		1,273,904
					1,273,904
			Lodging: 0.1%
	9,400	@	Las Vegas Sands Corp.		445,936
					445,936
			Machinery-Construction & Mining: 0.5%
	54,500		Caterpillar, Inc.		4,023,190
					4,023,190
			Machinery-Diversified: 0.3%
	38,200		Deere & Co.		2,755,366
					2,755,366

See Accompanying Notes to Financial Statements
153

ING RUSSELL^TM LARGE CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Media: 2.7%
	44,100		Clear Channel Communications, Inc.	$	1,552,320
	248,550	S	Comcast Corp.-Class A		4,714,994
	52,800	@	DIRECTV Group, Inc.		1,368,048
	205,350		News Corp.-Class A		3,088,464
	13,750	@	Time Warner Cable, Inc.		364,100
	317,250		Time Warner, Inc.		4,695,300
	49,600	@	Viacom-Class B		1,514,784
	168,900		Walt Disney Co.		5,269,680
					22,567,690
			Mining: 1.1%
	72,300		Alcoa, Inc.		2,575,326
	34,000		Freeport-McMoRan Copper & Gold, Inc.		3,984,460
	38,700		Newmont Mining Corp.		2,018,592
	6,500		Southern Copper Corp.		693,095
					9,271,473
			Miscellaneous Manufacturing: 4.4%
	62,450		3M Co.		4,345,896
	22,700		Danaher Corp.		1,754,710
	883,600		General Electric Co.		23,583,262
	65,700		Honeywell International, Inc.		3,303,396
	41,600		Illinois Tool Works, Inc.		1,976,416
	42,800	@@	Tyco International Ltd.		1,713,712
					36,677,392
			Oil & Gas: 13.7%
	41,500		Anadarko Petroleum Corp.		3,105,860
	29,550		Apache Corp.		4,107,450
	47,900		Chesapeake Energy Corp.		3,159,484
	183,350		Chevron Corp.		18,175,486
	136,700		ConocoPhillips		12,903,113
	39,550		Devon Energy Corp.		4,752,328
	22,000		EOG Resources, Inc.		2,886,400
	468,400		ExxonMobil Corp.		41,280,092
	24,900		Hess Corp.		3,142,131
	62,750		Marathon Oil Corp.		3,254,843
	72,750		Occidental Petroleum Corp.		6,537,315
	28,300	@	Transocean, Inc.		4,312,637
	46,850		Valero Energy Corp.		1,929,283
	45,250		XTO Energy, Inc.		3,100,078
					112,646,500
			Oil & Gas Services: 2.9%
	27,300		Baker Hughes, Inc.		2,384,382
	77,300		Halliburton Co.		4,102,311
	36,800	@	National Oilwell Varco, Inc.		3,264,896
	105,800		Schlumberger Ltd.		11,366,094
	60,200	@	Weatherford International Ltd.		2,985,318
					24,103,001
			Pharmaceuticals: 5.4%
	136,850		Abbott Laboratories		7,248,945
	175,450		Bristol-Myers Squibb Co.		3,601,989
	31,650		Cardinal Health, Inc.		1,632,507
	88,600		Eli Lilly & Co.		4,089,776
	44,900	@	Medco Health Solutions, Inc.		2,119,280
	190,300		Merck & Co., Inc.		7,172,407
	599,800		Pfizer, Inc.		10,478,506
	143,750		Schering-Plough Corp.		2,830,438
	118,200		Wyeth		5,668,872
					44,842,720

Shares				Value
			Pipelines: 0.3%
	51,800		Williams Cos., Inc.	$	2,088,058
					2,088,058
			Retail: 4.8%
	29,650		Best Buy Co., Inc.		1,174,140
	38,450		Costco Wholesale Corp.		2,696,883
	126,750		CVS Caremark Corp.		5,015,498
	149,850		Home Depot, Inc.		3,509,487
	129,650		Lowe's Cos., Inc.		2,690,238
	100,450		McDonald's Corp.		5,647,299
	62,200		Staples, Inc.		1,477,250
	69,900		Target Corp.		3,249,651
	87,800		Walgreen Co.		2,854,378
	198,900		Wal-Mart Stores, Inc.		11,178,180
					39,493,004
			Semiconductors: 2.0%
	120,000		Applied Materials, Inc.		2,290,800
	507,800		Intel Corp.		10,907,544
	117,250		Texas Instruments, Inc.		3,301,760
					16,500,104
			Software: 3.5%
	47,150	@	Adobe Systems, Inc.		1,857,239
	711,750		Microsoft Corp.		19,580,243
	345,250	@	Oracle Corp.		7,250,250
	3,700	@,S	VMware, Inc.		199,282
					28,887,014
			Telecommunications: 6.3%
	526,700		AT&T, Inc.		17,744,523
	523,700	@	Cisco Systems, Inc.		12,181,262
	139,650		Corning, Inc.		3,218,933
	199,950		Motorola, Inc.		1,467,633
	143,500		Qualcomm, Inc.		6,367,095
	246,150		Sprint Nextel Corp.		2,338,425
	252,700		Verizon Communications, Inc.		8,945,580
					52,263,451
			Transportation: 2.0%
	25,000		Burlington Northern Santa Fe Corp.		2,497,250
	35,900		CSX Corp.		2,254,879
	27,450		FedEx Corp.		2,162,786
	33,300		Norfolk Southern Corp.		2,086,911
	45,800		Union Pacific Corp.		3,457,900
	60,600		United Parcel Service, Inc.-Class B		3,725,082
					16,184,808
Total Common Stock (Cost $881,398,713)					803,487,316
REAL ESTATE INVESTMENT TRUSTS: 0.2%
			Regional Malls: 0.2%
	19,900		Simon Property Group, Inc.		1,788,811
Total Real Estate Investment Trusts (Cost $2,052,315)					1,788,811
Total Long-Term Investments (Cost $883,451,028)					805,276,127

See Accompanying Notes to Financial Statements
154

ING RUSSELL^TM LARGE CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
SHORT-TERM INVESTMENTS: 7.4%
			Mutual Fund: 7.4%
	61,113,000	**,S	ING Institutional Prime Money Market Fund	$	61,113,000
Total Short-Term Investments (Cost $61,113,000)					61,113,000

Total Investments in Securities (Cost $944,564,028)*	105.1	%	$	866,389,127
Other Assets and Liabilities - Net	(5.1	)		(41,727,950	)
Net Assets	100.0	%	$	824,661,177

@  Non-income producing security

@@  Foreign Issuer

S  All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities.

**  Investment in affiliate

*  Cost for federal income tax purposes is $944,568,917.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	8,064,726
Gross Unrealized Depreciation		(86,244,516	)
Net Unrealized Depreciation	$	(78,179,790	)

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 ("SFAS 157"), "Fair Value Measurements." This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical investments

•  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Portfolio's own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio's investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	866,389,127	$	(259,652	)
Level 2 — Other Significant Observable Inputs		—		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	866,389,127	$	(259,652	)

*  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

ING Russell^TM Large Cap Index Portfolio Open Futures Contracts on June 30, 2008

Contract Description	Number of Contracts		Notional Market Value		Expiration Date	Unrealized Depreciation
Long Contracts
S&P 500		45	$	14,412,375	09/18/08	$	(53,847	)
S&P 500 E-Mini		45		2,882,475	09/19/08		(205,805	)
						$	(259,652	)

See Accompanying Notes to Financial Statements
155

ING RUSSELL^TM MID CAP  PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED)

Shares				Value
COMMON STOCK: 92.8%
			Advertising: 0.2%
	1,700	@	Clear Channel Outdoor Holdings, Inc.	$	30,311
	2,100	@	Getty Images, Inc.		71,253
	19,500	@	Interpublic Group of Cos., Inc.		167,700
	3,200	@	Lamar Advertising Co.		115,296
					384,560
			Aerospace/Defense: 0.9%
	1,400	@	Alliant Techsystems, Inc.		142,352
	3,800	@	BE Aerospace, Inc.		88,502
	1,700		DRS Technologies, Inc.		133,824
	5,200		Goodrich Corp.		246,792
	5,100		L-3 Communications Holdings, Inc.		463,437
	6,600		Rockwell Collins, Inc.		316,536
	4,300	@	Spirit Aerosystems Holdings, Inc.		82,474
					1,473,917
			Agriculture: 0.8%
	5,000		Bunge Ltd.		538,450
	7,200	@	Lorillard, Inc.		497,952
	6,100		UST, Inc.		333,121
					1,369,523
			Airlines: 0.4%
	10,300	@	AMR Corp.		52,736
	4,100	@	Continental Airlines, Inc.		41,451
	1,200	@@	Copa Holdings SA		33,792
	12,100	@	Delta Airlines, Inc.		68,970

Shares				Value
	10,100	@	Northwest Airlines Corp.	$	67,266
	30,200		Southwest Airlines Co.		393,808
					658,023
			Apparel: 0.5%
	14,100	@	Coach, Inc.		407,208
	3,600		Jones Apparel Group, Inc.		49,500
	2,300		Polo Ralph Lauren Corp.		144,394
	3,600		VF Corp.		256,248
					857,350
			Auto Manufacturers: 0.5%
	89,413	@	Ford Motor Co.		430,077
	20,100		General Motors Corp.		231,150
	3,100		Oshkosh Truck Corp.		64,139
					725,366
			Auto Parts & Equipment: 0.4%
	3,000	@@	Autoliv, Inc.		139,860
	4,800		BorgWarner, Inc.		213,024
	900	@	Federal Mogul Corp.		14,517
	9,900	@	Goodyear Tire & Rubber Co.		176,517
	2,100	@	TRW Automotive Holdings Corp.		38,787
	2,700		WABCO Holdings, Inc.		125,442
					708,147
			Banks: 2.2%
	5,300		Associated Banc-Corp.		102,237
	3,400		Bancorpsouth, Inc.		59,466
	2,000		Bank of Hawaii Corp.		95,600
	900		BOK Financial Corp.		48,105
	1,700		City National Corp.		71,519
	6,200		Comerica, Inc.		158,906
	2,400		Commerce Bancshares, Inc.		95,184
	2,400		Cullen/Frost Bankers, Inc.		119,640
	20,700		Fifth Third Bancorp.		210,726
	300		First Citizens BancShares, Inc.		41,847
	8,100		First Horizon National Corp.		60,183
	7,200		Fulton Financial Corp.		72,360
	15,100		Huntington Bancshares, Inc.		87,127
	16,500		Keycorp.		181,170
	2,700		M&T Bank Corp.		190,458
	10,700		Marshall & Ilsley Corp.		164,031
	31,400		National City Corp.		149,778
	9,100		Northern Trust Corp.		623,987
	11,600	@@	Popular, Inc.		76,444
	28,700		Regions Financial Corp.		313,117
	11,600		Synovus Financial Corp.		101,268
	5,200		TCF Financial Corp.		62,556
	2,000		UnionBanCal Corp.		80,840
	5,235		Valley National Bancorp.		82,556
	2,200		Webster Financial Corp.		40,920
	2,600		Whitney Holding Corp.		47,580
	2,800		Wilmington Trust Corp.		74,032
	4,400		Zions Bancorp.		138,556
					3,550,193
			Beverages: 0.9%
	3,400		Brown-Forman Corp.		256,938
	1,600	@	Central European Distribution Corp.		118,640
	13,100		Coca-Cola Enterprises, Inc.		226,630
	7,600	@	Constellation Brands, Inc.		150,936
	10,500	@	Dr Pepper Snapple Group, Inc.		220,290
	3,000	@	Hansen Natural Corp.		86,460

See Accompanying Notes to Financial Statements
156

ING RUSSELL^TM MID CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Beverages (continued)
	4,800		Molson Coors Brewing Co.	$	260,784
	5,700		Pepsi Bottling Group, Inc.		159,144
	2,400		PepsiAmericas, Inc.		47,472
					1,527,294
			Biotechnology: 0.6%
	300	@	Abraxis Bioscience, Inc.-New		19,038
	2,800	@	Charles River Laboratories International, Inc.		178,976
	2,300	@	Illumina, Inc.		200,353
	3,700	@	Invitrogen Corp.		145,262
	2,300	@	Millipore Corp.		156,078
	5,800	@	Vertex Pharmaceuticals, Inc.		194,126
					893,833
			Building Materials: 0.4%
	800	@	Armstrong World Industries, Inc.		23,376
	1,800		Eagle Materials, Inc.		45,594
	1,900		Lennox International, Inc.		55,024
	1,700		Martin Marietta Materials, Inc.		176,103
	14,900		Masco Corp.		234,377
	3,100	@	Owens Corning, Inc.		70,525
	2,800	@	USG Corp.		82,796
					687,795
			Chemicals: 2.5%
	3,400		Airgas, Inc.		198,526
	3,800		Albemarle Corp.		151,658
	2,600		Ashland, Inc.		125,320
	2,700		Cabot Corp.		65,637
	6,200		Celanese Corp.		283,092
	2,300		CF Industries Holdings, Inc.		351,440
	10,000		Chemtura Corp.		58,400
	2,000		Cytec Industries, Inc.		109,120
	3,100		Eastman Chemical Co.		213,466
	7,200		Ecolab, Inc.		309,528
	3,100		FMC Corp.		240,064
	6,700		Huntsman Corp.		76,380
	3,300		International Flavors & Fragrances, Inc.		128,898
	1,400	@	Intrepid Potash, Inc.		92,092
	2,800		Lubrizol Corp.		129,724
	6,800		PPG Industries, Inc.		390,116
	5,500		Rohm & Haas Co.		255,420
	5,000		RPM International, Inc.		103,000
	4,200		Sherwin-Williams Co.		192,906
	5,300		Sigma-Aldrich Corp.		285,458
	3,800		Terra Industries, Inc.		187,530
	200		Valhi, Inc.		5,450
	4,100		Valspar Corp.		77,531
					4,030,756
			Coal: 1.5%
	2,900	@	Alpha Natural Resources, Inc.		302,441
	5,900		Arch Coal, Inc.		442,677
	7,500		Consol Energy, Inc.		842,775
	1,900		Foundation Coal Holdings, Inc.		168,302
	3,300		Massey Energy Co.		309,375
	1,100	@	Patriot Coal Corp.		168,619
	2,200		Walter Industries, Inc.		239,294
					2,473,483

Shares				Value
			Commercial Services: 3.1%
	3,300	@	Alliance Data Systems Corp.	$	186,615
	5,600	@	Apollo Group, Inc.-Class A		247,856
	4,200	@	Avis Budget Group, Inc.		35,154
	3,700	@	Career Education Corp.		54,057
	2,500	@	ChoicePoint, Inc.		120,500
	5,100	@	Convergys Corp.		75,786
	1,400		Corporate Executive Board Co.		58,870
	5,200	@	Corrections Corp. of America		142,844
	2,500		DeVry, Inc.		134,050
	5,300		Equifax, Inc.		178,186
	2,100	@	FTI Consulting, Inc.		143,766
	2,500	@,@@	Genpact Ltd.		37,300
	3,300		Global Payments, Inc.		153,780
	13,400		H&R Block, Inc.		286,760
	13,300	@	Hertz Global Holdings, Inc.		127,680
	4,000	@	Hewitt Associates, Inc.		153,320
	2,600		Hillenbrand, Inc.		55,640
	7,400	@	Iron Mountain, Inc.		196,470
	1,600	@	ITT Educational Services, Inc.		132,208
	3,300		Manpower, Inc.		192,192
	4,900	@	Monster Worldwide, Inc.		100,989
	8,100		Moody's Corp.		278,964
	700	@	Morningstar, Inc.		50,421
	13,400		Paychex, Inc.		419,152
	4,400		Pharmaceutical Product Development, Inc.		188,760
	7,100	@	Quanta Services, Inc.		236,217
	5,900		Robert Half International, Inc.		141,423
	8,800		RR Donnelley & Sons Co.		261,272
	7,600	@	SAIC, Inc.		158,156
	10,800		Service Corp. International		106,488
	600		Strayer Education, Inc.		125,442
	6,700		Total System Services, Inc.		148,874
	3,600	@	United Rentals, Inc.		70,596
	1,500		Weight Watchers International, Inc.		53,415
					5,053,203
			Computers: 2.6%
	3,700	@	Affiliated Computer Services, Inc.		197,913
	15,500	@	Brocade Communications Systems, Inc.		127,720
	10,600	@	Cadence Design Systems, Inc.		107,060
	11,900	@	Cognizant Technology Solutions Corp.		386,869
	6,200	@	Computer Sciences Corp.		290,408
	2,700		Diebold, Inc.		96,066
	1,800	@	DST Systems, Inc.		99,090
	22,000		Electronic Data Systems Corp.		542,080
	1,800	@	IHS, Inc.		125,280
	3,900	@	Lexmark International, Inc.		130,377
	6,900	@	NCR Corp.		173,880
	14,200	@	NetApp, Inc.		307,572
	9,300	@	Sandisk Corp.		173,910
	20,000		Seagate Technology, Inc.		382,600
	32,300	@	Sun Microsystems, Inc.		351,424
	5,900	@	Synopsys, Inc.		141,069
	7,400	@	Teradata Corp.		171,236
	14,700	@	Unisys Corp.		58,065
	9,100	@	Western Digital Corp.		314,223
					4,176,842

See Accompanying Notes to Financial Statements
157

ING RUSSELL^TM MID CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Cosmetics/Personal Care: 0.6%
	3,600		Alberto-Culver Co.	$	94,572
	17,600		Avon Products, Inc.		633,952
	2,500	@	Bare Escentuals, Inc.		46,825
	4,000		Estee Lauder Cos., Inc.		185,800
					961,149
			Distribution/Wholesale: 0.7%
	5,300		Fastenal Co.		228,748
	6,800		Genuine Parts Co.		269,824
	6,900	@	Ingram Micro, Inc.		122,475
	5,600	@	LKQ Corp.		101,192
	2,200	@	Tech Data Corp.		74,558
	1,700	@	Wesco International, Inc.		68,068
	3,200		WW Grainger, Inc.		261,760
					1,126,625
			Diversified Financial Services: 2.9%
	1,700	@	Affiliated Managers Group, Inc.		153,102
	4,800	@	AmeriCredit Corp.		41,376
	9,200		Ameriprise Financial, Inc.		374,164
	11,700		CIT Group, Inc.		79,677
	24,100		Countrywide Financial Corp.		102,425
	19,800		Discover Financial Services		260,766
	17,400	@	E*Trade Financial Corp.		54,636
	4,200		Eaton Vance Corp.		166,992
	3,600		Federated Investors, Inc.		123,912
	2,000		GLG Partners, Inc.		15,600
	2,900	@	IntercontinentalExchange, Inc.		330,600
	16,000		Invesco Ltd.		383,680
	1,800	@	Investment Technology Group, Inc.		60,228
	6,700		Janus Capital Group, Inc.		177,349
	5,200		Jefferies Group, Inc.		87,464
	2,100	@@	Lazard Ltd.		71,715
	5,700		Legg Mason, Inc.		248,349
	4,000	@,@@	MF Global Ltd.		25,240
	5,600	@	Nasdaq Stock Market, Inc.		148,680
	3,900		Nymex Holdings, Inc.		329,472
	3,900		Raymond James Financial, Inc.		102,921
	19,300	@	SLM Corp.		373,455
	200		Student Loan Corp.		19,616
	10,700		T. Rowe Price Group, Inc.		604,229
	10,000	@	TD Ameritrade Holding Corp.		180,900
	3,600		Waddell & Reed Financial, Inc.		126,036
					4,642,584
			Electric: 6.6%
	27,700	@	AES Corp.		532,117
	6,900		Allegheny Energy, Inc.		345,759
	4,600		Alliant Energy Corp.		157,596
	8,600		Ameren Corp.		363,178
	16,600		American Electric Power Co., Inc.		667,818
	14,600	@	Calpine Corp.		329,376
	13,500		Centerpoint Energy, Inc.		216,675
	9,300		CMS Energy Corp.		138,570
	11,300		Consolidated Edison, Inc.		441,717
	7,400		Constellation Energy Group, Inc.		607,540
	4,700		DPL, Inc.		123,986
	6,700		DTE Energy Co.		284,348
	20,400		Dynegy, Inc.-Class A		174,420
	13,400		Edison International		688,492
	6,500		Energy East Corp.		160,680
	3,600		Great Plains Energy, Inc.		91,008

Shares				Value
	3,500		Hawaiian Electric Industries	$	86,555
	3,200		Integrys Energy Group, Inc.		162,656
	7,500		MDU Resources Group, Inc.		261,450
	8,500	@	Mirant Corp.		332,775
	6,400		Northeast Utilities		163,392
	9,700	@	NRG Energy, Inc.		416,130
	4,400		NSTAR		148,808
	3,800		OGE Energy Corp.		120,498
	8,300		Pepco Holdings, Inc.		212,895
	14,700		PG&E Corp.		583,443
	4,200		Pinnacle West Capital Corp.		129,234
	15,400		PPL Corp.		804,957
	10,800		Progress Energy, Inc.		451,764
	5,400		Puget Energy, Inc.		129,546
	14,300	@	Reliant Resources, Inc.		304,161
	4,800		SCANA Corp.		177,600
	9,700		Sierra Pacific Resources		123,287
	8,700		TECO Energy, Inc.		186,963
	4,800		Wisconsin Energy Corp.		217,056
	17,800		Xcel Energy, Inc.		357,246
					10,693,696
			Electrical Components & Equipment: 0.5%
	4,400		Ametek, Inc.		207,768
	2,400	@	Energizer Holdings, Inc.		175,416
	2,200	@	General Cable Corp.		133,870
	2,300		Hubbell, Inc.		91,701
	5,600		Molex, Inc.		136,696
					745,451
			Electronics: 2.0%
	15,100	@	Agilent Technologies, Inc.		536,654
	7,200		Amphenol Corp.		323,136
	7,000		Applera Corp.-Applied Biosystems Group		234,360
	5,100	@	Arrow Electronics, Inc.		156,672
	6,200	@	Avnet, Inc.		169,136
	2,000		AVX Corp.		22,620
	2,100	@	Dolby Laboratories, Inc.		84,630
	5,700	@	Flir Systems, Inc.		231,249
	5,300	@@	Garmin Ltd.		227,052
	5,900		Gentex Corp.		85,196
	1,400	@	Itron, Inc.		137,690
	8,600		Jabil Circuit, Inc.		141,126
	1,400	@,@@	Mettler Toledo International, Inc.		132,804
	2,300		National Instruments Corp.		65,251
	4,900		PerkinElmer, Inc.		136,465
	2,400	@	Thomas & Betts Corp.		90,840
	5,000	@	Trimble Navigation Ltd.		178,500
	7,700	@	Vishay Intertechnology, Inc.		68,299
	4,100	@	Waters Corp.		264,450
					3,286,130
			Energy-Alternate Sources: 0.2%
	5,000	@	Covanta Holding Corp.		133,450
	1,700	@	Sunpower Corp.		122,366
					255,816
			Engineering & Construction: 1.8%
	4,200	@	Aecom Technology Corp.		136,626
	3,700	S	Fluor Corp.		688,496
	5,900	@,@@	Foster Wheeler Ltd.		431,585
	5,000	@	Jacobs Engineering Group, Inc.		403,500
	7,000		KBR, Inc.		244,370

See Accompanying Notes to Financial Statements
158

ING RUSSELL^TM MID CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Engineering & Construction (continued)
	9,300	@	McDermott International, Inc.	$	575,577
	3,400	@	Shaw Group, Inc.		210,086
	3,500	@	URS Corp.		146,895
					2,837,135
			Entertainment: 0.4%
	3,300	@	DreamWorks Animation SKG, Inc.		98,373
	12,800		International Game Technology		319,744
	1,300		International Speedway Corp.		50,739
	3,100	@	Penn National Gaming, Inc.		99,665
	3,300		Regal Entertainment Group		50,424
	2,700	@	Scientific Games Corp.		79,974
	2,300		Warner Music Group Corp.		16,422
					715,341
			Environmental Control: 0.4%
	15,700	@	Allied Waste Industries, Inc.		198,134
	5,800		Nalco Holding Co.		122,670
	6,400		Republic Services, Inc.		190,080
	3,600	@	Stericycle, Inc.		186,120
					697,004
			Food: 2.3%
	9,000		Campbell Soup Co.		301,140
	20,100		ConAgra Foods, Inc.		387,528
	3,100		Corn Products International, Inc.		152,241
	5,600	@	Dean Foods Co.		109,872
	8,100		Del Monte Foods Co.		57,510
	6,300		Hershey Co.		206,514
	13,000		HJ Heinz Co.		622,050
	2,900		Hormel Foods Corp.		100,369
	2,300		JM Smucker Co.		93,472
	4,600		McCormick & Co., Inc.		164,036
	18,100		Safeway, Inc.		516,755
	29,100		Sara Lee Corp.		356,475
	4,800	@	Smithfield Foods, Inc.		95,424
	8,800		Supervalu, Inc.		271,832
	11,500		Tyson Foods, Inc.		171,810
	5,800		Whole Foods Market, Inc.		137,402
					3,744,430
			Forest Products & Paper: 1.0%
	20,300	@,@@	Domtar Corp.		110,635
	17,600		International Paper Co.		410,080
	10,600	@	Jefferson Smurfit Corp.		43,142
	7,200		MeadWestvaco Corp.		171,648
	7,100		Plum Creek Timber Co., Inc.		303,241
	3,200		Rayonier, Inc.		135,872
	4,400		Temple-Inland, Inc.		49,588
	8,700		Weyerhaeuser Co.		444,918
					1,669,124
			Gas: 1.0%
	3,200		AGL Resources, Inc.		110,656
	3,700		Atmos Energy Corp.		102,009
	3,000		Energen Corp.		234,090
	11,300		NiSource, Inc.		202,496
	10,300		Sempra Energy		581,435
	4,600		Southern Union Co.		124,292
	4,400		UGI Corp.		126,324
	3,200		Vectren Corp.		99,872
					1,581,174

Shares					Value
			Hand/Machine Tools: 0.4%
	2,500		Black & Decker Corp.		$	143,775
	3,200		Kennametal, Inc.			104,160
	1,800		Lincoln Electric Holdings, Inc.			141,660
	2,400		Snap-On, Inc.			124,824
	3,200		Stanley Works			143,456
						657,875
			Healthcare-Products: 2.2%
	2,100	@	Advanced Medical Optics, Inc.			39,354
	2,600		Beckman Coulter, Inc.			175,578
	1,900		Cooper Cos., Inc.			70,585
	4,100		CR Bard, Inc.			360,595
	6,100		Densply International, Inc.			224,480
	2,300	@	Edwards Lifesciences Corp.			142,692
	2,200	@	Gen-Probe, Inc.			104,456
	3,700	@	Henry Schein, Inc.			190,809
	2,600		Hill-Rom Holdings, Inc.			70,148
	10,600	@	Hologic, Inc.	��		231,080
	2,500	@	Idexx Laboratories, Inc.			121,850
	1,600	@	Intuitive Surgical, Inc.			431,040
	3,200	@	Inverness Medical Innovations, Inc.			106,144
	2,300	@	Kinetic Concepts, Inc.			91,793
	5,300	@	Patterson Cos., Inc.			155,767
	3,200	@	Resmed, Inc.			114,368
	14,000	@	St. Jude Medical, Inc.			572,320
	1,600	@	Techne Corp.			123,824
	5,200	@	Varian Medical Systems, Inc.			269,620
						3,596,503
			Healthcare-Services: 1.8%
	1,500		Brookdale Senior Living, Inc.			30,540
	11,600		Cigna Corp.			410,524
	4,000	@	Community Health Systems, Inc.			131,920
	2,600	@	Covance, Inc.			223,652
	6,300	@	Coventry Health Care, Inc.			191,646
	4,300	@	DaVita, Inc.			228,459
	10,000	@	Health Management Associates, Inc.			65,100
	4,400	@	Health Net, Inc.			105,864
	7,000	@	Humana, Inc.			278,390
	4,600	@	Laboratory Corp. of America Holdings			320,298
	2,200	@	LifePoint Hospitals, Inc.			62,260
	3,000	@	Lincare Holdings, Inc.			85,200
	1,900	@	Pediatrix Medical Group, Inc.			93,537
	6,500		Quest Diagnostics			315,055
	19,800	@	Tenet Healthcare Corp.			110,088
	1,900		Universal Health Services, Inc.			120,118
	1,700	@	WellCare Health Plans, Inc.			61,455
						2,834,106
			Holding Companies-Diversified: 0.2%
	7,300		Leucadia National Corp.			342,662
						342,662
			Home Builders: 0.4%
	5,100		Centex Corp.			68,187
	13,000		D.R. Horton, Inc.			141,050
	3,100		KB Home			52,483
	5,600		Lennar Corp.			69,104
	1,400		MDC Holdings, Inc.			54,684
	220	@	NVR, Inc.			110,018

See Accompanying Notes to Financial Statements
159

ING RUSSELL^TM MID CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Home Builders (continued)
	8,800		Pulte Homes, Inc.	$	84,744
	1,500		Thor Industries, Inc.		31,890
	5,400	@	Toll Brothers, Inc.		101,142
					713,302
			Home Furnishings: 0.2%
	2,400		Harman International Industries, Inc.		99,336
	3,100		Whirlpool Corp.		191,363
					290,699
			Household Products/Wares: 0.7%
	4,400		Avery Dennison Corp.		193,292
	2,700		Church & Dwight Co., Inc.		152,145
	5,700		Clorox Co.		297,540
	6,300		Fortune Brands, Inc.		393,183
	2,800	@	Jarden Corp.		51,072
	1,800		Scotts Miracle-Gro Co.		31,626
					1,118,858
			Housewares: 0.2%
	11,400		Newell Rubbermaid, Inc.		191,406
	1,500		Toro Co.		49,905
					241,311
			Insurance: 4.6%
	220	@	Alleghany Corp.		73,051
	2,000		Allied World Assurance Holdings Ltd.		79,240
	3,200		American Financial Group, Inc.		85,600
	700		American National Insurance		68,614
	12,300		AON Corp.		565,062
	2,000	@,@@	Arch Capital Group Ltd.		132,640
	3,800		Arthur J. Gallagher & Co.		91,580
	4,900		Assurant, Inc.		323,204
	6,100	@@	Axis Capital Holdings Ltd.		181,841
	4,800		Brown & Brown, Inc.		83,472
	6,000		Cincinnati Financial Corp.		152,400
	1,100		CNA Financial Corp.		27,665
	7,600	@	Conseco, Inc.		75,392
	2,200	@@	Endurance Specialty Holdings Ltd.		67,738
	1,300		Erie Indemnity Co.		59,995
	2,600	@@	Everest Re Group Ltd.		207,246
	8,800		Fidelity National Title Group, Inc.		110,880
	3,800		First American Corp.		100,320
	17,900		Genworth Financial, Inc.		318,799
	2,100		Hanover Insurance Group, Inc.		89,250
	4,800		HCC Insurance Holdings, Inc.		101,472
	10,700		Lincoln National Corp.		484,924
	380	@	Markel Corp.		139,460
	21,100		Marsh & McLennan Cos., Inc.		560,205
	8,800		MBIA, Inc.		38,632
	1,100		Mercury General Corp.		51,392
	5,200		MGIC Investment Corp.		31,772
	1,900		Nationwide Financial Services		91,219
	9,500		Old Republic International Corp.		112,480
	1,000		OneBeacon Insurance Group Ltd.		17,570
	2,200	@@	PartnerRe Ltd.		152,086
	2,400	@	Philadelphia Consolidated Holding Co.		81,528
	10,700		Principal Financial Group, Inc.		449,079
	28,000		Progressive Corp.		524,160

Shares				Value
	2,900		Protective Life Corp.	$	110,345
	1,200		Reinsurance Group of America		52,224
	2,700	@@	RenaissanceRe Holdings Ltd.		120,609
	3,700		Safeco Corp.		248,492
	2,000		Stancorp Financial Group, Inc.		93,920
	3,700		Torchmark Corp.		217,005
	1,100		Transatlantic Holdings, Inc.		62,117
	1,700		Unitrin, Inc.		46,869
	14,300		UnumProvident Corp.		292,435
	100		Wesco Financial Corp.		38,200
	380		White Mountains Insurance Group Ltd.		163,020
	5,900		WR Berkley Corp.		142,544
	7,400	@@	XL Capital Ltd.		152,144
					7,469,892
			Internet: 1.2%
	6,900	@	Akamai Technologies, Inc.		240,051
	7,600	@	Emdeon Corp.		86,032
	1,400	@	Equinix, Inc.		124,908
	8,600	@	Expedia, Inc.		158,068
	3,400	@	F5 Networks, Inc.		96,628
	7,600	@	IAC/InterActiveCorp.		146,528
	24,500	@	Liberty Media Corp.-Interactive-Class A		361,620
	6,600	@	McAfee, Inc.		224,598
	1,600	@	Priceline.com, Inc.		184,736
	1,200	@,@@	Sohucom, Inc.		84,528
	8,000	@	VeriSign, Inc.		302,400
	300	@	WebMD Health Corp.		8,370
					2,018,467
			Investment Companies: 0.2%
	7,000		Allied Capital Corp.		97,230
	8,400		American Capital Strategies Ltd.		199,668
					296,898
			Iron/Steel: 1.0%
	4,600		AK Steel Holding Corp.		317,400
	4,200		Allegheny Technologies, Inc.		248,976
	2,000		Carpenter Technology Corp.		87,300
	3,700		Cleveland-Cliffs, Inc.		441,003
	2,600		Reliance Steel & Aluminum Co.		200,434
	900		Schnitzer Steel Industries, Inc.		103,140
	6,900		Steel Dynamics, Inc.		269,583
					1,667,836
			Leisure Time: 0.3%
	9,800		Harley-Davidson, Inc.		355,348
	5,700		Royal Caribbean Cruises Ltd.		128,079
					483,427
			Lodging: 0.8%
	2,300		Boyd Gaming Corp.		28,888
	1,300		Choice Hotels International, Inc.		34,450
	12,200		Marriott International, Inc.		320,128
	5,100	@	MGM Mirage		172,839
	1,700	@@	Orient-Express Hotels Ltd.		73,848
	7,700		Starwood Hotels & Resorts Worldwide, Inc.		308,539
	7,300		Wyndham Worldwide Corp.		130,743
	2,500	@	Wynn Resorts Ltd.		203,375
					1,272,810

See Accompanying Notes to Financial Statements
160

ING RUSSELL^TM MID CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Machinery-Construction & Mining: 0.5%
	3,100		Bucyrus International, Inc.	$	226,362
	4,500		Joy Global, Inc.		341,235
	4,200	@	Terex Corp.		215,754
					783,351
			Machinery-Diversified: 1.4%
	3,800	@	AGCO Corp.		199,158
	8,400		Cummins, Inc.		550,368
	2,400		Flowserve Corp.		328,080
	2,200	@	Gardner Denver, Inc.		124,960
	2,500		Graco, Inc.		95,175
	3,400		IDEX Corp.		125,256
	5,400		Manitowoc Co., Inc.		175,662
	6,100		Rockwell Automation, Inc.		266,753
	3,700		Roper Industries, Inc.		243,756
	2,700	@	Zebra Technologies Corp.		88,128
					2,197,296
			Media: 2.4%
	9,100	@	Cablevision Systems Corp.		205,660
	24,300		CBS Corp.-Class B		473,607
	1,500	@,@@	Central European Media Enterprises Ltd.		135,795
	2,200	@,@@	CTC Media, Inc.		54,252
	11,600	@	Discovery Holding Co.		254,736
	8,400	@	Dish Network Corp.		245,952
	3,600		EW Scripps Co.		149,544
	1,800		Factset Research Systems, Inc.		101,448
	9,400		Gannett Co., Inc.		203,698
	900		Hearst-Argyle Television, Inc.		17,280
	1,700		John Wiley & Sons, Inc.		76,551
	13,600	@	Liberty Global, Inc.		427,448
	5,300	@	Liberty Media Corp.-Capital Shares A		76,320
	21,300	@	Liberty Media Corp.-Entertainment		516,099
	13,300		McGraw-Hill Cos., Inc.		533,596
	1,600		Meredith Corp.		45,264
	5,900		New York Times Co.		90,801
	61,900	@	Sirius Satellite Radio, Inc.		118,848
	220		Washington Post		129,118
	13,200	@	XM Satellite Radio Holdings, Inc.		103,488
					3,959,505
			Metal Fabricate/Hardware: 0.6%
	4,700		Commercial Metals Co.		177,190
	5,700		Precision Castparts Corp.		549,309
	3,400		Timken Co.		111,996
	800		Valmont Industries, Inc.		83,432
					921,927
			Mining: 0.2%
	1,200	@	Century Aluminum Co.		79,788
	3,500		Titanium Metals Corp.		48,965
	4,500		Vulcan Materials Co.		269,010
					397,763
			Miscellaneous Manufacturing: 3.1%
	2,800		Aptargroup, Inc.		117,460
	1,700		Brink's Co.		111,214
	2,500		Carlisle Cos., Inc.		72,500
	7,200		Cooper Industries Ltd.		284,400
	2,100		Crane Co.		80,913

Shares				Value
	3,200		Donaldson Co., Inc.	$	142,848
	7,800		Dover Corp.		377,286
	11,900		Eastman Kodak Co.		171,717
	6,800		Eaton Corp.		577,796
	3,500		Harsco Corp.		190,435
	12,910	@@	Ingersoll-Rand Co.		483,221
	7,500		ITT Corp.		474,975
	6,900		Leggett & Platt, Inc.		115,713
	5,100		Pall Corp.		202,368
	6,900		Parker Hannifin Corp.		492,108
	4,100		Pentair, Inc.		143,582
	2,200		SPX Corp.		289,806
	1,600		Teleflex, Inc.		88,944
	10,300		Textron, Inc.		493,679
	3,300		Trinity Industries, Inc.		114,477
					5,025,442
			Office Furnishings: 0.0%
	2,600		Steelcase, Inc.		26,078
					26,078
			Office/Business Equipment: 0.5%
	8,600		Pitney Bowes, Inc.		293,260
	37,100		Xerox Corp.		503,076
					796,336
			Oil & Gas: 7.1%
	1,200	@	Atwood Oceanics, Inc.		149,208
	4,000		Cabot Oil & Gas Corp.		270,920
	3,400		Cimarex Energy Co.		236,878
	1,100	@	CNX Gas Corp.		46,244
	1,200	@	Continental Resources, Inc.		83,184
	10,200	@	Denbury Resources, Inc.		372,300
	2,800		Diamond Offshore Drilling		389,592
	2,200	@	Encore Acquisition Co.		165,418
	6,000		ENSCO International, Inc.		484,440
	5,400		Equitable Resources, Inc.		372,924
	3,700	@	Forest Oil Corp.		275,650
	4,300		Frontier Oil Corp.		102,813
	4,300		Helmerich & Payne, Inc.		309,686
	3,700	@	Hercules Offshore, Inc.		140,674
	1,800		Holly Corp.		66,456
	3,600	@	Mariner Energy, Inc.		133,092
	7,800		Murphy Oil Corp.		764,790
	11,600	@,@@	Nabors Industries Ltd.		571,068
	5,400	@	Newfield Exploration Co.		352,350
	11,100		Noble Corp.		721,056
	7,100		Noble Energy, Inc.		713,976
	6,400		Patterson-UTI Energy, Inc.		230,656
	9,000	@	PetroHawk Energy Corp.		416,790
	4,900		Pioneer Natural Resources Co.		383,572
	4,400	@	Plains Exploration & Production Co.		321,068
	6,900	@	Pride International, Inc.		326,301
	7,200		Questar Corp.		511,488
	4,300	@	Quicksilver Resources, Inc.		166,152
	6,400		Range Resources Corp.		419,456
	4,600		Rowan Cos., Inc.		215,050
	3,800	@	SandRidge Energy, Inc.		245,404
	14,100	@	Southwestern Energy Co.		671,301
	2,500		St. Mary Land & Exploration Co.		161,600
	4,800		Sunoco, Inc.		195,312
	5,700		Tesoro Petroleum Corp.		112,689
	1,900	@	Unit Corp.		157,643

