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

		OMB APPROVAL
		OMB Number:                 3235-0570
		Expires:                  August 31, 2011
		Estimated average burden hours
	UNITED STATES SECURITIES AND EXCHANGE COMMISSION	per response...............................18.9
	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, 2010 to June 30, 2010            

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, 2010

Classes ADV, I, S and S2

ING Variable Product Funds

Domestic Equity and Income Portfolios

n ING Balanced Portfolio

n ING Growth and Income Portfolio

Domestic Equity Growth Portfolio

n ING Small Company Portfolio

Domestic Equity Value Portfolio

n ING Opportunistic LargeCap Portfolio

Fixed-Income Portfolios

n ING Intermediate Bond Portfolio

n ING Money Market Portfolio

Global Equity Portfolio

n ING BlackRock Science and Technology Opportunities 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.

MUTUAL FUNDS

TABLE OF CONTENTS

President's Letter	1
Market Perspective	2
Shareholder Expense Examples	4
Statements of Assets and Liabilities	6
Statements of Operations	10
Statements of Changes in Net Assets	12
Financial Highlights	16
Notes to Financial Statements	20
Summary Portfolios of Investments	39

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. This report contains a summary portfolio of investments for certain Portfolios. 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. The Portfolios' Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Portfolios by calling Shareholder Services toll-free at (800) 992-0180.

PRESIDENT'S LETTER

Pay now and/or later

Dear Shareholder,

It's summer, and it's hot — 100 degrees has not been uncommon here on the East Coast — with no relief in the forecast. Do you turn up the air conditioning, knowing it will cost a fortune on your next electric bill? Or do you try to tough it out, sweltering to save money? Most of us would probably choose the immediate comfort of the A/C; the bill will come later.

The current heat wave thus presents a timely comparison to the trade-offs confronting policymakers as they consider the global economy. How do we balance the short-term need to sustain a fragile economic recovery against the long-term need to reduce deficits and debt? As with the heat, unless we make it through the short term, the long term won't matter much. But spending on economic stimulus in the short term could add to our long-term debt burden.

Most of the world is facing the same issues. Fiscal austerity programs are being implemented across Europe, and not just in those countries at most immediate risk of default. In the United States, there is as of yet no clear course of action. Expect to hear about this in the fall, as the gentle breezes of summer give way to the hot winds of electoral politics. We believe that for the next several months, markets will see heightened volatility as investors worldwide seek assurance that the global recovery remains on track. On the bright side, we expect corporate profits to continue to exceed expectations.

Confronted with this type of uncertainty, what do you do? Keep your options open — consider investing in funds that provide diversification geographically across markets and seek investment managers that are skilled at anticipating changes in correlations and risks among asset classes. And of course, discuss any proposed portfolio changes with your investment advisor before you take action.

Thank you for your continued confidence in ING Funds. We look forward to serving your investment needs in the future.

Sincerely,

Shaun Mathews
President and Chief Executive Officer
ING Funds
July 10, 2010

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.

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

1

MARKET PERSPECTIVE: SIX MONTHS ENDED JUNE 30, 2010

After a 13-month advance through mid-April, a confluence of local and world concerns sent global equities, in the form of the MSCI World Index^SM measured in local currencies, including net reinvested dividends ("MSCI" for regions discussed below), on a steeply downward path. For the first half of the new fiscal year, the index fell 7.1% to closing levels not seen since October 2, 2009. (The MSCI World Index^SM returned (9.84)% for the six months ended June 30, 2010, measured in U.S. dollars.)

By the end of 2009, the rally had become increasingly edgy. The rescue of failing institutions by governments and central banks in Europe and the U.S. together with unprecedented fiscal and monetary stimulus to counter the ensuing recession had led to enormous, unsustainable budget deficits. Not only would stimulus programs end, but debt would need to be wound down.

Beacons of hope in this rather bleak outlook were thought to be the U.S. and emerging markets, centered on China. The U.S. with its vast, dynamic, flexible economy would surely bounce back most quickly in the developed world. Emerging market economies, more fiscally robust these days, had never suffered much of a financial crisis and recession anyway and were again showing vibrant growth. The demand for capital goods from China might sustain Japan's export led revival, while in Europe, growth may be tepid but at least the situation was stable. By early May all of these premises were disintegrating, the erosion gathering pace through June.

In the U.S., the critical housing market seemed to be improving, boosted by tax credits for home buyers. After sliding for more than three years, house prices (based on the S&P/Case-Shiller 20-City Composite Home Price Index) finally showed year-over-year increases from February. But even before the credits expired, sales of existing homes turned down. And in May, sales of new homes fell by one third from April, to the lowest rate since at least 1963. Unemployment remained stubbornly high, near 10%. The June report showed only 41,000 private sector jobs created, with annual wage growth below 2%. The final estimate of Gross Domestic Product ("GDP") growth for the first quarter was revised down to 2.7% annualized. And excluding inventory build-up, real final demand expanded at just 0.8% per annum. Retail sales unexpectedly dipped in May. Some commentators also cited trends in the bond market (see below) and pointed to a double-dip recession.

China had grown at "only" 8.7% in 2009. In response, the government instructed the banks to expand lending and first quarter GDP growth rebounded to 11.9%. But inflation picked up and a housing bubble developed. The authorities quickly back-pedaled and repeatedly raised banks' reserve ratio requirements. By the end of June the increasingly closely-watched Chinese manufacturing purchasing managers' index was weakening. The unofficial version compiled by HSBC plumbed a 12-month low.

In the Eurozone, default on billions of euro of Greece's maturing bonds loomed. Amid downgrades and ballooning yields, Eurozone countries, with no single voice, dithered on the need for a bail-out, its size, terms and the involvement of the International Monetary Fund ("IMF"). Many expected contagion and even doubted the viability of the euro itself. At last on the weekend of May 8-9, Eurozone finance ministers agreed on a Financial Stabilization mechanism funded with €500 billion, while the IMF would add up to €250 billion. The European Central Bank started buying sovereign debt and by then it was abundantly clear that the real problem was that vast quantities of the debt were held in the banking system, which might seize up as a result. In short, another "Lehman" event was feared.

In U.S. fixed income markets, the Barclays Capital U.S. Aggregate Bond Index of investment grade bonds returned 5.33%, with the Barclays Capital U.S. Treasury Index (which returned 5.86%) slightly outperforming the Barclays Capital Corporate Investment Grade Bond Index (which returned 5.79%). The Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index gained 4.45%. In the flight to safety, the two-year Treasury yield reached a record low, while the difference between the yields on two-year and ten-year Treasuries, having set new record high levels in February, fell back to October 2009 spreads by the end of June.

U.S. equities, represented by the S&P 500^® Index including dividends, fell 6.65% in the first half. Through early April, the economic reports seemed to be improving. Stock prices were also supported by strong earnings reports, with first quarter operating earnings per share for S&P 500^® companies coming in about 92% above those for the corresponding quarter of 2009. The index peaked on April 23, up over 9% for the year, before factors described above drove investor sentiment and the market back down amid surging volatility.

2

MARKET PERSPECTIVE: SIX MONTHS ENDED JUNE 30, 2010

In currencies, the scenario described above in the Eurozone propelled the dollar up 17.4% on the euro. The dollar also gained 5.7% against the pound but lost 3.9% to the Japanese yen.

In international markets, the MSCI Japan^® Index dropped 7.5% for the first half of the year. The last thing export dependent Japan needed was a double-dip recession in the developed economies. Impressive 5% annualized first quarter GDP growth was considered vulnerable with household demand still slow and consumer prices drifting down. The MSCI Europe ex UK^® Index fell 6.2%. As in the U.S., the first few weeks of April saw the 2010 high point for the index before the peril inherent in shaky sovereign debt captured the attention of investors. The MSCI UK^® Index lost 7.6%, with BP contributing over 3% of it. The newly elected coalition government introduced an aggressively austere budget that would reduce the deficit to 3.9% by 2015, but this would have a depressing effect on growth and profits.

Parentheses denote a negative number.

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.

Benchmark Descriptions

Index	Description
MSCI World IndexSM	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.
S&P/Case-Shiller 20-City Composite Home Price Index	A composite index of the home price index for the top 20 Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor's.
Barclays Capital U.S. Aggregate Bond Index	An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
Barclays Capital U.S. Treasury Index	An unmanaged index that includes public obligations of the U.S. Treasury. Treasury bills, certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS and STRIPS, are excluded.
Barclays Capital Corporate Investment Grade Bond Index	The corporate component of the Barclays Capital U.S. Credit Index. The U.S. Credit Index includes publicly-issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. The index includes both corporate and non-corporate sectors. The corporate sectors are industrial, utility and finance, which includes both U.S. and non-U.S. corporations.
Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index	An unmanaged index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
S&P 500® Index	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.
MSCI Japan® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
MSCI Europe ex UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
MSCI UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.

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, 2010 to June 30, 2010. 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 left section of the table shown below, "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 right section of the table shown below, "Hypothetical (5% return before expenses)," provides information about hypothetical account values and hypothetical expenses based on a Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a 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 a 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.

	Actual Portfolio Return									Hypothetical (5% return before expenses)
ING Balanced Portfolio	Beginning Account Value January 1, 2010		Ending Account Value June 30, 2010		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2010*		Beginning Account Value January 1, 2010		Ending Account Value June 30, 2010		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2010*
Class I	$	1,000.00	$	995.10		0.63	%	$	3.12	$	1,000.00	$	1,021.67		0.63	%	$	3.16
Class S		1,000.00		993.10		0.88			4.35		1,000.00		1,020.43		0.88			4.41
ING Growth and Income Portfolio
Class ADV	$	1,000.00	$	929.10		1.10	%	$	5.26	$	1,000.00	$	1,019.34		1.10	%	$	5.51
Class I		1,000.00		932.00		0.60			2.87		1,000.00		1,021.82		0.60			3.01
Class S		1,000.00		930.50		0.85			4.07		1,000.00		1,020.58		0.85			4.26
Class S2		1,000.00		920.60		1.00			4.76		1,000.00		1,019.84		1.00			5.01

4

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
ING Small Company Portfolio	Beginning Account Value January 1, 2010		Ending Account Value June 30, 2010		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2010*		Beginning Account Value January 1, 2010		Ending Account Value June 30, 2010		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2010*
Class ADV	$	1,000.00	$	981.50		1.35	%	$	6.63	$	1,000.00	$	1,018.10		1.35	%	$	6.76
Class I		1,000.00		983.40		0.85			4.18		1,000.00		1,020.58		0.85			4.26
Class S		1,000.00		982.30		1.10			5.41		1,000.00		1,019.34		1.10			5.51
Class S2		1,000.00		981.00		1.25			6.14		1,000.00		1,018.60		1.25			6.26
ING Opportunistic LargeCap Portfolio
Class ADV	$	1,000.00	$	928.40		1.19	%	$	5.69	$	1,000.00	$	1,018.89		1.19	%	$	5.96
Class I		1,000.00		930.80		0.69			3.30		1,000.00		1,021.37		0.69			3.46
Class S		1,000.00		929.80		0.94			4.50		1,000.00		1,020.13		0.94			4.71
ING Intermediate Bond Portfolio
Class ADV	$	1,000.00	$	1,062.00		1.01	%	$	5.16	$	1,000.00	$	1,019.79		1.01	%	$	5.06
Class I		1,000.00		1,066.60		0.51			2.61		1,000.00		1,022.27		0.51			2.56
Class S		1,000.00		1,065.10		0.76			3.89		1,000.00		1,021.03		0.76			3.81
Class S2		1,000.00		1,064.70		0.91			4.66		1,000.00		1,020.28		0.91			4.56
ING Money Market Portfolio
Class I	$	1,000.00	$	1,002.20		0.30	%(1)	$	1.49	$	1,000.00	$	1,023.31		0.30	%(1)	$	1.51
Class S(2)		1,000.00		1,000.00		0.35	(1)		1.04		1,000.00		1,023.06		0.35	(1)		1.76
ING BlackRock Science and Technology Opportunities Portfolio
Class ADV	$	1,000.00	$	921.10		1.55	%	$	7.38	$	1,000.00	$	1,017.11		1.55	%	$	7.75
Class I		1,000.00		922.20		1.05			5.00		1,000.00		1,019.59		1.05			5.26
Class S		1,000.00		921.40		1.30			6.19		1,000.00		1,018.35		1.30			6.51
Class S2		1,000.00		921.20		1.45			6.91		1,000.00		1,017.60		1.45			7.25

*  Expenses are equal to each Portfolio's respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

⁽¹⁾  Expense ratios reflect waivers of 0.05% and 0.25% of distribution and shareholder servicing fees for Classes I and S, respectively, in order to maintain a yield of not less than zero.

⁽²⁾  Commencement of operations was March 15, 2010. Expense paid for the Actual Portfolio Return reflect the 108-day period ended June 30, 2010.

5

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2010 (UNAUDITED)

	ING Balanced Portfolio			ING Growth and Income Portfolio			ING Small Company Portfolio			ING Opportunistic LargeCap Portfolio
ASSETS:
Investments in securities at value+*	$	581,434,196		$	2,163,191,897		$	470,322,583		$	135,409,684
Short-term investments**		27,607,471			11,344,943			15,034,418			511,923
Short-term investments in affiliates***		30,335,000			71,659,000			17,553,000			1,044,000
Cash		545,957			92,403			985			15,030
Cash collateral for futures		1,965,818			—			—			—
Derivatives collateral held at broker		100,000			—			—			—
Foreign currencies at value****		423,492			—			—			—
Receivables:
Investment securities sold on a delayed-delivery or when-issued basis		5,379,883			—			—			—
Investment securities sold		4,564,421			—			2,488,525			—
Fund shares sold		2,031			296,263			46,842			43,082
Dividends and interest		2,428,190			1,630,123			521,460			223,735
Unrealized appreciation on forward foreign currency contracts		1,476,876			—			—			—
Upfront payments made on swap agreements		199,099			—			—			—
Unrealized appreciation on swap agreements		335,424			—			—			—
Prepaid expenses		6,793			26,853			5,727			1,691
Total assets		656,804,651			2,248,241,482			505,973,540			137,249,145
LIABILITIES:
Payable for investment securities purchased on a delayed-delivery or when-issued basis		30,221,560			—			—			—
Payable for investment securities purchased		5,706,685			14,435,414			10,452,800			—
Payable for fund shares redeemed		685,609			426,851			1,092,452			109
Payable upon receipt of securities loaned		27,932,902			11,429,346			15,375,276			592,107
Unrealized depreciation on forward foreign currency contracts		1,275,528			—			—			—
Upfront payments received on swap agreements		224,234			—			—			—
Unrealized depreciation on swap agreements		807,845			—			—			—
Payable to affiliates		276,400			1,156,126			344,431			81,457
Payable for directors fees		2,951			11,103			2,398			682
Other accrued expenses and liabilities		123,423			332,764			78,273			51,374
Total liabilities		67,257,137			27,791,604			27,345,630			725,729
NET ASSETS	$	589,547,514		$	2,220,449,878		$	478,627,910		$	136,523,416
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	779,998,263		$	2,858,441,386		$	538,146,444		$	200,932,552
Undistributed net investment income		8,078,799			11,535,539			978,325			905,915
Accumulated net realized loss		(166,639,125	)		(754,213,843	)		(88,486,595	)		(62,111,584	)
Net unrealized appreciation or depreciation		(31,890,423	)		104,686,796			27,989,736			(3,203,467	)
NET ASSETS	$	589,547,514		$	2,220,449,878		$	478,627,910		$	136,523,416
+ Including securities loaned at value	$	27,364,589		$	11,057,935		$	14,953,608		$	573,818
* Cost of investments in securities	$	612,767,061		$	2,058,419,782		$	441,991,989		$	138,532,967
** Cost of short-term investments	$	27,932,902		$	11,429,346		$	15,375,276		$	592,107
*** Cost of short-term investments in affiliates	$	30,335,000		$	71,659,000		$	17,553,000		$	1,044,000
**** Cost of foreign currencies	$	426,205		$	—		$	—		$	—

See Accompanying Notes to Financial Statements
6

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

	ING Balanced Portfolio		ING Growth and Income Portfolio		ING Small Company Portfolio		ING Opportunistic LargeCap Portfolio
Class ADV:
Net Assets		n/a	$	1,250,079	$	603,291	$	735,844
Shares authorized		n/a		unlimited		100,000,000		100,000,000
Par value		n/a	$	1.000	$	0.001	$	0.001
Shares outstanding		n/a		69,674		42,321		84,096
Net asset value and redemption price per share		n/a	$	17.94	$	14.26	$	8.75
Class I:
Net Assets	$	582,056,341	$	1,805,994,745	$	410,904,005	$	119,611,810
Shares authorized		500,000,000		unlimited		100,000,000		100,000,000
Par value	$	0.001	$	1.000	$	0.001	$	0.001
Shares outstanding		57,647,011		99,801,774		28,331,718		13,532,200
Net asset value and redemption price per share	$	10.10	$	18.10	$	14.50	$	8.84
Class S:
Net Assets	$	7,491,173	$	413,200,863	$	67,115,989	$	16,175,762
Shares authorized		500,000,000		unlimited		100,000,000		100,000,000
Par value	$	0.001	$	1.000	$	0.001	$	0.001
Shares outstanding		745,852		23,035,446		4,683,616		1,841,029
Net asset value and redemption price per share	$	10.04	$	17.94	$	14.33	$	8.79
Class S2:
Net Assets		n/a	$	4,191	$	4,625		n/a
Shares authorized		n/a		unlimited		100,000,000		n/a
Par value		n/a	$	1.000	$	0.001		n/a
Shares outstanding		n/a		236		324		n/a
Net asset value and redemption price per share		n/a	$	17.73	$	14.29		n/a

See Accompanying Notes to Financial Statements
7

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2010 (UNAUDITED)

	ING Intermediate Bond Portfolio			ING Money Market Portfolio			ING BlackRock Science and Technology Opportunities Portfolio
ASSETS:
Investments in securities at value+*	$	2,901,006,272		$	—		$	290,120,378
Short-term investments**		308,795,818			895,599			3,084,417
Short-term investments at amortized cost		111,195,161			785,624,794			—
Repurchase agreements		—			418,714,000			—
Cash		218,372			—			14,285,363
Cash collateral for futures		2,737,990			—			—
Derivatives collateral held at broker		5,879,000			—			—
Foreign currencies at value***		2,964,860			—			27,946
Receivables:
Investment securities sold on a delayed-delivery or when-issued basis		72,262,248			—			—
Investment securities sold		13,959,920			—			1,287,459
Fund shares sold		36,601			7,822			480,453
Dividends and interest		22,980,076			784,122			114,593
Unrealized appreciation on forward foreign currency contracts		444,856			—			40,338
Upfront payments made on swap agreements		2,661,955			—			—
Unrealized appreciation on swap agreements		2,997,084			—			—
Prepaid expenses		28,038			15,586			3,133
Total assets		3,448,168,251			1,206,041,923			309,444,080
LIABILITIES:
Payable for investment securities purchased on a delayed-delivery or when-issued basis		536,679,446			—			—
Payable for investment securities purchased		23,457,884			—			—
Payable for fund shares redeemed		13,393,797			1,209,236			13,188
Payable upon receipt of securities loaned		306,142,955			1,045,000			3,163,777
Unrealized depreciation on forward foreign currency contracts		1,926,809			—			560,375
Upfront payments received on swap agreements		2,978,646			—			—
Unrealized depreciation on swap agreements		8,790,529			—			—
Payable to affiliates		1,228,907			291,811			310,707
Payable to custodian due to bank overdraft		—			490			—
Payable for directors fees		12,833			6,022			1,524
Other accrued expenses and liabilities		389,717			257,211			46,727
Total liabilities		895,001,523			2,809,770			4,096,298
NET ASSETS	$	2,553,166,728		$	1,203,232,153		$	305,347,782
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	2,832,579,316		$	1,206,238,567		$	325,062,827
Undistributed net investment income (accumulated net investment loss)		64,433,434			—			(979,430	)
Accumulated net realized loss		(420,654,801	)		(2,857,013	)		(41,022,442	)
Net unrealized appreciation or depreciation		76,808,779			(149,401	)		22,286,827
NET ASSETS	$	2,553,166,728		$	1,203,232,153		$	305,347,782
+ Including securities loaned at value	$	299,962,215		$	1,023,541		$	2,971,758
* Cost of investments in securities	$	2,814,228,475		$	—		$	267,234,407
** Cost of short-term investments	$	310,636,465		$	1,045,000		$	3,163,777
*** Cost of foreign currencies	$	2,964,856		$	—		$	27,941

See Accompanying Notes to Financial Statements
8

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

	ING Intermediate Bond Portfolio		ING Money Market Portfolio		ING BlackRock Science and Technology Opportunities Portfolio
Class ADV:
Net Assets	$	20,639		n/a	$	1,230,108
Shares authorized		unlimited		n/a		100,000,000
Par value	$	1.000		n/a	$	0.001
Shares outstanding		1,672		n/a		270,531
Net asset value and redemption price per share	$	12.34		n/a	$	4.55
Class I:
Net Assets	$	1,233,273,511	$	1,203,004,461	$	94,854,565
Shares authorized		unlimited		unlimited		100,000,000
Par value	$	1.000	$	1.000	$	0.001
Shares outstanding		99,920,113		1,202,957,243		20,509,129
Net asset value and redemption price per share	$	12.34	$	1.00	$	4.62
Class S:
Net Assets	$	1,319,869,148	$	227,692	$	209,258,566
Shares authorized		unlimited		unlimited		100,000,000
Par value	$	1.000	$	1.000	$	0.001
Shares outstanding		107,562,727		227,692		45,799,037
Net asset value and redemption price per share	$	12.27	$	1.00	$	4.57
Class S2:
Net Assets	$	3,430		n/a	$	4,543
Shares authorized		unlimited		n/a		100,000,000
Par value	$	1.000		n/a	$	0.001
Shares outstanding		278		n/a		997
Net asset value and redemption price per share	$	12.34		n/a	$	4.56

See Accompanying Notes to Financial Statements
9

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2010 (UNAUDITED)

	ING Balanced Portfolio			ING Growth and Income Portfolio			ING Small Company Portfolio			ING Opportunistic LargeCap Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(1)	$	3,864,443		$	19,522,101		$	3,257,412		$	1,458,004
Interest		6,081,642			—			—			—
Securities lending income, net		42,919			29,740			27,972			7,636
Total investment income		9,989,004			19,551,841			3,285,384			1,465,640
EXPENSES:
Investment management fees		1,568,012			6,200,462			1,964,264			463,338
Distribution and service fees:
Class ADV		—			3,386			412			2,106
Class S		9,877			583,316			96,021			23,218
Class S2		6			10			12			—
Transfer agent fees		394			4,240			427			150
Administrative service fees		172,476			682,030			144,042			42,471
Shareholder reporting expense		24,140			61,946			18,921			3,567
Professional fees		58,241			74,503			20,491			9,451
Custody and accounting expense		102,450			275,496			30,927			9,701
Directors fees		21,300			77,805			18,907			982
Miscellaneous expense		16,362			73,004			16,525			4,185
Interest expense		1,394			2,124			275			—
Total expenses		1,974,652			8,038,322			2,311,224			559,169
Net waived and reimbursed fees		(10,941	)		(22,020	)		(4,647	)		(456	)
Net expenses		1,963,711			8,016,302			2,306,577			558,713
Net investment income		8,025,293			11,535,539			978,807			906,927
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		70,113,483			151,814,363			49,064,478			6,665,894
Foreign currency related transactions		(1,073,952	)		(8,462	)		—			—
Futures		1,104,404			1,306,737			—			—
Swaps		(11,688	)		—			—			—
Written options		36,740			—			—			—
Net realized gain		70,168,987			153,112,638			49,064,478			6,665,894
Net change in unrealized appreciation or depreciation on:
Investments		(79,244,568	)		(325,021,818	)		(56,257,113	)		(17,477,167	)
Foreign currency related transactions		220,764			(5,738	)		—			—
Futures		(547,443	)		(240,734	)		—			—
Swaps		(377,225	)		—			—			—
Net change in unrealized appreciation or depreciation		(79,948,472	)		(325,268,290	)		(56,257,113	)		(17,477,167	)
Net realized and unrealized loss		(9,779,485	)		(172,155,652	)		(7,192,635	)		(10,811,273	)
Decrease in net assets resulting from operations	$	(1,754,192	)	$	(160,620,113	)	$	(6,213,828	)	$	(9,904,346	)
* Foreign taxes withheld	$	97,544		$	168,510		$	1,149		$	1,160
(1) Dividends from affiliates	$	24,205		$	39,238		$	8,113		$	795

See Accompanying Notes to Financial Statements
10

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2010 (UNAUDITED)

	ING Intermediate Bond Portfolio			ING Money Market Portfolio			ING BlackRock Science and Technology Opportunities Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(1)	$	193,089		$	—		$	1,353,306
Interest		71,852,437			1,840,576			1,225
Securities lending income, net		54,094			—			5,639
Total investment income		72,099,620			1,840,576			1,360,170
EXPENSES:
Investment management fees		5,015,500			1,548,755			1,598,482
Distribution and service fees:
Class ADV		14			—			1,184
Class S		1,620,323			61			292,939
Class S2		8			—			12
Transfer agent fees		2,824			973			448
Administrative service fees		689,609			340,716			92,541
Shareholder reporting expense		102,870			42,967			7,583
Professional fees		123,395			40,908			14,820
Custody and accounting expense		187,740			72,445			26,828
Directors fees		101,770			57,878			8,866
Miscellaneous expense		140,173			44,897			12,026
Interest expense		978			—			686
Total expenses		7,985,204			2,149,600			2,056,415
Net waived and reimbursed fees		(15,300	)		(313,648	)		(2	)
Net expenses		7,969,904			1,835,952			2,056,413
Net investment income (loss)		64,129,716			4,624			(696,243	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		37,983,204			107,912			10,794,394
Foreign currency related transactions		820,291			—			449,956
Futures		(3,195,954	)		—			—
Swaps		(358,734	)		—			—
Net realized gain		35,248,807			107,912			11,244,350
Net change in unrealized appreciation or depreciation on:
Investments		72,567,272			—			(36,721,355	)
Foreign currency related transactions		(2,233,982	)		—			(825,971	)
Futures		(4,410,165	)		—			—
Swaps		(4,302,507	)		—			—
Net change in unrealized appreciation or depreciation		61,620,618			—			(37,547,326	)
Net realized and unrealized gain (loss)		96,869,425			107,912			(26,302,976	)
Increase (decrease) in net assets resulting from operations	$	160,999,141		$	112,536		$	(26,999,219	)
* Foreign taxes withheld	$	—		$	—		$	40,878
(1) Dividends from affiliates	$	33,113		$	—		$	—

See Accompanying Notes to Financial Statements
11

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Balanced Portfolio						ING Growth and Income Portfolio
	Six Months Ended June 30, 2010			Year Ended December 31, 2009			Six Months Ended June 30, 2010			Year Ended December 31, 2009
FROM OPERATIONS:
Net investment income	$	8,025,293		$	15,275,573		$	11,535,539		$	33,198,999
Net realized gain (loss)		70,168,987			(76,149,640	)		153,112,638			(47,564,144	)
Net change in unrealized appreciation or depreciation		(79,948,472	)		168,234,494			(325,268,290	)		600,589,394
Increase (decrease) in net assets resulting from operations		(1,754,192	)		107,360,427			(160,620,113	)		586,224,249
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		—			(24	)		—			(12,868	)
Class I		(16,778,645	)		(27,411,197	)		—			(27,834,564	)
Class S		(200,666	)		(285,533	)		—			(5,611,654	)
Class S2		—			(164	)		—			(21	)
Total distributions		(16,979,311	)		(27,696,918	)		—			(33,459,107	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		2,646,248			17,370,766			36,254,838			232,270,324
Proceeds from shares issued in merger (Note 15)		—			—			—			169,747,571
Reinvestment of distributions		16,979,311			27,696,730			—			33,439,582
		19,625,559			45,067,496			36,254,838			435,457,477
Cost of shares redeemed		(49,829,204	)		(95,745,942	)		(228,406,622	)		(328,028,775	)
Net increase (decrease) in net assets resulting from capital share transactions		(30,203,645	)		(50,678,446	)		(192,151,784	)		107,428,702
Net increase (decrease) in net assets		(48,937,148	)		28,985,063			(352,771,897	)		660,193,844
NET ASSETS:
Beginning of period		638,484,662			609,499,599			2,573,221,775			1,913,027,931
End of period	$	589,547,514		$	638,484,662		$	2,220,449,878		$	2,573,221,775
Undistributed net investment income at end of period	$	8,078,799		$	17,032,817		$	11,535,539		$	—

See Accompanying Notes to Financial Statements
12

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Small Company Portfolio						ING Opportunistic LargeCap Portfolio
	Six Months Ended June 30, 2010			Year Ended December 31, 2009			Six Months Ended June 30, 2010			Year Ended December 31, 2009
FROM OPERATIONS:
Net investment income	$	978,807		$	3,187,842		$	906,927		$	1,712,140
Net realized gain (loss)		49,064,478			(63,907,060	)		6,665,894			(12,912,058	)
Net change in unrealized appreciation or depreciation		(56,257,113	)		200,263,455			(17,477,167	)		29,121,603
Increase (decrease) in net assets resulting from operations		(6,213,828	)		139,544,237			(9,904,346	)		17,921,685
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(343	)		(21	)		(7,704	)		(13	)
Class I		(2,439,964	)		(3,140,359	)		(1,518,635	)		(2,288,544	)
Class S		(298,881	)		(330,410	)		(178,557	)		(323,400	)
Class S2		(16	)		(26	)		—			—
Total distributions		(2,739,204	)		(3,470,816	)		(1,704,896	)		(2,611,957	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		55,816,758			163,340,263			1,181,263			2,369,288
Proceeds from shares issued in merger (Note 15)		—			—			—			74,756,101
Reinvestment of distributions		2,739,166			3,470,762			1,704,896			2,611,944
		58,555,924			166,811,025			2,886,159			79,737,333
Cost of shares redeemed		(87,735,805	)		(251,517,739	)		(14,579,591	)		(20,966,665	)
Net increase (decrease) in net assets resulting from capital share transactions		(29,179,881	)		(84,706,714	)		(11,693,432	)		58,770,668
Net increase (decrease) in net assets		(38,132,913	)		51,366,707			(23,302,674	)		74,080,396
NET ASSETS:
Beginning of period		516,760,823			465,394,116			159,826,090			85,745,694
End of period	$	478,627,910		$	516,760,823		$	136,523,416		$	159,826,090
Undistributed net investment income at end of period	$	978,325		$	2,738,722		$	905,915		$	1,703,884

See Accompanying Notes to Financial Statements
13

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Intermediate Bond Portfolio						ING Money Market Portfolio
	Six Months Ended June 30, 2010			Year Ended December 31, 2009			Six Months Ended June 30, 2010			Year Ended December 31, 2009
FROM OPERATIONS:
Net investment income	$	64,129,716		$	125,593,975		$	4,624		$	4,033,241
Net realized gain (loss)		35,248,807			(266,342,197	)		107,912			1,060,979
Net change in unrealized appreciation or depreciation		61,620,618			444,410,693			—			—
Increase in net assets resulting from operations		160,999,141			303,662,471			112,536			5,094,220
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		—			(54	)		—			—
Class I		—			(81,850,494	)		(4,623	)		(4,611,290	)
Class S		—			(75,398,390	)		(1	)		—
Class S2		—			(213	)		—			—
Net realized gains:
Class I		—			—			(2,720,236	)		(674,273	)
Total distributions		—			(157,249,151	)		(2,724,860	)		(5,285,563	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		131,476,956			368,789,890			52,271,869			83,164,700
Reinvestment of distributions		—			157,218,648			2,724,860			5,285,563
		131,476,956			526,008,538			54,996,729			88,450,263
Cost of shares redeemed		(255,561,573	)		(1,113,574,605	)		(177,581,201	)		(558,662,896	)
Net decrease in net assets resulting from capital share transactions		(124,084,617	)		(587,566,067	)		(122,584,472	)		(470,212,633	)
Net increase (decrease) in net assets		36,914,524			(441,152,747	)		(125,196,796	)		(470,403,976	)
NET ASSETS:
Beginning of period		2,516,252,204			2,957,404,951			1,328,428,949			1,798,832,925
End of period	$	2,553,166,728		$	2,516,252,204		$	1,203,232,153		$	1,328,428,949
Undistributed net investment income at end of period	$	64,433,434		$	303,718		$	—		$	—

See Accompanying Notes to Financial Statements
14

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING BlackRock Science and Technology Opportunities Portfolio
	Six Months Ended June 30, 2010			Year Ended December 31, 2009
FROM OPERATIONS:
Net investment loss	$	(696,243	)	$	(712,173	)
Net realized gain (loss)		11,244,350			(16,152,304	)
Net change in unrealized appreciation or depreciation		(37,547,326	)		115,546,601
Increase (decrease) in net assets resulting from operations		(26,999,219	)		98,682,124
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		52,654,743			128,558,035
Cost of shares redeemed		(51,230,872	)		(41,766,442	)
Net increase in net assets resulting from capital share transactions		1,423,871			86,791,593
Net increase (decrease) in net assets		(25,575,348	)		185,473,717
NET ASSETS:
Beginning of period		330,923,130			145,449,413
End of period	$	305,347,782		$	330,923,130
Accumulated net investment loss at end of period	$	(979,430	)	$	(283,187	)

See Accompanying Notes to Financial Statements
15

FINANCIAL HIGHLIGHTS (UNAUDITED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income(loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Net asset value, end of year or period
Year or period ended	($)		($)			($)			($)			($)		($)		($)		($)		($)
ING Balanced Portfolio
Class I
06-30-10		10.42		0.13	•		(0.16	)		(0.03	)		0.29		—		—		0.29		10.10
12-31-09		9.18		0.24	•		1.43			1.67			0.43		—		—		0.43		10.42
12-31-08		14.45		0.40			(4.07	)		(3.67	)		0.45		1.15		—		1.60		9.18
12-31-07		14.65		0.39	•		0.38			0.77			0.39		0.58		—		0.97		14.45
12-31-06		13.64		0.34	•		1.00			1.34			0.33		—		—		0.33		14.65
12-31-05		13.40		0.29	•		0.27			0.56			0.32		—		—		0.32		13.64
Class S
06-30-10		10.36		0.11			(0.16	)		(0.05	)		0.27		—		—		0.27		10.04
12-31-09		9.12		0.21	•		1.43			1.64			0.40		—		—		0.40		10.36
12-31-08		14.36		0.34			(4.02	)		(3.68	)		0.41		1.15		—		1.56		9.12
12-31-07		14.57		0.35	•		0.38			0.73			0.36		0.58		—		0.94		14.36
12-31-06		13.58		0.32	•		0.97			1.29			0.30		—		—		0.30		14.57
12-31-05		13.35		0.27			0.25			0.52			0.29		—		—		0.29		13.58
ING Growth and Income Portfolio
Class ADV
06-30-10		19.31		0.05			(1.42	)		(1.37	)		—		—		—		—		17.94
12-31-09		15.04		0.18	•		4.29			4.47			0.20		—		—		0.20		19.31
12-31-08		24.61		0.23	•		(9.58	)		(9.35	)		0.22		—		—		0.22		15.04
12-31-07		23.38		0.72	•		0.84			1.56			0.33		—		—		0.33		24.61
12-20-06(4)-12-31-06		23.70		0.01	•		(0.06	)		(0.05	)		0.27		—		—		0.27		23.38
Class I
06-30-10		19.42		0.10			(1.42	)		(1.32	)		—		—		—		—		18.10
12-31-09		15.11		0.27	•		4.30			4.57			0.26		—		—		0.26		19.42
12-31-08		24.76		0.36			(9.69	)		(9.33	)		0.32		—		—		0.32		15.11
12-31-07		23.38		0.33	•		1.40			1.73			0.35		—		—		0.35		24.76
12-31-06		20.71		0.25	•		2.69			2.94			0.27		—		—		0.27		23.38
12-31-05		19.35		0.23			1.35			1.58			0.22		—		—		0.22		20.71
Class S
06-30-10		19.28		0.07			(1.41	)		(1.34	)		—		—		—		—		17.94
12-31-09		15.00		0.19			4.32			4.51			0.23		—		—		0.23		19.28
12-31-08		24.63		0.25	•		(9.58	)		(9.33	)		0.30		—		—		0.30		15.00
12-31-07		23.30		0.37	•		1.29			1.66			0.33		—		—		0.33		24.63
12-31-06		20.69		0.20	•		2.64			2.84			0.23		—		—		0.23		23.30
12-31-05		19.34		0.14			1.41			1.55			0.20		—		—		0.20		20.69
Class S2
06-30-10		19.26		0.06			(1.59	)		(1.53	)		—		—		—		—		17.73
02-27-09(4)-12-31-09		12.69		(0.06	)•		6.72			6.66			0.09		—		—		0.09		19.26

				Ratios to average net assets											Supplemental data
	Total Return(1)			Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments, if any(2)(3)			Expenses net of all reductions/additions (2)(3)			Net investment income(loss)(2)(3)			Net assets, end of year orperiod		Portfolio turnover rate
Year or period ended	(%)			(%)		(%)			(%)			(%)			($000's)		(%)
ING Balanced Portfolio
Class I
06-30-10		(0.49	)		0.63		0.63	†		0.63	†		2.56	†		582,056		190
12-31-09		19.23			0.63		0.63	†		0.63	†		2.55	†		631,106		337
12-31-08		(28.10	)		0.62		0.62	†		0.62	†		2.97	†		602,815		294
12-31-07		5.57			0.60		0.60	†		0.60	†		2.68	†		1,046,498		257
12-31-06		9.99			0.60		0.60	†		0.60	†		2.44	†		1,183,928		236
12-31-05		4.24			0.60		0.60			0.60			2.30			1,236,327		308
Class S
06-30-10		(0.69	)		0.88		0.88	†		0.88	†		2.31	†		7,491		190
12-31-09		18.94			0.88		0.88	†		0.88	†		2.30	†		7,374		337
12-31-08		(28.28	)		0.87		0.87	†		0.87	†		2.73	†		6,684		294
12-31-07		5.31			0.85		0.85	†		0.85	†		2.43	†		10,281		257
12-31-06		9.62			0.85		0.85	†		0.85	†		2.29	†		10,683		236
12-31-05		3.99			0.85		0.85			0.85			2.06			3,170		308
ING Growth and Income Portfolio
Class ADV
06-30-10		(7.09	)		1.10		1.10	†		1.10	†		0.49	†		1,250		40
12-31-09		29.69			1.11		1.11	†		1.11	†		1.10	†		1,302		104
12-31-08		(37.94	)(a)		1.10		1.10	†		1.10	†		1.14	†		791		169
12-31-07		6.66			1.09		1.09	†		1.09	†		2.95	†		1,211		146
12-20-06(4)-12-31-06		(0.23	)		1.09		1.09	†		1.09	†		1.08	†		1		103
Class I
06-30-10		(6.80	)		0.60		0.60	†		0.60	†		0.98	†		1,805,995		40
12-31-09		30.24			0.61		0.61	†		0.61	†		1.60	†		2,090,019		104
12-31-08		(37.63	)(a)		0.60		0.60	†		0.60	†		1.64	†		1,622,085		169
12-31-07		7.40			0.59		0.59	†		0.59	†		1.32	†		2,796,115		146
12-31-06		14.20			0.59		0.59	†		0.59	†		1.15	†		3,098,120		103
12-31-05		8.13			0.59		0.59			0.59			1.03			3,146,025		80
Class S
06-30-10		(6.95	)		0.85		0.85	†		0.85	†		0.73	†		413,201		40
12-31-09		30.03			0.86		0.86	†		0.86	†		1.34	†		481,897		104
12-31-08		(37.82	)(a)		0.85		0.85	†		0.85	†		1.44	†		290,152		169
12-31-07		7.13			0.84		0.84	†		0.84	†		1.50	†		25,169		146
12-31-06		13.72			0.84		0.84	†		0.84	†		0.94	†		4,758		103
12-31-05		7.98			0.84		0.84			0.84			0.78			2,431		80
Class S2
06-30-10		(7.94	)		1.10		1.00	†		1.00	†		0.58	†		4		40
02-27-09(4)-12-31-09		52.46			1.11		1.01	†		1.01	†		(0.39	)†		5		104

See Accompanying Notes to Financial Statements
16

FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income(loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Net asset value, end of year or period
Year or period ended	($)		($)			($)			($)			($)		($)		($)		($)		($)
ING Small Company Portfolio
Class ADV
06-30-10		14.60		0.00	*		(0.26	)		(0.26	)		0.08		—		—		0.08		14.26
12-31-09		11.58		0.08	•		3.02			3.10			0.08		—		—		0.08		14.60
12-16-08(4)-12-31-08		11.13		0.00	*•		0.45			0.45			—		—		—		—		11.58
Class I
06-30-10		14.82		0.04			(0.27	)		(0.23	)		0.09		—		—		0.09		14.50
12-31-09		11.70		0.09			3.11			3.20			0.08		—		—		0.08		14.82
12-31-08		19.56		0.11	•		(5.52	)		(5.41	)		0.18		2.27		—		2.45		11.70
12-31-07		21.70		0.24	•		0.99			1.23			0.04		3.33		—		3.37		19.56
12-31-06		21.65		0.05			3.46			3.51			0.09		3.37		—		3.46		21.70
12-31-05		19.94		0.10			1.92			2.02			0.03		0.28		—		0.31		21.65
Class S
06-30-10		14.64		0.02			(0.27	)		(0.25	)		0.06		—		—		0.06		14.33
12-31-09		11.57		0.05	•		3.09			3.14			0.07		—		—		0.07		14.64
12-31-08		19.39		0.09	•		(5.50	)		(5.41	)		0.14		2.27		—		2.41		11.57
12-31-07		21.54		0.18	•		1.00			1.18			—		3.33		—		3.33		19.39
12-31-06		21.59		(0.05	)•		3.41			3.36			0.04		3.37		—		3.41		21.54
12-31-05		19.90		0.06			1.92			1.98			0.01		0.28		—		0.29		21.59
Class S2
06-30-10		14.61		0.02			(0.29	)		(0.27	)		0.05		—		—		0.05		14.29
02-27-09(4)-12-31-09		9.27		0.03	•		5.39			5.42			0.08		—		—		0.08		14.61
ING Opportunistic LargeCap Portfolio
Class ADV
06-30-10		9.51		0.04			(0.71	)		(0.67	)		0.09		—		—		0.09		8.75
12-31-09		8.52		0.08	•		1.12			1.20			0.21		—		—		0.21		9.51
12-31-08		15.82		0.20			(5.19	)		(4.99	)		0.16		2.15		—		2.31		8.52
12-31-07		15.72		0.16			0.20			0.36			0.26		—		—		0.26		15.82
12-29-06(4)-12-31-06		15.72		(0.00	)*		—			(0.00	)*		—		—		—		—		15.72
Class I
06-30-10		9.60		0.07			(0.72	)		(0.65	)		0.11		—		—		0.11		8.84
12-31-09		8.65		0.14	•		1.09			1.23			0.28		—		—		0.28		9.60
12-31-08		16.05		0.29			(5.27	)		(4.98	)		0.27		2.15		—		2.42		8.65
12-31-07		15.84		0.23	•		0.24			0.47			0.26		—		—		0.26		16.05
12-31-06		13.84		0.23	•		1.98			2.21			0.21		—		—		0.21		15.84
12-31-05		13.19		0.19	•		0.71			0.90			0.25		—		—		0.25		13.84
Class S
06-30-10		9.54		0.05			(0.71	)		(0.66	)		0.09		—		—		0.09		8.79
12-31-09		8.58		0.12	•		1.09			1.21			0.25		—		—		0.25		9.54
12-31-08		15.93		0.26			(5.23	)		(4.97	)		0.23		2.15		—		2.38		8.58
12-31-07		15.72		0.19	•		0.24			0.43			0.22		—		—		0.22		15.93
12-31-06		13.77		0.19	•		1.96			2.15			0.20		—		—		0.20		15.72
12-31-05		13.12		0.16	•		0.71			0.87			0.22		—		—		0.22		13.77

				Ratios to average net assets											Supplemental data
	Total Return(1)			Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments, if any(2)(3)			Expenses net of all reductions/additions (2)(3)			Net investment income(loss)(2)(3)			Net assets, end of year orperiod		Portfolio turnover rate
Year or period ended	(%)			(%)		(%)			(%)			(%)			($000's)		(%)
ING Small Company Portfolio
Class ADV
06-30-10		(1.85	)		1.35		1.35	†		1.35	†		0.14	†		603		40
12-31-09		26.96			1.36		1.36	†		1.36	†		0.67	†		36		128
12-16-08(4)-12-31-08		4.04			1.35		1.35	†		1.35	†		0.65	†		3		145
Class I
06-30-10		(1.66	)		0.85		0.85	†		0.85	†		0.41	†		410,904		40
12-31-09		27.56			0.86		0.86	†		0.86	†		0.67	†		437,930		128
12-31-08		(31.05	)		0.85		0.85	†		0.85	†		0.71	†		420,626		145
12-31-07		5.90			0.84		0.84	†		0.84	†		1.16	†		603,492		106
12-31-06		16.79			0.85		0.85	†		0.85	†		0.26	†		512,446		83
12-31-05		10.27	(a)		0.85		0.85			0.85			0.43			393,700		72
Class S
06-30-10		(1.77	)		1.10		1.10	†		1.10	†		0.15	†		67,116		40
12-31-09		27.33			1.11		1.11	†		1.11	†		0.43	†		78,790		128
12-31-08		(31.28	)		1.10		1.10	†		1.10	†		0.71	†		44,764		145
12-31-07		5.68			1.09		1.09	†		1.09	†		0.90	†		2,890		106
12-31-06		16.07			1.10		1.10	†		1.10	†		(0.24	)†		2,162		83
12-31-05		10.05	(a)		1.10		1.10			1.10			0.26			68,768		72
Class S2
06-30-10		(1.90	)		1.35		1.25	†		1.25	†		0.14	†		5		40
02-27-09(4)-12-31-09		58.73			1.36		1.26	†		1.26	†		0.27	†		5		128
ING Opportunistic LargeCap Portfolio
Class ADV
06-30-10		(7.16	)		1.19		1.19	†		1.19	†		0.71	†		736		54
12-31-09		14.74			1.19		1.19	†		1.19	†		0.83	†		870		218
12-31-08		(36.01	)(a)		1.21		1.21	†		1.21	†		1.68	†		1		132
12-31-07		2.33			1.19		1.19	†		1.19	†		0.99	†		1		197
12-29-06(4)-12-31-06		—			1.19		1.19			1.19			(1.19	)		1		83
Class I
06-30-10		(6.92	)		0.69		0.69	†		0.69	†		1.21	†		119,612		54
12-31-09		15.10			0.69		0.69	†		0.69	†		1.62	†		139,689		218
12-31-08		(35.61	)(a)		0.71		0.71	†		0.71	†		2.16	†		73,764		132
12-31-07		3.01			0.69		0.69	†		0.69	†		1.44	†		143,438		197
12-31-06		16.10			0.69		0.69			0.69			1.58			173,014		83
12-31-05		6.95			0.70		0.70			0.70			1.47			178,828		94
Class S
06-30-10		(7.02	)		0.94		0.94	†		0.94	†		0.96	†		16,176		54
12-31-09		14.83			0.94		0.94	†		0.94	†		1.39	†		19,267		218
12-31-08		(35.80	)(a)		0.96		0.96	†		0.96	†		1.91	†		11,981		132
12-31-07		2.77			0.94		0.94	†		0.94	†		1.19	†		23,886		197
12-31-06		15.77			0.94		0.94			0.94			1.32			28,391		83
12-31-05		6.76			0.95		0.95			0.95			1.18			30,125		94

See Accompanying Notes to Financial Statements
17

FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income(loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From return of capital		Total distributions			Net asset value, end of year or period
Year or period ended	($)		($)			($)			($)			($)			($)			($)		($)			($)
ING Intermediate Bond Portfolio
Class ADV
06-30-10		11.62		0.29	•		0.43			0.72			—			—			—		—			12.34
12-31-09		11.12		0.47			0.76			1.23			0.73			—			—		0.73			11.62
12-31-08		13.23		0.58			(1.77	)		(1.19	)		0.62			0.30			—		0.92			11.12
12-31-07		12.96		0.63			0.09			0.72			0.45			—			—		0.45			13.23
12-20-06(4)-12-31-06		13.53		0.02			(0.06	)		(0.04	)		0.53			—			—		0.53			12.96
Class I
06-30-10		11.57		0.31	•		0.46			0.77			—			—			—		—			12.34
12-31-09		11.08		0.53	•		0.75			1.28			0.79			—			—		0.79			11.57
12-31-08		13.22		0.64	•		(1.73	)		(1.09	)		0.75			0.30			—		1.05			11.08
12-31-07		12.96		0.69	•		0.08			0.77			0.51			—			—		0.51			13.22
12-31-06		12.97		0.65	•		(0.12	)		0.53			0.54			—			—		0.54			12.96
12-31-05		13.14		0.54			(0.13	)		0.41			0.51			0.07			—		0.58			12.97
Class S
06-30-10		11.52		0.29	•		0.46			0.75			—			—			—		—			12.27
12-31-09		11.00		0.50	•		0.75			1.25			0.73			—			—		0.73			11.52
12-31-08		13.14		0.60	•		(1.72	)		(1.12	)		0.72			0.30			—		1.02			11.00
12-31-07		12.89		0.65	•		0.08			0.73			0.48			—			—		0.48			13.14
12-31-06		12.91		0.61	•		(0.12	)		0.49			0.51			—			—		0.51			12.89
12-31-05		13.09		0.41			(0.03	)		0.38			0.49			0.07			—		0.56			12.91
Class S2
06-30-10		11.59		0.29			0.46			0.75			—			—			—		—			12.34
02-27-09(4)-12-31-09		10.79		0.42	•		1.15			1.57			0.77			—			—		0.77			11.59
ING Money Market Portfolio(b)
Class I
06-30-10		1.00		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*		—		0.00	*		1.00
12-31-09		1.00		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*		—		0.00	*		1.00
12-31-08		1.05		0.02			0.00			0.02			0.07			—			—		0.07			1.00
12-31-07		1.04		0.05			(0.00	)		0.05			0.04			—			—		0.04			1.05
12-31-06		1.02		0.05			0.00			0.05			0.03			—			—		0.03			1.04
12-31-05		1.00		0.03			(0.00	)		0.03			0.01			—			—		0.01			1.02
Class S
03-15-10(4)-06-30-10		1.00		(0.00	)*		0.00	*		0.00	*		0.00	*		0.00	*		—		0.00	*		1.00
ING BlackRock Science and Technology Opportunities Portfolio
Class ADV
06-30-10		4.94		(0.02	)•		(0.37	)		(0.39	)		—			—			—		—			4.55
12-31-09		3.25		(0.02	)		1.71			1.69			—			—			—		—			4.94
12-16-08(4)-12-31-08		3.29		(0.01	)		(0.03	)		(0.04	)		—			—			—		—			3.25
Class I
06-30-10		5.01		(0.01	)		(0.38	)		(0.39	)		—			—			—		—			4.62
12-31-09		3.28		(0.01	)		1.74			1.73			—			—			—		—			5.01
12-31-08		5.45		0.00	*		(2.17	)		(2.17	)		—			—			—		—			3.28
12-31-07		4.58		(0.01	)		0.88			0.87			—			—			—		—			5.45
12-31-06		4.27		(0.01	)		0.32			0.31			—			—			—		—			4.58
12-31-05		3.82		(0.02	)		0.47			0.45			—			—			—		—			4.27
Class S
06-30-10		4.96		(0.01	)		(0.38	)		(0.39	)		—			—			—		—			4.57
12-31-09		3.25		(0.02	)		1.73			1.71			—			—			—		—			4.96
12-31-08		5.42		(0.01	)		(2.16	)		(2.17	)		—			—			—		—			3.25
12-31-07		4.56		(0.02	)		0.88			0.86			—			—			—		—			5.42
12-31-06		4.27		(0.02	)		0.31			0.29			—			—			—		—			4.56
07-20-05(5)-12-31-05		3.90		(0.01	)		0.38			0.37			—			—			—		—			4.27
01-01-03-12-16-03(5)		2.65		(0.07	)		1.09			1.02			—			—			—		—			3.67
Class S2
06-30-10		4.95		(0.02	)		(0.37	)		(0.39	)		—			—			—		—			4.56
02-27-09(4)-12-31-09		3.01		(0.02	)•		1.96			1.94			—			—			—		—			4.95

				Ratios to average net assets											Supplemental data
	Total Return(1)			Expenses before reductions/additions(2)(3)		Expenses net of fee waivers and/or recoupments, if any(2)(3)			Expenses net of all reductions/additions (2)(3)			Net investment income(loss)(2)(3)			Net assets, end of year orperiod		Portfolio turnover rate
Year or period ended	(%)			(%)		(%)			(%)			(%)			($000's)		(%)
ING Intermediate Bond Portfolio
Class ADV
06-30-10		6.20			1.01		1.01	†		1.01	†		4.77	†		21		196
12-31-09		11.08			1.01		1.01	†		1.01	†		4.08	†		1		692
12-31-08		(9.16	)		1.01		1.00	†		1.00	†		4.58	†		1		666
12-31-07		5.60	(a)		0.99		0.99	†		0.99	†		4.77	†		1		438
12-20-06(4)-12-31-06		(0.30	)		0.99		0.99	†		0.99	†		6.82	†		1		390
Class I
06-30-10		6.66			0.51		0.51	†		0.51	†		5.25	†		1,233,274		196
12-31-09		11.57			0.51		0.51	†		0.51	†		4.62	†		1,236,593		692
12-31-08		(8.41	)		0.51		0.50	†		0.50	†		5.05	†		1,803,886		666
12-31-07		5.95	(a)		0.49		0.49	†		0.49	†		5.19	†		2,267,008		438
12-31-06		4.06			0.49		0.49	†		0.49	†		4.97	†		1,909,376		390
12-31-05		3.14			0.49		0.49			0.49			4.14			1,148,075		589
Class S
06-30-10		6.51			0.76		0.76	†		0.76	†		4.99	†		1,319,869		196
12-31-09		11.38			0.76		0.76	†		0.76	†		4.41	†		1,279,655		692
12-31-08		(8.73	)		0.76		0.75	†		0.75	†		4.82	†		1,153,518		666
12-31-07		5.70	(a)		0.74		0.74	†		0.74	†		4.92	†		1,079,662		438
12-31-06		3.77			0.74		0.74	†		0.74	†		4.69	†		620,849		390
12-31-05		2.94			0.74		0.74			0.74			3.94			617,269		589
Class S2
06-30-10		6.47			1.01		0.91	†		0.91	†		4.86	†		3		196
02-27-09(4)-12-31-09		14.59			1.01		0.91	†		0.91	†		4.31	†		3		692
ING Money Market Portfolio(b)
Class I
06-30-10		0.22			0.35		0.30			0.30			0.00			1,203,004		—
12-31-09		0.33			0.37		0.37			0.37			0.25			1,328,429		—
12-31-08		2.67			0.35		0.35			0.35			2.66			1,798,833		—
12-31-07		5.13			0.33		0.33			0.33			5.03			1,711,139		—
12-31-06		4.88			0.34		0.34			0.34			4.79			1,355,850		—
12-31-05		2.98			0.35		0.35			0.35			2.93			1,073,018		—
Class S
03-15-10(4)-06-30-10		0.00	*		0.60		0.35			0.35			(0.05	)		228		—
ING BlackRock Science and Technology Opportunities Portfolio
Class ADV
06-30-10		(7.89	)		1.55		1.55			1.55			(0.75	)		1,230		27
12-31-09		52.00			1.57		1.55			1.55			(0.92	)		54		74
12-16-08(4)-12-31-08		(1.22	)		1.58		1.56			1.56			(2.08	)		3		137
Class I
06-30-10		(7.78	)		1.05		1.05			1.05			(0.24	)		94,855		27
12-31-09		52.74			1.07		1.05			1.05			(0.13	)		100,726		74
12-31-08		(39.82	)		1.08		1.06			1.06			0.09			55,899		137
12-31-07		19.00			1.08		1.08			1.08			(0.24	)		97,943		84
12-31-06		7.26			1.08		1.08			1.08			(0.29	)		81,599		129
12-31-05		11.78			1.06		1.06			1.06			(0.48	)		84,523		118
Class S
06-30-10		(7.86	)		1.30		1.30			1.30			(0.49	)		209,259		27
12-31-09		52.62			1.32		1.30			1.30			(0.41	)		230,138		74
12-31-08		(40.04	)		1.33		1.31			1.31			(0.02	)		89,548		137
12-31-07		18.86			1.33		1.33			1.33			(0.50	)		1,140		84
12-31-06		6.79			1.33		1.33			1.33			(0.51	)		551		129
07-20-05(5)-12-31-05		9.49			1.31		1.31			1.31			(0.73	)		78		118
01-01-03-12-16-03(5)		38.49			1.35		1.35			1.36			(1.13	)		—		15
Class S2
06-30-10		(7.88	)		1.55		1.45			1.45			(0.64	)		5		27
02-27-09(4)-12-31-09		64.45			1.57		1.45			1.45			(0.56	)		5		74

See Accompanying Notes to Financial Statements
18

FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)

⁽¹⁾  Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, 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.