See Accompanying Notes to Financial Statements
161

ING RUSSELL^TM MID CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Oil & Gas (continued)
	1,200		W&T Offshore, Inc.	$	70,212
	1,700	@	Whiting Petroleum Corp.		180,336
					11,507,749
			Oil & Gas Services: 2.0%
	12,100		BJ Services Co.		386,474
	8,900	@	Cameron International Corp.		492,615
	3,500	@	Dresser-Rand Group, Inc.		136,850
	2,700	@	Exterran Holdings, Inc.		193,023
	5,300	@	FMC Technologies, Inc.		407,729
	4,800	@	Global Industries Ltd.		86,064
	3,800	@	Helix Energy Solutions Group, Inc.		158,232
	5,200	@	Key Energy Services, Inc.		100,984
	2,300	@	Oceaneering International, Inc.		177,215
	2,000	@	Oil States International, Inc.		126,880
	900	@	SEACOR Holdings, Inc.		80,559
	8,300		Smith International, Inc.		690,062
	3,300	@	Superior Energy Services		181,962
	3,100	@	Tetra Technologies, Inc.		73,501
					3,292,150
			Packaging & Containers: 0.8%
	4,000		Ball Corp.		190,960
	4,100		Bemis Co.		91,922
	6,600	@	Crown Holdings, Inc.		171,534
	1,400		Greif, Inc.		89,642
	6,900	@	Owens-Illinois, Inc.		287,661
	4,300		Packaging Corp. of America		92,493
	5,400	@	Pactiv Corp.		114,642
	6,600		Sealed Air Corp.		125,466
	4,100		Sonoco Products Co.		126,895
					1,291,215
			Pharmaceuticals: 2.5%
	12,600		Allergan, Inc.		655,830
	6,600		AmerisourceBergen Corp.		263,934
	5,700	@	Amylin Pharmaceuticals, Inc.		144,723
	1,100	@	App Pharmaceuticals, Inc.		18,392
	4,500	@	Barr Pharmaceuticals, Inc.		202,860
	4,100	@	BioMarin Pharmaceuticals, Inc.		118,818
	2,800	@	Cephalon, Inc.		186,732
	5,000	@	Endo Pharmaceuticals Holdings, Inc.		120,950
	8,700	@	Express Scripts, Inc.		545,664
	12,600	@	Forest Laboratories, Inc.		437,724
	2,700	@@	Herbalife Ltd.		104,625
	6,600	@	Hospira, Inc.		264,726
	2,500	@	ImClone Systems, Inc.		101,150
	10,200	@	King Pharmaceuticals, Inc.		106,794
	12,600		Mylan Laboratories		152,082
	2,200	@	NBTY, Inc.		70,532
	4,400		Omnicare, Inc.		115,368
	3,200		Perrigo Co.		101,664
	4,400	@	Sepracor, Inc.		87,648
	3,500	@	VCA Antech, Inc.		97,230
	3,800	@	Warner Chilcott Ltd.		64,410
	4,300	@	Watson Pharmaceuticals, Inc.		116,831
					4,078,687
			Pipelines: 1.1%
	29,000		El Paso Corp.		630,460
	3,400		National Fuel Gas Co.		202,232

Shares				Value
	4,300		Oneok, Inc.	$	209,969
	26,100		Spectra Energy Corp.		750,114
					1,792,775
			Real Estate: 0.3%
	7,100	@	CB Richard Ellis Group, Inc.		136,320
	3,100		Forest City Enterprises, Inc.		99,882
	1,300		Jones Lang LaSalle, Inc.		78,247
	3,800		St. Joe Co.		130,416
					444,865
			Retail: 5.2%
	3,600		Abercrombie & Fitch Co.		225,648
	3,900		Advance Auto Parts, Inc.		151,437
	7,100		American Eagle Outfitters		96,773
	2,400	@	AnnTaylor Stores Corp.		57,504
	4,700	@	Autonation, Inc.		47,094
	1,700	@	Autozone, Inc.		205,717
	1,500		Barnes & Noble, Inc.		37,260
	10,700	@	Bed Bath & Beyond, Inc.		300,670
	3,400	@	Big Lots, Inc.		106,216
	2,500	@	BJ's Wholesale Club, Inc.		96,750
	4,200		Brinker International, Inc.		79,380
	3,300		Burger King Holdings, Inc.		88,407
	9,000	@	Carmax, Inc.		127,710
	1,400	@	Chipotle Mexican Grill, Inc.		115,668
	2,800	@	Copart, Inc.		119,896
	5,800		Darden Restaurants, Inc.		185,252
	3,500	@	Dick's Sporting Goods, Inc.		62,090
	3,700	@	Dollar Tree, Inc.		120,953
	5,800		Family Dollar Stores, Inc.		115,652
	6,400		Foot Locker, Inc.		79,680
	6,700	@	GameStop Corp.		270,680
	20,100		Gap, Inc.		335,067
	2,500		Guess ?, Inc.		93,625
	3,900	@	Hanesbrands, Inc.		105,846
	9,200		JC Penney Co., Inc.		333,868
	12,700	@	Kohl's Corp.		508,508
	11,800		Limited Brands, Inc.		198,830
	3,900		Liz Claiborne, Inc.		55,185
	17,400		Macy's, Inc.		337,908
	1,800		MSC Industrial Direct Co.		79,398
	7,500		Nordstrom, Inc.		227,250
	11,300	@	Office Depot, Inc.		123,622
	3,100		OfficeMax, Inc.		43,090
	4,800	@	O'Reilly Automotive, Inc.		107,280
	1,100	@	Panera Bread Co.		50,886
	1,700		Penske Auto Group, Inc.		25,058
	5,300		Petsmart, Inc.		105,735
	2,100		Phillips-Van Heusen		76,902
	5,400		RadioShack Corp.		66,258
	21,000	@	Rite Aid Corp.		33,390
	5,500		Ross Stores, Inc.		195,360
	6,000	@	Saks, Inc.		65,880
	2,400	@	Sears Holding Corp.		176,784
	30,000	@	Starbucks Corp.		472,200
	5,200		Tiffany & Co.		211,900
	7,600	@@	Tim Hortons, Inc.		218,044
	17,500		TJX Cos., Inc.		550,725
	4,700	@	Urban Outfitters, Inc.		146,593
	3,200		Wendy's International, Inc.		87,104
	3,900		Williams-Sonoma, Inc.		77,376
	19,500		Yum! Brands, Inc.		684,255
					8,484,364

See Accompanying Notes to Financial Statements
162

ING RUSSELL^TM MID CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Savings & Loans: 0.9%
	3,500		Astoria Financial Corp.	$	70,280
	900		Capitol Federal Financial		33,849
	21,400		Hudson City Bancorp., Inc.		356,952
	14,100		New York Community Bancorp., Inc.		251,544
	14,300		People's United Financial, Inc.		223,080
	18,300		Sovereign Bancorp., Inc.		134,688
	4,300		TFS Financial Corp.		49,837
	3,600		Washington Federal, Inc.		65,160
	43,400		Washington Mutual, Inc.		213,962
					1,399,352
			Semiconductors: 3.6%
	25,000	@	Advanced Micro Devices, Inc.		145,750
	12,400		Altera Corp.		256,680
	12,000		Analog Devices, Inc.		381,240
	18,400	@	Atmel Corp.		64,032
	21,200	@	Broadcom Corp.		578,548
	3,700	@	Cree, Inc.		84,397
	6,200	@	Cypress Semiconductor Corp.		153,450
	5,100	@	Fairchild Semiconductor International, Inc.		59,823
	7,100	@	Integrated Device Technology, Inc.		70,574
	3,000	@	International Rectifier Corp.		57,600
	5,100		Intersil Corp.		124,032
	7,000		KLA-Tencor Corp.		284,970
	5,200	@	Lam Research Corp.		187,980
	9,200		Linear Technology Corp.		299,644
	26,300	@	LSI Logic Corp.		161,482
	20,000	@,@@	Marvell Technology Group Ltd.		353,200
	9,400	@	MEMC Electronic Materials, Inc.		578,476
	7,600		Microchip Technology, Inc.		232,104
	31,400	@	Micron Technology, Inc.		188,400
	10,000		National Semiconductor Corp.		205,400
	4,100	@	Novellus Systems, Inc.		86,879
	22,900	@	Nvidia Corp.		428,688
	16,400	@	ON Semiconductor Corp.		150,388
	5,500	@	QLogic Corp.		80,245
	4,300	@	Rambus, Inc.		82,001
	2,000	@	Silicon Laboratories, Inc.		72,180
	7,100	@	Teradyne, Inc.		78,597
	3,100	@	Varian Semiconductor Equipment Associates, Inc.		107,942
	11,500		Xilinx, Inc.		290,375
					5,845,077
			Software: 3.3%
	12,200	@	Activision, Inc.		415,654
	3,200	@	Ansys, Inc.		150,784
	9,200	@	Autodesk, Inc.		311,052
	7,900	@	BMC Software, Inc.		284,400
	5,800		Broadridge Financial Solutions ADR		122,090
	16,000		CA, Inc.		369,440
	2,800	@	Cerner Corp.		126,504
	7,600	@	Citrix Systems, Inc.		223,516
	10,800	@	Compuware Corp.		103,032
	2,300		Dun & Bradstreet Corp.		201,572
	13,100	@	Electronic Arts, Inc.		582,033
	8,100		Fidelity National Information Services, Inc.		298,971
	6,800	@	Fiserv, Inc.		308,516

Shares				Value
	7,500		IMS Health, Inc.	$	174,750
	13,200	@	Intuit, Inc.		363,924
	3,700	@	Metavante Technologies, inc.		83,694
	1,800	@	MSCI, Inc.-Class A		65,322
	4,100	@	Navteq Corp.		315,700
	14,500	@	Novell, Inc.		85,405
	7,100	@	Nuance Communications, Inc.		111,257
	7,900	@	Red Hat, Inc.		163,451
	4,300	@	Salesforce.com, Inc.		293,389
	5,600		SEI Investments Co.		131,712
					5,286,168
			Telecommunications: 3.2%
	4,900	@	ADC Telecommunications, Inc.		72,373
	8,100	@,@@	Amdocs Ltd.		238,302
	16,400	@	American Tower Corp.		692,900
	4,400		CenturyTel, Inc.		156,596
	3,600	@	Ciena Corp.		83,412
	13,400		Citizens Communications Co.		151,956
	2,800	@	Clearwire Corp.-Class A		36,288
	2,900	@	CommScope, Inc.		153,033
	11,700	@	Crown Castle International Corp.		453,141
	1,700	@	EchoStar Holding Corp.		53,074
	6,100		Embarq Corp.		288,347
	5,600		Harris Corp.		282,744
	9,300	@	JDS Uniphase Corp.		105,648
	21,700	@	Juniper Networks, Inc.		481,306
	2,200	@	Leap Wireless International, Inc.		94,974
	64,000	@	Level 3 Communications, Inc.		188,800
	10,100	@	MetroPCS Communications, Inc.		178,871
	3,200	@	NeuStar, Inc.		68,992
	6,900	@	NII Holdings, Inc.		327,681
	62,100		Qwest Communications International, Inc.		244,053
	4,500	@	SBA Communications Corp.		162,045
	4,300		Telephone & Data Systems, Inc.		203,261
	16,400	@	Tellabs, Inc.		76,260
	700	@	US Cellular Corp.		39,585
	12,100		Virgin Media, Inc.		164,681
	18,500		Windstream Corp.		228,290
					5,226,613
			Textiles: 0.2%
	5,400		Cintas Corp.		143,154
	2,300	@	Mohawk Industries, Inc.		147,430
					290,584
			Toys/Games/Hobbies: 0.3%
	5,100		Hasbro, Inc.		182,172
	14,900		Mattel, Inc.		255,088
					437,260
			Transportation: 1.3%
	1,700		Alexander & Baldwin, Inc.		77,435
	7,000		CH Robinson Worldwide, Inc.		383,880
	1,900		Con-way, Inc.		89,794
	8,800		Expeditors International Washington, Inc.		378,400
	2,000	@@	Frontline Ltd.		139,560
	3,400		JB Hunt Transport Services, Inc.		113,152
	3,200	@	Kansas City Southern		140,768
	2,200	@	Kirby Corp.		105,600
	2,200		Landstar System, Inc.		121,484
	1,000		Overseas Shipholding Group		79,520

See Accompanying Notes to Financial Statements
163

ING RUSSELL^TM MID CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Transportation (continued)
	2,400		Ryder System, Inc.	$	165,312
	1,700	@@	Teekay Shipping Corp.		76,806
	2,200		Tidewater, Inc.		143,066
	4,100	@@	UTI Worldwide, Inc.		81,795
					2,096,572
			Trucking & Leasing: 0.1%
	1,900		GATX Corp.		84,227
					84,227
			Water: 0.1%
	2,600	@	American Water Works Co., Inc.-New		57,668
	5,500		Aqua America, Inc.		87,835
					145,503
			Total Common Stock (Cost $157,928,895)		150,341,449
REAL ESTATE INVESTMENT TRUSTS: 4.8%
			Apartments: 0.8%
	3,700		Apartment Investment & Management Co.		126,022
	3,200		AvalonBay Communities, Inc.		285,312
	2,000		BRE Properties, Inc.		86,560
	2,200		Camden Property Trust		97,372
	11,200		Equity Residential		428,624
	1,100		Essex Property Trust, Inc.		117,150
	5,300		UDR, Inc.		118,614
					1,259,654
			Diversified: 0.5%
	2,700		Digital Realty Trust, Inc.		110,457
	6,100		Duke Realty Corp.		136,945
	3,800		Liberty Property Trust		125,970
	5,600		Vornado Realty Trust		492,800
					866,172
			Health Care: 0.5%
	9,700		HCP, Inc.		308,557
	3,700		Health Care Real Estate Investment Trust, Inc.		164,650
	4,000		Nationwide Health Properties, Inc.		125,960
	5,400		Ventas, Inc.		229,878
					829,045
			Hotels: 0.2%
	3,900		Hospitality Properties Trust		95,394
	21,500		Host Hotels & Resorts, Inc.		293,475
					388,869
			Mortgage: 0.3%
	22,200		Annaly Capital Management, Inc.		344,322
	6,600		CapitalSource, Inc.		73,128
	5,500		iStar Financial, Inc.		72,655
					490,105
			Office Property: 0.7%
	1,300		Alexandria Real Estate Equities, Inc.		126,542
	4,900		Boston Properties, Inc.		442,078
	3,600		Brandywine Realty Trust		56,736

Shares				Value
	5,000		Douglas Emmett, Inc.	$	109,850
	9,300		HRPT Properties Trust		62,961
	1,400		Kilroy Realty Corp.		65,842
	2,700		Mack-Cali Realty Corp.		92,259
	2,400		SL Green Realty Corp.		198,528
					1,154,796
			Regional Malls: 0.4%
	2,700		CBL & Associates Properties, Inc.		61,668
	9,400		General Growth Properties, Inc.		329,282
	3,100		Macerich Co.		192,603
	2,200		Taubman Centers, Inc.		107,030
					690,583
			Shopping Centers: 0.6%
	4,900	S	Developers Diversified Realty Corp.		170,079
	2,400		Federal Realty Investment Trust		165,600
	8,900		Kimco Realty Corp.		307,228
	2,900		Regency Centers Corp.		171,448
	3,100		Weingarten Realty Investors		93,992
					908,347
			Storage: 0.3%
	5,200		Public Storage, Inc.		420,108
					420,108
			Warehouse/Industrial: 0.5%
	4,000		AMB Property Corp.		201,520
	10,800		Prologis		586,980
					788,500
			Total Real Estate Investment Trusts (Cost $8,807,941)		7,796,179
			Total Long-Term Investments (Cost $166,736,836)		158,137,628
SHORT-TERM INVESTMENTS: 5.0%
			Mutual Fund: 5.0%
	8,064,000	**,S	ING Institutional Prime Money Market Fund		8,064,000
Total Short-Term Investments (Cost $8,064,000)					8,064,000

Total Investments in Securities (Cost $174,800,836)*	102.6	%	$	166,201,628
Other Assets and Liabilities - Net	(2.6	)		(4,243,214	)
Net Assets	100.0	%	$	161,958,414

See Accompanying Notes to Financial Statements
164

ING RUSSELL^TM MID CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

@  Non-income producing security

@@  Foreign Issuer

ADR  American Depositary Receipt

S  All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities.

**  Investment in affiliate

*  Cost for federal income tax purposes is $174,887,767.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	4,572,580
Gross Unrealized Depreciation		(13,258,719	)
Net Unrealized Depreciation	$	(8,686,139	)

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 ("SFAS 157"), "Fair Value Measurements." This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical investments

•  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Portfolio's own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio's investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	166,201,628	$	(28,236	)
Level 2 — Other Significant Observable Inputs		—		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	166,201,628	$	(28,236	)

*  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

ING Russell^TM Mid Cap Index Portfolio Open Futures Contracts on June 30, 2008

Contract Description	Number of Contracts		Notional Market Value		Expiration Date	Unrealized Depreciation
Long Contracts
S&P Mid 400 E-Mini		40	$	3,284,800	09/19/08	$	(28,236	)
						$	(28,236	)

See Accompanying Notes to Financial Statements
165

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED)

Shares				Value
COMMON STOCK: 91.5%
			Advertising: 0.2%
	1,900	@	Greenfield Online, Inc.	$	28,348
	9,800		Harte-Hanks, Inc.		112,210
	5,100	@	inVentiv Health, Inc.		141,729
	5,200		Marchex, Inc.		64,064
					346,351
			Aerospace/Defense: 1.3%
	5,600	@	AAR Corp.		75,768
	2,000	@	Aerovironment, Inc.		54,360
	2,000	@	Argon ST, Inc.		49,600
	3,700		Cubic Corp.		82,436
	7,100		Curtiss-Wright Corp.		317,654
	2,300	@	Ducommun, Inc.		52,808
	4,300	@	Esterline Technologies Corp.		211,818
	10,000	@	Gencorp, Inc.		71,600
	3,200		Heico Corp.		104,128
	3,000	@	Herley Industries, Inc.		39,840
	4,000		Kaman Corp.		91,040
	6,300	@	Moog, Inc.		234,612
	8,900	@	Orbital Sciences Corp.		209,684
	6,000	@	Teledyne Technologies, Inc.		292,740
	4,500	@	TransDigm Group, Inc.		151,155
	2,200		Triumph Group, Inc.		103,620
					2,142,863
			Agriculture: 0.3%
	1,300		Alico, Inc.		45,058
	5,800	@	Alliance One International, Inc.		29,638

Shares				Value
	2,200		Andersons, Inc.	$	89,562
	600		Griffin Land & Nurseries, Inc.		18,420
	27,700	@	Star Scientific, Inc.		33,240
	1,800	@	Tejon Ranch Co.		64,908
	4,100		Universal Corp.		185,402
	3,900		Vector Group Ltd.		62,907
					529,135
			Airlines: 0.3%
	21,200	@	Airtran Holdings, Inc.		43,248
	5,100	@	Alaska Air Group, Inc.		78,234
	2,600	@	Allegiant Travel Co.		48,334
	7,000	@	Hawaiian Holdings, Inc.		48,650
	21,300	@	JetBlue Airways Corp.		79,449
	8,300		Skywest, Inc.		104,995
	17,800	@	UAL Corp.		92,916
	21,200	@	US Airways Group, Inc.-New		53,000
					548,826
			Apparel: 1.4%
	6,700	@	American Apparel, Inc.		44,555
	9,500	@	Carter's, Inc.		131,290
	2,200		Cherokee, Inc.		44,330
	1,800		Columbia Sportswear Co.		66,150
	10,400	@	CROCS, Inc.		83,304
	1,900	@	Deckers Outdoor Corp.		264,480
	3,200	@	G-III Apparel Group Ltd.		39,488
	8,400	@	Iconix Brand Group, Inc.		101,472
	5,000		K-Swiss, Inc.		73,500
	1,100	@	Maidenform Brands, Inc.		14,850
	1,200		Oxford Industries, Inc.		22,980
	2,400	@	Perry Ellis International, Inc.		50,928
	18,300	@	Quiksilver, Inc.		179,706
	4,700	@	Skechers USA, Inc.		92,872
	3,000	@	Steven Madden Ltd.		55,140
	6,200	@	Timberland Co.		101,370
	2,600	@	True Religion Apparel, Inc.		69,290
	5,100	@	Under Armour, Inc.		130,764
	14,700	@	Unifi, Inc.		37,044
	2,700	@	Volcom, Inc.		64,611
	6,700	@	Warnaco Group, Inc.		295,269
	2,000		Weyco Group, Inc.		53,060
	7,200		Wolverine World Wide, Inc.		192,024
					2,208,477
			Auto Manufacturers: 0.1%
	13,200	@	Force Protection, Inc.		43,692
	5,600		Wabash National Corp.		42,336
					86,028
			Auto Parts & Equipment: 0.9%
	9,100		American Axle & Manufacturing Holdings, Inc.		72,709
	11,900		ArvinMeritor, Inc.		148,512
	2,700	@	ATC Technology Corp.		62,856
	9,900		Cooper Tire & Rubber Co.		77,616
	10,200	@	Dana Holding Corp.		54,570
	2,400	@	Dorman Products, Inc.		19,344
	11,100	@	Exide Technologies		186,036
	1,900	@	Fuel Systems Solutions, Inc.		73,150
	17,200	@	Hayes Lemmerz International, Inc.		48,848
	10,500	@	Lear Corp.		148,890
	4,200		Modine Manufacturing Co.		51,954
	6,900		Spartan Motors, Inc.		51,543

See Accompanying Notes to Financial Statements
166

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Auto Parts & Equipment (continued)
	6,700		Superior Industries International	$	113,096
	8,400	@	Tenneco, Inc.		113,652
	2,800		Titan International, Inc.		99,736
	22,100	@	Visteon Corp.		58,123
	5,000	@,@@	Wonder Auto Technology, Inc.		35,150
					1,415,785
			Banks: 4.8%
	4,100		1st Source Corp.		66,010
	3,049		Amcore Financial, Inc.		17,257
	2,100		Arrow Financial Corp.		38,073
	1,800		Bancfirst Corp.		77,040
	1,700	@@	Banco Latinoamericano de Exportaciones SA		27,523
	5,800		Bank Mutual Corp.		58,232
	3,100		Bank of the Ozarks, Inc.		46,066
	9,000		Boston Private Financial Holdings, Inc.		51,030
	1,700		Camden National Corp.		39,576
	2,500		Capital City Bank Group, Inc.		54,400
	5,100		Capitol Bancorp., Ltd.		45,747
	1,400		Cass Information Systems, Inc.		44,842
	7,100		Cathay General Bancorp.		77,177
	1,600		Centerstate Banks of Florida, Inc.		17,648
	5,300		Central Pacific Financial Corp.		56,498
	3,500		Chemical Financial Corp.		71,400
	18,900		Citizens Banking Corp.		53,298
	5,800		City Bank		49,880
	2,800		City Holding Co.		114,156
	26,500		Colonial BancGroup, Inc.		117,130
	3,100		Columbia Banking System, Inc.		59,923
	4,200		Community Bank System, Inc.		86,604
	2,500		Community Trust Bancorp., Inc.		65,650
	12,900		Corus Bankshares, Inc.		53,664
	9,300		CVB Financial Corp.		87,792
	12,200		East-West Bancorp., Inc.		86,132
	2,800		Enterprise Financial Services Corp.		52,780
	800		Financial Institutions, Inc.		12,848
	12,700	@@	First Bancorp.		80,518
	4,700		First Bancorp.		59,408
	4,300		First Busey Corp.		56,846
	10,600		First Commonwealth Financial Corp.		98,898
	2,000		First Community Bancshares, Inc.		56,400
	1,800		First Financial Bancorp.		16,560
	3,500		First Financial Bankshares, Inc.		160,335
	2,600		First Financial Corp.		79,586
	4,100		First Merchants Corp.		74,415
	9,700		First Midwest Bancorp., Inc.		180,905
	3,300		First South Bancorp, Inc./Washington NC		42,504
	11,100		FirstMerit Corp.		181,041
	16,906		FNB Corp.		199,153
	7,600		Frontier Financial Corp.		64,752
	7,700		Glacier Bancorp., Inc.		123,123
	2,900		Greene County Bancshares, Inc.		40,658
	5,300	@	Guaranty Bancorp		19,080
	4,200		Hancock Holding Co.		165,018
	5,500		Harleysville National Corp.		61,380
	1,200		Heartland Financial USA, Inc.		21,828
	2,500		Home Bancshares, Inc./Conway AR		56,200
	1,800		IBERIABANK Corp.		80,046
	2,700		Independent Bank Corp.		64,368
	7,800		International Bancshares Corp.		166,686

Shares				Value
	5,600		Lakeland Bancorp, Inc.	$	68,208
	2,200		Lakeland Financial Corp.		41,976
	4,600		MB Financial Corp.		103,362
	7,000		Midwest Banc Holdings, Inc.		34,090
	5,500		Nara Bancorp., Inc.		59,015
	13,000		National Penn Bancshares, Inc.		172,640
	1,600		NBT Bancorp., Inc.		32,976
	10,900		Old National Bancorp.		155,434
	1,800	@@	Oriental Financial Group		25,668
	7,900		Pacific Capital Bancorp.		108,862
	1,700		PacWest Bancorp		25,296
	1,300		Park National Corp.		70,070
	3,200		Peoples Bancorp., Inc.		60,736
	500	@	Pinnacle Financial Partners, Inc.		10,045
	2,600		PrivateBancorp, Inc.		78,988
	5,700		Prosperity Bancshares, Inc.		152,361
	3,300		Renasant Corp.		48,609
	2,200		Republic Bancorp., Inc.		54,120
	3,400		S&T Bancorp, Inc.		98,804
	3,200		Sandy Spring Bancorp, Inc.		53,056
	1,300	@@	Santander Bancorp.		13,793
	2,200		SCBT Financial Corp.		62,832
	1,200		Sierra Bancorp.		19,800
	4,200	@	Signature Bank		108,192
	1,000		Simmons First National Corp.		27,970
	2,400		Smithtown Bancorp., Inc.		39,000
	12,000		South Financial Group, Inc.		47,040
	1,600		Southwest Bancorp., Inc.		18,400
	1,100		StellarOne Corp.		16,060
	12,600		Sterling Bancshares, Inc.		114,534
	2,000		Suffolk Bancorp		58,760
	12,600		Susquehanna Bancshares, Inc.		172,494
	4,800	@	SVB Financial Group		230,928
	2,800		SY Bancorp., Inc.		59,808
	600	@	Texas Capital Bancshares, Inc.		9,600
	3,800		Trico Bancshares		41,610
	10,900		Trustco Bank Corp.		80,878
	7,700		Trustmark Corp.		135,905
	21,100		UCBH Holdings, Inc.		47,475
	4,800		UMB Financial Corp.		246,096
	8,700		Umpqua Holdings Corp.		105,531
	6,300		United Bankshares, Inc.		144,585
	2,900		United Community Banks, Inc.		24,737
	3,000		United Security Bancshares		43,620
	1,100		Univest Corp. of Pennsylvania		21,846
	53,300	@@	W Holding Co., Inc.		45,305
	2,600		Washington Trust Bancorp, Inc.		51,220
	4,400		WesBanco, Inc.		75,460
	5,900		West Bancorporation, Inc.		51,330
	4,200		Westamerica Bancorp.		220,878
	5,900	@	Western Alliance Bancorp.		45,784
	5,400		Wilshire Bancorp., Inc.		46,278
	1,600		Wintrust Financial Corp.		38,160
					7,698,309
			Beverages: 0.2%
	1,300	@	Boston Beer Co., Inc.		52,884
	500		Coca-Cola Bottling Co. Consolidated		18,490
	2,200		Farmer Bros Co.		46,530
	2,200	@	Green Mountain Coffee Roasters, Inc.		82,654
	2,800	@	Peet's Coffee & Tea, Inc.		55,496
					256,054

See Accompanying Notes to Financial Statements
167

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Biotechnology: 2.6%
	5,400	@	Acorda Therapeutics, Inc.	$	177,282
	3,300	@	Affymax, Inc.		52,503
	6,400	@	Alexion Pharmaceuticals, Inc.		464,000
	4,700	@	Alnylam Pharmaceuticals, Inc.		125,631
	2,100	@	AMAG Pharmaceuticals, Inc.		71,610
	7,500	@,@@	American Oriental Bioengineering, Inc.		74,025
	12,400		Applera Corp.-Celera Genomics Group		140,864
	11,300	@	Arena Pharmaceuticals, Inc.		58,647
	5,500	@	Ariad Pharmaceuticals, Inc.		13,200
	1,800	@	BioMimetic Therapeutics, Inc.		21,456
	2,800	@	Bio-Rad Laboratories, Inc.		226,492
	8,900	@	Cambrex Corp.		52,243
	16,700	@	Cell Genesys, Inc.		43,420
	900	@	Clinical Data, Inc.		12,843
	1,100	@	Cougar Biotechnology, Inc.		26,213
	16,800	@	Dendreon Corp.		74,760
	4,000	@	Emergent Biosolutions, Inc.		39,720
	5,600	@	Enzo Biochem, Inc.		62,832
	9,200	@	Enzon Pharmaceuticals, Inc.		65,504
	13,000	@	Exelixis, Inc.		65,000
	4,300	@	Geron Corp.		14,835
	1,700	@	GTx, Inc.		24,395
	9,700	@	Halozyme Therapeutics, Inc.		52,186
	21,800	@	Human Genome Sciences, Inc.		113,578
	3,400	@	Idera Pharmaceuticals, Inc.		49,674
	9,700	@	Incyte Corp.		73,817
	5,700	@	InterMune, Inc.		74,784
	7,500	@	Lexicon Genetics, Inc.		12,000
	4,500	@	Martek Biosciences Corp.		151,695
	11,600	@	Maxygen, Inc.		39,324
	6,800	@	Molecular Insight Pharmaceuticals, Inc.		37,468
	4,600	@	Momenta Pharmaceuticals, Inc.		56,580
	6,400	@	Myriad Genetics, Inc.		291,328
	1,600	@	Nanosphere, Inc.		12,576
	16,400	@	Novavax, Inc.		40,836
	5,300	@	NPS Pharmaceuticals, Inc.		23,585
	8,900	@	OSI Pharmaceuticals, Inc.		367,748
	17,700	@	PDL BioPharma, Inc.		187,974
	3,200	@,@@	Protalix BioTherapeutics, Inc.		8,672
	9,100	@	Regeneron Pharmaceuticals, Inc.		131,404
	8,500	@	Repligen Corp.		40,120
	8,900	@	RTI Biologics, Inc.		77,875
	5,800	@	Sangamo Biosciences, Inc.		57,710
	9,900	@	Seattle Genetics, Inc.		83,754
	5,700	@	Sequenom, Inc.		90,972
	5,700	@	Tercica, Inc.		50,331
	5,700	@	Third Wave Technologies, Inc.		63,612
	13,000	@	XOMA Ltd.		21,970
	6,400	@	Zymogenetics, Inc.		53,888
					4,172,936
			Building Materials: 0.6%
	4,100		Apogee Enterprises, Inc.		66,256
	4,900	@	China Architectural Engineering, Inc.		47,873
	5,900		Comfort Systems USA, Inc.		79,296
	1,000	@	Drew Industries, Inc.		15,950
	3,700		Gibraltar Industries, Inc.		59,089
	4,800	@	Interline Brands, Inc.		76,464
	2,800	@	NCI Building Systems, Inc.		102,844

Shares				Value
	6,600		Quanex Building Products Corp.	$	98,076
	5,300		Simpson Manufacturing Co., Inc.		125,822
	3,400		Texas Industries, Inc.		190,842
	2,000		Universal Forest Products, Inc.		59,920
	8,500	@	US Concrete, Inc.		40,460
					962,892
			Chemicals: 2.0%
	5,800		Aceto Corp.		44,312
	4,500		American Vanguard Corp.		55,350
	2,300		Arch Chemicals, Inc.		76,245
	1,600		Balchem Corp.		37,008
	6,700		Ferro Corp.		125,692
	5,800		HB Fuller Co.		130,152
	16,600		Hercules, Inc.		281,038
	6,900	@	ICO, Inc.		41,538
	1,900		Innophos Holdings, Inc.		60,705
	3,800	@@	Innospec, Inc.		71,516
	6,000	@	Landec Corp.		38,820
	2,800		Minerals Technologies, Inc.		178,052
	2,100		NewMarket Corp.		139,083
	11,400		Olin Corp.		298,452
	4,700	@	OM Group, Inc.		154,113
	3,400		Penford Corp.		50,592
	16,200	@	PolyOne Corp.		112,914
	6,300	@	Rockwood Holdings, Inc.		219,240
	4,200		Schulman A, Inc.		96,726
	7,400		Sensient Technologies Corp.		208,384
	5,300	@,@@	ShengdaTech, Inc.		52,629
	12,400	@	Solutia, Inc.		158,968
	2,400		Spartech Corp.		22,632
	600		Stepan Co.		27,372
	6,700	@	Symyx Technologies		46,766
	3,700		Westlake Chemical Corp.		54,982
	11,000	@	WR Grace & Co.		258,390
	3,100		Zep, Inc.		46,128
	3,900	@	Zoltek Cos., Inc.		94,575
					3,182,374
			Coal: 0.3%
	19,300	@	International Coal Group, Inc.		251,865
	3,900	@	James River Coal Co.		228,891
	4,800	@	National Coal Corp.		42,576
					523,332
			Commercial Services: 5.3%
	6,600		Aaron Rents, Inc.		147,378
	6,700		ABM Industries, Inc.		149,075
	3,300		Administaff, Inc.		92,037
	10,800		Advance America Cash Advance Centers, Inc.		54,864
	2,500	@	Advisory Board Co.		98,325
	4,800	@	Albany Molecular Research, Inc.		63,696
	1,500	@	American Public Education, Inc.		58,560
	5,300	@	AMN Healthcare Services, Inc.		89,676
	4,300		Arbitron, Inc.		204,250
	2,100	@	Bankrate, Inc.		82,047
	15,900	@	BearingPoint, Inc.		12,879
	5,200		Bowne & Co., Inc.		66,300
	1,300	@	Capella Education Co.		77,545
	1,400	@	Cardtronics, Inc.		12,418
	10,300	@	CBIZ, Inc.		81,885
	1,000		CDI Corp.		25,440
	5,900	@	Cenveo, Inc.		57,643

See Accompanying Notes to Financial Statements
168

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Commercial Services (continued)
	3,700		Chemed Corp.	$	135,457
	4,000	@	China Direct, Inc.		29,360
	3,700	@	Coinstar, Inc.		121,027
	1,600	@	Consolidated Graphics, Inc.		78,832
	12,400	@	Corinthian Colleges, Inc.		143,964
	1,000	@	Cornell Cos., Inc.		24,110
	1,900	@	Corvel Corp.		64,353
	2,500	@	CoStar Group, Inc.		111,125
	1,800	@	CRA International, Inc.		65,070
	4,100	@	Cross Country Healthcare, Inc.		59,081
	5,100		Deluxe Corp.		90,882
	3,400	@	Dollar Financial Corp.		51,374
	1,400	@	Dollar Thrifty Automotive Group		13,230
	1,800		DynCorp International, Inc.		27,270
	1,900		Electro Rent Corp.		23,826
	2,900	@	Emergency Medical Services Corp.		65,627
	6,900	@	Euronet Worldwide, Inc.		116,610
	2,500	@	Exponent, Inc.		78,525
	3,300	@	First Advantage Corp.		52,305
	3,900	@	Forrester Research, Inc.		120,432
	8,700	@	Gartner, Inc.		180,264
	7,500	@	Geo Group, Inc.		168,750
	3,700		Gevity HR, Inc.		19,906
	7,200	@	Global Cash Access, Inc.		49,392
	4,100	@	H&E Equipment Services, Inc.		49,282
	8,000	@	Hackett Group, Inc.		45,920
	6,200		Healthcare Services Group		94,302
	8,300	@	Healthspring, Inc.		140,104
	3,800		Heartland Payment Systems, Inc.		89,680
	2,900		Heidrick & Struggles International, Inc.		80,156
	4,400	@	Hill International, Inc.		72,336
	3,500	@	HMS Holdings Corp.		75,145
	2,300	@	Hudson Highland Group, Inc.		24,081
	2,700	@	Huron Consulting Group, Inc.		122,418
	700	@	ICF International, Inc.		11,634
	1,200	@	Integrated Electrical Services, Inc.		20,640
	5,700		Interactive Data Corp.		143,241
	4,100		Jackson Hewitt Tax Service, Inc.		50,102
	1,800	@	K12, Inc.		38,574
	4,100		Kelly Services, Inc.		79,253
	2,200	@	Kendle International, Inc.		79,926
	3,700	@	Kenexa Corp.		69,708
	7,300	@	Kforce, Inc.		61,977
	7,100	@	Korn/Ferry International		111,683
	1,500		Landauer, Inc.		84,360
	2,500	@	LECG Corp.		21,850
	2,600	@	Lincoln Educational Services Corp.		30,238
	11,800	@	Live Nation, Inc.		124,844
	2,900		MAXIMUS, Inc.		100,978
	2,900		McGrath Rentcorp		71,311
	3,100		Monro Muffler, Inc.		48,019
	14,600	@	MPS Group, Inc.		155,198
	3,100		Multi-Color Corp.		65,069
	7,000	@	Navigant Consulting, Inc.		136,920
	6,900	@,@@	Net 1 UEPS Technologies, Inc.		167,670
	10,200	@	Odyssey Marine Exploration, Inc.		40,392
	6,100	@	On Assignment, Inc.		48,922
	8,700	@	Parexel International Corp.		228,897
	4,000	@	Pharmanet Development Group		63,080
	4,400	@	PHH Corp.		67,540
	400	@	Pre-Paid Legal Services, Inc.		16,248
	1,400	@	PRG-Schultz International, Inc.		13,174

Shares				Value
	1,900	@	Protection One, Inc.	$	15,960
	9,700	@	Rent-A-Center, Inc.		199,529
	6,500	@	Resources Connection, Inc.		132,275
	3,800	@	Riskmetrics Group, Inc.		74,632
	5,200		Rollins, Inc.		77,064
	7,800	@	RSC Holdings, Inc.		72,228
	9,500		Sotheby's		250,515
	12,100	@	Spherion Corp.		55,902
	2,400	@	Standard Parking Corp.		43,680
	2,700	@,@@	Steiner Leisure Ltd.		76,545
	6,200		Stewart Enterprises, Inc.		44,640
	4,100	@	SuccessFactors, Inc.		44,895
	2,000	@	Team, Inc.		68,640
	5,100	@	TeleTech Holdings, Inc.		101,796
	3,500	@	TNS, Inc.		83,860
	6,900	@	TrueBlue, Inc.		91,149
	5,100	@	Universal Technical Institute, Inc.		63,546
	6,900	@	Valassis Communications, Inc.		86,388
	3,300		Viad Corp.		85,107
	6,500	@	Vistaprint Ltd.		173,940
	3,300	@	Volt Information Sciences, Inc.		39,303
	6,500		Watson Wyatt Worldwide, Inc.		343,785
	5,900	@	Wright Express Corp.		146,320
					8,581,361
			Computers: 2.3%
	5,400	@	3PAR, Inc.		42,336
	5,400		Agilysys, Inc.		61,236
	2,300	@	Ansoft Corp.		83,720
	4,400	@	CACI International, Inc.		201,388
	12,000	@	Ciber, Inc.		74,520
	4,800	@,@@	Cogo Group, Inc.		43,728
	1,700	@	Compellent Technologies, Inc.		19,278
	2,200	@	COMSYS IT Partners, Inc.		20,064
	10,200	@	Cray, Inc.		47,328
	4,200	@	Data Domain, Inc.		97,986
	3,600	@	Digimarc, Corp.		50,976
	4,600		Echelon Corp.		50,140
	8,300	@	Electronics for Imaging		121,180
	4,500	@	Hutchinson Technology, Inc.		60,480
	6,500	@	iGate Corp.		52,845
	4,600		Imation Corp.		105,432
	7,700	@	Immersion Corp.		52,437
	1,500		Integral Systems, Inc.		58,050
	8,300	@	Isilon Systems, Inc.		36,852
	11,300		Jack Henry & Associates, Inc.		244,532
	3,600	@	Magma Design Automation, Inc.		21,852
	3,800	@	Manhattan Associates, Inc.		90,174
	13,600	@	Mentor Graphics Corp.		214,880
	12,100	@	Micros Systems, Inc.		368,929
	1,300		MTS Systems Corp.		46,644
	1,800	@	NCI, Inc.		41,184
	1,700	@,@@	Ness Technologies, Inc.		17,204
	6,400	@	Netezza Corp.		73,472
	4,400	@	Netscout Systems, Inc.		46,992
	16,900	@	Palm, Inc.		91,091
	13,900	@	Perot Systems Corp.		208,639
	4,100	@	Rackable Systems, Inc.		54,940
	5,500	@	Radiant Systems, Inc.		59,015
	7,900	@	Riverbed Technolgoy, Inc.		108,388
	5,200	@	Silicon Storage Technology, Inc.		14,404
	3,600	@	Smart Modular Technologies, Inc.		13,788
	7,000	@	SRA International, Inc.		157,220
	5,500	@	STEC, Inc.		56,485

See Accompanying Notes to Financial Statements
169

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Computers (continued)
	2,900	@	Stratasys, Inc.	$	53,534
	5,400	@	Super Micro Computer, Inc.		39,852
	5,700	@	SYKES Enterprises, Inc.		107,502
	3,300	@	Synaptics, Inc.		124,509
	2,000		Syntel, Inc.		67,440
	3,700	@	Virtusa Corp.		37,481
					3,640,127
			Cosmetics/Personal Care: 0.1%
	3,300	@	Chattem, Inc.		214,665
	1,100	@	Elizabeth Arden, Inc.		16,698
					231,363
			Distribution/Wholesale: 0.8%
	6,600	@	Beacon Roofing Supply, Inc.		70,026
	7,800	@	BMP Sunstone Corp.		44,460
	7,400	@	Brightpoint, Inc.		54,020
	2,800	@	Chindex International, Inc.		41,076
	2,400	@	Core-Mark Holding Co., Inc.		62,880
	6,900	@	Fossil, Inc.		200,583
	2,600		Houston Wire & Cable Co.		51,740
	1,800	@	MWI Veterinary Supply, Inc.		59,598
	7,200		Owens & Minor, Inc.		328,968
	6,900		Pool Corp.		122,544
	3,400	@	Scansource, Inc.		90,984
	1,900	@	United Stationers, Inc.		70,205
	3,900		Watsco, Inc.		163,020
					1,360,104
			Diversified Financial Services: 1.8%
	6,800		Advanta Corp.		42,772
	4,500	@	Asset Acceptance Capital Corp.		54,990
	3,000		Calamos Asset Management, Inc.		51,090
	2,800		Cohen & Steers, Inc.		72,716
	5,800	@	CompuCredit Corp.		34,800
	1,600	@	Credit Acceptance Corp.		40,896
	700	@	Diamond Hill Investment Group, Inc.		58,450
	3,100	@,@@	Doral Financial Corp.		41,974
	1,400	@	Encore Capital Group, Inc.		12,362
	1,800		Evercore Partners, Inc.		17,100
	10,600	@	FBR Capital Markets Corp.		53,318
	3,600	@	FCStone Group, Inc.		100,548
	1,800		Federal Agricultural Mortgage Corp.		44,604
	2,900		Financial Federal Corp.		63,684
	14,000		First Marblehead Corp.		35,980
	27,100		Friedman Billings Ramsey Group, Inc.		40,650
	1,400		GAMCO Investors, Inc.		69,468
	11,900		GFI Group, Inc.		107,219
	2,500		Greenhill & Co., Inc.		134,650
	37,000		IndyMac Bancorp., Inc.		22,940
	6,200	@	Interactive Brokers Group, Inc.		199,206
	2,000	@	KBW, Inc.		41,160
	14,200	@	Knight Capital Group, Inc.		255,316
	8,600	@	LaBranche & Co., Inc.		60,888
	25,100	@	Ladenburg Thalmann Financial Services, Inc.		37,901
	8,100	@	MarketAxess Holdings, Inc.		61,236
	5,700		National Financial Partners Corp.		112,974
	3,800		Nelnet, Inc.		42,674
	7,100	@	NewStar Financial, Inc.		41,961
	10,900	@	Ocwen Financial Corp.		50,685
	6,600		OptionsXpress Holdings, Inc.		147,444

Shares				Value
	3,700	@	Penson Worldwide, Inc.	$	44,215
	2,600	@	Piper Jaffray Cos.		76,258
	2,100	@	Portfolio Recovery Associates, Inc.		78,750
	2,900		Pzena Investment Management, Inc.		37,004
	6,600		Sanders Morris Harris Group, Inc.		44,748
	4,000	@	Stifel Financial Corp.		137,560
	1,600		SWS Group, Inc.		26,576
	6,400	@	Thomas Weisel Partners Group, Inc.		35,008
	6,600	@	TradeStation Group, Inc.		66,990
	2,600		US Global Investors, Inc.		43,550
	1,100		Westwood Holdings Group, Inc.		43,780
	2,500	@	World Acceptance, Corp.		84,175
					2,870,270
			Electric: 2.1%
	3,600		Allete, Inc.		151,200
	56,200	@	Aquila, Inc.		211,874
	7,200		Avista Corp.		154,512
	5,600		Black Hills Corp.		179,536
	1,900		CH Energy Group, Inc.		67,583
	8,900		Cleco Corp.		207,637
	7,000	@	El Paso Electric Co.		138,600
	4,900		Empire District Electric Co.		90,846
	2,300	@	Enernoc, Inc.		41,285
	6,700		Idacorp, Inc.		193,563
	7,300		ITC Holdings Corp.		373,103
	3,200		MGE Energy, Inc.		104,384
	5,200		NorthWestern Corp.		132,184
	2,300		Ormat Technologies, Inc.		113,114
	4,400		Otter Tail Corp.		170,852
	1,900	@	Pike Electric Corp.		31,559
	11,800		PNM Resources, Inc.		141,128
	11,400		Portland General Electric Co.		256,728
	4,600	@	Synthesis Energy Systems, Inc.		41,400
	4,300		UIL Holdings Corp.		126,463
	5,300		Unisource Energy Corp.		164,353
	15,500		Westar Energy, Inc.		333,405
					3,425,309
			Electrical Components & Equipment: 1.2%
	8,700	@	Advanced Battery Technologies, Inc.		50,199
	5,500	@	Advanced Energy Industries, Inc.		75,350
	6,200	@	American Superconductor Corp.		222,270
	6,700		Belden CDT, Inc.		226,996
	22,600	@	Capstone Turbine Corp.		94,694
	8,800	@,@@	China BAK Battery, Inc.		41,448
	3,400		Encore Wire Corp.		72,046
	4,300	@	EnerSys		147,189
	2,200	@,@@	Fushi Copperweld, Inc.		52,206
	15,700	@	GrafTech International Ltd.		421,231
	800		Graham Corp.		59,288
	3,400	@	Greatbatch, Inc.		58,820
	3,400		Insteel Industries, Inc.		62,254
	3,100	@	Littelfuse, Inc.		97,805
	11,600	@	Medis Technologies Ltd.		39,092
	3,800	@	Orion Energy Systems, Inc.		38,000
	25,400	@	Power-One, Inc.		48,006
	1,600	@	Superior Essex, Inc.		71,408
	5,100	@	Universal Display Corp.		62,832
	6,100	@	Valence Technology, Inc.		27,023
	4,500		Vicor Corp.		44,910
					2,013,067

See Accompanying Notes to Financial Statements
170

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Electronics: 2.5%
	1,300		American Science & Engineering, Inc.	$	66,989
	2,100		Analogic Corp.		132,447
	1,700	@	Axsys Technologies, Inc.		88,468
	2,500		Badger Meter, Inc.		126,325
	2,400		Bel Fuse, Inc.		59,304
	9,800	@	Benchmark Electronics, Inc.		160,132
	7,400		Brady Corp.		255,522
	5,800	@	Checkpoint Systems, Inc.		121,104
	3,900	@,@@	China Security & Surveillance Technology, Inc.		52,572
	5,300	@	Cogent, Inc.		60,261
	3,400	@	Coherent, Inc.		101,626
	4,700	@	Cymer, Inc.		126,336
	4,600		Daktronics, Inc.		92,782
	2,500	@	Dionex Corp.		165,925
	3,800	@	Eagle Test Systems, Inc.		42,560
	3,700	@	Electro Scientific Industries, Inc.		52,429
	2,200	@	Faro Technologies, Inc.		55,374
	5,700	@	FEI Co.		129,846
	3,600	@	II-VI, Inc.		125,712
	19,000	@	Kemet Corp.		61,560
	9,500	@	L-1 Identity Solutions, Inc.		126,540
	1,000	@	LaBarge, Inc.		13,000
	3,100	@	Measurement Specialties, Inc.		54,529
	1,700		Methode Electronics, Inc.		17,765
	1,700	@	Multi-Fineline Electronix, Inc.		47,039
	5,700	@	Newport Corp.		64,923
	2,900	@	OSI Systems, Inc.		62,118
	400	@	OYO Geospace Corp.		23,576
	2,500		Park Electrochemical Corp.		60,775
	5,100	@	Photon Dynamics, Inc.		76,908
	6,500	@	Plexus Corp.		179,920
	4,600	@	Rofin-Sinar Technologies, Inc.		138,920
	2,300	@	Rogers Corp.		86,457
	38,500	@	Sanmina-SCI Corp.		49,280
	3,600	@	Stoneridge, Inc.		61,416
	10,000	@	Taser International, Inc.		49,900
	6,400		Technitrol, Inc.		108,736
	6,100	@	TTM Technologies, Inc.		80,581
	4,500	@	Varian, Inc.		229,770
	4,200		Watts Water Technologies, Inc.		104,580
	8,900		Woodward Governor Co.		317,374
					4,031,381
			Energy-Alternate Sources: 0.7%
	7,200	@	Akeena Solar, Inc.		40,464
	4,300	@	Clean Energy Fuels Corp.		49,407
	3,800	@	Comverge, Inc.		53,124
	6,800	@	Ener1, Inc.		50,456
	6,100	@	Energy Conversion Devices, Inc.		449,204
	17,300	@	Evergreen Solar, Inc.		167,637
	10,000	@	FuelCell Energy, Inc.		71,000
	7,100	@	Headwaters, Inc.		83,567
	19,200	@	Plug Power, Inc.		45,120
	24,100	@	Quantum Fuel Systems Technologies Worldwide, Inc.		74,228
	14,300	@	VeraSun Energy Corp.		59,059
					1,143,266
			Engineering & Construction: 0.6%
	5,000	@	Dycom Industries, Inc.		72,600
	8,000	@	EMCOR Group, Inc.		228,240

Shares				Value
	4,100	@	ENGlobal Corp.	$	58,384
	4,400		Granite Construction, Inc.		138,732
	4,300	@	Insituform Technologies, Inc.		65,489
	3,000	@	Layne Christensen Co.		131,370
	2,000	@	Michael Baker Corp.		43,760
	2,900	@	Orion Marine Group, Inc.		40,977
	4,200	@	Perini Corp.		138,810
	1,800	@	Stanley, Inc.		60,336
	1,100	@	Sterling Construction Co., Inc.		21,846
					1,000,544
			Entertainment: 0.8%
	8,100	@	Bally Technologies, Inc.		273,780
	1,500		Churchill Downs, Inc.		52,305
	6,400		Cinemark Holdings, Inc.		83,584
	5,300		Dover Downs Gaming & Entertainment, Inc.		34,026
	6,800		Dover Motorsports, Inc.		34,612
	8,600	@,@@	Elixir Gaming Technologies, Inc.		10,320
	6,500	@	Isle of Capri Casinos, Inc.		31,135
	12,152	@	Macrovision Solutions Corp.		181,794
	7,000		National CineMedia, Inc.		74,620
	8,500	@	Pinnacle Entertainment, Inc.		89,165
	8,200	@	Shuffle Master, Inc.		40,508
	24,700	@	Six Flags, Inc.		28,405
	4,600		Speedway Motorsports, Inc.		93,748
	2,400	@	Steinway Musical Instruments		63,360
	4,800	@	Vail Resorts, Inc.		205,584
					1,296,946
			Environmental Control: 1.1%
	1,000		American Ecology Corp.		29,530
	5,900	@	Calgon Carbon Corp.		91,214
	4,600	@	Casella Waste Systems, Inc.		56,074
	3,200	@	Clean Harbors, Inc.		227,392
	12,900	@	Darling International, Inc.		213,108
	4,300		Energy Solutions, Inc.		96,105
	2,700	@	Fuel Tech, Inc.		47,574
	4,500	@	Metalico, Inc.		78,840
	1,600		Met-Pro Corp.		21,360
	6,100		Mine Safety Appliances Co.		243,939
	32,400	@	Rentech, Inc.		61,560
	9,000	@	Tetra Tech, Inc.		203,580
	9,500	@	Waste Connections, Inc.		303,335
	6,900	@,@@	Waste Services, Inc.		48,576
					1,722,187
			Food: 1.7%
	4,300	@	American Dairy, Inc.		33,712
	300		Arden Group, Inc.		38,022
	4,600		B&G Foods, Inc.		42,964
	3,700		Calavo Growers, Inc.		45,325
	1,800		Cal-Maine Foods, Inc.		59,382
	7,600	@	Chiquita Brands International, Inc.		115,292
	11,700		Flowers Foods, Inc.		331,578
	6,500	@,@@	Fresh Del Monte Produce, Inc.		153,205
	5,100	@	Great Atlantic & Pacific Tea Co.		116,382
	5,400	@	Hain Celestial Group, Inc.		126,792
	700		Ingles Markets, Inc.		16,331
	2,700		J&J Snack Foods Corp.		74,007
	2,800		Lancaster Colony Corp.		84,784
	4,200		Lance, Inc.		78,834
	2,000	@	M&F Worldwide Corp.		78,620
	2,200		Nash Finch Co.		75,394

See Accompanying Notes to Financial Statements
171

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares					Value
				Food (continued)
	6,500			Pilgrim's Pride Corp.	$	84,435
	4,500		@	Ralcorp Holdings, Inc.		222,480
	8,000			Ruddick Corp.		274,480
	3,300			Sanderson Farms, Inc.		113,916
	2,500		@	Smart Balance, Inc.		18,025
	1,300			Spartan Stores, Inc.		29,900
	3,400			Tootsie Roll Industries, Inc.		85,442
	4,000		@	TreeHouse Foods, Inc.		97,040
	6,300		@	United Natural Foods, Inc.		122,724
	1,900			Weis Markets, Inc.		61,693
	7,800		@	Winn-Dixie Stores, Inc.		124,956
						2,705,715
				Forest Products & Paper: 0.7%
	6,400		@@	AbitibiBowater, Inc.		59,712
	9,800		@	Boise, Inc.		37,730
	3,000		@	Buckeye Technologies, Inc.		25,380
	2,500			Deltic Timber Corp.		133,775
	6,500			Glatfelter		87,815
	13,900			Louisiana-Pacific Corp.		118,011
	6,300			Potlatch Corp.		284,256
	5,800			Rock-Tenn Co.		173,942
	4,400			Schweitzer-Mauduit International, Inc.		74,140
	2,200		@	Verso Paper Corp.		18,612
	3,400			Wausau Paper Corp.		26,214
	8,500			Xerium Technologies, Inc.		33,660
						1,073,247
				Gas: 1.1%
	3,600			Laclede Group, Inc.		145,332
	6,400			New Jersey Resources Corp.		208,960
	6,800			Nicor, Inc.		289,612
	4,300			Northwest Natural Gas Co.		198,918
	10,900			Piedmont Natural Gas Co.		285,144
	4,900			South Jersey Industries, Inc.		183,064
	6,600			Southwest Gas Corp.		196,218
	8,800	��		WGL Holdings, Inc.		305,712
						1,812,960
				Hand/Machine Tools: 0.4%
	6,800			Baldor Electric Co.		237,864
	3,800			Franklin Electric Co., Inc.		147,364
	400		@	K-Tron International, Inc.		51,840
	4,900			Regal-Beloit Corp.		207,025
	3,100		@	Thermadyne Holdings Corp.		45,849
						689,942
				Healthcare-Products: 3.7%
	3,100		@	Abaxism, Inc.		74,803
	3,700		@	Abiomed, Inc.		65,675
	3,100		@	Accuray, Inc.		22,599
	10,100		@	Affymetrix, Inc.		103,929
	8,800		@	Align Technology, Inc.		92,312
	10,700		@	American Medical Systems Holdings, Inc.		159,965
	3,700		@	Angiodynamics, Inc.		50,394
	3,900		@	Arthrocare Corp.		159,159
	400			Atrion Corp.		38,328
	3,700		@	Bruker BioSciences Corp.		47,545
	5,200		@	Cardiac Science Corp.		42,640
	700		@	CardioNet, Inc.		18,641
	8,400		@	Cepheid, Inc.		236,208

Shares				Value
	4,300	@	Conceptus, Inc.	$	79,507
	2,600	@	Conmed Corp.		69,030
	6,000	@	CryoLife, Inc.		68,640
	1,500	@	Cyberonics		32,550
	2,700	@	Cynosure, Inc.		53,514
	2,000		Datascope Corp.		94,000
	6,400	@	DexCom, Inc.		38,656
	8,800		ev3, Inc.		83,424
	800	@	Exactech, Inc.		20,568
	3,300	@	Genomic Health, Inc.		63,195
	3,800	@	Haemonetics Corp.		210,748
	4,600	@	Hanger Orthopedic Group, Inc.		75,854
	1,500	@	Hansen Medical, Inc.		25,080
	2,400	@	ICU Medical, Inc.		54,912
	10,600	@	Immucor, Inc.		274,328
	3,000	@	Insulet Corp.		47,190
	1,300	@	Integra LifeSciences Holdings Corp.		57,824
	5,100		Invacare Corp.		104,244
	4,100	@	IRIS International, Inc.		64,165
	1,700	@	Kensey Nash Corp.		54,485
	5,300	@	Luminex Corp.		108,915
	7,300	@	Masimo Corp.		250,755
	4,600	@	Medical Action Industries, Inc.		47,702
	4,800		Mentor Corp.		133,536
	6,600		Meridian Bioscience, Inc.		177,672
	700	@	Merit Medical Systems, Inc.		10,290
	3,200	@	Micrus Endovascular Corp.		44,864
	5,000	@	Natus Medical, Inc.		104,700
	5,700	@	NuVasive, Inc.		254,562
	9,200	@	NxStage Medical, Inc.		35,328
	12,700	@	OraSure Technologies, Inc.		47,498
	2,400	@,@@	Orthofix International NV		69,480
	4,100	@	Palomar Medical Technologies, Inc.		40,918
	9,600	@	PSS World Medical, Inc.		156,480
	5,400	@	Quidel Corp.		89,208
	2,600	@	Sirona Dental Systems, Inc.		67,392
	2,400	@	Somanetics Corp.		50,880
	2,600	@	SonoSite, Inc.		72,826
	5,100	@	Spectranetics Corp.		50,286
	7,300	@	Stereotaxis, Inc.		39,128
	11,500		Steris Corp.		330,740
	2,200	@	SurModics, Inc.		98,648
	5,500	@	Symmetry Medical, Inc.		89,210
	8,500	@	Thoratec Corp.		147,815
	3,200	@	TomoTherapy, Inc.		28,576
	10,300	@	Vision-Sciences, Inc.		38,625
	1,300		Vital Signs, Inc.		73,814
	1,200	@	Vnus Medical Technologies, Inc.		24,012
	3,300	@	Volcano Corp.		40,260
	4,900		West Pharmaceutical Services, Inc.		212,072
	5,400	@	Wright Medical Group, Inc.		153,414
	3,200	@	Zoll Medical Corp.		107,744
					5,881,462
			Healthcare-Services: 1.8%
	1,800	@	Air Methods Corp.		45,000
	4,300	@	Amedisys, Inc.		216,806
	8,200	@	AMERIGROUP Corp.		170,560
	4,500	@	Amsurg Corp.		109,575
	6,700	@	Apria Healthcare Group, Inc.		129,913
	10,500	@	Assisted Living Concepts, Inc.		57,750
	2,400	@	Bio-Reference Labs, Inc.		53,544

See Accompanying Notes to Financial Statements
172

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Healthcare-Services (continued)
	5,800	@	Capital Senior Living Corp.	$	43,732
	6,700	@	Centene Corp.		112,493
	4,000	@	Emeritus Corp.		58,480
	3,400		Ensign Group, Inc.		39,100
	4,000	@	Five Star Quality Care, Inc.		18,920
	1,500	@	Genoptix, Inc.		47,325
	3,700	@	Gentiva Health Services, Inc.		70,485
	12,700	@	Healthsouth Corp.		211,201
	5,100	@	Healthways, Inc.		150,960
	2,000	@	IPC The Hospitalist Co., Inc.		37,640
	4,700	@	Kindred Healthcare, Inc.		135,172
	2,800	@	LHC Group, Inc.		65,100
	6,500	@	Magellan Health Services, Inc.		240,695
	3,400	@	Medcath Corp.		61,132
	2,800	@	Molina Healthcare, Inc.		68,152
	1,600		National Healthcare Corp.		73,328
	8,200	@	Psychiatric Solutions, Inc.		310,288
	5,800	@	RadNet, Inc.		35,960
	1,500	@	RehabCare Group, Inc.		24,045
	3,700	@	Res-Care, Inc.		65,786
	6,000	@	Sun Healthcare Group, Inc.		80,340
	6,100	@	Sunrise Senior Living, Inc.		137,128
	2,800	@	Triple-S Management Corp.		45,780
					2,916,390
			Holding Companies-Diversified: 0.1%
	4,100		Compass Diversified Trust		46,863
	4,700		Resource America, Inc.		43,804
					90,667
			Home Builders: 0.4%
	700	@	Amrep Corp.		33,313
	3,600		Brookfield Homes Corp.		44,208
	1,500	@	Cavco Industries, Inc.		49,095
	11,600	@	Champion Enterprises, Inc.		67,860
	21,700	@	Fleetwood Enterprises, Inc.		56,854
	9,300	@	Hovnanian Enterprises, Inc.		50,964
	3,400		M/I Homes, Inc.		53,482
	4,300	@	Meritage Homes Corp.		65,231
	6,100		Ryland Group, Inc.		133,041
	2,100		Skyline Corp.		49,350
	5,500		Winnebago Industries		56,045
					659,443
			Home Furnishings: 0.4%
	2,800		American Woodmark Corp.		59,164
	2,200	@	DTS, Inc.		68,904
	3,500		Ethan Allen Interiors, Inc.		86,100
	5,800		Furniture Brands International, Inc.		77,488
	1,200		Hooker Furniture Corp.		20,784
	1,800		Kimball International, Inc.		14,904
	7,400		La-Z-Boy, Inc.		56,610
	8,400		Sealy Corp.		48,216
	10,800		Tempur-Pedic International, Inc.		84,348
	12,900	@	Tivo, Inc.		79,593
	700	@	Universal Electronics, Inc.		14,630
					610,741
			Household Products/Wares: 0.6%
	7,800	@	ACCO Brands Corp.		87,594
	7,500		American Greetings Corp.		92,550
	5,100		Blyth, Inc.		61,353

Shares				Value
	12,000	@	Central Garden & Pet Co.	$	49,200
	2,300		CSS Industries, Inc.		55,706
	4,500		Ennis, Inc.		70,425
	4,500	@	Helen of Troy Ltd.		72,540
	6,500	@	Prestige Brands Holdings, Inc.		69,290
	12,300	@	Spectrum Brands, Inc.		31,365
	5,500		Standard Register Co.		51,865
	9,400		Tupperware Corp.		321,668
	2,400		WD-40 Co.		70,200
					1,033,756
			Housewares: 0.1%
	4,700		Libbey, Inc.		34,968
	900		National Presto Industries, Inc.		57,762
					92,730
			Insurance: 3.4%
	40,000		AMBAC Financial Group, Inc.		53,600
	4,000	@	AmCOMP, Inc.		38,880
	400		American Equity Investment Life Holding Co.		3,260
	1,500		American Physicians Capital, Inc.		72,660
	900	@	American Safety Insurance Holdings Ltd.		12,942
	1,000	@	Amerisafe, Inc.		15,940
	4,500		Amtrust Financial Services, Inc.		56,700
	4,700	@,@@	Argo Group International Holdings Ltd.		157,732
	13,000	@@	Aspen Insurance Holdings Ltd.		307,710
	8,500	@@	Assured Guaranty Ltd.		152,915
	2,200		Baldwin & Lyons, Inc.		38,456
	1,700	@@	Castlepoint Holdings Ltd.		15,453
	3,400	@	CNA Surety Corp.		42,976
	7,000	@	Crawford & Co.		55,930
	2,400	@	Darwin Professional Underwriters, Inc.		73,920
	6,000		Delphi Financial Group		138,840
	3,600	@	eHealth, Inc.		63,576
	9,000		Employers Holdings, Inc.		186,300
	800	@	Enstar Group Ltd.		70,000
	3,200		FBL Financial Group, Inc.		63,616
	10,300	@	First Acceptance Corp.		32,960
	3,600	@	First Mercury Financial Corp.		63,504
	4,400		Flagstone Reinsurance Holdings Ltd.		51,876
	300	@	Fpic Insurance Group, Inc.		13,596
	1,600	@,@@	Greenlight Capital Re Ltd.		36,576
	1,100	@	Hallmark Financial Services, Inc.		10,637
	2,000		Harleysville Group, Inc.		67,660
	5,100		Hilb Rogal & Hobbs Co.		221,646
	5,100		Horace Mann Educators Corp.		71,502
	2,600		Infinity Property & Casualty Corp.		107,952
	9,800	@@	IPC Holdings Ltd.		260,190
	1,500		Kansas City Life Insurance Co.		62,625
	2,200		Landamerica Financial Group, Inc.		48,818
	8,700	@@	Max Re Capital Ltd.		185,571
	8,200		Meadowbrook Insurance Group, Inc.		43,460
	13,600	@@	Montpelier Re Holdings Ltd.		200,600
	1,900		National Interstate Corp.		34,922
	400		National Western Life Insurance Co.		87,400
	2,100	@	Navigators Group, Inc.		113,505
	600		NYMAGIC, Inc.		11,496

See Accompanying Notes to Financial Statements
173

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Insurance (continued)
	3,700		Odyssey Re Holdings Corp.	$	131,350
	17,700		Phoenix Cos., Inc.		134,697
	6,800	@@	Platinum Underwriters Holdings Ltd.		221,748
	6,400	@	PMA Capital Corp.		58,944
	14,700		PMI Group, Inc.		28,665
	4,400		Presidential Life Corp.		67,848
	3,700	@,@@	Primus Guaranty Ltd.		10,767
	4,700	@	ProAssurance Corp.		226,117
	16,400	@,@@	Quanta Capital Holdings Ltd.		43,296
	27,600		Radian Group, Inc.		40,020
	2,500		RLI Corp.		123,675
	2,000		Safety Insurance Group, Inc.		71,300
	600	@	SCPIE Holdings, Inc.		16,794
	1,700	@	SeaBright Insurance Holdings, Inc.		24,616
	8,300		Selective Insurance Group		155,708
	2,200		State Auto Financial Corp.		52,646
	2,600		Stewart Information Services Corp.		50,284
	3,300		Tower Group, Inc.		69,927
	3,600	@,@@	United America Indemnity Ltd.		48,132
	3,200		United Fire & Casualty Co.		86,176
	2,700	@	Universal American Financial Corp.		27,594
	12,100		Validus Holdings Ltd.		257,125
	5,700		Zenith National Insurance Corp.		200,412
					5,495,743
			Internet: 2.7%
	13,800	@	Ariba, Inc.		202,998
	8,900	@	Art Technology Group, Inc.		28,480
	6,000	@,@@	AsiaInfo Holdings, Inc.		70,920
	5,900	@	Avocent Corp.		109,740
	6,100	@	Blue Coat Systems, Inc.		86,071
	1,900	@	Blue Nile, Inc.		80,788
	2,600	@	Chordiant Software, Inc.		13,000
	7,800	@	CMGI, Inc.		82,680
	3,100	@	CNET Networks, Inc.		35,619
	7,300	@	Cogent Communications Group, Inc.		97,820
	3,300	@	comScore, Inc.		72,006
	2,900	@	Constant Contact, Inc.		54,665
	11,200	@	Cybersource Corp.		187,376
	6,700	@	DealerTrack Holdings, Inc.		94,537
	6,700	@	Dice Holdings, Inc.		55,342
	5,400	@	Digital River, Inc.		208,332
	22,300	@	Drugstore.Com		42,370
	11,200	@	Earthlink, Inc.		96,880
	5,600	@	eResearch Technology, Inc.		97,664
	3,500		FTD Group, Inc.		46,655
	3,300	@,@@	Global Sources Ltd.		50,094
	4,100	@	GSI Commerce, Inc.		55,883
	3,500	@	i2 Technologies, Inc.		43,505
	3,500	@	Ibasis, Inc.		11,480
	9,300	@	Internap Network Services Corp.		43,524
	7,100	@	Internet Brands, Inc.		47,073
	6,300	@	Internet Capital Group, Inc.		48,699
	7,200	@	Interwoven, Inc.		86,472
	6,500	@	j2 Global Communications, Inc.		149,500
	1,600	@	Keynote Systems, Inc.		20,608
	2,500	@	Knot, Inc.		24,450
	10,400	@	Limelight Networks, Inc.		39,728

Shares				Value
	1,200	@	Liquidity Services, Inc.	$	13,836
	4,300	@,@@	Mercadolibre, Inc.		148,307
	20,600	@	Move, Inc.		47,998
	6,600	@	NetFlix, Inc.		172,062
	3,800		Nutri/System, Inc.		53,732
	9,000	@	Orbitz Worldwide, Inc.		45,090
	1,000	@	Overstock.com, Inc.		25,950
	5,400	@	PC-Tel, Inc.		51,786
	5,100	@	Perficient, Inc.		49,266
	11,800	@	RealNetworks, Inc.		77,880
	3,700	@	S1 Corp.		28,009
	12,600	@	Sapient Corp.		80,892
	5,300	@	Secure Computing Corp.		21,942
	8,200	@	SonicWALL, Inc.		52,890
	1,700	@	Sourcefire, Inc.		13,141
	4,900	@	TechTarget, Inc.		51,744
	8,700	@	TeleCommunication Systems, Inc.		40,281
	8,800	@	Terremark Worldwide, Inc.		48,048
	6,000		TheStreet.com, Inc.		39,060
	5,400	@	thinkorswim Group, Inc.		38,070
	28,300	@	TIBCO Software, Inc.		216,495
	6,300	@	Trizetto Group		134,694
	5,800		United Online, Inc.		58,174
	14,600	@	Valueclick, Inc.		221,190
	4,600	@	Vasco Data Security Intl.		48,438
	2,100	@	Vignette Corp.		25,200
	1,900	@	Vocus, Inc.		61,123
	5,800	@	Websense, Inc.		97,672
					4,347,929
			Investment Companies: 0.5%
	2,500	@,@@	Ampal American Israel		11,275
	24,400		Apollo Investment Corp.		349,652
	13,100		Ares Capital Corp.		132,048
	5,400		BlackRock Kelso Capital Corp.		51,084
	100		Capital Southwest Corp.		10,423
	6,800	@	Harris & Harris Group, Inc.		40,800
	5,300		Hercules Technology Growth Capital, Inc.		47,329
	13,600		MCG Capital Corp.		54,128
	4,400		NGP Capital Resources Co.		67,804
	5,600		Patriot Capital Funding, Inc.		35,000
	1,900		Prospect Capital Corp.		25,042
					824,585
			Iron/Steel: 0.1%
	1,300	@	Esmark, Inc.		24,856
	3,200	@,@@	General Steel Holdings, Inc.		50,304
	700		Olympic Steel, Inc.		53,144
	1,600	@	Universal Stainless & Alloy		59,264
					187,568
			Leisure Time: 0.6%
	1,500		Ambassadors Group, Inc.		22,380
	13,600		Brunswick Corp.		144,160
	9,600		Callaway Golf Co.		113,568
	5,000	@	Life Time Fitness, Inc.		147,750
	6,100		Marine Products Corp.		40,260
	8,100		Nautilus, Inc.		41,148
	5,300		Polaris Industries, Inc.		214,014
	7,000	@	WMS Industries, Inc.		208,390
					931,670

See Accompanying Notes to Financial Statements
174

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Lodging: 0.3%
	4,800		Ameristar Casinos, Inc.	$	66,336
	5,500	@	Gaylord Entertainment Co.		131,780
	4,900	@	Lodgian, Inc.		38,367
	4,000		Marcus Corp.		59,800
	4,500	@	Monarch Casino & Resort, Inc.		53,100
	6,100	@	Morgans Hotel Group Co.		62,830
					412,213
			Machinery-Construction & Mining: 0.1%
	2,800	@	Astec Industries, Inc.		89,992
					89,992
			Machinery-Diversified: 1.9%
	4,300		Albany International Corp.		124,700
	3,400	@	Altra Holdings, Inc.		57,154
	6,500		Applied Industrial Technologies, Inc.		157,105
	7,000		Briggs & Stratton Corp.		88,760
	1,700		Cascade Corp.		71,944
	4,400	@	Chart Industries, Inc.		214,016
	6,100		Cognex Corp.		140,605
	3,600	@	Columbus McKinnon Corp.		86,688
	1,000	@	DXP Enterprises, Inc.		41,640
	2,800	@	Gehl Co.		41,412
	2,000		Gorman-Rupp Co.		79,680
	9,100	@	Intermec, Inc.		191,828
	4,200	@	Intevac, Inc.		47,376
	4,500	@	iRobot Corp.		61,830
	3,300	@	Kadant, Inc.		74,580
	1,200	@	Key Technology, Inc.		38,172
	1,700		Lindsay Manufacturing Co.		144,449
	2,200	@	Middleby Corp.		96,602
	1,000		Nacco Industries, Inc.		74,350
	5,000		Nordson Corp.		364,450
	9,000	@	Raser Technologies, Inc.		87,660
	4,300		Robbins & Myers, Inc.		214,441
	1,700		Sauer-Danfoss, Inc.		52,955
	2,400	@	Tecumseh Products Co.		78,672
	2,000		Tennant Co.		60,140
	4,000	@	TurboChef Technologies, Inc.		19,120
	2,800		Twin Disc, Inc.		58,604
	7,600		Wabtec Corp.		369,512
					3,138,445
			Media: 0.9%
	14,100		Belo Corp.		103,071
	69,800	@	Charter Communications, Inc.		73,290
	35,000	@	Citadel Broadcasting Corp.		42,700
	6,500	@	CKX, Inc.		56,875
	2,300		Courier Corp.		46,184
	5,700	@	Cox Radio, Inc.		67,260
	4,900	@	Cumulus Media, Inc.		19,306
	3,600	@	DG FastChannel, Inc.		62,100
	4,000	@	Dolan Media Co.		72,800
	6,900		Entercom Communications Corp.		48,438
	15,500	@	Entravision Communications Corp.		62,310
	1,600	@	Fisher Communications, Inc.		55,104
	6,100		GateHouse Media, Inc.		15,006
	15,700		Gray Television, Inc.		45,059
	20,400		Idearc, Inc.		47,940
	3,100		Lee Enterprises, Inc.		12,369
	2,000	@	Lin TV Corp.		11,920
	9,000		McClatchy Co.		61,020

Shares				Value
	4,400		Media General, Inc.	$	52,580
	10,900	@	Mediacom Communications Corp.		58,206
	7,900	@	Playboy Enterprises, Inc.		39,026
	9,100		Primedia, Inc.		42,406
	13,800	@	R.H. Donnelley Corp.		41,400
	3,800	@	Scholastic Corp.		108,908
	7,400		Sinclair Broadcast Group, Inc.		56,240
	1,100		Value Line, Inc.		36,575
	4,500		World Wrestling Entertainment, Inc.		69,615
					1,407,708
			Metal Fabricate/Hardware: 1.0%
	2,800		AM Castle & Co.		80,108
	1,200		Ampco-Pittsburgh Corp.		53,376
	3,500		CIRCOR International, Inc.		171,465
	2,600		Dynamic Materials Corp.		85,670
	6,200	@	Furmanite Corp.		49,476
	1,800	@	Haynes International, Inc.		103,590
	4,000		Kaydon Corp.		205,640
	3,100	@	Ladish Co., Inc.		63,829
	2,400		Lawson Products		59,472
	1,600	@	LB Foster Co.		53,120
	5,700		Mueller Industries, Inc.		183,540
	16,800		Mueller Water Products, Inc.		135,576
	1,100		NN, Inc.		15,334
	1,100	@	Northwest Pipe Co.		61,380
	3,400	@	RBC Bearings, Inc.		113,288
	800		Sun Hydraulics Corp.		25,816
	9,500		Worthington Industries		194,750
					1,655,430
			Mining: 1.2%
	8,000	@	Allied Nevada Gold Corp.		47,120
	3,700		Amcol International Corp.		105,302
	14,000	@,@@	Apex Silver Mines Ltd.		68,740
	2,500	@	Brush Engineered Materials, Inc.		61,050
	88,300	@	Coeur d'Alene Mines Corp.		256,070
	5,100		Compass Minerals International, Inc.		410,856
	10,200	@	General Moly, Inc.		80,274
	21,200	@	Hecla Mining Co.		196,312
	4,800	@	Horsehead Holding Corp.		58,368
	2,100		Kaiser Aluminum Corp.		112,413
	4,300		Royal Gold, Inc.		134,848
	3,600	@	RTI International Metals, Inc.		128,232
	5,500	@	Stillwater Mining Co		65,065
	400	@	United States Lime & Minerals, Inc.		15,828
	10,900	@	Uranium Resources, Inc.		40,221
	17,500	@	USEC, Inc.		106,400
					1,887,099
			Miscellaneous Manufacturing: 2.0%
	8,900		Actuant Corp.		279,015
	6,100		Acuity Brands, Inc.		293,288
	3,100		American Railcar Industries, Inc.		52,018
	1,200		Ameron International Corp.		143,976
	3,100		AO Smith Corp.		101,773
	500	@	AZZ, Inc.		19,950
	7,800		Barnes Group, Inc.		180,102
	5,700	@	Blount International, Inc.		66,177
	3,500	@	Ceradyne, Inc.		120,050
	7,500		Clarcor, Inc.		263,250