⁽³⁾  Expense ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage commission recapture arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor but prior to reductions from brokerage commission recapture arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.

⁽⁴⁾  Commencement of operations.

⁽⁵⁾  Class S was fully redeemed on December 16, 2003 and recommenced operations on July 20, 2005.

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

^•  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 (Note 4).

^(a)  There was no impact on total return by the affiliate payment.

^(b)  NAV and per share amounts have been restated to reflect the stock split that occurred on October 7, 2008. Effective October 7, 2008, the Portfolio converted to a stable share price of $1.00 per share. In connection with this change, the Portfolio utilized a stock split and distributed additional shares to its shareholders (adjustment factor: 12.926 shares to 1 share) such that each shareholder's proportionate interest and aggregate value of investment in the Portfolio remained the same.

See Accompanying Notes to Financial Statements
19

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED)

NOTE 1 — ORGANIZATION

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

ING Balanced Portfolio, Inc. is a company incorporated under the laws of Maryland on December 14, 1988 with one diversified series, ING Balanced Portfolio ("Balanced"). ING Variable Funds is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, ING 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 nineteen separate active diversified and non-diversified series. The three diversified series that are in this report are: ING Small Company Portfolio ("Small Company"), ING Opportunistic LargeCap Portfolio ("Opportunistic LargeCap") and ING BlackRock Science and Technology Opportunities Portfolio ("Science and Technology Opportunities"). ING Intermediate Bond Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, ING Intermediate Bond Portfolio ("Intermediate Bond"). ING Money Market Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, ING Money Market Portfolio ("Money Market"). Each of the portfolios is a "Portfolio" and collectively, they are the "Portfolios".

Each Portfolio offers Adviser ("ADV") Class, Class I, Class S and Service 2 Class (Class "S2") shares, except Balanced and Money Market which currently offer only Class I and Class S shares and Opportunistic LargeCap which currently offers only ADV Class, Class I and Class S shares. Each class has equal rights as to class and voting privileges. The classes differ principally in the applicable distribution and shareholder 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 Portfolios pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Common expenses of the Portfolios (including custodial asset-based fees, legal and audit fees, printing and mailing fees, and fees and expenses of the independent trustees) are allocated to each Portfolio in proportion to its average 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, transfer agency out-of-pocket expenses, 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 service fees, if applicable.

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 each Portfolio's behalf.

ING Investments, LLC serves as the investment adviser ("ING Investments" or the "Investment Adviser") to the Portfolios. ING Investment Management Co. ("ING IM") serves as the sub-adviser to each of the Portfolios except Science and Technology Opportunities. ING Funds Services, LLC serves as the administrator ("IFS" or the "Administrator") for the Portfolios. ING Investments Distributor, LLC (formerly, ING Funds Distributor, LLC) ("IID" or the "Distributor") serves as the principal underwriter to the Portfolios.

The Investment Adviser, ING IM, IFS and IID 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.

ING Groep has adopted a formal restructuring plan that was approved by the European Commission in November 2009 under which the ING life insurance businesses, including the retirement services and investment management businesses, which include the Investment Adviser and its affiliates, would be divested by by ING Groep by the end of 2013. While there can be no assurance that it will be carried out, the restructuring plan presents certain risks, including uncertainty about the effect on the businesses of the ING entities that service the Portfolios and potential termination of the Portfolios' existing advisory agreement, which may trigger the need for shareholder approval of new agreements.

20

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

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 are valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities acquired with more than 60 days to maturity are valued using matrix pricing methods determined by an independent pricing service which takes into consideration such factors as yields, maturities, liquidity, ratings and traded prices in similar or identical securities. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of fair market value obtained from yield data relating to investments or securities with similar characteristics. 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. Investments in open-end mutual funds are valued at net asset value. Investments in securities of sufficient credit quality maturing in 60 days or less are valued at amortized cost which approximates fair value.

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 defined in the 1940 Act, and 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 defined by the 1940 Act, and as determined in good faith by or under the supervision of the Board, in accordance with methods that are specifically authorized by the Board. All such fair valuations are made in accordance with valuation procedures of the Portfolios (the "Valuation Procedures") which have been approved by the Board. The valuation techniques applied in any specific instance are set forth in the Valuation Procedures and may 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 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

21

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 quotations at the time a 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 a Portfolio's NAV.

Money Market uses the amortized cost method to value its portfolio securities, which approximates fair 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 fair value of the security.

Fair value is defined as the price that the Portfolios would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. 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 or liability that are observable are classified as "Level 2" and unobservable inputs, including the adviser's or 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. Short-term securities of sufficient credit quality which are valued at amortized cost, which approximates fair value, are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Portfolios' investments under these levels of classification is included following the Portfolios of Investments.

For the six months ended June 30, 2010, there have been no significant changes to the fair valuation methodologies.

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 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

22

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.  Risk Exposures and the use of Derivative Instruments. Certain Portfolios' investment strategies permit the Portfolios to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, a Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to market risk factors. This may allow a Portfolio to pursue its objectives more quickly, and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

Market Risk Factors. In pursuit of its investment objectives, a Portfolio may seek to use derivatives to increase or decrease its exposure to the following market risk factors:

Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Risks of Investing in Derivatives. A Portfolio's use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of a Portfolio to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because the Portfolio is required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and a Portfolio. Associated risks are not the risks that a Portfolio is attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that a Portfolio will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Associated risks can be different for each type

23

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

of derivative and are discussed by each derivative type in the following notes.

Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Each Portfolio's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. A Portfolio intends to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, a Portfolio has entered into master netting arrangements, established within each Portfolio's International Swap and Derivatives Association, Inc. Master Agreements ("Master Agreements"). These agreements are with select counterparties and they govern transactions, including certain over-the-counter ("OTC") derivative and forward foreign currency contracts, entered into by a Portfolio and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

As of June 30, 2010, the maximum amount of loss that Balanced, Intermediate Bond and Science and Technology Opportunities would incur if the counterparties to its derivative transactions failed to perform would be $2,011,399, $6,103,895, and $40,338, respectively, which represents the gross payments to be received by the Portfolios on open credit default swaps, interest rate swaps and forward foreign currency transactions were they to be unwound as of June 30, 2010.

Each Portfolio has credit related contingent features that if triggered would allow its derivative counterparties to close out and demand payment or additional collateral to cover their exposure from a Portfolio. Credit related contingent features are established between each Portfolio and their derivatives counterparties to reduce the risk that a Portfolio will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in a Portfolio's net assets and or a percentage decrease in a Portfolio's NAV, which could cause a Portfolio to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Portfolio's Master Agreements.

As of June 30, 2010, Balanced, Intermediate Bond and Science and Technology Opportunities had a net liability position of $2,307,607, $13,695,984 and $560,375 on open credit default swaps, interest rate swaps and forward foreign currency contracts with credit related contingent features. If a contingent feature would have been triggered as of June 30, 2010, the Portfolio's could have been required to pay this amount in cash to its counterparties. As of June 30, 2010, Balanced and Intermediate Bond have posted $100,000 and $5,879,000, respectively, for open OTC derivative transactions with their respective counterparties.

E.  Forward 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 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 upon 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 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.

For the six months ended June 30, 2010, certain Portfolios have entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Portfolios

24

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

use forward foreign currency contracts to enhance potential gain, hedge against anticipated currency exchange rates, gain exposure to foreign currencies and to maintain diversity and liquidity of the portfolio.

During the six months ended June 30, 2010, the following Portfolios had average contract amounts on forward foreign currency contracts to buy and sell as disclosed below:

	Buy		Sell
Balanced	$	41,608,405	$	18,166,966
Intermediate Bond		19,621,230		61,519,982
Science and Technology Opportunities		365,527		7,882,997

Each Portfolio, with the exception of Money Market, may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. A Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when each Portfolio's assets are valued.

Upon entering into a futures contract, a Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by a Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Open futures contracts are reported on a table following each Portfolio's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the Statements of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the Statements of Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the six months ended June 30, 2010, Balanced and Intermediate Bond have purchased futures contracts on various equity indices, bonds, and notes to increase exposure to both equity and interest rate risk. Balanced and Intermediate Bond also purchased futures contracts on various bonds and notes to increase exposure to interest rate risk. In addition, Balanced and Intermediate Bond sold futures contracts on various bonds and notes to decrease exposure to interest rate risk. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of a Portfolio's securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. During the six months ended June 30, 2010, the following Portfolios had average market values on futures contracts purchased and sold as disclosed below:

	Purchased		Sold
Balanced	$	46,851,057	$	51,229,175
Growth and Income		13,420,958		—
Intermediate Bond		265,153,781		632,615,536

F.  Options Contracts. Certain Portolios may write call and put options on futures, swaps ("swaptions"), securities, commodities or foreign currencies it owns or in which it may invest. Writing put options tends to increase the Portfolios exposure to the underlying instrument. Writing call options tends to decrease the Portfolios exposure to the underlying instrument. When a Portfolio writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. A Portfolio as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolios may not be able to enter into a closing transaction because of an illiquid market. The Portfolios may also purchase put and call options. Purchasing call options tends to increase the Portfolios

25

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolios exposure to the underlying instrument. The Portfolios pay a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.

During the six months ended June 30, 2010, Balanced has both purchased and written foreign currency options to both increase and decrease exposure to foreign currency risk. The Portfolio may also write options to generate income.

Please refer to Note 9 for the volume of both purchased and written foreign currency option activity during the six months ended June 30, 2010.

G.  Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Balanced, Small Company, Opportunistic LargeCap and Science and Technology Opportunities declare and pay dividends annually. Growth and Income and Intermediate Bond, declare and pay dividends semi-annually. Money Market declares dividends daily and pays dividends, if any, monthly. Each Portfolio distributes capital gains, if any, 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.

H.  Federal Income Taxes. It is the policy of the Portfolios to comply with the requirements of subchapter M of the Internal Revenue Code that are 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, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios' tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized or expire.

I.  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.

J.  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 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.

K.  Securities Lending. Each Portfolio (except Money Market) has the option to temporarily loan up to 33¹/₃ % 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 in a Portfolio.

26

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

L.  Illiquid and Restricted Securities. Each Portfolio may not invest more than 15% (5% for Money Market) 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. 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 pursuant 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, as defined by the Act, determined under procedures approved by the Board.

M.  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 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.

N.  Mortgage Dollar Roll Transactions. Each Portfolio, except Small Company, 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 generally will be collateralized by different pools of mortgages with different prepayment histories. The Portfolios account for dollar roll transactions as purchases and sales.

O.  Swap Agreements. Certain Portfolios may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. Subsequent changes in market value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Portfolio may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Portfolio's Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on each Portfolio's Statement of Assets or Liabilities. During the term of the swap, changes in the value of the swap, if any, are recorded as unrealized gains or losses on the Statement of Operations. Upfront payments paid or received by a Portfolio when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statement of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on each Portfolio's Statement of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statement of Operations.

Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Portfolio's Statement of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

27

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Credit Default Swap Contracts. A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

A Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Portfolio may execute these contracts to manage its exposure to the market or certain sectors of the market. Certain Portfolios may also enter into credit default swaps to speculate on changes in an issuer's credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Portfolio's Portfolio of Investment and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting market values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2010, for which a Portfolio is seller of protection are disclosed in each Portfolio's Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

For the six months ended June 30, 2010, both Balanced and Intermediate Bond have purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual securities and to hedge against anticipated potential credit events.

28

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

For the six months ended June 30, 2010, both Balanced and Intermediate Bond have sold credit protection through credit default swaps to gain exposure to the credit risk of individual securities that are either unavailable or considered to be less attractive in the bond market.

For the six months ended June 30, 2010, Balanced and Intermediate Bond had average notional amounts of $1,284,333 and $14,453,000 on credit default swaps to buy protection and average notional amounts of $2,697,440 and $28,500,610 on credit default swaps to sell protection, respectively.

Interest Rate Swap Contracts. An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Portfolio may make payments that are greater than what a Portfolio received from the counterparty. Other risks include credit, liquidity and market risk.

For the six months ended June 30, 2010, Balanced and Intermediate Bond have entered into interest rate swaps in which the Portfolios paid a floating or fixed interest rate and received a floating or fixed interest rate in order to increase or decrease exposure to interest rate risk. Average notional amounts were $12,065,226 and $21,506,667, respectively.

P.  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, management believes the risk of loss from such claims is considered remote.

NOTE 3 — INVESTMENT TRANSACTIONS

For the six months ended June 30, 2010, the cost of purchases and the proceeds from the sales of securities, excluding short-term and U.S. government securities, were as follows:

	Purchases		Sales
Balanced	$	717,920,082	$	751,614,937
Growth and Income		952,066,947		1,095,147,355
Small Company		202,002,827		229,642,707
Opportunistic LargeCap		82,635,691		94,558,735
Intermediate Bond		1,016,114,825		1,080,641,065
Science and Technology Opportunities		85,787,656		92,082,657

U.S. government securities not included above were as follows:

	Purchases		Sales
Balanced	$	445,676,073	$	452,886,095
Intermediate Bond		4,205,086,188		4,030,658,872

NOTE 4 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE 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
Small Company	0.750	%
Opportunistic LargeCap	0.600	%
Intermediate Bond	0.400	%
Money Market	0.250	%
Science and Technology Opportunities	0.950	%

The Investment Adviser entered into sub-advisory agreements with ING IM. ING IM acts as sub-adviser to all Portfolios except for Science and Technology Opportunities. 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 Science and Technology Opportunities pursuant to a Sub-Advisory Agreement, effective February 2, 2007, between the Investment Adviser and BlackRock.

ING Portfolios 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 six months ended June 30, 2010, the Investment Adviser for Balanced, Growth and Income, Small Company, Opportunistic LargeCap and Intermediate Bond waived $10,940, $22,018, $4,645, $456, $15,298 of such management fees, respectively. These fees are not subject to recoupment.

Pursuant to administration agreements, IFS acts as administrator and provides certain administrative and shareholder services necessary for Portfolio operations

29

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 4 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)

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.

In placing equity security transactions, each sub-adviser is required to use its best efforts to choose a broker capable of providing brokerage services necessary to obtain the best execution for each transaction. Subject to this requirement, each sub-adviser may allocate equity security transactions through certain designated broker-dealers. Some of these broker-dealers participate in commission recapture programs that have been established for the benefit of the Portfolios. Under these programs, the participating broker-dealers will return to a Portfolio a portion of the brokerage commissions (in the form of a credit to a Portfolio) paid to the broker-dealers to pay certain expenses of a Portfolio. These commission recapture payments benefit the Portfolios and not the sub-adviser. Any amount credited to a Portfolio is recognized as brokerage commission recapture in the Statements of Operations.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

ADV Class and Class S2 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 and Class S2 shares. The Distributor has contractually agreed to waive a portion of its fee equal to 0.10% of the average daily net assets attributable to the distribution fee paid by Class S2 of the Portfolios, so that the actual fee paid by a Portfolio is an annual rate of 0.15%. The expense waiver will continue through at least May 1, 2011.

Class S shares of the respective Portfolios have adopted either a Distribution Plan or a Shareholder Service and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (collectively, the "12b-1 Plans"), whereby the Distributor is compensated by each Portfolio for expenses incurred for Shareholder Servicing and/or the distribution of each Portfolio's shares. 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 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% of average daily net assets. For Money Market, effective March 15, 2010, the Distributor agreed to waive 0.10% of average daily net assets attributable to distribution fees for Class S shares through May 1, 2011.

IID and ING Investments have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and management fees, as applicable, and to reimburse certain expenses to the extent necessary to assist Money Market in maintaining a yield of not less than zero. This arrangement will continue through at least May 1, 2011. There is no guarantee that this waiver will continue after that date. Fees waived or expenses reimbursed are subject to possible recoupment by IID or ING Investments, as applicable, within three years subject to certain restrictions. For the six months ended June 30, 2010, IID waived $313,624 of such fees for Money Market to maintain a yield of not less than zero. This expense waiver or reimbursement may be discontinued at any time.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES

At June 30, 2010, the Portfolios had the following amounts recorded in payable to affiliates on the accompanying Statements of Assets and Liabilities (see Notes 4 and 5):

Portfolio	Accrued Investment Management Fees		Accrued Administrative Fees		Accrued Shareholder Service and Distribution Fees		Total
Balanced	$	247,428	$	27,387	$	1,585	$	276,400
Growth and Income		959,613		105,864		90,649		1,156,126
Small Company		306,870		22,541		15,020		344,431
Opportunistic LargeCap		71,068		6,519		3,870		81,457
Intermediate Bond		840,345		115,796		272,766		1,228,907
Money Market		236,891		54,892		28		291,811
Science and Technology Opportunities		250,625		14,509		45,573		310,707

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. Amounts deferred are treated as though invested in various "notional" funds advised by ING Investments until distribution in accordance with the Policy.

30

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

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

At June 30, 2010, the following ING Portfolios or indirect, wholly owned subsidiaries of ING Groep owned more than 5% of the following Portfolios:

Portfolio	Percentage (%)		Entities
Balanced		91.16	ING Life Insurance & Annuity Co
Small Company		51.43	ING Life Insurance & Annuity Co
		13.06	ING Solution 2025 Portfolio
		5.42	ING Solution 2035 Portfolio
		5.64	ING Solution 2045 Portfolio
		13.86	ING USA Annuity and Life Insurance
Opportunistic LargeCap		88.53	ING Life Insurance & Annuity Co
		6.76	ING USA Annuity and Life Insurance
Intermediate Bond		38.33	ING Life Insurance & Annuity Co
		50.56	ING USA Annuity and Life Insurance
Money Market		98.66	ING Life Insurance & Annuity Co
Science and Technology Opportunities		30.21	ING Life Insurance and Annuity Co
		66.06	ING USA Annuity and Life Insurance

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. The 1940 Act defines affiliates as companies that are under common control. Therefore, because the Portfolios have a common owner that owns over 25% of the outstanding securities of the Portfolios, they may be deemed to be affiliates of each other. Investment activities of these shareholders could have a material impact on the Portfolios.

NOTE 7 — EXPENSE LIMITATION AGREEMENTS

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			Class S2
Small Company		1.45	%		0.95	%		1.20	%		1.35	%
Opportunistic LargeCap		1.30	%		0.80	%		1.05	%	n/a
Science and Technology Opportunities		1.55	%		1.05	%		1.30	%		1.45	%

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, 2010, 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,
	2011		2012		2013		Total
Science and Technology Opportunities	$	—	$	72,286	$	7,973	$	80,259

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 portfolios managed by the Investment Adviser, have entered into an unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon for an aggregate amount of $100,000,000. The proceeds may be used to: (1) temporarily finance the purchase or sale of securities; or (2) finance the redemption of shares of an investor in the Portfolios to which the loan is made. The Portfolios to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount.

Generally, borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance. The following Portfolios utilized the line of credit during the six months ended June 30, 2010:

	Days Utilized		Approximate Average Daily Balance		Approximate Weighted Average Interest Rate
Balanced		8	$	4,418,125		1.44	%
Growth and Income		31		1,725,000		1.45
Small Company		7		1,010,714		1.42
Intermediate Bond		17		1,478,235		1.42
Science and Technology Opportunities		5		3,653,000		1.37

31

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 9 — PURCHASED AND WRITTEN OPTIONS

Transactions in purchased foreign currency options for Balanced during the six months ended June 30, 2010 were as follows:

	USD Notional			Cost
Balance at 12/31/09		—		$	—
Options Purchased		4,970,866			29,950
Options Terminated in Closing Sell Transactions		—			—
Options Expired		(4,970,866	)	$	(29,950	)
Balance at 06/30/10		—		$	—

Transactions in written foreign currency options for Balanced during the six months ended June 30, 2010 were as follows:

	USD Notional			Premium
Balance at 12/31/09		—		$	—
Options Written		4,970,866			36,740
Options Terminated in Closing Purchase Transactions		(4,970,866	)		(36,740	)
Options Expired		—			—
Balance at 06/30/10		—		$	—

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Balanced
Class ADV
06-30-10		—		—		—		(68	)		(68	)		—		—		—		(1,008	)		(1,008	)
12-31-09		—		—		—		(1	)		(1	)		—		—		—		(10	)		(10	)
Class I
06-30-10		169,340		—		1,535,100		(4,621,433	)		(2,916,993	)		1,804,379		—		16,778,649		(49,146,703	)		(30,563,675	)
12-31-09		2,039,704		—		3,180,956		(10,322,866	)		(5,102,206	)		16,955,119		—		27,411,197		(94,851,475	)		(50,485,159	)
Class S
06-30-10		80,295		—		18,461		(64,702	)		34,054			841,869		—		200,662		(678,500	)		364,031
12-31-09		44,415		—		33,289		(98,804	)		(21,100	)		412,647		—		285,533		(894,457	)		(196,277	)
Class S2
06-30-10		—		—		—		(376	)		(376	)		—		—		—		(2,993	)		(2,993	)
12-31-09		376		—		—		—			376			3,000		—		—		—			3,000
Growth and Income
Class ADV
06-30-10		18,032		—		—		(15,792	)		2,240			339,994		—		—		(311,442	)		28,552
12-31-09		9,153		28,372		670		(23,354	)		14,841			152,836		501,131		13,059		(360,455	)		306,571
Class I
06-30-10		1,724,639		—		—		(9,532,338	)		(7,807,699	)		33,698,469		—		—		(187,489,724	)		(153,791,255	)
12-31-09		13,792,242		755,790		1,419,123		(15,741,817	)		225,338			217,641,302		13,448,552		27,814,869		(257,306,489	)		1,598,234
Class S
06-30-10		114,154		—		—		(2,077,871	)		(1,963,717	)		2,216,375		—		—		(40,605,456	)		(38,389,081	)
12-31-09		844,328		8,254,997		288,517		(3,727,272	)		5,660,570			14,473,186		145,680,614		5,611,654		(60,244,561	)		105,520,893
Class S2
06-30-10		—		—		—		—			—			—		—		—		—			—
02-27-09(1) - 12-31-09		236		572,428		—		(572,428	)		236			3,000		10,117,274		—		(10,117,270	)		3,004
Small Company
Class ADV
06-30-10		41,422		—		19		(1,565	)		39,876			634,137		—		321		(23,386	)		611,072
12-31-09		2,418		—		—		(243	)		2,175			33,776		—		—		(3,555	)		30,221
Class I
06-30-10		1,496,996		—		143,022		(2,856,099	)		(1,216,081	)		23,208,363		—		2,439,964		(45,813,951	)		(20,165,624	)
12-31-09		10,067,622		—		272,837		(16,743,997	)		(6,403,538	)		116,218,366		—		3,140,352		(223,426,392	)		(104,067,674	)
Class S
06-30-10		2,035,032		—		17,727		(2,751,658	)		(698,899	)		31,974,258		—		298,881		(41,898,468	)		(9,625,329	)
12-31-09		3,757,468		—		29,034		(2,271,330	)		1,515,172			47,085,121		—		330,410		(28,087,792	)		19,327,739
Class S2
06-30-10		—		—		—		—			—			—		—		—		—			—
02-27-09(1) - 12-31-09		324		—		—		—			324			3,000		—		—		—			3,000

⁽¹⁾ Commencement of operations.

32

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Opportunistic LargeCap
Class ADV
06-30-10		5,871		—		759		(13,970	)		(7,340	)		55,573		—		7,704		(138,076	)		(74,799	)
12-31-09		15,195		83,854		—		(7,677	)		91,372			139,686		726,229		—		(69,860	)		796,055
Class I
06-30-10		56,413		—		148,304		(1,223,287	)		(1,018,570	)		547,689		—		1,518,635		(11,985,287	)		(9,918,963	)
12-31-09		183,831		7,531,775		302,318		(1,991,572	)		6,026,352			1,532,663		65,710,159		2,288,544		(17,011,141	)		52,520,225
Class S
06-30-10		60,041		—		17,523		(256,446	)		(178,882	)		578,001		—		178,557		(2,456,228	)		(1,699,670	)
12-31-09		80,750		958,827		42,891		(458,404	)		624,064			696,939		8,319,713		323,400		(3,885,664	)		5,454,388
Intermediate Bond
Class ADV
06-30-10		1,598		—		—		—			1,598			19,473		—		—		—			19,473
12-31-09		—		—		—		(1	)		(1	)		—		—		—		(11	)		(11	)
Class I
06-30-10		5,103,936		—		—		(12,024,725	)		(6,920,789	)		61,429,333		—		—		(143,569,650	)		(82,140,317	)
12-31-09		16,916,551		—		7,105,709		(79,964,789	)		(55,942,529	)		189,668,625		—		81,820,258		(930,726,708	)		(659,237,825	)
Class S
06-30-10		5,872,831		—		—		(9,380,946	)		(3,508,115	)		70,028,150		—		—		(111,991,923	)		(41,963,773	)
12-31-09		15,825,364		—		6,557,925		(16,132,158	)		6,251,131			179,118,265		—		75,398,390		(182,847,886	)		71,668,769
Class S2
06-30-10		—		—		—		—			—			—		—		—		—			—
02-27-09(1) - 12-31-09		278		—		—		—			278			3,000		—		—		—			3,000
Money Market
Class I
06-30-10		52,028,500		—		2,724,860		(177,565,524	)		(122,812,164	)		52,028,500		—		2,724,860		(177,565,524	)		(122,812,164	)
12-31-09		83,164,700		—		5,386,753		(558,662,896	)		(470,111,443	)		83,164,700		—		5,285,563		(558,662,896	)		(470,212,633	)
Class S
03-15-10(1) - 06-30-10		243,369		—		—		(15,677	)		227,692			243,369		—		—		(15,677	)		227,692
BlackRock Science and Technology Opportunities
Class ADV
06-30-10		263,757		—		—		(4,221	)		259,536			1,307,695		—		—		(20,793	)		1,286,902
12-31-09		10,083		—		—		—			10,083			46,727		—		—		—			46,727
Class I
06-30-10		1,466,243		—		—		(1,061,898	)		404,345			7,392,106		—		—		(5,224,655	)		2,167,451
12-31-09		4,765,612		—		—		(1,699,898	)		3,065,714			18,798,005		—		—		(6,866,848	)		11,931,157
Class S
06-30-10		8,854,755		—		—		(9,494,048	)		(639,293	)		43,954,942		—		—		(45,985,424	)		(2,030,482	)
12-31-09		28,025,709		—		—		(9,114,688	)		18,911,021			109,710,300		—		—		(34,899,591	)		74,810,709
Class S2
06-30-10		—		—		—		—			—			—		—		—		—			—
02-27-09(1) - 12-31-09		998		—		—		(1	)		997			3,003		—		—		(3	)		3,000

⁽¹⁾ Commencement of operations.

33

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 11 — ILLIQUID SECURITIES

Pursuant to guidelines adopted by the 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.

	Security	Principal Amount/ Shares		Initial Acquision Date	Cost		Value		Percent of Net Assets
Balanced	BNY Institutional Cash Reserves Fund, Series B		1,627,156	09/12/08	$	1,627,156	$	1,301,725		0.2	%
	Greater Ohio Ethanol, LLC, 12.630%, due 12/31/13		700,000	11/21/06		683,243		—		0.0	%
	Greater Ohio Ethanol, LLC, 6.301%, due 12/31/13		600,000	11/21/06		597,758		—		0.0	%
	Hudson Mezzanine Funding, 1.093%, due 06/12/42		927,000	12/21/06		926,330		—		0.0	%
	PEA Lima, LLC, 0.000% due 03/20/14		92,655	03/20/09		11,671		—		0.0	%
	Twin Reefs Pass-through Trust, 0.000% due 12/10/49		530,000	07/30/08		441,728		—		0.0	%
					$	4,287,886	$	1,301,725		0.2	%
Growth and Income	BNY Institutional Cash Reserves Fund, Series B		422,017	09/12/08	$	422,017	$	337,614		0.0	%
					$	422,017	$	337,614		0.0	%
Small Company	BNY Institutional Cash Reserves Fund, Series B		1,704,289	09/12/08	$	1,704,289	$	1,363,431		0.3	%
					$	1,704,289	$	1,363,431		0.3	%
Opportunistic LargeCap	BNY Institutional Cash Reserves Fund, Series B		400,919	09/12/08	$	400,919	$	320,735		0.2	%
					$	400,919	$	320,735		0.2	%
Intermediate Bond	BNY Institutional Cash Reserves Fund, Series B		9,207,559	09/12/08	$	9,207,559	$	7,366,046		0.3	%
	Greater Ohio Ethanol, LLC, 12.630%, due 12/31/13		4,900,000	11/21/06		4,850,115		—		0.0	%
	Greater Ohio Ethanol, LLC, 6.301%, due 12/31/13		4,000,000	11/21/06		3,985,331		—		0.0	%
	Hudson Mezzanine Funding, 1.093%, due 06/12/42		6,265,000	12/21/06		6,260,469		—		0.0	%
	PEA Lima, LLC, 0.000% due 03/20/14		617,699	03/20/09		77,804		—		0.0	%
	Twin Reefs Pass-through Trust, 0.000% due 12/10/49		4,098,000	07/30/08		2,848,607		—		0.0	%
					$	27,229,885	$	7,366,046		0.3	%
Money Market	BNY Institutional Cash Reserves Fund, Series B		747,006	09/12/08	$	747,006	$	597,605		0.0	%
					$	747,006	$	597,605		0.0	%
Science and Technology Opportunities	BNY Institutional Cash Reserves Fund, Series B		396,801	09/12/08	$	396,801	$	317,441		0.1	%
					$	396,801	$	317,441		0.1	%

NOTE 12 — SECURITIES LENDING

Under an agreement with The Bank of New York Mellon ("BNY"), the Portfolios may lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is 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 market value of the loaned securities is determined at the close of business of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the "Agreement"). The Portfolios bear the risk of loss with respect to the investment of collateral. Currently, the cash collateral is invested in the BNY Mellon Overnight Government Fund (formerly, The BNY Institutional Cash Reserves Fund — Series A) and the BNY Institutional Cash Reserves Fund — Series B ("BICR — Series B"), each a series within the BNY Institutional Cash Reserves Trust (collectively, the "BICR Fund"). BNY serves as investment manager, custodian and operational trustee of the BICR Fund. As of June 30, 2010, and throughout the period covered by this report, BICR — Series B held certain defaulted securities issued by Lehman Brothers Holdings, Inc. (the "Lehman Securities"). The Lehman Securities have market values significantly below amortized cost. On May 22, 2009, the Portfolios agreed to the terms of a capital support agreement (the "Capital Support Agreement") extended by The Bank of New York Mellon Corporation ("BNYC"), an affiliated company of BNY, for the Lehman Securities held by BICR — Series B. Under the terms of the Capital Support Agreement, BNYC will support the value of the

34

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 12 — SECURITIES LENDING (continued)

Lehman Securities up to 80% of the par value (the remaining 20% of the par value represents an unrealized loss to the Portfolios) and subject, in part, to the Portfolios' continued participation in the BNY securities lending program through September 15, 2011. At September 15, 2011, if the Portfolios have complied with the requirements under the Capital Support Agreement to continue to participate in the BNY securities lending program and if such securities have not otherwise been sold, the Portfolios will have the right to sell the defaulted securities to BNYC at a price equal to 80% of par value. The recorded value of each Portfolio's investment in BICR — Series B includes the value of the underlying securities held by BICR — Series B and the estimated value of the support to be provided by BNYC. The investments in the BNY Mellon Overnight Government Fund and in BICR — Series B are included in the Portfolio of Investments under Securities Lending Collateral and the unrealized loss on BICR — Series B is included in Net Unrealized Depreciation on the Statements of Assets and Liabilities.

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. 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, 2010, the following Portfolios had securities on loan with the following market values:

	Value of Securities Loaned		Cash Collateral Received*
Balanced	$	27,364,589	$	27,932,902
Growth and Income		11,057,935		11,429,346
Small Company		14,953,608		15,375,276
Opportunistic LargeCap		573,818		592,107
Intermediate Bond		299,962,215		306,142,955
Money Market		1,023,541		1,045,000
Science and Technology Opportunities		2,971,758		3,163,777

*   Cash collateral received was invested in the BICR Fund, the fair value of which is presented in the respective Portfolio's Portfolio of Investments.

NOTE 13 — CONCENTRATION OF INVESTMENT RISKS

All mutual funds involve risk — some more than others — and there is always the chance that you could lose money or not earn as much as you hope. A Portfolio's risk profile is largely a factor of the principal securities in which it invests and investment techniques that it uses. For more information regarding the types of securities and investment techniques that may be used by each Portfolio and their corresponding risks, see the Portfolios' most recent Prospectus and/or the Statement of Additional Information.

Concentration (Science and Technology Opportunities). 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 and Science and Technology Opportunities). 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.

NOTE 14 — FEDERAL INCOME TAXES

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

35

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 14 — FEDERAL INCOME TAXES (continued)

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, 2010		Year Ended December 31, 2009
	Ordinary Income		Ordinary Income
Balanced	$	16,979,311	$	27,696,918
Growth and Income		—		33,459,107
Small Company		2,739,204		3,470,816
Opportunistic LargeCap		1,704,896		2,611,957
Intermediate Bond		—		157,249,151
Money Market		2,724,860		5,285,563

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, 2009 were:

	Undistributed Ordinary Income		Unrealized Appreciation/ (Depreciation)			Post-October Capital Loss Deferred			Post-October Currency Loss Deferred			Capital Loss Carryforwards			Expiration Dates
Balanced	$	16,992,065	$	27,304,107		$	—		$	—		$	(134,357,470	)		2016
													(81,655,948	)		2017
												$	(216,013,418	)*
Growth and Income		—		366,978,591			—			—		$	(63,082,574	)		2010
													(97,583,750	)		2015
													(462,266,588	)		2016
													(221,417,074	)		2017
												$	(844,349,986	)*
Small Company		2,738,722		59,355,417			—			—		$	(52,676,115	)		2016
													(59,983,526	)		2017
												$	(112,659,641	)
Opportunistic LargeCap		1,703,884		13,902,809			—			—		$	(2,003,615	)		2010
													(19,421,277	)		2015
													(32,645,987	)		2016
													(14,335,708	)		2017
												$	(68,406,587	)*
Intermediate Bond		—		7,551,882			(3,054,815	)		(617,912	)	$	(444,290,884	)		2017
Money Market		—		(149,401	)		—			—		$	(169	)		2011
													(244,520	)		2012
												$	(244,689	)
Science and Technology Opportunities		—		52,304,828			—			—		$	(10,711,037	)		2010
													(3,997,473	)		2011
													(4,991,402	)		2015
													(13,211,790	)		2016
													(12,108,952	)		2017
												$	(45,020,654	)*

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

The Portfolios' major tax jurisdictions are federal, Arizona, and Massachusetts. The earliest tax year that remains subject to examination by these jurisdictions is 2005.

As of June 30, 2010, no provisions for income tax would be required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.

36

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 15 — REORGANIZATIONS

On August 8, 2009, Growth and Income ("Acquiring Portfolio") acquired all of the net assets of ING Growth and Income Portfolio II ("Acquired Portfolio"), an open-end investment company in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the Acquired Fund's shareholders on August 3, 2009. The primary purposes of the transaction were to reduce overlap of identical investment objectives and principal investment strategies and to reduce net expenses ratios of the Acquired Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired

Portfolio was carried forward to align ongoing reporting of the Acquiring Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2009, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio's pro forma results of operations for the year ended December 31, 2009, are as follows:

Net investment income	$	34,035,439
Net realized and unrealized gain on investments	$	575,873,533
Net increase in net assets resulting from operations	$	609,908,972

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Acquiring Portfolio's statement of operations since December 31, 2009. Net assets and unrealized appreciation as of the reorganization date were as follows:

Acquiring Portfolio	Acquired Portfolio	Total Net Assets of Acquired Portfolio (000s)		Total Net Assets of Acquiring Portfolio (000s)		Acquired Capital Loss Carryforwards (000s)		Acquired Portfolio Unrealized Appreciation (000s)		Conversion Ratio
Growth and Income	ING Growth and Income Portfolio II	$	169,748	$	2,241,100	$	333,629	$	21,847		0.2163

The net assets of Growth and Income after the acquisition were $2,410,847,894.

On August 8, 2009, Opportunistic LargeCap ("Acquiring Portfolio") acquired all of the net assets of ING Opportunistic Large Cap Growth Portfolio ("Acquired Portfolio"), an open-end investment company in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the Acquired Fund's shareholders on August 3, 2009. The primary purposes of the transaction were to reduce overlap of investment objectives and to lower the overall net expense ratios of Acquired Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio was carried forward to align ongoing reporting of the Acquiring Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2009, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio's pro forma results of operations for the year ended December 31, 2009, are as follows:

Net investment income	$	2,060,103
Net realized and unrealized gain on investments	$	27,278,433
Net increase in net assets resulting from operations	$	29,338,536

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired portfolio that have been included in the Acquiring Portfolio's statement of operations since December 31, 2009. Net assets and unrealized appreciation as of the reorganization date were as follows:

Acquiring Portfolio	Acquired Portfolio	Total Net Assets of Acquired Portfolio (000s)		Total Net Assets of Acquiring Portfolio (000s)		Acquired Capital Loss Carryforwards (000s)		Acquired Portfolio Unrealized Appreciation (000s)		Conversion Ratio
Opportunistic LargeCap	ING Opportunistic LargeCap Growth Portfolio	$	74,756	$	82,033	$	116,858	$	3,461		0.9336

The net assets of Opportunistic LargeCap after the acquisition were $156,788,892.

37

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 16 — LITIGATION

On December 12, 2003, Aeltus Investment Management, Inc. (now known as ING Investment Management Co.)("IIM") received a copy of a complaint (the "Complaint") filed in the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") 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, Inc. and ING VP Bond Portfolio (the "Subject Portfolios"). As of August 6, 2004, ING VP Bond Portfolio changed its name to ING VP Intermediate Bond Portfolio. As of May 1, 2009, ING VP Intermediate Bond Portfolio and ING VP Balanced Portfolio, Inc. changed their names to ING Intermediate Bond Portfolio and ING Balanced Portfolio, Inc., respectively. 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 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 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.

On April 29, 2008, IIM and the Subject Portfolios joined a plenary motion for summary judgment filed by Goldman Sachs. In addition, a separate brief was filed on behalf of IIM asserting the defenses unique to the investment advisor defendants; that they were merely conduits.

On June 29, 2009, the Bankruptcy Court ruled on the motion for summary judgment and held that the pre-payments made were not protected from avoidance by section 546(e) of the Bankruptcy Code and denied the summary judgment to the Subject Portfolios; however, the Bankruptcy Court granted the summary judgment to dismiss IIM.

On September 9, 2009, Enron filed a motion in the Bankruptcy Court for summary judgment against the Subject Portfolios. The Subject Portfolios filed a response on October 9, 2009.

The Subject Portfolios filed an interlocutory appeal of the Bankruptcy Court's denial of summary judgment with the United States District Court of Southern New York ("District Court"). On November 19, 2009, (prior to the Bankruptcy Court ruling on Enron's motion for summary judgment filed in September 2009) the District Court ruled in favor of the Subject Portfolios and the one other remaining defendant, agreeing with the Subject Portfolios' reliance on section 546(e) and reversing the Bankruptcy Court. The judge directed the Bankruptcy Court to enter summary judgment in favor of the Subject Portfolios and the remaining defendant, essentially dismissing the preference claim against them.

Enron appealed the District Court's ruling to the Second Circuit Court of Appeals (the "Court of Appeals) on April 16, 2010. A decision by the Court of Appeals could come during the first quarter of 2011.

NOTE 17 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2010, the following Portfolios declared dividends of:

	Type	Per Share Amount			Payable Date	Record Date
Opportunistic LargeCap
Class ADV	NII	$	0.0556		8/19/10	8/17/10
Class I	NII	$	0.0880		8/19/10	8/17/10
Class S	NII	$	0.0719		8/19/10	8/17/10
Money Market
Class I	NII	$	0.0000	*	8/2/10	Daily
Class S	NII	$	0.0000		8/2/10	Daily

NII – Net investment income

* Dividend amount rounds to $0.0000.

On August 10, 2010, shareholders approved the merger of Opportunistic Large Cap with and into Growth and Income. The merger is expected to take place on or about August 21, 2010.

On August 10, 2010, shareholders approved the merger of ING Wells Fargo Small Cap Disciplined with and into Small Company. The merger is expected to take place on or about August 21, 2010.

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date (subsequent events) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

38

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED)

Investment Type Allocation
as of June 30, 2010
(as a percent of net assets)

Common Stock	51.1	%
Corporate Bonds/Notes	12.9	%
U.S. Government Agency Obligations	11.1	%
U.S. Treasury Obligations	8.3	%
Collateralized Mortgage Obligations	5.8	%
Exchange-Traded Funds	5.0	%
Asset-Backed Securities	2.8	%
Preferred Stock	0.8	%
Other Bonds	0.7	%
Real Estate Investment Trusts	0.1	%
Other Assets and Liabilities - Net*	1.4	%
Net Assets	100.0	%

* Includes short-term investments related to ING Institutional Prime Money Market Fund — Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

Shares				Value		Percent of Net Assets
COMMON STOCK: 51.1%
		Consumer Discretionary: 5.4%
	99,750	@	DIRECTV	$	3,383,520		0.6
	146,620		Wyndham Worldwide Corp.		2,952,927		0.5
			Other Securities		25,410,657		4.3
					31,747,104		5.4
		Consumer Staples: 4.9%
	62,900		Carrefour S.A.		2,495,092		0.4
	75,512		Loblaw Cos. Ltd.		2,738,733		0.5
	82,300		PepsiCo, Inc.		5,016,185		0.8
	76,135		Procter & Gamble Co.		4,566,577		0.8
	99,333		Wal-Mart Stores, Inc.		4,774,937		0.8
			Other Securities		9,209,355		1.6
					28,800,879		4.9
		Energy: 5.1%
	129,032		ExxonMobil Corp.		7,363,856		1.2
	128,500		Royal Dutch Shell PLC - Class A		3,242,830		0.6
	129,500	S	Suncor Energy, Inc.		3,812,480		0.6
	62,500		Total S.A.		2,789,932		0.5
			Other Securities		12,753,654		2.2
					29,962,752		5.1
		Financials: 9.1%
	30,900		Allianz AG		3,058,284		0.5
	282,603		Bank of America Corp.		4,061,005		0.7
	70,500		Comerica, Inc.		2,596,515		0.4
	47,600		Deutsche Bank AG		2,673,216		0.5
	339,000		HSBC Holdings PLC		3,097,000		0.5
	114,657		JP Morgan Chase & Co.		4,197,593		0.7
	141,833		Wells Fargo & Co.		3,630,925		0.6
			Other Securities		30,671,134		5.2
					53,985,672		9.1

See Accompanying Notes to Financial Statements
39

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares				Value		Percent of Net Assets
		Health Care: 5.8%
	92,518		AmerisourceBergen Corp.	$	2,937,447		0.5
	109,184		Merck & Co., Inc.		3,818,164		0.7
	250,271		Pfizer, Inc.		3,568,864		0.6
	42,000		Sanofi-Aventis		2,529,552		0.4
	68,800		Teva Pharmaceutical Industries Ltd. ADR		3,576,912		0.6
			Other Securities		17,663,045		3.0
					34,093,984		5.8
		Industrials: 6.1%
	241,100		General Electric Co.		3,476,662		0.6
	33,100		Siemens AG		2,960,461		0.5
	49,230	@	TransDigm Group, Inc.		2,512,207		0.4
	35,500		Union Pacific Corp.		2,467,605		0.4
			Other Securities		24,587,345		4.2
					36,004,280		6.1
		Information Technology: 8.5%
	26,122	@, S	Apple, Inc.		6,570,467		1.1
	184,061	@	Cisco Systems, Inc.		3,922,340		0.7
	54,104	@	Cognizant Technology Solutions Corp.		2,708,446		0.5
	218,532		Microsoft Corp.		5,028,400		0.8
	114,166		Qualcomm, Inc.		3,749,211		0.6
			Other Securities		28,362,380		4.8
					50,341,244		8.5
		Materials: 2.8%
	75,700		Barrick Gold Corp.		3,437,537		0.6
			Other Securities		12,966,684		2.2
					16,404,221		2.8
		Telecommunication Services: 1.4%
	1,514,000		Vodafone Group PLC		3,119,582		0.5
			Other Securities		4,902,516		0.9
					8,022,098		1.4
		Utilities: 2.0%
	38,700		Entergy Corp.		2,771,694		0.5
	180,500		Great Plains Energy, Inc.		3,072,110		0.5
			Other Securities		6,027,763		1.0
					11,871,567		2.0
			Total Common Stock ( Cost $334,360,143 )		301,233,801		51.1
REAL ESTATE INVESTMENT TRUSTS: 0.1%
		Financials: 0.1%
			Other Securities		461,440		0.1
			Total Real Estate Investment Trusts ( Cost $463,417 )		461,440		0.1

See Accompanying Notes to Financial Statements
40

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares				Value		Percent of Net Assets
EXCHANGE-TRADED FUNDS: 5.0%
		Exchange-Traded Funds: 5.0%
	153,000		iShares MSCI Emerging Markets Index Fund	$	5,709,960		1.0
	627,000		Vanguard Emerging Markets ETF		23,819,730		4.0
			Total Exchange-Traded Funds ( Cost $32,807,047 )		29,529,690		5.0
PREFERRED STOCK: 0.8%
		Consumer Discretionary: 0.7%
	45,800		Volkswagen AG		4,018,988		0.7
		Financials: 0.1%
			Other Securities		500,425		0.1
			Total Preferred Stock ( Cost $4,856,678 )		4,519,413		0.8
Principal Amount				Value		Percent of Net Assets
CORPORATE BONDS/NOTES: 12.9%
		Consumer Discretionary: 2.5%
$	470,000	#	Cablevision Systems Corp., 8.625%, due 09/15/17	$	481,750		0.1
	730,000	#	Clear Channel Worldwide Holdings, Inc., 9.250%, due 12/15/17		732,550		0.1
	677,000	#, S	COX Communications, Inc., 6.250%, due 06/01/18		756,088		0.2
	97,000	#	COX Communications, Inc., 6.950%, due 06/01/38		111,656
	797,000	#	Hyatt Hotels Corp., 6.875%, due 08/15/19		858,359		0.1
	112,000	#	NBC Universal, Inc., 3.650%, due 04/30/15		114,657
	566,000	#	NBC Universal, Inc., 5.150%, due 04/30/20		591,469		0.1
	107,000	#	NBC Universal, Inc., 6.400%, due 04/30/40		114,691
	350,000	#	Pinnacle Entertainment, Inc., 8.625%, due 08/01/17		362,250		0.1
	450,000	#	QVC, Inc., 7.500%, due 10/01/19		444,375		0.1
	600,000	#	Toys R Us Property Co. I LLC, 10.750%, due 07/15/17		658,500		0.1
	355,000	#, L	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 7.875%, due 11/01/17		361,213		0.1
			Other Securities		9,054,666		1.5
					14,642,224		2.5
		Consumer Staples: 0.9%
	390,000	#	Anheuser-Busch InBev Worldwide, Inc., 5.375%, due 11/15/14		426,811		0.1
	155,000	#	Dole Food Co., Inc., 8.000%, due 10/01/16		156,163		0.0
	495,000	&, #	ServiceMaster Co, 10.750%, due 07/15/15		514,800		0.1
	525,000	#	Smithfield Foods, Inc., 10.000%, due 07/15/14		584,063		0.1
			Other Securities		3,791,576		0.6
					5,473,413		0.9
		Energy: 1.2%
	610,000	#	Arch Coal, Inc., 8.750%, due 08/01/16		638,975		0.1
	85,000	#	Consol Energy, Inc., 8.000%, due 04/01/17		88,188		0.1
	335,000	#	Consol Energy, Inc., 8.250%, due 04/01/20		350,913
	600,000	±, I, X	Greater Ohio Ethanol, LLC, 6.301%, due 12/31/13		—		0.0
	700,000	±, I, X	Greater Ohio Ethanol, LLC, 12.630%, due 12/31/13		—
	312,000	#	KazMunaiGaz Finance Sub BV, 7.000%, due 05/05/20		314,746		0.1
	92,655	±, I, X	PEA Lima, LLC, 0.000%, due 03/20/14		—		0.0
	136,000	#, S	Williams Partners L.P., 5.250%, due 03/15/20		139,332		0.0
			Other Securities		5,332,164		0.9
					6,864,318		1.2