See Accompanying Notes to Financial Statements
175

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Miscellaneous Manufacturing (continued)
	1,300	@	Colfax Corp.	$	32,617
	1,600	@	EnPro Industries, Inc.		59,744
	3,800	@	ESCO Technologies, Inc.		178,296
	11,500		Federal Signal Corp.		138,000
	500		Freightcar America, Inc.		17,750
	900	@	GenTek, Inc.		24,201
	14,200	@	Hexcel Corp.		274,060
	3,200		Koppers Holdings, Inc.		133,984
	3,200	@	LSB Industries, Inc.		63,360
	4,600	@	Lydall, Inc.		57,730
	4,600		Matthews International Corp.-Class A		208,196
	5,200	@	Metabolix, Inc.		50,960
	5,300		Myers Industries, Inc.		43,195
	4,200		NL Industries, Inc.		40,026
	1,100	@	Peerless Manufacturing Co.		51,557
	2,900	@	Polypore International, Inc.		73,457
	2,300		Raven Industries, Inc.		75,394
	1,700		Reddy Ice Holdings, Inc.		23,256
	1,100		Standex International Corp.		22,814
	4,900		Tredegar Corp.		72,030
					3,160,226
			Office Furnishings: 0.3%
	8,500		Herman Miller, Inc.		211,565
	5,800		HNI, Corp.		102,428
	4,200		Interface, Inc.		52,626
	8,400		Knoll, Inc.		102,060
					468,679
			Office/Business Equipment: 0.1%
	12,600		IKON Office Solutions, Inc.		142,128
					142,128
			Oil & Gas: 5.4%
	8,500	@	Abraxas Petroleum Corp.		45,985
	3,200		Alon USA Energy, Inc.		38,272
	1,400		APCO Argentina, Inc.		40,530
	1,900	@	Approach Resources, Inc.		50,901
	5,400	@	Arena Resources, Inc.		285,228
	5,000		Atlas America, Inc.		225,250
	2,600	@	ATP Oil & Gas Corp.		102,622
	6,700		Berry Petroleum Co.		394,496
	5,400	@	Bill Barrett Corp.		320,814
	3,300	@	Bois d'Arc Energy, Inc.		80,223
	9,100	@	BPZ Energy, Inc.		267,540
	3,700	@	Brigham Exploration Co.		58,571
	600	@	Bronco Drilling Co., Inc.		11,028
	3,800	@	Callon Petroleum Co.		103,968
	6,200	@	Cano Petroleum, Inc.		49,228
	4,300	@	Carrizo Oil & Gas, Inc.		292,787
	4,800	@	Cheniere Energy, Inc.		20,976
	200	@	Clayton Williams Energy, Inc.		21,990
	7,000	@	Comstock Resources, Inc.		591,010
	7,000	@	Concho Resources, Inc.		261,100
	1,900	@	Contango Oil & Gas Co.		176,548
	3,000	@	CVR Energy, Inc.		57,750
	4,000		Delek US Holdings, Inc.		36,840
	8,700	@	Delta Petroleum Corp.		222,024
	900	@	Double Eagle Petroleum Co.		16,407
	21,400	@	Endeavour International Corp.		46,438
	2,000	@	Energy Partners Ltd.		29,840
	10,900	@,@@	Energy XXI Bermuda Ltd.		75,428
	11,000	@	EXCO Resources, Inc.		406,010

Shares				Value
	12,500	@	FX Energy, Inc.	$	65,875
	10,400	@	Gasco Energy, Inc.		43,160
	5,600	@	GeoMet, Inc.		53,088
	2,800	@	Georesources, Inc.		51,576
	2,100	@	GMX Resources, Inc.		155,610
	3,000	@	Goodrich Petroleum Corp.		248,760
	13,200	@,@@	Gran Tierra Energy, Inc.		105,204
	27,900	@	Grey Wolf, Inc.		251,937
	4,800	@	Gulfport Energy Corp.		79,056
	6,100	@	Harvest Natural Resources, Inc.		67,466
	4,400	@	Houston American Energy Corp.		49,368
	7,700	@	McMoRan Exploration Co.		211,904
	8,300	@	Meridian Resource Corp.		24,485
	3,900	@	Northern Oil And Gas, Inc.		51,792
	25,600	@,@@	Oilsands Quest, Inc.		166,400
	1,300		Panhandle Oil and Gas, Inc.		44,018
	6,000	@	Parallel Petroleum Corp.		120,780
	18,600	@	Parker Drilling Co.		186,186
	6,300		Penn Virginia Corp.		475,146
	2,200	@	Petroleum Development Corp.		146,278
	6,700	@	Petroquest Energy, Inc.		180,230
	8,300	@	Pioneer Drilling Co.		156,123
	300	@	PrimeEnergy Corp.		16,647
	8,700	@	RAM Energy Resources, Inc.		54,810
	2,300	@	Rex Energy Corp.		60,720
	7,100	@	Rosetta Resources, Inc.		202,350
	4,300	@	Stone Energy Corp.		283,413
	16,100	@	Sulphco, Inc.		36,547
	4,700	@	Swift Energy Co.		310,482
	5,400	@	Toreador Resources Corp.		46,062
	6,000	@	TXCO Resources, Inc.		70,560
	9,000	@	Vaalco Energy, Inc.		76,230
	2,700	@	Venoco, Inc.		62,667
	8,500	@	Warren Resources, Inc.		124,780
	5,100		Western Refining, Inc.		60,384
					8,669,898
			Oil & Gas Services: 2.2%
	4,700	@	Allis-Chalmers Energy, Inc.		83,660
	6,000	@	Basic Energy Services, Inc.		189,000
	2,000	@	Bolt Technology Corp.		45,140
	5,400	@	Cal Dive International, Inc.		77,166
	3,000		CARBO Ceramics, Inc.		175,050
	7,000	@	Complete Production Services, Inc.		254,940
	1,200	@	Dawson Geophysical Co.		71,352
	4,700	@	Dril-Quip, Inc.		296,100
	1,500	@	Flotek Industries, Inc.		30,930
	2,000	@	Geokinetics, Inc.		36,220
	1,700		Gulf Island Fabrication, Inc.		83,181
	3,800	@	Hornbeck Offshore Services, Inc.		214,738
	13,600	@	ION Geophysical Corp.		237,320
	2,300		Lufkin Industries, Inc.		191,544
	4,000	@	Matrix Service Co.		92,240
	3,100	@	NATCO Group, Inc.		169,043
	1,900	@	Natural Gas Services Group, Inc.		57,912
	14,100	@	Newpark Resources		110,826
	5,700		RPC, Inc.		95,760
	2,300	@	Superior Well Services, Inc.		72,933
	1,600	@	T-3 Energy Services, Inc.		127,152
	1,600	@	Trico Marine Services, Inc.		58,272
	3,100	@	Union Drilling, Inc.		67,208
	4,800	@	W-H Energy Services, Inc.		459,552
	5,500	@,@@	Willbros Group, Inc		240,955
					3,538,194

See Accompanying Notes to Financial Statements
176

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Packaging & Containers: 0.2%
	5,300	@	Bway Holding Co.	$	45,633
	23,100	@	Graphic Packaging Holding Co.		46,662
	4,700		Silgan Holdings, Inc.		238,478
					330,773
			Pharmaceuticals: 3.0%
	10,300	@	Acadia Pharmaceuticals, Inc.		38,007
	4,200	@	Acura Pharmaceuticals, Inc.		33,390
	10,300	@	Adolor, Corp.		56,444
	9,100	@	Alexza Pharmaceuticals, Inc.		35,854
	14,000	@	Alkermes, Inc.		173,040
	8,000	@	Allos Therapeutics, Inc.		55,280
	6,900	@	Alpharma, Inc.		155,457
	3,500	@	Amicus Therapeutics, Inc.		37,380
	6,000	@	Auxilium Pharmaceuticals, Inc.		201,720
	3,200	@	Bentley Pharmaceuticals, Inc.		51,680
	900	@	Biodel, Inc.		11,700
	8,700	@	BioForm Medical, Inc.		35,148
	3,900	@	Caraco Pharmaceutical Laboratories Ltd.		51,480
	7,600	@	Cubist Pharmaceuticals, Inc.		135,736
	9,900	@	CV Therapeutics, Inc.		81,477
	7,700	@	Cypress Bioscience, Inc.		55,363
	15,100	@	Durect Corp.		55,417
	5,000	@	HealthExtras, Inc.		150,700
	8,400	@	Idenix Pharmaceuticals, Inc.		61,068
	5,000	@	I-Flow Corp.		50,750
	23,200	@	Indevus Pharmaceuticals, Inc.		36,424
	9,900	@	Inspire Pharmaceuticals, Inc.		42,372
	12,400	@	Isis Pharmaceuticals, Inc.		169,012
	16,500	@	Javelin Pharmaceuticals, Inc.		38,280
	2,000	@	Jazz Pharmaceuticals, Inc.		14,820
	2,400	@	KV Pharmaceutical Co.		46,392
	4,400	@	MannKind Corp.		13,200
	16,900	@	Medarex, Inc.		111,709
	9,300	@	Medicines Co.		184,326
	10,800		Medicis Pharmaceutical Corp.		224,424
	4,100	@	Medivation, Inc.		48,503
	3,400	@	Nabi Biopharmaceuticals		13,396
	2,200	@	Neogen Corp.		50,358
	2,200	@	Noven Pharmaceuticals, Inc.		23,518
	2,200	@	Obagi Medical Products, Inc.		18,810
	4,100	@	Omega Protein Corp.		61,295
	8,200	@	Onyx Pharmaceuticals, Inc.		291,920
	3,600	@	Osiris Therapeutics, Inc.		46,260
	7,400	@	Pain Therapeutics, Inc.		58,460
	2,300	@	Par Pharmaceutical Cos., Inc.		37,329
	3,400	@	Pharmasset, Inc.		64,192
	5,200	@	PharMerica Corp.		117,468
	5,800	@	Pozen, Inc.		63,104
	600	@	Progenics Pharmaceuticals, Inc.		9,522
	10,400	@	Questcor Pharmaceuticals, Inc.		48,256
	5,000	@	Rigel Pharmaceuticals, Inc.		113,300
	7,900	@	Savient Pharmaceuticals, Inc.		199,870
	5,500	@	Schiff Nutrition International, Inc.		30,800
	4,400	@	Sciele Pharma, Inc.		85,140
	4,200	@	Sucampo Pharmaceuticals, Inc.		45,066
	1,600	@	Synutra International, Inc.		51,712
	5,000	@	Targacept, Inc.		36,350
	6,500	@	Theravance, Inc.		77,155
	3,300	@	United Therapeutics Corp.		322,575
	2,200	@	USANA Health Sciences, Inc.		59,114

Shares				Value
	9,400	@	Valeant Pharmaceuticals International	$	160,834
	11,000	@	Viropharma, Inc.		121,660
	3,900	@	Xenoport, Inc.		152,217
					4,816,234
			Pipelines: 0.1%
	5,500		Crosstex Energy, Inc.		190,630
					190,630
			Real Estate: 0.2%
	1,600	@	Avatar Holdings, Inc.		48,464
	800		DuPont Fabros Technology, Inc.		14,912
	4,500	@	Forestar Real Estate Group, Inc.		85,725
	6,100	@	FX Real Estate and Entertainment, Inc.		11,590
	6,600		Grubb & Ellis Co.		25,410
	6,700	@	Hilltop Holdings, Inc.		69,077
	9,400	@	Meruelo Maddux Properties, Inc.		20,492
	2,200	@	Stratus Properties, Inc.		38,258
	6,000		Thomas Properties Group, Inc.		59,040
					372,968
			Retail: 4.8%
	8,800	@	99 Cents Only Stores		58,080
	10,100	@	Aeropostale, Inc.		316,433
	6,000		Asbury Automotive Group, Inc.		77,100
	6,500		Bebe Stores, Inc.		62,465
	5,000	@	BJ's Restaurants, Inc.		48,650
	11,400	@	Blockbuster, Inc.		28,500
	4,500		Bob Evans Farms, Inc.		128,700
	9,900		Borders Group, Inc.		59,400
	5,900		Brown Shoe Co., Inc.		79,945
	2,400		Buckle, Inc.		109,752
	2,600	@	Buffalo Wild Wings, Inc.		64,558
	6,100	@	Cabela's, Inc.		67,161
	3,200	@	Cache, Inc.		34,240
	4,500	@	California Pizza Kitchen, Inc.		50,355
	7,400		Casey's General Stores, Inc.		171,458
	4,900		Cash America International, Inc.		151,900
	5,600		Cato Corp.		79,744
	3,100		CBRL Group, Inc.		75,981
	3,100	@	CEC Entertainment, Inc.		86,831
	400	@	Charlotte Russe Holding, Inc.		7,104
	20,200	@	Charming Shoppes, Inc.		92,718
	13,500	@	Cheesecake Factory		214,785
	25,500	@	Chico's FAS, Inc.		136,935
	3,600	@	Childrens Place Retail Stores, Inc.		129,960
	6,400		Christopher & Banks Corp.		43,520
	29,600		Circuit City Stores, Inc.		85,544
	2,600	@	Citi Trends, Inc.		58,916
	6,400		CKE Restaurants, Inc.		79,808
	9,100	@	Coldwater Creek, Inc.		48,048
	9,100	@	Collective Brands, Inc.		105,833
	2,900	@	Conn's, Inc.		46,603
	7,300	@	CSK Auto Corp.		76,504
	20,700	@	Denny's Corp.		58,788
	8,800		Dillard's, Inc.		101,816
	1,600		DineEquity, Inc.		59,776
	6,400	@	Domino's Pizza, Inc.		73,600
	7,800	@	Dress Barn, Inc.		104,364
	1,700	@	DSW, Inc.		20,026
	2,600	@	Einstein Noah Restaurant Group, Inc.		28,782

See Accompanying Notes to Financial Statements
177

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Retail (continued)
	6,200	@	Ezcorp, Inc.	$	79,050
	4,900	@	FGX Internationall Holdings Ltd.		39,396
	6,779	@	Finish Line		58,977
	3,300	@	First Cash Financial Services, Inc.		49,467
	6,100		Fred's, Inc.		68,564
	2,900	@	Genesco, Inc.		89,523
	3,400		Group 1 Automotive, Inc.		67,558
	4,600	@	Gymboree Corp.		184,322
	3,500	@	hhgregg, Inc.		35,000
	4,000	@	Hibbett Sporting Goods, Inc.		84,400
	9,600	@	HOT Topic, Inc.		51,936
	5,800	@	Insight Enterprises, Inc.		68,034
	6,200	@	J Crew Group, Inc.		204,662
	8,900	@	Jack in the Box, Inc.		199,449
	3,500	@	Jo-Ann Stores, Inc.		80,605
	2,200	@	JOS A Bank Clothiers, Inc.		58,850
	3,400		Kenneth Cole Productions, Inc.		43,180
	2,500		Landry's Restaurants, Inc.		44,925
	5,000		Longs Drug Stores Corp.		210,550
	2,200	@,@@	Lululemon Athletica, Inc.		63,932
	2,800	@	Lumber Liquidators, Inc.		36,400
	6,400	@	MarineMax, Inc.		45,888
	7,400		Men's Wearhouse, Inc.		120,546
	4,800	@	New York & Co., Inc.		43,824
	7,600		Nu Skin Enterprises, Inc.		113,392
	8,900	@	Pacific Sunwear of California		75,917
	4,300	@	Pantry, Inc.		45,838
	3,400	@	Papa John's International, Inc.		90,406
	1,100	@	PC Connection, Inc.		10,241
	3,700	@	PC Mall, Inc.		50,172
	7,900		PEP Boys-Manny Moe & Jack		68,888
	3,800	@	PetMed Express, Inc.		46,550
	3,400	@	PF Chang's China Bistro, Inc.		75,956
	15,100	@	Pier 1 Imports, Inc.		51,944
	2,700		Pricesmart, Inc.		53,406
	2,400	@	Red Robin Gourmet Burgers, Inc.		66,576
	6,600		Regis Corp.		173,910
	10,100	@	Retail Ventures, Inc.		46,460
	1,000	@	Rex Stores Corp.		11,550
	9,800		Ruby Tuesday, Inc.		52,920
	800	@	Rush Enterprises, Inc.-Class A		9,608
	13,200	@	Sally Beauty Holdings, Inc.		85,272
	3,100	@	School Specialty, Inc.		92,163
	4,500		Sonic Automotive, Inc.		58,005
	9,300	@	Sonic Corp.		137,640
	5,600		Stage Stores, Inc.		65,352
	8,100		Stein Mart, Inc.		36,531
	3,200	@	Systemax, Inc.		56,480
	4,700		Talbots, Inc.		54,473
	7,500	@	Texas Roadhouse, Inc.		67,275
	800	@	Titan Machinery, Inc.		25,056
	6,600	@	Tractor Supply Co.		191,664
	11,000		Triarc Cos.		69,630
	11,200	@	Tuesday Morning Corp.		46,032
	3,300	@	Tween Brands, Inc.		54,318
	4,200	@	Ulta Salon Cosmetics & Fragrance, Inc.		47,208
	16,400	@	Wet Seal, Inc.		78,228
	4,100		World Fuel Services Corp.		89,954
	5,000	@	Zale Corp.		94,450
					7,747,186

Shares				Value
			Savings & Loans: 0.9%
	6,300	@	Beneficial Mutual Bancorp, Inc.	$	69,741
	8,400		Brookline Bancorp., Inc.		80,220
	3,800		Dime Community Bancshares		62,738
	13,300		Downey Financial Corp.		36,841
	3,600		ESSA Bancorp, Inc.		45,072
	17,500		First Niagara Financial Group, Inc.		225,050
	15,500		Flagstar Bancorp., Inc.		46,655
	500		Flushing Financial Corp.		9,475
	8,200	@	Guaranty Financial Group, Inc.		44,034
	6,200	@	Investors Bancorp, Inc.		80,972
	1,000		MASSBANK Corp.		39,580
	2,200		NASB Financial, Inc.		39,116
	15,800		NewAlliance Bancshares, Inc.		197,184
	1,300	@	Northfield Bancorp, Inc.		13,975
	3,300		Northwest Bancorp, Inc.		72,006
	1,400	@	Oritani Financial Corp.		22,400
	8,500		Provident Financial Services, Inc.		119,085
	1,600		Provident New York Bancorp		17,696
	4,000		Rockville Financial, Inc.		50,240
	2,900		Roma Financial Corp.		37,990
	3,300		ViewPoint Financial Group		48,576
	3,200	@	Wauwatosa Holdings, Inc.		33,984
	1,300		WSFS Financial Corp.		57,980
					1,450,610
			Semiconductors: 3.2%
	4,400	@	Actel Corp.		74,140
	4,600	@	Advanced Analogic Technologies, Inc.		18,998
	16,800	@	Amkor Technology, Inc.		174,888
	7,600	@	Anadigics, Inc.		74,860
	7,800	@	Applied Micro Circuits Corp.		66,768
	15,000	@	Asyst Technologies, Inc.		53,550
	4,300	@	ATMI, Inc.		120,056
	4,400	@	AuthenTec, Inc.		45,848
	15,300	@	Axcelis Technologies, Inc.		74,664
	22,000	@	Bookham, Inc.		37,180
	9,900	@	Brooks Automation, Inc.		81,873
	3,400	@	Cabot Microelectronics Corp.		112,710
	5,300	@	Cavium Networks, Inc.		111,300
	7,600	@	Ceva, Inc.		60,572
	9,000	@	Cirrus Logic, Inc.		50,040
	3,400		Cohu, Inc.		49,912
	4,200	@	Diodes, Inc.		116,088
	10,100	@	Emcore Corp.		63,226
	12,900	@	Emulex Corp.		150,285
	17,600	@	Entegris, Inc.		115,280
	7,300	@	Exar Corp.		55,042
	7,100	@	Formfactor, Inc.		130,853
	2,500	@	Hittite Microwave Corp.		89,050
	4,100	@	IXYS Corp.		48,954
	14,600	@	Kopin Corp.		41,902
	11,000	@	Kulicke & Soffa Industries, Inc.		80,190
	20,400	@	Lattice Semiconductor Corp.		63,852
	23,100	@	LTX Corp.		50,820
	12,600	@	Mattson Technology, Inc.		59,976
	9,300		Micrel, Inc.		85,095
	11,600	@	Microsemi Corp.		292,088
	12,300	@	Microtune, Inc.		42,558
	5,600	@	MIPS Technologies, Inc.		21,000
	7,600	@	MKS Instruments, Inc.		166,440
	4,600	@	Monolithic Power Systems, Inc.		99,452
	3,000	@	Netlogic Microsystems, Inc.		99,600

See Accompanying Notes to Financial Statements
178

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Semiconductors (continued)
	7,400	@	Omnivision Technologies, Inc.	$	89,466
	1,600	@	Pericom Semiconductor Corp.		23,744
	8,600	@	Photronics, Inc.		60,544
	6,500	@	PLX Technology, Inc.		49,595
	30,900	@	PMC-Sierra, Inc.		236,385
	5,100	@	Power Integrations, Inc.		161,211
	700	@	Rubicon Technology, Inc.		14,224
	1,800	@	Rudolph Technologies, Inc.		13,860
	12,500	@	Semtech Corp.		175,875
	700	@	Sigma Designs, Inc.		9,723
	11,400	@	Silicon Image, Inc.		82,650
	13,000	@	Sirf Technology Holdings, Inc.		56,160
	25,900	@	Skyworks Solutions, Inc.		255,633
	26,500	@	Spansion, LLC		59,625
	2,800	@	Standard Microsystems Corp.		76,020
	2,000	@	Supertex, Inc.		46,680
	4,500	@	Techwell, Inc.		55,440
	4,400	@	Tessera Technologies, Inc.		72,028
	22,300	@	Triquint Semiconductor, Inc.		135,138
	4,700	@	Ultra Clean Holdings		37,412
	3,500	@	Ultratech, Inc.		54,320
	5,600	@	Veeco Instruments, Inc.		90,048
	4,100	@	Volterra Semiconductor Corp.		70,766
	8,200	@	Zoran Corp.		95,940
					5,101,597
			Software: 4.1%
	7,800	@	Accelrys, Inc.		37,674
	5,000	@	ACI Worldwide, Inc.		87,950
	5,500	@	Actuate Corp.		21,505
	7,800		Acxiom Corp.		89,622
	2,400	@	Advent Software, Inc.		86,592
	8,900	@	Allscripts Healthcare Solutions, Inc.		110,449
	4,400	@	American Reprographics Co.		73,260
	9,200		American Software, Inc.		51,888
	3,900	@	ArcSight, Inc.		34,320
	3,200	@	athenahealth, Inc.		98,432
	4,300	@	Avid Technology, Inc.		73,057
	6,400		Blackbaud, Inc.		136,960
	5,100	@	Blackboard, Inc.		194,973
	4,600	@	Bottomline Technologies, Inc.		44,758
	7,900	@	Callidus Software, Inc.		39,500
	6,100	@	Commvault Systems, Inc.		101,504
	2,300		Computer Programs & Systems, Inc.		39,859
	7,900	@	Concur Technologies, Inc.		262,517
	6,500	@	CSG Systems International		71,630
	4,300	@	Deltek, Inc.		32,594
	5,100	@	DemandTec, Inc.		38,301
	5,500	@	Digi International, Inc.		43,175
	6,600	@	DivX, Inc.		48,444
	500	@	Ebix, Inc.		38,860
	7,400	@	Eclipsys Corp.		135,864
	10,300	@	Epicor Software Corp.		71,173
	5,700		EPIQ Systems, Inc.		80,940
	7,500		Fair Isaac Corp.		155,775
	7,000	@	FalconStor Software, Inc.		49,560
	3,800	@	Guidance Software, Inc.		36,290
	12,200	@	Informatica Corp.		183,488
	4,400	@	Innerworkings, Inc.		52,624
	4,500	@	Interactive Intelligence, Inc.		52,380
	4,200	@	JDA Software Group, Inc.		76,020

Shares				Value
	18,400	@	Lawson Software, Inc.	$	133,768
	3,000	@	Mantech International Corp.		144,360
	3,800	@	MedAssets, Inc.		64,790
	700	@	MicroStrategy, Inc.		45,325
	3,600	@	Monotype Imaging Holdings, Inc.		43,848
	5,600	@	MSCSoftware Corp.		61,488
	2,000	@	NetSuite, Inc.		40,940
	6,600	@	Omnicell, Inc.		86,988
	9,100	@	Omniture, Inc.		168,987
	8,900	@	Opentv Corp.-Class A		11,659
	18,100	@	Parametric Technology Corp.		301,727
	3,200		Pegasystems, Inc.		43,072
	6,100	@	Phase Forward, Inc.		109,617
	6,300	@	Progress Software Corp.		161,091
	1,700	@	PROS Holdings, Inc.		19,091
	2,300		Quality Systems, Inc.		67,344
	11,200	@	Quest Software, Inc.		165,872
	3,700		Renaissance Learning, Inc.		41,477
	4,700	@	RightNow Technologies, Inc.		64,249
	4,600		Schawk, Inc.		55,154
	8,000	@	Seachange Intl., Inc.		57,280
	7,000	@	Smith Micro Software, Inc.		39,900
	7,500	@	Solera Holdings, Inc.		207,450
	2,800	@	SPSS, Inc.		101,836
	12,300	@	Sybase, Inc.		361,866
	4,700	@	Synchronoss Technologies, Inc.		42,441
	2,700	@	SYNNEX Corp.		67,743
	11,700	@	Take-Two Interactive Software, Inc.		299,169
	3,500	@	Taleo Corp.		68,565
	10,200	@	THQ, Inc.		206,652
	12,000	@	Trident Microsystems, Inc.		43,800
	6,800	@	Tyler Technologies, Inc.		92,276
	3,600	@	Ultimate Software Group, Inc.		128,268
	2,300	@	Unica Corp.		18,492
	12,500	@	Verifone Holdings, Inc.		149,375
	10,300	@	Wind River Systems, Inc.		112,167
					6,580,065
			Storage/Warehousing: 0.0%
	2,300	@	Mobile Mini, Inc.		46,000
					46,000
			Telecommunications: 4.1%
	39,700	@	3Com Corp.		84,164
	6,400	@	Acme Packet, Inc.		49,664
	17,400	@	Adaptec, Inc.		55,680
	8,500		Adtran, Inc.		202,640
	7,600	@	Airvana, Inc.		40,736
	2,600		Alaska Communications Systems Group, Inc.		31,044
	3,600	@	Anaren, Inc.		38,052
	4,200	@	Anixter International, Inc.		249,858
	2,900		Applied Signal Technology, Inc.		39,614
	18,700	@	Arris Group, Inc.		158,015
	9,000	@	Aruba Networks, Inc.		47,070
	7,300	@	Atheros Communications, Inc.		219,000
	1,800		Atlantic Tele-Network, Inc.		49,518
	21,000	@	Avanex Corp.		23,730
	2,600	@	BigBand Networks, Inc.		12,298
	2,200		Black Box Corp.		59,818
	3,800	@	Cbeyond, Inc.		60,876
	11,100	@	Centennial Communications Corp.		77,589
	40,500	@	Cincinnati Bell, Inc.		161,190

See Accompanying Notes to Financial Statements
179

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Telecommunications (continued)
	3,700	@	Comtech Telecommunications	$	181,300
	3,400		Consolidated Communications Holdings, Inc.		50,626
	2,300		EMS Technologies, Inc.		50,232
	5,500	@	Extreme Networks		15,620
	14,400		Fairpoint Communications, Inc.		103,824
	28,900	@	FiberTower Corp.		40,460
	43,600	@	Finisar Corp.		51,884
	22,300	@	Foundry Networks, Inc.		263,586
	7,000	@	General Communication, Inc.		48,090
	4,300	@	GeoEye, Inc.		76,153
	3,900	@	Global Crossing Ltd.		69,966
	13,300	@	Globalstar, Inc.		37,639
	14,400	@	Harmonic, Inc.		136,944
	5,700	@	Harris Stratex Networks, Inc.		54,093
	1,700	@	Hughes Communications, Inc.		83,453
	1,100	@	Hungarian Telephone & Cable Corp.		20,064
	10,200	@	Hypercom Corp.		44,880
	17,400	@	ICO Global Communications Holdings Ltd.		56,724
	13,300	@	Infinera Corp.		117,306
	7,400	@	InterDigital, Inc.		179,968
	5,000		Iowa Telecommunications Services, Inc.		88,050
	2,800	@	iPCS, Inc.		82,964
	1,400	@	IPG Photonics Corp.		26,334
	3,500	@	Ixia		24,325
	2,200	@	Knology, Inc.		24,178
	3,400	@	Loral Space & Communications, Inc.		59,908
	6,300	@	Mastec, Inc.		67,158
	36,200	@	MRV Communications, Inc.		43,078
	4,400	@	Netgear, Inc.		60,984
	3,500	@	Neutral Tandem, Inc.		61,250
	11,800	@	Nextwave Wireless, Inc.		47,672
	4,500	@	Novatel Wireless, Inc.		50,085
	2,600		NTELOS Holdings Corp.		65,962
	6,200	@	OpNext, Inc.		33,356
	4,700	@	Optium Corp.		34,216
	7,000	@	Orbcomm, Inc.		39,900
	19,000	@	PAETEC Holding Corp.		120,650
	4,500	@	Parkervision, Inc.		44,685
	8,000		Plantronics, Inc.		178,560
	12,400	@	Polycom, Inc.		302,064
	18,300	@	Powerwave Technologies, Inc.		77,775
	400		Preformed Line Products Co.		16,124
	10,300	@	Premier Global Services, Inc.		150,174
	4,000	@	Radyne Corp.		45,720
	2,500	@	RCN Corp.		26,950
	41,100	@	RF Micro Devices, Inc.		119,190
	2,100	@	Rural Cellular Corp.		93,471
	6,000	@	SAVVIS, Inc.		77,460
	5,300		Shenandoah Telecom Co.		69,006
	9,300	@	ShoreTel, Inc.		41,106
	26,000	@	Sonus Networks, Inc.		88,920
	4,100	@	Starent Networks Corp.		51,578
	3,000	@	Switch and Data, Inc.		50,970
	30,300	@	Sycamore Networks, Inc.		97,566
	7,900	@	Syniverse Holdings, Inc.		127,980
	10,000	@	Tekelec		147,100
	5,700	@	TerreStar Corp.		22,686
	21,700	@	tw telecom inc		347,851

Shares				Value
	7,500	@	USA Mobility, Inc.	$	56,625
	17,100	@	Utstarcom, Inc.		93,537
	1,500	@	Viasat, Inc.		30,315
	10,700	@	Vonage Holdings Corp.		17,762
					6,648,613
			Textiles: 0.1%
	600		Angelica Corp.		12,762
	3,100		G&K Services, Inc.		94,426
	2,100		Unifirst Corp.		93,786
					200,974
			Toys/Games/Hobbies: 0.2%
	4,300	@	Jakks Pacific, Inc.		93,955
	5,200	@	Leapfrog Enterprises, Inc.		43,264
	7,400	@	Marvel Entertainment, Inc.		237,836
	1,400	@	RC2 Corp.		25,984
					401,039
			Transportation: 2.1%
	6,500	@	American Commercial Lines, Inc.		71,045
	2,900		Arkansas Best Corp.		106,256
	700	@@	Arlington Tankers Ltd.		16,254
	1,700	@	Atlas Air Worldwide Holdings, Inc.		84,082
	3,100	@	Bristow Group, Inc.		153,419
	4,500	@	Celadon Group, Inc.		44,955
	7,400	@@	Double Hull Tankers, Inc.		74,222
	7,100		Eagle Bulk Shipping, Inc.		209,947
	4,200		Forward Air Corp.		145,320
	2,600		Genco Shipping & Trading Ltd.		169,520
	4,600		General Maritime Corp.		119,508
	4,700	@	Genesee & Wyoming, Inc.		159,894
	4,300	@@	Golar LNG Ltd.		66,607
	3,400	@	Gulfmark Offshore, Inc.		197,812
	8,000		Heartland Express, Inc.		119,280
	1,500		Horizon Lines, Inc.		14,925
	6,000	@	HUB Group, Inc.		204,780
	2,300	@	International Shipholding Corp.		53,912
	7,600		Knight Transportation, Inc.		139,080
	1,000		Knightsbridge Tankers Ltd.		32,210
	2,900	@	Marten Transport Ltd.		46,313
	5,300	@@	Nordic American Tanker Shipping		205,746
	2,000	@	Old Dominion Freight Line		60,040
	4,900		Pacer International, Inc.		105,399
	2,000	@	PHI, Inc.		80,340
	1,200	@	Saia, Inc.		13,104
	6,500	@@	Ship Finance International Ltd.		191,945
	1,500	@,@@	TBS International Ltd.		59,925
	2,300		Teekay Tankers Ltd.		53,383
	4,000	@	Ultrapetrol Bahamas Ltd.		50,440
	6,100		Werner Enterprises, Inc.		113,338
	9,500	@	YRC Worldwide, Inc.		141,265
					3,304,266
			Trucking & Leasing: 0.2%
	6,800		Aircastle Ltd.		57,188
	1,500	@	Amerco, Inc.		71,520
	3,300		Greenbrier Cos., Inc.		66,990
	2,700		TAL International Group, Inc.		61,398
	3,100	@@	Textainer Group Holdings Ltd.		60,543
					317,639

See Accompanying Notes to Financial Statements
180

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Water: 0.3%
	2,100		American States Water Co.	$	73,374
	2,800		California Water Service Group		91,756
	2,700		Middlesex Water Co.		44,793
	2,100	@	Pico Holdings, Inc.		91,245
	2,300		SJW Corp.		60,720
	5,000		Southwest Water Co.		50,100
					411,988
			Total Common Stock (Cost $152,719,939)		147,234,429
REAL ESTATE INVESTMENT TRUSTS: 5.4%
			Apartments: 0.6%
	7,689		American Campus Communities, Inc.		214,062
	3,500		Associated Estates Realty Corp.		37,485
	5,900		Education Realty Trust, Inc.		68,735
	6,000		Home Properties, Inc.		288,360
	3,800		Mid-America Apartment Communities, Inc.		193,952
	6,700		Post Properties, Inc.		199,325
					1,001,919
			Diversified: 0.7%
	2,100		Capital Lease Funding, Inc.		15,729
	7,200		Colonial Properties Trust		144,144
	6,300		Cousins Properties, Inc.		145,530
	4,700		Entertainment Properties Trust		232,368
	9,100		Investors Real Estate Trust		86,814
	7,600		Lexington Corporate Properties Trust		103,588
	4,800		Mission West Properties		52,608
	2,300		PS Business Parks, Inc.		118,680
	9,300		Washington Real Estate Investment Trust		279,465
	3,680		Winthrop Realty Trust		13,248
					1,192,174
			Health Care: 0.7%
	4,000		Care Investment Trust, Inc.		37,720
	2,500		Cogdell Spencer, Inc.		40,625
	6,900		Healthcare Realty Trust, Inc.		164,013
	3,600		LTC Properties, Inc.		92,016
	14,500		Medical Properties Trust, Inc.		146,740
	1,300		National Health Investors, Inc.		37,063
	10,700		Omega Healthcare Investors, Inc.		178,155
	16,600		Senior Housing Properties Trust		324,198
	2,100		Universal Health Realty Income Trust		63,000
					1,083,530
			Hotels: 0.4%
	19,000		Ashford Hospitality Trust, Inc.		87,780
	13,100		DiamondRock Hospitality Co.		142,659
	8,100		FelCor Lodging Trust, Inc.		85,050
	3,300		Hersha Hospitality Trust		24,915
	5,800		LaSalle Hotel Properties		145,754
	11,500		Strategic Hotel Capital, Inc.		107,755
	7,800		Sunstone Hotel Investors, Inc.		129,480
					723,393

Shares				Value
			Manufactured Homes: 0.1%
	4,100		Equity Lifestyle Properties, Inc.	$	180,400
	2,700		Sun Communities, Inc.		49,221
					229,621
			Mortgage: 0.6%
	1,200		American Capital Agency Corp.		19,968
	9,000		Anthracite Capital, Inc.		63,360
	12,800		Anworth Mortgage Asset Corp.		83,328
	5,000		Arbor Realty Trust, Inc.		44,850
	2,700		Capital Trust, Inc.		51,867
	9,300		Capstead Mortgage Corp.		100,905
	6,200		Chimera Investment Corp.		55,862
	7,535		Gramercy Capital Corp.		87,331
	1,000		Hatteras Financial Corp.		22,990
	23,500		MFA Mortgage Investments, Inc.		153,220
	9,100		Newcastle Investment Corp.		63,791
	4,300		Northstar Realty Finance Corp.		35,776
	1,700		RAIT Investment Trust		12,614
	4,700		Redwood Trust, Inc.		107,113
					902,975
			Office Property: 0.6%
	10,600		BioMed Realty Trust, Inc.		260,018
	5,300		Corporate Office Properties Trust SBI MD		181,949
	8,600		Franklin Street Properties Corp.		108,704
	8,700		Highwoods Properties, Inc.		273,354
	1,800		Parkway Properties, Inc.		60,714
					884,739
			Regional Malls: 0.1%
	5,000		Glimcher Realty Trust		55,900
	5,400		Pennsylvania Real Estate Investment Trust		124,956
					180,856
			Shopping Centers: 0.5%
	5,000		Acadia Realty Trust		115,750
	6,500		Cedar Shopping Centers, Inc.		76,180
	4,000		Equity One, Inc.		82,200
	8,500		Inland Real Estate Corp.		122,570
	4,800		Kite Realty Group Trust		60,000
	3,300		Ramco-Gershenson Properties		67,782
	1,600		Saul Centers, Inc.		75,184
	4,600		Tanger Factory Outlet Centers, Inc.		165,278
	1,700		Urstadt Biddle Properties, Inc.		24,922
					789,866
			Single Tenant: 0.5%
	300	@	Alexander's, Inc.		93,180
	3,100		Getty Realty Corp.		44,671
	14,200		National Retail Properties, Inc.		296,780
	15,000		Realty Income Corp.		341,400
					776,031
			Storage: 0.2%
	10,800		Extra Space Storage, Inc.		165,888
	3,300		Sovran Self Storage, Inc.		137,148
	7,700		U-Store-It Trust		92,015
					395,051

See Accompanying Notes to Financial Statements
181

ING RUSSELL^TM SMALL CAP   PORTFOLIO OF INVESTMENTS
INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Warehouse/Industrial: 0.4%
	25,300		DCT Industrial Trust, Inc.	$	209,484
	3,400		EastGroup Properties, Inc.		145,860
	8,300		First Industrial Realty Trust, Inc.		228,001
					583,345
			Total Real Estate Investment Trusts (Cost $9,750,701)		8,743,500
			Total Long-Term Investments (Cost $162,470,640)		155,977,929
SHORT-TERM INVESTMENTS: 6.2%
			Mutual Fund: 6.2%
	9,941,000	**,S	ING Institutional Prime Money Market Fund		9,941,000
			Total Short-Term Investments (Cost $9,941,000)		9,941,000

Total Investments in Securities (Cost $172,411,640)*	103.1	%	$	165,918,929
Other Assets and Liabilities - Net	(3.1	)		(4,972,539	)
Net Assets	100.0	%	$	160,946,390

@  Non-income producing security

@@  Foreign Issuer

S  All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities.