See Accompanying Notes to Financial Statements
41

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Principal Amount				Value		Percent of Net Assets
		Financials: 4.2%
$	838,000	#	Barclays Bank PLC, 6.050%, due 12/04/17	$	846,998		0.3
	782,000	#	Barclays Bank PLC, 7.375%, due 06/29/49		703,800
	241,000	#	Corestates Capital Trust I, 8.000%, due 12/15/26		250,890		0.0
	241,000	#	Dresdner Funding Trust I, 8.151%, due 06/30/31		182,126		0.0
	415,000	#	Fibria Overseas Finance Ltd, 7.500%, due 05/04/20		423,300		0.1
	197,000	#	Iberdrola Finance Ireland Ltd., 3.800%, due 09/11/14		196,088		0.1
	742,000	#	Iberdrola Finance Ireland Ltd., 5.000%, due 09/11/19		728,145
	53,000	#	International Lease Finance Corp., 8.625%, due 09/15/15		50,350		0.0
	228,000	#	International Lease Finance Corp., 8.750%, due 03/15/17		216,600
	366,000	#	LBI Escrow Corp., 8.000%, due 11/01/17		377,895		0.1
	390,000	#	New Communications Holdings, Inc., 7.875%, due 04/15/15		394,875		0.1
	487,000	#	Pacific Life Insurance Co., 9.250%, due 06/15/39		610,586		0.1
	41,277	#	Power Receivable Finance, LLC, 6.290%, due 01/01/12		42,107		0.0
	322,000	#	Rabobank, 11.000%, due 12/29/49		398,789		0.1
	130,000	#	Reynolds Group DL Escrow, Inc./Reynolds Group Escrow LLC, 7.750%, due 10/15/16		127,725		0.0
	530,000	±, I, X	Twin Reefs Pass-through Trust, 0.000%, due 12/10/49		—		0.0
	360,000	#	Virgin Media Secured Finance PLC, 6.500%, due 01/15/18		355,500		0.1
	333,000	#, L	Voto-Votorantim Ltd, 6.750%, due 04/05/21		337,995		0.1
	218,000	#	Xstrata Finance Canada Ltd, 5.500%, due 11/16/11		226,703		0.0
			Other Securities		18,127,088		3.1
					24,597,560		4.2
		Health Care: 0.4%
	82,000	#	Genzyme Corp., 3.625%, due 06/15/15		83,037		0.0
			Other Securities		2,429,287		0.4
					2,512,324		0.4
		Industrials: 0.5%
	255,000	#	Bombardier, Inc., 7.500%, due 03/15/18		263,925		0.1
	255,000	#	Bombardier, Inc., 7.750%, due 03/15/20		265,838
	203,000	#, L	Kazatomprom, 6.250%, due 05/20/15		206,553		0.0
			Other Securities		1,980,137		0.4
					2,716,453		0.5
		Information Technology: 0.3%
	40,000	#	Brocade Communications Systems, Inc., 6.625%, due 01/15/18		39,900		0.1
	490,000	#	Brocade Communications Systems, Inc., 6.875%, due 01/15/20		488,775
			Other Securities		1,573,206		0.2
					2,101,881		0.3
		Materials: 0.7%
	287,000	#	Chevron Phillips Chemical Co. LLC, 7.000%, due 06/15/14		329,756		0.1
	207,000	#	Chevron Phillips Chemical Co. LLC, 8.250%, due 06/15/19		261,436
			Other Securities		3,657,891		0.6
					4,249,083		0.7
		Telecommunication Services: 1.0%
	477,000	#	Intelsat Subsidiary Holding Co., Ltd., 8.875%, due 01/15/15		484,751		0.1
	280,000	#	Qwest Communications International, Inc., 7.125%, due 04/01/18		280,700		0.1
	252,000	S	Qwest Communications International, Inc., 7.500%, due 02/15/14		253,890

See Accompanying Notes to Financial Statements
42

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Principal Amount				Value		Percent of Net Assets
		Telecommunication Services (continued)
$	300,000	S	Vodafone Group PLC, 5.450%, due 06/10/19	$	321,711		0.0
			Other Securities		4,777,416		0.8
					6,118,468		1.0
		Utilities: 1.2%
	307,000	#	Allegheny Energy Supply Co. LLC, 5.750%, due 10/15/19		305,272		0.1
	222,000	#	EDP Finance BV, 4.900%, due 10/01/19		201,508		0.1
	168,000	#	EDP Finance BV, 6.000%, due 02/02/18		165,706
	203,000	#	Enel Finance International S.A., 5.125%, due 10/07/19		204,277		0.0
	169,000	#	Enel Finance International S.A., 6.250%, due 09/15/17		183,441		0.0
	333,000	#	Enel Finance International SA, 6.000%, due 10/07/39		321,452		0.1
	251,496	#	Juniper Generation, LLC, 6.790%, due 12/31/14		234,405		0.0
			Other Securities		5,431,025		0.9
					7,047,086		1.2
			Total Corporate Bonds/Notes ( Cost $73,613,043 )		76,322,810		12.9
U.S. GOVERNMENT AGENCY OBLIGATIONS: 11.1%
		Federal Home Loan Mortgage Corporation##: 4.3%
	4,503,000	W	4.500%, due 08/15/39		4,649,348
	4,027,340	S	5.000%, due 08/15/16-04/15/32		4,312,535
	5,258,105	S	5.500%, due 09/15/32-05/15/36		5,567,959		4.3
	3,650,301	S	6.000%, due 01/15/29-07/15/32		4,005,956
	6,969,399	W, S, ^	3.000%-6.500%, due 04/07/15-08/14/36		7,042,333
					25,578,131		4.3
		Federal National Mortgage Association##: 5.4%
	6,570,000	W	4.500%, due 07/15/35		6,811,244
	5,783,542	S	5.000%, due 02/25/29-07/01/37		6,147,819
	4,304,000	W	5.500%, due 07/15/34		4,620,749		5.4
	6,416,314	S	6.000%, due 06/01/16-12/25/49		7,108,745
	6,772,504	W, S	0.747%-7.500%, due 06/01/29-08/01/39		7,352,822
					32,041,379		5.4
		Government National Mortgage Association: 1.4%
	4,347,000	W	5.000%, due 07/15/33		4,630,916		1.4
	3,000,306	S	3.125%-7.500%, due 12/15/23-07/01/40		3,283,509
					7,914,425		1.4
			Total U.S. Government Agency Obligations ( Cost $63,394,416 )		65,533,935		11.1
U.S. TREASURY OBLIGATIONS: 8.3%
		U.S. Treasury Notes: 8.3%
	5,640,000	S, L	0.750%, due 05/31/12		5,657,185
	7,509,000	S, L	1.125%, due 06/15/13		7,540,057
	12,452,000	S, L	2.125%, due 05/31/15		12,667,992		8.3
	5,224,000	S, L	3.500%, due 05/15/20		5,468,050
	13,184,000	S	4.625%, due 02/15/40		14,821,703
	2,500,000	S	1.000%-2.625%, due 04/30/12-06/30/14		2,526,415
			Total U.S. Treasury Obligations ( Cost $47,917,295 )		48,681,402		8.3

See Accompanying Notes to Financial Statements
43

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Principal Amount				Value		Percent of Net Assets
ASSET-BACKED SECURITIES: 2.8%
		Automobile Asset-Backed Securities: 0.8%
$	675,000	#	Bank of America Auto Trust, 2.670%, due 07/15/13	$	687,064		0.2
	327,000	#	Bank of America Auto Trust, 3.520%, due 06/15/16		342,552
			Other Securities		3,402,249		0.6
					4,431,865		0.8
		Credit Card Asset-Backed Securities: 1.4%
	2,360,000	S	Citibank Credit Card Issuance Trust, 1.000%-6.950%, due 05/15/13-09/20/19		2,551,897		0.4
			Other Securities		5,843,121		1.0
					8,395,018		1.4
		Home Equity Asset-Backed Securities: 0.0%
			Other Securities		118,075		0.0
		Other Asset-Backed Securities: 0.6%
	500,000	#, S	Carlyle High Yield Partners, 0.798%, due 08/11/16		464,037		0.1
	459,000	#	Credit-Based Asset Servicing and Securitization, LLC, 5.746%, due 12/25/37		446,928		0.1
	241,000	#	Credit-Based Asset Servicing and Securitization, LLC, 6.020%, due 12/25/37		202,030
			Other Securities		2,532,790		0.4
					3,645,785		0.6
			Total Asset-Backed Securities ( Cost $16,781,896 )		16,590,743		2.8
COLLATERALIZED MORTGAGE OBLIGATIONS: 5.8%
	29,292,913	#, S, ^	Citigroup/Deutsche Bank Commercial Mortgage Trust, 0.118%, due 12/11/49		232,571		0.0
	490,000	#	Commercial Mortgage Pass-Through Certificates, 5.449%, due 02/05/19		488,995
	1,090,000	#	Commercial Mortgage Pass-through Certificates, 0.850%, due 07/16/34		1,059,171		0.4
	675,000		Commercial Mortgage Pass-through Certificates, 6.010%-6.010%, due 12/10/49		713,864
	41,283,563	#, ^	Credit Suisse Mortgage Capital Certificates, 0.129%, due 09/15/40		271,324		0.1
	380,000	#	Credit Suisse Mortgage Capital Certificates, 5.342%, due 12/15/43		380,060
	3,375,000	S	Greenwich Capital Commercial Funding Corp., 5.224%-6.085%, due 04/10/37-12/10/49		3,353,008		0.6
	130,000	#	GS Mortgage Securities Corp. II, 6.060%, due 07/12/38		130,492		0.2
	870,000	#, S	GS Mortgage Securities Corp. II, 6.060%, due 07/12/38		950,956
	927,000	S, I, X	Hudson Mezzanine Funding, 1.093%, due 06/12/42		—		0.0
	71,941,290	S, ^	JP Morgan Chase Commercial Mortgage Securities Corp., 0.274%-6.022%, due 08/12/40-02/15/51		3,383,451		0.6
	9,962,879	S, ^	LB-UBS Commercial Mortgage Trust, 0.323%-6.080%, due 06/15/29-11/15/40		4,136,488		0.7
	17,157,524	#, ^	Merrill Lynch Mortgage Trust, 0.559%, due 08/12/43		299,479		0.1
	560,000	S	Merrill Lynch Mortgage Trust, 4.747%, due 06/12/43		584,790
	90,000	#	Morgan Stanley Dean Witter Capital I, 7.206%, due 10/15/35		89,599		0.0
	4,449,209	#, ^	RBSCF Trust, 1.155%, due 04/15/24		154,489		0.1
	320,000	#	RBSCF Trust, 5.420%, due 01/19/49		273,600
			Other Securities		17,595,856		3.0
			Total Collateralized Mortgage Obligations ( Cost $34,162,298 )		34,098,193		5.8

See Accompanying Notes to Financial Statements
44

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Principal Amount				Value			Percent of Net Assets
OTHER BONDS: 0.7%
		Foreign Government Bonds: 0.7%
BRL	8,285,000	S	Brazil Notas do Tesouro Nacional Series F, 10.000%, due 01/01/12	$	4,462,769			0.7
			Total Other Bonds ( Cost $4,410,828 )		4,462,769			0.7
			Total Long-Term Investments ( Cost $612,767,061 )		581,434,196			98.6
Shares				Value			Percent of Net Assets
SHORT-TERM INVESTMENTS: 9.9%
		Affiliated Mutual Fund: 5.2%
	30,335,000	S	ING Institutional Prime Money Market Fund - Class I	$	30,335,000			5.2
			Total Mutual Fund ( Cost $30,335,000 )		30,335,000			5.2
		Securities Lending Collateralcc: 4.7%
	26,305,746		BNY Mellon Overnight Government Fund (1)		26,305,746			4.5
	1,627,156	I	BNY Institutional Cash Reserves Fund, Series B (1)(2)		1,301,725			0.2
			Total Securities Lending Collateral ( Cost $27,932,902 )		27,607,471			4.7
			Total Short-Term Investments ( Cost $58,267,902 )		57,942,471			9.9
			Total Investments in Securities ( Cost $671,034,963 ) *	$	639,376,667			108.5
			Other Assets and Liabilities - Net		(49,829,153	)		(8.5	)
			Net Assets	$	589,547,514			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@  Non-income producing security

&  Payment-in-kind

ADR  American Depositary Receipt

#  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.

cc  Securities purchased with cash collateral for securities loaned.

(1)  Collateral received from brokers for securities lending was invested in these short-term investments.

(2)  On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund's position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

##  On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship and the U.S. Treasury guaranteed the debt issued by those organizations.

W  Settlement is on a when-issued or delayed-delivery basis.

S  All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.

±  Defaulted security

X  Fair value determined by ING Funds Valuation Committee appointed by the Funds' Board of Directors/Trustees.

See Accompanying Notes to Financial Statements
45

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

^  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.

BRL  Brazilian Real

*  Cost for federal income tax purposes is $677,941,761.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	13,326,499
Gross Unrealized Depreciation		(51,891,593	)
Net Unrealized Depreciation	$	(38,565,094	)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio's assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at 06/30/10
Asset Table
Investments, at value
Common Stock
Consumer Discretionary	$	26,880,914		$	4,866,190		$	—	$	31,747,104
Consumer Staples		22,500,521			6,300,358			—		28,800,879
Energy		22,926,638			7,036,114			—		29,962,752
Financials		34,384,078			19,601,594			—		53,985,672
Health Care		27,182,316			6,911,668			—		34,093,984
Industrials		25,882,163			10,122,117			—		36,004,280
Information Technology		42,730,143			7,611,101			—		50,341,244
Materials		11,140,348			5,263,873			—		16,404,221
Telecommunication Services		4,902,516			3,119,582			—		8,022,098
Utilities		6,265,634			5,605,933			—		11,871,567
Total Common Stock		224,795,271			76,438,530			—		301,233,801
Real Estate Investment Trusts		461,440			—			—		461,440
Exchange-Traded Funds		29,529,690			—			—		29,529,690
Preferred Stock		—			4,519,413			—		4,519,413
Corporate Bonds/Notes		—			76,322,810			—		76,322,810
U.S. Government Agency Obligations		—			65,533,935			—		65,533,935
U.S. Treasury Obligations		—			48,681,402			—		48,681,402
Asset-Backed Securities		—			16,126,706			464,037		16,590,743
Collateralized Mortgage Obligations		—			33,444,533			653,660		34,098,193
Other Bonds		—			4,462,769			—		4,462,769
Short-Term Investments		56,640,746			—			1,301,725		57,942,471
Total Investments, at value	$	311,427,147		$	325,530,098		$	2,419,422	$	639,376,667
Other Financial Instruments+:
Forward foreign currency contracts		—			1,476,876			—		1,476,876
Futures		675,479			—			—		675,479
Swaps, at value		—			534,523			—		534,523
Total Assets	$	312,102,626		$	327,541,497		$	2,419,422	$	642,063,545
Liabilities Table
Other Financial Instruments+:
Forward foreign currency contracts	$	—		$	(1,275,528	)	$	—	$	(1,275,528	)
Futures		(699,069	)		—			—		(699,069	)
Swaps, at value		—			(1,032,079	)		—		(1,032,079	)
Total Liabilities	$	(699,069	)	$	(2,307,607	)	$	—	$	(3,006,676	)

See Accompanying Notes to Financial Statements
46

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/09		Purchases		Sales			Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)			Total Unrealized Appreciation/ (Depreciation)			Transfers Into Level 3		Transfers Out of Level 3			Ending Balance 06/30/10
Asset Table
Investments, at value
Corporate Bonds/Notes	$	1,271,714	$	—	$	(1,133,000	)	$	—	$	—		$	(23,758	)	$	—	$	(114,956	)	$	—
Asset-Backed Securities		52,561		—		(70,332	)		11		(30,721	)		48,481			464,037		—			464,037
Collateralized Mortgage Obligations		1,221,544		635,970		(1,209,450	)		117		—			5,479			—		—			653,660
Other Bonds		4,857,428		—		—			—		—			—			—		(4,857,428	)		—
Short-Term Investments		1,301,725		—		—			—		—			—			—		—			1,301,725
Total Investments, at value	$	8,704,972	$	635,970	$	(2,412,782	)	$	128	$	(30,721	)	$	30,202		$	464,037	$	(4,972,384	)	$	2,419,422

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $(6,089).

^  See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

+   Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

#  The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio's investments are categorized as Level 2 investments.

At June 30, 2010 the following forward foreign currency contracts were outstanding for the ING Balanced Portfolio:

Currency	Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation (Depreciation)
Australian Dollar AUD 1,184,119	BUY	07/02/10		USD1,015,049		996,733	$	(18,316	)
Australian Dollar AUD 793,831	BUY	07/16/10		689,000		666,905		(22,095	)
Australian Dollar AUD 445,306	BUY	07/16/10		388,000		374,106		(13,894	)
Australian Dollar AUD 509,563	BUY	07/16/10		433,000		428,089		(4,911	)
Australian Dollar AUD 1,184,119	BUY	07/16/10		1,011,635		994,789		(16,846	)
Canadian Dollar CAD 10,005,711	BUY	07/02/10		9,733,381		9,399,005		(334,376	)
Canadian Dollar CAD 164,551	BUY	07/16/10		159,000		154,558		(4,442	)
Canadian Dollar CAD 10,005,711	BUY	07/16/10		9,533,870		9,398,064		(135,806	)
Swiss Franc CHF 3,678,844	BUY	07/02/10		3,220,000		3,413,131		193,131
Swiss Franc CHF 1,123,845	BUY	07/02/10		1,021,000		1,042,673		21,673
Swiss Franc CHF 3,128,753	BUY	07/30/10		2,883,107		2,904,120		21,013
Danish Krone DKK 2,787,869	BUY	07/02/10		447,934		457,662		9,728
Danish Krone DKK 2,787,869	BUY	07/30/10		456,957		457,702		745

Currency	Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation (Depreciation)
EU Euro EUR 9,625,346	BUY	07/02/10		USD11,811,821		11,770,381	$	(41,440	)
EU Euro EUR 3,990,072	BUY	07/16/10		4,913,000		4,879,653		(33,347	)
EU Euro EUR 164,905	BUY	07/16/10		204,000		201,670		(2,330	)
EU Euro EUR 888,769	BUY	07/16/10		1,099,000		1,086,918		(12,082	)
EU Euro EUR 840,842	BUY	07/16/10		1,037,000		1,028,306		(8,694	)
EU Euro EUR 913,999	BUY	07/16/10		1,122,000		1,117,773		(4,227	)
EU Euro EUR 808,285	BUY	07/16/10		997,000		988,491		(8,509	)
EU Euro EUR 43,727	BUY	07/16/10		54,000		53,476		(524	)
EU Euro EUR 9,625,346	BUY	07/16/10		11,752,481		11,771,302		18,821
British Pound GBP 710,961	BUY	07/02/10		1,025,512		1,062,245		36,733
British Pound GBP 411,328	BUY	07/02/10		598,000		614,564		16,564
British Pound GBP 215,359	BUY	07/02/10		318,000		321,767		3,767
British Pound GBP 232,211	BUY	07/02/10		344,000		346,946		2,946
British Pound GBP 160,069	BUY	07/02/10		237,000		239,160		2,160
British Pound GBP 136,514	BUY	07/02/10		202,000		203,966		1,966

See Accompanying Notes to Financial Statements
47

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Currency	Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation (Depreciation)
British Pound GBP 2,006	BUY	07/02/10		USD3,000		2,998	$	(2	)
Indonesian Rupiah IDR 8,922,900,000	BUY	07/02/10		957,393		984,324		26,931
Indonesian Rupiah IDR 8,922,900,000	BUY	07/30/10		977,638		979,301		1,663
Indian Rupee INR 54,813,074	BUY	07/02/10		1,165,492		1,180,172		14,680
Indian Rupee INR 59,706,990	BUY	07/02/10		1,269,551		1,285,542		15,991
Indian Rupee INR 54,813,074	BUY	07/30/10		1,168,972		1,175,552		6,580
Indian Rupee INR 59,706,990	BUY	07/30/10		1,273,342		1,280,510		7,168
Japanese Yen JPY 715,887,900	BUY	07/02/10		7,845,278		8,096,906		251,628
Japanese Yen JPY 33,207,095	BUY	07/16/10		363,000		375,679		12,679
Japanese Yen JPY 447,914,771	BUY	07/16/10		4,913,000		5,067,361		154,361
Japanese Yen JPY 41,271,717	BUY	07/16/10		461,000		466,916		5,916
Japanese Yen JPY 34,958,567	BUY	07/16/10		391,000		395,494		4,494
Japanese Yen JPY 31,189,781	BUY	07/16/10		349,000		352,857		3,857
Japanese Yen JPY 27,340,166	BUY	07/16/10		309,000		309,306		306
Japanese Yen JPY 715,887,900	BUY	07/16/10		8,070,016		8,099,002		28,986
South Korean Won KRW 1,110,604,401	BUY	07/02/10		896,191		908,868		12,677
South Korean Won KRW 914,051,000	BUY	07/02/10		733,000		748,017		15,017
South Korean Won KRW 2,024,655,401	BUY	07/30/10		1,651,944		1,655,124		3,180
Mexican Peso MXN 65,984,549	BUY	07/16/10		5,223,014		5,093,620		(129,394	)
Norwegian Krone NOK 18,001,874	BUY	07/02/10		2,691,945		2,766,221		74,276
Norwegian Krone NOK 15,804,662	BUY	07/02/10		2,423,000		2,428,591		5,591
Norwegian Krone NOK 15,973,458	BUY	07/02/10		2,443,000		2,454,528		11,528
Norwegian Krone NOK 25,242,555	BUY	07/30/10		3,892,466		3,872,686		(19,780	)
New Zealand Dollar NZD 1,462,024	BUY	07/16/10		1,018,000		1,001,655		(16,345	)
New Zealand Dollar NZD 1,444,577	BUY	07/16/10		1,007,000		989,702		(17,298	)
New Zealand Dollar NZD 1,933,303	BUY	07/16/10		1,347,000		1,324,536		(22,464	)
New Zealand Dollar NZD 647,070	BUY	07/16/10		453,000		443,318		(9,682	)
New Zealand Dollar NZD 389,147	BUY	07/16/10		276,000		266,611		(9,389	)
Swedish Krona SEK 4,255,537	BUY	07/02/10		526,785		545,767		18,982

Currency	Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation (Depreciation)
Swedish Krona SEK 3,323,624	BUY	07/02/10		USD428,000		426,250	$	(1,750	)
Swedish Krona SEK 9,204,348	BUY	07/30/10		1,180,000		1,180,429		429
							$	118,224
Australian Dollar AUD 1,759,233	SELL	07/16/10		1,509,000		1,477,948		31,052
Australian Dollar AUD 1,341,180	SELL	07/16/10		1,155,000		1,126,738		28,262
Australian Dollar AUD 1,076,811	SELL	07/16/10		927,000		904,639		22,361
Australian Dollar AUD 295,866	SELL	07/16/10		255,000		248,559		6,441
Australian Dollar AUD 631,777	SELL	07/16/10		548,000		530,762		17,238
Australian Dollar AUD 203,941	SELL	07/16/10		178,000		171,333		6,667
Brazilian Real BRL 4,276,409	SELL	07/02/10		2,294,580		2,369,202		(74,622	)
Brazilian Real BRL 4,016,962	SELL	07/02/10		2,155,369		2,225,463		(70,094	)
Brazilian Real BRL 4,276,409	SELL	07/30/10		2,360,570		2,354,138		6,432
Brazilian Real BRL 4,016,962	SELL	07/30/10		2,217,356		2,211,313		6,043
Canadian Dollar CAD 2,539,586	SELL	07/16/10		2,435,000		2,385,357		49,643
Canadian Dollar CAD 1,163,108	SELL	07/16/10		1,118,000		1,092,472		25,528
Swiss Franc CHF 887,296	SELL	07/02/10		769,000		823,209		(54,209	)
Swiss Franc CHF 317,682	SELL	07/02/10		275,183		294,737		(19,554	)
Swiss Franc CHF 287,491	SELL	07/02/10		252,000		266,727		(14,727	)
Swiss Franc CHF 1,312,108	SELL	07/30/10		1,214,000		1,217,903		(3,903	)
Czech Koruna CZK 49,430,220	SELL	07/16/10		2,377,196		2,350,416		26,780
EU Euro EUR 761,069	SELL	07/16/10		932,000		930,748		1,252
EU Euro EUR 299,127	SELL	07/16/10		369,000		365,817		3,183
EU Euro EUR 4,005,103	SELL	07/16/10		4,913,000		4,898,034		14,966
EU Euro EUR 379,310	SELL	07/16/10		467,000		463,877		3,123
British Pound GBP 537,049	SELL	07/02/10		790,000		802,404		(12,404	)
British Pound GBP 224,753	SELL	07/02/10		332,000		335,802		(3,802	)
British Pound GBP 198,317	SELL	07/02/10		294,000		296,304		(2,304	)
British Pound GBP 429,122	SELL	07/02/10		642,000		641,150		850
British Pound GBP 481,501	SELL	07/30/10		726,000		719,399		6,601

See Accompanying Notes to Financial Statements
48

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Currency	Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation (Depreciation)
British Pound GBP 319,018	SELL	07/30/10		USD481,646		476,638	$	5,008
Hungarian Forint HUF 564,225,480	SELL	07/16/10		2,457,000		2,412,594		44,406
Japanese Yen JPY 57,476,147	SELL	07/16/10		633,000		650,241		(17,241	)
Japanese Yen JPY 26,947,523	SELL	07/16/10		297,000		304,863		(7,863	)
Japanese Yen JPY 223,853,552	SELL	07/16/10		2,465,000		2,532,506		(67,506	)
Japanese Yen JPY 35,471,865	SELL	07/16/10		390,000		401,301		(11,301	)
Japanese Yen JPY 34,579,251	SELL	07/16/10		382,000		391,203		(9,203	)
Mexican Peso MXN 30,951,079	SELL	07/16/10		2,473,000		2,389,242		83,758
Norwegian Krone NOK 1,582,085	SELL	07/02/10		247,000		243,108		3,892
Norwegian Krone NOK 22,244,266	SELL	07/02/10		3,429,000		3,418,119		10,881
Norwegian Krone NOK 2,770,809	SELL	07/02/10		427,000		425,771		1,229
New Zealand Dollar NZD 187,994	SELL	07/02/10		130,444		128,945		1,499
New Zealand Dollar NZD 649,162	SELL	07/16/10		457,000		444,751		12,249
New Zealand Dollar NZD 685,183	SELL	07/16/10		485,000		469,430		15,570
New Zealand Dollar NZD 634,832	SELL	07/16/10		448,000		434,933		13,067
New Zealand Dollar NZD 628,100	SELL	07/16/10		449,000		430,321		18,679
New Zealand Dollar NZD 187,994	SELL	07/16/10		130,586		128,798		1,788
Swedish Krona SEK 12,388,839	SELL	07/02/10		1,570,000		1,588,852		(18,852	)
Swedish Krona SEK 6,453,271	SELL	07/30/10		829,873		827,612		2,261
							$	83,124

ING Balanced Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts		Expiration Date	Market Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
Australia 3-Year Bond		68	09/15/10	$	5,952,587	$	49,833
Australia 10-Year Bond		21	09/15/10		1,890,383		33,784
Canada 10-Year Bond		57	09/21/10		6,630,323		110,086
Euro-Bund		71	09/08/10		11,233,968		13,967
Euro-Schatz		122	09/08/10		16,340,565		(10,640	)
Japan 10-Year Bond (TSE)		4	09/09/10		6,408,867		47,642
Long Gilt		56	09/28/10		10,128,194		140,958
Short Gilt		23	09/28/10		3,695,876		9,585
U.S. Treasury 5-Year Note		35	09/30/10		4,142,305		71,280
U.S. Treasury 10-Year Note		100	09/21/10		12,254,688		198,344
				$	78,677,756	$	664,839
Short Contracts
Euro-Bobl 5-Year		45	09/08/10	$	6,653,480	$	(9,079	)
Medium Gilt		28	09/28/10		4,836,516		(38,295	)
U.S. Treasury 2-Year Note		251	09/30/10		54,925,858		(85,251	)
U.S. Treasury 5-Year Note		102	09/30/10		12,071,859		(90,466	)
U.S. Treasury Long Bond		135	09/21/10		17,212,500		(465,338	)
				$	95,700,213	$	(688,429	)

ING Balanced Portfolio Credit Default Swap Agreements Outstanding on June 30, 2010:

Credit Default Swaps on Corporate and Sovereign Issues — Buy Protection⁽¹⁾

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Fixed Rate			Termination Date	Notional Amount(4)		Market Value(5)			Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services Inc.	Domtar Inc. 7.875%, 10/15/11	Buy		(2.650	)%	09/20/11	USD	543,500	$	(10,755	)	$	—	$	(10,755	)
Citibank N.A., New York	MBIA Inc. 6.625%, 10/01/28	Buy		(5.000	)%	09/20/13	USD	140,000		41,481			30,515		10,966
Citibank N.A., New York	MBIA Inc. 6.625%, 10/01/28	Buy		(5.000	)%	09/20/13	USD	284,000		84,146			59,410		24,736
JPMorgan Chase Bank, N.A. New York	MBIA Inc. 6.625%, 10/01/28	Buy		(5.000	)%	09/20/13	USD	959,000		284,141			109,174		174,967
									$	399,013		$	199,099	$	199,914

See Accompanying Notes to Financial Statements
49

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Credit Default Swaps on Corporate and Sovereign Issues — Sell Protection⁽²⁾

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Fixed Rate			Termination Date	Implied Credit Spread at 06/30/10(3)			Notional Amount(4)		Market Value(5)			Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
UBS AG	Domtar Inc. 7.875%, 10/15/11	Sell		2.600	%	09/20/11		1.03	%	USD	542,000	$	10,394		$	—		$	10,394
Citibank N.A., New York	MBIA Global Funding LLC, FRN, 10/06/10	Sell		5.000	%	09/20/13		43.45	%	USD	139,000		(81,118	)		(33,710	)		(47,408	)
Citibank N.A., New York	MBIA Global Funding LLC, FRN, 10/06/10	Sell		5.000	%	09/20/13		43.45	%	USD	284,000		(165,737	)		(75,136	)		(90,601	)
Goldman Sachs International	MBIA Global Funding LLC, FRN, 10/06/10	Sell		5.000	%	09/20/13		43.45	%	USD	241,000		(140,643	)		(57,708	)		(82,935	)
JPMorgan Chase Bank, N.A. New York	MBIA Global Funding LLC, FRN, 10/06/10	Sell		5.000	%	09/20/13		43.45	%	USD	480,000		(280,119	)		(57,680	)		(222,439	)
												$	(657,223	)	$	(224,234	)	$	(432,989	)

ING Balanced Portfolio Interest Rate Swap Agreements Outstanding on June 30, 2010:

	Termination Date	Notional Amount		Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 3.748% and pay a floating rate based on 3-month CAD-BA-CDOR Counterparty: Deutsche Bank AG	06/03/20	CAD	2,000,000	$	52,557		$	—	$	52,557
Receive a fixed rate equal to 4.250% and pay a floating rate based on 3-month NZD-BBR-FRA Counterparty: UBS AG	06/09/12	NZD	24,000,000		61,804			—		61,804
Receive a floating rate based on 3-month CAD-BA-CDOR and pay a fixed rate equal to 1.920% Counterparty: Deutsche Bank AG	06/03/12	CAD	12,000,000		(80,130	)		—		(80,130	)
Receive a floating rate based on 3-month USD-LIBOR-BBA and pay a fixed rate equal to 3.478% Counterparty: Citibank N.A.	05/11/20	USD	6,583,000		(273,577	)		—		(273,577	)
				$	(239,346	)	$	—	$	(239,346	)

(1)  If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either 1.) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or 2.) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)  If the Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will generally either 1.) Pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or 2.) Pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.

(3)  Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Portfolio's Portfolio of Investment and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting market values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(4)  The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

(5)  The market values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing market values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation's credit soundness and a greater likelihood or risk of default or other credit event occurring.

See Accompanying Notes to Financial Statements
50

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	1,476,876
Credit contracts	Swaps, at value		420,162
Interest rate contracts	Swaps, at value		114,361
Interest rate contracts	Net Assets — Unrealized appreciation*		675,479
Total Asset Derivatives		$	2,686,878
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	1,275,528
Credit contracts	Swaps, at value		678,372
Interest rate contracts	Swaps, at value		353,707
Interest rate contracts	Net Assets — Unrealized depreciation*		699,069
Total Liability Derivatives		$	3,006,676

*  Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio's Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Investments*			Foreign currency related transactions**			Futures			Swaps			Written options		Total
Credit contracts	$	—		$	—		$	—		$	9,425		$	—	$	9,425
Equity contracts		—			—			516,864			—			—		516,864
Foreign exchange contracts		(29,950	)		(2,427,010	)		—			—			36,740		(2,420,220	)
Interest rate contracts		—			—			587,540			(21,113	)		—		566,427
Total	$	(29,950	)	$	(2,427,010	)	$	1,104,404		$	(11,688	)	$	36,740	$	(1,327,504	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Foreign currency Investments*			related transactions**			Futures			Written Swaps			options		Total
Credit contracts	$	—		$	—		$	—		$	(137,879	)	$	—	$	(137,879	)
Equity contracts		—			—			(100,697	)		—			—		(100,697	)
Foreign exchange contracts		—			162,689			—			—			—		162,689
Interest rate contracts		—			—			(446,746	)		(239,346	)		—		(686,092	)
Total	$	—		$	162,689		$	(547,443	)	$	(377,225	)	$	—	$	(761,979	)

*  Amounts recognized for purchased swaptions are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments.

**  Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.

See Accompanying Notes to Financial Statements
51

SUMMARY PORTFOLIO OF INVESTMENTS
ING GROWTH AND INCOME PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED)

Industry Allocation
as of June 30, 2010
(as a percent of net assets)

Information Technology	19.8	%
Financials	14.2	%
Energy	11.2	%
Health Care	11.1	%
Industrials	11.1	%
Consumer Discretionary	10.4	%
Consumer Staples	10.4	%
Materials	3.4	%
Utilities	3.3	%
Telecommunication Services	2.5	%
Other Assets and Liabilities - Net*	2.6	%
Net Assets	100.0	%

* Includes short-term investments related to ING Institutional Prime Money Market Fund — Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

Shares				Value		Percent of Net Assets
COMMON STOCK: 97.4%
		Consumer Discretionary: 10.4%
	2,027,206		CBS Corp. - Class B	$	26,211,774		1.2
	1,352,871	@	DIRECTV		45,889,384		2.0
	458,514	@	Liberty Media Corp. - Starz		23,769,366		1.1
	1,228,932		Macy's, Inc.		21,997,883		1.0
	651,700	@, L	Urban Outfitters, Inc.		22,411,963		1.0
	1,541,800		Wyndham Worldwide Corp.		31,051,852		1.4
			Other Securities		59,273,068		2.7
					230,605,290		10.4
		Consumer Staples: 10.4%
	905,800		Alberto-Culver Co.		24,538,122		1.1
	1,080,182		PepsiCo, Inc.		65,837,093		3.0
	1,039,092		Procter & Gamble Co.		62,324,738		2.8
	1,360,600		Wal-Mart Stores, Inc.		65,404,042		2.9
			Other Securities		13,607,327		0.6
					231,711,322		10.4
		Energy: 11.2%
	333,335		Apache Corp.		28,063,474		1.3
	1,748,115		ExxonMobil Corp.		99,764,923		4.5
	666,915		National Oilwell Varco, Inc.		22,054,879		1.0
	498,600		Schlumberger Ltd.		27,592,524		1.2
	1,160,800		Suncor Energy, Inc.		34,173,952		1.5
			Other Securities		37,769,525		1.7
					249,419,277		11.2
		Financials: 14.2%
	3,845,500		Bank of America Corp.		55,259,835		2.5
	7,220,300	@	Citigroup, Inc.		27,148,328		1.2
	1,691,460		JP Morgan Chase & Co.		61,924,351		2.8
	500,485		Reinsurance Group of America, Inc.		22,877,169		1.0
	2,059,000		Wells Fargo & Co.		52,710,400		2.4
	837,100		Willis Group Holdings Ltd.		25,154,855		1.2

See Accompanying Notes to Financial Statements
52

SUMMARY PORTFOLIO OF INVESTMENTS
ING GROWTH AND INCOME PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares				Value		Percent of Net Assets
		Financials (continued)
	1,423,900		XL Capital Ltd.	$	22,796,639		1.0
			Other Securities		46,139,635		2.1
					314,011,212		14.2
		Health Care: 11.1%
	880,100		AmerisourceBergen Corp.		27,943,175		1.3
	588,200	@	Amgen, Inc.		30,939,320		1.4
	1,506,900		Merck & Co., Inc.		52,696,293		2.4
	3,439,317		Pfizer, Inc.		49,044,660		2.2
	548,951	@	Thermo Fisher Scientific, Inc.		26,926,047		1.2
	408,100	@	Zimmer Holdings, Inc.		22,057,805		1.0
			Other Securities		36,808,727		1.6
					246,416,027		11.1
		Industrials: 11.1%
	445,600		Boeing Co.		27,961,400		1.3
	596,200		Fluor Corp.		25,338,500		1.1
	3,248,900		General Electric Co.		46,849,138		2.1
	1,339,200	@	Quanta Services, Inc.		27,654,480		1.2
	527,980		Union Pacific Corp.		36,699,890		1.7
	741,159	@	WABCO Holdings, Inc.		23,331,685		1.1
			Other Securities		57,442,532		2.6
					245,277,625		11.1
		Information Technology: 19.8%
	639,400		Amphenol Corp.		25,115,632		1.1
	356,907	@	Apple, Inc.		89,772,818		4.0
	2,474,940	@	Cisco Systems, Inc.		52,740,971		2.4
	563,300	@	Cognizant Technology Solutions Corp.		28,198,798		1.3
	2,858,261		Microsoft Corp.		65,768,585		3.0
	1,566,951		Oracle Corp.		33,626,768		1.5
	1,552,517		Qualcomm, Inc.		50,984,658		2.3
	3,165,720		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		30,897,427		1.4
	310,600		Visa, Inc.		21,974,950		1.0
			Other Securities		40,963,185		1.8
					440,043,792		19.8
		Materials: 3.4%
	1,307,500		Packaging Corp. of America		28,791,150		1.3
	1,020,510		Silgan Holdings, Inc.		28,962,074		1.3
			Other Securities		18,561,914		0.8
					76,315,138		3.4
		Telecommunication Services: 2.5%
	5,922,100	@	Sprint Nextel Corp.		25,109,704		1.1
	1,106,500		Verizon Communications, Inc.		31,004,130		1.4
					56,113,834		2.5

See Accompanying Notes to Financial Statements
53

SUMMARY PORTFOLIO OF INVESTMENTS
ING GROWTH AND INCOME PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares				Value			Percent of Net Assets
		Utilities: 3.3%
	485,559		Entergy Corp.	$	34,775,736			1.6
	2,262,200		Great Plains Energy, Inc.		38,502,644			1.7
					73,278,380			3.3
			Total Common Stock ( Cost $2,058,419,782 )		2,163,191,897			97.4
Principal Amount				Value			Percent of Net Assets
CORPORATE BONDS/NOTES: 0.0%
		Energy: 0.0%
$			Other Securities (a)	$	—			0.0
		Utilities: 0.0%
			Other Securities (a)		—			0.0
			Total Corporate Bonds/Notes ( Cost $ — )		—			0.0
			Total Long-Term Investments ( Cost $2,058,419,782 )		2,163,191,897			97.4
Shares				Value			Percent of Net Assets
SHORT-TERM INVESTMENTS: 3.8%
		Affiliated Mutual Fund: 3.3%
	71,659,000		ING Institutional Prime Money Market Fund - Class I	$	71,659,000			3.3
			Total Mutual Fund ( Cost $71,659,000 )		71,659,000			3.3
		Securities Lending Collateralcc: 0.5%
	11,007,329		BNY Mellon Overnight Government Fund (1)		11,007,329			0.5
	422,017	I	BNY Institutional Cash Reserves Fund, Series B (1)(2)		337,614			0.0
			Total Securities Lending Collateral ( Cost $11,429,346 )		11,344,943			0.5
			Total Short-Term Investments ( Cost $83,088,346 )		83,003,943			3.8
			Total Investments in Securities ( Cost $2,141,508,128 ) *	$	2,246,195,840			101.2
			Other Assets and Liabilities - Net		(25,745,962	)		(1.2	)
			Net Assets	$	2,220,449,878			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@  Non-income producing security

ADR  American Depositary Receipt

cc  Securities purchased with cash collateral for securities loaned.

(1)  Collateral received from brokers for securites lending was invested in these short-term investments.

(2)  On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund's position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

See Accompanying Notes to Financial Statements
54

SUMMARY PORTFOLIO OF INVESTMENTS
ING GROWTH AND INCOME PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

(a)  This grouping contains securities in default.

I  Illiquid security

L  Loaned security, a portion or all of the security is on loan at June 30, 2010.

*  Cost for federal income tax purposes is $2,185,513,533.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	208,457,162
Gross Unrealized Depreciation		(147,774,855	)
Net Unrealized Appreciation	$	60,682,307

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio's assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 06/30/10
Asset Table
Investments, at value
Common Stock*	$	2,163,191,897	$	—	$	—	$	2,163,191,897
Short-Term Investments		82,666,329		—		337,614		83,003,943
Total Investments, at value	$	2,245,858,226	$	—	$	337,614	$	2,246,195,840

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/09		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 06/30/10
Asset Table
Investments, at value
Short-Term Investments	$	337,614	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	337,614
Total Investments, at value	$	337,614	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	337,614

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

^  See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

*  For further breakdown of Common Stock by Industry type, please refer to the Portfolio of Investments.

See Accompanying Notes to Financial Statements
55

SUMMARY PORTFOLIO OF INVESTMENTS
ING SMALL COMPANY PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED)

Industry Allocation
as of June 30, 2010
(as a percent of net assets)

Financials	21.5	%
Information Technology	16.7	%
Industrials	16.0	%
Consumer Discretionary	13.0	%
Health Care	10.7	%
Energy	4.9	%
Materials	4.8	%
Utilities	4.5	%
Consumer Staples	2.5	%
Exchange-Traded Funds	2.1	%
Telecommunication Services	1.6	%
Other Assets and Liabilities - Net*	1.7	%
Net Assets	100.0	%

* Includes short-term investments related to ING Institutional Prime Money Market Fund — Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

Shares				Value		Percent of Net Assets
COMMON STOCK: 89.3%
		Consumer Discretionary: 13.0%
	286,200	@	Collective Brands, Inc.	$	4,521,960		0.9
	228,200		Cooper Tire & Rubber Co.		4,449,900		0.9
	187,400	@	Dress Barn, Inc.		4,461,994		0.9
	137,462	@, L	Gildan Activewear, Inc.		3,938,286		0.8
	348,949	@	OfficeMax, Inc.		4,557,274		1.0
	198,900	@	Papa John's International, Inc.		4,598,568		1.0
	261,000		Regis Corp.		4,063,770		0.9
	185,400		Wolverine World Wide, Inc.		4,675,788		1.0
			Other Securities		26,822,351		5.6
					62,089,891		13.0
		Consumer Staples: 2.5%
	74,300	@	American Italian Pasta Co.		3,928,241		0.8
			Other Securities		8,081,707		1.7
					12,009,948		2.5
		Energy: 4.9%
	361,513	@	McMoRan Exploration Co.		4,016,409		0.8
	97,600	@	Unit Corp.		3,961,584		0.8
			Other Securities		15,521,917		3.3
					23,499,910		4.9
		Financials: 14.6%
	168,067		Delphi Financial Group		4,102,515		0.8
	248,854		FirstMerit Corp.		4,262,869		0.9
	75,600		IBERIABANK Corp.		3,891,888		0.8
	388,980		Northwest Bancshares, Inc.		4,461,601		0.9
	65,318	@	ProAssurance Corp.		3,707,450		0.8
	119,318		Prosperity Bancshares, Inc.		4,146,301		0.9
	106,311	@	Stifel Financial Corp.		4,612,834		1.0
			Other Securities		40,570,819		8.5
					69,756,277		14.6

See Accompanying Notes to Financial Statements
56

SUMMARY PORTFOLIO OF INVESTMENTS
ING SMALL COMPANY PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares				Value		Percent of Net Assets
		Health Care: 10.7%
	131,516	@	AMERIGROUP Corp.	$	4,271,640		0.9
	85,900	@	Haemonetics Corp.		4,597,368		0.9
	280,642	@, L	Healthsouth Corp.		5,250,811		1.1
	136,300		Owens & Minor, Inc.		3,868,194		0.8
	174,500	@	PSS World Medical, Inc.		3,690,675		0.8
	106,100		Universal Health Services, Inc.		4,047,715		0.8
			Other Securities		25,739,086		5.4
					51,465,489		10.7
		Industrials: 16.0%
	215,843		Actuant Corp.		4,064,324		0.9
	86,211	@	Atlas Air Worldwide Holdings, Inc.		4,095,023		0.9
	261,800		Heartland Express, Inc.		3,801,336		0.8
	97,842	@	Kirby Corp.		3,742,457		0.8
	124,226	@	Moog, Inc.		4,003,804		0.8
	103,700	@	Teledyne Technologies, Inc.		4,000,746		0.8
	116,293	@	Waste Connections, Inc.		4,057,463		0.8
	96,100		Watsco, Inc.		5,566,112		1.2
	156,800		Watts Water Technologies, Inc.		4,493,888		0.9
			Other Securities		38,573,755		8.1
					76,398,908		16.0
		Information Technology: 16.7%
	104,400	@	Anixter International, Inc.		4,447,440		0.9
	104,000	@	CACI International, Inc.		4,417,920		0.9
	199,500	@	JDA Software Group, Inc.		4,385,010		0.9
	138,050	@	Plexus Corp.		3,691,457		0.8
	263,900	@	QLogic Corp.		4,386,018		0.9
			Other Securities		58,709,722		12.3
					80,037,567		16.7
		Materials: 4.8%
	186,600		Silgan Holdings, Inc.		5,295,708		1.1
			Other Securities		17,576,251		3.7
					22,871,959		4.8
		Telecommunication Services: 1.6%
	113,700	@	SBA Communications Corp.		3,866,937		0.8
			Other Securities		3,710,985		0.8
					7,577,922		1.6
		Utilities: 4.5%
	205,100		Cleco Corp.		5,416,691		1.1
	262,600		Portland General Electric Co.		4,813,458		1.0
			Other Securities		11,294,742		2.4
					21,524,891		4.5
			Total Common Stock ( Cost $400,320,830 )		427,232,762		89.3

See Accompanying Notes to Financial Statements
57

SUMMARY PORTFOLIO OF INVESTMENTS
ING SMALL COMPANY PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares				Value			Percent of Net Assets
REAL ESTATE INVESTMENT TRUSTS: 6.9%
		Financials: 6.9%
	162,800		DuPont Fabros Technology, Inc.	$	3,998,368			0.8
	100,100		Entertainment Properties Trust		3,810,807			0.8
	637,043		MFA Mortgage Investments, Inc.		4,714,118			1.0
	79,000		Mid-America Apartment Communities, Inc.		4,066,130			0.9
	183,572		National Retail Properties, Inc.		3,935,784			0.8
			Other Securities		12,444,692			2.6
			Total Real Estate Investment Trusts ( Cost $30,809,450 )		32,969,899			6.9
EXCHANGE-TRADED FUNDS: 2.1%
		Exchange-Traded Funds: 2.1%
	133,465	L	iShares Russell 2000 Index Fund		8,152,042			1.7
			Other Securities		1,967,880			0.4
			Total Exchange-Traded Funds ( Cost $10,861,709 )		10,119,922			2.1
			Total Long-Term Investments ( Cost $441,991,989 )		470,322,583			98.3
SHORT-TERM INVESTMENTS: 6.8%
		Affiliated Mutual Fund: 3.7%
	17,553,000		ING Institutional Prime Money Market Fund - Class I		17,553,000			3.7
			Total Mutual Fund ( Cost $17,553,000 )		17,553,000			3.7
		Securities Lending Collateralcc: 3.1%
	13,670,987		BNY Mellon Overnight Government Fund (1)		13,670,987			2.8
	1,704,289	I	BNY Institutional Cash Reserves Fund, Series B (1)(2)		1,363,431			0.3
			Total Securities Lending Collateral ( Cost $15,375,276 )		15,034,418			3.1
			Total Short-Term Investments ( Cost $32,928,276 )		32,587,418			6.8
			Total Investments in Securities ( Cost $474,920,265 ) *	$	502,910,001			105.1
			Other Assets and Liabilities - Net		(24,282,091	)		(5.1	)
			Net Assets	$	478,627,910			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@  Non-income producing security

cc  Securities purchased with cash collateral for securities loaned.

(1)  Collateral received from brokers for securites lending was invested in these short-term investments.

(2)  On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund's position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

I  Illiquid security

L  Loaned security, a portion or all of the security is on loan at June 30, 2010.

See Accompanying Notes to Financial Statements
58

SUMMARY PORTFOLIO OF INVESTMENTS
ING SMALL COMPANY PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

*  Cost for federal income tax purposes is $496,557,872.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	52,490,988
Gross Unrealized Depreciation		(46,138,859	)
Net Unrealized Appreciation	$	6,352,129

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio's assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/10
Asset Table
Investments, at value
Common Stock*	$	427,232,762	$	—	$	—	$	427,232,762
Real Estate Investment Trusts		32,969,899		—		—		32,969,899
Exchange-Traded Funds		10,119,922		—		—		10,119,922
Short-Term Investments		31,223,987		—		1,363,431		32,587,418
Total Investments, at value	$	501,546,570	$	—	$	1,363,431	$	502,910,001

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/09		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 06/30/10
Asset Table
Investments, at value
Short-Term Investments	$	1,363,431	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,363,431
Total Investments, at value	$	1,363,431	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,363,431

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

^  See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

*  For further breakdown of Common Stock by Industry type, please refer to the Portfolio of Investments.

See Accompanying Notes to Financial Statements
59

SUMMARY PORTFOLIO OF INVESTMENTS
ING OPPORTUNISTIC LARGECAP PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED)

Industry Allocation
as of June 30, 2010
(as a percent of net assets)

* Includes short-term investments related to ING Institutional Prime Money Market Fund — Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

Information Technology	21.0	%
Financials	15.4	%
Health Care	13.4	%
Consumer Discretionary	10.9	%
Consumer Staples	9.7	%
Industrials	9.2	%
Energy	5.8	%
Materials	5.7	%
Utilities	4.0	%
Telecommunication Services	3.3	%
Exchange-Traded Funds	0.8	%
Other Assets and Liabilities - Net*	0.8	%
Net Assets	100.0	%

Shares				Value		Percent of Net Assets
COMMON STOCK: 98.4%
		Consumer Discretionary: 10.9%
	53,300		Best Buy Co., Inc.	$	1,804,738		1.3
	41,000		Coach, Inc.		1,498,550		1.1
	205,100		Comcast Corp. - Class A		3,562,587		2.6
	115,200		Gap, Inc.		2,241,792		1.7
	39,000		Ross Stores, Inc.		2,078,310		1.5
	58,400		Target Corp.		2,871,528		2.1
			Other Securities		764,516		0.6
					14,822,021		10.9
		Consumer Staples: 9.7%
	149,900		Altria Group, Inc.		3,003,996		2.2
	107,400		ConAgra Foods, Inc.		2,504,568		1.8
	55,200		Molson Coors Brewing Co.		2,338,272		1.7
	50,600		Reynolds American, Inc.		2,637,272		1.9
	197,000		Sara Lee Corp.		2,777,700		2.1
					13,261,808		9.7
		Energy: 5.8%
	57,300		ExxonMobil Corp.		3,270,111		2.4
	76,900		National Oilwell Varco, Inc.		2,543,083		1.8
	69,900	@	Noble Corp.		2,160,609		1.6
					7,973,803		5.8
		Financials: 15.4%
	66,500		American Express Co.		2,640,050		1.9
	63,800		Capital One Financial Corp.		2,571,140		1.9
	7,700		CME Group, Inc.		2,167,935		1.6
	169,500		Hudson City Bancorp., Inc.		2,074,680		1.5
	111,900		JP Morgan Chase & Co.		4,096,659		3.0
	27,800		PNC Financial Services Group, Inc.		1,570,700		1.2
	38,600		Prudential Financial, Inc.		2,071,276		1.5
	102,700		Wells Fargo & Co.		2,629,120		1.9
			Other Securities		1,233,938		0.9
					21,055,498		15.4

See Accompanying Notes to Financial Statements
60

SUMMARY PORTFOLIO OF INVESTMENTS
ING OPPORTUNISTIC LARGECAP PORTFOLIO  AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares				Value		Percent of Net Assets
		Health Care: 13.4%
	88,000		AmerisourceBergen Corp.	$	2,794,000		2.0
	65,100	@	Amgen, Inc.		3,424,260		2.5
	72,400		Cardinal Health, Inc.		2,433,364		1.8
	39,000		Covidien PLC		1,567,020		1.1
	100,300	@	Forest Laboratories, Inc.		2,751,229		2.0
	57,300	@	Thermo Fisher Scientific, Inc.		2,810,565		2.1
	89,700		UnitedHealth Group, Inc.		2,547,480		1.9
					18,327,918		13.4
		Industrials: 9.2%
	46,800		Emerson Electric Co.		2,044,692		1.5
	41,600		ITT Corp.		1,868,672		1.4
	68,400		Pitney Bowes, Inc.		1,502,064		1.1
	31,300		Raytheon Co.		1,514,607		1.1
	52,900		United Technologies Corp.		3,433,739		2.5
			Other Securities		2,133,366		1.6
					12,497,140		9.2
		Information Technology: 21.0%
	78,000	@	Amdocs Ltd.		2,094,300		1.5
	60,200		Broadcom Corp.		1,984,794		1.5
	108,900		CA, Inc.		2,003,760		1.5
	120,200	@	Dell, Inc.		1,449,612		1.1
	197,700	@	EMC Corp.		3,617,910		2.6
	161,800		Intel Corp.		3,147,010		2.3
	40,500		International Business Machines Corp.		5,000,940		3.7
	151,700	@	Marvell Technology Group Ltd.		2,390,792		1.7
	155,100		Microsoft Corp.		3,568,851		2.6
	72,100	@	Western Digital Corp.		2,174,536		1.6
			Other Securities		1,213,473		0.9
					28,645,978		21.0
		Materials: 5.7%
	65,100		EI Du Pont de Nemours & Co.		2,251,809		1.7
	97,800		International Paper Co.		2,213,214		1.6
	86,600		MeadWestvaco Corp.		1,922,520		1.4
			Other Securities		1,337,136		1.0
					7,724,679		5.7
		Telecommunication Services: 3.3%
	138,600		AT&T, Inc.		3,352,734		2.5
			Other Securities		1,117,200		0.8
					4,469,934		3.3
		Utilities: 4.0%
	73,600		Constellation Energy Group, Inc.		2,373,600		1.7
	68,900		DTE Energy Co.		3,142,529		2.3
					5,516,129		4.0
			Total Common Stock ( Cost $137,430,868 )		134,294,908		98.4

See Accompanying Notes to Financial Statements
61

SUMMARY PORTFOLIO OF INVESTMENTS
ING OPPORTUNISTIC LARGECAP PORTFOLIO  AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares				Value			Percent of Net Assets
EXCHANGE-TRADED FUNDS: 0.8%
		Exchange-Traded Funds: 0.8%
			Other Securities	$	1,114,776			0.8
			Total Exchange-Traded Funds ( Cost $1,102,099 )		1,114,776			0.8
			Total Long-Term Investments ( Cost $138,532,967 )		135,409,684			99.2
SHORT-TERM INVESTMENTS: 1.1%
		Affiliated Mutual Fund: 0.7%
	1,044,000		ING Institutional Prime Money Market Fund - Class I		1,044,000			0.7
			Total Mutual Fund ( Cost $1,044,000 )		1,044,000			0.7
		Securities Lending Collateralcc: 0.4%
	191,188		BNY Mellon Overnight Government Fund (1)		191,188			0.2
	400,919	I	BNY Institutional Cash Reserves Fund, Series B (1)(2)		320,735			0.2
			Total Securities Lending Collateral ( Cost $592,107 )		511,923			0.4
			Total Short-Term Investments ( Cost $1,636,107 )		1,555,923			1.1
			Total Investments in Securities ( Cost $140,169,074 ) *	$	136,965,607			100.3
			Other Assets and Liabilities - Net		(442,191	)		(0.3	)
			Net Assets	$	136,523,416			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@  Non-income producing security

cc  Securities purchased with cash collateral for securities loaned.