**  Investment in affiliate

*  Cost for federal income tax purposes is $172,422,847.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	5,591,918
Gross Unrealized Depreciation		(12,095,836	)
Net Unrealized Depreciation	$	(6,503,918	)

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 ("SFAS 157"), "Fair Value Measurements." This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical investments

•  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Portfolio's own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio's investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	165,906,050	$	(41,422	)
Level 2 — Other Significant Observable Inputs		12,879		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	165,918,929	$	(41,422	)

*  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

ING Russell^TM Small Cap Index Portfolio Open Futures Contracts on June 30, 2008

Contract Description	Number of Contracts		Notional Market Value		Expiration Date		Unrealized Depreciation
Long Contracts
Russell Mini		64	$	4,426,880		09/19/08	$	(41,422	)

See Accompanying Notes to Financial Statements
182

ING WISDOMTREE^SM GLOBAL HIGH-YIELDING   PORTFOLIO OF INVESTMENTS
EQUITY INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED)

Shares				Value
COMMON STOCK: 90.2%
			Australia: 6.7%
	24,134		Alumina Ltd.	$	109,557
	48,951		AMP Ltd.		313,442
	3,334		ASX Ltd.		100,387
	52,513		Australia & New Zealand Banking Group Ltd.		943,799
	28,071		AXA Asia Pacific Holdings Ltd.		125,862
	16,456		BlueScope Steel Ltd.		178,809
	12,850		Brambles Ltd.		107,554
	14,601		Coca-Cola Amatil Ltd.		98,123
	34,387		Commonwealth Bank of Australia		1,325,949
	39,633		Foster's Group Ltd.		192,674
	55,025		Insurance Australia Group		183,356
	15,812		Lion Nathan Ltd.		129,528
	6,888		Macquarie Group Ltd.		320,675
	24,593		Minara Resources Ltd.		76,353
	38,901		National Australia Bank Ltd.		987,757
	4,479		Orica Ltd.		125,715
	79,811	@	Oxiana Ltd.		199,694
	57,235		Qantas Airways Ltd.		166,789
	13,848		QBE Insurance Group Ltd.		297,748
	3,435		Sims Group Ltd.		137,359
	7,996		Sonic Healthcare Ltd.		111,658
	12,153		St. George Bank Ltd.		316,225
	26,906		Suncorp-Metway Ltd.		337,163
	19,582		TABCORP Holdings Ltd.		184,119
	277,217		Telstra Corp., Ltd.		1,126,438
	12,979		Toll Holdings Ltd.		75,104
	24,451	@	Transurban Group		99,403

Shares			Value
	14,823	Wesfarmers Ltd.	$	529,693
	51,404	Westpac Banking Corp.		987,318
	17,279	Woolworths Ltd.		404,932
				10,293,183
		Austria: 0.2%
	1,347	Bank Austria Creditanstalt AG		288,152
				288,152
		Belgium: 1.6%
	7,574	Belgacom SA		324,939
	17,927	Dexia		285,432
	51,655	Fortis		820,512
	5,919	InBev NV		409,247
	4,838	KBC Groep NV		534,801
				2,374,931
		Brazil: 1.0%
	4,940	AES Tiete SA		60,059
	14,100	Bovespa Holding SA		174,150
	1,800	Brasil Telecom Participacoes SA		58,611
	3,800	Cia de Concessoes Rodoviarias		75,023
	2,738	Cia Energetica de Minas Gerais		56,789
	11,200	CPFL Energia SA		255,076
	7,200	Natura Cosmeticos SA		74,780
	4,200	Souza Cruz SA		119,547
	2,000	Tele Norte Leste Participacoes SA		57,401
	10,300	Telecomunicacoes de Sao Paulo SA		260,793
	12,500	Tractebel Energia SA		186,358
	12,800	Uniao de Bancos Brasileiros SA		162,246
				1,540,833
		Canada: 1.5%
	6,900	Bank of Montreal		287,585
	8,700	Bank of Nova Scotia		398,185
	4,200	BCE, Inc.		146,425
	5,200	Canadian Imperial Bank of Commerce		286,084
	7,800	Great-West Lifeco, Inc.		223,054
	2,400	National Bank of Canada		119,188
	6,400	Power Financial Corp.		208,124
	12,500	Royal Bank of Canada		561,807
				2,230,452
		Chile: 0.2%
	1,811,799	Banco de Chile		137,251
	3,215,189	Banco Santander Chile SA		133,516
				270,767
��		China: 0.2%
	242,000	PetroChina Co., Ltd.		312,842
				312,842
		Czech Republic: 0.4%
	1,000	Komercni Banka A/S		232,920
	10,600	Telefonica O2 Czech Republic A/S		340,095
				573,015
		Denmark: 0.3%
	9,350	Danske Bank A/S		269,231
	2,050	TrygVesta A/S		144,695
				413,926

See Accompanying Notes to Financial Statements
183

ING WISDOMTREE^SM GLOBAL HIGH-YIELDING   PORTFOLIO OF INVESTMENTS
EQUITY INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares			Value
		Finland: 0.8%
	2,890	Metso OYJ	$	130,804
	2,738	Neste Oil OYJ		80,250
	4,057	Outokumpu OYJ		140,982
	2,030	Rautaruukki OYJ		92,149
	12,038	Sampo OYJ		302,403
	7,818	Sanoma-WSOY OYJ		172,962
	6,912	UPM-Kymmene OYJ		112,624
	1,941	Wartsila OYJ		121,201
				1,153,375
		France: 11.3%
	3,395	Accor SA		225,530
	9,032	Air France-KLM		215,439
	39,615	AXA SA		1,167,292
	17,314	BNP Paribas		1,558,557
	3,033	Bouygues SA		200,108
	1,302	Casino Guichard Perrachon SA		147,034
	6,692	Cie de Saint-Gobain		414,441
	1,725	CNP Assurances		194,488
	1,711	Compagnie Generale des Etablissements Michelin		122,347
	64,824	Credit Agricole SA		1,315,957
	1,438	Euler Hermes SA		106,456
	59,429	France Telecom SA		1,742,881
	11,824	Gaz de France		757,074
	1,319	Lafarge SA		201,131
	3,673	Legrand SA		92,426
	21,364	Natixis		235,172
	3,525	Nexity		95,298
	12,123	PagesJaunes Groupe SA		177,316
	3,282	Peugeot SA		177,268
	2,070	PPR		228,513
	6,816	Renault SA		554,732
	20,773	Sanofi-Aventis		1,380,346
	3,979	Schneider Electric SA		428,055
	4,451	Scor SA		101,349
	15,211	Suez SA		1,031,118
	33,933	Total SA		2,888,330
	413	Vallourec		144,439
	2,553	Veolia Environnement		142,527
	5,018	Vinci SA		306,420
	23,829	Vivendi		898,506
				17,250,550
		Germany: 4.4%
	4,865	Allianz AG		855,083
	11,898	BASF AG		816,473
	8,228	Commerzbank AG		244,826
	11,243	DaimlerChrysler AG		695,938
	8,869	Deutsche Bank AG		759,754
	7,995	Deutsche Lufthansa AG		172,259
	15,921	Deutsche Post AG		413,931
	90,748	Deutsche Telekom AG		1,490,244
	2,455	Hannover Rueckversicheru-Reg		120,890
	2,630	Muenchener Rueckversicherungs AG		461,328
	5,658	RWE AG		711,865
				6,742,591
		Greece: 0.4%
	4,942	Alpha Bank AE		149,612
	5,317	EFG Eurobank Ergasias SA		126,602
	7,637	OPAP SA		267,211
	4,040	Piraeus Bank SA		109,954
				653,379

Shares			Value
		Hong Kong: 1.2%
	28,200	Bank of East Asia Ltd.	$	153,322
	184,000	BOC Hong Kong Holdings Ltd.		487,734
	27,000	Citic Pacific Ltd.		99,855
	30,500	CLP Holdings Ltd.		261,562
	27,600	Hang Seng Bank Ltd.		582,750
	8,500	Hong Kong Exchanges and Clearing Ltd.		124,514
	31,500	HongKong Electric Holdings		188,486
				1,898,223
��		Indonesia: 0.3%
	212,000	International Nickel Indonesia Tbk PT		139,383
	194,500	Telekomunikasi Indonesia Tbk PT		155,337
	129,500	Unilever Indonesia Tbk PT		94,954
				389,674
		Ireland: 0.4%
	19,990	Allied Irish Banks PLC		308,065
	26,305	Bank of Ireland-London Exchange		227,421
	6,339	Irish Life & Permanent PLC		65,229
				600,715
		Israel: 0.2%
	23,801	Bank Leumi Le-Israel BM		118,738
	85,551	Bezeq Israeli Telecommunication Corp., Ltd.		168,481
				287,219
		Italy: 6.1%
	15,470	Alleanza Assicurazioni SpA		167,334
	8,939	Assicurazioni Generali S.p.A.		341,636
	185,861	Banca Monte dei Paschi di Siena S.p.A.		523,881
	6,894	Banca Popolare di Milano Scrl		64,345
	8,508	Banche Popolari Unite Scpa		198,795
	129,600	Enel S.p.A.		1,229,442
	58,586	ENI S.p.A.		2,176,494
	310,772	Intesa Sanpaolo S.p.A.		1,766,694
	33,337	Mediaset S.p.A.		219,261
	10,251	Mediobanca S.p.A.		173,723
	28,854	Snam Rete Gas S.p.A.		196,682
	291,028	Telecom Italia S.p.A.		582,085
	43,253	Terna S.p.A		182,776
	220,165	UniCredito Italiano S.p.A.		1,339,234
	39,636	Unipol S.p.A.		93,125
				9,255,507
		Japan: 0.3%
	50,500	Nissan Motor Co., Ltd.		419,427
				419,427
		Malaysia: 0.3%
	109,700	Malayan Banking BHD		237,155
	33,300	MISC Bhd		84,137
	59,200	Public Bank BHD		188,642
				509,934
		Mexico: 0.3%
	24,400	Embotelladoras Arca SAB de CV		89,858
	75,000	Grupo Mexico SA de CV		170,172
	28,100	Grupo Modelo SA		143,019
				403,049

See Accompanying Notes to Financial Statements
184

ING WISDOMTREE^SM GLOBAL HIGH-YIELDING   PORTFOLIO OF INVESTMENTS
EQUITY INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
			Netherlands: 3.4%
	27,063		Aegon NV	$	355,790
	34,829	**	ING Groep NV		1,101,214
	8,413		Reed Elsevier NV		140,799
	39,752		Royal Dutch Shell PLC-Class A		1,629,492
	22,086		Royal Dutch Shell PLC-Class B		884,391
	27,848		Royal KPN NV		476,113
	22,216		Unilever NV		628,239
					5,216,038
			New Zealand: 0.1%
	68,427		Telecom Corp. of New Zealand Ltd.		185,943
					185,943
			Norway: 0.3%
	1,940		Aker ASA		92,844
	27,750		DnB NOR ASA		352,540
					445,384
			Philippines: 0.1%
	2,610		Philippine Long Distance Telephone Co.		139,539
					139,539
			Poland: 0.5%
	3,062		Bank Pekao SA		236,114
	6,793		KGHM Polska Miedz SA		317,936
	25,116		Telekomunikacja Polska SA		243,024
					797,074
			Portugal: 0.2%
	23,172		Portugal Telecom SGPS SA		262,088
					262,088
			Russia: 0.1%
	17,700		Surgutneftegaz ADR		193,502
					193,502
			Singapore: 0.8%
	19,000		DBS Group Holdings Ltd.		264,346
	22,000		Singapore Airlines Ltd.		238,111
	187,000		Singapore Telecommunications Ltd.		498,492
	21,000		United Overseas Bank Ltd.		288,294
					1,289,243
			South Africa: 0.6%
	1,622		Anglo Platinum Ltd.		269,750
	84,586		FirstRand Ltd.		143,179
	63,028		Sanlam Ltd.		133,623
	18,368		Standard Bank Group Ltd.		178,278
	13,412		Telkom SA Ltd.		241,581
					966,411
			South Korea: 0.6%
	3,502		Kookmin Bank		205,821
	7,410		Korea Exchange Bank		101,682
	4,650		KT Corp.		199,176
	1,102		SK Telecom Co., Ltd.		199,676
	2,202		S-Oil Corp.		141,330
					847,685

Shares			Value
		Spain: 3.8%
	2,688	ACS Actividades de Construccion y Servicios SA	$	134,505
	61,080	Banco Bilbao Vizcaya Argentaria SA		1,163,807
	17,128	Banco Espanol de Credito SA (Banesto)		255,380
	18,429	Banco Popular Espanol SA		253,962
	94,304	Banco Santander Central Hispano SA		1,720,495
	1,441	Fomento de Construcciones y Contratas SA		85,254
	12,560	Gestevision Telecinco SA		159,944
	14,039	Repsol YPF SA		550,953
	58,683	Telefonica SA		1,552,977
				5,877,277
		Sweden: 2.0%
	8,725	Hennes & Mauritz AB		470,716
	6,800	Industrivarden AB		102,122
	40,700	Nordea Bank AB		557,692
	7,000	Sandvik AB		95,106
	10,200	Scania AB		148,632
	8,000	Scania AB-B Shares		108,922
	5,450	Skandinaviska Enskilda Banken AB		100,547
	7,400	SKF AB-B Shares		115,330
	8,500	Svenska Cellulosa AB-B Shares		119,601
	9,600	Svenska Handelsbanken AB		227,428
	6,143	Swedbank AB		118,032
	43,600	TeliaSonera AB		322,334
	22,700	Volvo AB-A Shares		266,164
	28,400	Volvo AB-B Shares		345,828
				3,098,454
		Switzerland: 1.1%
	16,701	Credit Suisse Group		760,179
	3,677	Swiss Reinsurance		243,755
	654	Swisscom AG		217,824
	1,810	Zurich Financial Services AG		461,287
				1,683,045
		Taiwan: 2.6%
	240,000	China Steel Corp.		369,971
	134,000	Chunghwa Telecom Co., Ltd.		344,840
	188,000	Compal Electronics, Inc.		202,844
	88,159	Far EasTone Telecommunications Co., Ltd.		140,085
	147,000	Formosa Chemicals & Fibre Co.		289,338
	148,000	Formosa Petrochemical Corp.		390,408
	130,000	Formosa Plastics Corp.		313,149
	14,000	MediaTek, Inc.		161,170
	359,000	Mega Financial Holdings Co., Ltd.		283,614
	186,000	Nan Ya Plastics Corp.		394,637
	50,000	Siliconware Precision Industries Co.		73,573
	72,000	Taiwan Mobile Co. Ltd.		133,749
	381,000	Taiwan Semiconductor Manufacturing Co., Ltd.		809,571
				3,906,949
		Thailand: 0.6%
	70,200	Advanced Info Service PCL		194,287
	41,600	PTT Chemical PCL		130,642
	39,900	PTT PLC		360,912

See Accompanying Notes to Financial Statements
185

ING WISDOMTREE^SM GLOBAL HIGH-YIELDING   PORTFOLIO OF INVESTMENTS
EQUITY INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares			Value
		Thailand (continued)
	33,600	Siam Cement PCL	$	194,205
	68,600	Thai Oil PCL		106,691
				986,737
		Turkey: 0.4%
	22,241	Akbank TAS		77,200
	14,896	Ford Otomotiv Sanayi A/S		106,498
	9,711	Tupras Turkiye Petrol Rafine		224,145
	34,345	Turkiye Halk Bankasi		163,098
	29,309	Turkiye Is Bankasi		96,008
				666,949
		United Kingdom: 15.3%
	18,843	Alliance & Leicester PLC		109,970
	21,789	AstraZeneca PLC		926,431
	42,228	Aviva PLC		418,652
	200,867	Barclays PLC		1,139,612
	233,071	BP PLC		2,701,428
	21,497	British American Tobacco PLC		741,513
	129,721	BT Group PLC		513,913
	25,449	Cable & Wireless PLC		76,068
	49,777	Centrica PLC		306,153
	34,708	Diageo PLC		635,891
	82,577	GlaxoSmithKline PLC		1,825,427
	176,889	HBOS PLC		968,433
	27,668	Home Retail Group		119,559
	202,721	HSBC Holdings PLC		3,121,388
	10,987	Imperial Tobacco Group PLC		408,151
	9,780	Inmarsat PLC		101,982
	83,377	Kingfisher PLC		184,846
	149,831	Legal & General Group PLC		297,313
	161,415	Lloyds TSB Group PLC		990,322
	38,532	LogicaCMG PLC		82,508
	8,600	Man Group PLC		106,239
	29,266	Marks & Spencer Group PLC		190,303
	38,291	National Grid PLC		501,928
	89,826	Old Mutual PLC		164,896
	20,114	Pearson PLC		245,110
	18,840	Persimmon PLC		117,920
	54,861	Rentokil Initial PLC		108,057
	43,411	Royal & Sun Alliance Insurance Group		108,074
	570,093	Royal Bank of Scotland Group PLC		2,426,961
	11,637	Scottish & Southern Energy PLC		324,239
	6,665	Smiths Group PLC		143,608
	21,656	Standard Life PLC		90,031
	6,845	Tate & Lyle PLC		53,938
	18,643	TUI Travel PLC		75,760
	17,542	Unilever PLC		498,401
	810,416	Vodafone Group PLC		2,387,737
	16,232	Wolseley PLC		120,942
				23,333,704
		United States: 19.6%
	6,750	Allied Capital Corp.		93,758
	76,400	Altria Group, Inc.		1,570,784
	4,800	Ameren Corp.		202,704
	4,000	American Capital Strategies Ltd.		95,080
	5,450	American Electric Power Co., Inc.		219,254
	66,800	AT&T, Inc.		2,250,492
	95,850	Bank of America Corp.		2,287,940
	6,500	BB&T Corp.		148,005

Shares			Value
	27,000	Bristol-Myers Squibb Co.	$	554,310
	5,700	CBS Corp.-Class B		111,093
	5,200	Centerpoint Energy, Inc.		83,460
	2,350	Cincinnati Financial Corp.		59,690
	107,550	Citigroup, Inc.		1,802,538
	10,850	Citizens Communications Co.		123,039
	3,150	Comerica, Inc.		80,735
	6,950	Consolidated Edison, Inc.		271,676
	19,100	Countrywide Financial Corp.		81,175
	4,000	Dominion Resources, Inc.		189,960
	12,800	Dow Chemical Co.		446,848
	3,150	DTE Energy Co.		133,686
	19,400	Duke Energy Corp.		337,172
	10,700	EI Du Pont de Nemours & Co.		458,923
	11,800	Eli Lilly & Co.		544,688
	4,350	Energy East Corp.		107,532
	7,500	Federal Home Loan Mortgage Corporation		123,000
	17,000	Federal National Mortgage Association		331,670
	6,100	Fidelity National Title Group, Inc.		76,860
	21,450	Fifth Third Bancorp.		218,361
	4,600	Gannett Co., Inc.		99,682
	115,050	General Electric Co.		3,070,685
	7,600	General Motors Corp.		87,400
	14,300	Home Depot, Inc.		334,906
	31,700	JPMorgan Chase & Co.		1,087,627
	8,350	Keycorp.		91,683
	5,500	Kimberly-Clark Corp.		328,790
	17,750	Kraft Foods, Inc.		504,988
	8,400	Masco Corp.		132,132
	23,000	Merck & Co., Inc.		866,870
	33,700	National City Corp.		160,749
	9,900	New York Community Bancorp., Inc.		176,616
	5,450	Newell Rubbermaid, Inc.		91,506
	6,450	NiSource, Inc.		115,584
	3,850	Pepco Holdings, Inc.		98,753
	112,200	Pfizer, Inc.		1,960,134
	5,200	PG&E Corp.		206,388
	3,850	Pitney Bowes, Inc.		131,285
	3,450	Plum Creek Timber Co., Inc.		147,350
	3,800	PNC Financial Services Group, Inc.		216,980
	6,650	Progress Energy, Inc.		278,170
	27,950	Regions Financial Corp.		304,935
	4,450	Reynolds American, Inc.		207,682
	11,200	Southern Co.		391,104
	6,350	Southern Copper Corp.		677,101
	4,900	SunTrust Bank		177,478
	28,500	US Bancorp.		794,865
	2,350	UST, Inc.		128,334
	34,850	Verizon Communications, Inc.		1,233,690
	66,850	Wachovia Corp.		1,038,181
	48,150	Washington Mutual, Inc.		237,380
	42,750	Wells Fargo & Co.		1,015,313
	4,050	Weyerhaeuser Co.		207,117
	18,900	Windstream Corp.		233,226
	8,350	Xcel Energy, Inc.		167,585
				30,006,702
		Total Common Stock (Cost $152,777,724)		137,764,468

See Accompanying Notes to Financial Statements
186

ING WISDOMTREE^SM GLOBAL HIGH-YIELDING   PORTFOLIO OF INVESTMENTS
EQUITY INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares			Value
REAL ESTATE INVESTMENT TRUSTS: 1.5%
		Canada: 0.1%
	8,100	RioCan Real Estate Investment Trust	$	157,758
				157,758
		France: 0.2%
	958	Fonciere Des Regions		116,910
	2,636	Klepierre		132,152
	697	Societe Immobiliere de Location pour l'Industrie et le Commerce		87,307
				336,369
		United States: 1.2%
	6,600	CapitalSource, Inc.		73,128
	4,150	Duke Realty Corp.		93,168
	5,100	Equity Residential		195,177
	4,650	General Growth Properties, Inc.		162,890
	5,050	HCP, Inc.		160,641
	4,050	Hospitality Properties Trust		99,063
	8,850	Host Hotels & Resorts, Inc.		120,803
	4,900	iStar Financial, Inc.		64,729
	4,650	Kimco Realty Corp.		160,518
	2,850	Liberty Property Trust		94,478
	3,250	Simon Property Group, Inc.		292,143
	2,450	Vornado Realty Trust		215,600
				1,732,338
		Total Real Estate Investment Trusts (Cost $2,480,056)		2,226,465
EXCHANGE-TRADED FUNDS: 4.9%
		Developed Markets: 2.8%
	62,500	iShares MSCI EAFE Index Fund		4,293,750
				4,293,750
		Emerging Markets: 0.5%
	5,100	iShares MSCI Emerging Markets Index Fund		691,458
				691,458
		United States: 1.6%
	11,266	WisdomTreeSM DEFA High-Yielding Equity Fund		636,980
	2,074	WisdomTreeSM Emerging Markets High-Yielding Equity Fund		107,827
	43,746	WisdomTreeSM High-Yielding Equity Fund		1,739,778
				2,484,585
		Total Exchange-Traded Funds (Cost $7,724,598)		7,469,793
RIGHTS: 0.0%
		United Kingdom: 0.0%
	43,042	Barclays PLC		15,850
	70,755	HBOS PLC		15,150
		Total Rights (Cost $—)		31,000
		Total Long-Term Investments (Cost $162,982,378)		147,491,726

Shares				Value
SHORT-TERM INVESTMENTS: 2.3%
			Mutual Fund: 2.3%
	3,551,000	**	ING Institutional Prime Money Market Fund	$	3,551,000
			Total Short-Term Investments (Cost $3,551,000)		3,551,000

Total Investments in Securities (Cost $166,533,378)*	98.9	%	$	151,042,726
Other Assets and Liabilities - Net	1.1			1,696,061
Net Assets	100.0	%	$	152,738,787

@  Non-income producing security

ADR  American Depositary Receipt

**  Investment in affiliate

*  Cost for federal income tax purposes is $167,117,000.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	373,234
Gross Unrealized Depreciation		(16,447,508	)
Net Unrealized Depreciation	$	(16,074,274	)
Industry	Percentage of Net Assets
Agriculture		2.1	%
Airlines		0.5
Apartments		0.1
Auto Manufacturers		1.5
Auto Parts & Equipment		0.1
Banks		27.4
Beverages		1.1
Building Materials		0.6
Chemicals		1.9
Commercial Services		0.2
Computers		0.2
Cosmetics/Personal Care		0.0
Distribution/Wholesale		0.1
Diversified		0.4
Diversified Financial Services		3.5
Electric		5.0
Electrical Components & Equipment		0.3
Engineering & Construction		0.5
Entertainment		0.3
Food		1.5
Forest Products & Paper		0.4
Gas		0.9
Hand/Machine Tools		0.1
Health Care		0.1
Healthcare-Services		0.1
Holding Companies-Diversified		0.2
Home Builders		0.1
Hotels		0.2
Household Products/Wares		0.3
Housewares		0.0
Insurance		5.8
Investment Companies		0.2
Iron/Steel		0.5
Lodging		0.1
Machinery-Diversified		0.5
Media		1.4
Metal Fabricate/Hardware		0.3
Mining		1.4

See Accompanying Notes to Financial Statements
187

ING WISDOMTREE^SM GLOBAL HIGH-YIELDING   PORTFOLIO OF INVESTMENTS
EQUITY INDEX PORTFOLIO  AS OF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Industry	Percentage of Net Assets
Miscellaneous Manufacturing		2.5	%
Mortgage		0.1
Office Property		0.1
Office/Business Equipment		0.1
Oil & Gas		8.3
Pharmaceuticals		5.3
Real Estate		0.1
Regional Malls		0.3
Retail		1.0
Savings & Loans		0.3
Semiconductors		0.7
Shopping Centers		0.2
Telecommunications		12.3
Transportation		0.4
Water		0.1
Other Long-Term Investments		4.9
Short-Term Investments		2.3
Other Assets and Liabilities - Net		1.1
Net Assets		100.0	%

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 ("SFAS 157"), "Fair Value Measurements." This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

•  Level 1 — quoted prices in active markets for identical investments

•  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Portfolio's own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio's investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	48,703,606	$	—
Level 2 — Other Significant Observable Inputs		102,339,120		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	151,042,726	$	—

*  Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

See Accompanying Notes to Financial Statements
188

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)

BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS FOR ING WISDOMTREE^SM GLOBAL HIGH-YIELDING EQUITY INDEX PORTFOLIO, ING RUSSELL LARGECAP INDEX PORTFOLIO, ING RUSSELL MIDCAP INDEX PORTFOLIO, ING RUSSELL SMALLCAP INDEX PORTFOLIO, ING INTERNATIONAL INDEX PORTFOLIO, AND ING LEHMAN BROTHERS AGGREGATE BOND INDEX PORTFOLIO

Section 15 of The Investment Company Act of 1940, as amended (the "1940 Act") provides, in substance, that, each new investment advisory agreement and sub-advisory agreement for a mutual fund must be approved by the board of directors of the fund, including a majority of the directors who have no direct or indirect interest in the agreement and who are not "interested persons" of the fund. Consistent with this requirement of the 1940 Act, the Board of Directors of ING Variable Products, Inc. (the "Company") has established a process for considering the advisory and sub-advisory arrangements for any new series of the Company prior to the commencement of its operations.

Overview of the Review Process

At a meeting held on December 19, 2007, the board of directors (the "Directors" or the "Board") of the Company, including all of the directors who are not "interested persons" of the Company (the "Independent Directors"), authorized the establishment of the following new mutual funds to operate within the ING complex of mutual funds (the "ING Funds"): ING WisdomTree^SM Global High-Yielding Equity Index Portfolio, ING Russell LargeCap Index Portfolio, ING Russell MidCap Index Portfolio, ING Russell SmallCap Index Portfolio, ING International Index Portfolio, and ING Lehman Brothers Aggregate Bond Index Portfolio, each a portfolio series of the Company (the "New Funds"). In connection with the establishment of the New Funds, the Board, including all of the Independent Directors, also voted to approve (i) investment advisory agreements (the "Advisory Agreements") for each New Fund with ING Investments, LLC (the "Adviser"), (ii) a sub- advisory agreement ("LBAM Agreement") between the Adviser and Lehman Brothers Asset Management ("LBAM") with respect to the ING Lehman Brothers Aggregate Bond Index Portfolio (the "Lehman Portfolio"), and (iii) a sub-advisory agreement (the "IIM Agreement") between the Adviser and ING Investment Management Co. ("IIM") with respect to each other New Fund (LBAM and IIM being referred to collectively as the "Sub-Advisers" and the LBAM Agreement and the IIM Agreements being referred to collectively as the "Sub-Advisory Agreements"). Prior to voting such approvals, the Board received the affirmative recommendation of the Contracts Committee of the Board, which is a Committee of the Board comprised of all of the Independent Directors and exclusively of the Independent Directors.

The Contracts Committee recommended approval of the Advisory and Sub-Advisory Agreements after completing an extensive review of information received from the Adviser and each Sub-Adviser in connection with the establishment of the New Funds and as part of the annual contract approval process for other ING Funds advised and sub-advised by the Adviser and IIM, respectively. Such information included the following: (1) comparative data regarding management fees, including data regarding the fees charged by the Adviser and each Sub-Adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those to be used in managing the New Funds; (2) comparative data regarding the proposed expense ratio of each New Fund and the expense ratio of a selected peer group of similar funds (the "Selected Peer Group"); (3) copies of each form of advisory agreement and sub-advisory agreement; (4) copies of the codes of ethics of the Adviser and of each Sub-Adviser, together with information relating to the manner in which each code is administered; (5) financial statements of the Adviser and of each Sub-Adviser; (6) profitability analyses for the Adviser and its affiliated companies with respect to each New Fund; (7) descriptions of the qualifications of the investment personnel expected to be responsible for managing each New Fund and their responsibilities with respect to managing other accounts or mutual funds; (8) descriptions of the services expected to be provided to the New Funds, including the investment strategies and techniques used by each Sub-Adviser in managing the New Funds; (9) data relating to brokerage practices, including practices with respect to the acquisition of research through "soft dollar" benefits received in connection with the New Funds' brokerage; (10) descriptions of the business continuity and disaster recovery plans of the Adviser and each Sub-Adviser; (11) descriptions of vari ous compliance programs of the Adviser and each Sub-Adviser, including the Adviser's programs for monitoring and enforcing compliance with the ING Funds' policies with respect to market-timing, late trading and selective portfolio disclosure; and (12) other information relevant to an evaluation of the nature, extent and quality of the services expected to be

189

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

provided by the Adviser and each Sub-Adviser in response to a series of detailed questions presented by independent legal counsel on behalf of the Independent Directors. The Contracts Committee relied upon this information in evaluating the qualifications of the Adviser and each Sub-Adviser to manage the New Funds.

In addition, the Contracts Committee considered information relating specifically to the investment objectives and investment policies of each New Fund and the ability of the Adviser and Sub-Adviser to pursue the New Fund's investment objective by implementing these investment policies. For each New Fund proposed to be managed in accordance with an index, the Board considered, among other things, the Sub-Adviser's experience with the management of other index-based mutual funds and similar products. Prior to voting to recommend approval of the Advisory and Sub-Advisory Agreements for each New Fund, the Contracts Committee and/or the Board received presentations from the Adviser and each Sub-Adviser regarding the investment strategies to be used in pursuing the New Fund's investment objective.

The Independent Directors were assisted by Goodwin Procter LLP, their independent legal counsel, throughout this process. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory and Sub-Advisory Agreement(s) and the weight to be given to each such factor. The conclusions reached by the Independent Directors were based on a comprehensive evaluation of all of the information provided and was not the result of any one factor. Moreover, each Independent Director may have afforded different weight to the various factors in reaching his or her conclusions with respect to each Advisory and Sub-Advisory Agreement.

Nature, Extent and Quality of Services

In considering whether to approve the Advisory and Sub-Advisory Agreements, the Board evaluated the nature, extent and quality of services that will be provided to the New Funds by the Adviser and each Sub-Adviser. Specifically, the Board considered the quantity and quality of the resources available to provide such services and the qualifications of the individuals that will be responsible for performing various investment services for the New Funds. The Board also considered the quality of the compliance programs of the Adviser and of each Sub-Adviser, including the manner in which the Adviser and each Sub-Adviser will monitor for compliance with the investment policies and restrictions of the New Funds, the Codes of Ethics of the Adviser and of each Sub-Adviser with respect to personal trading by employees with access to portfolio information, and other compliance related matters. The Board also considered the actions taken by the Adviser and each Sub-Adviser to establish and maintain effective disaster recovery and business continuity plans.

The Board noted that, in connection with its annual contract review process, it had considered a variety of other matters bearing on the nature, extent and quality of the services provided to all of the ING Funds, including the actions taken by the Adviser and its affiliated companies to administer the ING Funds' policies and procedures for valuing the Funds' assets, selective disclosure of portfolio holdings and preventing late-trading and frequent trading of Fund shares. With respect to these and related compliance matters, the Board had also considered the responsiveness of the Adviser and its affiliated companies over the course of the past several years to the inquiries of various regulatory authorities, including the Securities and Exchange Commission and the National Association of Securities Dealers, Inc. The Board also took into account the efforts of the Adviser and its affiliated companies to reduce the expenses of the ING Funds, including fees and expenses for transfer agency, custody and audit services. The Board specifically noted that the Adviser and its affiliated companies have significantly reduced the brokerage costs of the ING Funds and their portfolio turnover rates, as well as the quantity of research acquired through the use of soft dollars from the ING Funds' brokerage. The Board also noted the efforts of the Adviser to optimize the number of mutual funds in the ING complex of funds and to standardize the asset management characteristics and policies across the ING mutual fund platform. Consideration was also given to the benefits that shareholders of the New Funds may realize because the New Funds are part of the larger ING family of mutual funds, including, in most cases, the ability of shareholders to exchange or transfer investments within the same class of shares among a wide variety of mutual funds without incurring additional sales charges.

The Board concluded that the nature, extent and quality of advisory and related services to be provided by the Adviser and each Sub-Adviser for each New Fund, taken as a whole, can be expected to be consistent with the terms of the respective Advisory and Sub-Advisory Agreements and that the fees to be paid for such service are fair and reasonable.

190

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

The Board noted that the New Funds have no prior performance record. To the extent applicable, the Board considered the performance achieved by a Sub-Adviser in operating either a "model portfolio" using substantially the same investment strategies as the Sub-Adviser will use in managing the Fund or the performance achieved by the Sub-Adviser in managing similar funds. Based on this information, the Board concluded that each Sub-Adviser can be expected to achieve satisfactory performance in managing the portfolio of the New Funds.

Management Fees, Sub-Advisory Fees and Expenses

Consideration was given to the proposed contractual investment advisory fee rates, inclusive of administrative fee rates, payable by the New Funds to the Adviser and its affiliated companies (referred to collectively as "management fees") and the contractual sub-advisory fee rates payable by the Adviser to each Sub-Adviser for sub-advisory services. As part of its review, the Board considered each New Fund's proposed management fee and total expense ratio, as compared to its proposed Selected Peer Group. In addition, the Directors received information regarding the fees charged by each Sub-Adviser to similarly-managed institutional accounts and other mutual funds, if any, and the comparability (or lack thereof) of the services provided by the Sub-Adviser in managing such accounts and other mutual funds to the services to be provided in managing the New Funds. With respect to the New Funds to be sub-advised by an affiliate of the Adviser, the Board evaluated the reasonableness of the total fees received by the Adviser and its affiliate in the aggregate under the Advisory and Sub-Advisory Agreements. With respect to those New Funds sub-advised by a Sub-Adviser that is not affiliated with the Adviser, the Board considered the reasonableness of the fees payable to the Sub-Adviser by the Adviser in light of the ability of the Adviser to negotiate such fees on an arm's-length basis. After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and each Sub-Adviser, the Board concluded with respect to each New Fund that the management fee to be charged to each New Fund for advisory, sub-advisory and related services is fair and reasonable and that the total expense ratio of each New Fund is reasonable.

Profitability

The Board considered information relating to the revenues, expenses, and profits expected to be realized by the Adviser and its affiliated companies attributable to performing advisory, sub-advisory and administrative services for the Funds. With respect to the Lehman Portfolio, which will be sub-advised by LBAM, an unaffiliated Sub-Adviser, the Board did not consider the profitability of the Sub-Adviser to be a material factor because the Board believes that the Adviser negotiates sub-advisory fees with unaffiliated sub-advisers on an arm's-length basis. With respect to the Adviser and its affiliated companies, such information was prepared in accordance with a methodology approved by the Contracts Committee. The Board considered the profitability of the Adviser and its affiliated companies attributable to managing and operating each New Fund both with and without the profitability of the distributor of the New Funds and both before and aft er giving effect to any expenses expected to be incurred by the Adviser or any affiliated company in making revenue sharing or other payments to third parties, including affiliated insurance companies, for distribution and administrative services. With respect to New Funds sub-advised by an affiliate of the Adviser, the Board considered the total profits derived by the Adviser and its affiliate in the aggregate attributable to managing and operating each New Fund. The Board also considered other direct or indirect benefits that the Adviser and Sub-Advisers, and any affiliated companies thereof, will derive from their relationships with the New Funds, including the receipt by ING U.S. Financial Services, an affiliate of the Adviser, of fees relating to the offering of bundled financial products, such as annuity contracts, and the receipt by the Sub-Advisers of "soft dollar" benefits from the New Funds' brokerage. The Board concluded that, in light of the nature, extent and quality of the services provided, th e profits expected to be realized by the Adviser and its affiliated companies, taken as a whole, with respect to providing advisory, sub-advisory and administrative services for each New Fund are reasonable.

In considering the reasonableness of the management fee of each New Fund, the Board considered the extent to which economies of scale can be expected to be realized by the New Fund's Adviser and its affiliated companies, on the one hand, and by the New Fund, on the other hand, as the assets of the New Fund increase. The Board noted that the advisory fee schedule for certain New Funds includes breakpoints such that, as the assets of the New Fund increase, the New Fund's management fee will decrease as a percentage of the New Fund's total assets. The Board recognized the inherent difficulties in measuring precisely the impact of any economies of scale being

191

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

realized by the Adviser and its affiliated companies with respect to their management of any one or more New Funds. The Board also reviewed information regarding the projected expense ratio of each New Fund in light of projected changes in the assets of the New Fund, noting that, as the assets of a New Fund increase, the fixed expenses of the New Fund, as a percentage of the total assets of the New Fund, can be expected to decrease. The Board considered such expense information in light of projections provided by the Adviser with respect to the future growth of assets of the New Funds. Based upon the foregoing, the Board concluded that the fee schedules for each New Fund can be expected to result in an equitable sharing among the New Fund, the Adviser and the Sub-Adviser of the benefits from economies of scale as assets grow.

192

Investment Adviser

ING Investments, LLC
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258

Administrator

ING Funds Services, LLC
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258

Distributor

ING Funds Distributor, LLC
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258

Transfer Agent

DST Systems, Inc.
P.O. Box 419368
Kansas City, Missouri 64141

Custodian

The Bank of New York Mellon Corporation
One Wall Street
New York, New York 10286

Legal Counsel

Goodwin Procter LLP
Exchange Place
53 State Street
Boston, Massachusetts 02109

Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.

  VPSAR-ACAPAPADVIS  (0608-082008)

Semi-Annual Report

June 30, 2008

Classes I and S

Domestic Equity Index Portfolios

n ING VP Index Plus LargeCap Portfolio

n ING VP Index Plus MidCap Portfolio

n ING VP Index Plus SmallCap Portfolio

This report is submitted for general information to shareholders of the ING Funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully.

TABLE OF CONTENTS

President’s Letter	1
Market Perspective	2
Shareholder Expense Examples	4
Statements of Assets and Liabilities	5
Statements of Operations	6
Statements of Changes in Net Assets	7
Financial Highlights	9
Notes to Financial Statements	12
Portfolios of Investments	22

PROXY VOTING INFORMATION

A description of the policies and procedures that the Portfolios use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the ING Funds’ website at www.ingfunds.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC”) website at www.sec.gov. information regarding how the Portfolios voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the ING Funds’ website at www.ingfunds.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Portfolios’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330; and is available upon request from the Portfolios by calling Shareholder Services toll-free at (800) 992-0180.

PRESIDENT’S LETTER

Dear Shareholder,

The first half of the year has been a challenging period for investors. We have seen a variety of industries impacted by an economic uncertainty and market volatility.

Often what happens in these situations is that anxiety clouds sound investment principles. Market corrections are a natural part of the investing and attempts to “time” buy-and-sell decisions often backfire and, in fact, hinder achieving long-term investment goals. Research bears this out. Based on Bloomberg research, if you were fully invested in domestic equities between December 1997 and December 2007, a $10,000 investment would have grown to more than $17,000. However, had you missed the “best” 10 days of that ten-year period, your $10,000 would have grown to less than $12,000. Missing the “best” 20 days of that ten-year cycle would have been even costlier, resulting in your original $10,000 investment being worth less than $8,000.⁽¹⁾

No one knows when those “best” days will occur, but history tells us that, when investing, staying focused on the long term may be the prudent strategy.

ING encourages you to take this opportunity to meet with your financial professionals to ensure your portfolio reflects your goals and risk tolerance. In doing this, many investors discover that building a well-diversified investment portfolio, one made up of allocations to a wide range of asset classes, may be the best way to withstand market volatility.

At ING Funds we strive to offer our clients quality investments. I thank you for your continued support and confidence and we look forward to serving you in the future.

Sincerely,

Shaun Mathews,

CEO

ING Funds

August 8, 2008

The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and ING Funds disclaims any responsibility to update such views. These views may not be relied on as investment advice and because investment decisions for an ING Fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any ING Fund. Reference to specific company securities should not be construed as recommendations or investment advice. Consider the fund’s investment objectives, risks, and charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.

International investing poses special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.