(1)  Collateral received from brokers for securites lending was invested in these short-term investments.

(2)  On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund's position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

I  Illiquid security

*  Cost for federal income tax purposes is $140,420,686.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	7,470,718
Gross Unrealized Depreciation		(10,925,797	)
Net Unrealized Depreciation	$	(3,455,079	)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio's assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 06/30/10
Asset Table
Investments, at value
Common Stock*	$	134,294,908	$	—	$	—	$	134,294,908
Exchange-Traded Funds		1,114,776		—		—		1,114,776
Short-Term Investments		1,235,188		—		320,735		1,555,923
Total Investments, at value	$	136,644,872	$	—	$	320,735	$	136,965,607

See Accompanying Notes to Financial Statements
62

SUMMARY PORTFOLIO OF INVESTMENTS
ING OPPORTUNISTIC LARGECAP PORTFOLIO  AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/09		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 06/30/10
Asset Table
Investments, at value
Short-Term Investments	$	320,735	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	320,735
Total Investments, at value	$	320,735	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	320,735

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

^  See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

*  For further breakdown of Common Stock by Industry type, please refer to the Portfolio of Investments.

See Accompanying Notes to Financial Statements
63

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED)

Investment Type Allocation
as of June 30, 2010
(as a percent of net assets)

U.S. Government Agency Obligations	36.5	%
Corporate Bonds/Notes	33.5	%
U.S. Treasury Obligations	19.5	%
Collateralized Mortgage Obligations	14.5	%
Asset-Backed Securities	7.1	%
Other Bonds	2.3	%
Preferred Stock	0.2	%
Other Assets and Liabilities - Net*	(13.6	)%
Net Assets	100.0	%

* Includes short-term investments related to commercial paper and securities lending collateral.

Portfolio holdings are subject to change daily.

Principal Amount					Value		Percent of Net Assets
CORPORATE BONDS/NOTES: 33.5%
		Consumer Discretionary: 6.2%
$	4,730,000	#		Cablevision Systems Corp., 8.625%, due 09/15/17	$	4,848,250		0.2
	7,625,000	#		Clear Channel Worldwide Holdings, Inc., 9.250%, due 12/15/17		7,651,700		0.3
	9,471,000	S		Comcast Corp., 5.900%-6.500%, due 03/15/16-11/15/17		10,815,746		0.4
	3,935,000	#, S		COX Communications, Inc., 6.250%, due 06/01/18		4,394,695		0.2
	751,000	#, S		COX Communications, Inc., 6.950%, due 06/01/38		864,469
	3,376,000	#, S		Cox Enterprises, Inc., 7.375%, due 07/15/27		3,896,363		0.1
	8,757,000	#		Hyatt Hotels Corp., 6.875%, due 08/15/19		9,431,175		0.4
	1,649,000	#		NBC Universal, Inc., 3.650%, due 04/30/15		1,688,123
	4,527,000	#		NBC Universal, Inc., 5.150%, due 04/30/20		4,730,706		0.3
	1,587,000	#		NBC Universal, Inc., 6.400%, due 04/30/40		1,701,072
	12,306,000	S		News America, Inc., 6.150%-6.900%, due 03/01/19-11/15/37		14,066,552		0.5
	6,265,000	#		Pinnacle Entertainment, Inc., 8.625%, due 08/01/17		6,484,275		0.3
	2,660,000	#		QVC, Inc., 7.500%, due 10/01/19		2,626,750		0.1
	7,763,000	S	��	Time Warner Cable, Inc., 3.500%-8.750%, due 02/01/15-02/14/19		9,563,800		0.4
	10,230,000	S		Time Warner, Inc., 5.500%-7.700%, due 11/15/11-03/15/40		11,328,563		0.4
	6,275,000	#		Toys R Us Property Co. I LLC, 10.750%, due 07/15/17		6,886,813		0.3
	3,890,000	#		Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 7.875%, due 11/01/17		3,958,075		0.2
				Other Securities		54,148,093		2.1
						159,085,220		6.2
		Consumer Staples: 2.2%
	2,395,000	#		Anheuser-Busch InBev Worldwide, Inc., 5.375%, due 11/15/14		2,621,059		0.1
	7,314,000	S		CVS Caremark Corp., 6.125%-6.600%, due 03/15/19-09/15/39		7,986,585		0.3
	1,615,000	#		Dole Food Co., Inc., 8.000%, due 10/01/16		1,627,113		0.1
	6,555,000	&, #		ServiceMaster Co, 10.750%, due 07/15/15		6,817,200		0.3
	5,345,000	#		Smithfield Foods, Inc., 10.000%, due 07/15/14		5,946,313		0.2
				Other Securities		31,097,930		1.2
						56,096,200		2.2
		Energy: 3.3%
	4,900,000	#		Arch Coal, Inc., 8.750%, due 08/01/16		5,132,750		0.2
	955,000	#		Consol Energy, Inc., 8.000%, due 04/01/17		990,813		0.1
	955,000	#		Consol Energy, Inc., 8.250%, due 04/01/20		1,000,363
	4,000,000	±, I, X		Greater Ohio Ethanol, LLC, 6.301%, due 12/31/13		—		0.0
	4,900,000	±, I, X		Greater Ohio Ethanol, LLC, 12.630%, due 12/31/13		—
	3,174,000	#		KazMunaiGaz Finance Sub BV, 7.000%, due 05/05/20		3,201,931		0.1

See Accompanying Notes to Financial Statements
64

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Principal Amount				Value		Percent of Net Assets
		Energy (continued)
$	617,699	±, I, X	PEA Lima, LLC, 0.000%, due 03/20/14	$	—		0.0
	1,825,000	#, S	Williams Partners L.P., 5.250%, due 03/15/20		1,869,714		0.1
			Other Securities		70,886,631		2.8
					83,082,202		3.3
		Financials: 10.9%
	7,672,000	#, S	Barclays Bank PLC, 6.050%, due 12/04/17		7,754,382		0.6
	7,958,000	#	Barclays Bank PLC, 7.375%, due 06/29/49		7,162,200
	8,714,000	S	Citigroup, Inc., 6.010%-8.500%, due 01/15/15-05/22/19		9,975,014		0.4
	3,403,000	#, S	Corestates Capital Trust I, 8.000%, due 12/15/26		3,542,656		0.1
	3,280,000	#, S	Dresdner Funding Trust I, 8.151%, due 06/30/31		2,478,732		0.1
	6,644,000	#	Fibria Overseas Finance Ltd, 7.500%, due 05/04/20		6,776,880		0.3
	9,876,000	S	Fifth Third Bancorp., 8.250%, due 03/01/38		11,104,565		0.4
	10,758,000	S	General Electric Capital Corp., 5.875%-6.875%, due 08/07/19-01/10/39		11,584,366		0.5
	15,557,000	S	Goldman Sachs Group, Inc., 5.375%-6.250%, due 09/01/17-03/15/20		15,979,736		0.6
	3,124,000	#	Iberdrola Finance Ireland Ltd., 3.800%, due 09/11/14		3,109,539		0.5
	10,838,000	#	Iberdrola Finance Ireland Ltd., 5.000%, due 09/11/19		10,635,614
	2,570,000	#	International Lease Finance Corp., 8.750%, due 03/15/17		2,441,500		0.4
	9,149,000	S	International Lease Finance Corp., 6.625%, due 11/15/13		8,531,443
	1,299,000	#	LBI Escrow Corp., 8.000%, due 11/01/17		1,341,218		0.1
	10,105,000	S	Morgan Stanley, 4.100%-7.300%, due 01/26/15-05/13/19		10,285,565		0.4
	10,406,000	S	National City Preferred Capital Trust I, 12.000%, due 12/29/49		11,472,584		0.4
	1,585,000	#	New Communications Holdings, Inc., 7.875%, due 04/15/15		1,604,813		0.1
	5,301,000	#	Pacific Life Insurance Co., 9.250%, due 06/15/39		6,646,229		0.3
	413,887	#, S	Power Receivable Finance, LLC, 6.290%, due 01/01/12		422,206		0.0
	9,213,000	S	Protective Life Corp., 8.450%, due 10/15/39		9,859,458		0.4
	5,491,000	#	Rabobank, 11.000%, due 12/29/49		6,800,461		0.3
	2,410,000	#	Reynolds Group DL Escrow, Inc./Reynolds Group Escrow LLC, 7.750%, due 10/15/16		2,367,825		0.1
	4,098,000	±, S, I, X	Twin Reefs Pass-through Trust, 0.000%, due 12/10/49		—		0.0
	3,990,000	#	Virgin Media Secured Finance PLC, 6.500%, due 01/15/18		3,940,125		0.2
	3,726,000	#	Voto-Votorantim Ltd, 6.750%, due 04/05/21		3,781,890		0.1
	2,657,000	#	Xstrata Finance Canada Ltd, 5.500%, due 11/16/11		2,763,073		0.1
			Other Securities		115,357,547		4.5
					277,719,621		10.9
		Health Care: 0.9%
			Other Securities		24,065,915		0.9
		Industrials: 1.4%
	2,835,000	#	Bombardier, Inc., 7.500%, due 03/15/18		2,934,225		0.3
	2,835,000	#	Bombardier, Inc., 7.750%, due 03/15/20		2,955,488
	2,300,000	#	Kazatomprom, 6.250%, due 05/20/15		2,340,250		0.1
	9,938,000	S	RR Donnelley & Sons Co., 7.625%-8.600%, due 08/15/16-06/15/20		10,554,831		0.4
			Other Securities		15,530,673		0.6
					34,315,467		1.4
		Information Technology: 1.0%
	475,000	#	Brocade Communications Systems, Inc., 6.625%, due 01/15/18		473,813		0.2
	5,425,000	#	Brocade Communications Systems, Inc., 6.875%, due 01/15/20		5,411,438
			Other Securities		19,458,183		0.8
					25,343,434		1.0

See Accompanying Notes to Financial Statements
65

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Principal Amount				Value		Percent of Net Assets
		Materials: 1.8%
$	2,116,000	#	Chevron Phillips Chemical Co. LLC, 7.000%, due 06/15/14	$	2,431,235		0.2
	3,316,000	#	Chevron Phillips Chemical Co. LLC, 8.250%, due 06/15/19		4,188,025
			Other Securities		40,303,542		1.6
					46,922,802		1.8
		Telecommunication Services: 2.5%
	10,113,000	S	AT&T, Inc., 6.550%-6.700%, due 11/15/13-02/15/39		11,509,745		0.5
	4,723,000	#	Intelsat Subsidiary Holding Co., Ltd., 8.875%, due 01/15/15		4,799,749		0.2
	3,140,000	#	Qwest Communications International, Inc., 7.125%, due 04/01/18		3,147,850		0.2
	2,508,000	S	Qwest Communications International, Inc., 7.500%, due 02/15/14		2,526,810
			Other Securities		41,016,501		1.6
					63,000,655		2.5
		Utilities: 3.3%
	3,604,000	#	Allegheny Energy Supply Co. LLC, 5.750%, due 10/15/19		3,583,709		0.1
	3,810,000	#	EDP Finance BV, 4.900%, due 10/01/19		3,458,307		0.3
	3,166,000	#	EDP Finance BV, 6.000%, due 02/02/18		3,122,762
	3,569,000	#	Enel Finance International S.A., 5.125%, due 10/07/19		3,591,456		0.2
	3,176,000	#	Enel Finance International S.A., 6.250%, due 09/15/17		3,447,392		0.1
	5,418,000	#	Enel Finance International SA, 6.000%, due 10/07/39		5,230,104		0.2
	660,675	#, S	Juniper Generation, LLC, 6.790%, due 12/31/14		615,778		0.0
			Other Securities		61,789,173		2.4
					84,838,681		3.3
			Total Corporate Bonds/Notes ( Cost $808,489,282 )		854,470,197		33.5
U.S. GOVERNMENT AGENCY OBLIGATIONS: 36.5%
		Federal Home Loan Mortgage Corporation##: 12.4%
	25,950,000	S	3.000%, due 04/07/15		25,961,833
	28,320,000	S	3.250%, due 04/23/15		28,366,388
	77,384,000	W	4.500%, due 08/15/39		79,898,980
	41,410,174	S	5.000%, due 08/15/16-02/15/35		44,051,999		12.4
	77,530,340	S	5.500%, due 08/15/20-09/15/35		82,088,917
	20,356,805	S	6.000%, due 01/15/29-04/15/36		22,364,376
	90,099,899	W, S, ^	3.450%-7.500%, due 05/15/17-03/15/38		32,335,247
					315,067,740		12.4
		Federal National Mortgage Association##: 18.8%
	161,507,000	W	4.500%, due 07/01/25-07/15/35		167,508,321
	59,829,370	S	5.000%, due 12/01/23-05/01/39		63,591,607
	73,966,000	W	5.500%, due 07/15/34		79,409,454
	24,956,082	S	5.500%, due 11/01/16-06/01/38		26,165,174
	27,282,000	W	6.000%, due 08/12/40		29,515,714		18.8
	38,684,305	S	6.000%, due 06/01/16-12/25/49		42,491,205
	16,363,000	W	6.500%, due 08/01/39		17,876,578
	10,008,826	S	7.000%, due 08/01/25-04/01/38		11,173,443
	152,181,927	S, ^	0.747%-27.211%, due 11/01/18-03/25/38		42,508,529
					480,240,025		18.8

See Accompanying Notes to Financial Statements
66

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Principal Amount				Value		Percent of Net Assets
		Government National Mortgage Association: 5.3%
$	74,704,000	W	5.000%, due 07/15/33	$	79,583,142
	97,562,979	S, ^	5.000%, due 04/20/38-06/16/39		10,599,743		5.3
	11,333,587	S	5.500%, due 09/15/38-09/15/39		12,267,900
	169,831,629	S, ^	3.125%-7.500%, due 04/15/22-07/01/40		33,187,890
					135,638,675		5.3
			Total U.S. Government Agency Obligations ( Cost $896,715,346 )		930,946,440		36.5
U.S. TREASURY OBLIGATIONS: 19.5%
		U.S. Treasury Notes: 19.5%
	87,020,000	L	0.750%, due 05/31/12		87,285,150
	25,458,000	S	1.000%, due 04/30/12		25,652,906
	81,178,000	L	1.125%, due 06/15/13		81,513,752		19.5
	41,041,000	L	2.125%, due 05/31/15		41,752,897
	77,543,000	L	3.500%, due 05/15/20		81,165,576
	160,899,000	S, L	4.625%, due 02/15/40		180,885,713
			Total U.S. Treasury Obligations ( Cost $489,893,844 )		498,255,994		19.5
ASSET-BACKED SECURITIES: 7.1%
		Automobile Asset-Backed Securities: 2.6%
	4,310,000	#, S	Bank of America Auto Trust, 3.520%, due 06/15/16		4,514,976		0.2
	5,424,000	#	Chrysler Financial Auto Securitization Trust, 5.570%, due 08/08/14		5,596,010
	5,738,000	#	Chrysler Financial Auto Securitization Trust, 6.250%, due 05/08/14		5,970,505		0.9
	11,297,000	#, S	Chrysler Financial Auto Securitization Trust, 6.540%, due 11/10/14		11,726,286
	16,102,000	S	Harley-Davidson Motorcycle Trust, 2.620%-5.520%, due 11/15/13-03/15/14		16,507,101		0.6
			Other Securities		22,888,549		0.9
					67,203,427		2.6
		Credit Card Asset-Backed Securities: 3.4%
	10,706,000		Capital One Multi-Asset Execution Trust, 5.050%, due 12/17/18		12,003,044		1.1
	14,040,000		Capital One Multi-Asset Execution Trust, 5.750%, due 07/15/20		16,353,205
	10,100,000	S	Chase Issuance Trust, 5.160%, due 04/16/18		11,437,210		0.5
	1,095,000		Chase Issuance Trust, 5.120%, due 10/15/14		1,190,069
	14,655,000	S	Citibank Credit Card Issuance Trust, 6.950%, due 02/18/14		15,677,482		1.1
	11,703,000	S	Citibank Credit Card Issuance Trust, 1.000%-5.700%, due 05/15/13-07/15/13		11,654,712
	10,058,000		MBNA Credit Card Master Note Trust, 6.800%, due 07/15/14		10,731,820		0.4
			Other Securities		8,648,187		0.3
					87,695,729		3.4
		Home Equity Asset-Backed Securities: 0.2%
			Other Securities		3,466,354		0.2
		Other Asset-Backed Securities: 0.9%
	4,200,000	#, S	Carlyle High Yield Partners, 0.798%, due 08/11/16		3,897,907		0.1
	3,360,000	#, S	Credit-Based Asset Servicing and Securitization, LLC, 5.746%, due 12/25/37		3,271,627
	2,876,000	#, S	Credit-Based Asset Servicing and Securitization, LLC, 6.020%, due 12/25/37		2,410,951		0.4
	5,273,388	S	Credit-Based Asset Servicing and Securitization, LLC, 4.831%-5.501%,
			due 08/25/35-12/25/36		4,707,870
			Other Securities		9,008,875		0.4
					23,297,230		0.9
			Total Asset-Backed Securities ( Cost $183,581,015 )		181,662,740		7.1

See Accompanying Notes to Financial Statements
67

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Principal Amount				Value		Percent of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS: 14.5%
$	14,755,515	S	Banc of America Commercial Mortgage, Inc., 4.783%-5.350%,
			due 07/10/43-09/10/47	$	15,457,920		0.6
	10,155,000		Bear Stearns Adjustable Rate Mortgage Trust, 2.878%, due 08/25/35		9,528,622		0.4
	11,224,000	S	Citigroup Commercial Mortgage Trust, 5.888%, due 12/10/49		11,461,862		0.4
	189,153,723	#, S, ^	Citigroup/Deutsche Bank Commercial Mortgage Trust, 0.118%, due 12/11/49		1,501,786		0.1
	4,645,606	#, S, ^	Commercial Mortgage Asset Trust, 1.092%, due 01/17/32		134,784		0.3
	5,961,600	S	Commercial Mortgage Asset Trust, 6.975%, due 01/17/32		6,568,078
	5,242,000	#	Commercial Mortgage Pass-Through Certificates, 5.449%, due 02/05/19		5,231,248
	6,105,000	#, S	Commercial Mortgage Pass-through Certificates, 0.850%, due 07/16/34		5,932,332		1.2
	10,570,000	S	Commercial Mortgage Pass-through Certificates, 6.010%, due 12/10/49		10,946,344
	7,148,000	S	Commercial Mortgage Pass-through Certificates, 4.715%, due 03/10/39		7,410,409
	402,003,653	#, ^	Credit Suisse Mortgage Capital Certificates, 0.129%, due 09/15/40		2,642,048		0.3
	4,320,000	#, S	Credit Suisse Mortgage Capital Certificates, 5.342%, due 12/15/43		4,320,683
	11,454,083	S	GMAC Mortgage Corp. Loan Trust, 4.579%-5.370%, due 10/19/33-11/19/35		10,676,066		0.4
	10,245,000	S	Greenwich Capital Commercial Funding Corp., 5.444%, due 03/10/39		10,283,996
	11,253,061	S	Greenwich Capital Commercial Funding Corp., 5.736%, due 12/10/49		11,093,471		1.6
	19,711,000	S	Greenwich Capital Commercial Funding Corp., 5.224%-6.085%,
			due 04/10/37-12/10/49		18,877,358
	2,655,000	#	GS Mortgage Securities Corp. II, 6.060%, due 07/12/38		2,665,041		0.1
	6,265,000	S, I, X	Hudson Mezzanine Funding, 1.093%, due 06/12/42		—		0.0
	10,940,000	S	JP Morgan Chase Commercial Mortgage Securities Corp., 5.360%, due 12/15/44		11,651,494
	11,185,000	S	JP Morgan Chase Commercial Mortgage Securities Corp., 5.399%, due 05/15/45		11,792,489		1.6
	761,532,170	S, ^	JP Morgan Chase Commercial Mortgage Securities Corp., 0.274%-6.022%,
			due 01/12/37-02/15/51		17,733,219
	26,060,806	S	JP Morgan Mortgage Trust, 4.781%-5.407%, due 07/25/35-11/25/35		24,031,618		0.9
	315,844,272	#, ^	LB-UBS Commercial Mortgage Trust, 0.191%, due 09/15/39		5,518,557
	9,946,000	S	LB-UBS Commercial Mortgage Trust, 5.197%, due 11/15/30		10,575,686
	10,240,000	S	LB-UBS Commercial Mortgage Trust, 5.424%, due 02/15/40		10,215,281		2.1
	10,490,000	S	LB-UBS Commercial Mortgage Trust, 6.080%, due 06/15/38		11,282,253
	82,006,106	S, ^	LB-UBS Commercial Mortgage Trust, 0.323%-5.437%, due 06/15/29-11/15/40		15,163,490
	195,783,736	#, S, ^	Merrill Lynch Mortgage Trust, 0.559%, due 08/12/43		3,417,346		0.4
	6,250,000	S	Merrill Lynch Mortgage Trust, 4.747%, due 06/12/43		6,526,679
	1,870,000	#	Morgan Stanley Dean Witter Capital I, 7.206%, due 10/15/35		1,861,660		0.1
	50,144,384	#, ^	RBSCF Trust, 1.155%, due 04/15/24		1,741,148		0.2
	5,384,000	#	RBSCF Trust, 5.420%, due 01/19/49		4,603,320
	9,816,233	S	Residential Asset Securitization Trust, 5.500%, due 02/25/35		9,087,943		0.3
	13,243,980	S	Structured Adjustable Rate Mortgage Loan Trust, 5.499%, due 11/25/34		12,716,627		0.5
	11,190,000	S	Wachovia Bank Commercial Mortgage Trust, 5.308%, due 11/15/48		11,605,076		0.6
	4,670,000	S	Wachovia Bank Commercial Mortgage Trust, 5.342%, due 12/15/43		4,265,837
	7,914,188	#, S	Wells Fargo Mortgage-Backed Securities Trust, 5.301%, due 06/26/35		7,590,514
	10,515,951	S	Wells Fargo Mortgage-Backed Securities Trust, 4.861%-5.295%,				0.7
			due 12/25/33-05/25/35		10,467,610
			Other Securities		43,917,004		1.7
			Total Collateralized Mortgage Obligations ( Cost $371,065,757 )		370,496,899		14.5
OTHER BONDS: 2.3%
		Foreign Government Bonds: 2.3%
BRL	110,496,000	S	Brazil Notas do Tesouro Nacional Series F, 10.000%, due 01/01/12		59,519,390		2.3
			Total Other Bonds ( Cost $58,826,356 )		59,519,390		2.3

See Accompanying Notes to Financial Statements
68

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares				Value			Percent of Net Assets
PREFERRED STOCK: 0.2%
		Financials: 0.2%
			Other Securities	$	5,654,612			0.2
			Total Preferred Stock ( Cost $5,656,875 )		5,654,612			0.2
			Total Long-Term Investments ( Cost $2,814,228,475 )		2,901,006,272			113.6
Principal Amount				Value			Percent of Net Assets
SHORT-TERM INVESTMENTS: 16.5%
		Commercial Paper: 4.6%
$	4,739,000		CVS Caremark Corp., 0.300%, due 07/01/10	$	4,738,961			0.2
	10,000,000		Dexia, 0.200%, due 07/01/10		9,999,944			0.4
	18,000,000		General Mills, Inc., 0.370%, due 08/02/10		17,993,895			0.7
	25,000,000		Natixis, 0.270%, due 07/07/10		25,000,049			1.0
	25,000,000		United Health Care, 0.360%, due 07/01/10		24,999,748			1.0
	10,000,000		Volkswagen AG, 0.330%, due 07/01/10		9,999,908			1.0
	14,560,000		Volkswagen AG, 0.370%, due 07/14/10		14,557,897
			Other Securities		8,399,134			0.3
			Total Commercial Paper ( Cost $115,688,671 )		115,689,536			4.6
Shares				Value			Percent of Net Assets
		Securities Lending Collateralcc: 11.9%
	296,935,397		BNY Mellon Overnight Government Fund (1)	$	296,935,397			11.6
	9,207,558	I	BNY Institutional Cash Reserves Fund, Series B (1)(2)		7,366,046			0.3
			Total Securities Lending Collateral ( Cost $306,142,955 )		304,301,443			11.9
			Total Short-Term Investments ( Cost $421,831,626 )		419,990,979			16.5
			Total Investments in Securities ( Cost $3,236,060,101 ) *	$	3,320,997,251			130.1
			Other Assets and Liabilities - Net		(767,830,523	)		(30.1	)
			Net Assets	$	2,553,166,728			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

&  Payment-in-kind

#  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.

cc  Securities purchased with cash collateral for securities loaned.

(1)  Collateral received from brokers for securities lending was invested in these short-term investments.

(2)  On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund's position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

See Accompanying Notes to Financial Statements
69

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

##  On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship and the U.S. Treasury guaranteed the debt issued by those organizations.

W  Settlement is on a when-issued or delayed-delivery basis.

S  All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.

±  Defaulted security

X  Fair value determined by ING Funds Valuation Committee appointed by the Funds' Board of Directors/Trustees.

^  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.

BRL  Brazilian Real

*  Cost for federal income tax purposes is $3,237,543,795.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	129,405,833
Gross Unrealized Depreciation		(45,952,377	)
Net Unrealized Appreciation	$	83,453,456

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio's assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at 06/30/10
Asset Table
Investments, at value
Preferred Stock	$	—		$	5,654,612		$	—	$	5,654,612
Corporate Bonds/Notes		—			854,470,197			—		854,470,197
U.S. Government Agency Obligations		—			930,946,440			—		930,946,440
U.S. Treasury Obligations		—			498,255,994			—		498,255,994
Asset-Backed Securities		—			166,038,547			15,624,193		181,662,740
Collateralized Mortgage Obligations		—			361,572,896			8,924,003		370,496,899
Other Bonds		—			59,519,390			—		59,519,390
Short-Term Investments		296,935,397			115,689,536			7,366,046		419,990,979
Total Investments, at value	$	296,935,397		$	2,992,147,612		$	31,914,242	$	3,320,997,251
Other Financial Instruments+:
Forward foreign currency contracts		—			444,856			—		444,856
Futures		5,024,587			—			—		5,024,587
Swaps, at value		—			5,659,039			—		5,659,039
Total Assets	$	301,959,984		$	2,998,251,508		$	31,914,242	$	3,332,125,734
Liabilities Table
Other Financial Instruments+:
Forward foreign currency contracts	$	—		$	(1,926,809	)	$	—	$	(1,926,809	)
Futures		(5,591,604	)		—			—		(5,591,604	)
Swaps, at value		—			(11,769,175	)		—		(11,769,175	)
Total Liabilities	$	(5,591,604	)	$	(13,695,984	)	$	—	$	(19,287,588	)

See Accompanying Notes to Financial Statements
70

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/09		Purchases		Sales			Accrued Discounts/ (Premiums)			Total Realized Gain/(Loss)			Total Unrealized Appreciation/ (Depreciation)			Transfers Into Level 3		Transfers Out of Level 3			Ending Balance 06/30/10
Asset Table
Investments, at value
Corporate Bonds/ Notes	$	16,978,859	$	—	$	(14,907,000	)	$	—		$	—		$	(311,428	)	$	—	$	(1,760,431	)	$	—
Asset-Backed Securities		127,906		11,792,568		(171,146	)		(5,460	)		(74,814	)		57,232			3,897,907		—			15,624,193
Collateralized Mortgage Obligations		22,304,519		8,772,672		(9,273,063	)		1,477			145,652			58,580			—		(13,085,834	)		8,924,003
Other Bonds		61,613,552		—		—			—			—			—			—		(61,613,552	)		—
Short-Term Investments		7,366,046		—		—			—			—			—			—		—			7,366,046
Total Investments, at value	$	108,390,882	$	20,565,240	$	(24,351,209	)	$	(3,983	)	$	70,838		$	(195,616	)	$	3,897,907	$	(76,459,817	)	$	31,914,242

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $(7,100).

^  See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

+  Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

At June 30, 2010 the following forward foreign currency contracts were outstanding for the ING Intermediate Bond Portfolio:

Currency	Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation (Depreciation)
Indian Rupee INR 718,681,828	BUY	07/02/10		USD15,281,349		15,473,826		$192,477
Indian Rupee  INR 718,681,828	BUY	07/30/10		15,326,974		15,413,261		86,287
							$	278,764
Brazilian Real BRL 110,421,544	SELL	07/02/10		59,248,562		61,175,371	$	(1,926,809	)
Brazilian Real  BRL 110,421,544	SELL	07/30/10		60,952,497		60,786,405		166,092
							$	(1,760,717	)

ING Intermediate Bond Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts		Expiration Date	Market Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
U.S. Treasury 5-Year Note		1,321	09/30/10	$	156,342,411	$	2,690,296
U.S. Treasury 10-Year Note		1,212	09/21/10		148,526,818		2,334,291
				$	304,869,229	$	5,024,587
Short Contracts
U.S. Treasury 2-Year Note		3,815	09/30/10	$	834,829,278	$	(2,187,385	)
U.S. Treasury Long Bond		990	09/21/10		126,225,000		(3,404,219	)
				$	961,054,278	$	(5,591,604	)

See Accompanying Notes to Financial Statements
71

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

ING Intermediate Bond Portfolio Credit Default Swap Agreements Outstanding on June 30, 2010:

Credit Default Swaps on Corporate and Sovereign Issues — Buy Protection⁽¹⁾

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Fixed Rate			Termination Date	Notional Amount(4)		Market Value(5)			Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services Inc.	Domtar Inc. 7.875%, 10/15/11	Buy		(2.650	)%	09/20/11	USD	2,758,500	$	(54,588	)	$	—	$	(54,588	)
Citibank N.A., New York	MBIA Inc. 6.625%, 10/01/28	Buy		(5.000	)%	09/20/13	USD	1,710,000		506,654			372,717		133,937
Citibank N.A., New York	MBIA Inc. 6.625%, 10/01/28	Buy		(5.000	)%	09/20/13	USD	3,460,000		1,025,161			723,796		301,365
JPMorgan Chase Bank, N.A. New York	MBIA Inc. 6.625%, 10/01/28	Buy		(5.000	)%	09/20/13	USD	13,751,000		4,074,275			1,565,442		2,508,833
									$	5,551,502		$	2,661,955	$	2,889,547

Credit Default Swaps on Corporate and Sovereign Issues — Sell Protection⁽²⁾

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Fixed Rate			Termination Date	Implied Credit Spread at 06/30/10(3)			Notional Amount(4)		Market Value(5)			Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
UBS AG	Domtar Inc. 7.875%, 10/15/11	Sell		2.600	%	09/20/11		1.03	%	USD	2,761,000	$	52,949		$	—		$	52,949
Citibank N.A., New York	MBIA Global Funding LLC, FRN, 10/06/10	Sell		5.000	%	09/20/13		43.45	%	USD	1,710,000		(997,925	)		(414,712	)		(583,212	)
Citibank N.A., New York	MBIA Global Funding LLC, FRN, 10/06/10	Sell		5.000	%	09/20/13		43.45	%	USD	3,460,000		(2,019,193	)		(915,390	)		(1,103,803	)
Goldman Sachs International	MBIA Global Funding LLC, FRN, 10/06/10	Sell		5.000	%	09/20/13		43.45	%	USD	3,435,000		(2,004,603	)		(822,519	)		(1,182,085	)
JPMorgan Chase Bank, N.A. New York	MBIA Global Funding LLC, FRN, 10/06/10	Sell		5.000	%	09/20/13		43.45	%	USD	6,874,000		(4,011,541	)		(826,025	)		(3,185,516	)
												$	(8,980,313	)	$	(2,978,646	)	$	(6,001,667	)

ING Intermediate Bond Portfolio Interest Rate Swap Agreements Outstanding on June 30, 2010:

	Termination Date		Notional Amount		Market Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Receive a floating rate based on 3-month USD-LIBOR-BBA and pay a fixed rate equal to 3.478% Counterparty: Citibank N.A.		05/11/20	USD	64,520,000	$	(2,681,325	)	$	—	$	(2,681,325	)
					$	(2,681,325	)	$	—	$	(2,681,325	)

(1)  If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either 1.) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or 2.) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)  If the Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will generally either 1.) Pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or 2.) Pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.

(3)  Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Portfolio's Portfolio of Investment and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter

See Accompanying Notes to Financial Statements
72

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO   AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting market values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(4)  The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

(5)  The market values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing market values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation's credit soundness and a greater likelihood or risk of default or other credit event occurring.

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	444,856
Credit contracts	Swaps, at value		5,659,039
Interest rate contracts	Net Assets — Unrealized appreciation*		5,024,587
Total Asset Derivatives		$	11,128,482
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	1,926,809
Credit contracts	Swaps, at value		9,087,850
Interest rate contracts	Swaps, at value		2,681,325
Interest rate contracts	Net Assets — Unrealized depreciation*		5,591,604
Total Liability Derivatives		$	19,287,588

*  Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio's Statement of Operations for the six months ended June 30, 2010 was as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments under FASB ASC 815	Foreign currency related transactions*		Futures			Swaps			Total
Credit contracts	$	—	$	—		$	(86,921	)	$	(86,921	)
Foreign exchange contracts		5,130,546		—			—			5,130,546
Interest rate contracts		—		(3,195,954	)		(271,813	)		(3,467,767	)
Total	$	5,130,546	$	(3,195,954	)	$	(358,734	)	$	1,575,858

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments under FASB ASC 815	Foreign currency related transactions*			Futures			Swaps			Total
Credit contracts	$	—		$	—		$	(1,621,182	)	$	(1,621,182	)
Foreign exchange contracts		(1,902,801	)		—			—			(1,902,801	)
Interest rate contracts		—			(4,410,165	)		(2,681,325	)		(7,091,490	)
Total	$	(1,902,801	)	$	(4,410,165	)	$	(4,302,507	)	$	(10,615,473	)

*  Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.

See Accompanying Notes to Financial Statements
73

PORTFOLIO OF INVESTMENTS
ING MONEY MARKET PORTFOLIO⁽¹⁾AS OF JUNE 30, 2010 (UNAUDITED)

Investment Type Allocation
as of June 30, 2010
(as a percent of net assets)

Commercial Paper	42.0	%
Repurchase Agreement	34.8	%
Corporate Bonds/Notes	12.6	%
Certificates of Deposit	8.0	%
U.S. Government Agency Obligations	2.7	%
Securities Lending Collateral	0.1	%
Other Assets and Liabilities - Net	(0.2	)%
Net Assets	100.0	%

Portfolio holdings are subject to change daily.

Principal Amount				Value
CERTIFICATES OF DEPOSIT: 8.0%
$	12,250,000		Barclays PLC, 0.500%, due 10/01/10	$	12,250,000
	6,250,000		BNP Paribas, 0.250%, due 07/06/10		6,250,000
	14,500,000		BNP Paribas, 0.270%, due 08/02/10		14,500,000
	6,000,000		Dexia Del, LLC, 0.550%, due 07/22/10		6,000,070
	2,750,000		Natixis, 0.270%, due 07/07/10		2,750,005
	12,000,000		Natixis, 0.340%, due 07/07/10		12,000,000
	2,250,000		Rabobank USA Financial Corp., 0.340%, due 11/15/10		2,249,056
	7,500,000		Rabobank USA Financial Corp., 0.530%, due 11/30/10		7,500,316
	3,000,000		Royal Bank of Canada, 0.400%, due 10/28/10		2,999,008
	9,500,000		Svenska Handelsbanken AB, 0.290 %, due 09/01/10		9,500,000
	3,000,000		Svenska Handelsbanken AB, 0.520%, due 08/30/10		3,000,050
	2,250,000		Toronoto Dominion Bank, 0.450 %, due 11/04/10		2,250,000
	6,250,000		Toronoto Dominion Bank, 0.510%, due 11/17/10		6,250,241
	6,500,000		Toronoto Dominion Bank, 0.540 %, due 11/19/10		6,501,011
	2,000,000		UBS AG, 1.340%, due 09/27/10		2,003,582
Total Certificates of Deposit (Cost $96,003,339)					96,003,339
COMMERCIAL PAPER: 42.0%
	8,500,000		American Honda, 0.280%, due 08/31/10		8,495,967
	3,500,000	#	ANZ National Bank Ltd., 0.501%, due 08/23/10		3,497,424
	15,000,000	#	ANZ National Bank Ltd., 0.603 %, due 04/20/11		14,926,750
	6,000,000	#	ANZ National Bank Ltd., 0.704%, due 09/17/10		5,990,900

Principal Amount				Value
$	28,250,000	#	ASB Finance Ltd., 0.391%, due 09/24/10	$	28,224,199
	14,500,000	#	Barton Capital, LLC, 0.420%, due 07/26/10		14,495,771
	3,000,000	#	Barton Capital, LLC, 0.491%, due 09/16/10		2,996,856
	13,000,000	#	Barton Capital, LLC, 0.491%, due 09/07/10		12,987,968
	4,250,000		BNP Paribas, 0.591%, due 09/27/10		4,243,871
	6,000,000	#	Cafco, LLC, 0.501%, due 09/16/10		5,993,583
	26,250,000	#	Cafco, LLC, 0.561%, due 09/01/10		26,224,680
	9,500,000	#	Ciesco, LLC, 0.440%, due 08/11/10		9,495,239
	7,500,000	#	Ciesco, LLC, 0.501%, due 09/16/10		7,491,979
	12,750,000	#	Ciesco, LLC, 0.531%, due 09/02/10		12,738,174
	15,000,000		Commonwealth Bank of Australia, 0.361%, due 09/17/10		14,988,300
	5,250,000	#	Concord Minutemen Capital Co., LLC, 0.551%, due 07/12/10		5,249,118
	7,000,000	#	Concord Minutemen Capital Co., LLC, 0.592%, due 09/02/10		6,992,773
	5,000,000	#	Concord Minutemen Capital Co., LLC, 0.602%, due 11/19/10		4,988,250
	12,000,000	#	Concord Minutemen Capital Co., LLC, 0.955%, due 01/11/11		11,938,567
	2,750,000		Credit Suisse USA, Inc., 0.250%, due 07/30/10		2,749,446
	5,000,000	#	Crown Point Capital Co., 0.551 %, due 07/12/10		4,999,160
	6,500,000	#	Crown Point Capital Co., 0.592%, due 09/02/10		6,493,289
	7,750,000	#	Crown Point Capital Co., 0.602 %, due 11/19/10		7,729,496
	10,500,000	#	Crown Point Capital Co., 0.955%, due 01/11/11		10,446,246
	10,750,000	#	Danske Corp., 0.290%, due 07/23/10		10,748,095
	700,000	#	Danske Corp., 0.300%, due 07/14/10		699,924
	21,250,000		Deutsche Bank AG/London, 0.270 %, due 07/26/10		21,246,016
	3,000,000	#	Edison Asset Securities, LLC, 0.400%, due 08/09/10		2,998,700
	6,000,000	#	Edison Asset Securities, LLC, 0.411%, due 10/18/10		5,992,552
	20,000,000	#	Edison Asset Securities, LLC, 0.491%, due 09/07/10		19,981,489
	27,250,000		Jupiter, 0.340%, due 08/06/10		27,239,910
	4,000,000		Jupiter, 0.400%, due 08/12/10		3,998,133
	6,500,000		Natixis, 0.400%, due 07/22/10		6,498,483
	6,000,000		Natixis, 0.601%, due 08/06/10		5,996,880
	6,000,000	#	Old Line Funding, LLC, 0.360 %, due 08/13/10		5,997,420

See Accompanying Notes to Financial Statements
74

PORTFOLIO OF INVESTMENTS
ING MONEY MARKET PORTFOLIO⁽¹⁾AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Principal Amount				Value
COMMERCIAL PAPER (continued)
$	8,000,000	#	Old Line Funding, LLC, 0.400%, due 08/18/10	$	7,995,733
	15,750,000	#	Old Line Funding, LLC, 0.622 %, due 12/13/10		15,705,244
	12,250,000		Royal Bank of Canada, 0.571%, due 09/27/10		12,232,932
	2,750,000		Societe Generale, 0.350%, due 08/03/10		2,749,118
	3,750,000		Societe Generale, 0.500%, due 08/18/10		3,747,500
	3,500,000		Societe Generale, 0.621%, due 09/15/10		3,495,419
	8,000,000	#	Thunder Bay Funding, LLC, 0.270%, due 07/14/10		7,999,220
	5,000,000	#	Thunder Bay Funding, LLC, 0.280 %, due 07/13/10		4,999,533
	18,750,000	#	Thunder Bay Funding, LLC, 0.420%, due 08/13/10		18,740,594
	36,000,000		Variable Funding Capital Corp., 0.270%, due 07/14/10		35,996,490
	7,000,000	#	Windmill Funding Corp., 0.340%, due 07/22/10		6,998,612
	6,750,000	#	Windmill Funding Corp., 0.380 %, due 07/26/10		6,748,219
	2,500,000	#	Windmill Funding Corp., 0.491%, due 09/13/10		2,497,482
	13,750,000	#	Windmill Funding Corp., 0.521 %, due 09/20/10		13,733,912
	9,502,000	#	Yorkstown Capital, LLC, 0.240%, due 07/09/10		9,501,463
	7,200,000	#	Yorkstown Capital, LLC, 0.330 %, due 07/23/10		7,198,548
Total Commercial Paper (Cost $506,115,627)					506,115,627
CORPORATE BONDS/NOTES: 12.6%
	1,750,000	C	Abbott Laboratories, 3.750%, due 03/15/11		1,787,442
	2,000,000		Australia & New Zealand Banking Group Ltd., 4.875%, due 11/08/10		2,031,016
	10,000,000	#	Commonwealth Bank of Australia, 0.568%, due 06/20/11		10,000,000
	11,140,000		Credit Suisse USA, Inc., 0.636 %, due 08/16/10		11,141,410
	6,064,000		Credit Suisse USA, Inc., 0.726%, due 03/02/11		6,066,097
	1,750,000		Credit Suisse USA, Inc., 4.875 %, due 08/15/10		1,758,047
	7,250,000		Deutsche Bank AG/London, 5.000%, due 10/12/10		7,343,834
	18,750,000		Dexia Del, LLC, 0.447%, due 06/29/11		18,750,000
	9,500,000		Kreditanstalt fuer Wiederaufbau, 3.250%, due 02/15/11		9,664,124
	9,250,000		Kreditanstalt fuer Wiederaufbau, 4.625%, due 01/20/11		9,452,959

Principal Amount				Value
$	4,500,000	#	Rabobank, 0.436%, due 06/16/11	$	4,500,000
	7,200,000		Rabobank USA Financial Corp., 5.000%, due 02/15/11		7,384,060
	15,250,000	#,C	Royal Bank of Canada, 0.342%, due 08/01/11		15,250,000
	7,000,000	C	Royal Bank of Canada, 0.611%, due 07/01/11		7,023,144
	14,000,000	#,C	Svenska Handelsbanken AB, 0.404 %, due 08/09/11		14,000,000
	18,500,000	C	Westpac Banking Corp., 0.324%, due 06/28/11		18,500,000
	6,750,000	#	Westpac Banking Corp., 0.423 %, due 08/13/10		6,749,906
Total Corporate Bonds/Notes (Cost $151,402,039)					151,402,039
U.S. GOVERNMENT AGENCY OBLIGATIONS: 2.7%
	8,500,000		Federal Home Loan Mortgage Corporation, 1.550%, due 12/15/10		8,546,313
	19,500,000		Federal National Mortgage Association, 0.462%, due 03/01/11		19,439,453
	750,000		Federal National Mortgage Association, 1.500%, due 09/16/10		751,729
	3,300,000	L	Federal National Mortgage Association, 4.750%, due 12/15/10		3,366,294
Total U.S. Government Agency Obligations (Cost $32,103,789)					32,103,789
REPURCHASE AGREEMENTS: 34.8%

	176,714,000	Goldman Sachs Repurchase Agreement dated 06/30/10, 0.020%, due 07/01/10, $176,714,098 to be received upon repurchase (Collateralized by $158,510,000 Federal Home Loan Mortgage Corporation, 0.000%-6.250%, Market Value plus accrued interest $180,249,074, due 09/27/10-07/15/32)	176,714,000
	242,000,000	Morgan Stanley Repurchase Agreement dated 06/30/10, 0.020%, due 07/01/10, $242,000,134 to be received upon repurchase (Collateralized by $242,140,000 Federal Home Loan Bank, 0.450%-4.875%, Market Value plus accrued interest $246,845,100, due 08/13/10-06/20/12)	242,000,000
Total Repurchase Agreement (Cost $418,714,000)			418,714,000

See Accompanying Notes to Financial Statements
75

PORTFOLIO OF INVESTMENTS
ING MONEY MARKET PORTFOLIO⁽¹⁾AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Principal Amount				Value
SECURITIES LENDING COLLATERALcc: 0.1%
$	297,994		BNY Mellon Overnight Government Fund(2)	$	297,994
	747,006	I	BNY Institutional Cash Reserves Fund, Series B(2)(3)		597,605
Total Securities Lending Collateral (Cost $1,045,000)					895,599

Total Investments in Securities (Cost $1,205,383,794)*	100.2	%	$	1,205,234,393
Other Assets and Liabilities - Net	(0.2	)		(2,002,240	)
Net Assets	100.0	%	$	1,203,232,153

(1)  All securities with a maturity date of greater than 13 months have either a variable rate, a demand feature, prerefunded, optional or mandatory put resulting in a maturity of one year or less. Rate shown reflects current rate.

#  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.

cc  Securities purchased with cash collateral for securities loaned.

(2)  Collateral received from brokers for securites lending was invested in these short-term investments.

(3)  On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund's position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

I  Illiquid security

L  Loaned security, a portion or all of the security is on loan at June 30, 2010.

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

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(149,401	)
Net Unrealized Depreciation	$	(149,401	)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio's assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 06/30/10
Asset Table
Investments, at value
Certificates of Deposit	$	—	$	96,003,339	$	—	$	96,003,339
Commercial Paper		—		506,115,627		—		506,115,627
Corporate Bonds/Notes		—		151,402,039		—		151,402,039
U.S. Government Agency Obligations		—		32,103,789		—		32,103,789
Repurchase Agreements		—		418,714,000		—		418,714,000
Securities Lending		297,994		—		597,605		895,599
Total Investments, at value	$	297,994	$	1,204,338,794	$	597,605	$	1,205,234,393

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/09		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 06/30/10
Asset Table
Investments, at value
Short-Term Investments	$	597,605	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	597,605
Total Investments, at value	$	597,605	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	597,605

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

^  See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

See Accompanying Notes to Financial Statements
76

ING BLACKROCK SCIENCE AND   SUMMARY PORTFOLIO OF INVESTMENTS
TECHNOLOGY OPPORTUNITIES PORTFOLIO  AS OF JUNE 30, 2010 (UNAUDITED)

Industry Allocation
as of June 30, 2010
(as a percent of net assets)

Information Technology	84.9	%
Health Care	5.3	%
Telecommunication Services	2.4	%
Consumer Discretionary	1.6	%
Industrials	0.8	%
Other Assets and Liabilities - Net*	5.0	%
Net Assets	100.0	%

* Includes short-term investments related to securities lending collateral.

Portfolio holdings are subject to change daily.

Shares				Value		Percent of Net Assets
COMMON STOCK: 95.0%
		Consumer Discretionary: 1.6%
	24,100	@	Amazon.com, Inc.	$	2,633,166		0.9
			Other Securities		2,211,432		0.7
					4,844,598		1.6
		Health Care: 5.3%
	15,500		Alcon, Inc.		2,296,945		0.8
	46,100		Novartis AG		2,234,150		0.7
			Other Securities		11,614,983		3.8
					16,146,078		5.3
		Industrials: 0.8%
			Other Securities		2,375,880		0.8
		Information Technology: 84.9%
	61,000		Accenture PLC		2,357,650		0.8
	72,500	@	Agilent Technologies, Inc.		2,061,175		0.7
	114,400		Altera Corp.		2,838,264		0.9
	55,300		Amphenol Corp.		2,172,184		0.7
	95,400	@	Apple, Inc.		23,995,962		7.9
	246,100		Applied Materials, Inc.		2,958,122		1.0
	127,100	@	Ariba, Inc.		2,024,703		0.7
	99,600	@	AsiaInfo Holdings, Inc.		2,177,256		0.7
	56,500		Automatic Data Processing, Inc.		2,274,690		0.7
	84,400	@	BMC Software, Inc.		2,922,772		0.9
	185,700		Broadcom Corp.		6,122,529		2.0
	113,900		CA, Inc.		2,095,760		0.7
	416,500	@	Cisco Systems, Inc.		8,875,615		2.9
	77,500	@	Citrix Systems, Inc.		3,272,825		1.1
	77,300	@	Cognizant Technology Solutions Corp.		3,869,638		1.3
	152,100		Corning, Inc.		2,456,415		0.8
	193,000	@	eBay, Inc.		3,784,730		1.2
	333,300	@	EMC Corp.		6,099,390		2.0
	66,000	@	F5 Networks, Inc.		4,525,620		1.5
	16,910	@	Google, Inc. - Class A		7,524,105		2.5
	142,700		Hewlett-Packard Co.		6,176,056		2.0
	541,700		Intel Corp.		10,536,066		3.4
	78,700		International Business Machines Corp.		9,717,876		3.2

See Accompanying Notes to Financial Statements
77

ING BLACKROCK SCIENCE AND   SUMMARY PORTFOLIO OF INVESTMENTS
TECHNOLOGY OPPORTUNITIES PORTFOLIO  AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares				Value		Percent of Net Assets
		Information Technology (continued)
	67,300	@	Intuit, Inc.	$	2,340,021		0.8
	105,900	@	Juniper Networks, Inc.		2,416,638		0.8
	71,600	@	Lam Research Corp.		2,725,096		0.9
	243,000	@	Marvell Technology Group Ltd.		3,829,680		1.2
	362,100		Microsoft Corp.		8,331,921		2.7
	109,800	@	NetApp, Inc.		4,096,638		1.3
	108,400	@	Novellus Systems, Inc.		2,749,024		0.9
	314,200		Oracle Corp.		6,742,732		2.2
	78,400	@	Polycom, Inc.		2,335,536		0.8
	70,300	@	Progress Software Corp.		2,111,109		0.7
	164,280		Qualcomm, Inc.		5,394,955		1.8
	119,600	@	Red Hat, Inc.		3,461,224		1.1
	41,000	@	Research In Motion Ltd.		2,019,660		0.7
	45,800	L	SAP AG ADR		2,028,940		0.7
	62,300	@	Sybase, Inc.		4,028,318		1.3
	71,400	@	Teradata Corp.		2,176,272		0.7
	281,600		Texas Instruments, Inc.		6,555,648		2.1
	83,600	@	VeriSign, Inc.		2,219,580		0.7
	44,700	@	VMware, Inc.		2,797,773		0.9
	278,700	@	Yahoo!, Inc.		3,854,421		1.3
			Other Securities		66,252,801		21.7
					259,307,390		84.9
		Telecommunication Services: 2.4%
	62,100	@	American Tower Corp.		2,763,450		0.9
	95,000		AT&T, Inc.		2,298,050		0.7
	147,400	@	VimpelCom Ltd. ADR		2,384,932		0.8
					7,446,432		2.4
			Total Common Stock ( Cost $267,234,407 )		290,120,378		95.0
SHORT-TERM INVESTMENTS: 1.0%
		Securities Lending Collateralcc: 1.0%
	2,766,976		BNY Mellon Overnight Government Fund (1)		2,766,976		0.9
	396,801	I	BNY Institutional Cash Reserves Fund, Series B (1)(2)		317,441		0.1
			Total Short-Term Investments ( Cost $3,163,777 )		3,084,417		1.0
			Total Investments in Securities ( Cost $270,398,184 ) *	$	293,204,795		96.0
			Other Assets and Liabilities - Net		12,142,987		4.0
			Net Assets	$	305,347,782		100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@  Non-income producing security

ADR  American Depositary Receipt

cc  Securities purchased with cash collateral for securities loaned.