⁽¹⁾ Bloomberg calculations based on performance of the Standard & Poor’s 500^® Composite Stock Price Index (“S&P 500^® Index”) between December 31, 1997 and December 31, 2007.

1

MARKET PERSPECTIVE:  SIX MONTHS ENDED JUNE 30, 2008

The first half of 2008 carried on where 2007 left off, with mutually reinforcing financial dislocation and economic weakness driving investors from risky assets. A six-week rally fizzled in mid-May and global equities in the form of the Morgan Stanley Capital International (“MSCI”) World^® Index⁽¹⁾ measured in local currencies, including net reinvested dividends (“MSCI” for regions discussed below) declined, returning (12.8)% through June 30, 2008. In currencies, the dollar fell 6.8% and 5.5% against the euro and yen respectively, but edged up 0.1% against the pound, as the UK economy faced challenges roughly similar to those in the United States.

It was clear that the credit crisis that surfaced in 2007 had its roots in the real economy, as the drumbeat of news was monotonously bad.

The housing market continued its inexorable march down. By the end of June, house prices were down 15.3% year-over-year, by one measure. The pace of new home sales was the second lowest since 1991, and although existing home sales rebounded from the slowest pace in nine years, it was pointed out that about one-third of purchases reflected foreclosures or other distressed sales.

The February 2008 payrolls report showed the first fall in over four years. Payrolls fell again in the next four reports. The June unemployment report disclosed the biggest increase in two decades: by 0.5% to 5.5%.

First quarter gross domestic product (“GDP”) grew at just 0.96% annualized, with profits from current production down for the third straight quarter.

Back in the financial sector, write-downs of asset-backed securities continued apace, but with some unsettling variations on the theme. Merrill Lynch’s $10 to $20 billion of write-downs included the guarantees of monoline insurers. Moody’s Investors Service (“Moody’s”) put their Aaa ratings up for review on January 17, 2008. Now the status and viability of insured municipal debt, which reflects the credit rating of the insurers, was in doubt.

The following Monday, with U.S. exchanges closed for a holiday, major international stock markets sold off by about 6%. On Tuesday, the Federal Reserve Board (the “Fed”) acted, cutting the federal funds and discount rates by 75 basis points. Eight days later, at their regular meeting, the Federal Open Market Committee (“FOMC”) cut the federal funds and discount rates again, this time by 50 basis points.

Despite stubbornly high inflation, there was now no doubt about the required direction of policy. Congress agreed in February 2008 to spend $117 billion in tax rebates as part of a $168 billion plan to stimulate the economy. In March 2008, the Fed reduced the discount rate further, by 100 basis points to 2.5% and the federal funds rate by 75 basis points to 2.25%. Events took another remarkable turn when Bear Stearns, an investment bank near the eye of the storm since the credit crisis blew in, was laid low in days by rumors of insolvency due to liquidity problems. Over a weekend, the Fed brokered the sale of Bear Stearns, a $90 stock in December 2007, to JP Morgan for just $10 per share.

The trauma of Bear Stearns’ forced sale proved that some market players were indeed too connected to fail. The Fed followed this up by opening the discount window to other primary dealers. This might at least draw a line under the threat of systemic failure that Bear Stearns may have posed. The relief rally was sustained on the last day of April 2008 when the FOMC reduced the federal funds rate by 0.25% to 2%, and barely hinted that they might be done.

However, the underlying problems had not disappeared and the rally soon failed. The price of oil was still moving up and on the second to last day of June settled above $140 per barrel for the first time. But it was really all commodities, as well as food, whose prices were on the rise. It was little surprise when headline Consumer Price Index (“CPI”) inflation was reported in June at 4.2% year-over-year, and June ended with consumer confidence the lowest since May 1980.

In U.S. fixed income markets, a flight to safety in the first quarter was partly reversed. Treasury Bill yields fell 143 basis points to 1.71%, while 10-year Treasury Note yields lost 5 basis points to 3.98%. The Lehman Brothers^® U.S. Aggregate Bond (“LBAB”) Index⁽²⁾ of investment grade bonds returned 1.13% through June 30, 2008, but the Lehman Brothers^® High Yield Bond — 2% Issuer Constrained Composite Index⁽³⁾ returned (1.08)% for the same period.

U.S. equities, represented by the Standard & Poor’s 500^® (“S&P 500^®”) Composite Stock Price Index⁽⁴⁾ including dividends, returned (11.9)% through June 30, 2008. Profits for S&P 500^® companies suffered their third straight quarter of decline, latterly by more than 25%. In both returns and profits, it was the financials within the S&P 500^® Index that led the way down, often cutting dividends along the way.

2

MARKET PERSPECTIVE:  SIX MONTHS ENDED JUNE 30, 2008

In international markets, the MSCI Japan^® Index⁽⁵⁾ returned (10.4)% through June 30, 2008. While there was some encouraging news like quarterly GDP growth of 1%, its main source, exports, faced the twin threats of a slowing world economy and a higher yen. The MSCI Europe ex UK^® Index⁽⁶⁾ returned (19.6)% through June 30, 2008 . Business and consumer confidence faded as banks continued to write down asset-backed securities in huge volumes and toughened credit standards. Consumer price inflation driven by food and energy surged to 4.0%, a 16-year high, and the European Central Bank threatened a July rate increase. In the UK, the MSCI UK^® Index⁽⁷⁾ returned (11.2)% through June 30, 2008. The country remained in the grip of the worst housing slump since the early 1990s and house prices fell year-over-year at the fastest rate since 1992. The Bank of England (the “Bank”) cut rates twice to 5.0%, but with inflation now up to 3.3%, it was clear that the Bank was out of ammunition.

⁽¹⁾ The MSCI World^® Index is an unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.

⁽²⁾ The LBAB Index is an unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.

⁽³⁾ The Lehman Brothers^® High Yield Bond — 2% Issuer Constrained Composite Index is an unmanaged index that measures the performance of fixed-income securities.

⁽⁴⁾ The S&P 500^® Index is an unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.

⁽⁵⁾ The MSCI Japan^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.

⁽⁶⁾ The MSCI Europe ex UK^® Index is a free float adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.

⁽⁷⁾ The MSCI UK^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.

All indices are unmanaged and investors cannot invest directly in an index.

Past performance does not guarantee future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Portfolios’ performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.ingfunds.com to obtain performance data current to the most recent month end.

Market Perspective reflects the views of ING’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.

3

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including redemption fees; and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2008 to June 30, 2008. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your annuity contract. Expenses would have been higher if such charges were included.

Actual Expenses

The first section of the table shown, “Actual Portfolio Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second section of the table shown, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the hypothetical lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

ING VP Index Plus LargeCap Portfolio	Beginning Account Value January 1, 2008		Ending Account Value June 30, 2008		Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2008*
Actual Portfolio Return
Class I	$	1,000.00	$	861.20	0.45	%	$	2.08
Class S		1,000.00		860.30	0.70			3.24
Hypothetical (5% return before expenses)
Class I	$	1,000.00	$	1,022.63	0.45	%	$	2.26
Class S		1,000.00		1,021.38	0.70			3.52
ING VP Index Plus MidCap Portfolio
Actual Portfolio Return
Class I	$	1,000.00	$	942.20	0.50	%	$	2.41
Class S		1,000.00		941.00	0.75			3.62
Hypothetical (5% return before expenses)
Class I	$	1,000.00	$	1,022.38	0.50	%	$	2.51
Class S		1,000.00		1,021.13	0.75			3.77
ING VP Index Plus SmallCap Portfolio
Actual Portfolio Return
Class I	$	1,000.00	$	907.00	0.51	%	$	2.42
Class S		1,000.00		906.40	0.76			3.60
Hypothetical (5% return before expenses)
Class I	$	1,000.00	$	1,022.33	0.51	%	$	2.56
Class S		1,000.00		1,021.08	0.76			3.82

* Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year.

4

STATEMENTS OF ASSETS AND LIABILITIES ASOF JUNE 30, 2008 (UNAUDITED)

	ING VP Index Plus LargeCap Portfolio			ING VP Index Plus MidCap Portfolio			ING VP Index Plus SmallCap Portfolio
ASSETS:
Investments in securities at value+*	$	1,387,126,402		$	975,217,457		$	469,358,014
Short-term investments in affiliates at amortized cost		14,875,000			1,900,000			21,625,000
Short-term investments at amortized cost		156,960,664			287,499,594			139,398,048
Cash		5,209			740			—
Cash collateral for futures		1,584,000			592,000			1,638,000
Receivables:
Investment securities sold		5,553,311			43,363,024			—
Fund shares sold		695,375			177,568			177,123
Dividends and interest		2,127,324			610,344			567,848
Variation margin		22,825			—			—
Prepaid expenses		75,190			41,037			23,702
Total assets		1,569,025,300			1,309,401,764			632,787,735
LIABILITIES:
Payable for investment securities purchased		5,899,988			39,901,560			1,021,563
Payable for fund shares redeemed		3,451,398			2,511,879			1,154,657
Payable for futures variation margin		—			29,483			262,800
Payable upon receipt of securities loaned		149,921,664			282,808,594			136,911,048
Payable to affiliates		561,582			432,657			227,902
Payable to custodian due to bank overdraft		—			—			8,707
Payable for directors fees		9,560			13,716			3,618
Other accrued expenses and liabilities		165,328			72,727			64,314
Total liabilities		160,009,520			325,770,616			139,654,609
NET ASSETS	$	1,409,015,780		$	983,631,148		$	493,133,126
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	1,569,424,423		$	1,053,893,011		$	599,961,766
Undistributed net investment income		16,216,354			5,634,000			3,247,860
Accumulated net realized loss on investments and futures		(97,815,784	)		(61,399,725	)		(69,207,515	)
Net unrealized depreciation on investments and futures		(78,809,213	)		(14,496,138	)		(40,868,985	)
NET ASSETS	$	1,409,015,780		$	983,631,148		$	493,133,126
+      Including securities loaned at value	$	144,799,636		$	272,090,129		$	129,862,136
*      Cost of investments in securities	$	1,464,677,036		$	989,165,815		$	508,986,614
Class I:
Net assets	$	1,106,729,526		$	773,597,767		$	344,124,964
Shares authorized		200,000,000			100,000,000			100,000,000
Par value	$	0.001		$	0.001		$	0.001
Shares outstanding		77,265,939			51,583,959			26,774,463
Net asset value and redemption price per share	$	14.32		$	15.00		$	12.85
Class S:
Net assets	$	302,286,254		$	210,033,381		$	149,008,162
Shares authorized		100,000,000			100,000,000			100,000,000
Par value	$	0.001		$	0.001		$	0.001
Shares outstanding		21,273,250			14,155,504			11,711,043
Net asset value and redemption price per share	$	14.21		$	14.84		$	12.72

See Accompanying Notes to Financial Statements

5

STATEMENTS OF OPERATIONS FORTHE SIX MONTHS ENDED JUNE 30, 2008 (UNAUDITED)

	ING VP Index Plus LargeCap Portfolio			ING VP Index Plus MidCap Portfolio			ING VP Index Plus SmallCap Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(1)	$	20,894,777		$	7,710,945		$	4,144,179
Interest		120,914			72,448			43,975
Securities lending income		386,474			940,341			898,662
Total investment income		21,402,165			8,723,734			5,086,816
EXPENSES:
Investment management fees		3,689,632			2,341,641			1,314,740
Distribution and service fees — Class S		385,196			275,681			202,638
Transfer agent fees		7			98			321
Administrative service fees		579,790			321,968			180,772
Shareholder reporting expense		73,866			48,376			27,223
Registration fees		876			515			353
Professional fees		161,967			75,794			47,814
Custody and accounting expense		124,707			81,538			51,135
Directors fees		106,608			63,598			29,850
Miscellaneous expense		55,183			20,281			12,896
Interest expense		586			941			1,721
Total expenses		5,178,418			3,230,431			1,869,463
Net waived and reimbursed fees		(5,673	)		(3,657	)		(2,127	)
Net expenses		5,172,745			3,226,774			1,867,336
Net investment income		16,229,420			5,496,960			3,219,480
REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FUTURES:
Net realized loss on:
Investments		(81,754,673	)		(50,989,712	)		(59,631,617	)
Futures		(2,788,701	)		(3,046,296	)		(1,210,419	)
Net realized loss on investments and futures		(84,543,374	)		(54,036,008	)		(60,842,036	)
Net change in unrealized appreciation or depreciation on:
Investments		(211,290,594	)		(30,900,165	)		(7,937,369	)
Futures		(1,103,965	)		(476,117	)		(1,363,891	)
Net change in unrealized appreciation or depreciation on investments and futures		(212,394,559	)		(31,376,282	)		(9,301,260	)
Net realized and unrealized loss on investments and futures		(296,937,933	)		(85,412,290	)		(70,143,296	)
Decrease in net assets resulting from operations	$	(280,708,513	)	$	(79,915,330	)	$	(66,923,816	)
*      Foreign taxes withheld	$	—		$	—		$	749
(1)     Affiliated income	$	251,167		$	156,185		$	84,446

See Accompanying Notes to Financial Statements

6

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING VP Index Plus LargeCap Portfolio						ING VP Index Plus MidCap Portfolio
	Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007
FROM OPERATIONS:
Net investment income	$	16,229,420		$	42,196,532		$	5,496,960		$	15,265,193
Net realized gain (loss) on investments and futures		(84,543,374	)		210,388,131			(54,036,008	)		139,387,553
Net change in unrealized appreciation or depreciation on investments and futures		(212,394,559	)		(121,993,435	)		(31,376,282	)		(79,655,961	)
Increase (decrease) in net assets resulting from operations		(280,708,513	)		130,591,228			(79,915,330	)		74,996,785
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class I		(36,524,688	)		(29,658,100	)		(11,952,630	)		(9,245,456	)
Class S		(5,640,026	)		(1,795,960	)		(2,200,936	)		(1,137,434	)
Net realized gains:
Class I		(128,358,189	)		—			(112,082,941	)		(88,976,015	)
Class S		(21,899,099	)		—			(26,411,236	)		(16,919,188	)
Total distributions		(192,422,002	)		(31,454,060	)		(152,647,743	)		(116,278,093	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		352,691,158			584,837,947			98,829,936			250,536,595
Reinvestment of distributions		192,422,002			31,454,060			152,647,743			116,278,093
		545,113,160			616,292,007			251,477,679			366,814,688
Cost of shares redeemed		(1,306,391,525	)		(633,637,563	)		(458,939,730	)		(277,567,728	)
Net increase (decrease) in net assets resulting from capital share transactions		(761,278,365	)		(17,345,556	)		(207,462,051	)		89,246,960
Net increase (decrease) in net assets		(1,234,408,880	)		81,791,612			(440,025,124	)		47,965,652
NET ASSETS:
Beginning of period		2,643,424,660			2,561,633,048			1,423,656,272			1,375,690,620
End of period	$	1,409,015,780		$	2,643,424,660		$	983,631,148		$	1,423,656,272
Undistributed net investment income at end of period	$	16,216,354		$	42,151,648		$	5,634,000		$	14,290,606

See Accompanying Notes to Financial Statements

7

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING VP Index Plus SmallCap Portfolio
	Six Months Ended June 30, 2008			Year Ended December 31, 2007
FROM OPERATIONS:
Net investment income	$	3,219,480		$	5,690,689
Net realized gain (loss) on investments and futures		(60,842,036	)		39,097,941
Net change in unrealized appreciation or depreciation on investments and futures		(9,301,260	)		(102,285,972	)
Decrease in net assets resulting from operations		(66,923,816	)		(57,497,342	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class I		(4,491,258	)		(3,166,038	)
Class S		(934,827	)		(242,440	)
Net realized gains:
Class I		(30,586,826	)		(70,161,316	)
Class S		(9,757,114	)		(19,463,532	)
Total distributions		(45,770,025	)		(93,033,326	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		92,762,451			207,309,140
Reinvestment of distributions		45,770,025			93,033,326
		138,532,476			300,342,466
Cost of shares redeemed		(353,165,773	)		(278,712,565	)
Net increase (decrease) in net assets resulting from capital share transactions		(214,633,297	)		21,629,901
Net decrease in net assets		(327,327,138	)		(128,900,767	)
NET ASSETS:
Beginning of period		820,460,264			949,361,031
End of period	$	493,133,126		$	820,460,264
Undistributed net investment income at end of period	$	3,247,860		$	5,454,465

See Accompanying Notes to Financial Statements

8

ING VP INDEX PLUS LARGECAP PORTFOLIO (UNAUDITED) FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class I
		Six Months Ended June 30, 2008		Year Ended December 31,
				2007		2006		2005		2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$	18.13		17.48		15.42		14.82		13.54		10.85
Income (loss) from investment operations:
Net investment income	$	0.12	*	0.29	*	0.23	*	0.19	*	0.22		0.14
Net realized and unrealized gain (loss) on investments	$	(2.56	)	0.58		2.00		0.60		1.20		2.68
Total from investment operations	$	(2.44	)	0.87		2.23		0.79		1.42		2.82
Less distributions from:
Net investment income	$	0.30		0.22		0.17		0.19		0.14		0.13
Net realized gain on investments	$	1.07		—		—		—		—		—
Total distributions	$	1.37		0.22		0.17		0.19		0.14		0.13
Net asset value, end of period	$	14.32		18.13		17.48		15.42		14.82		13.54
Total Return(1)	%	(13.88	)	5.03	††	14.58		5.38		10.58		26.14
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$	1,106,730		2,323,707		2,352,193		1,389,139		1,511,946		1,389,298
Ratios to average net assets:
Expenses(2)	%	0.45	†	0.44	†	0.43	†	0.45		0.44		0.43
Net investment income(2)	%	1.57	†	1.62	†	1.46	†	1.30		1.55		1.33
Portfolio turnover rate	%	91		121		128		89		70		88
		Class S
		Six Months Ended June 30, 2008		Year Ended December 31,
				2007		2006		2005		2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$	17.99		17.32		15.30		14.73		13.49		10.83
Income (loss) from investment operations:
Net investment income	$	0.11	*	0.25	*	0.18	*	0.16	*	0.19	*	0.15
Net realized and unrealized gain (loss) on investments	$	(2.54	)	0.57		1.99		0.59		1.18		2.63
Total from investment operations	$	(2.43	)	0.82		2.17		0.75		1.37		2.78
Less distributions from:
Net investment income	$	0.28		0.15		0.15		0.18		0.13		0.12
Net realized gain on investments	$	1.07		—		—		—		—		—
Total distributions	$	1.35		0.15		0.15		0.18		0.13		0.12
Net asset value, end of period	$	14.21		17.99		17.32		15.30		14.73		13.49
Total Return(1)	%	(13.97	)	4.77	††	14.28		5.15		10.26		25.84
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$	302,286		319,717		209,440		557,134		128,127		59,500
Ratios to average net assets:
Expenses(2)	%	0.70	†	0.69	†	0.68	†	0.70		0.69		0.68
Net investment income(2)	%	1.37	†	1.38	†	1.13	†	1.10		1.39		1.11
Portfolio turnover rate	%	91		121		128		89		70		88

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽²⁾ Annualized for periods less than one year.

* Calculated using average number of shares outstanding throughout the period.

† Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio.

†† There was no impact on total return by the affiliate payment in Note 13.

See Accompanying Notes to Financial Statements

9

ING VP INDEX PLUS MIDCAP PORTFOLIO (UNAUDITED) FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class I
		Six Months Ended June 30, 2008		Year Ended December 31,
				2007		2006		2005		2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$	18.33		18.89		18.69		18.16		15.64		11.86
Income (loss) from investment operations:
Net investment income	$	0.08	*	0.21		0.17	*	0.16	*	0.09		0.09
Net realized and unrealized gain (loss) on investments	$	(1.17	)	0.83		1.57		1.77		2.50		3.75
Total from investment operations	$	(1.09	)	1.04		1.74		1.93		2.59		3.84
Less distributions from:
Net investment income	$	0.22		0.15		0.12		0.09		0.07		0.06
Net realized gains on investments	$	2.02		1.45		1.42		1.31		—		—
Total distributions	$	2.24		1.60		1.54		1.40		0.07		0.06
Net asset value, end of period	$	15.00		18.33		18.89		18.69		18.16		15.64
Total Return(1)	%	(5.78	)	5.50	††	9.44		11.14		16.59		32.45
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$	773,598		1,177,708		1,148,074		844,703		678,869		451,213
Ratios to average net assets:
Expenses(2)	%	0.50	†	0.49	†	0.49	†	0.49		0.49		0.50
Net investment income(2)	%	0.99	†	1.06	†	0.92	†	0.87		0.73		0.78
Portfolio turnover rate	%	60		127		84		100		108		113
		Class S
		Six Months Ended June 30, 2008		Year Ended December 31,
				2007		2006		2005		2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$	18.13		18.69		18.53		18.05		15.57		11.83
Income (loss) from investment operations:
Net investment income	$	0.06		0.15		0.12		0.11	*	0.07	*	0.04
Net realized and unrealized gain (loss) on investments	$	(1.16	)	0.84		1.55		1.75		2.47		3.74
Total from investment operations	$	(1.10	)	0.99		1.67		1.86		2.54		3.78
Less distributions from:
Net investment income	$	0.17		0.10		0.09		0.07		0.06		0.04
Net realized gains on investments	$	2.02		1.45		1.42		1.31		—		—
Total distributions	$	2.19		1.55		1.51		1.38		0.06		0.04
Net asset value, end of period	$	14.84		18.13		18.69		18.53		18.05		15.57
Total Return(1)	%	(5.90	)	5.26	††	9.12		10.84		16.35		32.06
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$	210,033		245,948		227,616		278,554		122,153		19,960
Ratios to average net assets:
Expenses(2)	%	0.75	†	0.74	†	0.74	†	0.74		0.74		0.75
Net investment income(2)	%	0.74	†	0.81	†	0.63	†	0.62		0.45		0.54
Portfolio turnover rate	%	60		127		84		100		108		113

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽²⁾ Annualized for periods less than one year.

* Calculated using average number of shares outstanding throughout the period.

† Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio.

†† There was no impact on total return by the affiliate payment in Note 13.

See Accompanying Notes to Financial Statements

10

ING VP INDEX PLUS SMALLCAP PORTFOLIO (UNAUDITED) FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period.

		Class I
		Six Months Ended June 30, 2008		Year Ended December 31,
				2007		2006		2005		2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$	15.19		17.99		16.68		16.39		13.52		9.95
Income (loss) from investment operations:
Net investment income	$	0.07	*	0.12		0.09	*	0.11	*	0.07		0.03
Net realized and unrealized gain (loss) on investments	$	(1.45	)	(1.07	)	2.20		1.09		2.90		3.56
Total from investment operations	$	(1.38	)	(0.95	)	2.29		1.20		2.97		3.59
Less distributions from:
Net investment income	$	0.13		0.08		0.07		0.05		0.02		0.02
Net realized gains on investments	$	0.83		1.77		0.91		0.86		0.08		—
Total distributions	$	0.96		1.85		0.98		0.91		0.10		0.02
Net asset value, end of period	$	12.85		15.19		17.99		16.68		16.39		13.52
Total Return(1)	%	(9.30	)	(6.22	)	13.82		7.62		22.07		36.15
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$	344,125		638,474		745,115		378,121		303,041		168,035
Ratios to average net assets:
Expenses(2)	%	0.51	†	0.49	†	0.49	†	0.49		0.49		0.56
Net investment income(2)	%	1.04	†	0.67	†	0.52	†	0.66		0.64		0.37
Portfolio turnover rate	%	57		126		93		71		94		120
		Class S
		Six Months Ended June 30, 2008		Year Ended December 31,
				2007		2006		2005		2004		2003
Per Share Operating Performance:
Net asset value, beginning of period	$	15.01		17.79		16.53		16.28		13.46		9.92
Income (loss) from investment operations:
Net investment income	$	0.06		0.07		0.04	*	0.07	*	0.06	*	0.01
Net realized and unrealized gain (loss) on investments	$	(1.44	)	(1.06	)	2.18		1.08		2.86		3.54
Total from investment operations	$	(1.38	)	(0.99	)	2.22		1.15		2.92		3.55
Less distributions from:
Net investment income	$	0.08		0.02		0.05		0.04		0.02		0.01
Net realized gains on investments	$	0.83		1.77		0.91		0.86		0.08		—
Total distributions	$	0.91		1.79		0.96		0.90		0.10		0.01
Net asset value, end of period	$	12.72		15.01		17.79		16.53		16.28		13.46
Total Return(1)	%	(9.36	)	(6.49	)	13.48		7.36		21.74		35.83
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$	149,008		181,986		204,246		333,092		110,292		16,419
Ratios to average net assets:
Expenses(2)	%	0.76	†	0.74	†	0.74	†	0.74		0.74		0.80
Net investment income(2)	%	0.79	†	0.42	†	0.25	†	0.43		0.45		0.13
Portfolio turnover rate	%	57		126		93		71		94		120

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽²⁾ Annualized for periods less than one year.

* Calculated using average number of shares outstanding throughout the period.

† Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio.

See Accompanying Notes to Financial Statements

11

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2008 (UNAUDITED)

NOTE 1 — ORGANIZATION

Organization. ING Variable Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”) as an open-end management investment company.

ING Variable Portfolios, Inc. is a company incorporated under the laws of Maryland on June 4, 1996. There are thirteen separate investment portfolios that comprise ING Variable Portfolios, Inc. The three portfolios (each a “Portfolio”, collectively the “Portfolios”) that are in this report are: ING VP Index Plus LargeCap Portfolio (“VP Index Plus LargeCap”), ING VP Index Plus MidCap Portfolio (“VP Index Plus MidCap”) and ING VP Index Plus SmallCap Portfolio (“VP Index Plus SmallCap”).

VP Index Plus LargeCap seeks to outperform the total return performance of the Standard & Poor’s 500^® Composite Stock Price Index (“S&P 500^® Index”), while maintaining a market level of risk.

VP Index Plus MidCap seeks to outperform the total return performance of the Standard & Poor’s (“S&P”) MidCap 400 Index, while maintaining a market level of risk.

VP Index Plus SmallCap seeks to outperform the total return performance of the S&P SmallCap 600 Index, while maintaining a market level of risk.

Each Portfolio offers Class I and Class S shares. The two classes differ principally in the applicable distribution and service fees. Shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Portfolio and earn income and realized gains/losses from the portfolio pro rata based on the average daily net assets of each class, without distinction between share classes. Common expenses of the Portfolios (including custodial asset-based fees, legal and audit fees, printing and mailing expenses, transfer agency out-of-pocket expenses, and fees and expenses of the independent trustees) are allocated to each Portfolio in proportion to its relative daily net assets. Expenses directly attributable to a particular Portfolio (including advisory, administration, custodial transaction-based, registration, other professional, distribution and/or service fees, certain taxes, and offering costs) are charged directly to that Portfolio. Differences in per share dividend rates generally result from differences in separate class expenses, including shareholder servicing fees.

Shares of the Portfolios may be offered to separate accounts of insurance companies as investment options

under variable annuity contracts and variable life insurance policies (“Variable Contracts”). Shares may also be offered to qualified pension and retirement plans outside the Variable Contract and to certain investment advisers and their affiliates. Class I shares may be made available to other investment companies, including series of each Company under fund-of-funds arrangements.

Participating insurance companies and other designated organizations are authorized to receive purchase orders on each Portfolio’s behalf.

ING Investments, LLC (“ING Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Portfolios. ING Investments has engaged ING Investment Management Co. (“ING IM”), a Connecticut corporation, to serve as the Sub-Adviser to the Portfolios. ING Funds Distributor, LLC (the “Distributor” or ”IFD”) is the principal underwriter of the Portfolios. ING Investments, ING IM and the Distributor are indirect, wholly-owned subsidiaries of ING Groep N.V. (“ING Groep”). ING Groep is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 75 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of about 125,000 people, ING Groep comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Such policies are in conformity with U.S. generally accepted accounting principles for investment companies.

A. Security Valuation. Investments in equity securities traded on a national securities exchange are valued at the last reported sale price. Securities reported by NASDAQ are valued at the NASDAQ official closing prices. Securities traded on an exchange or NASDAQ for which there has been no sale and securities traded in the over-the-counter-market are valued at the mean between the last reported bid and ask prices. All investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities are valued at prices obtained from independent services or from one or more dealers

12

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

making markets in the securities and may be adjusted based on the Portfolios’ valuation procedures. U.S. government obligations are valued by using market quotations or independent pricing services that use prices provided by market- makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics.

Securities and assets for which market quotations are not readily available (which may include certain restricted securities which are subject to limitations as to their sale) are valued at their fair values as determined in good faith by or under the supervision of the Portfolios’ Board of Directors (“Board”), in accordance with methods that are specifically authorized by the Board. Securities traded on exchanges, including foreign exchanges, which close earlier than the time that a Portfolio calculates its net asset value (“NAV”) may also be valued at their fair values as determined in good faith by or under the supervision of a Portfolio’s Board, in accordance with methods that are specifically authorized by the Board. The valuation techniques applied in any specific instance are likely to vary from case to case. With respect to a restricted security, for example, consideration is generally given to the cost of the investment, the market value of any unrestricted securities of the same class at the time of valuation, the potential expiration of restrictions on the security, the existence of any registration rights, the costs to the Portfolios related to registration of the security, as well as factors relevant to the issuer itself. Consideration may also be given to the price and extent of any public trading in similar securities of the issuer or comparable companies’ securities. The value of a foreign security traded on an exchange outside the United States is generally based on its price on the principal foreign exchange where it trades as of the time a Portfolio determines its NAV or if the foreign exchange closes prior to the time a Portfolio determines its NAV, the most recent closing price of the foreign security on its principal exchange. Trading in certain non-U.S. securities may not take place on all days on which the New York Stock Exchange (“NYSE”) is open. Further, trading takes place in various foreign markets on days on which the NYSE is not open. Consequently, the calculation of a Portfolio’s NAV

may not take place contemporaneously with the determination of the prices of securities held by a Portfolio in foreign securities markets. Further, the value of a Portfolio’s assets may be significantly affected by foreign trading on days when a shareholder cannot purchase or redeem shares of a Portfolio. In calculating a Portfolio’s NAV, foreign securities denominated in foreign currency are converted to U.S. dollar equivalents. If an event occurs after the time at which the market for foreign securities held by a Portfolio closes but before the time that the Portfolio’s NAV is calculated, such event may cause the closing price on the foreign exchange to not represent a readily available reliable market value quotation for such securities at the time a Portfolio determines its NAV. In such a case, a Portfolio will use the fair value of such securities as determined under a Portfolio’s valuation procedures. Events after the close of trading on a foreign market that could require the Portfolio to fair value some or all of its foreign securities include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis in the determination of a security’s fair value, the Board has authorized the use of one or more independent research services to assist with such determinations. An independent research service may use statistical analyses and quantitative models to help determine fair value as of the time a Portfolio calculates its NAV. There can be no assurance that such models accurately reflect the behavior of the applicable markets or the effect of the behavior of such markets on the fair value of securities, or that such markets will continue to behave in a fashion that is consistent with such models. Unlike the closing price of a security on an exchange, fair value determinations employ elements of judgment. Consequently, the fair value assigned to a security may not represent the actual value that a Portfolio could obtain if it were to sell the security at the time of the close of the NYSE. Pursuant to procedures adopted by the Board, a Portfolio is not obligated to use the fair valuations suggested by any research service, and valuation recommendations provided by such research services may be overridden if other events have occurred or if other fair valuations are determined in good faith to be more accurate. Unless an event is such that it causes a Portfolio to determine that the closing prices for one or more securities do not represent readily available reliable market value

13

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

quotations at the time the Portfolio determines its NAV, events that occur between the time of the close of the foreign market on which they are traded and the close of regular trading on the NYSE will not be reflected in the Portfolio’s NAV. Investments in securities maturing in 60 days or less from date of acquisition are valued at amortized cost which approximates market value.

Effective for fiscal years beginning after November 15, 2007, Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Portfolios is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1”, inputs other than quoted prices for an asset that are observable are classified as “Level 2” and unobservable inputs, including the sub-adviser’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3”. The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Portfolios’ investments under these levels of classification is included following the Portfolios of Investments.

B. Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.

C. Foreign Currency Translation. The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1) Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day.

(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at the end of the day, the Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Portfolio’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. Government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. Government securities.

D. Foreign Currency Transactions and Futures Contracts. Certain Portfolios may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. When entering into a currency forward contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed

14

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

upon date. The Portfolios either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract obligates the seller of the contract to deliver and the purchaser of the contract to take delivery of the type of foreign currency, financial instrument or security called for in the contract at a specified future time for a specified price. Upon entering into such a contract, a Portfolio is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is traded. Pursuant to the contract, a Portfolio agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margins and are recorded as unrealized gains or losses by a Portfolio. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

E. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Dividends from net investment income and capital gains, if any, are declared and paid annually by the Portfolios. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies.

F. Federal Income Taxes. It is the policy of each Portfolio to comply with subchapter M of the

Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to their shareholders. Therefore, no federal income tax provision is required. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expired.

G. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

H. Repurchase Agreements. Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Portfolio. The underlying collateral is valued daily on a mark to market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to a Portfolio in the event the Portfolio is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.

I. Securities Lending. Each Portfolio has the option to temporarily loan up to 30% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. Government securities. Generally, in the event of counterparty default, each Portfolio

15

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

has the right to use collateral to offset losses incurred. There would be potential loss to a Portfolio in the event the Portfolio is delayed or prevented from exercising its right to dispose of the collateral. Each Portfolio bears the risk of loss with respect to the investment of collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio.

J. Illiquid and Restricted Securities. Each Portfolio may not invest more than 10% of its net assets in illiquid securities. Illiquid securities are not readily marketable. Disposing of illiquid investments may involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for the Portfolios to sell them promptly at an acceptable price. Each Portfolio may also invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933 (“1933 Act”) or securities offered pursuant to Section 4(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Certain restricted securities may be considered liquid pursuant to procedures adopted by the Board or may be deemed to be illiquid because they may not be readily marketable. Illiquid and restricted securities are valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined under procedures approved by the Board.

K. When-Issued and Delayed-Delivery Transactions. Each Portfolio may purchase or sell securities on a when-issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The market value of such is identified in each Portfolio’s Portfolio of Investments. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to segregate liquid assets sufficient to cover the purchase price.

L. Swap Contracts. Each Portfolio may enter into interest rate swaps, currency swaps and other types of swap agreements, including swaps on securities and indices. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other on regularly scheduled dates over a stated term, based on different interest rates, currency exchange rates, security prices, the prices or rates of other types of financial instruments or assets or the levels of specified indices. During the term of the swap, changes in the value of the swap are recognized as unrealized appreciation or depreciation. Derivatives are also subject to credit risks related to the counterparty’s ability to perform, and any deterioration in the counterparty’s creditworthiness could adversely affect the instrument.

M. Options Contracts. The Portfolios may purchase put and call options and may write (sell) put options and covered call options. The Portfolios may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the premium received by the Portfolios upon the writing of a put or call option is included in the Statements of Assets and Liabilities as a liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Portfolios will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Portfolios give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Portfolios may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Portfolios pay a premium whether or not the option is exercised.

16

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

N. Indemnifications. In the normal course of business, the Company may enter into contracts that provide certain indemnifications. The Company maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

NOTE 3 — INVESTMENT TRANSACTIONS

For the period ended June 30, 2008, the cost of purchases and the proceeds from the sale of securities, excluding short-term securities, were as follows:

	Purchases		Sales
VP Index Plus LargeCap	$	1,914,544,833	$	2,861,205,597
VP Index Plus MidCap		706,489,896		1,035,807,704
VP Index Plus SmallCap		372,800,713		642,481,399

NOTE 4 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES

The Portfolios entered into an investment management agreement (“Investment Management Agreement”) with the Investment Adviser. The Investment Management Agreement compensates the Investment Adviser with a fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:

VP Index Plus LargeCap	0.35	%
VP Index Plus MidCap	0.40	%
VP Index Plus SmallCap	0.40	%

The Investment Adviser entered into a sub-advisory agreement with ING IM. Subject to such policies as the Board or the Investment Adviser may determine, ING IM manages the Portfolios’ assets in accordance with the Portfolios’ investment objectives, policies, and limitations.

ING Portfolios sub-advised by ING IM are permitted to invest end-of-day cash balances into ING Institutional Prime Money Market Fund. Investment management fees paid by the Portfolios will be reduced by an amount equal to the management fees paid indirectly to the ING Institutional Prime Money Market Fund with respect to assets invested by the Portfolios. For the

period ended June 30, 2008, the Investment Adviser for the Portfolios waived the following amounts, which are not subject to recoupment:

VP Index Plus LargeCap	$	5,673
VP Index Plus MidCap		3,657
VP Index Plus SmallCap		2,127

Pursuant to the Administration Agreement, ING Funds Services, LLC (“IFS”), an indirect, wholly-owned subsidiary of ING Groep, acts as administrator and provides certain administrative and shareholder services necessary for Portfolio operations and is responsible for the supervision of other service providers. IFS is entitled to receive from each Portfolio a fee at an annual rate of 0.055% on the first $5 billion of daily net assets and 0.03% thereafter.

NOTE 5 — DISTRIBUTION FEES

Class S shares of the respective Portfolios have adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), whereby the Distributor is compensated by each Portfolio for expenses incurred in the distribution of each Portfolio’s Class S shares (“Distribution Fees”). Pursuant to the 12b-1 Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each Portfolio’s S shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees (“Service Fees”) paid to securities dealers who have executed a distribution agreement with the Distributor. Under the 12b-1 Plans, Class S of the Portfolios pays the Distributor Distribution Fees at a rate of 0.25% based on average daily net assets.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES

At June 30, 2008, the Portfolios had the following amounts recorded in payable to affiliates on the accompanying Statements of Assets and Liabilities (see Notes 4 and 5):

Fund	Accrued Investment Management Fees		Accrued Administrative Fees		Accrued Shareholder Service and Distribution Fees		Total
VP Index Plus LargeCap	$	428,758	$	67,420	$	65,404	$	561,582
VP Index Plus MidCap		340,002		46,833		45,822		432,657
VP Index Plus SmallCap		171,515		23,682		32,705		227,902

17

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES (continued)

At June 30, 2008, the following indirect, wholly-owned subsidiaries of ING Groep owned more than 5% of the following Portfolios:

ING Life Insurance and Annuity Company — VP Index Plus LargeCap (65.98%); VP Index Plus MidCap (66.42%); VP Index Plus SmallCap (49.16%);

ING National Trust — VP Index Plus SmallCap (7.40%);

ING USA Annuity and Life Insurance Company — VP Index Plus LargeCap (20.41%); VP Index Plus MidCap (20.28%); and VP Index Plus SmallCap (28.58%).

The Company has adopted a Deferred Compensation Plan (“Policy”), which allows eligible non-affiliated directors as described in the Policy to defer the receipt of all or a portion of the directors’ fees payable. Deferred fees are invested in various funds advised by ING Investments until distribution in accordance with the Policy.

NOTE 7 — EXPENSE LIMITATIONS

ING Investments entered into written expense limitation agreements (“Expense Limitation Agreements”) with each of the Portfolios whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, brokerage and extraordinary expenses (and acquired fund fees and expenses) to the levels listed below:

	Class I		Class S
VP Index Plus LargeCap	0.55	%	0.80	%
VP Index Plus MidCap	0.60	%	0.85	%
VP Index Plus SmallCap	0.60	%	0.85	%

The Investment Adviser may at a later date recoup from a Portfolio for management fees waived and other expenses assumed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Portfolio’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees and any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the

accompanying Statements of Operations for each

Portfolio. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities for each Portfolio.

As of June 30, 2008, the Portfolio did not have any amount of waived or reimbursed fees that would be subject to possible recoupment by the Investment Adviser.

The Expense Limitation Agreement is contractual and shall renew automatically for one-year terms unless ING Investments provides written notice of the termination of an Expense Limitation Agreement within 90 days of the end of the then current term.