(1)  Collateral received from brokers for securites lending was invested in these short-term investments.

(2)  On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund's position in

See Accompanying Notes to Financial Statements
78

ING BLACKROCK SCIENCE AND   SUMMARY PORTFOLIO OF INVESTMENTS
TECHNOLOGY OPPORTUNITIES PORTFOLIO  AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

I  Illiquid security

L  Loaned security, a portion or all of the security is on loan at June 30, 2010.

*  Cost for federal income tax purposes is $276,614,432.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	38,132,081
Gross Unrealized Depreciation		(21,541,718	)
Net Unrealized Appreciation	$	16,590,363

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio's assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at 06/30/10
Asset Table
Investments, at value
Common Stock
Consumer Discretionary	$	3,657,098	$	1,187,500		$	—	$	4,844,598
Health Care		13,911,928		2,234,150			—		16,146,078
Industrials		—		2,375,880			—		2,375,880
Information Technology		249,318,751		9,988,639			—		259,307,390
Telecommunication Services		7,446,432		—			—		7,446,432
Total Common Stock		274,334,209		15,786,169			—		290,120,378
Short-Term Investments		2,766,976		—			317,441		3,084,417
Total Investments, at value	$	277,101,185	$	15,786,169		$	317,441	$	293,204,795
Other Financial Instruments+:
Forward foreign currency contracts		—		40,338			—		40,338
Total Assets	$	277,101,185	$	15,826,507		$	317,441	$	293,245,133
Liabilities Table
Other Financial Instruments+:
Forward foreign currency contracts		—		(560,375	)		—		(560,375	)
Total Liabilities	$	—	$	(560,375	)	$	—	$	(560,375	)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio's assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/09		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 06/30/10
Investments, at value
Short-Term Investments	$	317,441	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	317,441
Total Investments, at value	$	317,441	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	317,441

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

^  See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

+  Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

#  The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio's investments are categorized as Level 2 investments.

See Accompanying Notes to Financial Statements
79

ING BLACKROCK SCIENCE AND   SUMMARY PORTFOLIO OF INVESTMENTS
TECHNOLOGY OPPORTUNITIES PORTFOLIO  AS OF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

At June 30, 2010 the following forward foreign currency contracts were outstanding for the ING BlackRock Science and Technology Opportunities Portfolio:

Currency	Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation (Depreciation)
Swiss Franc CHF 200,000	BUY	07/21/10		USD182,358		185,615		$3,257
EU Euro EUR 13,000	BUY	07/21/10		16,486		15,899		(587	)
British Pound GBP 116,000	BUY	07/21/10		171,994		173,314		1,320
Hong Kong Sar Dollar HKD 114,000	BUY	07/21/10		14,635		14,641		6
Japanese Yen JPY64,487,000	BUY	07/21/10		711,109		729,615		18,506
							$	22,502
Swiss Franc CHF 2,568,000	SELL	07/21/10		2,383,279		2,383,295	$	(16	)
British Pound GBP 446,000	SELL	07/21/10		683,610		666,361		17,249
Japanese Yen JPY812,519,000	SELL	07/21/10		8,633,183		9,192,955		(559,772	)
							$	(542,539	)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	40,338
Total Asset Derivatives		$	40,338
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	560,375
Total Liability Derivatives		$	560,375

The effect of derivative instruments on the Portfolio's Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Foreign currency related transactions**
Foreign exchange contracts	$	469,535
Total	$	469,535
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Foreign currency related transactions**
Foreign exchange contracts	$	(803,269	)
Total	$	(803,269	)

*  Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.

See Accompanying Notes to Financial Statements
80

Investment Adviser

ING Investments, LLC
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258

Administrator

ING Funds Services, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Distributor

ING Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Transfer Agent

BNY Mellon Investment Servicing (U.S.) Inc.
(formerly, PNC Global Investment Servicing (U.S.) Inc.)
301 Bellevue Parkway
Wilmington, Delaware 19809

Custodian

The Bank of New York Mellon
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-ACAPAPALL  (0610-081910)

Semi-Annual Report

June 30, 2010

Classes ADV, I, S, and S2

ING Variable Products Index Funds

Domestic Equity Index Portfolios

n ING Russell^™ Large Cap Index Portfolio

n ING Russell^™ Large Cap Growth Index Portfolio

n ING Russell^™ Large Cap Value Index Portfolio

n ING Russell^™ Mid Cap Index Portfolio

n ING Russell^™ Mid Cap Growth Index Portfolio

n ING Russell^™ Small Cap Index Portfolio

Fixed-Income Index Portfolio

n ING U.S. Bond Index Portfolio

International/Global Equity Index Portfolios

n ING Euro STOXX 50^® Index Portfolio

        (formerly, ING Dow Jones Euro STOXX 50^® Index Portfolio)

n ING FTSE 100 Index^® Portfolio

n ING Hang Seng Index Portfolio

n ING International Index Portfolio

n ING Japan TOPIX Index Portfolio

    (formerly, ING Japan Equity Index Portfolio)

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

MUTUAL FUNDS

TABLE OF CONTENTS

President’s Letter	1
Market Perspective	2
Shareholder Expense Examples	4
Statements of Assets and Liabilities	6
Statements of Operations	14
Statements of Changes in Net Assets	18
Financial Highlights	25
Notes to Financial Statements	31
Summary Portfolios of Investments	52

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. This report contains a summary portfolio of investments for certain Portfolios. 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. The Portfolios’ Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Portfolios by calling Shareholder Services toll-free at (800) 992-0180.

PRESIDENT’S LETTER

Pay now and/or later

Dear Shareholder,

It’s summer, and it’s hot — 100 degrees has not been uncommon here on the East Coast — with no relief in the forecast. Do you turn up the air conditioning, knowing it will cost a fortune on your next electric bill? Or do you try to tough it out, sweltering to save money? Most of us would probably choose the immediate comfort of the A/C; the bill will come later.

The current heat wave thus presents a timely comparison to the trade-offs confronting policymakers as they consider the global economy. How do we balance the short-term need to sustain a fragile economic recovery against the long-term need to reduce deficits and debt? As with the heat, unless we make it through the short term, the long term won’t matter much. But spending on economic stimulus in the short term could add to our long-term debt burden.

Most of the world is facing the same issues. Fiscal austerity programs are being implemented across Europe, and not just in those countries at most immediate risk of default. In the United States, there is as of yet no clear course of action. Expect to hear about this in the fall, as the gentle breezes of summer give way to the hot winds of electoral politics. We believe that for the next several months, markets will see heightened volatility as investors worldwide seek assurance that the global recovery remains on track. On the bright side, we expect corporate profits to continue to exceed expectations.

Confronted with this type of uncertainty, what do you do? Keep your options open — consider investing in funds that provide diversification geographically across markets and seek investment managers that are skilled at anticipating changes in correlations and risks among asset classes. And of course, discuss any proposed portfolio changes with your investment advisor before you take action.

Thank you for your continued confidence in ING Funds. We look forward to serving your investment needs in the future.

Sincerely,

Shaun Mathews

President & Chief Executive Officer

ING Funds

July 10, 2010

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

MARKET PERSPECTIVE:  SIX MONTHS ENDED JUNE 30, 2010

After a 13-month advance through mid-April, a confluence of local and world concerns sent global equities, in the form of the MSCI World Index^SM measured in local currencies, including net reinvested dividends (“MSCI” for regions discussed below), on a steeply downward path. For the first half of the new fiscal year, the index fell 7.1% to closing levels not seen since October 2, 2009. (The MSCI World Index ^SM returned (9.84)% for the six months ended June 30, 2010, measured in U.S. dollars.)

By the end of 2009, the rally had become increasingly edgy. The rescue of failing institutions by governments and central banks in Europe and the U.S. together with unprecedented fiscal and monetary stimulus to counter the ensuing recession had led to enormous, unsustainable budget deficits. Not only would stimulus programs end, but debt would need to be wound down.

Beacons of hope in this rather bleak outlook were thought to be the U.S. and emerging markets, centered on China. The U.S. with its vast, dynamic, flexible economy would surely bounce back most quickly in the developed world. Emerging market economies, more fiscally robust these days, had never suffered much of a financial crisis and recession anyway and were again showing vibrant growth. The demand for capital goods from China might sustain Japan’s export led revival, while in Europe, growth may be tepid but at least the situation was stable. By early May all of these premises were disintegrating, the erosion gathering pace through June.

In the U.S., the critical housing market seemed to be improving, boosted by tax credits for home buyers. After sliding for more than three years, house prices (based on the S&P/Case-Shiller 20-City Composite Home Price Index) finally showed year-over-year increases from February. But even before the credits expired, sales of existing homes turned down. And in May, sales of new homes fell by one third from April, to the lowest rate since at least 1963. Unemployment remained stubbornly high, near 10%. The June report showed only 41,000 private sector jobs created, with annual wage growth below 2%. The final estimate of Gross Domestic Product (“GDP”) growth for the first quarter was revised down to 2.7% annualized. And excluding inventory build-up, real final demand expanded at just 0.8% per annum. Retail sales unexpectedly dipped in May. Some commentators also cited trends in the bond market (see below) and pointed to a double-dip recession.

China had grown at “only” 8.7% in 2009. In response, the government instructed the banks to expand lending and first quarter GDP growth rebounded to 11.9%. But inflation picked up and a housing bubble developed. The authorities quickly back-pedaled and repeatedly raised banks’ reserve ratio requirements. By the end of June the increasingly closely-watched Chinese manufacturing purchasing managers’ index was weakening. The unofficial version compiled by HSBC plumbed a 12-month low.

In the Eurozone, default on billions of euro of Greece’s maturing bonds loomed. Amid downgrades and ballooning yields, Eurozone countries, with no single voice, dithered on the need for a bail-out, its size, terms and the involvement of the International Monetary Fund (“IMF”). Many expected contagion and even doubted the viability of the euro itself. At last on the weekend of May 8-9, Eurozone finance ministers agreed on a Financial Stabilization mechanism funded with €500 billion, while the IMF would add up to €250 billion. The European Central Bank started buying sovereign debt and by then it was abundantly clear that the real problem was that vast quantities of the debt were held in the banking system, which might seize up as a result. In short, another “Lehman” event was feared.

In U.S. fixed income markets, the Barclays Capital U.S. Aggregate Bond Index of investment grade bonds returned 5.33%, with the Barclays Capital U.S. Treasury Index (which returned 5.86%) slightly outperforming the Barclays Capital Corporate Investment Grade Bond Index (which returned 5.79%). The Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index gained 4.45%. In the flight to safety, the two-year Treasury yield reached a record low, while the difference between the yields on two-year and ten-year Treasuries, having set new record high levels in February, fell back to October 2009 spreads by the end of June.

U.S. equities, represented by the S&P 500^® Index including dividends, fell 6.65% in the first half. Through early April, the economic reports seemed to be improving. Stock prices were also supported by strong earnings reports, with first quarter operating earnings per share for S&P 500^® companies coming in about 92% above those for the corresponding quarter of 2009. The index peaked on April 23, up over 9% for the year, before factors described above drove investor sentiment and the market back down amid surging volatility.

2

MARKET PERSPECTIVE:  SIX MONTHS ENDED JUNE 30, 2010

In currencies, the scenario described above in the Eurozone propelled the dollar up 17.4% on the euro. The dollar also gained 5.7% against the pound but lost 3.9% to the Japanese yen.

In international markets, the MSCI Japan^® Index dropped 7.5% for the first half of the year. The last thing export dependent Japan needed was a double-dip recession in the developed economies. Impressive 5% annualized first quarter GDP growth was considered vulnerable with household demand still slow and consumer prices drifting down. The MSCI Europe ex UK^® Index fell 6.2%. As in the U.S., the first few weeks of April saw the 2010 high point for the index before the peril inherent in shaky sovereign debt captured the attention of investors. The MSCI UK^® Index lost 7.6%, with BP contributing over 3% of it. The newly elected coalition government introduced an aggressively austere budget that would reduce the deficit to 3.9% by 2015, but this would have a depressing effect on growth and profits.

Parentheses denote a negative number.

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.

Benchmark Descriptions

Index	Description
MSCI World IndexSM	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.
S&P/Case-Shiller 20-City Composite Home Price Index	A composite index of the home price index for the top 20 Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor’s.
Barclays Capital U.S. Aggregate Bond Index	An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
Barclays Capital U.S. Treasury Index	An unmanaged index that includes public obligations of the U.S. Treasury. Treasury bills, certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS and STRIPS, are excluded.
Barclays Capital Corporate Investment Grade Bond Index	The corporate component of the Barclays Capital U.S. Credit Index. The U.S. Credit Index includes publicly-issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. The index includes both corporate and non-corporate sectors. The corporate sectors are industrial, utility and finance, which includes both U.S. and non-U.S. corporations.
Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index	An unmanaged index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
S&P 500® Index	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.
MSCI Japan® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
MSCI Europe ex UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
MSCI UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.

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, 2010 to June 30, 2010. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

The left section of the table shown below, “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 right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a 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 a 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.

	Actual Portfolio Return								Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2010		Ending Account Value June 30, 2010		Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2010*		Beginning Account Value January 1, 2010		Ending Account Value June 30, 2010		Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2010*
ING Russell™ Large Cap Index Portfolio
Class ADV	$	1,000.00	$	916.80	0.87	%	$	4.13	$	1,000.00	$	1,020.48	0.87	%	$	4.36
Class I		1,000.00		917.90	0.37			1.76		1,000.00		1,022.96	0.37			1.86
Class S		1,000.00		917.90	0.62			2.95		1,000.00		1,021.72	0.62			3.11
Class S2		1,000.00		915.80	0.77			3.66		1,000.00		1,020.98	0.77			3.86
ING Russell™ Large Cap Growth Index Portfolio
Class ADV	$	1,000.00	$	903.70	0.99	%	$	4.67	$	1,000.00	$	1,019.89	0.99	%	$	4.96
Class I		1,000.00		906.20	0.49			2.32		1,000.00		1,022.36	0.49			2.46
Class S		1,000.00		904.30	0.74			3.49		1,000.00		1,021.12	0.74			3.71
ING Russell™ Large Cap Value Index Portfolio
Class ADV	$	1,000.00	$	928.40	1.06	%	$	5.07	$	1,000.00	$	1,019.54	1.06	%	$	5.31
Class I		1,000.00		930.40	0.56			2.68		1,000.00		1,022.02	0.56			2.81
Class S		1,000.00		928.70	0.81			3.87		1,000.00		1,020.78	0.81			4.06

4

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2010		Ending Account Value June 30, 2010		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2010*		Beginning Account Value January 1, 2010		Ending Account Value June 30, 2010		Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2010*
ING Russell™ Mid Cap Index Portfolio
Class ADV	$	1,000.00	$	975.20	0.93	%		$	4.55	$	1,000.00	$	1,020.18	0.93	%	$	4.66
Class I		1,000.00		978.40	0.43				2.11		1,000.00		1,022.66	0.43			2.16
Class S		1,000.00		977.30	0.68				3.33		1,000.00		1,021.42	0.68			3.41
Class S2		1,000.00		975.90	0.83				4.07		1,000.00		1,020.68	0.83			4.16
ING Russell™ Mid Cap Growth Index Portfolio
Class ADV	$	1,000.00	$	962.80	1.01	%		$	4.92	$	1,000.00	$	1,019.79	1.01	%	$	5.06
Class I		1,000.00		965.90	0.51				2.49		1,000.00		1,022.27	0.51			2.56
Class S		1,000.00		964.50	0.76				3.70		1,000.00		1,021.03	0.76			3.81
Class S2		1,000.00		964.40	0.91				4.43		1,000.00		1,020.28	0.91			4.56
ING Russell™ Small Cap Index Portfolio
Class ADV	$	1,000.00	$	975.20	0.95	%		$	4.65	$	1,000.00	$	1,020.08	0.95	%	$	4.76
Class I		1,000.00		978.40	0.45				2.21		1,000.00		1,022.56	0.45			2.26
Class S		1,000.00		977.10	0.70				3.43		1,000.00		1,021.32	0.70			3.51
Class S2		1,000.00		976.00	0.85				4.16		1,000.00		1,020.58	0.85			4.26
ING U.S. Bond Index Portfolio
Class ADV	$	1,000.00	$	1,047.60	0.95	%		$	4.82	$	1,000.00	$	1,020.08	0.95	%	$	4.76
Class I		1,000.00		1,049.70	0.45				2.29		1,000.00		1,022.56	0.45			2.26
Class S		1,000.00		1,049.20	0.70				3.56		1,000.00		1,021.32	0.70			3.51
Class S2		1,000.00		1,048.90	0.85				4.32		1,000.00		1,020.58	0.85			4.26
ING Euro STOXX 50® Index Portfolio
Class ADV	$	1,000.00	$	753.70	0.91	%		$	3.96	$	1,000.00	$	1,020.28	0.91	%	$	4.56
Class I		1,000.00		755.40	0.41				1.78		1,000.00		1,022.76	0.41			2.06
ING FTSE 100 Index® Portfolio
Class ADV	$	1,000.00	$	850.90	0.91	%		$	4.18	$	1,000.00	$	1,020.28	0.91	%	$	4.56
Class I		1,000.00		853.10	0.41				1.88		1,000.00		1,022.76	0.41			2.06
ING Hang Seng Index Portfolio
Class ADV	$	1,000.00	$	924.80	1.24	%		$	5.92	$	1,000.00	$	1,018.65	1.24	%	$	6.21
Class I		1,000.00		927.10	0.74				3.54		1,000.00		1,021.12	0.74			3.71
Class S		1,000.00		925.50	0.99		��		4.73		1,000.00		1,019.89	0.99			4.96
ING International Index Portfolio
Class ADV	$	1,000.00	$	861.60	1.00	%		$	4.62	$	1,000.00	$	1,019.84	1.00	%	$	5.01
Class I		1,000.00		863.70	0.50				2.31		1,000.00		1,022.32	0.50			2.51
Class S		1,000.00		862.10	0.75				3.46		1,000.00		1,021.08	0.75			3.76
Class S2		1,000.00		861.30	0.90				4.15		1,000.00		1,020.33	0.90			4.51
ING Japan TOPIX Index Portfolio
Class ADV	$	1,000.00	$	966.70	0.95	%		$	4.63	$	1,000.00	$	1,020.08	0.95	%	$	4.76
Class I		1,000.00		968.90	0.45				2.20		1,000.00		1,022.56	0.45			2.26
ING WisdomTreeSM Global High-Yielding Equity Index Portfolio
Class ADV	$	1,000.00	$	864.60	1.34	%		$	6.20	$	1,000.00	$	1,018.15	1.34	%	$	6.71
Class I		1,000.00		855.80	0.84				3.87		1,000.00		1,020.63	0.84			4.21
Class S		1,000.00		864.40	1.09				5.04		1,000.00		1,019.39	1.09			5.46

* Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

5

STATEMENTS OF ASSETS AND LIABILITIESASOF JUNE 30, 2010 (UNAUDITED)

	ING RussellTM Large Cap Index Portfolio			ING RussellTM Large Cap Growth Index Portfolio			ING RussellTM Large Cap Value Index Portfolio			ING RussellTM Mid Cap Index Portfolio
ASSETS:
Investments in securities at value+*	$	646,079,616		$	322,748,639		$	75,982,556		$	1,252,287,309
Short-term investments**		418,349			8,298,553			—			35,613,810
Short-term investments in affiliates***		17,513,000			4,643,000			1,023,000			35,655,000
Cash		438,830			134,437			59			10,993,427
Cash collateral for futures		1,522,203			314,062			199,835			3,228,231
Receivables:
Investment securities sold		—			—			—			121,743
Fund shares sold		839,620			688,250			434,826			409,660
Dividends and interest		896,794			457,549			103,751			1,585,746
Prepaid expenses		10,894			4,000			1,086			12,582
Reimbursement due from manager		11,898			—			542			28,226
Total assets		667,731,204			337,288,490			77,745,655			1,339,935,734
LIABILITIES:
Payable for investment securities purchased		319,942			—			—			11,095,418
Payable for fund shares redeemed		143,668			89,552			19,095			586,357
Payable upon receipt of securities loaned		522,936			8,544,681			—			35,667,578
Payable to affiliates		288,423			155,488			37,968			487,733
Payable for directors fees		3,328			1,639			386			6,461
Other accrued expenses and liabilities		241,127			84,877			92,714			14,202
Total liabilities		1,519,424			8,876,237			150,163			47,857,749
NET ASSETS	$	666,211,780		$	328,412,253		$	77,595,492		$	1,292,077,985
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	880,866,938		$	509,363,508		$	91,599,074		$	1,197,425,804
Undistributed net investment income		5,472,471			2,262,517			646,955			8,124,693
Accumulated net realized loss		(309,677,175	)		(203,450,149	)		(24,001,746	)		(22,802,497	)
Net unrealized appreciation		89,549,546			20,236,377			9,351,209			109,329,985
NET ASSETS	$	666,211,780		$	328,412,253		$	77,595,492		$	1,292,077,985
+      Including securities loaned at value	$	424,883		$	8,297,106		$	—		$	34,640,359
*      Cost of investments in securities	$	555,785,284		$	302,025,779		$	66,577,997		$	1,141,619,775
**    Cost of short-term investments	$	522,936		$	8,544,681		$	—		$	35,667,578
*** Cost of short-term investments in affiliates	$	17,513,000		$	4,643,000		$	1,023,000		$	35,655,000

See Accompanying Notes to Financial Statements

6

STATEMENTS OF ASSETS AND LIABILITIESASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

	ING RussellTM Large Cap Index Portfolio		ING RussellTM Large Cap Growth Index Portfolio		ING RussellTM Large Cap Value Index Portfolio		ING RussellTM Mid Cap Index Portfolio
Class ADV:
Net assets	$	7,427,066	$	156,332	$	21,373	$	5,118,396
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		945,104		13,576		2,036		570,465
Net asset value and redemption price per share	$	7.86	$	11.52	$	10.50	$	8.97
Class I:
Net assets	$	264,611,443	$	204,663,991	$	41,562,592	$	1,176,477,580
Shares authorized		400,000,000		100,000,000		100,000,000		300,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		33,409,182		17,705,384		3,945,051		130,117,159
Net asset value and redemption price per share	$	7.92	$	11.56	$	10.54	$	9.04
Class S:
Net assets	$	394,169,172	$	123,591,930	$	36,011,527	$	110,477,120
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		49,920,432		10,716,112		3,422,325		12,275,129
Net asset value and redemption price per share	$	7.90	$	11.53	$	10.52	$	9.00
Class S2:
Net assets	$	4,099		n/a		n/a	$	4,889
Shares authorized		100,000,000		n/a		n/a		100,000,000
Par value	$	0.001		n/a		n/a	$	0.001
Shares outstanding		509		n/a		n/a		543
Net asset value and redemption price per share	$	8.05		n/a		n/a	$	9.00

See Accompanying Notes to Financial Statements

7

STATEMENTS OF ASSETS AND LIABILITIESASOF JUNE 30, 2010 (UNAUDITED)

	ING RussellTM Mid Cap Growth Index Portfolio			ING RussellTM Small Cap Index Portfolio			ING U.S. Bond Index Portfolio		ING Euro STOXX 50® Index Portfolio
ASSETS:
Investments in securities at value+*	$	255,090,129		$	610,375,476		$	3,493,492,998	$	712,201,183
Investments in affiliates**		—			—			—		12,017,818
Short-term investments***		10,943,031			54,351,873			342,314,042		68,961,296
Short-term investments in affiliates****		4,549,000			38,024,000			293,618,429		—
Short-term investments at amortized cost		—			—			49,996,232		—
Cash		1,783,497			1,518,408			275,169		885
Cash collateral for futures		228,398			1,489,161			—		2,287,240
Collateral at broker (Note 2)		—			—			140,000,000		—
Foreign currencies at value*****		—			130,383			—		1,251,189
Receivables:
Investment securities sold		496,583			—			43,385,674		29,530,982
Investment securities sold on a delayed-delivery or when-issued basis		—			—			35,497,155		—
Fund shares sold		52,924			518,113			116,450		34,672
Dividends and interest		183,801			672,691			23,541,054		374,456
Unrealized appreciation on forward foreign currency contracts		—			—			—		9,716
Prepaid expenses		3,120			5,948			35,253		19,722
Reimbursement due from manager		—			8,557			34,883		—
Total assets		273,330,483			707,094,610			4,422,307,339		826,689,159
LIABILITIES:
Payable for investment securities purchased		2,108,341			20,968,091			64,004,236		13,451,379
Payable for investment securities purchased on a delayed-delivery or when-issued basis		—			—			495,283,766		—
Payable for fund shares redeemed		46,603			108,735			2,642,069		206,041
Payable upon receipt of securities loaned		11,158,603			54,452,339			217,410,117		68,961,296
Unrealized depreciation on forward foreign currency contracts		—			—			—		1,064,308
Payable to affiliates		157,106			268,293			1,289,542		226,754
Payable for directors fees		1,299			3,154			18,220		3,704
Other accrued expenses and liabilities		93,023			42,386			148,908		212,541
Payable for borrowings against line of credit		—			—			—		1,895,000
Total liabilities		13,564,975			75,842,998			780,796,858		86,021,023
NET ASSETS	$	259,765,508		$	631,251,612		$	3,641,510,481	$	740,668,136
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	414,502,305		$	634,367,173		$	3,479,464,668	$	905,165,739
Undistributed net investment income		467,130			2,914,701			20,020,439		19,074,989
Accumulated net realized gain (loss)		(181,968,852	)		(22,404,747	)		28,229,967		(7,422,209	)
Net unrealized appreciation or depreciation		26,764,925			16,374,485			113,795,407		(176,150,383	)
NET ASSETS	$	259,765,508		$	631,251,612		$	3,641,510,481	$	740,668,136
+      Including securities loaned at value	$	10,893,867		$	52,098,259		$	214,824,454	$	59,855,057
*      Cost of investments in securities	$	227,935,660		$	593,099,159		$	3,379,699,103	$	884,249,081
**    Cost of investments in affiliates	$	—		$	—		$	—	$	14,615,965
*** Cost of short-term investments	$	11,158,603		$	54,452,339		$	342,312,530	$	68,961,296
****Cost of short-term investments in affiliates	$	4,549,000		$	38,024,000		$	293,618,429	$	—
*****Cost of foreign currencies	$	—		$	142,147		$	—	$	1,257,625

See Accompanying Notes to Financial Statements

8

STATEMENTS OF ASSETS AND LIABILITIESASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

	ING RussellTM Mid Cap Growth Index Portfolio		ING RussellTM Small Cap Index Portfolio		ING U.S. Bond Index Portfolio		ING Euro STOXX 50® Index Portfolio
Class ADV:
Net assets	$	3,764	$	4,947,726	$	2,425,699	$	1,287,632
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		522,986		224,555		148,070
Net asset value and redemption price per share	$	12.50	$	9.46	$	10.80	$	8.70
Class I:
Net assets	$	9,142,558	$	468,358,569	$	3,366,683,730	$	739,380,504
Shares authorized		100,000,000		100,000,000		500,000,000		200,000,000
Par value	$	0.001	$	0.001	$	0.001	$	0.001
Shares outstanding		729,158		49,048,505		310,764,835		84,640,514
Net asset value and redemption price per share	$	12.54	$	9.55	$	10.83	$	8.74
Class S:
Net assets	$	249,181,194	$	157,940,601	$	272,397,806		n/a
Shares authorized		100,000,000		100,000,000		100,000,000		n/a
Par value	$	0.001	$	0.001	$	0.001		n/a
Shares outstanding		19,895,932		16,613,007		25,217,040		n/a
Net asset value and redemption price per share	$	12.52	$	9.51	$	10.80		n/a
Class S2:
Net assets	$	1,437,992	$	4,716	$	3,246		n/a
Shares authorized		100,000,000		100,000,000		100,000,000		n/a
Par value	$	0.001	$	0.001	$	0.001		n/a
Shares outstanding		114,946		498		300		n/a
Net asset value and redemption price per share	$	12.51	$	9.48	$	10.81		n/a

See Accompanying Notes to Financial Statements

9

STATEMENTS OF ASSETS AND LIABILITIESASOF JUNE 30, 2010 (UNAUDITED)

	ING FTSE 100 Index® Portfolio			ING Hang Seng Index Portfolio				ING International Index Portfolio
ASSETS:
Investments in securities at value+*	$	541,762,014		$	146,794,323			$	277,366,728
Investments in affiliates**		—			—				898,720
Short-term investments***		970,134			—				7,067,740
Short-term investments in affiliates****		—			—		��		8,332,000
Cash		7,293,239			—				5,788
Cash collateral for futures		1,648,273			475,329				1,244,343
Foreign currencies at value*****		3,575,167			965,277				6,086,138
Receivables:
Investment securities sold		—			2,922,129				3,900
Fund shares sold		212			27,107				635,426
Dividends and interest		3,345,035			762,907				1,130,859
Unrealized appreciation on forward foreign currency contracts		—			—				250,538
Prepaid expenses		18,139			1,175				4,691
Reimbursement due from manager		—			—				22,234
Total assets		558,612,213			151,948,247				303,049,105
LIABILITIES:
Payable for fund shares redeemed		159,878			25,755				51,792
Payable upon receipt of securities loaned		970,134			—				7,075,285
Unrealized depreciation on forward foreign currency contracts		483,273			—				175,777
Payable to affiliates		172,773			88,784				136,027
Payable to custodian due to bank overdraft		—			1,375,052				—
Payable for directors fees		2,784			752				1,474
Other accrued expenses and liabilities		218,109			73,955				207,237
Total liabilities		2,006,951			1,564,298				7,647,592
NET ASSETS	$	556,605,262		$	150,383,949			$	295,401,513
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	594,219,761		$	153,244,743			$	441,864,791
Undistributed net investment income		9,664,995			2,078,637				5,283,585
Accumulated net realized loss		(2,509,137	)		(1,499,334	)			(173,482,245	)
Net unrealized appreciation or depreciation		(44,770,357	)		(3,440,097	)			21,735,382
NET ASSETS	$	556,605,262		$	150,383,949			$	295,401,513
+      Including securities loaned at value	$	914,000		$	—			$	6,621,950
*      Cost of investments in securities	$	582,390,021		$	150,155,103			$	255,439,144
**    Cost of investments in affiliates	$	—		$	—			$	897,812
*** Cost of short-term investments	$	970,134		$	—			$	7,075,285
****Cost of short-term investments in affiliates	$	—		$	—			$	8,332,000
*****Cost of foreign currencies	$	3,568,952		$	964,785			$	5,967,292

See Accompanying Notes to Financial Statements

10

STATEMENTS OF ASSETS AND LIABILITIESASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

	ING FTSE 100 Index® Portfolio		ING Hang Seng Index Portfolio		ING International Index Portfolio
Class ADV:
Net assets	$	950,391	$	376,800	$	1,772,934
Shares authorized		100,000,000		100,000,000		100,000,000
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		97,625		31,270		260,804
Net asset value and redemption price per share	$	9.74	$	12.05	$	6.80
Class I:
Net assets	$	555,654,871	$	93,222,710	$	216,500,412
Shares authorized		100,000,000		100,000,000		200,000,000
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		56,888,770		7,719,838		31,663,345
Net asset value and redemption price per share	$	9.77	$	12.08	$	6.84
Class S:
Net assets		n/a	$	56,784,439	$	77,124,108
Shares authorized		n/a		100,000,000		100,000,000
Par value		n/a	$	0.001	$	0.001
Shares outstanding		n/a		4,712,201		11,334,396
Net asset value and redemption price per share		n/a	$	12.05	$	6.80
Class S2:
Net assets		n/a		n/a	$	4,059
Shares authorized		n/a		n/a		100,000,000
Par value		n/a		n/a	$	0.001
Shares outstanding		n/a		n/a		594
Net asset value and redemption price per share		n/a		n/a	$	6.83

See Accompanying Notes to Financial Statements

11

STATEMENTS OF ASSETS AND LIABILITIESASOF JUNE 30, 2010 (UNAUDITED)

	ING Japan TOPIX Index Portfolio			ING WisdomTreeSM Global High-Yielding Equity Index Portfolio
ASSETS:
Investments in securities at value+*	$	454,163,311		$	176,544,641
Short-term investments**		12,941,055			—
Cash		18,852,028			48,847
Cash collateral for futures		948,750			—
Foreign currencies at value***		4,220,857			429,548
Receivables:
Investment securities sold		—			248,782
Fund shares sold		26,174			1,379,408
Dividends and interest		389,872			914,870
Unrealized appreciation on forward foreign currency contracts		786,772			—
Prepaid expenses		17,082			2,265
Reimbursement due from manager		—			7,579
Total assets		492,345,901			179,575,940
LIABILITIES:
Payable for investment securities purchased		—			12,861
Payable for fund shares redeemed		134,773			—
Payable upon receipt of securities loaned		12,941,055			—
Unrealized depreciation on forward foreign currency contracts		107,519			—
Payable to affiliates		140,501			122,815
Payable for directors fees		2,395			902
Other accrued expenses and liabilities		211,609			178,376
Payable for borrowings agaist line of credit		—			270,000
Total liabilities		13,537,852			584,954
NET ASSETS	$	478,808,049		$	178,990,986
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	492,130,093		$	248,639,264
Undistributed net investment income		3,233,653			4,075,555
Accumulated net realized loss		(2,574,824	)		(50,682,191	)
Net unrealized depreciation		(13,980,873	)		(23,041,642	)
NET ASSETS	$	478,808,049		$	178,990,986
+      Including securities loaned at value	$	12,254,879		$	—
*      Cost of investments in securities	$	468,605,874		$	199,573,875
**    Cost of short-term investments	$	12,941,055		$	—
*** Cost of foreign currencies	$	4,186,989		$	433,859

See Accompanying Notes to Financial Statements

12

STATEMENTS OF ASSETS AND LIABILITIESASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

	ING Japan TOPIX Index Portfolio		ING WisdomTreeSM Global High-Yielding Equity Index Portfolio
Class ADV:
Net assets	$	4,483,528	$	256,487
Shares authorized		100,000,000		100,000,000
Par value	$	0.001	$	0.001
Shares outstanding		473,808		39,585
Net asset value and redemption price per share	$	9.46	$	6.48
Class I:
Net assets	$	474,324,521	$	7
Shares authorized		100,000,000		100,000,000
Par value	$	0.001	$	0.001
Shares outstanding		49,913,683		1
Net asset value and redemption price per share	$	9.50	$	6.37
Class S:
Net assets		n/a	$	178,734,492
Shares authorized		n/a		100,000,000
Par value		n/a	$	0.001
Shares outstanding		n/a		27,502,364
Net asset value and redemption price per share		n/a	$	6.50

See Accompanying Notes to Financial Statements

13

STATEMENTS OF OPERATIONSFORTHE SIX MONTHS ENDED JUNE 30, 2010 (UNAUDITED)

	ING RussellTM Large Cap Index Portfolio			ING RussellTM Large Cap Growth Index Portfolio			ING RussellTM Large Cap Value Index Portfolio			ING RussellTM Mid Cap Index Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(1)	$	7,414,523		$	3,327,139		$	914,846		$	11,090,913
Interest		43			—			—			21
Securities lending income, net		4,449			7,129			25			252,884
Total investment income		7,419,015			3,334,268			914,871			11,343,818
EXPENSES:
Investment management fees		925,897			830,487			182,225			2,188,056
Distribution and service fees:
Class ADV		19,090			394			66			10,570
Class S		552,210			172,944			42,992			158,326
Class S2		10			6			6			14
Transfer agent fees		992			439			261			1,128
Administrative service fees		370,356			184,550			40,494			705,814
Shareholder reporting expense		58,349			12,365			17,995			6,805
Professional fees		44,278			20,772			10,005			69,114
Custody and accounting expense		51,275			21,964			4,330			86,004
Directors fees		50,793			8,103			2,410			37,185
Offering expense		—			6,248			6,248			—
Miscellaneous expense		34,892			10,130			4,486			32,647
Interest expense		156			114			19			2,372
Total expenses		2,108,298			1,268,516			311,537			3,298,035
Net waived and reimbursed fees		(165,014	)		(185,811	)		(43,716	)		(89,600	)
Brokerage commission recapture		—			(11,085	)		—			—
Net expenses		1,943,284			1,071,620			267,821			3,208,435
Net investment income		5,475,731			2,262,648			647,050			8,135,383
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(1,178,279	)		9,361,453			3,054,832			(11,939,866	)
Foreign currency related transactions		—			260			—			—
Futures		521,966			(258,990	)		(45,910	)		1,872,903
Net realized gain (loss)		(656,313	)		9,102,723			3,008,922			(10,066,963	)
Net change in unrealized appreciation or depreciation on:
Investments		(62,791,816	)		(45,514,126	)		(10,146,023	)		(22,916,086	)
Foreign currency related transactions		—			(390	)		—			—
Futures		(930,013	)		(211,943	)		(44,487	)		(2,014,389	)
Net change in unrealized appreciation or depreciation		(63,721,829	)		(45,726,459	)		(10,190,510	)		(24,930,475	)
Net realized and unrealized loss		(64,378,142	)		(36,623,736	)		(7,181,588	)		(34,997,438	)
Decrease in net assets resulting from operations	$	(58,902,411	)	$	(34,361,088	)	$	(6,534,538	)	$	(26,862,055	)
*      Foreign taxes withheld	$	239		$	(104	)	$	25		$	—
(1)     Dividends from affiliates	$	15,736		$	2,673		$	1,150		$	14,034

See Accompanying Notes to Financial Statements

14

STATEMENTS OF OPERATIONSFORTHE SIX MONTHS ENDED JUNE 30, 2010 (UNAUDITED)

	ING RussellTM Mid Cap Growth Index Portfolio			ING RussellTM Small Cap Index Portfolio			ING U.S. Bond Index Portfolio			ING Euro STOXX 50® Index Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(1)	$	1,499,110		$	4,156,917		$	239,169		$	19,324,633
Interest		—			14			52,695,909			8,622
Securities lending income, net		34,089			484,596			9,508			1,771,662
Total investment income		1,533,199			4,641,527			52,944,586			21,104,917
EXPENSES:
Investment management fees		641,071			1,114,046			5,853,218			2,347,246
Distribution and service fees:
Class ADV		10			8,578			4,474			2,518
Class S		342,023			197,775			319,369			—
Class S2		3,824			12			8			—
Transfer agent fees		406			465			2,234			699
Administrative service fees		142,459			337,586			1,829,118			391,203
Shareholder reporting expense		16,657			12,878			82,095			5,534
Professional fees		19,868			27,487			185,249			36,212
Custody and accounting expense		20,844			48,250			228,422			101,700
Directors fees		5,242			14,853			110,201			8,285
Offering expense		6,248			—			—			49,589
Miscellaneous expense		10,870			16,260			83,362			30,528
Interest expense		156			110			149			2,659
Total expenses		1,209,678			1,778,300			8,697,899			2,976,173
Net waived and reimbursed fees		(144,999	)		(52,967	)		(157,439	)		(1,369,217	)
Net expenses		1,064,679			1,725,333			8,540,460			1,606,956
Net investment income		468,520			2,916,194			44,404,126			19,497,961
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		9,950,639			(4,794,555	)		31,146,993			(2,828,959	)
Foreign currency related transactions		—			—			—			(497,561	)
Futures		(37,519	)		(1,117,899	)		—			(1,343,187	)
Net realized gain (loss)		9,913,120			(5,912,454	)		31,146,993			(4,669,707	)
Net change in unrealized appreciation or depreciation on:
Investments		(19,397,547	)		(11,247,353	)		105,213,547			(221,851,624	)
Foreign currency related transactions		—			(10,568	)		—			(1,094,847	)
Futures		(128,919	)		(2,391,764	)		—			(779,633	)
Net change in unrealized appreciation or depreciation		(19,526,466	)		(13,649,685	)		105,213,547			(223,726,104	)
Net realized and unrealized gain (loss)		(9,613,346	)		(19,562,139	)		136,360,540			(228,395,811	)
Increase (decrease) in net assets resulting from operations	$	(9,144,826	)	$	(16,645,945	)	$	180,764,666		$	(208,897,850	)
*      Foreign taxes withheld	$	—		$	159		$	—		$	3,230,971
(1)     Dividends from affiliates	$	3,844		$	21,654		$	239,169		$	—

See Accompanying Notes to Financial Statements

15

STATEMENTS OF OPERATIONSFORTHE SIX MONTHS ENDED JUNE 30, 2010 (UNAUDITED)

	ING FTSE 100 Index® Portfolio			ING Hang Seng Index Portfolio			ING International Index Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(1)	$	11,099,563		$	2,766,828		$	5,882,048
Interest		40,118			61,815			64,242
Securities lending income, net		46,292			—			273,628
Total investment income		11,185,973			2,828,643			6,219,918
EXPENSES:
Investment management fees		1,804,480			456,271			613,139
Distribution and service fees:
Class ADV		2,384			320			4,276
Class S		—			65,162			122,402
Class S2		—			6			10
Transfer agent fees		709			194			584
Administrative service fees		300,743			76,044			161,350
Shareholder reporting expense		5,503			2,139			15,358
Professional fees		33,836			14,211			23,804
Custody and accounting expense		49,582			44,291			134,014
Directors fees		13,840			3,281			13,575
Offering expense		49,589			6,456			—
Miscellaneous expense		38,659			8,224			12,829
Interest expense		398			—			1,934
Licensing fees		—			30,418			—
Total expenses		2,299,723			707,017			1,103,275
Net waived and reimbursed fees		(1,052,606	)		(77,182	)		(168,033	)
Net expenses		1,247,117			629,835			935,242
Net investment income		9,938,856			2,198,808			5,284,676
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on:
Investments		(487,328	)		(933,572	)		(3,545,245	)
Foreign currency related transactions		(775,222	)		(12,575	)		(469,513	)
Futures		(67,921	)		262,238			648,122
Net realized loss		(1,330,471	)		(683,909	)		(3,366,636	)
Net change in unrealized appreciation or depreciation on:
Payment by affiliate (Note 6)		(2,869,901	)		—			—
Investments		(94,702,424	)		(12,358,447	)		(49,155,956	)
Foreign currency related transactions		(459,355	)		7,144			210,169
Futures		(1,119,440	)		(939,930	)		(607,681	)
Net change in unrealized appreciation or depreciation		(99,151,120	)		(13,291,233	)		(49,553,468	)
Net realized and unrealized loss		(100,481,591	)		(13,975,142	)		(52,920,104	)
Decrease in net assets resulting from operations	$	(90,542,735	)	$	(11,776,334	)	$	(47,635,428	)
*      Foreign taxes withheld	$	156,253		$	190,247		$	526,814
(1)     Dividends from affiliates	$	—		$	2,149		$	3,581

See Accompanying Notes to Financial Statements

16

STATEMENTS OF OPERATIONSFORTHE SIX MONTHS ENDED JUNE 30, 2010 (UNAUDITED)

	ING Japan TOPIX Index Portfolio			ING WisdomTreeSM Global High-Yielding Equity Index Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(1)	$	4,715,749		$	5,012,330
Interest		122,679			182,570
Securities lending income, net		56,384			—
Total investment income		4,894,812			5,194,900
EXPENSES:
Investment management fees		1,518,461			471,420
Distribution and service fees:
Class ADV		6,180			242
Class S		—			256,085
Transfer agent fees		389			227
Administrative service fees		253,074			102,482
Shareholder reporting expense		5,102			3,847
Professional fees		25,260			12,206
Custody and accounting expense		117,550			87,137
Directors fees		11,524			4,220
Offering expense		49,589			—
Miscellaneous expense		10,198			7,039
Interest expense		2,378			2,730
Licensing fees		25,310			189,429
Total expenses		2,025,015			1,137,064
Net waived and reimbursed fees		(885,763	)		(17,864	)
Net expenses		1,139,252			1,119,200
Net investment income		3,755,560			4,075,700
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on:
Investments		(163,344	)		(6,093,504	)
Foreign currency related transactions		(193,064	)		(266,194	)
Futures		(1,031,948	)		—
Net realized loss		(1,388,356	)		(6,359,698	)
Net change in unrealized appreciation or depreciation on:
Investments		(17,547,760	)		(26,998,379	)
Foreign currency related transactions		1,626,075			(8,806	)
Futures		(528,337	)		—
Net change in unrealized appreciation or depreciation		(16,450,022	)		(27,007,185	)
Net realized and unrealized loss		(17,838,378	)		(33,366,883	)
Decrease in net assets resulting from operations	$	(14,082,818	)	$	(29,291,183	)
*      Foreign taxes withheld	$	364,034		$	432,401
(1)     Dividends from affiliates	$	—		$	121

See Accompanying Notes to Financial Statements

17

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING RussellTM Large Cap Index Portfolio						ING RussellTM Large Cap Growth Index Portfolio
	Six Months Ended June 30, 2010			Year Ended December 31, 2009			Six Months Ended June 30, 2010			May 1, 2009(1) to December 31, 2009
FROM OPERATIONS:
Net investment income	$	5,475,731		$	24,662,986		$	2,262,648		$	2,341,493
Net realized gain (loss)		(656,313	)		(162,120,812	)		9,102,723			4,289,147
Net change in unrealized appreciation or depreciation		(63,721,829	)		452,068,751			(45,726,459	)		55,670,733
Increase (decrease) in net assets resulting from operations		(58,902,411	)		314,610,925			(34,361,088	)		62,301,373
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(257,832	)		—			(865	)		—
Class I		(9,567,028	)		(165,344	)		(1,566,141	)		—
Class S		(14,948,772	)		—			(786,063	)		—
Total distributions		(24,773,632	)		(165,344	)		(2,353,069	)		—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		162,125,164			542,647,701			7,593,849			19,710,765
Proceeds from shares issued in merger (Note 11)		—			338,584,266			—			347,508,383
Reinvestment of distributions		24,773,632			165,344			2,353,069			—
		186,898,796			881,397,311			9,946,918			367,219,148
Cost of shares redeemed		(136,091,810	)		(1,584,400,945	)		(31,085,353	)		(43,255,676	)
Net increase (decrease) in net assets resulting from capital share transactions		50,806,986			(703,003,634	)		(21,138,435	)		323,963,472
Net increase (decrease) in net assets		(32,869,057	)		(388,558,053	)		(57,852,592	)		386,264,845
NET ASSETS:
Beginning of period		699,080,837			1,087,638,890			386,264,845			—
End of period	$	666,211,780		$	699,080,837		$	328,412,253		$	386,264,845
Undistributed net investment income at end of period	$	5,472,471		$	24,770,372		$	2,262,517		$	2,352,938

⁽¹⁾ Commencement of operations

See Accompanying Notes to Financial Statements

18

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING RussellTM Large Cap Value Index Portfolio						ING RussellTM Mid Cap Index Portfolio
	Six Months Ended June 30, 2010			May 1, 2009(1) to December 31, 2009			Six Months Ended June 30, 2010			Year Ended December 31, 2009
FROM OPERATIONS:
Net investment income	$	647,050		$	1,292,653		$	8,135,383		$	8,546,365
Net realized gain (loss)		3,008,922			13,065,944			(10,066,963	)		1,185,596
Net change in unrealized appreciation or depreciation		(10,190,510	)		13,758,273			(24,930,475	)		197,950,530
Increase (decrease) in net assets resulting from operations		(6,534,538	)		28,116,870			(26,862,055	)		207,682,491
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(362	)		—			(22,950	)		—
Class I		(713,610	)		—			(7,484,652	)		—
Class S		(582,509	)		—			(660,052	)		—
Class S2		—			—			(17	)		—
Net realized gains:
Class ADV		(2,602	)		—			—			—
Class I		(4,486,888	)		—			—			—
Class S		(3,864,098	)		—			—			—
Total distributions		(9,650,069	)		—			(8,167,671	)		—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		16,167,521			85,200,637			107,360,041			1,145,942,535
Proceeds from shares issued in merger (Note 11)		—			67,668,566			—			—
Reinvestment of distributions		9,649,645			—			8,167,671			—
		25,817,166			152,869,203			115,527,712			1,145,942,535
Cost of shares redeemed		(10,396,658	)		(102,626,482	)		(179,569,105	)		(105,364,635	)
Net increase (decrease) in net assets resulting from capital share transactions		15,420,508			50,242,721			(64,041,393	)		1,040,577,900
Net increase (decrease) in net assets		(764,099	)		78,359,591			(99,071,119	)		1,248,260,391
NET ASSETS:
Beginning of period		78,359,591			—			1,391,149,104			142,888,713
End of period	$	77,595,492		$	78,359,591		$	1,292,077,985		$	1,391,149,104
Undistributed net investment income at end of period	$	646,955		$	1,296,386		$	8,124,693		$	8,156,981

⁽¹⁾ Commencement of operations

See Accompanying Notes to Financial Statements

19

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING RussellTM Mid Cap Growth Index Portfolio						ING RussellTM Small Cap Index Portfolio
	Six Months Ended June 30, 2010			May 1, 2009(1) to December 31, 2009			Six Months Ended June 30, 2010			Year Ended December 31, 2009
FROM OPERATIONS:
Net investment income	$	468,520		$	949,308		$	2,916,194		$	3,892,357
Net realized gain (loss)		9,913,120			6,694,078			(5,912,454	)		(4,708,224	)
Net change in unrealized appreciation or depreciation		(19,526,466	)		39,654,660			(13,649,685	)		92,790,045
Increase (decrease) in net assets resulting from operations		(9,144,826	)		47,298,046			(16,645,945	)		91,974,178
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(5	)		—			(20,300	)		—
Class I		(38,679	)		—			(2,825,269	)		—
Class S		(879,428	)		—			(748,070	)		—
Class S2		(3,454	)		—			(16	)		—
Net realized gains:
Class ADV		(37	)		—			—			—
Class I		(90,081	)		—			—			—
Class S		(2,510,626	)		—			—			—
Class S2		(13,671	)		—			—			—
Total distributions		(3,535,981	)		—			(3,593,655	)		—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		13,275,481			89,958,204			112,950,031			434,704,003
Proceeds from shares issued in merger (Note 11)		—			258,969,254			—			—
Reinvestment of distributions		3,535,892			—			3,593,655			—
		16,811,373			348,927,458			116,543,686			434,704,003
Cost of shares redeemed		(27,408,105	)		(113,182,457	)		(118,342,333	)		(81,428,146	)
Net increase (decrease) in net assets resulting from capital share transactions		(10,596,732	)		235,745,001			(1,798,647	)		353,275,857
Net increase (decrease) in net assets		(23,277,539	)		283,043,047			(22,038,247	)		445,250,035
NET ASSETS:
Beginning of period		283,043,047			—			653,289,859			208,039,824
End of period	$	259,765,508		$	283,043,047		$	631,251,612		$	653,289,859
Undistributed net investment income at end of period	$	467,130		$	920,176		$	2,914,701		$	3,592,162

⁽¹⁾ Commencement of operations

See Accompanying Notes to Financial Statements

20

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING U.S. Bond Index Portfolio						ING Euro STOXX 50® Index  Portfolio
	Six Months Ended June 30, 2010			Year Ended December 31, 2009			Six Months Ended June 30, 2010			August 17, 2009(1) to December 31, 2009
FROM OPERATIONS:
Net investment income	$	44,404,126		$	41,873,605		$	19,497,961		$	3,074,323
Net realized gain (loss)		31,146,993			22,491,062			(4,669,707	)		(225,781	)
Net change in unrealized appreciation or depreciation		105,213,547			6,164,114			(223,726,104	)		47,575,721
Increase (decrease) in net assets resulting from operations		180,764,666			70,528,781			(208,897,850	)		50,424,263
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(9,614	)		(18,473	)		(6,194	)		—
Class I		(23,341,583	)		(38,439,046	)		(4,233,832	)		—
Class S		(1,627,245	)		(5,483,822	)		—			—
Class S2		(19	)		(62	)		—			—
Net realized gains:
Class ADV		—			(10,333	)		(2,814	)		—
Class I		—			(22,054,333	)		(1,799,379	)		—
Class S		—			(2,134,021	)		—			—
Class S2		—			(25	)		—			—
Total distributions		(24,978,461	)		(68,140,115	)		(6,042,219	)		—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		621,545,140			3,775,474,669			189,999,815			789,837,216
Reinvestment of distributions		24,978,461			68,140,027			6,042,219			—
		646,523,601			3,843,614,696			196,042,034			789,837,216
Cost of shares redeemed		(929,262,655	)		(365,581,551	)		(65,236,999	)		(15,458,309	)
Net increase (decrease) in net assets resulting from capital share transactions		(282,739,054	)		3,478,033,145			130,805,035			774,378,907
Net increase (decrease) in net assets		(126,952,849	)		3,480,421,811			(84,135,034	)		824,803,170
NET ASSETS:
Beginning of period		3,768,463,330			288,041,519			824,803,170			—
End of period	$	3,641,510,481		$	3,768,463,330		$	740,668,136		$	824,803,170
Undistributed net investment income at end of period	$	20,020,439		$	594,774		$	19,074,989		$	3,817,054