NOTE 8 — BORROWINGS

All of the Portfolios included in this report, in addition to certain other Portfolios managed by the Investment Adviser, have entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with Citibank, N.A. for an aggregate amount of $100,000,000. The proceeds may be used only to: (1) temporarily finance the purchase and sale of securities; (2) finance the redemption of shares of an investor in the Portfolios; and (3) enable the Portfolios to meet other emergency expenses as defined in the Credit Agreement. The Portfolios to which the line of credit is available pay a commitment fee equal to 0.08% per annum on the daily unused portion of the committed line amount. Each of the Portfolios will pay its pro rata share of both the agent and commitment fee. Generally, borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 30 days after the date of a revolving credit advance. The following Portfolios utilized the line of credit during the six months ended June 30, 2008.

	Days Utilized	Approximate Average Daily Balance		Approximate Weighted Average Interest Rate
VP Index Plus LargeCap	6	$	1,308,333	2.73	%
VP Index Plus MidCap	4		3,260,000	2.64	%
VP Index Plus SmallCap	5		4,076,000	3.09	%

18

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Class I						Class S
	Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007
VP Index Plus LargeCap (Number of Shares)
Shares sold		17,356,935			23,704,067			5,134,158			8,778,375
Reinvestment of distributions		10,840,426			1,705,469			1,823,783			103,873
Shares redeemed		(79,108,600	)		(31,787,126	)		(3,457,322	)		(3,200,299	)
Net increase (decrease) in shares outstanding		(50,911,239	)		(6,377,590	)		3,500,619			5,681,949
VP Index Plus LargeCap ($)
Shares sold	$	272,250,027		$	427,491,782		$	80,441,131		$	157,346,165
Reinvestment of distributions		164,882,877			29,658,100			27,539,125			1,795,960
Shares redeemed		(1,251,171,192	)		(576,171,274	)		(55,220,333	)		(57,466,289	)
Net increase (decrease)	$	(814,038,288	)	$	(119,021,392	)	$	52,759,923		$	101,675,836
	Class I						Class S
	Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007
VP Index Plus MidCap (Number of Shares)
Shares sold		5,375,993			9,625,192			903,665			3,505,312
Reinvestment of distributions		8,397,804			5,352,669			1,955,719			992,667
Shares redeemed		(26,430,408	)		(11,521,257	)		(2,267,217	)		(3,111,849	)
Net increase (decrease) in shares outstanding		(12,656,611	)		3,456,604			592,167			1,386,130
VP Index Plus MidCap ($)
Shares sold	$	84,022,645		$	183,759,944		$	14,807,291		$	66,776,651
Reinvestment of distributions		124,035,571			98,221,472			28,612,172			18,056,621
Shares redeemed		(422,529,066	)		(218,617,745	)		(36,410,664	)		(58,949,983	)
Net increase (decrease)	$	(214,470,850	)	$	63,363,671		$	7,008,799		$	25,883,289
	Class I						Class S
	Six Months Ended June 30, 2008			Year Ended December 31, 2007			Six Months Ended June 30, 2008			Year Ended December 31, 2007
VP Index Plus SmallCap (Number of Shares)
Shares sold		5,732,238			9,936,569			1,121,267			2,418,198
Reinvestment of distributions		2,651,405			4,396,124			815,556			1,192,855
Shares redeemed		(23,652,573	)		(13,706,804	)		(2,346,783	)		(2,970,975	)
Net increase (decrease) in shares outstanding		(15,268,930	)		625,889			(409,960	)		640,078
VP Index Plus SmallCap ($)
Shares sold	$	77,279,072		$	167,629,988		$	15,483,379		$	39,679,152
Reinvestment of distributions		35,078,084			73,327,354			10,691,941			19,705,972
Shares redeemed		(321,501,785	)		(229,248,987	)		(31,663,988	)		(49,463,578	)
Net increase (decrease)	$	(209,144,629	)	$	11,708,355		$	(5,488,668	)	$	9,921,546

NOTE 10 — SECURITIES LENDING

Under an agreement with The Bank of New York Mellon Corporation (“BNY”), the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash

and U.S. Government securities. The collateral must be in an amount equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with

19

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 10 — SECURITIES LENDING (continued)

BNY (the “Agreement”). The securities purchased with cash collateral received are reflected in the Portfolio of Investments. Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security, however there would be a potential loss to the Portfolios in the event the Portfolios are delayed or prevented from exercising their right to dispose of the collateral. The Portfolios bear the risk of loss with respect to the investment of collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio. At June 30, 2008, the Portfolios had securities on loan and received collateral with the following market values:

	Value of Securities Loaned		Value of Collateral
VP Index Plus LargeCap	$	144,799,636	$	149,921,664
VP Index Plus MidCap		272,090,129		282,808,594
VP Index Plus SmallCap		129,862,136		136,911,048

NOTE 11 — FEDERAL INCOME TAXES AND OTHER TAX MATTERS

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the Portfolios from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

	Six Months Ended June 30, 2008				Year Ended December 31, 2007
	Ordinary Income		Long-Term Capital Gains		Ordinary Income		Long-Term Capital Gains
VP Index Plus LargeCap	$	71,469,168	$	120,952,834	$	31,454,060	$	—
VP Index Plus MidCap		23,919,708		128,728,035		36,018,831		80,259,262
VP Index Plus SmallCap		5,426,085		40,343,940		39,157,943		53,875,383

The tax-basis components of distributable earnings as of December 31, 2007 were:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation/ (Depreciation)
VP Index Plus LargeCap	$	71,446,125	$	120,946,041	$	120,329,706
VP Index Plus MidCap		23,911,616		128,722,345		9,667,248
VP Index Plus SmallCap		5,422,714		40,336,887		(39,894,400	)

The Portfolios’ major tax jurisdictions are federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2003.

Under U.S. federal income tax law, as specified in the Internal Revenue Code (the “Code”) and U.S. Treasury regulations, the Portfolios must meet various technical requirements relating to fund administration, portfolio investments, and “eligible investors” in the Portfolios. Complying with these requirements is a condition for beneficial tax treatment of certain insurance products that offer the Portfolios as investment options. The failure of the Portfolios to meet any of these complex requirements could result in an excise tax,

administrative penalties imposed by the Internal Revenue Service, potential liability to insurers whose products include the Portfolios as investment options, and unanticipated costs associated with remedying a failure. It was disclosed in the Portfolios’ Annual Report for the year ended December 31, 2006, that an affiliate of a Portfolios’ investment adviser may have failed to limit the availability of the Portfolios for investment to “eligible investors” under the Code. Management has determined that it is more likely than not the Portfolios would sustain their tax position relative to this matter.

20

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

NOTE 12 — OTHER ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board issued FASB Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes.” This standard defines the threshold for recognizing the benefits of tax-return positions in the financial statements as “more-likely-than-not” to be sustained upon challenge by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50 percent likely to be realized. FIN 48 was effective for fiscal years beginning after December 15, 2006, with early application permitted if no interim financial statements had been issued. Acknowledging the unique issues that FIN 48 presents for investment companies that calculate NAVs, the SEC indicated that they would not object if a fund implemented FIN 48 in its NAV calculation as late as its last NAV calculation in the first required financial statement reporting period for its fiscal year beginning after December 15, 2006. At adoption, companies must adjust their financial statements to reflect only those tax positions that are more likely-than-not to be sustained as of the adoption date. Management of the Portfolios has analyzed the tax positions of the Portfolios. Upon adoption of FIN 48 on June 29, 2007, management identified no uncertain tax positions that have not met the more likely-than-not standard.

On March 19, 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (“SFAS No. 161”), “Disclosure about Derivative Instruments and Hedging Activities.” This new accounting statement requires enhanced disclosures about an entity’s derivative and hedging activities. Entities are required

to provide enhanced disclosures about (a) how and why an entity invests in derivatives, (b) how derivatives are accounted for under SFAS No. 133, and (c) how derivatives affect an entity’s financial position, financial performance, and cash flows. SFAS No. 161 also requires enhanced disclosures regarding credit-risk-related contingent features of derivative instruments. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. As of June 30, 2008, management of the Portfolios is currently assessing the impact of the expanded financial statement disclosures that will result from adopting SFAS No. 161.

NOTE 13 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS

The adviser and its affiliates (“ING”) received informal and formal requests for information or subpoenas from the SEC, NASD, Attorney General for the State of New York (“NYAG”) as well as certain other governmental agencies in connection with “late trading” activity and/or “market timing” activity in the Portfolios. ING agreed with the Portfolios to indemnify and hold harmless the Portfolios from all damages resulting from wrongful conduct by ING or its employees or from ING’s internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the U.S. Securities and Exchange Commission. In November, 2007, ING settled its indemnification commitments by making payments to the affected Portfolios. In connection with the settlement, ING paid $22,785 to VP Index Plus LargeCap and $23,412 to VP Index Plus MidCap.

21

ING VP INDEX PLUS LARGECAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED)

Shares			Value
COMMON STOCK: 98.3%
Advertising: 0.8%
532,400	@, L	Interpublic Group of Cos., Inc.	$	4,578,640
149,600	L	Omnicom Group		6,714,048
				11,292,688
Aerospace/Defense: 3.2%
242,500		Boeing Co.		15,937,100
141,300		Goodrich Corp.		6,706,098
112,700		Lockheed Martin Corp.		11,118,982
86,900		Northrop Grumman Corp.		5,813,610
100,700		United Technologies Corp.		6,213,190
				45,788,980
Agriculture: 2.2%
270,550		Altria Group, Inc.		5,562,508
164,000	L	Archer-Daniels-Midland Co.		5,535,000
270,550		Philip Morris International, Inc.		13,362,465
131,000	L	Reynolds American, Inc.		6,113,770
				30,573,743
Apparel: 1.2%
167,900	@	Coach, Inc.		4,848,952
137,600		Nike, Inc.		8,202,336
45,300		VF Corp.		3,224,454
				16,275,742
Auto Parts & Equipment: 0.7%
107,300	@, L	Goodyear Tire & Rubber Co.		1,913,159
293,000		Johnson Controls, Inc.		8,403,240
				10,316,399

Shares			Value
Banks: 2.8%
370,647	S	Bank of America Corp.	$	8,847,344
221,700	L	Bank of New York Mellon Corp.		8,386,911
68,600	L	BB&T Corp.		1,562,022
78,200	L	Capital One Financial Corp.		2,972,382
67,000		Fifth Third Bancorp.		682,060
50,131	L	Marshall & Ilsley Corp.		768,508
42,204		Northern Trust Corp.		2,893,928
256,050	L	Regions Financial Corp.		2,793,506
71,200		State Street Corp.		4,556,088
112,700		Wells Fargo & Co.		2,676,625
123,900	L	Zions Bancorp.		3,901,611
				40,040,985
Beverages: 1.6%
326,900		Coca-Cola Co.		16,992,262
151,800		Pepsi Bottling Group, Inc.		4,238,256
11,700		PepsiCo, Inc.		744,003
				21,974,521
Biotechnology: 1.5%
239,000	@	Amgen, Inc.		11,271,240
59,100	@	Biogen Idec, Inc.		3,303,099
42,000	@, L	Celgene Corp.		2,682,540
81,900	@, L	Gilead Sciences, Inc.		4,336,605
				21,593,484
Chemicals: 2.7%
21,900		Air Products & Chemicals, Inc.		2,165,034
46,800		Dow Chemical Co.		1,633,788
261,100		EI Du Pont de Nemours & Co.		11,198,579
131,200		Hercules, Inc.		2,221,216
23,300	L	International Flavors & Fragrances, Inc.		910,098
93,800		Monsanto Co.		11,860,072
14,300	L	Rohm & Haas Co.		664,092
146,200	L	Sigma-Aldrich Corp.		7,874,332
				38,527,211
Coal: 0.1%
10,230	L	Massey Energy Co.		959,063
				959,063
Commercial Services: 0.7%
31,500	@	Apollo Group, Inc. - Class A		1,394,190
102,100		H&R Block, Inc.		2,184,940
25,800	L	Robert Half International, Inc.		618,426
177,700		RR Donnelley & Sons Co.		5,275,913
34,000		Western Union Co.		840,480
				10,313,949
Computers: 6.5%
108,200	@, L	Affiliated Computer Services, Inc.		5,787,618
86,500	@	Apple, Inc.		14,483,560
504,100	@, L	Dell, Inc.		11,029,708
129,800	@	EMC Corp.		1,906,762
532,718		Hewlett-Packard Co.		23,551,463
254,650		International Business Machines Corp.		30,183,665
112,900	@, S, L	Lexmark International, Inc.		3,774,247
36,800	@	Teradata Corp.		851,552
				91,568,575

See Accompanying Notes to Financial Statements

22

ING VP INDEX PLUS LARGECAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares			Value
Cosmetics/Personal Care: 1.6%
67,700		Avon Products, Inc.	$	2,438,554
326,942		Procter & Gamble Co.		19,881,343
				22,319,897
Diversified Financial Services: 4.3%
22,500		American Express Co.		847,575
464,600		Citigroup, Inc.		7,786,696
76,000	L	Countrywide Financial Corp.		323,000
275,900		Discover Financial Services		3,633,603
115,900	L	Federal National Mortgage Association		2,261,209
90,000		Goldman Sachs Group, Inc.		15,741,000
7,900	@	IntercontinentalExchange, Inc.		900,600
340,000		JPMorgan Chase & Co.		11,665,400
61,650	L	Lehman Brothers Holdings, Inc.		1,221,287
170,500	L	Merrill Lynch & Co., Inc.		5,406,555
218,500		Morgan Stanley		7,881,295
61,700	L	NYSE Euronext		3,125,722
				60,793,942
Electric: 4.1%
349,400		American Electric Power Co., Inc.		14,056,362
239,200	L	Dominion Resources, Inc.		11,359,608
188,800	L	DTE Energy Co.		8,012,672
420,100		Duke Energy Corp.		7,301,338
278,900		Edison International		14,329,882
106,600	L	Pepco Holdings, Inc.		2,734,290
				57,794,152
Electronics: 2.1%
182,000	@, L	Agilent Technologies, Inc.		6,468,280
21,100		Applera Corp. - Applied Biosystems Group		706,428
175,800	L	Jabil Circuit, Inc.		2,884,878
128,500		PerkinElmer, Inc.		3,578,725
123,800	@	Thermo Electron Corp.		6,899,374
110,848	@@	Tyco Electronics Ltd.		3,970,575
69,910	@	Waters Corp.		4,509,195
				29,017,455
Engineering & Construction: 0.4%
31,100	L	Fluor Corp.		5,787,088
				5,787,088
Environmental Control: 0.3%
361,000	@	Allied Waste Industries, Inc.		4,555,820
				4,555,820
Food: 1.7%
98,900		ConAgra Foods, Inc.		1,906,792
63,982		General Mills, Inc.		3,888,186
111,600		Kellogg Co.		5,359,032
648,200		Sara Lee Corp.		7,940,450
68,300		Supervalu, Inc.		2,109,787
27,800		WM Wrigley Jr. Co.		2,162,284
				23,366,531
Hand/Machine Tools: 0.3%
38,200		Snap-On, Inc.		1,986,782
57,100	L	Stanley Works		2,559,793
				4,546,575

Shares			Value
Healthcare - Products: 2.7%
260,900	@, S	Boston Scientific Corp.	$	3,206,461
105,700		Johnson & Johnson		6,800,738
320,700		Medtronic, Inc.		16,596,225
149,600	@, L	Patterson Cos., Inc.		4,396,744
164,600	@	St. Jude Medical, Inc.		6,728,848
				37,729,016
Healthcare - Services: 0.7%
78,700		Aetna, Inc.		3,189,711
24,800		Cigna Corp.		877,672
77,100	@	Laboratory Corp. of America Holdings		5,368,473
				9,435,856
Home Builders: 0.1%
160,900	L	Lennar Corp.		1,985,506
				1,985,506
Household Products/Wares: 1.4%
124,200		Clorox Co.		6,483,240
219,100		Kimberly-Clark Corp.		13,097,798
				19,581,038
Insurance: 4.3%
130,200	@@	ACE Ltd.		7,172,718
96,300	L	Aflac, Inc.		6,047,640
338,100		American International Group, Inc.		8,946,126
34,800		Assurant, Inc.		2,295,408
187,750		Chubb Corp.		9,201,628
86,000		Hartford Financial Services Group, Inc.		5,553,020
213,950	L	Metlife, Inc.		11,290,142
39,900	L	Prudential Financial, Inc.		2,383,626
172,000		Travelers Cos., Inc.		7,464,800
				60,355,108
Internet: 1.4%
13,200	@, L	Amazon.com, Inc.		967,956
92,100	@	eBay, Inc.		2,517,093
103,100	@, L	Expedia, Inc.		1,894,978
16,800	@	Google, Inc. - Class A		8,843,856
239,000	@	Symantec Corp.		4,624,650
70,900	@, L	Yahoo!, Inc.		1,464,794
				20,313,327
Iron/Steel: 0.5%
78,700		Nucor Corp.		5,876,529
5,750		United States Steel Corp.		1,062,485
				6,939,014
Machinery - Construction & Mining: 0.9%
121,900		Caterpillar, Inc.		8,998,658
70,600	@	Terex Corp.		3,626,722
				12,625,380
Media: 1.6%
63,950		Clear Channel Communications, Inc.		2,251,040
132,500	@, L	DIRECTV Group, Inc.		3,433,075
356,618		News Corp. - Class A		5,363,535
72,300	@, L	Viacom - Class B		2,208,042
291,600	L	Walt Disney Co.		9,097,920
				22,353,612

See Accompanying Notes to Financial Statements

23

ING VP INDEX PLUS LARGECAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares			Value
Mining: 0.6%
75,400		Freeport-McMoRan Copper & Gold, Inc.	$	8,836,126
				8,836,126
Miscellaneous Manufacturing: 5.3%
73,000	L	Cooper Industries Ltd.		2,883,500
221,900		Dover Corp.		10,733,303
121,000		Eaton Corp.		10,281,370
1,028,592		General Electric Co.		27,453,115
121,500		Honeywell International, Inc.		6,109,020
200,400	L	Leggett & Platt, Inc.		3,360,708
93,325	L	Parker Hannifin Corp.		6,655,939
148,100		Textron, Inc.		7,098,433
				74,575,388
Office/Business Equipment: 0.5%
175,600		Pitney Bowes, Inc.		5,987,960
87,500		Xerox Corp.		1,186,500
				7,174,460
Oil & Gas: 16.2%
122,800		Anadarko Petroleum Corp.		9,190,352
79,200		Apache Corp.		11,008,800
12,440		Cabot Oil & Gas Corp.		842,561
48,300		Chesapeake Energy Corp.		3,185,868
422,178		Chevron Corp.		41,850,505
285,926		ConocoPhillips		26,988,555
115,800		Devon Energy Corp.		13,914,528
892,250		ExxonMobil Corp.		78,633,993
55,300		Hess Corp.		6,978,307
51,500		Marathon Oil Corp.		2,671,305
49,500		Murphy Oil Corp.		4,853,475
47,600		Noble Energy, Inc.		4,786,656
210,950		Occidental Petroleum Corp.		18,955,967
15,600	@	Southwestern Energy Co.		742,716
21,176	@, L	Transocean, Inc.		3,227,011
				227,830,599
Oil & Gas Services: 0.2%
31,500		Schlumberger Ltd.		3,384,045
				3,384,045
Packaging & Containers: 0.4%
110,200	L	Ball Corp.		5,260,948
				5,260,948
Pharmaceuticals: 4.4%
18,400		AmerisourceBergen Corp.		735,816
248,700		Eli Lilly & Co.		11,479,992
106,700	@, L	Express Scripts, Inc.		6,692,224
87,900	@	Forest Laboratories, Inc.		3,053,646
81,600	@, L	King Pharmaceuticals, Inc.		854,352
300,300		Merck & Co., Inc.		11,318,307
125,350		Pfizer, Inc.		2,189,865
416,200		Schering-Plough Corp.		8,194,978
71,300	@, L	Watson Pharmaceuticals, Inc.		1,937,221
326,200		Wyeth		15,644,552
				62,100,953
Pipelines: 0.7%
139,900		Spectra Energy Corp.		4,020,726
131,100		Williams Cos., Inc.		5,284,641
				9,305,367

Shares			Value
Retail: 5.4%
46,100	L	Abercrombie & Fitch Co.	$	2,889,548
52,500	@, L	Autozone, Inc.		6,353,025
85,400		Best Buy Co., Inc.		3,381,840
94,100	@, L	Big Lots, Inc.		2,939,684
26,700		CVS Caremark Corp.		1,056,519
165,500	L	Family Dollar Stores, Inc.		3,300,070
103,700	@, L	GameStop Corp.		4,189,480
267,400		Gap, Inc.		4,457,558
241,300	L	Limited Brands, Inc.		4,065,905
271,000		McDonald’s Corp.		15,235,620
16,100	L	Tiffany & Co.		656,075
248,850	S	TJX Cos., Inc.		7,831,310
347,800		Wal-Mart Stores, Inc.		19,546,360
				75,902,994
Savings & Loans: 0.1%
65,100		Hudson City Bancorp., Inc.		1,085,868
				1,085,868
Semiconductors: 2.3%
583,100	L	Intel Corp.		12,524,988
256,300		National Semiconductor Corp.		5,264,402
45,700	@	Nvidia Corp.		855,504
123,900	@, L	QLogic Corp.		1,807,701
415,500		Texas Instruments, Inc.		11,700,480
				32,153,075
Software: 4.4%
82,800	@, S, L	Autodesk, Inc.		2,799,468
23,300	@	BMC Software, Inc.		838,800
159,300	S	CA, Inc.		3,678,237
185,800	@, L	Fiserv, Inc.		8,429,746
198,900		IMS Health, Inc.		4,634,370
1,172,450		Microsoft Corp.		32,254,100
477,100	@	Oracle Corp.		10,019,100
				62,653,821
Telecommunications: 4.7%
670,807		AT&T, Inc.		22,599,488
78,400		CenturyTel, Inc.		2,790,256
778,850	@	Cisco Systems, Inc.		18,116,051
143,800		Corning, Inc.		3,314,590
68,500	@, L	JDS Uniphase Corp.		778,160
689,100	L	Qwest Communications International, Inc.		2,708,163
278,000		Verizon Communications, Inc.		9,841,200
525,000		Windstream Corp.		6,478,500
				66,626,408
Toys/Games/Hobbies: 0.4%
145,800		Hasbro, Inc.		5,207,976
				5,207,976
Transportation: 0.3%
67,400	L	Ryder System, Inc.		4,642,512
				4,642,512
		Total Common Stock (Cost $1,462,668,724)		1,385,465,197

See Accompanying Notes to Financial Statements

24

ING VP INDEX PLUS LARGECAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares			Value
REAL ESTATE INVESTMENT TRUSTS: 0.1%
Hotels: 0.1%
121,700		Host Hotels & Resorts, Inc.	$	1,661,205
		Total Real Estate Investment Trusts (Cost $2,008,312)		1,661,205
		Total Long-Term Investments (Cost $1,464,677,036)		1,387,126,402
SHORT-TERM INVESTMENTS: 12.2%
Mutual Fund: 1.1%
14,875,000	**, S	ING Institutional Prime Money Market Fund		14,875,000
		Total Mutual Fund (Cost $14,875,000)		14,875,000

Principal Amount					Value
	Repurchase Agreement: 0.5%
$	7,039,000	Deutsche Bank Repurchase Agreement dated 06/30/08, 2.500%, due 07/01/08, $7,039,489 to be received upon repurchase (Collateralized by $7,018,000 Federal National Mortgage Association, 5.625%, Market Value plus accrued interest $7,180,291, due 09/04/12)			$	7,039,000
		Total Repurchase Agreement (Cost $7,039,000)				7,039,000
	Securities Lending Collateralcc: 10.6%
	149,921,664	Bank of New York Mellon Corp. Institutional Cash Reserves				149,921,664
		Total Securities Lending Collateral (Cost $149,921,664)				149,921,664
		Total Short-Term Investments (Cost $171,835,664)				171,835,664
		Total Investments in Securities (Cost $1,636,512,700)*	110.6	%	$	1,558,962,066
		Other Assets and Liabilities - Net	(10.6	)		(149,946,286	)
		Net Assets	100.0	%	$	1,409,015,780

@ Non-income producing security

@@ Foreign Issuer

cc Securities purchased with cash collateral for securities loaned.

S All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities.

L Loaned security, a portion or all of the security is on loan at June 30, 2008.

** Investment in affiliate

* Cost for federal income tax purposes is $1,676,663,550.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	6,215,467
Gross Unrealized Depreciation		(123,916,951	)
Net Unrealized Depreciation	$	(117,701,484	)

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements. ” This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

• Level 1 — quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Portfolio’s own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio’s investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	1,551,923,066	$	(1,258,579	)
Level 2 — Other Significant Observable Inputs		7,039,000		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	1,558,962,066	$	(1,258,579	)

* Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

ING VP Index Plus LargeCap Portfolio open futures contracts on June 30, 2008.

Contract Description	Number of Contracts	Notional Market Value ($)	Expiration Date	Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P 500	83	26,582,825	09/18/08	$	(1,258,579	)
				$	(1,258,579	)

See Accompanying Notes to Financial Statements

25

ING VP INDEX PLUS MIDCAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED)

Shares			Value
COMMON STOCK: 95.3%
Advertising: 0.1%
43,100	@	Getty Images, Inc.	$	1,462,383
				1,462,383
Aerospace/Defense: 1.3%
76,200	@, L	Alliant Techsystems, Inc.		7,748,016
124,510	@	BE Aerospace, Inc.		2,899,838
21,178		DRS Technologies, Inc.		1,667,132
				12,314,986
Agriculture: 0.2%
54,040		Universal Corp.		2,443,689
				2,443,689
Apparel: 0.4%
86,910	@, L	Warnaco Group, Inc.		3,830,124
				3,830,124
Auto Manufacturers: 0.2%
104,710	L	Oshkosh Truck Corp.		2,166,450
				2,166,450
Auto Parts & Equipment: 1.1%
32,000	L	ArvinMeritor, Inc.		399,360
189,470	L	BorgWarner, Inc.		8,408,679
124,320	@, L	Lear Corp.		1,762,858
				10,570,897
Banks: 2.2%
78,400	L	Bank of Hawaii Corp.		3,747,520
223,397	L	Cathay General Bancorp.		2,428,325
42,521	L	Commerce Bancshares, Inc.		1,686,383
104,700	L	FirstMerit Corp.		1,707,657

Shares			Value
25,770	L	PacWest Bancorp	$	383,458
30,500	@, L	SVB Financial Group		1,467,355
226,260	L	Webster Financial Corp.		4,208,436
232,750	L	Wilmington Trust Corp.		6,153,910
				21,783,044
Beverages: 0.7%
56,610	@, L	Hansen Natural Corp.		1,631,500
267,798		PepsiAmericas, Inc.		5,297,044
				6,928,544
Biotechnology: 1.1%
10,000	@, L	Charles River Laboratories International, Inc.		639,200
144,598	@, L	Invitrogen Corp.		5,676,917
56,400	@	PDL BioPharma, Inc.		598,968
107,900	@, L	Vertex Pharmaceuticals, Inc.		3,611,413
				10,526,498
Chemicals: 4.6%
114,830		Airgas, Inc.		6,704,924
13,808		Albemarle Corp.		551,077
51,800	S, L	Cabot Corp.		1,259,258
42,400	L	CF Industries Holdings, Inc.		6,478,720
89,450		Cytec Industries, Inc.		4,880,392
7,600		FMC Corp.		588,544
135,939	L	Lubrizol Corp.		6,298,054
86,040	L	Minerals Technologies, Inc.		5,471,284
172,880	L	Olin Corp.		4,525,998
168,000	L	RPM International, Inc.		3,460,800
83,120	L	Terra Industries, Inc.		4,101,972
26,440		Valspar Corp.		499,980
				44,821,003
Coal: 0.9%
119,350		Arch Coal, Inc.		8,954,831
				8,954,831
Commercial Services: 5.6%
104,513	@, L	Alliance Data Systems Corp.		5,910,210
105,390	@, L	Career Education Corp.		1,539,748
68,950	@	ChoicePoint, Inc.		3,323,390
21,000	L	Corporate Executive Board Co.		883,050
54,940		DeVry, Inc.		2,945,883
60,150	@, L	Gartner, Inc.		1,246,308
25,730	S	Global Payments, Inc.		1,199,018
53,808	@, L	ITT Educational Services, Inc.		4,446,155
171,900	@, L	Korn/Ferry International		2,703,987
132,006		Manpower, Inc.		7,688,029
253,152	@, L	MPS Group, Inc.		2,691,006
119,000	@, L	Navigant Consulting, Inc.		2,327,640
56,150		Pharmaceutical Product Development, Inc.		2,408,835
73,300	@, L	Quanta Services, Inc.		2,438,691
107,450	@, L	Rent-A-Center, Inc.		2,210,247
198,586	L	Rollins, Inc.		2,943,045
234,720		Service Corp. International		2,314,339
15,050	L	Strayer Education, Inc.		3,146,504
26,150	@, L	United Rentals, Inc.		512,802
180,110	@, L	Valassis Communications, Inc.		2,254,977
				55,133,864

See Accompanying Notes to Financial Statements

26

ING VP INDEX PLUS MIDCAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares			Value
Computers: 2.9%
296,150	@, L	Cadence Design Systems, Inc.	$	2,991,115
65,500		Diebold, Inc.		2,330,490
37,300	@, L	DST Systems, Inc.		2,053,365
82,800	@	Mentor Graphics Corp.		1,308,240
242,400	@	NCR Corp.		6,108,480
50,078	@, L	SRA International, Inc.		1,124,752
212,515	@, L	Synopsys, Inc.		5,081,234
222,448	@, L	Western Digital Corp.		7,681,129
				28,678,805
Distribution/Wholesale: 1.4%
63,340	L	Fastenal Co.		2,733,754
365,171	@	Ingram Micro, Inc.		6,481,785
140,450	@	Tech Data Corp.		4,759,851
				13,975,390
Diversified Financial Services: 0.9%
27,800	@, L	Affiliated Managers Group, Inc.		2,503,668
37,500	@, L	AmeriCredit Corp.		323,250
52,090	L	Eaton Vance Corp.		2,071,098
161,031	S	Raymond James Financial, Inc.		4,249,608
				9,147,624
Electric: 4.0%
376,220	@	Aquila, Inc.		1,418,349
291,400	L	DPL, Inc.		7,687,132
143,290		Energy East Corp.		3,542,129
273,200	L	Hawaiian Electric Industries		6,756,236
288,243		MDU Resources Group, Inc.		10,048,140
31,178		Northeast Utilities		795,974
60,269		OGE Energy Corp.		1,911,130
114,402		Puget Energy, Inc.		2,744,504
103,880		SCANA Corp.		3,843,560
11,610		Wisconsin Energy Corp.		525,004
				39,272,158
Electrical Components & Equipment: 1.2%
86,292		Ametek, Inc.		4,074,708
28,400	@, L	Energizer Holdings, Inc.		2,075,756
133,150		Hubbell, Inc.		5,308,691
				11,459,155
Electronics: 3.3%
51,304		Amphenol Corp.		2,302,524
199,900	@	Arrow Electronics, Inc.		6,140,928
186,900	@	Avnet, Inc.		5,098,632
104,500	@, L	Flir Systems, Inc.		4,239,565
174,115		National Instruments Corp.		4,939,643
44,957	@, L	Thomas & Betts Corp.		1,701,622
94,454	@, L	Trimble Navigation Ltd.		3,372,008
51,828	@, L	Varian, Inc.		2,646,338
212,500	@	Vishay Intertechnology, Inc.		1,884,875
				32,326,135
Engineering & Construction: 1.6%
62,230		Granite Construction, Inc.		1,962,112
207,840		KBR, Inc.		7,255,694
76,400	@	Shaw Group, Inc.		4,720,756
41,170	@	URS Corp.		1,727,905
				15,666,467

Shares			Value
Entertainment: 0.8%
75,700	@	DreamWorks Animation SKG, Inc.	$	2,256,617
94,600		International Speedway Corp.		3,692,238
58,120	@, L	Macrovision Solutions Corp.		869,475
23,180	@, L	Scientific Games Corp.		686,592
				7,504,922
Environmental Control: 0.2%
65,500		Republic Services, Inc.		1,945,350
				1,945,350
Food: 0.9%
68,950		Corn Products International, Inc.		3,386,135
30,884		Hormel Foods Corp.		1,068,895
142,065	L	Ruddick Corp.		4,874,250
				9,329,280
Forest Products & Paper: 0.0%
36,302	L	Temple-Inland, Inc.		409,124
				409,124
Gas: 1.6%
120,930		Energen Corp.		9,436,168
738	L	Vectren Corp.		23,033
193,770		WGL Holdings, Inc.		6,731,570
				16,190,771
Hand/Machine Tools: 0.8%
57,220	L	Kennametal, Inc.		1,862,511
79,670		Lincoln Electric Holdings, Inc.		6,270,029
				8,132,540
Healthcare - Products: 3.7%
75,760	@, L	Affymetrix, Inc.		779,570
13,700		Beckman Coulter, Inc.		925,161
217,662		Densply International, Inc.		8,009,962
58,989	@, L	Edwards Lifesciences Corp.		3,659,678
109,516	@	Gen-Probe, Inc.		5,199,820
82,277	@, L	Henry Schein, Inc.		4,243,025
24,300	L	Hill-Rom Holdings, Inc.		655,614
179,556	@, L	Hologic, Inc.		3,914,321
68,410	@, L	Kinetic Concepts, Inc.		2,730,243
37,900	@, L	Resmed, Inc.		1,354,546
62,258	@	Techne Corp.		4,818,147
				36,290,087
Healthcare - Services: 1.4%
47,100	@, L	Apria Healthcare Group, Inc.		913,269
313,900	@, L	Health Management Associates, Inc.		2,043,489
168,450	@	Health Net, Inc.		4,052,907
22,500	@	Kindred Healthcare, Inc.		647,100
68,000	@, L	LifePoint Hospitals, Inc.		1,924,400
100,085	@, L	Lincare Holdings, Inc.		2,842,414
40,170	@	WellCare Health Plans, Inc.		1,452,146
				13,875,725
Home Builders: 1.3%
92,090	@, L	Hovnanian Enterprises, Inc.		504,653
57,440	L	MDC Holdings, Inc.		2,243,606
9,230	@, L	NVR, Inc.		4,615,738
52,800	L	Ryland Group, Inc.		1,151,568

See Accompanying Notes to Financial Statements

27

ING VP INDEX PLUS MIDCAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares			Value
Home Builders: (continued)
26,207	L	Thor Industries, Inc.	$	557,161
211,240	@, L	Toll Brothers, Inc.		3,956,525
				13,029,251
Home Furnishings: 0.3%
231,550	L	Furniture Brands International, Inc.		3,093,508
				3,093,508
Household Products/Wares: 0.7%
207,659	L	American Greetings Corp.		2,562,512
52,140	L	Blyth, Inc.		627,244
96,137		Tupperware Corp.		3,289,808
				6,479,564
Insurance: 4.5%
250,436	L	American Financial Group, Inc.		6,699,163
134,206		Arthur J. Gallagher & Co.		3,234,365
75,969		Brown & Brown, Inc.		1,321,101
110,229	@@	Everest Re Group Ltd.		8,786,354
20,978	L	Fidelity National Title Group, Inc.		264,323
43,300		First American Corp.		1,143,120
81,105		Hanover Insurance Group, Inc.		3,446,963
219,066		HCC Insurance Holdings, Inc.		4,631,055
38,540		Horace Mann Educators Corp.		540,331
92,087		Protective Life Corp.		3,503,910
94,814	L	Stancorp Financial Group, Inc.		4,452,465
24,787	L	Unitrin, Inc.		683,378
213,003		WR Berkley Corp.		5,146,152
				43,852,680
Internet: 1.2%
126,550	@, L	Avocent Corp.		2,353,830
39,800	@, L	Digital River, Inc.		1,535,484
18,600	@	F5 Networks, Inc.		528,612
124,127	@	McAfee, Inc.		4,224,042
57,650	@, L	NetFlix, Inc.		1,502,936
108,550	@, L	Valueclick, Inc.		1,644,533
				11,789,437
Investment Companies: 0.2%
161,030	L	Apollo Investment Corp.		2,307,560
				2,307,560
Iron/Steel: 2.1%
34,500	L	Carpenter Technology Corp.		1,505,925
61,800	L	Cleveland-Cliffs, Inc.		7,365,942
99,550		Reliance Steel & Aluminum Co.		7,674,310
107,876		Steel Dynamics, Inc.		4,214,715
				20,760,892
Leisure Time: 0.3%
236,460	L	Callaway Golf Co.		2,797,322
				2,797,322
Machinery - Construction & Mining: 0.8%
101,130		Joy Global, Inc.		7,668,688
				7,668,688

Shares			Value
Machinery - Diversified: 4.6%
119,850	@	AGCO Corp.	$	6,281,339
78,620		Flowserve Corp.		10,747,354
176,470		Graco, Inc.		6,718,213
126,430	S, L	IDEX Corp.		4,657,681
53,600	L	Nordson Corp.		3,906,904
93,920		Roper Industries, Inc.		6,187,450
79,300	L	Wabtec Corp.		3,855,566
103,490	@, L	Zebra Technologies Corp.		3,377,914
				45,732,421
Media: 0.3%
32,200	L	Media General, Inc.		384,790
83,150	@, L	Scholastic Corp.		2,383,079
				2,767,869
Metal Fabricate/Hardware: 0.7%
48,750		Commercial Metals Co.		1,837,875
32,100		Timken Co.		1,057,374
180,640	L	Worthington Industries		3,703,120
				6,598,369
Miscellaneous Manufacturing: 4.1%
156,929	L	Aptargroup, Inc.		6,583,172
62,000	L	Brink’s Co.		4,056,040
156,294		Crane Co.		6,022,008
50,850		Donaldson Co., Inc.		2,269,944
61,250		Harsco Corp.		3,332,613
69,670	L	Matthews International Corp. - Class A		3,153,264
139,798	L	Pentair, Inc.		4,895,726
54,290	L	SPX Corp.		7,151,622
43,661		Teleflex, Inc.		2,427,115
				39,891,504
Office Furnishings: 0.6%
133,432	L	Herman Miller, Inc.		3,321,122
142,837	L	HNI, Corp.		2,522,501
				5,843,623
Oil & Gas: 8.4%
18,150	@, L	Bill Barrett Corp.		1,078,292
148,800	L	Cimarex Energy Co.		10,366,896
295,680	@, L	Denbury Resources, Inc.		10,792,320
98,436	@, L	Encore Acquisition Co.		7,401,403
48,040		Equitable Resources, Inc.		3,317,642
131,350	@, L	Forest Oil Corp.		9,785,575
53,970	L	Frontier Oil Corp.		1,290,423
87,062	L	Helmerich & Payne, Inc.		6,270,205
50,740	@	Newfield Exploration Co.		3,310,785
92,400	L	Patterson-UTI Energy, Inc.		3,330,096
65,500	L	Pioneer Natural Resources Co.		5,127,340
126,455	@, L	Plains Exploration & Production Co.		9,227,421
187,350	@	Pride International, Inc.		8,859,782
69,840	@, L	Quicksilver Resources, Inc.		2,698,618
				82,856,798
Oil & Gas Services: 0.9%
91,300	@	FMC Technologies, Inc.		7,023,709
24,370	@, L	Superior Energy Services		1,343,762
				8,367,471