⁽¹⁾ Commencement of operations

See Accompanying Notes to Financial Statements

21

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING FTSE 100 Index® Portfolio						ING Hang Seng Index Portfolio
	Six Months Ended June 30, 2010			Year Ended December 31, 2009			Six Months Ended June 30, 2010			May 1, 2009(1) to December 31, 2009
FROM OPERATIONS:
Net investment income	$	9,938,856		$	3,919,867		$	2,198,808		$	232,940
Net realized gain (loss)		(1,330,471	)		2,989,939			(683,909	)		(424,283	)
Net change in unrealized appreciation or depreciation		(99,151,120	)		54,380,763			(13,291,233	)		9,851,136
Increase (decrease) in net assets resulting from operations		(90,542,735	)		61,290,569			(11,776,334	)		9,659,793
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(6,380	)		—			(3	)		(5	)
Class I		(4,260,839	)		—			(84,227	)		(474,675	)
Class S		—			—			(35,938	)		(166,106	)
Class S2		—			—			(3	)		(8	)
Net realized gains:
Class ADV		(6,588	)		—			—			—
Class I		(4,099,239	)		—			—			—
Return of capital:
Class ADV		—			—			—			(4	)
Class I		—			—			—			(92,931	)
Class S		—			—			—			(39,566	)
Class S2		—			—			—			(4	)
Total distributions		(8,373,046	)		—			(120,171	)		(773,299	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		75,672,051			590,860,918			41,491,616			146,588,902
Reinvestment of distributions		8,373,046			—			120,171			773,278
		84,045,097			590,860,918			41,611,787			147,362,180
Cost of shares redeemed		(49,169,114	)		(31,506,427	)		(24,375,578	)		(11,204,429	)
Net increase in net assets resulting from capital share transactions		34,875,983			559,354,491			17,236,209			136,157,751
Net increase (decrease) in net assets		(64,039,798	)		620,645,060			5,339,704			145,044,245
NET ASSETS:
Beginning of period		620,645,060			—			145,044,245			—
End of period	$	556,605,262		$	620,645,060		$	150,383,949		$	145,044,245
Undistributed net investment income at end of period	$	9,664,995		$	3,993,358		$	2,078,637		$	—

⁽¹⁾ Commencement of operations

See Accompanying Notes to Financial Statements

22

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING International Index Portfolio						ING Japan TOPIX Index Portfolio
	Six Months Ended June 30, 2010			Year Ended December 31, 2009			Six Months Ended June 30, 2010			August 17, 2009(1) to December 31, 2009
FROM OPERATIONS:
Net investment income	$	5,284,676		$	9,875,183		$	3,755,560		$	405,264
Net realized loss		(3,366,636	)		(85,081,239	)		(1,388,356	)		(1,321,900	)
Net change in unrealized appreciation or depreciation		(49,553,468	)		204,886,381			(16,450,022	)		2,469,149
Increase (decrease) in net assets resulting from operations		(47,635,428	)		129,680,325			(14,082,818	)		1,552,513
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(63,107	)		—			(2,683	)		—
Class I		(8,402,417	)		—			(552,840	)		—
Class S		(3,695,507	)		—			—			—
Class S2		(153	)		—			—			—
Net realized gains:
Class ADV		—			—			(1,328	)		—
Class I		—			—			(244,619	)		—
Total distributions		(12,161,184	)		—			(801,470	)		—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		65,292,645			410,829,490			27,434,274			512,781,574
Proceeds from shares issued in merger (Note 11)		—			191,779,327			—			—
Reinvestment of distributions		12,161,031			—			801,470			—
		77,453,676			602,608,817			28,235,744			512,781,574
Cost of shares redeemed		(52,440,798	)		(646,865,190	)		(39,314,121	)		(9,563,373	)
Net increase (decrease) in net assets resulting from capital share transactions		25,012,878			(44,256,373	)		(11,078,377	)		503,218,201
Net increase (decrease) in net assets		(34,783,734	)		85,423,952			(25,962,665	)		504,770,714
NET ASSETS:
Beginning of period		330,185,247			244,761,295			504,770,714			—
End of period	$	295,401,513		$	330,185,247		$	478,808,049		$	504,770,714
Undistributed net investment income at end of period	$	5,283,585		$	12,160,093		$	3,233,653		$	33,616

⁽¹⁾ Commencement of operations

See Accompanying Notes to Financial Statements

23

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING WisdomTreeSM Global High-Yielding Equity Index Portfolio
	Six Months Ended June 30, 2010			Year Ended December 31, 2009
FROM OPERATIONS:
Net investment income	$	4,075,700		$	6,591,023
Net realized loss		(6,359,698	)		(29,765,722	)
Net change in unrealized appreciation or depreciation		(27,007,185	)		73,983,894
Increase (decrease) in net assets resulting from operations		(29,291,183	)		50,809,195
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(5,049	)		—
Class S		(7,061,976	)		—
Total distributions		(7,067,025	)		—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		10,990,091			54,024,114
Reinvestment of distributions		7,067,025			—
		18,057,116			54,024,114
Cost of shares redeemed		(21,965,892	)		(34,321,365	)
Net increase (decrease) in net assets resulting from capital share transactions		(3,908,776	)		19,702,749
Net increase (decrease) in net assets		(40,266,984	)		70,511,944
NET ASSETS:
Beginning of period		219,257,970			148,746,026
End of period	$	178,990,986		$	219,257,970
Undistributed net investment income at end of period	$	4,075,555		$	7,066,880

⁽¹⁾ Commencement of operations

See Accompanying Notes to Financial Statements

24

FINANCIAL HIGHLIGHTS  (UNAUDITED)

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

		Income (loss) from investment operations						Less distributions								Ratios to average net assets							Supplemental data
	Net asset value, beginning of year or period	Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income		From net realized gains	From return of capital	Total distributions	Net asset value, end of year or period	Total Return(1)		Expenses before reductions/ additions (2)(3)	Expenses net of fee waivers and/or recoup-ments, if any (2)(3)		Expenses net of all reductions/ additions (2)(3)		Net investment income (loss) (2)(3)		Net assets, end of year or period	Portfolio turnover rate
Year or period ended	($)	($)		($)		($)		($)		($)	($)	($)	($)	(%)		(%)	(%)		(%)		(%)		($000’s)	(%)
ING Russell™ Large Cap Index Portfolio
Class ADV
06-30-10	8.85	0.05	•	(0.74	)	(0.69	)	0.30		—	—	0.30	7.86	(8.32	)	0.92	0.87	†	0.87	†	1.15	†	7,427	8
12-31-09	7.19	0.10	•	1.56		1.66		—		—	—	—	8.85	23.09		0.90	0.87	†	0.87	†	1.31	†	6,835	44
03-10-08(4) - 12-31-08	10.00	0.13	•	(2.87	)	(2.74	)	0.07		—	—	0.07	7.19	(27.42	)	0.89	0.87	†	0.87	†	1.98	†	1,135	8
Class I
06-30-10	8.92	0.07	•	(0.76	)	(0.69	)	0.31		—	—	0.31	7.92	(8.21	)	0.42	0.37	†	0.37	†	1.63	†	264,611	8
12-31-09	7.21	0.15	•	1.56		1.71		0.00	**	—	—	—	8.92	23.73		0.40	0.37	†	0.37	†	2.02	†	251,504	44
03-10-08(4) - 12-31-08	10.00	0.17	•	(2.88	)	(2.71	)	0.08		—	—	0.08	7.21	(27.06	)	0.39	0.37	†	0.37	†	2.31	†	1,057,974	8
Class S
06-30-10	8.89	0.06		(0.75	)	(0.69	)	0.30		—	—	0.30	7.90	(8.21	)	0.67	0.62	†	0.62	†	1.38	†	394,169	8
12-31-09	7.20	0.12	•	1.57		1.69		—		—	—	—	8.89	23.47		0.65	0.62	†	0.62	†	1.51	†	440,738	44
03-10-08(4) - 12-31-08	10.00	0.14	•	(2.87	)	(2.73	)	0.07		—	—	0.07	7.20	(27.23	)	0.64	0.62	†	0.62	†	2.19	†	28,529	8
Class S2
06-30-10	8.79	0.05		(0.79	)	(0.74	)	—		—	—	—	8.05	(8.42	)	0.92	0.77	†	0.77	†	1.22	†	4	8
02-27-09(4) - 12-31-09	5.89	(0.00	)**•	2.90		2.90		0.00	**	—	—	—	8.79	49.26		0.90	0.77	†	0.77	†	(0.06	)†	4	44
ING Russell™ Large Cap Growth Index Portfolio
Class ADV
06-30-10	12.81	0.04		(1.26	)	(1.22	)	0.07		—	—	0.07	11.52	(9.63	)	1.09	0.99	†	0.99	†	0.85	†	156	23
05-01-09(4) - 12-31-09	10.00	0.07	•	2.74		2.81		—		—	—	—	12.81	28.10		1.12	1.02	†	0.98	†	0.87	†	151	5
Class I
06-30-10	12.84	0.09		(1.28	)	(1.19	)	0.09		—	—	0.09	11.56	(9.38	)	0.59	0.49	†	0.49	†	1.32	†	204,664	23
05-01-09(4) - 12-31-09	10.00	0.08		2.76		2.84		—		—	—	—	12.84	28.40		0.62	0.52	†	0.48	†	1.45	†	241,608	5
Class S
06-30-10	12.82	0.07		(1.29	)	(1.22	)	0.07		—	—	0.07	11.53	(9.57	)	0.84	0.74	†	0.74	†	1.07	†	123,592	23
05-01-09(4) - 12-31-09	10.00	0.07		2.75		2.82		—		—	—	—	12.82	28.20		0.87	0.77	†	0.73	†	1.19	†	144,502	5
ING Russell™ Large Cap Value Index Portfolio
Class ADV
06-30-10	12.61	0.07		(0.77	)	(0.70	)	0.17		1.24	—	1.41	10.50	(7.16	)	1.16	1.06	†	1.06	†	1.19	†	21	28
05-01-09(4) - 12-31-09	10.00	0.10	•	2.51		2.61		—		—	—	—	12.61	26.10		1.17	1.06	†	1.06	†	1.30	†	26	87
Class I
06-30-10	12.65	0.11		(0.78	)	(0.67	)	0.20		1.24	—	1.44	10.54	(6.96	)	0.66	0.56	†	0.56	†	1.70	†	41,563	28
05-01-09(4) - 12-31-09	10.00	0.15	•	2.50		2.65		—		—	—	—	12.65	26.50		0.67	0.56	†	0.56	†	1.89	†	48,211	87

See Accompanying Notes to Financial Statements

25

FINANCIAL HIGHLIGHTS  (UNAUDITED)(CONTINUED)

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

		Income  (loss) from investment operations						Less distributions							Ratios to average net assets							Supplemental data
	Net asset value, beginning of year or period	Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income	From net realized gains	From return of capital	Total distributions	Net asset value, end of year or period	Total return(1)		Expenses before reductions/ additions (2)(3)	Expenses net of fee waivers and/or recoup-ments, if any (2)(3)		Expenses net of all reductions/ additions (2)(3)		Net investment income (loss)(2)(3)		Net assets, end of year or period	Portfolio turnover rate
Year or period ended	($)	($)		($)		($)		($)	($)	($)	($)	($)	(%)		(%)	(%)		(%)		(%)		($000's)	(%)
ING Russell™ Large Cap Value Index Portfolio (Continued)
Class S
06-30-10	12.64	0.09	•	(0.78	)	(0.69	)	0.19	1.24	—	1.43	10.52	(7.13	)	0.91	0.81	†	0.81	†	1.46	†	36,012	28
05-01-09(4) - 12-31-09	10.00	0.12	•	2.52		2.64		—	—	—	—	12.64	26.40		0.92	0.81	†	0.81	†	1.51	†	30,119	87
ING Russell™ Mid Cap Index Portfolio
Class ADV
06-30-10	9.24	0.04	•	(0.26	)	(0.22	)	0.05	—	—	0.05	8.97	(2.48	)	0.94	0.93	†	0.93	†	0.73	†	5,118	8
12-31-09	6.63	0.10	•	2.51		2.61		—	—	—	—	9.24	39.37		0.93	0.93	†	0.93	†	1.18	†	2,856	7
03-10-08(4) - 12-31-08	10.00	0.08	•	(3.37	)	(3.29	)	0.07	—	0.01	0.08	6.63	(32.92	)	1.01	0.93	†	0.93	†	1.00	†	61	30
Class I
06-30-10	9.29	0.06		(0.25	)	(0.19	)	0.06	—	—	0.06	9.04	(2.16	)	0.44	0.43	†	0.43	†	1.18	†	1,176,478	8
12-31-09	6.63	0.13	·	2.53		2.66		—	—	—	—	9.29	40.12		0.43	0.43	†	0.43	†	1.59	†	1,285,223	7
03-10-08(4) - 12-31-08	10.00	0.13	·	(3.41	)	(3.28	)	0.08	—	0.01	0.09	6.63	(32.74	)	0.51	0.43	†	0.43	†	1.74	†	117,525	30
Class S
06-30-10	9.25	0.04		(0.24	)	(0.20	)	0.05	—	—	0.05	9.00	(2.27	)	0.69	0.68	†	0.68	†	0.94	†	110,477	8
12-31-09	6.62	0.10	·	2.53		2.63		—	—	—	—	9.25	39.73		0.68	0.68	†	0.68	†	1.33	†	103,065	7
03-10-08(4) - 12-31-08	10.00	0.12	·	(3.41	)	(3.29	)	0.08	—	0.01	0.09	6.62	(32.90	)	0.76	0.68	†	0.68	†	1.85	†	25,303	30
Class S2
06-30-10	9.25	0.04		(0.26	)	(0.22	)	0.03	—	—	0.03	9.00	(2.41	)	0.94	0.83	†	0.83	†	0.78	†	5	8
02-27-09(4) - 12-31-09	5.52	0.08		3.65		3.73		—	—	—	—	9.25	67.57		0.93	0.83	†	0.83	†	1.19	†	5	7
ING Russell™ Mid Cap Growth Index Portfolio
Class ADV
06-30-10	13.11	0.00	*	(0.47	)	(0.47	)	0.02	0.12	—	0.14	12.50	(3.72	)	1.11	1.01	†	1.01	†	0.05	†	4	25
05-01-09(4) - 12-31-09	10.00	0.02		3.09		3.11		—	—	—	—	13.11	31.10		1.14	1.04	†	1.04	†	0.30	†	4	42
Class I
06-30-10	13.14	0.04		(0.47	)	(0.43	)	0.05	0.12	—	0.17	12.54	(3.41	)	0.61	0.51	†	0.51	†	0.57	†	9,143	25
05-01-09(4) - 12-31-09	10.00	0.05	·	3.09		3.14		—	—	—	—	13.14	31.40		0.64	0.54	†	0.54	†	0.72	†	9,644	42
Class S
06-30-10	13.13	0.02		(0.47	)	(0.45	)	0.04	0.12	—	0.16	12.52	(3.55	)	0.86	0.76	†	0.76	†	0.32	†	249,181	25
05-01-09(4) - 12-31-09	10.00	0.06	·	3.07		3.13		—	—	—	—	13.13	31.30		0.89	0.79	†	0.79	†	0.67	†	271,776	42

See Accompanying Notes to Financial Statements

26

FINANCIAL HIGHLIGHTS  (UNAUDITED)(CONTINUED)

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

		Income (loss) from investment operations						Less distributions							Ratios to average net assets							Supplemental data
	Net asset value, beginning of year or period	Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income	From net realized gains	From return of capital	Total distributions	Net asset value, end of year or period	Total return(1)		Expenses before reductions/ additions (2)(3)	Expenses net of fee waivers and/or recoup-ments, if any (2)(3)		Expenses net of all reductions/ additions (2)(3)		Net investment income (loss)(2)(3)		Net assets, end of year or period	Portfolio turnover rate
Year or period ended	($)	($)		($)		($)		($)	($)	($)	($)	($)	(%)		(%)	(%)		(%)		(%)		($000’s)	(%)
ING Russell™ Mid Cap Growth Index Portfolio (Continued)
Class S2
06-30-10	13.11	0.02		(0.47	)	(0.45	)	0.03	0.12	—	0.15	12.51	(3.56	)	1.11	0.91	†	0.91	†	0.16	†	1,438	25
05-01-09(4) - 12-31-09	10.00	0.02		3.09		3.11		—	—	—	—	13.11	31.10		1.14	0.94	†	0.94	†	0.47	†	1,619	42
ING Russell™ Small Cap Index Portfolio
Class ADV
06-30-10	9.74	0.02	•	(0.25	)	(0.23	)	0.05	—	—	0.05	9.46	(2.48	)	0.97	0.95	†	0.95	†	0.48	†	4,948	20
12-31-09	7.72	0.06	·	1.96		2.02		—	—	—	—	9.74	26.17		0.97	0.95	†	0.95	†	0.74	†	1,972	16
03-10-08(4) - 12-31-08	10.00	0.11	·	(2.32	)	(2.21	)	0.06	—	0.01	0.07	7.72	(22.02	)	1.27	1.17	†	1.17	†	1.74	†	571	35
Class I
06-30-10	9.81	0.05		(0.25	)	(0.20	)	0.06	—	—	0.06	9.55	(2.16	)	0.47	0.45	†	0.45	†	0.92	†	468,359	20
12-31-09	7.75	0.10	·	1.96		2.06		—	—	—	—	9.81	26.58		0.47	0.45	†	0.45	†	1.23	†	514,616	16
03-10-08(4) - 12-31-08	10.00	0.12	·	(2.29	)	(2.17	)	0.07	—	0.01	0.08	7.75	(21.68	)	0.53	0.45	†	0.45	†	1.49	†	132,762	35
Class S
06-30-10	9.77	0.02		(0.24	)	(0.22	)	0.04	—	—	0.04	9.51	(2.29	)	0.72	0.70	†	0.70	†	0.68	†	157,941	20
12-31-09	7.73	0.07		1.97		2.04		—	—	—	—	9.77	26.39		0.72	0.70	†	0.70	†	0.95	†	136,697	16
03-10-08(4) - 12-31-08	10.00	0.12	·	(2.32	)	(2.20	)	0.06	—	0.01	0.07	7.73	(21.95	)	0.78	0.70	†	0.70	†	1.71	†	74,707	35
Class S2
06-30-10	9.74	0.03		(0.26	)	(0.23	)	0.03	—	—	0.03	9.48	(2.40	)	0.87	0.85	†	0.85	†	0.53	†	5	20
02-27-09(4) - 12-31-09	6.03	0.06		3.65		3.71		—	—	—	—	9.74	61.53		0.97	0.85	†	0.85	†	0.83	†	5	16
ING U.S. Bond Index Portfolio
Class ADV
06-30-10	10.37	0.10		0.39		0.49		0.06	—	—	0.06	10.80	4.76		0.96	0.95	†	0.95	†	1.94	†	2,426	140
12-31-09	10.12	0.23	·	0.30		0.53		0.20	0.08	—	0.28	10.37	5.29		0.94	0.94	†	0.94	†	2.27	†	1,432	380
03-10-08(4) - 12-31-08	10.00	0.25		0.07		0.32		0.18	0.02	—	0.20	10.12	3.26		1.01	0.95	†	0.95	†	2.95	†	143	360
Class I
06-30-10	10.39	0.13		0.38		0.51		0.07	—	—	0.07	10.83	4.97		0.46	0.45	†	0.45	†	2.45	†	3,366,684	140
12-31-09	10.12	0.28	·	0.31		0.59		0.24	0.08	—	0.32	10.39	5.88		0.44	0.44	†	0.44	†	2.66	†	3,501,280	380
03-07-08(4) - 12-31-08	10.00	0.28	·	0.08		0.36		0.22	0.02	—	0.24	10.12	3.61		0.51	0.45	†	0.45	†	3.42	†	107,276	360
Class S
06-30-10	10.36	0.11		0.40		0.51		0.07	—	—	0.07	10.80	4.92		0.71	0.70	†	0.70	†	2.19	†	272,398	140
12-31-09	10.10	0.26		0.29		0.55		0.21	0.08	—	0.29	10.36	5.54		0.69	0.69	†	0.69	†	2.59	†	265,749	380
03-10-08(4) - 12-31-08	10.00	0.27	·	0.06		0.33		0.21	0.02	—	0.23	10.10	3.29		0.76	0.70	†	0.70	†	3.42	†	180,622	360

See Accompanying Notes to Financial Statements

27

FINANCIAL HIGHLIGHTS  (UNAUDITED)(CONTINUED)

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

		Income (loss) from investment operations						Less distributions							Ratios to average net assets							Supplemental data
	Net asset value, beginning of year or period	Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income	From net realized gains	From return of capital	Total distributions	Net asset value, end of year or period	Total return(1)		Expenses before reductions/ additions (2)(3)	Expenses net of fee waivers and/or recoup-ments, if any (2)(3)		Expenses net of all reductions/ additions (2)(3)		Net investment income (loss)(2)(3)		Net assets, end of year or period	Portfolio turnover rate
Year or period ended	($)	($)		($)		($)		($)	($)	($)	($)	($)	(%)		(%)	(%)		(%)		(%)		($000’s)	(%)
ING U.S. Bond Index Portfolio (Continued)
Class S2
06-30-10	10.37	0.11		0.39		0.50		0.06	—	—	0.06	10.81	4.89		0.86	0.85	†	0.85	†	2.08	†	3	140
02-27-09(4) - 12-31-09	9.99	0.20		0.47		0.67		0.21	0.08	—	0.29	10.37	6.74		0.94	0.84	†	0.84	†	2.42	†	3	380
ING Euro STOXX 50® Index Portfolio
Class ADV
06-30-10	11.63	0.27	·	(3.13	)	(2.86	)	0.05	0.02	—	0.07	8.70	(24.63	)	1.26	0.91		0.91		5.49		1,288	8
08-17-09(4) - 12-31-09	10.00	0.06	·	1.57		1.63		—	—	—	—	11.63	16.30		1.32	0.97		0.97		1.29		665	1
Class I
06-30-10	11.66	0.25	·	(3.09	)	(2.84	)	0.06	0.02	—	0.08	8.74	(24.46	)	0.76	0.41		0.41		4.99		739,381	8
08-17-09(4) - 12-31-09	10.00	0.07	·	1.59		1.66		—	—	—	—	11.66	16.60		0.82	0.47		0.47		1.42		824,138	1
ING FTSE 100 Index® Portfolio
Class ADV
06-30-10	11.60	0.16	·	(1.87	)	(1.71	)	0.07	0.08	—	0.15	9.74	(14.91	)	1.16	0.91		0.91		2.91		950	5
08-17-09(4) - 12-31-09	10.00	0.06	·	1.54		1.60		—	—	—	—	11.60	16.00	(a)	1.33	0.98		0.98		1.25		759	8
Class I
06-30-10	11.61	0.18	·	(1.86	)	(1.68	)	0.08	0.08	—	0.16	9.77	(14.69	)	0.76	0.41		0.41		3.31		555,655	5
08-17-09(4) - 12-31-09	10.00	0.11	·	1.50		1.61		—	—	—	—	11.61	16.10	(a)	0.83	0.48		0.48		2.38		619,886	8
ING Hang Seng Index Portfolio
Class ADV
06-30-10	13.04	0.34	·	(1.32	)	(0.98	)	0.01	—	—	0.01	12.05	(7.52	)	1.34	1.24	†	1.24	†	5.62	†	377	7
05-04-09(4) - 12-31-09	10.00	0.13	·	2.94		3.07		0.02	—	0.01	0.03	13.04	30.72		1.39	1.28	†	1.28	†	1.58	†	4	3
Class I
06-30-10	13.04	0.19		(1.14	)	(0.95	)	0.01	—	—	0.01	12.08	(7.29	)	0.84	0.74	†	0.74	†	2.91	†	93,223	7
05-04-09(4) - 12-31-09	10.00	0.04	·	3.07		3.11		0.06	—	0.01	0.07	13.04	31.14		0.89	0.78	†	0.78	†	0.48	†	101,683	3
Class S
06-30-10	13.03	0.18	·	(1.15	)	(0.97	)	0.01	—	—	0.01	12.05	(7.45	)	1.09	0.99	†	0.99	†	2.86	†	56,784	7
05-01-09(4) - 12-31-09	10.00	0.06	·	3.03		3.09		0.05	—	0.01	0.06	13.03	30.93		1.14	1.03	†	1.03	†	0.71	†	43,353	3
ING International Index Portfolio
Class ADV
06-30-10	8.17	0.11	·	(1.21	)	(1.10	)	0.27	—	—	0.27	6.80	(13.84	)	1.11	1.00	†	1.00	†	2.92	†	1,773	11
12-31-09	6.43	0.09	•	1.65		1.74		—	—	—	—	8.17	27.06		1.08	0.99	†	0.99	†	1.13	†	1,641	92
03-10-08(4) - 12-31-08	10.00	0.20	·	(3.69	)	(3.49	)	0.08	—	—	0.08	6.43	(34.85	)	1.17	1.00	†	1.00	†	2.87	†	2	22

See Accompanying Notes to Financial Statements

28

FINANCIAL HIGHLIGHTS  (UNAUDITED)(CONTINUED)

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

		Income (loss) from investment operations						Less distributions							Ratios to average net assets							Supplemental data
	Net asset value, beginning of year or period	Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income	From net realized gains	From return of capital	Total distributions	Net asset value, end of year or period	Total return(1)		Expenses before reductions/ additions (2)(3)	Expenses net of fee waivers and/or recoup-ments, if any (2)(3)		Expenses net of all reductions/ additions (2)(3)		Net investment income (loss)(2)(3)		Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)	($)		($)		($)		($)	($)	($)	($)	($)	(%)		(%)	(%)		(%)		(%)		($000’s)		(%)
ING International Index Portfolio (Continued)
Class I
06-30-10	8.21	0.13	•	(1.21	)	(1.08	)	0.29	—	—	0.29	6.84	(13.63	)	0.61	0.50	†	0.50	†	3.37	†	216,500		11
12-31-09	6.41	0.18	•	1.62		1.80		—	—	—	—	8.21	28.08		0.58	0.50	†	0.50	†	2.54	†	216,453		92
03-10-08(4) - 12-31-08	10.00	0.17	·	(3.65	)	(3.48	)	0.11	—	—	0.11	6.41	(34.73	)	0.67	0.50	†	0.50	†	2.56	†	237,777		22
Class S
06-30-10	8.17	0.12	•	(1.21	)	(1.09	)	0.28	—	—	0.28	6.80	(13.79	)	0.86	0.75	†	0.75	†	3.07	†	77,124		11
12-31-09	6.41	0.11	•	1.65		1.76		—	—	—	—	8.17	27.46		0.83	0.75	†	0.75	†	1.51	†	112,086		92
03-10-08(4) - 12-31-08	10.00	0.12	·	(3.60	)	(3.48	)	0.11	—	—	0.11	6.41	(34.79	)	0.92	0.75	†	0.75	†	1.93	†	6,983		22
Class S2
06-30-10	8.19	0.11		(1.21	)	(1.10	)	0.26	—	—	0.26	6.83	(13.87	)	1.11	0.90	†	0.90	†	2.90	†	4		11
02-27-09(4) - 12-31-09	5.05	0.10	•	3.04		3.14		—	—	—	—	8.19	62.18		1.08	0.90	†	0.90	†	1.69	†	5		92
ING Japan TOPIX Index Portfolio
Class ADV
06-30-10	9.80	0.05	•	(0.37	)	(0.32	)	0.01	0.01	—	0.02	9.46	(3.33	)	1.30	0.95		0.95		0.98		4,484		2
08-17-09(4) - 12-31-09	10.00	(0.04	)•	(0.16	)	(0.20	)	—	—	—	—	9.80	(2.00	)	1.29	0.94		0.94		(1.02	)	327		5
Class I
06-30-10	9.82	0.08		(0.38	)	(0.30	)	0.01	0.01	—	0.02	9.50	(3.11	)	0.80	0.45		0.45		1.49		474,325		2
08-17-09(4) - 12-31-09	10.00	0.01		(0.19	)	(0.18	)	—	—	—	—	9.82	(1.80	)	0.79	0.44		0.44		0.31		504,443		5
ING WisdomTreeSM Global High-Yielding Equity Index Portfolio
Class ADV
06-30-10	7.76	0.17	•	(1.18	)	(1.01	)	0.27	—	—	0.27	6.48	(13.54	)	1.36	1.34	†	1.34	†	4.95	†	256		42
12-31-09	5.99	0.22		1.55		1.77		—	—	—	—	7.76	29.55		1.31	1.29	†	1.29	†	3.40	†	1		66
01-28-08(4) - 12-31-08	10.00	0.34	·	(4.18	)	(3.84	)	0.17	—	—	0.17	5.99	(38.33	)	1.66	1.20	†	1.20	†	4.28	†	1		128
Class I
06-30-10	7.71	0.00	•,**	(1.07	)	(1.07	)	0.27	—	—	0.27	6.37	(14.42	)	0.86	0.84	†	0.84	†	2.18	†	0	*	42
12-31-09	5.97	(0.05	)	1.79		1.74		—	—	—	—	7.71	29.15		0.81	0.79	†	0.79	†	(0.79	)†	0	*	66
01-28-08(4) - 12-31-08	10.00	0.41	·	(4.23	)	(3.82	)	0.21	—	—	0.21	5.97	(38.10	)	1.16	0.70	†	0.70	†	4.92	†	0	*	128
Class S
06-30-10	7.77	0.15		(1.17	)	(1.02	)	0.25	—	—	0.25	6.50	(13.56	)	1.11	1.09	†	1.09	†	3.98	†	178,734		42
12-31-09	5.98	0.23		1.56		1.79		—	—	—	—	7.77	29.93		1.06	1.04	†	1.04	†	3.74	†	219,257		66
01-28-08(4) - 12-31-08	10.00	0.31	·	(4.13	)	(3.82	)	0.20	—	—	0.20	5.98	(38.10	)	1.41	0.89	†	0.89	†	4.23	†	148,745		128

⁽¹⁾ Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, 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.

See Accompanying Notes to Financial Statements

29

FINANCIAL HIGHLIGHTS  (UNAUDITED)(CONTINUED)

⁽³⁾ Expense ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage commission recapture arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor but prior to reductions from brokerage commission recapture arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.

⁽⁴⁾ Commencement of operations.

· 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 ratios and net investment income or loss ratio (Note 4).

* Amount is less than $500.

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

^(a) Excluding a payment by affiliate in the period ended December 31, 2009, FTSE 100 Index^® total return would have been 15.08% and 15.18% on classes ADV and I, respectively.

See Accompanying Notes to Financial Statements

30

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED)

NOTE 1 — ORGANIZATION

Organization. ING Variable Portfolios, Inc. (the “Company” or “Registrant”) is registered under the Investment Company Act of 1940, as amended (“1940 Act” or “Act”) as an open-end diversified management investment company.

The Company was incorporated under the laws of Maryland on June 4, 1996. There are ninteen active separate investment series that comprise the Company. The thirteen portfolios (each a “Portfolio”, collectively the “Portfolios”) that are in this report are:

ING Russell^TM Large Cap Index Portfolio (“Russell^TM Large Cap Index”), ING Russell^TM Large Cap Growth Index Portfolio (“Russell^TM Large Cap Growth Index”), ING Russell^TM Large Cap Value Index Portfolio (“Russell^TM Large Cap Value Index”), ING Russell^TM Mid Cap Index Portfolio (“Russell^TM Mid Cap Index”), ING Russell^TM Mid Cap Growth Index Portfolio (“Russell^TM Mid Cap Growth Index”), ING Russell^TM Small Cap Index Portfolio (“Russell^TM Small Cap Index”), ING U.S. Bond Index Portfolio (“U.S. Bond Index”), ING Euro STOXX 50^® Index Portfolio (“Euro STOXX 50^® Index”), ING FTSE 100 Index^® Portfolio (“FTSE 100 Index^®”), ING Hang Seng Index Portfolio (“Hang Seng Index”), ING International Index Portfolio (“International Index”), ING Japan TOPIX Index Portfolio (“Japan TOPIX Index”), and ING WisdomTree^SM Global High-Yielding Equity Index Portfolio (“WisdomTree ^SM Index”).

The Company is authorized to offer four share classes of the Portfolios, referred to as Adviser Class (“Class ADV”), Class I, Class S and Service 2 Class (“Class S2”); however, not all Portfolios currently offer all classes. Each class has equal rights as to class and voting privileges. The classes differ principally in the applicable distribution and shareholder 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 Portfolios pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Common expenses of the Portfolios (including custodial asset-based fees, legal and audit fees, printing and mailing fees, and fees and expenses of the independent trustees) are allocated to each Portfolio in proportion to its average 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, transfer agency out-of-pocket expenses, 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 service fees, if applicable.

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 each Portfolio’s behalf.

ING Investments, LLC serves as the investment adviser (“ING Investments” or the “Investment Adviser”) to the Portfolios. ING Investment Management Co. (“ING IM”) serves as the sub-adviser to each of the Portfolios except U.S. Bond Index. ING Funds Services, LLC serves as the administrator (“IFS” or the “Administrator”) for the Portfolios. ING Investments Distributor, LLC (formerly, ING Funds Distributor, LLC) (“IID” or the “Distributor”) serves as the principal underwriter to the Portfolios.

The Investment Adviser, ING IM, IFS and IID 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.

ING Groep has adopted a formal restructuring plan that was approved by the European Commission in November 2009 under which the ING life insurance businesses, including the retirement services and investment management businesses, which include the Investment Adviser and its affiliates, would be divested by ING Groep by the end of 2013. While there can be no assurance that it will be carried out, the restructuring plan presents certain risks, including uncertainty about the effect on the businesses of the ING entities that service the Portfolios and potential termination of the Portfolios’ existing advisory agreement, which may trigger the need for shareholder approval of new agreements.

31

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

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. Investments in open-end mutual funds are valued at net asset value. Investments in securities of sufficient credit quality maturing in 60 days or less from the date of acquisition are valued at amortized cost which approximates fair value.

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 defined by the 1940 Act, and 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 defined by the 1940 Act, and as determined in good faith by or under the supervision of the Board, in accordance with methods that are specifically authorized by the Board. All such fair valuations are made in accordance with the valuation procedures of the Portfolios (the “Valuation Procedures”) which have been approved by the Board. The valuation techniques applied in any specific instance are set forth in the Valuation Procedures and may 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 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.

32

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 quotations at the time a 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 a Portfolio’s NAV.

Fair value is defined as the price that the Portfolios would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. 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 as classified as “Level 1”, inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and unobservable inputs, including the adviser’s or 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. Short-term securities of sufficient credit quality which are valued at amortized cost, which approximates fair value, are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Portfolios’ investments under these levels of classification is included following the Portfolios of Investments.

For the six months ended June 30, 2010, there have been no significant changes to the fair valuation methodologies.

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 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

33

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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. Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. All Portfolios (except U.S. Bond Index) declare and pay dividends annually. U.S. Bond Index declares and pays dividends quarterly. 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.

E. Federal Income Taxes. It is the policy of the Portfolios to comply with the requirements of subchapter M of the Internal Revenue Code that are 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, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Portfolios’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized or expire.

F. 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.

G. Risk Exposures and the use of Derivative Instruments. Each Portfolio’s investment objectives permit it to enter into various types of derivatives contracts, including, but

not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps, total return swaps, and purchased and written options. In doing so, the Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to market risk factors. This may allow the Portfolio to pursue its objectives more quickly, and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

Market Risk Factors. In pursuit of its investment objectives, a Portfolio may seek to use derivatives to increase or decrease its exposure to the following market risk factors:

Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Risks of Investing in Derivatives. Each Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

34

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of a Portfolio to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because the Portfolio is required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and a Portfolio. Associated risks are not the risks that a Portfolio is attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that a Portfolio will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.

H. Forward Foreign Currency Contracts. Certain Portfolios may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their non-U.S. dollar denominated investment 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. These contracts are valued daily and a Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments involve market and/ or credit risk in excess of the amount recognized in the Statements of Assets and Liabilities. Risks arise from the possible inability of counterparties to meet the terms of their

contracts and from movement in currency and securities values and interest rates. Open forward foreign currency contracts are presented following the respective Portfolio of Investments.

For the six months ended June 30, 2010, certain Portfolios have entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Portfolios uses forward foreign currency contracts to enhance potential gain, hedge against anticipated currency exchange rates, gain exposure to foreign currencies and to maintain diversity and liquidity of the portfolio.

During the six months ended June 30, 2010, the following Portfolios had average contract amounts on forward foreign currency contracts to buy and sell as disclosed below:

	Buy		Sell
Euro STOXX 50® Index	$	4,803,263	$	818,593
FTSE 100 Index®		5,595,535		34,792,221
International Index		3,705,661		970,690
Japan TOPIX Index		9,921,953		1,472,932

I. Futures Contracts. Each Portfolio may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Portfolios assets are valued.

Upon entering into a futures contract, each Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Open futures contracts are reported on a table following each Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial

35

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

margin requirements on open futures contracts are noted in each Portfolio’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio’s Statement of Operations. Realized gains (losses) are reported in each Portfolio’s Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the six months ended June 30, 2010, each Portfolio has purchased futures contracts on various equity indexes to increase exposure to equity risk. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where each Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of each Portfolio’s securities.

During the six months ended June 30, 2010, the Portfolios had average market values on futures contracts purchased as disclosed below:

RussellTM Large Cap Index	$	28,874,125
RussellTM Large Cap Growth Index		4,943,595
RussellTM Large Cap Value Index		1,567,932
RussellTM Mid Cap Index		24,337,980
RussellTM Mid Cap Growth Index		6,346,100
RussellTM Small Cap Index		27,465,220
Euro STOXX 50® Index		14,561,725
FTSE 100 Index®		22,182,710
Hang Seng Index		10,589,318
International Index		15,995,568
Japan TOPIX Index		18,641,851

J. Securities Lending. Each Portfolio (except WisdomTree^SM Index) has the option to temporarily loan up to 33 ¹/3% 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 in a Portfolio.

K. Illiquid and Restricted Securities. The Portfolios may not invest more than 15% 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 pursuant 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, as defined by the Act, determined under procedures approved by the Board.

L. 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 securities 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 identify liquid assets sufficient to cover the purchase price. U.S. Bond Index posted $140,000,000 in collateral for open when-issued and/or delayed-delivery transactions. This amount is included on the Statement of Assets and Liabilities.

M. Offering Costs. Costs incurred with the offering of shares of the Portfolios are deferred and amortized over a twelve month period on a straight-line basis starting at the commencement of operations.

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

36

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 3 — INVESTMENT TRANSACTIONS

For the six months ended June 30, 2010, 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
RussellTM Large Cap Index	$	107,526,984	$	56,522,371
RussellTM Large Cap Growth Index		83,055,910		105,869,395
RussellTM Large Cap Value Index		28,426,747		22,349,799
RussellTM Mid Cap Index		105,356,577		189,649,697
RussellTM Mid Cap Growth Index		69,438,971		84,377,269
RussellTM Small Cap Index		145,544,398		131,177,521
U.S. Bond Index		336,340,492		442,222,295
Euro STOXX 50® Index		199,330,079		60,405,724
FTSE 100 Index®		64,915,431		26,347,510
Hang Seng Index		48,359,044		9,081,694
International Index		49,152,198		34,388,927
Japan TOPIX Index		7,433,808		14,219,244
WisdomTreeSM Index		84,985,966		95,010,258

U.S. government securities not included above were as follows:

	Purchases		Sales
U.S. Bond Index	$	4,627,289,313	$	4,712,095,510

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:

RussellTM Large Cap Index	0.25	%
RussellTM Large Cap Growth Index(1)	0.45	%
RussellTM Large Cap Value Index(1)	0.45	%
RussellTM Mid Cap Index	0.31	%
RussellTM Mid Cap Growth Index(1)	0.45	%
RussellTM Small Cap Index	0.33	%
U.S. Bond Index	0.32	%
Euro STOXX 50® Index(2)	0.60	%
FTSE 100 Index®(2)	0.60	%
Hang Seng Index(1)	0.60	%
International Index	0.38	%
Japan TOPIX Index(2)	0.60	%
WisdomTreeSM Index	0.46	%

⁽¹⁾ Pursuant to a side agreement dated May 1, 2009, ING Investments has agreed to waive 0.10% of each Portfolio’s advisory fee through May 1, 2011. Any fees waived or reimbursed are not eligible for recoupment.

⁽²⁾ Pursuant to a side agreement dated August 3, 2009, ING Investments has agreed to waive 0.25% of each Portfolio’s advisory fee through August 5, 2012. This side agreement will only renew if ING Investments elects to renew it. Any fees waived or reimbursed are not eligible for recoupment.

The Investment Adviser entered into sub-advisory agreements with ING IM. ING IM acts as sub-adviser to all Portfolios except for U.S. Bond 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.

Neuberger Berman Fixed Income LLC serves as sub-adviser to U.S. Bond Index pursuant to a Sub-Advisory Agreement effective May 4, 2009.

ING Portfolios 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 six months ended June 30, 2010, the Investment Adviser waived the following amounts, which are not subject to recoupment:

RussellTM Large Cap Index	$	8,155
RussellTM Large Cap Growth Index		1,260
RussellTM Large Cap Value Index		643
RussellTM Mid Cap Index		8,054
RussellTM Mid Cap Growth Index		1,776
RussellTM Small Cap Index		9,602
U.S. Bond Index		110,654
Hang Seng Index		1,137
International Index		1,098
WisdomTreeSM Global High-Yielding Equity Index		80

IFS, an indirect, wholly-owned subsidiary of ING Groep, acts as administrator to the Portfolios 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 0.10% of daily net assets. Pursuant to a side agreement dated August 3, 2009, IFS has agreed to waive 0.10% of Euro STOXX 50^® Index, FTSE 100 Index^® and Japan TOPIX Index administrative fee through August 5, 2012.

Russell Investment Group receives an annual licensing fee for the Russell Global Large Cap^® Index, Russell Top 200^® Index, Russell Top 200^® Growth Index, Russell Top 200^® Value Index, the Russell Midcap^® Index, Russell Midcap^® Growth Index and the Russell 2000^® Index. WisdomTree^SM Index pays an annual licensing fee to WisdomTree Investments, Inc. Hang Seng Data Services Limited receives an estimated annual licensing fee for the Hang Seng Index. STOXX Limited, Zurich, Switzerland and/or Dow Jones & Company, Inc.; FTSE International Limited; and Tokyo Stock Exchange, Inc. receive an

37

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

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

annual licensing fee for Euro STOXX 50^® Index, FTSE 100 Index^® and Japan TOPIX Index, respectively.

In placing equity security transactions, the Investment Adviser or each sub-adviser is required to use its best efforts to choose a broker capable of providing brokerage services necessary to obtain the best execution for each transaction. Subject to this requirement, the Investment Adviser or each sub-adviser may allocate equity security transactions through certain designated broker-dealers. Some of these broker-dealers participate in commission recapture programs that have been established for the benefit of the Portfolios. Under these programs, the participating broker-dealers will return to a Portfolio a portion of the brokerage commissions (in the form of a credit to a Portfolio) paid to the broker-dealers to pay certain expenses of a Portfolio. These commission recapture payments benefit the Portfolios and not the Investment Adviser or each sub-adviser. Any amount credited to a Portfolio is reflected as brokerage commission recapture in the Statements of Operations.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Class ADV and Class S2 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%⁽¹⁾ of the average daily net assets attributable to its Class ADV and Class S2 shares. The Distributor has contractually agreed to waive a portion of its fee equal to 0.10% of the average daily net assets attributable to the distribution fee paid by Class S2 of the respective Portfolios, so that the actual fee paid by a Portfolio is an annual rate of 0.15%. The expense waiver will continue through at least May 1, 2011.

Class S shares of the Portfolios have adopted a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plans”), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or distribution of each Portfolio’s shares. 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 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% of average daily net assets.

⁽¹⁾ Effective May 1, 2009, IFD has agreed to waive 0.01% of the distribution fee for Class ADV shares of International Index through May 1, 2011.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES

At June 30, 2010, the Portfolios had the following amounts recorded in payable to affiliates on the accompanying Statements of Assets and Liabilities (see Notes 4 and 5):

Portfolio	Accrued Investment Management Fees		Accrued Administrative Fees		Accrued Shareholder Service and Distribution Fees		Total
RussellTM Large Cap Index	$	142,653	$	57,377	$	88,393	$	288,423
RussellTM Large Cap Growth Index		99,985		28,602		26,901		155,488
RussellTM Large Cap Value Index		23,420		6,703		7,845		37,968
RussellTM Mid Cap Index		347,476		112,122		28,135		487,733
RussellTM Mid Cap Growth Index		79,293		22,740		55,073		157,106
RussellTM Small Cap Index		176,874		54,024		37,395		268,293
U.S. Bond Index		935,472		298,034		56,036		1,289,542
Euro STOXX 50® Index		226,244		—		510		226,754
FTSE 100 Index®		172,369		—		404		172,773
Hang Seng Index		64,312		12,930		11,542		88,784
International Index		94,082		24,889		17,056		136,027
Japan TOPIX Index		138,617		—		1,884		140,501
WisdomTreeSM Index		69,719		15,157		37,939		122,815

The Company has 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. Amounts defined are treated as though invested in various “notional” funds advised by ING Investments until distribution in accordance with the Policy.

38

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

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

At June 30, 2010, the following ING Portfolios or indirect, wholly owned subsidiaries of ING Groep owned more than 5% of the following Portfolios:

Portfolio	Percentage (%)	Entities
RussellTM Large Cap Index	6.26	ING Index Solution 2015 Portfolio
	8.37	ING Index Solution 2025 Portfolio
	5.21	ING Index Solution 2035 Portfolio
	5.68	ING Index Solution Income Portfolio
	12.12	ING Life Insurance & Annuity Company
	52.59	ING USA Annuity and Life Insurance Company
RussellTM Large Cap Growth Index	9.65	ING Life Insurance & Annuity Company
	37.70	ING USA Annuity and Life Insurance Company
	39.31	Reliastar Life Insurance Company
	13.22	Security Life Insurance Company
RussellTM Large Cap Value Index	15.18	ING Life Insurance & Annuity Company
	39.22	ING USA Annuity and Life Insurance Company
	34.27	Reliastar Life Insurance Company
	10.96	Security Life Insurance Company
RussellTM Mid Cap Growth Index	92.56	ING USA Annuity and Life Insurance Company
RussellTM Mid Cap Index	45.48	ING Retirement Growth Portfolio
	27.60	ING Retirement Moderate Growth
	10.97	ING Retirement Moderate Portfolio
	6.44	ING USA Annuity and Life Insurance Company
RussellTM Small Cap Index	8.45	ING Life Insurance & Annuity Company
	39.79	ING Retirement Growth Portfolio
	18.78	ING Retirement Moderate Growth
	5.60	ING Retirement Moderate Portfolio
	20.83	ING USA Annuity and Life Insurance Company
US Bond Index	5.97	ING Retirement Conservative Portfolio
	30.23	ING Retirement Growth Portfolio
	29.96	ING Retirement Moderate Growth Portfolio
	18.88	ING Retirement Moderate Portfolio
	7.11	ING USA Annuity and Life Insurance Company
Euro STOXX 50® Index	52.12	ING Retirement Growth Portfolio
	30.49	ING Retirement Moderate Growth Portfolio
	15.31	ING Retirement Moderate Portfolio
FTSE 100 Index®	52.13	ING Retirement Growth Portfolio
	30.49	ING Retirement Moderate Growth Portfolio
	15.31	ING Retirement Moderate Portfolio
Hang Seng Index	32.35	ING Retirement Growth Portfolio
	18.92	ING Retirement Moderate Growth Portfolio
	9.50	ING Retirement Moderate Portfolio
	36.67	ING USA Annuity and Life Insurance Company
International Index	5.08	ING Index Solution 2015 Portfolio
	8.51	ING Index Solution 2025 Portfolio
	7.64	INGndex Solution 2035 Portfolio
	5.06	ING Index Solution 2045 Portfolio
	17.44	ING Life Insurance & Annuity Co
	14.51	ING Usa Annuity And Life Insurance
	10.64	ING Strategic Allocation Moderate Fund
	12.97	ING Strategic Allocation Growth Fund
	7.51	Security Life Insurance Company
Japan TOPIX Index	51.73	ING Retirement Growth Portfolio
	30.25	ING Retirement Moderate Growth Portfolio
	15.19	ING Retirement Moderate Portfolio
WisdomTreeSM Index	96.96	ING USA Annuity and Life Insurance Company

39

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

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

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. The 1940 Act defines affiliates as companies that are under common control. Therefore, because certain Portfolios have a common owner that owns over 25% of the outstanding securities of the Portfolios, they may be deemed to be affiliates of each other. Investment activities of these shareholders could have a material impact on the Portfolios.

During the period ended December 31, 2009, the Investment Adviser reimbursed FTSE 100 Index^® $2,869,901 of transactions costs associated with certain purchases of securities. These security purchases were related to the initial subscriptions of shares of the portfolio by affiliated ING Portfolios.

NOTE 7 — OTHER ACCRUED EXPENSES AND LIABILITIES

At June 30, 2010, the following portfolios had the following payables included in Other Accrued Expenses and Liabilities on the Statements of Assets and Liabilities that exceed 5% of total liabilities.

Portfolio	Accrued Expenses	Amount
RussellTM Large Cap Value Index	Custody	$	7,935
	Audit		17,121
	Postage		38,792
	Accrued Offering		18,939
WisdomTreeSM Index	Custody		52,305
	License Fee		92,741

NOTE 8 — EXPENSE LIMITATION AGREEMENTS

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	Class S2
RussellTM Large Cap Index	0.87%	0.37%	0.62%	0.77%
RussellTM Large Cap Growth Index(1)	N/A	N/A	N/A	N/A
RussellTM Large Cap Value Index(1)	N/A	N/A	N/A	N/A
RussellTM Mid Cap Index	0.93%	0.43%	0.68%	0.83%
RussellTM Small Cap Index	0.95%	0.45%	0.70%	0.85%
U.S. Bond Index	0.95%	0.45%	0.70%	0.85%
International Index	1.00%	0.50%	0.75%	0.90%
WisdomTreeSM Index	1.34%	0.84%	1.09%	N/A

⁽¹⁾ Effective March 15, 2010, pursuant to a side agreement, the Investment Adviser has agreed to waive all or a portion of the advisory fee so that

the expense limits are 1.00%, 0.50%, 0.75% and 0.90% for Class ADV, Class I, Class S and Class S2, respectively. The expense limits will continue until at least May 1, 2011. The amount waived are not eligible for recoupment.

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, 2010, 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,
	2011		2012		2013		Total
RussellTM Large Cap Index	$	31,695	$	214,721	$	304,937	$	551,353
RussellTM Large Cap Value Index		—		—		2,578		2,578
RussellTM Mid Cap Index		37,944		39,906		81,544		159,394
RussellTM Small Cap Index		30,352		112,293		65,503		208,148
U.S. Bond Index		—		—		27,177		27,177
International Index		38,687		442,437		306,274		787,398
WisdomTreeSM Index		91,162		441,002		17,784		549,948

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 9 — LINE OF CREDIT

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 with The Bank of New York Mellon (the “Credit Agreement”) for an aggregate amount of $100,000,000. The proceeds may be used to: (1) temporarily finance the purchase or sale of securities; or (2) finance the redemption of shares of an investor in the Portfolios to which a loan is made. The Portfolios to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount.

40

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 9 — LINE OF CREDIT (continued)

Generally, borrowings under the credit agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The following Portfolios utilized the line of credit during the six months June 30, 2010:

	Days Utilized	Approximate Average Daily Balance		Approximate Weighted Average Interest Rate
Russell™ Large Cap Index	6	$	686,667	1.38	%
Russell™ Large Cap Growth Index	3		976,667	1.42
Russell™ Large Cap Value Index	1		500,000	1.37
Russell™ Mid Cap Index	13		4,723,846	1.41
Russell™ Mid Cap Growth Index	6		665,000	1.43
Russell™ Small Cap Index	2		1,417,500	1.42
US Bond Index	5		784,000	1.39
Euro STOXX 50® Index(1)	44		1,542,273	1.43
FTSE 100 Index®	25		415,200	1.40
International Index	15		3,290,667	1.43
Japan TOPIX Index	35		1,733,857	1.43
WisdomTreeSM Index(2)	62		1,124,032	1.43

⁽¹⁾ At June 30, 2010, Euro STOXX 50^® Index had an outstanding balance of $1,895,000.

⁽²⁾ At June 30, 2010, WisdomTree^SM Index had an outstanding balance of $270,000.