See Accompanying Notes to Financial Statements

28

ING VP INDEX PLUS MIDCAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares			Value
Packaging & Containers: 0.5%
64,110		Packaging Corp. of America	$	1,379,006
118,548	L	Sonoco Products Co.		3,669,061
				5,048,067
Pharmaceuticals: 2.2%
73,561	@, L	Cephalon, Inc.		4,905,783
163,990	@	Endo Pharmaceuticals Holdings, Inc.		3,966,918
127,950		Medicis Pharmaceutical Corp.		2,658,801
18,940	@	NBTY, Inc.		607,216
120,650	L	Omnicare, Inc.		3,163,443
37,750	L	Perrigo Co.		1,199,318
114,510	@, L	Sepracor, Inc.		2,281,039
89,865	@, L	VCA Antech, Inc.		2,496,450
				21,278,968
Pipelines: 1.7%
159,550		National Fuel Gas Co.		9,490,034
146,730		Oneok, Inc.		7,164,826
				16,654,860
Real Estate: 0.2%
29,480	L	Jones Lang LaSalle, Inc.		1,774,401
				1,774,401
Retail: 5.7%
110,100		Advance Auto Parts, Inc.		4,275,183
79,525	@, L	Aeropostale, Inc.		2,491,518
191,406		American Eagle Outfitters		2,608,864
52,800	@, L	AnnTaylor Stores Corp.		1,265,088
66,610	L	Barnes & Noble, Inc.		1,654,592
123,240	@, L	BJ’s Wholesale Club, Inc.		4,769,388
21,460	@, L	Chipotle Mexican Grill, Inc.		1,773,025
241,800	@	Collective Brands, Inc.		2,812,134
57,880	@, L	Copart, Inc.		2,478,422
165,942	@	Dollar Tree, Inc.		5,424,644
41,190		Guess?, Inc.		1,542,566
150,260	@, L	Hanesbrands, Inc.		4,078,056
108,100		MSC Industrial Direct Co.		4,768,291
74,470	L	Phillips-Van Heusen		2,727,091
120,290	L	Regis Corp.		3,169,642
160,958	L	Ross Stores, Inc.		5,717,228
155,240	@	Urban Outfitters, Inc.		4,841,936
				56,397,668
Savings & Loans: 1.6%
51,020		Astoria Financial Corp.		1,024,482
72,424	L	First Niagara Financial Group, Inc.		931,373
410,400	L	New York Community Bancorp., Inc.		7,321,536
343,500	L	Washington Federal, Inc.		6,217,350
				15,494,741
Semiconductors: 1.5%
41,500	@, L	Cree, Inc.		946,615
59,850	@, L	Cypress Semiconductor Corp.		1,481,288
41,600	@, L	Integrated Device Technology, Inc.		413,504
136,520	@, L	International Rectifier Corp.		2,621,184
42,360	L	Intersil Corp.		1,030,195
147,243	@	Lam Research Corp.		5,322,834

Shares			Value
73,270	@, L	Semtech Corp.	$	1,030,909
35,500	@, L	Silicon Laboratories, Inc.		1,281,195
80,900	@, L	Triquint Semiconductor, Inc.		490,254
				14,617,978
Software: 3.2%
68,400	@, L	ACI Worldwide, Inc.		1,203,156
276,950	@, L	Activision, Inc.		9,435,687
100,950	L	Acxiom Corp.		1,159,916
196,350	L	Broadridge Financial Solutions ADR		4,133,168
67,633		Dun & Bradstreet Corp.		5,927,356
107,550	@, L	Metavante Technologies, Inc.		2,432,781
148,000	@, L	Parametric Technology Corp.		2,467,160
146,615	@, L	Sybase, Inc.		4,313,413
				31,072,637
Telecommunications: 2.6%
360,569	@	3Com Corp.		764,406
118,350	@, L	ADC Telecommunications, Inc.		1,748,030
104,636	@, L	Cincinnati Bell, Inc.		416,451
61,328	@, L	CommScope, Inc.		3,236,279
151,900	@, L	Foundry Networks, Inc.		1,795,458
108,614		Harris Corp.		5,483,921
111,930	@, L	NeuStar, Inc.		2,413,211
99,020	L	Plantronics, Inc.		2,210,126
151,300		Telephone & Data Systems, Inc.		7,151,951
				25,219,833
Textiles: 0.6%
92,522	@, L	Mohawk Industries, Inc.		5,930,660
				5,930,660
Toys/Games/Hobbies: 0.0%
14,786	@, L	Marvel Entertainment, Inc.		475,222
				475,222
Transportation: 1.2%
10,600	L	Alexander & Baldwin, Inc.		482,830
45,100	L	Overseas Shipholding Group		3,586,352
124,280	L	Tidewater, Inc.		8,081,928
				12,151,110
Trucking & Leasing: 0.2%
39,400		GATX Corp.		1,746,602
				1,746,602
		Total Common Stock (Cost $943,549,847)		936,839,550
REAL ESTATE INVESTMENT TRUSTS: 3.9%
Diversified: 0.3%
59,100	L	Cousins Properties, Inc.		1,365,210
31,100	L	Duke Realty Corp.		698,195
31,800		Liberty Property Trust		1,054,170
				3,117,575
Health Care: 0.3%
61,900	L	Health Care Real Estate Investment Trust, Inc.		2,754,550
				2,754,550

See Accompanying Notes to Financial Statements

29

ING VP INDEX PLUS MIDCAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares				Value
	Hotels: 0.7%
	270,230	L	Hospitality Properties Trust	$	6,609,826
					6,609,826
	Office Property: 0.4%
	95,500	L	Highwoods Properties, Inc.		3,000,610
	41,600		Mack-Cali Realty Corp.		1,421,472
					4,422,082
	Regional Malls: 0.6%
	94,260	L	Macerich Co.		5,856,374
					5,856,374
	Shopping Centers: 1.0%
	55,450	L	Regency Centers Corp.		3,278,204
	221,500	L	Weingarten Realty Investors		6,715,880
					9,994,084
	Warehouse/Industrial: 0.6%
	111,620		AMB Property Corp.		5,623,416
					5,623,416
			Total Real Estate Investment Trusts (Cost $45,615,968)		38,377,907
			Total Long-Term Investments (Cost $989,165,815)		975,217,457
	SHORT-TERM INVESTMENTS: 29.4%
	Mutual Fund: 0.2%
	1,900,000	**, S	ING Institutional Prime Money Market Fund		1,900,000
			Total Mutual Fund (Cost $1,900,000)		1,900,000
Principal Amount				Value
	Repurchase Agreement: 0.5%
$	4,691,000	S	Goldman Sachs Repurchase Agreement dated 06/30/08, 2.350%, due 07/01/08, $4,691,306 to be received upon repurchase (Collateralized by $4,703,900 U.S. Treasury, 3.500%, Market Value plus accrued interest $4,784,875, due 12/15/09)	$	4,691,000
			Total Repurchase Agreement (Cost $4,691,000)		4,691,000

Principal Amount					Value
	Securities Lending Collateralcc: 28.7%
$	282,808,594	Bank of New York Mellon Corp. Institutional Cash Reserves			$	282,808,594
		Total Securities Lending Collateral (Cost $282,808,594)				282,808,594
		Total Short-Term Investments (Cost $289,399,594)				289,399,594
		Total Investments in Securities (Cost $1,278,565,409)*	128.6	%	$	1,264,617,051
		Other Assets and Liabilities - Net	(28.6	)		(280,985,903	)
		Net Assets	100.0	%	$	983,631,148

@ Non-income producing security

@@ Foreign Issuer

ADR American Depositary Receipt

cc Securities purchased with cash collateral for securities loaned.

S All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities.

L Loaned security, a portion or all of the security is on loan at June 30, 2008.

** Investment in affiliate

* Cost for federal income tax purposes is $1,293,443,747.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	83,069,903
Gross Unrealized Depreciation		(111,896,599	)
Net Unrealized Depreciation	$	(28,826,696	)

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

• Level 1 — quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Portfolio’s own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

See Accompanying Notes to Financial Statements

30

ING VP INDEX PLUS MIDCAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio’s investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	1,259,926,051	$	(547,780	)
Level 2 — Other Significant Observable Inputs		4,691,000		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	1,264,617,051	$	(547,780	)

* Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

ING VP Index Plus MidCap Portfolio open futures contracts on June 30, 2008.

Contract Description	Number of Contracts	Notional Market Value ($)	Expiration Date	Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P MidCap 400 Index	34	13,960,400	09/18/08	$	(547,780	)
				$	(547,780	)

See Accompanying Notes to Financial Statements

31

ING VP INDEX PLUS SMALLCAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED)

Shares			Value
COMMON STOCK: 91.5%
Advertising: 0.0%
7,718	@	inVentiv Health, Inc.	$	214,483
				214,483
Aerospace/Defense: 1.7%
30,113	L	Cubic Corp.		670,918
19,400		Curtiss-Wright Corp.		867,956
45,350	@	Esterline Technologies Corp.		2,233,941
9,550	@, L	Moog, Inc.		355,642
47,000	@	Orbital Sciences Corp.		1,107,320
58,990	@	Teledyne Technologies, Inc.		2,878,122
				8,113,899
Agriculture: 0.3%
100,200	@	Alliance One International, Inc.		512,022
23,780		Andersons, Inc.		968,084
				1,480,106
Airlines: 0.3%
128,939		Skywest, Inc.		1,631,078
				1,631,078
Apparel: 2.2%
49,930	@, L	CROCS, Inc.		399,939
19,440	@	Deckers Outdoor Corp.		2,706,048
132,240	@, L	Iconix Brand Group, Inc.		1,597,459
18,160	@, L	Maidenform Brands, Inc.		245,160
17,490		Oxford Industries, Inc.		334,934
31,260	@, L	Perry Ellis International, Inc.		663,337
32,350	@, L	Quiksilver, Inc.		317,677
74,390	@	Skechers USA, Inc.		1,469,946

Shares			Value
31,050	@, L	Volcom, Inc.	$	743,027
84,418		Wolverine World Wide, Inc.		2,251,428
				10,728,955
Auto Manufacturers: 0.0%
40	L	Wabash National Corp.		302
				302
Auto Parts & Equipment: 0.3%
83,020		Superior Industries International		1,401,378
				1,401,378
Banks: 4.2%
181,510		Bank Mutual Corp.		1,822,360
29,070	L	Boston Private Financial Holdings, Inc.		164,827
140,200	L	Cascade Bancorp.		1,079,540
100,005	L	Central Pacific Financial Corp.		1,066,053
29,320	S	Community Bank System, Inc.		604,578
34,450	L	Corus Bankshares, Inc.		143,312
84,823	L	East-West Bancorp., Inc.		598,850
22,300		First Financial Bankshares, Inc.		1,021,563
111,990		First Midwest Bancorp., Inc.		2,088,614
20,421	L	Frontier Financial Corp.		173,987
101,580	L	Glacier Bancorp., Inc.		1,624,264
105,488	L	Hanmi Financial Corp.		549,592
20,920		Nara Bancorp., Inc.		224,472
72,570	L	National Penn Bancshares, Inc.		963,730
48,990	L	Prosperity Bancshares, Inc.		1,309,503
103,670	L	Provident Bankshares Corp.		661,415
22,910	@, L	Signature Bank		590,162
36,660	S	Sterling Bancorp.		438,087
72,330		Sterling Financial Corp.		299,446
12,670	L	Susquehanna Bancshares, Inc.		173,452
107,920	L	Trustco Bank Corp.		800,766
173,309	L	UCBH Holdings, Inc.		389,945
5,570	L	UMB Financial Corp.		285,574
17,980	L	United Community Banks, Inc.		153,369
98,195	L	Whitney Holding Corp.		1,796,969
63,740	L	Wintrust Financial Corp.		1,520,199
				20,544,629
Beverages: 0.2%
9,870	@, L	Boston Beer Co., Inc.		401,512
17,900	@, L	Green Mountain Coffee Roasters, Inc.		672,503
				1,074,015
Biotechnology: 0.6%
51,970	@, L	Enzo Biochem, Inc.		583,103
35,000	@, L	Martek Biosciences Corp.		1,179,850
71,440	@, L	Regeneron Pharmaceuticals, Inc.		1,031,594
				2,794,547
Building Materials: 1.9%
9,710	L	Apogee Enterprises, Inc.		156,914
48,910	@, L	Drew Industries, Inc.		780,115
138,149		Gibraltar Industries, Inc.		2,206,240
58,122	L	Lennox International, Inc.		1,683,213
73,540	@, L	NCI Building Systems, Inc.		2,701,124
38,018	L	Quanex Building Products Corp.		564,947

See Accompanying Notes to Financial Statements

32

ING VP INDEX PLUS SMALLCAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares			Value
Building Materials: (continued)
11,830	L	Texas Industries, Inc.	$	664,018
21,702		Universal Forest Products, Inc.		650,192
				9,406,763
Chemicals: 1.6%
77,966	L	HB Fuller Co.		1,749,557
23,030		NewMarket Corp.		1,525,277
30,980	@, L	OM Group, Inc.		1,015,834
60,200	@, L	PolyOne Corp.		419,594
51,945		Quaker Chemical Corp.		1,384,854
50,020	L	Schulman A, Inc.		1,151,961
61,700	L	Tronox, Inc.		186,334
20,880		Zep, Inc.		310,694
				7,744,105
Coal: 0.8%
24,780	@	Patriot Coal Corp.		3,798,526
				3,798,526
Commercial Services: 4.4%
10,540		Aaron Rents, Inc.		235,358
28,410	L	Administaff, Inc.		792,355
32,830	@, L	AMN Healthcare Services, Inc.		555,484
44,530	L	Arbitron, Inc.		2,115,175
13,590	@, L	Bankrate, Inc.		530,961
103,755	L	Bowne & Co., Inc.		1,322,876
26,280	L	CDI Corp.		668,563
19,784	L	Chemed Corp.		724,292
6,246	@, L	Consolidated Graphics, Inc.		307,740
90,590	@, L	Cross Country Healthcare, Inc.		1,305,402
69,870	@	Healthspring, Inc.		1,179,406
34,992	L	Heidrick & Struggles International, Inc.		967,179
63,610		Hillenbrand, Inc.		1,361,254
9,051	@, L	Kendle International, Inc.		328,823
37,682	@, L	Live Nation, Inc.		398,676
57,070	L	MAXIMUS, Inc.		1,987,177
106,800	@, L	On Assignment, Inc.		856,536
11,390	@	Parexel International Corp.		299,671
12,670	@, L	Pharmanet Development Group		199,806
17,766	@, L	Pre-Paid Legal Services, Inc.		721,655
86,830	@, L	TrueBlue, Inc.		1,147,024
29,405	@, L	Volt Information Sciences, Inc.		350,214
63,896		Watson Wyatt Worldwide, Inc.		3,379,459
				21,735,086
Computers: 2.1%
11,850	@, L	Ansoft Corp.		431,340
49,321	@	CACI International, Inc.		2,257,422
77,044	@	Ciber, Inc.		478,443
121,878	@	Micros Systems, Inc.		3,716,060
28,270	L	MTS Systems Corp.		1,014,328
49,230	@, L	Radiant Systems, Inc.		528,238
80,570	@, L	Radisys Corp.		729,964
13,010	@	SI International, Inc.		272,429
27,430	@, L	Synaptics, Inc.		1,034,934
				10,463,158
Cosmetics/Personal Care: 0.4%
33,660	@, L	Chattem, Inc.		2,189,583
				2,189,583

Shares			Value
Distribution/Wholesale: 2.7%
114,050	@, L	Brightpoint, Inc.	$	832,565
90,720	@	Fossil, Inc.		2,637,230
168,440	@, L	LKQ Corp.		3,043,711
72,570	L	Owens & Minor, Inc.		3,315,723
14,030	@, L	Scansource, Inc.		375,443
57,910	@, L	United Stationers, Inc.		2,139,775
17,680	L	Watsco, Inc.		739,024
				13,083,471
Diversified Financial Services: 1.7%
66,890	L	Financial Federal Corp.		1,468,904
37,451	@	Investment Technology Group, Inc.		1,253,110
56,305	@, L	LaBranche & Co., Inc.		398,639
56,200	L	National Financial Partners Corp.		1,113,884
46,190		OptionsXpress Holdings, Inc.		1,031,885
40,680	@, L	Portfolio Recovery Associates, Inc.		1,525,500
68,105	L	SWS Group, Inc.		1,131,224
18,773	@, L	World Acceptance, Corp.		632,087
				8,555,233
Electric: 0.9%
93,980		Avista Corp.		2,016,811
10,660	L	Central Vermont Public Service Corp.		206,484
115,490	@	El Paso Electric Co.		2,286,702
				4,509,997
Electrical Components & Equipment: 0.3%
32,210	L	Belden CDT, Inc.		1,091,275
17,946	@	Littelfuse, Inc.		566,196
				1,657,471
Electronics: 4.8%
17,560		Analogic Corp.		1,107,509
146,080	@	Benchmark Electronics, Inc.		2,386,947
89,530		Brady Corp.		3,091,471
40,950	@, L	Checkpoint Systems, Inc.		855,036
171,054		CTS Corp.		1,719,093
49,367	@, L	Cymer, Inc.		1,326,985
41,061	@, L	Dionex Corp.		2,725,219
37,710	@, L	Faro Technologies, Inc.		949,161
25,300	@, L	II-VI, Inc.		883,476
23,998	@, L	Itron, Inc.		2,360,203
62,190	@, L	LoJack Corp.		495,032
87,843		Methode Electronics, Inc.		917,959
25,270	@	Plexus Corp.		699,474
36,000	@, L	Rogers Corp.		1,353,240
76,340		Technitrol, Inc.		1,297,017
96,575	@, L	TTM Technologies, Inc.		1,275,756
11,782		Woodward Governor Co.		420,146
				23,863,724
Engineering & Construction: 0.7%
127,942	@, L	EMCOR Group, Inc.		3,650,185
				3,650,185
Entertainment: 0.1%
53,170	@, L	Shuffle Master, Inc.		262,660
				262,660

See Accompanying Notes to Financial Statements

33

ING VP INDEX PLUS SMALLCAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares			Value
Environmental Control: 0.7%
95,200	@	Darling International, Inc.	$	1,572,704
65,300	@	Waste Connections, Inc.		2,085,029
				3,657,733
Food: 1.7%
63,909		Flowers Foods, Inc.		1,811,181
15,570	@, L	Great Atlantic & Pacific Tea Co.		355,307
71,668	@	Hain Celestial Group, Inc.		1,682,765
12,890	L	Nash Finch Co.		441,740
45,910	@, L	Ralcorp Holdings, Inc.		2,269,790
17,690	L	Sanderson Farms, Inc.		610,659
46,884	@, L	TreeHouse Foods, Inc.		1,137,406
				8,308,848
Forest Products & Paper: 0.8%
153,987	@, L	Buckeye Technologies, Inc.		1,302,730
82,475	L	Rock-Tenn Co.		2,473,425
				3,776,155
Gas: 3.4%
85,381		Atmos Energy Corp.		2,353,954
91,075	L	New Jersey Resources Corp.		2,973,599
25,281	L	Northwest Natural Gas Co.		1,169,499
75,600	L	Piedmont Natural Gas Co.		1,977,696
25,690		South Jersey Industries, Inc.		959,778
105,270		Southern Union Co.		2,844,395
163,378		UGI Corp.		4,690,590
				16,969,511
Hand/Machine Tools: 1.0%
57,130	L	Baldor Electric Co.		1,998,407
66,190		Regal-Beloit Corp.		2,796,528
				4,794,935
Healthcare - Products: 3.4%
10,300	@, L	Abaxism, Inc.		248,539
43,880	@, L	Arthrocare Corp.		1,790,743
23,220	L	Cooper Cos., Inc.		862,623
18,490	@	Cyberonics		401,233
52,875	@, L	ICU Medical, Inc.		1,209,780
72,490	@, L	Idexx Laboratories, Inc.		3,533,163
63,585	@, L	Immucor, Inc.		1,645,580
56,250		Invacare Corp.		1,149,750
42,220	@, L	Kensey Nash Corp.		1,353,151
27,810	L	Mentor Corp.		773,674
34,710	L	Meridian Bioscience, Inc.		934,393
70,600	@, L	Merit Medical Systems, Inc.		1,037,820
39,022	@	Osteotech, Inc.		222,035
14,300	@, L	PSS World Medical, Inc.		233,090
5,780	@, L	SurModics, Inc.		259,175
5,350		Vital Signs, Inc.		303,773
15,560		West Pharmaceutical Services, Inc.		673,437
				16,631,959
Healthcare - Services: 2.4%
34,981	@	Amedisys, Inc.		1,763,742
76,655	@	AMERIGROUP Corp.		1,594,424
53,465	@, L	Amsurg Corp.		1,301,873
55,476	@, L	Centene Corp.		931,442
41,310	@, L	Healthways, Inc.		1,222,776
34,030	@, L	Molina Healthcare, Inc.		828,290
74,093	@, L	Pediatrix Medical Group, Inc.		3,647,598

Shares			Value
15,880	@	RehabCare Group, Inc.	$	254,556
13,560	@, L	Res-Care, Inc.		241,097
				11,785,798
Home Builders: 0.3%
108,000	@, L	Champion Enterprises, Inc.		631,800
39,800		M/I Homes, Inc.		626,054
				1,257,854
Home Furnishings: 0.4%
67,749	L	Ethan Allen Interiors, Inc.		1,666,625
16,680	@, L	Universal Electronics, Inc.		348,612
				2,015,237
Household Products/Wares: 0.1%
54,250	@, L	Central Garden & Pet Co.		222,425
70,280	@, L	Spectrum Brands, Inc.		179,214
8,040		WD-40 Co.		235,170
				636,809
Housewares: 0.5%
14,880	L	Libbey, Inc.		110,707
71,820	L	Toro Co.		2,389,451
				2,500,158
Insurance: 3.6%
80,405		Delphi Financial Group		1,860,572
34,570	@, L	Navigators Group, Inc.		1,868,509
105,376	@	Philadelphia Consolidated Holding Co.		3,579,623
30,471	L	Presidential Life Corp.		469,863
31,292	@, L	ProAssurance Corp.		1,505,458
48,021		RLI Corp.		2,375,599
42,040		Safety Insurance Group, Inc.		1,498,726
107,448	S	Selective Insurance Group		2,015,724
33,860		Tower Group, Inc.		717,493
43,000	L	United Fire & Casualty Co.		1,157,990
13,725		Zenith National Insurance Corp.		482,571
				17,532,128
Internet: 2.3%
46,210	@, L	Blue Coat Systems, Inc.		652,023
41,000	@, L	Blue Nile, Inc.		1,743,320
51,860	@	Cybersource Corp.		867,618
42,630	@, L	DealerTrack Holdings, Inc.		601,509
29,580	@, L	Infospace, Inc.		246,401
87,280	@	j2 Global Communications, Inc.		2,007,440
19,580	@, L	Knot, Inc.		191,492
34,800	L	Nutri/System, Inc.		492,072
73,040	@, L	Perficient, Inc.		705,566
114,701	@, L	Secure Computing Corp.		474,862
73,825	@, L	Stamps.com, Inc.		921,336
81,022	L	United Online, Inc.		812,651
87,360	@, L	Websense, Inc.		1,471,142
				11,187,432
Iron/Steel: 0.1%
9,400	L	Olympic Steel, Inc.		713,648
				713,648
Leisure Time: 1.0%
94,300	L	Brunswick Corp.		999,580
70,538	L	Polaris Industries, Inc.		2,848,324

See Accompanying Notes to Financial Statements

34

ING VP INDEX PLUS SMALLCAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares			Value
Leisure Time: (continued)
42,560	@	WMS Industries, Inc.	$	1,267,011
				5,114,915
Machinery - Diversified: 2.0%
63,192		Applied Industrial Technologies, Inc.		1,527,351
13,290	L	Briggs & Stratton Corp.		168,517
56,000	L	Cognex Corp.		1,290,800
71,421	@	Gardner Denver, Inc.		4,056,713
39,690	@, L	Intevac, Inc.		447,703
5,510	L	Lindsay Manufacturing Co.		468,185
35,322		Robbins & Myers, Inc.		1,761,508
				9,720,777
Media: 0.2%
17,940		Factset Research Systems, Inc.		1,011,098
				1,011,098
Metal Fabricate/Hardware: 0.8%
24,895	L	AM Castle & Co.		712,246
6,081		Lawson Products		150,687
75,610		Mueller Industries, Inc.		2,434,642
8,240		Valmont Industries, Inc.		859,350
				4,156,925
Mining: 0.5%
18,960	L	Amcol International Corp.		539,602
9,540	@, L	Brush Engineered Materials, Inc.		232,967
17,340	@, L	Century Aluminum Co.		1,152,937
10,550	@, L	RTI International Metals, Inc.		375,791
				2,301,297
Miscellaneous Manufacturing: 2.7%
76,875		Acuity Brands, Inc.		3,696,150
42,299		AO Smith Corp.		1,388,676
41,330		Barnes Group, Inc.		954,310
44,495	@, L	Ceradyne, Inc.		1,526,179
55,240		Clarcor, Inc.		1,938,924
62,074	@, L	EnPro Industries, Inc.		2,317,843
45,540	@, L	Griffon Corp.		398,930
18,480	@	Lydall, Inc.		231,924
56,590		Myers Industries, Inc.		461,209
38,400		Tredegar Corp.		564,480
				13,478,625
Oil & Gas: 5.8%
44,860	@, L	Atwood Oceanics, Inc.		5,577,892
13,730	L	Penn Virginia Corp.		1,035,517
4,940	@	Petroleum Development Corp.		328,461
82,220	@, L	Petroquest Energy, Inc.		2,211,718
57,070	@, L	Pioneer Drilling Co.		1,073,487
96,180	S	St. Mary Land & Exploration Co.		6,217,075
51,490	@	Stone Energy Corp.		3,393,706
50,923	@	Swift Energy Co.		3,363,973
64,405	@, S	Unit Corp.		5,343,683
				28,545,512
Oil & Gas Services: 4.7%
24,540	@, L	Basic Energy Services, Inc.		773,010
11,614	@	Dril-Quip, Inc.		731,682
17,960	L	Gulf Island Fabrication, Inc.		878,783
96,653	@	Helix Energy Solutions Group, Inc.		4,024,631

Shares			Value
34,690	@, L	Hornbeck Offshore Services, Inc.	$	1,960,332
91,490	@, L	ION Geophysical Corp.		1,596,501
26,323	L	Lufkin Industries, Inc.		2,192,179
6,070	@, L	NATCO Group, Inc.		330,997
68,530	@, S	Oceaneering International, Inc.		5,280,237
30,634	@, L	SEACOR Holdings, Inc.		2,742,049
28,085	@	W-H Energy Services, Inc.		2,688,858
				23,199,259
Pharmaceuticals: 1.6%
27,790	@, L	Alpharma, Inc.		626,109
58,100	@, L	Cubist Pharmaceuticals, Inc.		1,037,666
45,280	@	HealthExtras, Inc.		1,364,739
31,340	@, L	Noven Pharmaceuticals, Inc.		335,025
137,930	@, L	Salix Pharmaceuticals Ltd.		969,648
24,530	@, L	Savient Pharmaceuticals, Inc.		620,609
53,860	@, L	Sciele Pharma, Inc.		1,042,191
55,710	@, L	Theragenics Corp.		202,227
17,660	@, L	USANA Health Sciences, Inc.		474,524
109,320	@, L	Viropharma, Inc.		1,209,079
				7,881,817
Real Estate: 0.1%
35,460	@, L	Forestar Real Estate Group, Inc.		675,513
				675,513
Retail: 7.1%
16,012		Brown Shoe Co., Inc.		216,963
26,180	@, L	Buffalo Wild Wings, Inc.		650,049
18,338		Casey’s General Stores, Inc.		424,891
46,770	L	Cash America International, Inc.		1,449,870
86,816		Cato Corp.		1,236,260
41,980	@, L	CEC Entertainment, Inc.		1,175,860
75,070	@, L	Charlotte Russe Holding, Inc.		1,333,243
116,160	L	Christopher & Banks Corp.		789,888
15,110	L	DineEquity, Inc.		564,510
66,380	@, L	Dress Barn, Inc.		888,164
58,070	@, L	Finish Line		505,209
93,070	@, L	First Cash Financial Services, Inc.		1,395,119
32,700	@, L	Genesco, Inc.		1,009,449
46,709	@	Gymboree Corp.		1,871,630
110,530	L	Haverty Furniture Cos., Inc.		1,109,721
116,380	@, L	Insight Enterprises, Inc.		1,365,137
99,022	@, L	Jack in the Box, Inc.		2,219,083
12,070	@, L	Jo-Ann Stores, Inc.		277,972
56,560	@, L	JOS A Bank Clothiers, Inc.		1,512,980
12,719	L	Landry’s Restaurants, Inc.		228,560
23,270		Longs Drug Stores Corp.		979,900
61,600		Movado Group, Inc.		1,219,680
81,700		OfficeMax, Inc.		1,135,630
60,738	@, L	Panera Bread Co.		2,809,740
62,540	@, L	PetMed Express, Inc.		766,115
33,840	@, L	PF Chang’s China Bistro, Inc.		755,986
28,310	@, L	Red Robin Gourmet Burgers, Inc.		785,319
55,700	L	Ruby Tuesday, Inc.		300,780
41,860	@, L	School Specialty, Inc.		1,244,498
108,076	@, L	Sonic Corp.		1,599,525
36,720	@, L	Texas Roadhouse, Inc.		329,378

See Accompanying Notes to Financial Statements

35

ING VP INDEX PLUS SMALLCAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares			Value
Retail: (continued)
28,980	@, L	Tractor Supply Co.	$	841,579
42,332	@, L	Tween Brands, Inc.		696,785
42,140		World Fuel Services Corp.		924,552
35,980	@, L	Zumiez, Inc.		596,548
				35,210,573
Savings & Loans: 0.7%
89,980	L	Anchor Bancorp. Wisconsin, Inc.		630,760
78,180	L	Brookline Bancorp., Inc.		746,619
112,970	L	Dime Community Bancshares		1,865,135
43,560	@, L	Guaranty Financial Group, Inc.		233,917
				3,476,431
Semiconductors: 3.2%
29,020	@, L	ATMI, Inc.		810,238
102,790	@, L	Axcelis Technologies, Inc.		501,615
35,120	@, L	Brooks Automation, Inc.		290,442
70,820	@, L	Cabot Microelectronics Corp.		2,347,683
91,902		Cohu, Inc.		1,349,121
21,620	@, L	Diodes, Inc.		597,577
152,390	@, L	DSP Group, Inc.		1,066,730
48,920	L	Micrel, Inc.		447,618
24,130	@	Microsemi Corp.		607,593
39,160	@	MKS Instruments, Inc.		857,604
16,411	@, L	Pericom Semiconductor Corp.		243,539
164,830	@, L	Skyworks Solutions, Inc.		1,626,872
53,550	@, L	Standard Microsystems Corp.		1,453,883
18,580	@, L	Supertex, Inc.		433,657
79,260	@	Varian Semiconductor Equipment Associates, Inc.		2,759,833
14,000	@, L	Veeco Instruments, Inc.		225,120
				15,619,125
Software: 3.5%
73,228	@, L	Ansys, Inc.		3,450,503
23,500	@, L	Avid Technology, Inc.		399,265
69,607	@	Captaris, Inc.		281,908
15,620	@	Concur Technologies, Inc.		519,053
37,600	@, S, L	CSG Systems International		414,352
130,500	@, L	Digi International, Inc.		1,024,425
197,200	@, L	Epicor Software Corp.		1,362,652
120,580	@	Informatica Corp.		1,813,523
35,478	@, L	JDA Software Group, Inc.		642,152
18,538	@	Mantech International Corp.		892,049
21,430	@, L	Omnicell, Inc.		282,447
22,620	@, L	Phase Forward, Inc.		406,481
36,380	@	Phoenix Technologies Ltd.		400,180
67,269	@	Progress Software Corp.		1,720,068
32,130	@, L	Smith Micro Software, Inc.		183,141
26,461	@, L	SPSS, Inc.		962,387
50,400	@, L	SYNNEX Corp.		1,264,536
30,510	@, L	Take-Two Interactive Software, Inc.		780,141
31,240	@, L	Tyler Technologies, Inc.		423,927
				17,223,190
Telecommunications: 2.1%
31,000	@, L	Anixter International, Inc.		1,844,190
85,423	@, L	Arris Group, Inc.		721,824

Shares			Value
22,490		Black Box Corp.	$	611,503
33,340	@, L	Comtech Telecommunications		1,633,660
69,948	L	Fairpoint Communications, Inc.		504,325
113,499	@, L	Harmonic, Inc.		1,079,375
65,750	@, L	Netgear, Inc.		911,295
133,400	@, L	Network Equipment Technologies, Inc.		473,570
78,790	@, L	Novatel Wireless, Inc.		876,933
162,110	@, L	Symmetricom, Inc.		622,502
27,583	@	Tollgrade Communications, Inc.		123,848
55,650	@	Viasat, Inc.		1,124,687
				10,527,712
Textiles: 0.6%
60,906		G&K Services, Inc.		1,855,197
27,750		Unifirst Corp.		1,239,315
				3,094,512
Toys/Games/Hobbies: 0.2%
33,272	@, L	Jakks Pacific, Inc.		726,993
				726,993
Transportation: 1.8%
44,680	L	Arkansas Best Corp.		1,637,075
24,470	L	Forward Air Corp.		846,662
24,042	@	HUB Group, Inc.		820,553
57,500	@	Kirby Corp.		2,760,000
29,020		Landstar System, Inc.		1,602,484
34,980	@, L	Old Dominion Freight Line		1,050,100
				8,716,874
		Total Common Stock (Cost $488,980,051)		451,352,707
REAL ESTATE INVESTMENT TRUSTS: 3.7%
Apartments: 0.4%
13,100		Essex Property Trust, Inc.		1,395,150
13,080	L	Home Properties, Inc.		628,625
				2,023,775
Diversified: 1.1%
49,270	L	Colonial Properties Trust		986,385
42,110	L	Entertainment Properties Trust		2,081,918
155,970		Lexington Corporate Properties Trust		2,125,871
4,600		PS Business Parks, Inc.		237,360
				5,431,534
Health Care: 0.3%
52,780	L	Medical Properties Trust, Inc.		534,134
36,530		Senior Housing Properties Trust		713,431
				1,247,565
Hotels: 0.4%
150,500	L	DiamondRock Hospitality Co.		1,638,945
				1,638,945
Office Property: 0.7%
58,310		BioMed Realty Trust, Inc.		1,430,344
5,030		Kilroy Realty Corp.		236,561
54,910	L	Parkway Properties, Inc.		1,852,114
				3,519,019

See Accompanying Notes to Financial Statements

36

ING VP INDEX PLUS SMALLCAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

Shares			Value
Regional Malls: 0.3%
67,260	L	Pennsylvania Real Estate Investment Trust	$	1,556,396
				1,556,396
Single Tenant: 0.3%
72,570	L	National Retail Properties, Inc.		1,516,713
				1,516,713
Storage: 0.2%
69,750	L	Extra Space Storage, Inc.		1,071,360
				1,071,360
		Total Real Estate Investment Trusts (Cost $20,006,563)		18,005,307
		Total Long-Term Investments (Cost $508,986,614)		469,358,014
SHORT-TERM INVESTMENTS: 32.6%
Mutual Fund: 4.4%
21,625,000	**, S	ING Institutional Prime Money Market Fund		21,625,000
		Total Mutual Fund (Cost $21,625,000)		21,625,000

Principal Amount			Value
	Repurchase Agreement: 0.5%
$	2,487,000	Morgan Stanley Repurchase Agreement dated 06/30/08, 2.400%, due 07/01/08, $2,487,166 to be received upon repurchase (Collateralized by $2,570,000 Federal Home Loan Mortgage Corporation, Discount Note, Market Value $2,537,104, due 12/30/08)	$	2,487,000
		Total Repurchase Agreement (Cost $2,487,000)		2,487,000

Principal Amount					Value
	Securities Lending Collateralcc: 27.7%
$	136,911,048	Bank of New York Mellon Corp. Institutional Cash Reserves			$	136,911,048
		Total Securities Lending Collateral (Cost $136,911,048)				136,911,048
		Total Short-Term Investments (Cost $161,023,048)				161,023,048
		Total Investments in Securities (Cost $670,009,662)*	127.8	%	$	630,381,062
		Other Assets and Liabilities - Net	(27.8	)		(137,247,936	)
		Net Assets	100.0	%	$	493,133,126

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

S All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities.

L Loaned security, a portion or all of the security is on loan at June 30, 2008.

** Investment in affiliate

* Cost for federal income tax purposes is $686,674,509.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	18,898,399
Gross Unrealized Depreciation		(75,191,846	)
Net Unrealized Depreciation	$	(56,293,447	)

Fair Value Measurements — Effective January 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“SFAS 157”), “Fair Value Measurements.” This new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are as follows:

• Level 1 — quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Portfolio’s own assumption in determining the fair value of investments)

The inputs or methodology used in valuing securities are not necessarily an indication of the risk associated with investing in those securities.

See Accompanying Notes to Financial Statements

37

ING VP INDEX PLUS SMALLCAP PORTFOLIO PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2008 (UNAUDITED) (CONTINUED)

The following is a summary of the inputs used as of June 30, 2008 in valuing the Portfolio’s investments at fair value:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	627,894,062	$	(1,240,385	)
Level 2 — Other Significant Observable Inputs		2,487,000		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	630,381,062	$	(1,240,385	)

* Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options.

ING VP Index Plus SmallCap Portfolio open futures contracts on June 30, 2008.

Contract Description	Number of Contracts	Notional Market Value ($)	Expiration Date	Unrealized Appreciation/ (Depreciation)
Long Contracts
Russell 2000	73	25,247,050	09/18/08	$	(1,240,385	)
				$	(1,240,385	)

See Accompanying Notes to Financial Statements

38

Investment Adviser

ING Investments, LLC

7337 East Doubletree Ranch Road

Scottsdale, Arizona 85258

Administrator

ING Funds Services, LLC

7337 East Doubletree Ranch Road

Scottsdale, Arizona 85258

Distributor

ING Funds Distributor, LLC

7337 East Doubletree Ranch Road

Scottsdale, Arizona 85258

Transfer Agent

DST Systems, Inc.

P.O. Box 419368

Kansas City, Missouri 64141

Custodian

The Bank of New York Mellon Corporation

One Wall Street

New York, New York 10286

Legal Counsel

Goodwin Procter LLP

Exchange Place

53 State Street

Boston, Massachusetts 02109

Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable universal life insurance policy or variable annuity contract and the underlying variable investment options. This and other information is contained in the prospectus for the variable universal life policy or variable annuity contract and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.

VSAR-AIP (0608-082008)

ITEM 2. CODE OF ETHICS.

Not required for semi-annual filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not required for semi-annual filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not required for semi-annual filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not required for semi-annual filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The Board has a Nominating Committee for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board.  The Committee currently consists of all Independent Trustees of the Board (6 individuals).  The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider and present to the Board the candidates it proposes for nomination to fill vacancies on the Board. In evaluating candidates, the Nominating Committee may consider a variety of factors, but it has not at this time set any specific minimum qualifications that must be met.  Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.

The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews its own nominees.  A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include at a minimum the following information as to each individual proposed for nomination as trustee: such individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a trustee (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of trustees, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.

The Secretary shall submit all nominations received in a timely manner to the Nominating Committee.  To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90th day prior to such meeting and not later than the close of business on the later of the 60th day prior to such meeting or the 10th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the Securities and Exchange Commission.

ITEM 11. CONTROLS AND PROCEDURES.

(a)

Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b)

There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)	The Code of Ethics is not required for the semi-annual filing.
(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.
(a)(3)	Not required for semi-annual filing.
(b)	The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): ING Variable Portfolios, Inc.
By	/s/		Shaun P. Mathews
			Shaun P. Mathews
			President and Chief Executive Officer
Date:		September 5, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By	/s/		Shaun P. Mathews
			Shaun P. Mathews
			President and Chief Executive Officer
Date:		September 5, 2008
By	/s/		Todd Modic
			Todd Modic
			Senior Vice President and Chief Financial Officer
Date:		September 5, 2008