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold	Shares issued in merger	Reinvestment of distributions	Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger	Reinvestment of distributions	Shares redeemed		Net increase (decrease)
Year or period ended	#	#	#	#		#		($)		($)	($)	($)		($)
RussellTM Large Cap Index
Class ADV
06-30-10	187,953	—	28,178	(42,968	)	173,163		1,663,638		—	257,832	(377,436	)	1,544,034
12-31-09	806,534	4,241	—	(196,747	)	614,028		6,323,688		31,814	—	(1,484,041	)	4,871,461
Class I
06-30-10	13,570,977	—	1,037,639	(9,409,405	)	5,199,211		120,658,303		—	9,567,028	(85,211,796	)	45,013,535
12-31-09	62,786,467	4,588,187	23,688	(185,978,175	)	(118,579,833	)	448,379,285		34,604,407	165,344	(1,532,492,745	)	(1,049,343,709	)
Class S
06-30-10	4,417,256	—	1,626,635	(5,695,591	)	348,300		39,803,219		—	14,948,772	(50,502,574	)	4,249,417
12-31-09	11,628,590	40,051,489	—	(6,070,653	)	45,609,426		87,941,728		301,387,793	—	(47,759,460	)	341,570,061
Class S2
06-30-10	—	—	—	—		—		4		—	—	(4	)	—
02-27-09(1) - 12-31-09	509	340,871	—	(340,871	)	509		3,000		2,560,252	—	(2,664,699	)	(101,447	)
RussellTM Large Cap Growth Index
Class ADV
06-30-10	2,043	—	65	(301	)	1,807		27,094		—	865	(3,921	)	24,038
12-31-09	16,613	611	—	(5,455	)	11,769		188,157		6,649	—	(64,819	)	129,987
Class I
06-30-10	127,494	—	117,051	(1,350,701	)	(1,106,156	)	(475,117	)	—	1,566,141	(17,211,763	)	(16,120,739	)
05-01-09(1) - 12-31-09	1,216,490	20,076,130	—	(2,481,080	)	18,811,540		12,474,891		218,739,904	—	(29,281,691	)	201,933,104
Class S
06-30-10	468,507	—	58,837	(1,085,741	)	(558,397	)	5,959,877		—	786,063	(13,879,606	)	(7,133,666	)
05-01-09(1) - 12-31-09	614,401	11,828,343	—	(1,168,235	)	11,274,509		7,044,707		128,752,323	—	(13,899,229	)	121,897,801

41

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold	Shares issued in merger	Reinvestment of distributions	Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger	Reinvestment of distributions	Shares redeemed		Net increase (decrease)
Year or period ended	#	#	#	#		#		($)		($)	($)	($)		($)
RussellTM Large Cap Growth Index (Continued)
Class S2(2)
06-30-10	—	—	—	(301	)	(301	)	2,081,995		—	—	9,937		2,091,932
12-31-09	301	873	—	(873	)	301		3,010		9,507	—	(9,937	)	2,580
RussellTM Large Cap Value Index
Class ADV
06-30-10	88	—	206	(303	)	(9	)	1,079		—	2,540	(3,437	)	182
12-31-09	679	1,369	—	(3	)	2,045		7,765		14,607	—	(35	)	22,337
Class I
06-30-10	106,321	—	421,434	(394,579	)	133,176		1,955,913		—	5,200,498	(5,571,878	)	1,584,533
05-01-09(1) - 12-31-09	7,831,148	4,132,743	—	(8,152,016	)	3,811,875		78,584,488		44,149,107	—	(97,998,349	)	24,735,246
Class S
06-30-10	1,138,795	—	360,633	(459,968	)	1,039,460		14,938,806		—	4,446,607	(5,537,594	)	13,847,819
05-01-09(1) - 12-31-09	563,705	2,136,666	—	(317,506	)	2,382,865		6,605,374		22,824,118	—	(3,911,847	)	25,517,645
Class S2(2)
06-30-10	—	—	—	(302	)	(302	)	(728,277	)	—	—	716,251		(12,026	)
12-31-09	302	63,768	—	(63,768	)	302		3,010		680,734	—	(716,251	)	(32,507	)
RussellTM Mid Cap Index
Class ADV
06-30-10	317,737	—	2,186	(58,617	)	261,306		3,110,812		—	22,950	(548,869	)	2,584,893
12-31-09	345,657	—	—	(45,719	)	299,938		2,764,740		—	—	(376,576	)	2,388,164
Class I
06-30-10	6,152,998	—	707,434	(15,026,203	)	(8,165,771	)	59,423,445		—	7,484,669	(145,265,079	)	(78,356,965	)
12-31-09	130,965,857	—	—	(10,398,627	)	120,567,230		1,068,640,028		—	—	(86,000,868	)	982,639,160
Class S
06-30-10	4,587,571	—	62,683	(3,511,834	)	1,138,420		44,825,784		—	660,052	(33,755,157	)	11,730,679
12-31-09	9,687,362	—	—	(2,370,486	)	7,316,876		74,534,767		—	—	(18,987,191	)	55,547,576
Class S2
06-30-10	—	—	—	—		—		—		—	—	—		—
02-27-09(1) - 12-31-09	543	—	—	—		543		3,000		—	—	—		3,000
RussellTM Mid Cap Growth Index
Class ADV
06-30-10	—	—	—	—		—		—		—	—	—		—
12-31-09	301	49	—	(49	)	301		3,019		568	—	(568	)	3,019
Class I
06-30-10	113,949	—	8,819	(127,780	)	(5,012	)	1,549,378		—	128,760	(1,677,367	)	771
05-01-09(1) - 12-31-09	6,959,392	749,246	—	(6,974,468	)	734,170		69,974,278		8,711,574	—	(84,119,269	)	(5,433,417	)
Class S
06-30-10	824,383	—	232,355	(1,861,928	)	(805,190	)	11,435,652		—	3,390,054	(25,313,221	)	(10,487,515	)
05-01-09(1) - 12-31-09	1,699,533	20,506,400	—	(1,504,811	)	20,701,122		19,853,904		238,275,925	—	(18,376,097	)	239,753,732
Class S2
06-30-10	20,832	—	1,171	(30,497	)	(8,494	)	290,451		—	17,078	(417,517	)	(109,988	)
05-01-09(1) - 12-31-09	10,810	1,031,614	—	(918,984	)	123,440		127,003		11,981,187	—	(10,686,523	)	1,421,667
RussellTM Small Cap Index
Class ADV
06-30-10	365,168	—	1,787	(46,472	)	320,483		3,862,954		—	20,300	(469,552	)	3,413,702
12-31-09	219,133	—	—	(90,593	)	128,540		1,867,253		—	—	(688,445	)	1,178,808

42

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold	Shares issued in merger	Reinvestment of distributions	Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold	Proceeds from shares issued in merger	Reinvestment of distributions	Shares redeemed		Net increase (decrease)
Year or period ended	#	#	#	#		#		($)	($)	($)	($)		($)
RussellTM Small Cap Index (Continued)
Class I
06-30-10	4,154,557	—	246,748	(7,802,562	)	(3,401,257	)	41,806,629	—	2,825,285	(79,959,453	)	(35,327,539	)
12-31-09	41,361,021	—	—	(6,049,796	)	35,311,225		366,013,223	—	—	(49,792,368	)	316,220,855
Class S
06-30-10	6,280,582	—	65,563	(3,725,686	)	2,620,459		67,280,448	—	748,070	(37,913,328	)	30,115,190
12-31-09	8,260,134	—	—	(3,926,562	)	4,333,572		66,820,527	—	—	(30,947,333	)	35,873,194
Class S2
06-30-10	—	—	—	—		—		—	—	—	—		—
02-27-09(1) - 12-31-09	498	—	—	—		498		3,000	—	—	—		3,000
U.S. Bond Index
Class ADV
06-30-10	112,665	—	919	(27,074	)	86,510		1,193,577	—	9,614	(287,367	)	915,824
12-31-09	130,420	—	2,788	(9,326	)	123,882		1,341,135	—	28,806	(97,126	)	1,272,815
Class I
06-30-10	54,590,507	—	2,227,250	(83,084,727	)	(26,266,970	)	579,363,085	—	23,341,602	(882,187,890	)	(279,483,203	)
12-31-09	345,687,876	—	5,826,836	(25,079,835	)	326,434,877		3,598,173,962	—	60,493,379	(259,243,878	)	3,399,423,463
Class S
06-30-10	3,865,042	—	155,568	(4,443,233	)	(422,623	)	40,988,478	—	1,627,245	(46,787,398	)	(4,171,675	)
12-31-09	17,319,716	—	740,722	(10,300,686	)	7,759,752		175,956,572	—	7,617,842	(106,240,547	)	77,333,867
Class S2
06-30-10	—	—	—	—		—		—	—	—	—		—
02-27-09(1) - 12-31-09	300	—	—	—		300		3,000	—	—	—		3,000
Euro STOXX 50® Index
Class ADV
06-30-10	141,195	—	885	(51,222	)	90,858		1,467,423	—	9,008	(539,378	)	937,053
12-31-09	105,791	—	—	(48,579	)	57,212		1,227,774	—	—	(575,345	)	652,429
Class I
06-30-10	19,960,954	—	590,334	(6,613,505	)	13,937,783		188,532,392	—	6,033,211	(64,697,621	)	129,867,982
08-17-09(1) - 12-31-09	71,988,441	—	—	(1,285,710	)	70,702,731		788,609,442	—	—	(14,882,964	)	773,726,478
FTSE 100 Index®
Class ADV
06-30-10	103,658	—	1,155	(72,594	)	32,219		1,123,743	—	12,968	(783,412	)	353,299
12-31-09	66,278	—	—	(872	)	65,406		760,973	—	—	(10,105	)	750,868
Class I
06-30-10	7,375,034	—	742,458	(4,603,978	)	3,513,514		74,548,308	—	8,360,078	(48,385,702	)	34,522,684
12-31-09	56,119,922	—	—	(2,744,666	)	53,375,256		590,099,945	—	—	(31,496,322	)	558,603,623
Hang Seng Index
Class ADV
06-30-10	31,890	—	—	(921	)	30,969		401,219	—	—	(11,192	)	390,027
12-31-09	301	—	—	—		301		3,042	—	—	(32	)	3,010
Class I
06-30-10	935,867	—	6,390	(1,021,170	)	(78,913	)	11,213,034	—	84,233	(12,476,681	)	(1,179,414	)
05-04-09(1) - 12-31-09	7,993,900	—	44,069	(239,218	)	7,798,751		98,384,835	—	567,606	(3,198,232	)	95,754,209
Class S
06-30-10	2,372,583	—	2,729	(990,743	)	1,384,569		29,880,405	—	35,938	(11,887,737	)	18,028,606
05-01-09(1) - 12-31-09	3,968,953	—	15,981	(657,302	)	3,327,632		48,197,983	—	205,672	(8,006,133	)	40,397,522

43

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold	Shares issued in merger	Reinvestment of distributions	Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold		Proceeds from shares issued in merger	Reinvestment of distributions	Shares redeemed		Net increase (decrease)
Year or period ended	#	#	#	#		#		($)		($)	($)	($)		($)
Hang Seng Index (Continued)
Class S2(2)
06-30-10	—	—	—	(301	)	(301	)	(3,042	)	—	—	32		(3,010	)
12-31-09	301	—	—	—		301		3,042		—	—	(32	)	3,010
International Index
Class ADV
06-30-10	76,164	—	8,101	(24,330	)	59,935		588,464		—	63,107	(186,974	)	464,597
12-31-09	248,746	57	—	(48,236	)	200,567		1,844,721		431	—	(356,115	)	1,489,037
Class I
06-30-10	6,684,354	—	1,073,106	(2,460,479	)	5,296,981		51,689,863		—	8,402,417	(18,700,992	)	41,391,288
12-31-09	53,902,474	17,733,250	—	(82,349,501	)	(10,713,777	)	356,197,706		133,423,290	—	(628,485,056	)	(138,864,060	)
Class S
06-30-10	1,645,929	—	474,391	(4,501,386	)	(2,381,066	)	13,014,318		—	3,695,507	(33,552,832	)	(16,843,007	)
12-31-09	7,302,500	7,735,608	—	(2,412,729	)	12,625,379		52,784,062		58,026,786	—	(17,695,203	)	93,115,645
Class S2
06-30-10	—	—	—	—		—		—		—	—	—		—
02-27-09(1) - 12-31-09	594	43,721	—	(43,721	)	594		3,001		328,820	—	(328,816	)	3,005
Japan TOPIX Index
Class ADV
06-30-10	655,817	—	381	(215,774	)	440,424		6,779,388		—	4,011	(2,190,600	)	4,592,799
12-31-09	69,758	—	—	(36,374	)	33,384		680,753		—	—	(345,245	)	335,508
Class I
06-30-10	2,111,460	—	75,517	(3,624,146	)	(1,437,169	)	20,654,886		—	797,459	(37,123,521	)	(15,671,176	)
08-17-09(1) - 12-31-09	52,289,149	—	—	(938,297	)	51,350,852		512,100,821		—	—	(9,218,128	)	502,882,693
WisdomTreeSM Global High-Yielding Equity Index
Class ADV
06-30-10	39,356	—	672	(543	)	39,485		282,700		—	5,049	(4,050	)	283,699
12-31-09	—	—	—	(1	)	(1	)	—		—	—	(7	)	(7	)
Class S
06-30-10	1,427,337	—	937,845	(3,098,605	)	(733,423	)	10,707,391		—	7,061,976	(21,961,842	)	(4,192,475	)
12-31-09	8,835,660	—	—	(5,471,472	)	3,364,188		54,024,114		—	—	(34,321,358	)	19,702,756

⁽¹⁾ Commencement of operations.

⁽²⁾ Class S2 closed on April 6th, 2010.

NOTE 11 — REORGANIZATIONS

On July 18, 2009, Russell^TM Large Cap Index (“Acquiring Portfolio”) acquired all of the net assets of ING Neuberger Berman Partners Portfolio and ING Oppenheimer Main Street Portfolio (each an “Acquired Portfolio”), each an open-end investment company in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the shareholders of each Acquired Portfolio on June 30, 2009. The primary purposes of the transaction were to lower the overall

gross and net expense ratios and combine comparable investment objectives, policies, restrictions, management and portfolio holdings of the Acquiring and Acquired Portfolios. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from each Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

44

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 11 — REORGANIZATIONS (continued)

Assuming the acquisition had been completed on January 1, 2009, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the year ended December 31, 2009, are as follows:

Net investment income	$	28,281,123
Net realized and unrealized gain on investments		344,654,494
Net increase in net assets resulting from operations		372,935,617

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of each Acquired Portfolio that have been included in the Acquiring Portfolio’s statement of operations since December 31, 2009. Net assets and unrealized appreciation or depreciation as of the reorganization date were as follows:

Acquiring Portfolio	Acquired Portfolio	Total net assets of Acquired Portfolio (000s)	Total net assets of Acquiring Portfolio (000s)	Acquired Capital Loss Carryforwards (000s)	Acquired Portfolio Unrealized Appreciation /Depreciation (000s)	Conversion Ratio
RussellTM Large Cap Index	ING Neuberger Berman Partners Portfolio	$98,193	$1,476,058	$212,812	$7,655	0.8211
RussellTM Large Cap Index	ING Oppenheimer Main Street Portfolio	240,391	1,476,058	250,799	(22,324)	1.7401

The net assets of Russell^TM Large Cap Index after the acquisition were $1,814,641,770.

On July 18, 2009, Russell^TM Large Cap Growth Index (“Acquiring Portfolio”) acquired all of the net assets of ING Van Kampen Capital Growth Portfolio (“Acquired Portfolio”), an open-end investment company 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 on June 30, 2009. The primary purposes of the transaction were to lower the overall gross and net expense ratios and combine comparable investment objectives, policies, restrictions, management and portfolio holdings of the Acquiring and Acquired Portfolios. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on May 1, 2009, the commencement of operations of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the period ended December 31, 2009, are as follows:

Net investment income	$	3,032,181
Net realized and unrealized gain on investments		130,016,761
Net increase in net assets resulting from operations		133,048,942

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio’s statement of operations since December 31, 2009. Net assets and unrealized appreciation as of the reorganization date were as follows:

Acquiring Portfolio	Acquired Portfolio	Total net assets of Acquired Portfolio (000s)	Total net assets of Acquiring Portfolio (000s)	Acquired Capital Loss Carryforwards (000s)	Acquired Portfolio Unrealized Appreciation (000s)	Conversion Ratio
RussellTM Large Cap Growth Index	ING Van Kampen Capital Growth Portfolio	$347,508	$11,972	$216,706	$10,292	0.7854

45

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 11 — REORGANIZATIONS (continued)

The net assets of Russell^TM Large Cap Growth Index after the acquisition were $359,480,763.

On July 18, 2009, Russell^TM Large Cap Value Index (“Acquiring Portfolio”) acquired all of the net assets of ING JPMorgan Value Opportunities Portfolio (“Acquired Portfolio”), an open-end investment company 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 on June 30, 2009. The primary purposes of the transaction were to lower the overall gross and net expense ratios and combine comparable investment objectives, policies, restrictions, management and portfolio holdings of the Acquiring and Acquired Portfolios. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on May 1, 2009, the commencement of operations of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the period ended December 31, 2009, are as follows:

Net investment income	$	4,765,695
Net realized and unrealized gain on investments		32,216,471
Net increase in net assets resulting from operations		36,982,166

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio’s statement of operations since December 31, 2009. Net assets and unrealized appreciation as of the reorganization date were as follows:

Acquiring Portfolio	Acquired Portfolio	Total net assets of Acquired Portfolio (000s)	Total net assets of Acquiring Portfolio (000s)	Acquired Capital Loss Carryforwards (000s)	Acquired Portfolio Unrealized Appreciation (000s)	Conversion Ratio
RussellTM Large Cap Value Index	ING JPMorgan Value Opportunities Portfolio	$67,669	$82,581	$156,678	$5,783	0.5686

The net assets of Russell^TM Large Cap Value Index after the acquisition were $150,249,586.

On August 8, 2009, Russell^TM Mid Cap Growth Index (“Acquiring Portfolio”) acquired all of the net assets of ING AllianceBernstein MidCap Growth Portfolio (“Acquired Portfolio”), an open-end investment company 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 on August 3, 2009. The primary purposes of the transaction were to lower the overall gross and net expense ratios increase the potential for long-term viability, and lower the volatility of the Acquiring Portfolio. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on May 1, 2009, the commencement of operations of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the period ended December 31, 2009, are as follows:

Net investment income	$	478,573
Net realized and unrealized gain on investments		100,999,107
Net increase in net assets resulting from operations		101,477,680

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired

46

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 11 — REORGANIZATIONS (continued)

Portfolio that have been included in the Acquiring Portfolio’s statement of operations since December 31, 2009. Net assets and unrealized appreciation as of the reorganization date were as follows:

Acquiring Portfolio	Acquired Portfolio	Total net assets of Acquired Portfolio (000s)	Total net assets of Acquiring Portfolio (000s)	Acquired Capital Loss Carryforwards (000s)	Acquired Portfolio Unrealized Appreciation (000s)	Conversion Ratio
RussellTM Mid Cap Growth Index	ING AllianceBernstein MidCap Growth Portfolio	$258,969	$80,459	$194,482	$6,637	0.7951

The net assets of Russell^TM Mid Cap Growth Index after the acquisition were $339,428,299.

On August 8, 2009, International Index (“Acquiring Portfolio”) acquired all of the net assets of ING Index Plus International Equity Portfolio (“Acquired Portfolio”), an open-end investment company 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 on August 3, 2009. The primary purposes of the transaction were to lower the overall gross and net expense ratios and combine comparable investment objectives, policies, restrictions, management and portfolio holdings of the Acquiring and Acquired Portfolios. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolio were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2009, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio’s pro forma results of operations for the year ended December 31, 2009, are as follows:

Net investment income	$	13,436,267
Net realized and unrealized gain on investments		146,080,980
Net increase in net assets resulting from operations		159,517,247

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that have been included in the Acquiring Portfolio’s statement of operations since December 31, 2009. Net assets and unrealized appreciation as of the reorganization date were as follows:

Acquiring Portfolio	Acquired Portfolio	Total net assets of Acquired Portfolio (000s)	Total net assets of Acquiring Portfolio (000s)	Acquired Capital Loss Carryforwards (000s)	Acquired Portfolio Unrealized Appreciation (000s)	Conversion Ratio
International Index	ING Index Plus International Equity Portfolio	$191,779	$603,641	$153,932	$4,808	0.7661

The net assets of International Index after the acquisition were $795,419,970.

47

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 12 — ILLIQUID SECURITIES

Pursuant to guidelines adopted by the Board, the following securities have been deemed to be illiquid. Each Portfolio currently limits investment in illiquid securities to 15% of the Portfolio’s net assets, at market value, at time of purchase.

	Security	Principal Amount/ Shares	Initial Acquision Date	Cost		Value		Percent of Net Assets
RussellTM Large Cap Index	BNY Institutional Cash Reserves Fund, Series B	522,936	09/12/08	$	522,936	$	418,349	0.1	%
				$	522,936	$	418,349	0.1	%
RussellTM Large Cap Growth Index	BNY Institutional Cash Reserves Fund, Series B	1,230,638	09/12/08	$	1,230,638	$	984,510	0.3	%
				$	1,230,638	$	984,510	0.3	%
RussellTM Mid Cap Index	BNY Institutional Cash Reserves Fund, Series B	268,841	09/12/08	$	268,841	$	215,073	0.0	%
				$	268,841	$	215,073	0.0	%
RussellTM Mid Cap Growth Index	BNY Institutional Cash Reserves Fund, Series B	1,077,859	09/12/08	$	1,077,859	$	862,287	0.3	%
				$	1,077,859	$	862,287	0.3	%
RussellTM Small Cap Index	BNY Institutional Cash Reserves Fund, Series B	502,326	09/12/08	$	502,326	$	401,860	0.1	%
				$	502,326	$	401,860	0.1	%
Hang Seng Index	Ping An Insurance Group Co. of China Ltd.	391,716	05/04/09	$	3,128,874	$	3,237,094	2.2	%
				$	3,128,874	$	3,237,094	2.2	%
International Index	BNY Institutional Cash Reserves Fund, Series B	37,727	09/12/08	$	37,727	$	30,182	0.0	%
	Immoeast AG	15,860	11/30/09	$	—	$	—	0.0	%
				$	37,727	$	30,182	0.0	%

NOTE 13 — SECURITIES LENDING

Under an agreement with The Bank of New York Mellon (“BNY”), the Portfolios may lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is 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 market value of the loaned securities is determined at the close of business of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the “Agreement”). The Portfolios bear the risk of loss with respect to the investment of collateral. Currently, the cash collateral is invested in the BNY Mellon Overnight Government Fund (formerly, The BNY Institutional Cash Reserves Fund — Series A) and the BNY Institutional Cash Reserves Fund - Series B (“BICR — Series B”), each a series within the BNY Institutional Cash Reserves Trust (collectively, the “BICR Fund”). BNY serves as

investment manager, custodian and operational trustee of the BICR Fund. As of June 30, 2010, and throughout the period covered by this report, BICR — Series B held certain defaulted securities issued by Lehman Brothers Holdings, Inc. (the “Lehman Securities”). The Lehman Securities have market values significantly below amortized cost. On May 22, 2009, the Portfolios agreed to the terms of a capital support agreement (the “Capital Support Agreement”) extended by The Bank of New York Mellon Corporation (“BNYC”), an affiliated company of BNY, for the Lehman Securities held by BICR — Series B. Under the terms of the Capital Support Agreement, BNYC will support the value of the Lehman Securities up to 80% of the par value (the remaining 20% of the par value represents an unrealized loss to the Portfolios) and subject, in part, to the Portfolios’ continued participation in the BNY securities lending program through September 15, 2011. At September 15, 2011, if the Portfolios have complied with the requirements under the Capital Support Agreement to continue to participate in the BNY securities lending program and if such securities have not otherwise been sold, the Portfolios will have the right to sell the defaulted securities to BNYC at a

48

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 13 — SECURITIES LENDING (continued)

price equal to 80% of par value. The recorded value of each Portfolio’s investment in BICR — Series B includes the value of the underlying securities held by BICR — Series B and the estimated value of the support to be provided by BNYC. The investments in the BNY Mellon Overnight Government Fund and in BICR — Series B are included in the Portfolio of Investments under Securities Lending Collateral and the unrealized loss on BICR — Series B is included in Net Unrealized Depreciation on the Statements of Assets and Liabilities.

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. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in the Portfolios. At June 30, 2010, the following Portfolios had securities on loan with the following market values:

	Value of Securities Loaned		Cash Collateral Received*
RussellTM Large Cap Index	$	424,883	$	522,936
RussellTM Large Cap Growth Index		8,297,106		8,544,681
RussellTM Mid Cap Index		34,640,359		35,667,578
RussellTM Mid Cap Growth Index		10,893,867		11,158,603
RussellTM Small Cap Index		52,098,259		54,452,339
U.S. Bond Index		214,824,454		217,410,117
Euro STOXX 50® Index		59,855,057		68,961,296
FTSE 100 Index®		914,000		970,134
International Index		6,621,950		7,075,285
Japan Equity Index		12,254,879		12,941,055

* Cash collateral received was invested in the BICR Fund, the fair value of which is presented in the respective Portfolios’ Portfolio of Investments

NOTE 14 — CONCENTRATION OF INVESTMENT RISKS

All mutual funds involve risk — some more than others — and there is always the chance that you could lose money or not earn as much as you hope. A Portfolio’s risk profile is largely a factor of the principal securities in which it invests and investment techniques that it uses. For more information regarding the types of securities and investment techniques that may be used by each Portfolio and their corresponding risks, see the Portfolios’ most recent Prospectus and/or the Statement of Additional Information.

Foreign Securities (Euro STOXX 50^® Index, FTSE 100 Index^®, International Index and Japan TOPIX Index). 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 (Hang Seng Index 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.

Non-Diversified (Russell^TM Large Cap Growth Index, Russell^TM Large Cap Value Index, Russell^TM Mid Cap Growth Index, Euro STOXX 50^® Index, FTSE 100 Index^®, Heng Seng Index and Japan TOPIX Index). The Portfolios are classified as non-diversified investment companies under the 1940 Act, which means that each Portfolio is not limited by the 1940 Act in the proportion of assets that they may invest in the obligations of a single issuer. Declines in the value of that single company can significantly impact the value of a Portfolio. The investment of a large percentage of a Portfolio’s assets in the securities of a small number of issuers may cause a Portfolio’s share price to fluctuate more than that of a diversified investment company. Conversely, even though classified as non-diversified, a Portfolio may actually maintain a portfolio that is diversified with a large number of issuers. In such an event, a Portfolio would benefit less from appreciation in a single corporate issuer than if it had greater exposure to that issuer.

NOTE 15 — FEDERAL INCOME TAXES

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

49

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 15 — FEDERAL INCOME TAXES (continued)

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, income from passive foreign investment corporations, wash

sale deferrals, and the expiration of capital loss carryforwards. 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, 2010				Year Ended December 31, 2009
	Ordinary Income		Long-Term Capital Gains		Ordinary Income		Long-Term Capital Gains		Return of Capital
Russell™ Large Cap Index	$	24,773,632	$	—	$	165,344	$	—	$	—
Russell™ Large Cap Growth Index		2,353,069		—		—		—		—
Russell™ Large Cap Value Index		9,629,216		20,853		—		—		—
Russell™ Mid Cap Index		8,167,671		—		—		—		—
Russell™ Mid Cap Growth Index		3,232,126		303,855		—		—		—
Russell™ Small Cap Index		3,593,655		—		—		—		—
U.S. Bond Index		24,978,461		—		67,537,388		602,727		—
Euro STOXX 50® Index		6,042,219		—		—		—		—
FTSE 100 Index®		7,687,842		685,204		—		—		—
Hang Seng Index		120,171		—		640,794		—		132,505
International Index		12,161,184		—		—		—		—
Japan TOPIX Index		801,470		—		—		—		—
WisdomTreeSM Index		7,067,025		—		—		—		—

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, 2009 were:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation/ (Depreciation)		Post-October Capital Loss Deferred		Post-October Currency Loss Deferred		Capital Loss Carryforwards			Expiration Dates
Russell™ Large Cap Index	$	24,770,372	$	—	$	108,370,474	$	—	$	—	$	(6,207,803	)	2010
												(13,186,377	)	2014
												(57,290,675	)	2015
												(61,875,790	)	2016
												(125,559,316	)	2017
											$	(264,119,961	)*
Russell™ Large Cap Growth Index		2,352,938		—		65,852,599		—		—		(48,047,666	)	2014
												(20,625,387	)	2015
												(143,769,582	)	2016
											$	(212,442,635	)*
Russell™ Large Cap Value Index		9,628,657		20,172		14,227,733		—		—		(18,596,175	)	2015
												(3,099,362	)	2016
											$	(21,695,537	)*
Russell™ Mid Cap Index		8,156,981		—		121,598,233		—		—		(73,307	)	2016
Russell™ Mid Cap Growth Index		3,230,639		301,968		45,107,210		—		—		(48,562,714	)	2015
												(142,133,093	)	2016
											$	(190,695,807	)
Russell™ Small Cap Index		3,592,162		—		26,042,661		—		—		(9,091,866	)	2016
												(3,418,918	)	2017
											$	(12,510,784	)

50

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 15 — FEDERAL INCOME TAXES (continued)

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation/ (Depreciation)			Post-October Capital Loss Deferred			Post-October Currency Loss Deferred			Capital Loss Carryforwards			Expiration Dates
U.S. Bond Index	$	594,774	$	—	$	5,664,834		$	—		$	—		$	—		$	—
Euro STOXX 50® Index		6,039,145		—		47,567,222			(2,740,548	)		(423,353	)		—			—
FTSE 100 Index®		7,682,462		681,339		53,207,268			—			(269,787	)		—			—
Hang Seng Index		—		—		9,384,071			—			—			(348,360	)		2017
International Index		12,160,093		—		62,570,890			—			—			(54,964,494	)		2015
															(14,301,357	)		2016
															(92,131,798	)		2017
														$	(161,397,649	)*
Japan TOPIX Index		798,817		—		1,284,695			—			(521,268	)		—			—
WisdomTreeSM Index		7,066,880		—		(19,013	)		—			—			(9,648,239	)		2016
															(30,689,698	)		2017
														$	(40,337,937	)

* Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code. Amounts and years of expiration may be adjusted to reflect future gain/loss activity to comply with the limitation rules.

The Portfolios’ major tax jurisdictions are federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2008.

As of June 30, 2010, no provisions for income tax would be required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.

NOTE 16 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2010, the following Portfolio declared dividends from net investment income:

	Per Share Amount		Payable Date	Record Date
U.S. Bond Index
Class ADV	$	0.0641	July 2, 2010	June 30, 2010
Class I	$	0.0754	July 2, 2010	June 30, 2010
Class S	$	0.0691	July 2, 2010	June 30, 2010
Class S2	$	0.0663	July 2, 2010	June 30, 2010

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date (subsequent events) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

51

ING RUSSELL^™ LARGE CAP INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Industry Allocation

as of June 30, 2010

(as a percent of net assets)

Information Technology	19.4%
Financials	15.3%
Health Care	12.9%
Consumer Staples	11.5%
Energy	11.0%
Industrials	9.8%

Consumer Discretionary	8.8%
Telecommunication Services	3.3%
Materials	2.7%
Utilities	2.3%
Other Assets and Liabilities – Net*	3.0%
Net Assets	100.0%

* Includes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

Shares			Value		Percent of Net Assets
COMMON STOCK: 96.5%
		Consumer Discretionary: 8.8%
242,250	S	Comcast Corp. - Class A	$	4,207,883	0.6
145,800		Home Depot, Inc.		4,092,606	0.6
92,600		McDonald’s Corp.		6,099,562	0.9
168,600		Walt Disney Co.		5,310,900	0.8
		Other Securities		39,125,918	5.9
				58,836,869	8.8
		Consumer Staples: 11.5%
179,350		Altria Group, Inc.		3,594,174	0.5
181,350	S	Coca-Cola Co.		9,089,262	1.4
42,250		Colgate-Palmolive Co.		3,327,610	0.5
117,150		CVS Caremark Corp.		3,434,838	0.5
138,150		Kraft Foods, Inc.		3,868,200	0.6
138,900		PepsiCo, Inc.		8,465,955	1.3
159,500		Philip Morris International, Inc.		7,311,480	1.1
248,032		Procter & Gamble Co.		14,876,959	2.2
175,750	S	Wal-Mart Stores, Inc.		8,448,303	1.3
		Other Securities		14,365,247	2.1
				76,782,028	11.5
		Energy: 11.0%
172,994	S	Chevron Corp.		11,739,373	1.8
128,200		ConocoPhillips		6,293,338	0.9
438,803	S	ExxonMobil Corp.		25,042,487	3.8
69,950		Occidental Petroleum Corp.		5,396,643	0.8
102,750		Schlumberger Ltd.		5,686,185	0.8
		Other Securities		19,519,263	2.9
				73,677,289	11.0
		Financials: 14.8%
90,300		American Express Co.		3,584,910	0.5
863,943	S	Bank of America Corp.		12,414,861	1.9
148,900	@	Berkshire Hathaway, Inc.		11,865,841	1.8
1,821,550	@, S	Citigroup, Inc.		6,849,028	1.0
44,300		Goldman Sachs Group, Inc.		5,815,261	0.9

See Accompanying Notes to Financial Statements

52

ING RUSSELL^™ LARGE CAP INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

Shares			Value		Percent of Net Assets
		Financials: (continued)
342,585		JP Morgan Chase & Co.	$	12,542,037	1.9
165,100		US Bancorp.		3,689,985	0.6
419,071		Wells Fargo & Co.		10,728,218	1.6
		Other Securities		30,882,713	4.6
				98,372,854	14.8
		Health Care: 12.9%
132,900		Abbott Laboratories		6,217,062	0.9
82,500	@	Amgen, Inc.		4,339,500	0.6
148,100		Bristol-Myers Squibb Co.		3,693,614	0.6
237,500		Johnson & Johnson		14,026,750	2.1
94,900		Medtronic, Inc.		3,442,023	0.5
268,485		Merck & Co., Inc.		9,388,920	1.4
694,539		Pfizer, Inc.		9,904,126	1.5
		Other Securities		35,024,898	5.3
				86,036,893	12.9
		Industrials: 9.8%
61,400		3M Co.		4,849,986	0.7
65,400		Boeing Co.		4,103,850	0.6
919,350		General Electric Co.		13,257,027	2.0
61,450		United Parcel Service, Inc. - Class B		3,495,891	0.5
80,300		United Technologies Corp.		5,212,273	0.8
		Other Securities		34,328,048	5.2
				65,247,075	9.8
		Information Technology: 19.4%
78,400	@	Apple, Inc.		19,719,952	3.0
491,800	@	Cisco Systems, Inc.		10,480,258	1.6
21,000	@	Google, Inc. - Class A		9,343,950	1.4
201,900		Hewlett-Packard Co.		8,738,232	1.3
479,100		Intel Corp.		9,318,495	1.4
110,450		International Business Machines Corp.		13,638,366	2.0
659,580		Microsoft Corp.		15,176,918	2.3
328,045		Oracle Corp.		7,039,846	1.1
141,300	L	Qualcomm, Inc.		4,640,292	0.7
		Other Securities		30,950,439	4.6
				129,046,748	19.4
		Materials: 2.7%
		Other Securities		17,987,413	2.7
		Telecommunication Services: 3.3%
508,800		AT&T, Inc.		12,307,872	1.9
243,450		Verizon Communications, Inc.		6,821,469	1.0
		Other Securities		2,619,359	0.4
				21,748,700	3.3

See Accompanying Notes to Financial Statements

53

ING RUSSELL^™ LARGE CAP INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

Shares			Value		Percent of Net Assets
		Utilities: 2.3%
		Other Securities	$	15,248,204	2.3
		Total Common Stock (Cost $ 553,277,064)		642,984,073	96.5
REAL ESTATE INVESTMENT TRUSTS: 0.5%
		Financials: 0.5%
		Other Securities		3,095,543	0.5
		Total Real Estate Investment Trusts (Cost $ 2,508,220)		3,095,543	0.5
		Total Long-Term Investments (Cost $ 555,785,284)		646,079,616	97.0
SHORT-TERM INVESTMENTS: 2.7%
		Affiliated Mutual Fund: 2.6%
17,513,000		ING Institutional Prime Money Market Fund - Class I		17,513,000	2.6
		Total Mutual Fund (Cost $ 17,513,000)		17,513,000	2.6
		Securities Lending Collateralcc: 0.1%
522,936	I	BNY Institutional Cash Reserves Fund, Series B(1)(2)		418,349	0.1
		Total Securities Lending Collateral (Cost $ 522,936)		418,349	0.1
		Total Short-Term Investments (Cost $ 18,035,936)		17,931,349	2.7
		Total Investments in Securities (Cost $ 573,821,220)*	$	664,010,965	99.7
		Other Assets and Liabilities - Net		2,200,815	0.3
		Net Assets	$	666,211,780	100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

⁽¹⁾ Collateral received from brokers for securities lending was invested in these short-term investments.

⁽²⁾ On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

S All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.

* Cost for federal income tax purposes is $609,025,362.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	103,024,519
Gross Unrealized Depreciation		(48,038,916	)
Net Unrealized Appreciation	$	54,985,603

See Accompanying Notes to Financial Statements

54

ING RUSSELL^™ LARGE CAP INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Common Stock*	$	642,984,073		$	—	$	—	$	642,984,073
Real Estate Investment Trusts		3,095,543			—		—		3,095,543
Short-Term Investments		17,513,000			—		418,349		17,931,349
Total Investments, at value	$	663,592,616		$	—	$	418,349	$	664,010,965
Liabilities Table
Other Financial Instruments+:
Futures		(640,199	)		—		—		(640,199	)
Total Liabilities	$	(640,199	)	$	—	$	—	$	(640,199	)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/2009		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 6/30/2010
Asset Table
Investments, at value
Short-Term Investments	$	418,349	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	418,349
Total Investments, at value	$	418,349	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	418,349

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options.

Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

* For further breakdown of Common Stock by Industry type, please refer to the Portfolio of Investments.

ING Russell™ Large Cap Index Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts	Expiration Date	Market Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P 500 E-Mini	370	09/17/10	$	18,992,100	$	(617,006	)
S&P 500®	2	09/16/10		513,300		(23,193	)
			$	19,505,400	$	(640,199	)

See Accompanying Notes to Financial Statements

55

ING RUSSELL^™ LARGE CAP INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets-Unrealized depreciation*	$	640,199
Total Liability Derivatives		$	640,199

* Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	521,966
Total	$	521,966
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	(930,013	)
Total	$	(930,013	)

See Accompanying Notes to Financial Statements

56

ING RUSSELL^™ LARGE CAP GROWTH
INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Industry Allocation

as of June 30, 2010

(as a percent of net assets)

Information Technology	33.9%
Consumer Discretionary	11.8%
Energy	11.8%
Industrials	11.7%
Consumer Staples	11.6%
Health Care	9.5%

Materials	3.8%
Financials	3.7%
Telecommunication Services	0.5%
Other Assets and Liabilities – Net*	1.7%
Net Assets	100.0%

* Includes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

Shares			Value		Percent of Net Assets
COMMON STOCK: 97.6%
		Consumer Discretionary: 11.8%
29,671	@, L	Amazon.com, Inc.	$	3,241,853	1.0
75,220	@	DIRECTV		2,551,462	0.8
282,700	@	Ford Motor Co.		2,849,616	0.9
143,530		Home Depot, Inc.		4,028,887	1.2
91,180		McDonald’s Corp.		6,006,027	1.8
30,530		Nike, Inc.		2,062,302	0.6
62,380	L	Target Corp.		3,067,225	0.9
		Other Securities		15,116,488	4.6
				38,923,860	11.8
		Consumer Staples: 11.6%
102,930		Altria Group, Inc.		2,062,717	0.6
133,230		Coca-Cola Co.		6,677,488	2.0
34,840		Colgate-Palmolive Co.		2,743,998	0.9
37,350		Costco Wholesale Corp.		2,047,901	0.6
78,580		PepsiCo, Inc.		4,789,451	1.5
132,180		Philip Morris International, Inc.		6,059,131	1.9
75,600		Walgreen Co.		2,018,520	0.6
104,470		Wal-Mart Stores, Inc.		5,021,873	1.5
		Other Securities		6,600,371	2.0
				38,021,450	11.6
		Energy: 11.8%
48,300		ConocoPhillips		2,371,047	0.7
21,500		EOG Resources, Inc.		2,114,955	0.7
396,810	S	ExxonMobil Corp.		22,645,947	6.9
101,150		Schlumberger Ltd.		5,597,641	1.7
		Other Securities		5,996,181	1.8
				38,725,771	11.8
		Financials: 3.0%
88,854		American Express Co.		3,527,504	1.1
		Other Securities		6,340,399	1.9
				9,867,903	3.0

See Accompanying Notes to Financial Statements

57

ING RUSSELL^™ LARGE CAP GROWTH
INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares			Value		Percent of Net Assets
		Health Care: 9.5%
117,970		Abbott Laboratories	$	5,518,637	1.7
46,440	@	Express Scripts, Inc.		2,183,609	0.7
75,480	@	Gilead Sciences, Inc.		2,587,454	0.8
35,020		Johnson & Johnson		2,068,281	0.6
38,740	@	Medco Health Solutions, Inc.		2,133,799	0.6
71,790	S	Medtronic, Inc.		2,603,823	0.8
		Other Securities		14,016,613	4.3
				31,112,216	9.5
		Industrials: 11.7%
60,460	L	3M Co.		4,775,735	1.5
52,110	S	Boeing Co.		3,269,903	1.0
53,230		Caterpillar, Inc.		3,197,526	1.0
63,880		Emerson Electric Co.		2,790,917	0.8
209,900		General Electric Co.		3,026,758	0.9
64,900		Honeywell International, Inc.		2,533,047	0.8
60,570		United Parcel Service, Inc. - Class B		3,445,827	1.0
72,260	S	United Technologies Corp.		4,690,397	1.4
		Other Securities		10,788,545	3.3
				38,518,655	11.7
		Information Technology: 33.9%
77,175	@	Apple, Inc.		19,411,828	5.9
484,123	@	Cisco Systems, Inc.		10,316,661	3.1
174,220	@	EMC Corp.		3,188,226	1.0
20,627	@	Google, Inc. - Class A		9,177,984	2.8
198,830		Hewlett-Packard Co.		8,605,362	2.6
322,590		Intel Corp.		6,274,376	1.9
108,700		International Business Machines Corp.		13,422,276	4.1
434,300		Microsoft Corp.		9,993,243	3.0
322,880	S	Oracle Corp.		6,929,005	2.1
139,057		Qualcomm, Inc.		4,566,632	1.4
39,575		Visa, Inc.		2,799,931	0.9
		Other Securities		16,701,866	5.1
				111,387,390	33.9
		Materials: 3.8%
36,690		Freeport-McMoRan Copper & Gold, Inc.		2,169,480	0.7
46,285		Monsanto Co.		2,139,293	0.6
40,360		Newmont Mining Corp.		2,491,826	0.8
		Other Securities		5,529,192	1.7
				12,329,791	3.8
		Telecommunication Services: 0.5%
		Other Securities		1,522,790	0.5
		Total Common Stock (Cost $ 299,894,387)		320,409,826	97.6

See Accompanying Notes to Financial Statements

58

ING RUSSELL^™ LARGE CAP GROWTH
INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares			Value			Percent of Net Assets
REAL ESTATE INVESTMENT TRUSTS: 0.7%
		Financials: 0.7%
		Other Securities	$	2,338,813		0.7
		Total Real Estate Investment Trusts (Cost $ 2,131,392)		2,338,813		0.7
		Total Long-Term Investments (Cost $ 302,025,779)		322,748,639		98.3
SHORT-TERM INVESTMENTS: 3.9%
		Affiliated Mutual Fund: 1.4%
4,643,000		ING Institutional Prime Money Market Fund - Class I		4,643,000		1.4
		Total Mutual Fund (Cost $ 4,643,000)		4,643,000		1.4
		Securities Lending Collateralcc: 2.5%
7,314,043		BNY Mellon Overnight Government Fund(1)		7,314,043		2.2
1,230,638	I	BNY Institutional Cash Reserves Fund, Series B(1)(2)		984,510		0.3
		Total Securities Lending Collateral (Cost $ 8,544,681)		8,298,553		2.5
		Total Short-Term Investments (Cost $ 13,187,681)		12,941,553		3.9
		Total Investments in Securities (Cost $ 315,213,460)*	$	335,690,192		102.2
		Other Assets and Liabilities - Net		(7,277,939	)	(2.2	)
		Net Assets	$	328,412,253		100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

⁽¹⁾ Collateral received from brokers for securities lending was invested in these short-term investments.

⁽²⁾ On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

S All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.

* Cost for federal income tax purposes is $315,288,829.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	35,093,155
Gross Unrealized Depreciation		(14,691,792	)
Net Unrealized Appreciation	$	20,401,363

See Accompanying Notes to Financial Statements

59

ING RUSSELL^™ LARGE CAP GROWTH
INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Common Stock*	$	320,409,826		$	—	$	—	$	320,409,826
Real Estate Investment Trusts		2,338,813			—		—		2,338,813
Short-Term Investments		11,957,043			—		984,510		12,941,553
Total Investments, at value	$	334,705,682		$	—	$	984,510	$	335,690,192
Other Financial Instruments+:
Futures		(240,355	)		—		—		(240,355	)
Total Liabilities	$	(240,355	)	$	—	$	—	$	(240,355	)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/2009		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 6/30/2010
Asset Table
Investments, at value
Short-Term Investments	$	984,510	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	984,510
Total Investments, at value	$	984,510	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	984,510

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

* For further breakdown of Common Stock by Industry type, please refer to the Portfolio of Investments.

ING Russell™ Large Cap Growth Index Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts	Expiration Date	Market Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P 500 E-Mini	109	09/17/10	$	5,594,970	$	(240,355	)
			$	5,594,970	$	(240,355	)

See Accompanying Notes to Financial Statements

60

ING RUSSELL^™ LARGE CAP GROWTH
INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets-Unrealized depreciation*	$	240,355
Total Liability Derivatives		$	240,355

* Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	(258,990	)
Total	$	(258,990	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	(211,943	)
Total	$	(211,943	)

See Accompanying Notes to Financial Statements

61

ING RUSSELL^™ LARGE CAP VALUE
INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Industry Allocation

as of June 30, 2010

(as a percent of net assets)

Financials	27.4%
Health Care	16.7%
Consumer Staples	11.7%
Energy	10.6%
Industrials	8.0%
Telecommunication Services	6.2%

Consumer Discretionary	6.0%
Information Technology	4.9%
Utilities	4.7%
Materials	1.7%
Other Assets and Liabilities – Net*	2.1%
Net Assets	100.0%

* Includes short-term investments related to ING Institutional Prime Money Market Fund – Class I.

Portfolio holdings are subject to change daily.

Shares			Value		Percent of Net Assets
COMMON STOCK: 97.7%
		Consumer Discretionary: 6.0%
57,850	S	Comcast Corp. - Class A	$	1,004,855	1.3
37,200		News Corp. - Class A		444,912	0.6
18,648		Time Warner, Inc.		539,114	0.7
40,305		Walt Disney Co.		1,269,608	1.6
		Other Securities		1,357,311	1.8
				4,615,800	6.0
		Consumer Staples: 11.7%
10,995		Coca-Cola Co.		551,069	0.7
24,835		CVS Caremark Corp.		728,162	0.9
33,000		Kraft Foods, Inc.		924,000	1.2
14,100		PepsiCo, Inc.		859,395	1.1
55,685		Procter & Gamble Co.		3,339,986	4.3
16,600		Wal-Mart Stores, Inc.		797,962	1.0
		Other Securities		1,909,660	2.5
				9,110,234	11.7
		Energy: 10.6%
6,960		Apache Corp.		585,962	0.8
39,085		Chevron Corp.		2,652,308	3.4
18,900	S	ConocoPhillips		927,801	1.2
9,210		Devon Energy Corp.		561,073	0.7
8,518		ExxonMobil Corp.		486,122	0.7
13,330		Occidental Petroleum Corp.		1,028,410	1.3
		Other Securities		1,958,682	2.5
				8,200,358	10.6
		Financials: 27.2%
206,293	S	Bank of America Corp.		2,964,424	3.8
24,900		Bank of New York Mellon Corp.		614,781	0.8
35,600	@	Berkshire Hathaway, Inc.		2,836,964	3.6
434,950	@, S	Citigroup, Inc.		1,635,412	2.1
10,600		Goldman Sachs Group, Inc.		1,391,462	1.8
81,750		JP Morgan Chase & Co.		2,992,868	3.9
19,615		Morgan Stanley		455,264	0.6

See Accompanying Notes to Financial Statements

62

ING RUSSELL^™ LARGE CAP VALUE
INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares			Value		Percent of Net Assets
		Financials: (continued)
10,850		PNC Financial Services Group, Inc.	$	613,025	0.8
9,580		Prudential Financial, Inc.		514,063	0.7
9,045		Travelers Cos., Inc.		445,466	0.6
39,410		US Bancorp.		880,814	1.1
100,046		Wells Fargo & Co.		2,561,178	3.3
		Other Securities		3,196,179	4.1
				21,101,900	27.2
		Health Care: 16.7%
19,700	@	Amgen, Inc.		1,036,220	1.3
35,350		Bristol-Myers Squibb Co.		881,629	1.1
16,100		Eli Lilly & Co.		539,350	0.7
48,150		Johnson & Johnson		2,843,739	3.7
64,100		Merck & Co., Inc.		2,241,577	2.9
165,807		Pfizer, Inc.		2,364,408	3.0
23,400	S	UnitedHealth Group, Inc.		664,560	0.9
8,770	@	WellPoint, Inc.		429,116	0.5
		Other Securities		1,991,581	2.6
				12,992,180	16.7
		Industrials: 8.0%
168,605		General Electric Co.		2,431,284	3.1
9,090		Union Pacific Corp.		631,846	0.8
		Other Securities		3,170,759	4.1
				6,233,889	8.0
		Information Technology: 4.9%
28,065		Corning, Inc.		453,250	0.6
36,100		Intel Corp.		702,145	0.9
52,100		Microsoft Corp.		1,198,821	1.5
		Other Securities		1,434,184	1.9
				3,788,400	4.9
		Materials: 1.7%
23,760	S	Dow Chemical Co.		563,587	0.7
12,160		EI Du Pont de Nemours & Co.		420,614	0.6
		Other Securities		319,796	0.4
				1,303,997	1.7
		Telecommunication Services: 6.2%
121,500		AT&T, Inc.		2,939,085	3.8
58,095		Verizon Communications, Inc.		1,627,822	2.1
		Other Securities		256,732	0.3
				4,823,639	6.2
		Utilities: 4.7%
12,250		Dominion Resources, Inc.		474,565	0.6
27,000		Duke Energy Corp.		432,000	0.6
13,615		Exelon Corp.		516,962	0.7

See Accompanying Notes to Financial Statements

63

ING RUSSELL^™ LARGE CAP VALUE
INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares			Value		Percent of Net Assets
		Utilities: (continued)
16,900	S	Southern Co.	$	562,432	0.7
		Other Securities		1,649,793	2.1
				3,635,752	4.7
		Total Common Stock (Cost $ 66,462,685)		75,806,149	97.7
REAL ESTATE INVESTMENT TRUSTS: 0.2%
		Financials: 0.2%
		Other Securities		176,407	0.2
		Total Real Estate Investment Trusts (Cost $ 115,312)		176,407	0.2
		Total Long-Term Investments (Cost $ 66,577,997)		75,982,556	97.9
SHORT-TERM INVESTMENTS: 1.3%
		Affiliated Mutual Fund: 1.3%
1,023,000		ING Institutional Prime Money Market Fund - Class I		1,023,000	1.3
		Total Short-Term Investments (Cost $ 1,023,000)		1,023,000	1.3
		Total Investments in Securities (Cost $ 67,600,997)*	$	77,005,556	99.2
		Other Assets and Liabilities - Net		589,936	0.8
		Net Assets	$	77,595,492	100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@ Non-income producing security

S All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign currency contracts and/or when-issued or delayed-delivery securities.

* Cost for federal income tax purposes is $71,735,628.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	10,265,128
Gross Unrealized Depreciation		(4,995,200	)
Net Unrealized Appreciation	$	5,269,928

See Accompanying Notes to Financial Statements

64

ING RUSSELL^™ LARGE CAP VALUE
INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Common Stock*	$	75,806,149		$	—	$	—	$	75,806,149
Real Estate Investment Trusts		176,407			—		—		176,407
Short-Term Investments		1,023,000			—		—		1,023,000
Total Investments, at value	$	77,005,556		$	—	$	—	$	77,005,556
Liabilities Table
Other Financial Instruments+:
Futures		(53,350	)		—		—		(53,350	)
Total Liabilities	$	(53,350	)	$	—	$	—	$	(53,350	)

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options.

Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

* For further breakdown of Common Stock by Industry type, please refer to the Portfolio of Investments.

ING Russell™ Large Cap Value Index Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts	Expiration Date	Market Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P 500 E-Mini	26	09/17/10	$	1,334,580	$	(53,350	)
			$	1,334,580	$	(53,350	)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets-Unrealized depreciation*	$	53,350
Total Liability Derivatives		$	53,350

* Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	(45,910	)
Total	$	(45,910	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	(44,487	)
Total	$	(44,487	)

See Accompanying Notes to Financial Statements

65

ING RUSSELL^™ MID CAP INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Industry Allocation

as of June 30, 2010

(as a percent of net assets)

Financials	18.5%
Information Technology	14.3%
Consumer Discretionary	14.0%
Industrials	12.1%
Health Care	9.2%
Energy	7.5%

Utilities	7.1%
Consumer Staples	6.4%
Materials	6.0%
Telecommunication Services	1.8%
Other Assets and Liabilities – Net*	3.1%
Net Assets	100.0%

* Includes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

Shares			Value		Percent of Net Assets
COMMON STOCK: 91.2%
		Consumer Discretionary: 14.0%
105,150	@, S	Bed Bath & Beyond, Inc.	$	3,898,962	0.3
121,900		Coach, Inc.		4,455,445	0.3
113,500	@	Discovery Communications, Inc. - Class A		4,053,085	0.3
		Other Securities		169,054,187	13.1
				181,461,679	14.0
		Consumer Staples: 6.4%
171,150	S	Avon Products, Inc.		4,535,475	0.4
177,900		ConAgra Foods, Inc.		4,148,628	0.3
126,300		HJ Heinz Co.		5,458,686	0.4
61,050		Lorillard, Inc.		4,394,379	0.4
81,700		Mead Johnson Nutrition Co.		4,094,804	0.3
		Other Securities		59,860,013	4.6
				82,491,985	6.4
		Energy: 7.5%
76,450		Murphy Oil Corp.		3,788,098	0.3
69,750		Noble Energy, Inc.		4,208,018	0.3
107,400		Peabody Energy Corp.		4,202,562	0.3
258,800		Spectra Energy Corp.		5,194,030	0.4
225,900		Valero Energy Corp.		4,061,682	0.3
295,700	@	Weatherford International Ltd.		3,885,498	0.3
		Other Securities		72,150,218	5.6
				97,490,106	7.5
		Financials: 12.8%
107,600		AON Corp.		3,994,112	0.3
317,550		Fifth Third Bancorp.		3,902,690	0.3
177,400		Hartford Financial Services Group, Inc.		3,925,862	0.3
216,250		Marsh & McLennan Cos., Inc.		4,876,438	0.4
267,800		Progressive Corp.		5,013,216	0.4
199,700		SunTrust Bank		4,653,010	0.4
103,650	S	T. Rowe Price Group, Inc.		4,601,024	0.3
		Other Securities		134,392,916	10.4
				165,359,268	12.8

See Accompanying Notes to Financial Statements

66

ING RUSSELL^™ MID CAP INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

Shares			Value		Percent of Net Assets
		Health Care: 9.2%
66,250	@	Hospira, Inc.	$	3,806,063	0.3
15,650	@	Intuitive Surgical, Inc.		4,939,453	0.4
		Other Securities		110,132,226	8.5
				118,877,742	9.2
		Industrials: 12.1%
80,100		Cummins, Inc.		5,216,913	0.4
66,950		Eaton Corp.		4,381,208	0.3
128,600		Ingersoll-Rand PLC		4,435,414	0.3
129,810		Republic Services, Inc.		3,859,251	0.3
		Other Securities		139,092,494	10.8
				156,985,280	12.1
		Information Technology: 14.3%
139,100	@	Agilent Technologies, Inc.		3,954,613	0.3
112,050	@	Intuit, Inc.		3,895,979	0.3
137,650	@	NetApp, Inc.		5,135,722	0.4
45,750	@	Salesforce.com, Inc.		3,926,265	0.3
91,900	@	Sandisk Corp.		3,866,233	0.3
268,500		Western Union Co.		4,003,335	0.3
550,817	S	Xerox Corp.		4,428,569	0.4
		Other Securities		155,579,751	12.0
				184,790,467	14.3
		Materials: 6.0%
93,250		Ecolab, Inc.		4,187,858	0.3
174,450	S	International Paper Co.		3,947,804	0.3
66,450		PPG Industries, Inc.		4,014,245	0.3
		Other Securities		65,127,103	5.1
				77,277,010	6.0
		Telecommunication Services: 1.8%
120,035		CenturyTel, Inc.		3,998,366	0.3
116,000	@	Crown Castle International Corp.		4,322,160	0.3
		Other Securities		14,918,292	1.2
				23,238,818	1.8
		Utilities: 7.1%
112,650		Consolidated Edison, Inc.		4,855,215	0.4
130,100		Edison International		4,126,772	0.3
121,800		FirstEnergy Corp.		4,291,014	0.3
114,700		Progress Energy, Inc.		4,498,534	0.4
98,850		Sempra Energy		4,625,192	0.4
		Other Securities		68,726,906	5.3
				91,123,633	7.1
		Total Common Stock (Cost $ 1,080,175,442)		1,179,095,988	91.2

See Accompanying Notes to Financial Statements

67

ING RUSSELL^™ MID CAP INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

Shares			Value			Percent of Net Assets
REAL ESTATE INVESTMENT TRUSTS: 5.7%
		Financials: 5.7%
223,550		Annaly Capital Management, Inc.	$	3,833,883		0.3
55,550		Boston Properties, Inc.		3,962,937		0.3
113,050		Equity Residential		4,707,402		0.4
64,550		Vornado Realty Trust		4,708,923		0.4
		Other Securities		55,978,176		4.3
		Total Real Estate Investment Trusts (Cost $ 61,444,333)		73,191,321		5.7
		Total Long-Term Investments (Cost $ 1,141,619,775)		1,252,287,309		96.9
SHORT-TERM INVESTMENTS: 5.5%
		Affiliated Mutual Fund: 2.8%
35,655,000		ING Institutional Prime Money Market Fund - Class I		35,655,000		2.8
		Total Mutual Fund (Cost $ 35,655,000)		35,655,000		2.8
		Securities Lending Collateralcc: 2.7%
35,398,737		BNY Mellon Overnight Government Fund(1)		35,398,737		2.7
268,841	I	BNY Institutional Cash Reserves Fund, Series B(1)(2)		215,073		0.0
		Total Securities Lending Collateral (Cost $ 35,667,578)		35,613,810		2.7
		Total Short-Term Investments (Cost $ 71,322,578)		71,268,810		5.5
		Total Investments in Securities (Cost $ 1,212,942,353)*	$	1,323,556,119		102.4
		Other Assets and Liabilities - Net		(31,478,134	)	(2.4	)
		Net Assets	$	1,292,077,985		100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

⁽¹⁾ Collateral received from brokers for securities lending was invested in these short-term investments.

⁽²⁾ On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

S All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign currency contracts and/or when-issued or delayed-delivery securities.

I Illiquid security

* Cost for federal income tax purposes is $1,224,657,785.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	155,393,241
Gross Unrealized Depreciation		(56,494,907	)
Net Unrealized Appreciation	$	98,898,334

See Accompanying Notes to Financial Statements

68

ING RUSSELL^™ MID CAP INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Common Stock*	$	1,179,095,988		$	—	$	—	$	1,179,095,988
Real Estate Investment Trusts		73,191,321			—		—		73,191,321
Short-Term Investments		71,053,737			—		215,073		71,268,810
Total Investments, at value	$	1,323,341,046		$	—	$	215,073	$	1,323,556,119
Liabilities Table
Other Financial Instruments+:
Futures		(1,283,781	)		—		—		(1,283,781	)
Total Liabilities	$	(1,283,781	)	$	—	$	—	$	(1,283,781	)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities
during the period ended June 30, 2010:

	Beginning Balance 12/31/2009		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 6/30/2010
Asset Table
Investments, at value
Short-Term Investments	$	215,073	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	215,073
Total Investments, at value	$	215,073	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	215,073

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

* For further breakdown of Common Stock by Industry type, please refer to the Portfolio of Investments.

ING Russell™ Mid Cap Index Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts	Expiration Date	Market Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P Mid 400 E-Mini	583	09/17/10	$	41,393,000	$	(1,283,781	)
			$	41,393,000	$	(1,283,781	)

See Accompanying Notes to Financial Statements

69

ING RUSSELL^™ MID CAP INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets-Unrealized depreciation*	$	1,283,781
Total Liability Derivatives		$	1,283,781

* Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	1,872,903
Total	$	1,872,903
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	(2,014,389	)
Total	$	(2,014,389	)

See Accompanying Notes to Financial Statements

70

ING RUSSELL^™ MID CAP GROWTH INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Industry Allocation

as of June 30, 2010

(as a percent of net assets)

Information Technology	23.7%
Consumer Discretionary	18.9%
Industrials	15.1%
Health Care	14.0%
Financials	6.8%
Materials	6.7%

Consumer Staples	5.5%
Energy	5.0%
Telecommunication Services	1.8%
Utilities	0.7%
Other Assets and Liabilities – Net*	1.8%
Net Assets	100.0%

* Includes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

Shares			Value		Percent of Net Assets
COMMON STOCK: 96.9%
		Consumer Discretionary: 18.9%
45,980	@	Bed Bath & Beyond, Inc.	$	1,704,938	0.7
53,240		Coach, Inc.		1,945,922	0.8
36,300	@	Discovery Communications, Inc. - Class A		1,296,273	0.5
47,320		Marriott International, Inc.		1,416,761	0.5
24,140	@	O’Reilly Automotive, Inc.		1,148,098	0.4
8,260	@	Priceline.com, Inc.		1,458,220	0.6
21,360		Ross Stores, Inc.		1,138,274	0.4
33,020		Starwood Hotels & Resorts Worldwide, Inc.		1,368,019	0.5
		Other Securities		37,727,201	14.5
				49,203,706	18.9
		Consumer Staples: 5.5%
74,720		Avon Products, Inc.		1,980,080	0.8
23,160		Clorox Co.		1,439,626	0.5
82,260		Sara Lee Corp.		1,159,866	0.4
		Other Securities		9,780,563	3.8
				14,360,135	5.5
		Energy: 5.0%
26,600	@	Ultra Petroleum Corp.		1,177,050	0.5
		Other Securities		11,817,531	4.5
				12,994,581	5.0
		Financials: 5.5%
12,920	@	IntercontinentalExchange, Inc.		1,460,348	0.6
87,100		Marsh & McLennan Cos., Inc.		1,964,105	0.7
45,300		T. Rowe Price Group, Inc.		2,010,867	0.8
		Other Securities		8,731,644	3.4
				14,166,964	5.5
		Health Care: 14.0%
49,260		AmerisourceBergen Corp.		1,564,005	0.6
16,560		CR Bard, Inc.		1,283,897	0.5
18,120	@	DaVita, Inc.		1,131,413	0.4
28,980	@	Hospira, Inc.		1,664,901	0.7
6,880	@, S	Intuitive Surgical, Inc.		2,171,466	0.8

See Accompanying Notes to Financial Statements

71

ING RUSSELL^™ MID CAP GROWTH INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

Shares			Value		Percent of Net Assets
		Health Care: (continued)
18,240	@	Laboratory Corp. of America Holdings	$	1,374,384	0.5
21,540	@	Varian Medical Systems, Inc.		1,126,111	0.4
35,240	@	Vertex Pharmaceuticals, Inc.		1,159,396	0.5
		Other Securities		24,796,659	9.6
				36,272,232	14.0
		Industrials: 15.1%
28,940	S	CH Robinson Worldwide, Inc.		1,610,800	0.6
29,200	@	Cooper Industries PLC		1,284,800	0.5
34,980		Cummins, Inc.		2,278,247	0.9
137,780	@	Delta Airlines, Inc.		1,618,915	0.6
37,120		Expeditors International Washington, Inc.		1,281,011	0.5
23,140	L	Fastenal Co.		1,161,397	0.4
24,860		Rockwell Automation, Inc.		1,220,377	0.5
		Other Securities		28,779,895	11.1
				39,235,442	15.1
		Information Technology: 23.7%
60,760	@	Agilent Technologies, Inc.		1,727,407	0.7
30,040	@	Akamai Technologies, Inc.		1,218,723	0.5
52,660		Altera Corp.		1,306,495	0.5
30,240		Amphenol Corp.		1,187,827	0.4
52,000		Analog Devices, Inc.		1,448,720	0.6
32,380	@	Citrix Systems, Inc.		1,367,407	0.5
18,740	@	Cree, Inc.		1,124,962	0.4
48,920	@	Intuit, Inc.		1,700,948	0.6
94,480	@	Marvell Technology Group Ltd.		1,489,005	0.6
60,160	@	NetApp, Inc.		2,244,562	0.9
56,300		Paychex, Inc.		1,462,111	0.6
19,940	@	Salesforce.com, Inc.		1,711,251	0.7
40,080	@	Sandisk Corp.		1,686,166	0.6
117,300		Western Union Co.		1,748,943	0.7
48,300		Xilinx, Inc.		1,220,058	0.5
		Other Securities		38,809,126	14.9
				61,453,711	23.7
		Materials: 6.7%
40,720		Ecolab, Inc.		1,828,735	0.7
59,300		International Paper Co.		1,341,959	0.5
		Other Securities		14,332,385	5.5
				17,503,079	6.7
		Telecommunication Services: 1.8%
50,660	@	Crown Castle International Corp.		1,887,592	0.7
		Other Securities		2,846,404	1.1
				4,733,996	1.8
		Utilities: 0.7%
		Other Securities		1,691,624	0.7
		Total Common Stock (Cost $ 224,619,458)		251,615,470	96.9

See Accompanying Notes to Financial Statements

72

ING RUSSELL^™ MID CAP GROWTH INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

Shares			Value			Percent of Net Assets
REAL ESTATE INVESTMENT TRUSTS: 1.3%
		Financials: 1.3%
		Other Securities	$	3,474,659		1.3
		Total Real Estate Investment Trusts (Cost $ 3,316,202)		3,474,659		1.3
		Total Long-Term Investments (Cost $ 227,935,660)		255,090,129		98.2
SHORT-TERM INVESTMENTS: 6.0%
		Affiliated Mutual Fund: 1.8%
4,549,000		ING Institutional Prime Money Market Fund - Class I		4,549,000		1.8
		Total Mutual Fund (Cost $ 4,549,000)		4,549,000		1.8
		Securities Lending Collateralcc: 4.2%
10,080,744		BNY Mellon Overnight Government Fund(1)		10,080,744		3.9
1,077,859	I	BNY Institutional Cash Reserves Fund, Series B(1)(2)		862,287		0.3
		Total Securities Lending Collateral (Cost $ 11,158,603)		10,943,031		4.2
		Total Short-Term Investments (Cost $ 15,707,603)		15,492,031		6.0
		Total Investments in Securities (Cost $ 243,643,263)*	$	270,582,160		104.2
		Other Assets and Liabilities - Net		(10,816,652	)	(4.2	)
		Net Assets	$	259,765,508		100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

⁽¹⁾ Collateral received from brokers for securities lending was invested in these short-term investments.

⁽²⁾ On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

S All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.

* Cost for federal income tax purposes is $244,567,313.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	35,008,179
Gross Unrealized Depreciation		(8,993,332	)
Net Unrealized Appreciation	$	26,014,847

See Accompanying Notes to Financial Statements

73

ING RUSSELL^™ MID CAP GROWTH INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Common Stock*	$	251,615,470		$	—	$	—	$	251,615,470
Real Estate Investment Trusts		3,474,659			—		—		3,474,659
Short-Term Investments		14,629,744			—		862,287		15,492,031
Total Investments, at value	$	269,719,873		$	—	$	862,287	$	270,582,160
Liabilities Table
Other Financial Instruments+:
Futures		(173,972	)		—		—		(173,972	)
Total Liabilities	$	(173,972	)	$	—	$	—	$	(173,972	)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/2009		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 6/30/2010
Asset Table
Investments, at value
Short-Term Investments	$	862,287	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	862,287
Total Investments, at value	$	862,287	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	862,287

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

* For further breakdown of Common Stock by Industry type, please refer to the Portfolio of Investments.

ING Russell™ Mid Cap Growth Index Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts	Expiration Date	Market Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
S&P Mid 400 E-Mini	72	09/17/10	$	5,112,000	$	(173,972	)
			$	5,112,000	$	(173,972	)

See Accompanying Notes to Financial Statements

74

ING RUSSELL^™ MID CAP GROWTH INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets-Unrealized depreciation*	$	173,972
Total Liability Derivatives		$	173,972

* Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	(37,519	)
Total	$	(37,519	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	(128,919	)
Total	$	(128,919	)

See Accompanying Notes to Financial Statements

75

ING RUSSELL^™ SMALL CAP INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Industry Allocation

as of June 30, 2010

(as a percent of net assets)

Financials	20.7%
Information Technology	17.2%
Industrials	14.9%
Consumer Discretionary	13.3%
Health Care	13.2%
Energy	5.2%

Materials	4.7%
Consumer Staples	3.3%
Utilities	3.2%
Telecommunication Services	1.0%
Other Assets and Liabilities – Net*	3.3%
Net Assets	100.0%

* Includes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

Shares			Value		Percent of Net Assets
COMMON STOCK: 89.8%
		Consumer Discretionary: 13.3%
44,990	@	Carter’s, Inc.	$	1,180,988	0.2
9,200	@	Deckers Outdoor Corp.		1,314,404	0.2
21,700		Polaris Industries, Inc.		1,185,254	0.2
		Other Securities		80,478,674	12.7
				84,159,320	13.3
		Consumer Staples: 3.3%
38,170		Casey’s General Stores, Inc.		1,332,133	0.2
		Other Securities		19,427,066	3.1
				20,759,199	3.3
		Energy: 5.2%
83,380	@	Brigham Exploration Co.		1,282,384	0.2
		Other Securities		31,241,811	5.0
				32,524,195	5.2
		Financials: 13.8%
69,080		Alterra Capital Holdings Ltd.		1,297,322	0.2
127,110		Apollo Investment Corp.		1,185,936	0.2
76,114		FirstMerit Corp.		1,303,833	0.2
32,440		Platinum Underwriters Holdings Ltd.		1,177,248	0.2
23,640	@	ProAssurance Corp.		1,341,806	0.2
29,160	@	SVB Financial Group		1,202,267	0.2
22,370	S	Westamerica Bancorp.		1,174,872	0.2
		Other Securities		78,489,961	12.4
				87,173,245	13.8
		Health Care: 13.2%
37,250	@	AMERIGROUP Corp.		1,209,880	0.2
62,720	@	ev3, Inc.		1,405,555	0.2
64,420	@, S	Healthsouth Corp.		1,205,298	0.2
43,580		Owens & Minor, Inc.		1,236,800	0.2
37,360	@	Psychiatric Solutions, Inc.		1,222,419	0.2
39,030	@	Salix Pharmaceuticals Ltd.		1,523,341	0.2
38,820		Steris Corp.		1,206,526	0.2
		Other Securities		74,252,945	11.8
				83,262,764	13.2

See Accompanying Notes to Financial Statements

76

ING RUSSELL^™ SMALL CAP INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

Shares			Value		Percent of Net Assets
		Industrials: 14.9%
26,360	@	Alaska Air Group, Inc.	$	1,184,882	0.2
32,240		Baldor Electric Co.		1,163,219	0.2
36,230		Clarcor, Inc.		1,286,890	0.2
83,210	@	GrafTech International Ltd.		1,216,530	0.2
23,760		Nordson Corp.		1,332,461	0.2
		Other Securities		88,139,080	13.9
				94,323,062	14.9
		Information Technology: 17.2%
43,240		Adtran, Inc.		1,179,155	0.2
27,700	@	Concur Technologies, Inc.		1,182,236	0.2
48,050	@	Cybersource Corp.		1,226,717	0.2
42,890	@	GSI Commerce, Inc.		1,235,232	0.2
60,930		Jack Henry & Associates, Inc.		1,455,008	0.2
43,380	@	Netlogic Microsystems, Inc.		1,179,936	0.2
82,910	@	Parametric Technology Corp.		1,299,200	0.2
73,210	@, L	Rackspace Hosting, Inc.		1,342,671	0.2
45,230	@	Riverbed Technolgoy, Inc.		1,249,253	0.2
119,800	@, L	TIBCO Software, Inc.		1,444,718	0.2
		Other Securities		95,572,075	15.2
				108,366,201	17.2
		Materials: 4.7%
27,790		Rock-Tenn Co.		1,380,329	0.2
		Other Securities		28,373,158	4.5
				29,753,487	4.7
		Telecommunication Services: 1.0%
		Other Securities		5,951,946	1.0
		Utilities: 3.2%
44,690		Cleco Corp.		1,180,263	0.2
31,900		Nicor, Inc.		1,291,950	0.2
51,250		Piedmont Natural Gas Co.		1,296,625	0.2
35,420		WGL Holdings, Inc.		1,205,343	0.2
		Other Securities		15,335,582	2.4
				20,309,763	3.2
		Total Common Stock (Cost $ 551,026,054)		566,583,182	89.8
REAL ESTATE INVESTMENT TRUSTS: 6.9%
		Financials: 6.9%
81,390		BioMed Realty Trust, Inc.		1,309,565	0.2
96,870		CBL & Associates Properties, Inc.		1,205,063	0.2
33,210		Entertainment Properties Trust		1,264,305	0.2
49,600	S	Highwoods Properties, Inc.		1,376,896	0.2
27,350		Home Properties, Inc.		1,232,665	0.2
208,420	S	MFA Mortgage Investments, Inc.		1,542,308	0.2
57,220	S	National Retail Properties, Inc.		1,226,797	0.2

See Accompanying Notes to Financial Statements

77

ING RUSSELL^™ SMALL CAP INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

Shares				Value			Percent of Net Assets
			Financials: (continued)
	63,880		Omega Healthcare Investors, Inc.	$	1,273,128		0.2
	28,300		Tanger Factory Outlet Centers, Inc.		1,171,054		0.2
			Other Securities		32,190,365		5.1
			Total Real Estate Investment Trusts (Cost $ 42,073,105)		43,792,146		6.9
	RIGHTS: 0.0%
			Energy: 0.0%
			Other Securities		148		0.0
			Total Rights (Cost $—)		148		0.0
			Total Long-Term Investments (Cost $ 593,099,159)		610,375,476		96.7
	SHORT-TERM INVESTMENTS: 14.6%
			Affiliated Mutual Fund: 6.0%
$	38,024,000		ING Institutional Prime Money Market Fund - Class I	$	38,024,000		6.0
			Total Affiliated Mutual Funds (Cost $ 38,024,000)		38,024,000		6.0
			Securities Lending Collateralcc: 8.6%
	53,950,013		BNY Mellon Overnight Government Fund(1)		53,950,013		8.5
	502,326	I	BNY Institutional Cash Reserves Fund, Series B(1)(2)		401,860		0.1
			Total Securities Lending Collateral (Cost $ 54,452,339)		54,351,873		8.6
			Total Short-Term Investments (Cost $ 92,476,339)		92,375,873		14.6
			Total Investments in Securities (Cost $ 685,575,498)*	$	702,751,349		111.3
			Other Assets and Liabilities - Net		(71,499,737	)	(11.3	)
			Net Assets	$	631,251,612		100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

⁽¹⁾ Collateral received from brokers for securities lending was invested in these short-term investments.

⁽²⁾ On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

S All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.

* Cost for federal income tax purposes is $688,247,470.

See Accompanying Notes to Financial Statements

78

ING RUSSELL^™ SMALL CAP INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	64,523,593
Gross Unrealized Depreciation		(50,019,714	)
Net Unrealized Appreciation	$	14,503,879

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Common Stock*	$	566,583,182		$	—	$	—	$	566,583,182
Real Estate Investment Trusts		43,792,146			—		—		43,792,146
Rights		—			148		—		148
Short-Term Investments		91,974,013			—		401,860		92,375,873
Total Investments, at value	$	702,349,341		$	148	$	401,860	$	702,751,349
Liabilities Table
Other Financial Instruments+:
Futures		(789,602	)		—		—		(789,602	)
Total Liabilities	$	(789,602	)	$	—	$	—	$	(789,602	)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/2009		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 6/30/2010
Asset Table
Investments, at value
Short-Term Investments	$	401,860	$	—	$	—	$	—	$	—	$	—	$	—	$	—		401,860
Total Investments, at value	$	401,860	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	401,860

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

* For further breakdown of Common Stock by Industry type, please refer to the Portfolio of Investments.

ING Russell™ Small Cap Index Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts	Expiration Date	Market Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
Russell 2000® Mini Index	345	09/17/10	$	20,969,100	$	(789,602	)
			$	20,969,100	$	(789,602	)

See Accompanying Notes to Financial Statements

79

ING RUSSELL^™ SMALL CAP INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets-Unrealized depreciation*	$	789,602
Total Liability Derivatives		$	789,602

* Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	(1,117,899	)
Total	$	(1,117,899	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	(2,391,764	)
Total	$	(2,391,764	)

See Accompanying Notes to Financial Statements

80

ING U.S. BOND INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Investment Type Allocation

as of June 30, 2010

(as a percent of net assets)

U.S. Government Agency Obligations	39.7%
U.S. Treasury Obligations	29.1%
Corporate Bonds/Notes	23.4%
Collateralized Mortgage Obligations	3.3%

Municipal Bonds	0.2%
Other Bonds	0.2%
Other Assets and Liabilities – Net*	4.1%
Net Assets	100.0%

* Includes short-term investments related to ING Institutional Prime Money Market Fund – Class I, securities lending collateral, U.S. government agency obligation and U.S. Treasury Bill.

Portfolio holdings are subject to change daily.

Principal Amount				Value		Percent of Net Assets
	CORPORATE BONDS/NOTES: 23.4%
			Consumer Discretionary: 2.2%
$	12,085,000		Comcast Corp., 6.300%-6.500%, due 11/15/17-11/15/35	$	13,512,728	0.3
	9,000,000	#	NBC Universal, Inc., 3.650%, due 04/30/15		9,213,525	0.4
	5,000,000	#	NBC Universal, Inc., 6.400%, due 04/30/40		5,359,395
	16,805,000		Time Warner Cable, Inc., 5.850%-6.550%, due 05/01/17-05/01/37		18,404,071	0.5
	9,520,000		Time Warner, Inc., 4.875%-6.500%, due 11/15/16-11/15/36		10,184,607	0.3
			Other Securities		24,783,157	0.7
					81,457,483	2.2
			Consumer Staples: 2.0%
	7,535,000		Altria Group, Inc., 9.950%, due 11/10/38		9,927,340	0.3
	5,600,000	#	Anheuser-Busch InBev Worldwide, Inc., 7.200%, due 01/15/14		6,444,166	0.5
	12,440,000		Anheuser-Busch InBev Worldwide, Inc., 5.375%, due 01/15/20		13,430,411
	7,315,000	#	Erac USA Finance Co., 7.000%, due 10/15/37		7,996,509	0.2
	5,585,000	#	Grupo Bimbo SAB de CV, 4.875%, due 06/30/20		5,657,700	0.2
	8,910,000		Kraft Foods, Inc., 6.500%, due 02/09/40		9,999,034	0.6
	8,415,000		Kraft Foods, Inc., 6.125%-6.500%, due 08/11/17-02/01/18		9,647,184
			Other Securities		9,296,280	0.2
					72,398,624	2.0
			Energy: 1.1%
	12,170,000		Anadarko Petroleum Corp., 5.950%-6.200%, due 09/15/16-03/15/40		10,018,719	0.3
	3,481,000	#	NGPL PipeCo, LLC, 6.514%, due 12/15/12		3,468,294	0.1
	8,810,000	L	Valero Energy Corp., 6.625%, due 06/15/37		8,604,260	0.2
			Other Securities		18,231,717	0.5
					40,322,990	1.1
			Financials: 11.5%
	8,455,000	#	Abbey National Treasury Services PLC/London, 3.875%, due 11/10/14		8,356,499	0.2
	8,425,000		American Express Co., 7.000%, due 03/19/18		9,732,105	0.3
	28,755,000		Bank of America Corp., 5.375%-6.500%, due 06/15/14-05/01/18		30,304,590	0.8
	21,000,000		Citigroup, Inc., 5.500%, due 04/11/13		21,843,528	1.2
	23,215,000		Citigroup, Inc., 2.125%-8.125%, due 04/30/12-07/15/39		23,229,923
	21,450,000	L	European Investment Bank, 1.750%-2.375%, due 09/14/12-03/14/14		21,753,565	0.6
	23,000,000		General Electric Capital Corp., 5.250%-6.750%, due 10/19/12-03/15/32		24,713,367	0.7
	19,195,000		Goldman Sachs Group, Inc., 3.250%, due 06/15/12		20,109,143	1.4
	28,065,000		Goldman Sachs Group, Inc., 4.750%-6.750%, due 07/15/13-10/01/37		29,095,429
	2,300,000	#	Harley-Davidson Funding Corp., 6.800%, due 06/15/18		2,425,470	0.1

See Accompanying Notes to Financial Statements

81

ING U.S. BOND INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Principal Amount				Value		Percent of Net Assets
			Financials: (continued)
$	12,675,000		JP Morgan Chase & Co., 3.400%, due 06/24/15	$	12,718,184	0.8
	16,420,000	L	JP Morgan Chase & Co., 2.125%-5.375%, due 10/01/12-12/26/12		17,661,678
	17,585,000	L	Kreditanstalt fuer Wiederaufbau, 2.000%, due 01/17/12		17,844,414	0.5
	10,910,000		Merrill Lynch & Co., Inc., 5.450%-6.220%, due 02/05/13-09/15/26		10,800,292	0.3
	6,995,000		Metlife, Inc., 6.750%, due 06/01/16		7,923,544	0.2
	21,150,000		Morgan Stanley, 5.375%-6.625%, due 10/15/15-04/01/18		21,857,130	0.6
	5,200,000	#	Northwestern Mutual Life Insurance, 6.063%, due 03/30/40		5,594,482	0.2
	11,570,000		Toyota Motor Credit Corp., 3.200%, due 06/17/15		11,822,527	0.3
	11,275,000	#	WEA Finance, LLC / WT Finance Aust Pty Ltd., 7.500%, due 06/02/14		12,788,500	0.4
	15,860,000		Wells Fargo & Co., 3.625%, due 04/15/15		16,223,020	0.4
			Other Securities		91,277,335	2.5
					418,074,725	11.5
			Health Care: 0.6%
	10,550,000		CareFusion Corp., 4.125%, due 08/01/12		11,025,995	0.3
			Other Securities		9,690,455	0.3
					20,716,450	0.6
			Industrials: 1.2%
	7,460,000		Continental Airlines, Inc., 7.250%, due 11/10/19		7,944,900	0.2
			Other Securities		35,145,742	1.0
					43,090,642	1.2
			Information Technology: 0.5%
	10,800,000		Xerox Corp., 5.500%, due 05/15/12		11,517,390	0.3
			Other Securities		6,790,415	0.2
					18,307,805	0.5
			Materials: 1.1%
	9,355,000		Dow Chemical Co., 8.550%, due 05/15/19		11,470,156	0.3
	9,310,000		Rio Tinto Finance USA Ltd., 6.500%, due 07/15/18		10,627,868	0.3
			Other Securities		16,611,835	0.5
					38,709,859	1.1
			Telecommunication Services: 2.2%
	3,300,000	#	America Movil SAB de CV, 5.000%, due 03/30/20		3,425,971	0.1
	8,875,000		AT&T, Inc., 6.500%, due 09/01/37		9,876,712	0.3
	10,775,000		France Telecom S.A., 4.375%, due 07/08/14		11,630,169	0.3
	9,000,000		New Cingular Wireless Services, Inc., 8.125%, due 05/01/12		10,075,284	0.3
	12,665,000		Verizon Communications, Inc., 6.350%-7.750%, due 04/01/19-12/01/30		14,946,461	0.4
			Other Securities		31,712,262	0.8
					81,666,859	2.2
			Utilities: 1.0%
	9,260,000		Exelon Generation Co. LLC, 5.200%, due 10/01/19		9,868,771	0.3
			Other Securities		27,175,518	0.7
					37,044,289	1.0
			Total Corporate Bonds/Notes (Cost $819,500,234)		851,789,726	23.4

See Accompanying Notes to Financial Statements

82

ING U.S. BOND INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Principal Amount				Value		Percent of Net Assets
	U.S. GOVERNMENT AGENCY OBLIGATIONS: 39.7%
			Federal Home Loan Bank: 0.7%
$	23,960,000	L	1.125%-5.625%, due 05/18/12-06/11/21	$	25,827,476	0.7
			Federal Home Loan Mortgage Corporation##: 11.2%
	18,960,000	L	1.125%, due 07/27/12		19,103,812	11.2
	44,285,000	W	4.500%, due 07/15/38		45,876,514
	49,432,142		4.500%, due 04/01/23-04/01/40		51,298,082
	27,690,000	W	5.000%, due 07/15/35		29,290,842
	56,700,392		5.000%, due 03/01/34-03/01/38		60,139,282
	19,505,000	W	5.500%, due 07/15/34		20,931,303
	55,979,410		5.500%, due 09/01/34-03/01/38		60,269,569
	21,055,000	W	6.000%, due 04/15/38		22,854,550
	27,077,178		6.000%, due 04/01/36-11/01/39		29,434,999
	63,131,599	L	1.375%-6.750%, due 03/23/12-05/01/37		67,727,088
					406,926,041	11.2
			Federal National Mortgage Association##: 25.4%
	18,350,000	L	1.125%, due 07/30/12		18,481,019	25.4
	30,160,000		2.750%, due 03/13/14		31,478,535
	22,105,000	W	4.000%, due 07/17/18		22,968,466
	19,383,473		4.000%, due 11/01/20-06/01/25		20,195,645
	107,700,000	W	4.500%, due 07/01/25-07/15/35		111,896,806
	133,493,519		4.500%, due 05/01/19-05/01/40		139,299,765
	55,535,000	W	5.000%, due 07/18/21-07/01/37		58,835,520
	118,788,778		5.000%, due 02/01/20-08/01/38		126,291,547
	75,630,000	W	5.500%, due 07/01/22-07/15/34		81,505,862
	99,701,659		5.500%, due 04/01/11-09/01/38		107,323,855
	19,645,000	W	6.000%, due 07/14/37		21,308,696
	65,749,577		6.000%, due 06/01/11-10/01/38		71,494,982
	20,210,000	W	6.500%, due 07/15/33		22,136,276
	22,742,322		6.500%, due 04/01/30-03/01/39		24,953,200
	63,252,889	L	1.250%-7.125%, due 06/22/12-06/01/37		66,327,231
					924,497,405	25.4
			Government National Mortgage Association: 2.4%
	16,711,691		5.000%, due 10/15/37-09/15/39		17,850,857	2.4
	20,555,000	W	5.500%, due 07/15/33		22,209,040
	19,915,400		6.000%, due 10/15/36-12/15/38		21,747,011
	24,994,050	W	5.000%-7.000%, due 07/15/33-12/15/37		26,894,943
					88,701,851	2.4
			Other U.S. Agency Obligations: 0.0%
			Other Securities		98,523	0.0
			Total U.S. Government Agency Obligations (Cost $1,413,438,173)		1,446,051,296	39.7
	U.S. TREASURY OBLIGATIONS: 29.1%
			U.S. Treasury Notes: 29.1%
	50,690,000		1.125%, due 01/15/12		51,179,091
	168,160,000		1.375%, due 05/15/12-03/15/13		170,569,293
	111,395,000		1.875%, due 04/30/14		113,422,723
	145,305,000		2.375%, due 08/31/14-03/31/16		148,807,255
	60,840,000		2.750%, due 02/28/13-11/30/16		63,683,874
	42,105,000		3.125%, due 08/31/13-05/15/19		43,780,219
	33,740,000		3.250%, due 05/31/16		35,843,487
	17,360,000		3.375%, due 11/30/12		18,469,408
	41,145,000	L	3.500%, due 02/15/18		43,989,806
	37,780,000		3.500%, due 02/15/39		35,100,000

See Accompanying Notes to Financial Statements

83

ING U.S. BOND INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Principal Amount				Value		Percent of Net Assets
			U.S. Treasury Notes: (continued)
$	40,245,000		3.750%, due 11/15/18	$	43,370,266	29.1
	32,875,000		4.250%, due 08/15/14-05/15/39		35,848,945
	35,295,000		4.375%, due 02/15/38		38,168,225
	46,140,000		4.750%, due 01/31/12-05/31/12		49,695,754
	31,510,000		6.000%, due 02/15/26		40,608,513
	16,130,000		6.875%, due 08/15/25		22,382,891
	93,825,000	L	1.750%-8.875%, due 11/15/11-02/15/36		104,635,869
			Total U.S. Treasury Obligations (Cost $1,029,333,088)		1,059,555,619	29.1
	COLLATERALIZED MORTGAGE OBLIGATIONS: 3.3%
	24,360,000		Banc of America Commercial Mortgage, Inc., 5.414%-5.889%, due 07/10/44-06/10/49		25,002,632	0.7
	10,425,000		Bear Stearns Commercial Mortgage Securities, 5.331%-5.694%, due 02/11/44-06/11/50		10,368,826	0.3
	7,700,000		Citigroup Commercial Mortgage Trust, 5.888%, due 12/10/49		7,863,181	0.2
	27,204,020		JP Morgan Chase Commercial Mortgage Securities Corp., 4.871%-6.125%, due 01/12/38-02/15/51		27,928,923	0.8
			Other Securities		47,931,742	1.3
			Total Collateralized Mortgage Obligations (Cost $100,743,263)		119,095,304	3.3
	MUNICIPAL BONDS: 0.2%
			California: 0.1%
			Other Securities		2,839,372	0.1
			Illinois: 0.1%
			Other Securities		4,375,404	0.1
			Total Municipal Bonds (Cost $7,167,856)		7,214,776	0.2
	OTHER BONDS: 0.2%
			Foreign Government Bonds: 0.2%
	7,650,000		Mexico Government International Bond, 6.375%, due 01/16/13		8,426,475	0.2
			Other Securities		1,359,802	0.0
			Total Other Bonds (Cost $9,516,489)		9,786,277	0.2
			Total Long-Term Investments (Cost $3,379,699,103)		3,493,492,998	95.9
Shares				Value		Percent of Net Assets
	SHORT-TERM INVESTMENTS: 18.9%
			Affiliated Mutual Fund: 8.1%
	293,618,429		ING Institutional Prime Money Market Fund - Class I	$	293,618,429	8.1
			Total Mutual Fund (Cost $293,618,429)		293,618,429	8.1

See Accompanying Notes to Financial Statements

84

ING U.S. BOND INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Principal Amount				Value			Percent of Net Assets
			U.S. Government Agency Obligations: 1.4%
$	50,000,000	Z	Federal Home Loan Bank, 0.120%, due 07/23/10	$	49,996,232		1.4
			Total U.S. Government Agency Obligations (Cost $49,996,232)		49,996,232		1.4
			U.S. Treasury Bills: 3.4%
	50,000,000	L	0.170%, due 11/18/10		49,965,950		3.4
	75,000,000	L	0.180%, due 12/09/10		74,937,975
			Total U.S. Treasury Bills (Cost $124,902,413)		124,903,925		3.4
Shares				Value			Percent of Net Assets
			Securities Lending Collateralcc: 6.0%
	217,410,117		BNY Mellon Overnight Government Fund(1)	$	217,410,117		6.0
			Total Securities Lending Collateral (Cost $217,410,117)		217,410,117		6.0
			Total Short-Term Investments (Cost $685,927,191)		685,928,703		18.9
			Total Investments in Securities (Cost $4,065,626,294)*	$	4,179,421,701		114.8
			Other Assets and Liabilities - Net		(537,911,220	)	(14.8	)
			Net Assets	$	3,641,510,481		100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

# 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.

cc Securities purchased with cash collateral for securities loaned.

⁽¹⁾ Collateral received from brokers for securities lending was invested in these short-term investments.

## On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship and the U.S. Treasury guaranteed the debt issued by those organizations.

W Settlement is on a when-issued or delayed-delivery basis.

L Loaned security, a portion or all of the security is on loan at June 30, 2010.

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

* Cost for federal income tax purposes is $4,069,454,421.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	116,949,543
Gross Unrealized Depreciation		(6,982,263	)
Net Unrealized Appreciation	$	109,967,280

See Accompanying Notes to Financial Statements

85

ING U.S. BOND INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Corporate Bonds/Notes	$	—	$	851,789,726	$	—	$	851,789,726
U.S. Government Agency Obligations		—		1,446,051,296		—		1,446,051,296
U.S. Treasury Obligations		19,301,065		1,040,254,554		—		1,059,555,619
Collateralized Mortgage Obligations		—		119,095,304		—		119,095,304
Municipal Bonds		—		7,214,776		—		7,214,776
Other Bonds		—		9,786,277		—		9,786,277
Short-Term Investments		511,028,546		174,900,157		—		685,928,703
Total Investments, at value	$	530,329,611	$	3,649,092,090	$	—	$	4,179,421,701

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

86

ING EURO STOXX 50^® INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Industry Allocation

as of June 30, 2010

(as a percent of net assets)

Financials	28.6%
Industrials	10.2%
Utilities	9.6%
Energy	9.1%
Consumer Staples	9.0%
Telecommunication Services	8.7%

Materials	6.7%
Health Care	6.4%
Consumer Discretionary	5.5%
Information Technology	4.0%
Other Assets and Liabilities – Net*	2.2%
Net Assets	100.0%

* Includes short-term investments related to securities lending collateral.

Portfolio holdings are subject to change daily.

Shares			Value		Percent of Net Assets
COMMON STOCK: 96.9%
		Consumer Discretionary: 5.5%
374,847	@	DaimlerChrysler AG	$	18,961,865	2.5
108,329		LVMH Moet Hennessy Louis Vuitton S.A.		11,790,867	1.6
514,627		Vivendi		10,458,319	1.4
				41,211,051	5.5
		Consumer Staples: 9.0%
312,605		Anheuser-Busch InBev NV		15,030,480	2.0
256,252		Carrefour S.A.		10,164,902	1.4
257,644		Groupe Danone		13,812,376	1.9
100,238		L’Oreal S.A.		9,814,336	1.3
652,980		Unilever NV		17,832,409	2.4
				66,654,503	9.0
		Energy: 9.1%
1,024,704		ENI S.p.A.		18,809,579	2.6
332,669	L	Repsol YPF S.A.		6,713,300	0.9
932,382		Total S.A.		41,620,518	5.6
				67,143,397	9.1
		Financials: 27.7%
190,215		Allianz AG		18,826,262	2.5
561,825		Assicurazioni Generali S.p.A.		9,796,705	1.3
769,577		AXA S.A.		11,756,927	1.6
1,576,026	L	Banco Bilbao Vizcaya Argentaria S.A.		16,237,720	2.2
3,429,443		Banco Santander Central Hispano S.A.		35,961,866	4.9
414,669		BNP Paribas		22,309,569	3.0
444,194	L	Credit Agricole S.A.		4,608,588	0.6
261,075		Deutsche Bank AG		14,664,411	2.0
82,001	L	Deutsche Boerse AG		4,981,860	0.7
1,623,913	@, **	ING Groep NV		12,017,818	1.6
4,240,944		Intesa Sanpaolo S.p.A.		11,169,387	1.5
75,189		Muenchener Rueckversicherungs AG		9,440,967	1.3
311,092	L	Societe Generale		12,801,129	1.7
7,696,023		UniCredito Italiano S.p.A.		17,023,922	2.3
		Other Securities		3,455,425	0.5
				205,052,556	27.7

See Accompanying Notes to Financial Statements

87

ING EURO STOXX 50^® INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

Shares			Value		Percent of Net Assets
		Health Care: 6.4%
347,735		Bayer AG	$	19,431,967	2.6
462,762	S	Sanofi-Aventis		27,870,968	3.8
				47,302,935	6.4
		Industrials: 10.2%
85,083	L	Alstom		3,852,341	0.5
176,070	L	Cie de Saint-Gobain		6,561,180	0.9
413,728		Koninklijke Philips Electronics NV		12,354,800	1.7
112,380		Schneider Electric S.A.		11,350,401	1.5
362,975	L	Siemens AG		32,464,456	4.4
214,987		Vinci S.A.		8,926,636	1.2
				75,509,814	10.2
		Information Technology: 4.0%
1,574,758		Nokia OYJ		12,835,578	1.7
387,855	L	SAP AG		17,246,875	2.3
				30,082,453	4.0
		Materials: 6.7%
118,319	L	Air Liquide		11,948,654	1.6
388,439	L	ArcelorMittal		10,418,651	1.4
386,493		BASF AG		21,118,163	2.9
297,190		CRH PLC		6,156,976	0.8
				49,642,444	6.7
		Telecommunication Services: 8.7%
1,252,766		Deutsche Telekom AG		14,789,644	2.0
802,568		France Telecom S.A.		13,920,507	1.9
4,363,459		Telecom Italia S.p.A.		4,818,806	0.6
1,669,852		Telefonica S.A.		30,933,559	4.2
				64,462,516	8.7
		Utilities: 9.6%
841,424		E.ON AG		22,624,436	3.1
2,679,805	L	Enel S.p.A.		11,346,760	1.5
560,483		Gaz de France		15,946,111	2.2
1,644,974	L	Iberdrola S.A.		9,245,695	1.3
64,671	@	Iberdrola S.A.		363,488
173,875		RWE AG		11,377,693	1.5
				70,904,183	9.6
		Total Common Stock (Cost $ 891,390,688)		717,965,852	96.9
REAL ESTATE INVESTMENT TRUSTS: 0.9%
		Financials: 0.9%
38,367		Unibail		6,253,149	0.9
		Total Real Estate Investment Trusts (Cost $ 7,474,358)		6,253,149	0.9
		Total Long-Term Investments (Cost $ 898,865,046)		724,219,001	97.8

See Accompanying Notes to Financial Statements

88

ING EURO STOXX 50^® INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

Shares		Value			Percent of Net Assets
SHORT-TERM INVESTMENTS: 9.3%
	Securities Lending Collateralcc: 9.3%
68,961,296	BNY Mellon Overnight Government Fund(1)	$	68,961,296		9.3
	Total Short-Term Investments (Cost $ 68,961,296)		68,961,296		9.3
	Total Investments in Securities (Cost $ 967,826,342)*	$	793,180,297		107.1
	Other Assets and Liabilities - Net		(52,512,161	)	(7.1	)
	Net Assets	$	740,668,136		100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

⁽¹⁾ Collateral received from brokers for securities lending was invested in these short-term investments.

S All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.

** Investment in affiliate

* Cost for federal income tax purposes is $969,386,845.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	7,933,972
Gross Unrealized Depreciation		(184,140,520	)
Net Unrealized Depreciation	$	(176,206,548	)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Common Stock*	$	—		$	717,965,852		$	—	$	717,965,852
Real Estate Investment Trusts		—			6,253,149			—		6,253,149
Short-Term Investments		68,961,296			—			—		68,961,296
Total Investments, at value	$	68,961,296		$	724,219,001		$	—	$	793,180,297
Other Financial Instruments+:
Forward foreign currency contracts		—			9,716			—		9,716
Total Assets	$	68,961,296		$	724,228,717		$	—	$	793,190,013
Liabilities Table
Other Financial Instruments+:
Forward foreign currency contracts	$	—			(1,064,308	)	$	—	$	(1,064,308	)
Futures		(390,695	)		—			—		(390,695	)
Total Liabilities	$	(390,695	)	$	(1,064,308	)	$	—	$	(1,455,003	)

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

89

ING EURO STOXX 50^® INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

* For further breakdown of Common Stock by Industry type, please refer to the Portfolio of Investments.

# The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments.

At June 30, 2010 the following forward foreign currency contracts were outstanding for the ING Euro STOXX 50^® Index Portfolio:

Currency		Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation (Depreciation)
EU Euro
EUR	10,000,000	BUY	7/30/10	$	13,238,290	$	12,230,321	$	(1,007,969	)
EU Euro
EUR	5,000,000	BUY	7/30/10		6,171,500		6,115,161		(56,339	)
								$	(1,064,308	)
EU Euro
EUR	2,000,000	SELL	7/30/10	$	2,455,780	$	2,446,064	$	9,716
								$	9,716

ING Euro STOXX 50^® Index Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts	Expiration Date	Market Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
Euro STOXX 50®	640	09/17/10	$	20,097,828	$	(390,695	)
			$	20,097,828	$	(390,695	)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	9,716
Total Asset Derivatives		$	9,716
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	1,064,308
Equity contracts	Net Assets-Unrealized depreciation*		390,695
Total Liability Derivatives		$	1,455,003

* Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

90

ING EURO STOXX 50^® INDEX
PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)(CONTINUED)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Foreign currency related transactions*			Futures			Total
Equity contracts	$	—		$	(1,343,187	)	$	(1,343,187	)
Foreign exchange contracts		393,735			—			393,735
Total	$	393,735		$	(1,343,187	)	$	(949,452	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Foreign currency related transactions*			Futures			Total
Equity contracts	$	—		$	(779,633	)	$	(779,633	)
Foreign exchange contracts		(1,054,592	)		—			(1,054,592	)
Total	$	(1,054,592	)	$	(779,633	)	$	(1,834,225	)

* Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.

See Accompanying Notes to Financial Statements

91

ING FTSE 100 INDEX^® PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Industry Allocation

as of June 30, 2010

(as a percent of net assets)

Financials	21.0%
Energy	17.0%
Consumer Staples	15.7%
Materials	12.5%
Health Care	9.2%
Telecommunication Services	6.8%

Consumer Discretionary	5.4%
Industrials	4.8%
Utilities	4.1%
Information Technology	0.8%
Other Assets and Liabilities – Net*	2.7%
Net Assets	100.0%

* Includes short-term investments related to securities lending collateral.

Portfolio holdings are subject to change daily.

Shares			Value		Percent of Net Assets
COMMON STOCK: 96.2%
		Consumer Discretionary: 5.4%
379,325		British Sky Broadcasting PLC	$	3,960,825	0.7
61,329		Carnival PLC		1,986,529	0.4
536,913		Compass Group PLC		4,084,553	0.7
675,863		Kingfisher PLC		2,117,182	0.4
457,762		Marks & Spencer Group PLC		2,255,122	0.4
232,135		Pearson PLC		3,052,984	0.5
349,819		Reed Elsevier PLC		2,593,834	0.5
363,128		WPP PLC		3,420,839	0.6
		Other Securities		6,773,266	1.2
				30,245,134	5.4
		Consumer Staples: 15.7%
576,080		British American Tobacco PLC		18,282,345	3.3
726,750		Diageo PLC		11,415,713	2.1
293,355		Imperial Tobacco Group PLC		8,196,531	1.5
533,018		J Sainsbury PLC		2,543,168	0.5
209,155		Reckitt Benckiser PLC		9,728,698	1.7
339,644		SABMiller PLC		9,523,780	1.7
2,288,744		Tesco PLC		12,911,737	2.3
370,676		Unilever PLC		9,908,908	1.8
758,781		WM Morrison Supermarkets PLC		2,998,350	0.5
		Other Securities		1,654,719	0.3
				87,163,949	15.7
		Energy: 17.0%
972,153		BG Group PLC		14,458,660	2.6
5,423,205		BP PLC		25,961,757	4.7
397,278	@	Cairn Energy PLC		2,440,640	0.4
1,023,561		Royal Dutch Shell PLC - Class A		25,830,621	8.0
783,917		Royal Dutch Shell PLC - Class B		18,947,807
253,456		Tullow Oil PLC		3,770,233	0.7
		Other Securities		3,284,637	0.6
				94,694,355	17.0

See Accompanying Notes to Financial Statements

92

ING FTSE 100 INDEX^® PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares			Value		Percent of Net Assets
		Financials: 19.9%
801,556		Aviva PLC	$	3,724,979	0.7
3,458,356		Barclays PLC		13,804,028	2.5
5,016,619		HSBC Holdings PLC		45,830,296	8.2
1,691,269		Legal & General Group PLC		1,971,242	0.4
11,340,288	@	Lloyds TSB Group PLC		8,952,779	1.6
1,534,562		Old Mutual PLC		2,349,485	0.4
728,190		Prudential PLC		5,492,446	1.0
4,993,133	@	Royal Bank of Scotland Group PLC		3,040,917	0.5
591,542		Standard Chartered PLC		14,404,278	2.6
		Other Securities		11,365,526	2.0
				110,935,976	19.9
		Health Care: 9.2%
416,046		AstraZeneca PLC		19,614,817	3.5
1,512,069	S	GlaxoSmithKline PLC		25,676,213	4.6
161,394		Shire PLC		3,310,872	0.6
256,132		Smith & Nephew PLC		2,419,817	0.5
				51,021,719	9.2
		Industrials: 4.8%
993,545		BAE Systems PLC		4,624,170	0.8
179,593		Capita Group PLC		1,978,615	0.4
294,399		Experian Group Ltd.		2,560,182	0.5
541,078		Rolls-Royce Group PLC		4,516,259	0.8
45,656,100	@	Rolls-Royce Group PLC - C Shares		68,215
		Other Securities		12,637,489	2.3
				26,384,930	4.8
		Information Technology: 0.8%
		Other Securities		4,663,543	0.8
		Materials: 12.5%
382,591	@	Anglo American PLC		13,331,438	2.4
636,807		BHP Billiton PLC		16,511,459	2.9
26,251		Randgold Resources Ltd.		2,495,631	0.4
440,680		Rio Tinto PLC		19,352,171	3.5
630,822		Xstrata PLC		8,260,389	1.5
		Other Securities		9,838,663	1.8
				69,789,751	12.5
		Telecommunication Services: 6.8%
2,231,278		BT Group PLC		4,307,023	0.8
15,185,565		Vodafone Group PLC		31,289,709	5.6
		Other Securities		2,356,609	0.4
				37,953,341	6.8
		Utilities: 4.1%
1,471,060		Centrica PLC		6,491,812	1.2
438,210		International Power PLC		1,957,473	0.3
988,749		National Grid PLC		7,218,816	1.3

See Accompanying Notes to Financial Statements

93

ING FTSE 100 INDEX^® PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares		Value		Percent of Net Assets
	Utilities: (continued)
265,575	Scottish & Southern Energy PLC	$	4,422,879	0.8
	Other Securities		2,771,494	0.5
			22,862,474	4.1
	Total Common Stock (Cost $ 575,089,216)		535,715,172	96.2
REAL ESTATE INVESTMENT TRUSTS: 1.1%
	Financials: 1.1%
	Other Securities		6,046,842	1.1
	Total Real Estate Investment Trusts (Cost $ 7,300,805)		6,046,842	1.1
	Total Long-Term Investments (Cost $ 582,390,021)		541,762,014	97.3
SHORT-TERM INVESTMENTS: 0.2%
	Securities Lending Collateralcc: 0.2%
970,134	BNY Mellon Overnight Government Fund(1)		970,134	0.2
	Total Short-Term Investments (Cost $ 970,134)		970,134	0.2
	Total Investments in Securities (Cost $ 583,360,155)*	$	542,732,148	97.5
	Other Assets and Liabilities - Net		13,873,114	2.5
	Net Assets	$	556,605,262	100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

⁽¹⁾ Collateral received from brokers for securities lending was invested in these short-term investments.

S All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign currency contracts and/or when-issued or delayed-delivery securities.

* Cost for federal income tax purposes is $584,283,131.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	16,794,194
Gross Unrealized Depreciation		(58,345,177	)
Net Unrealized Depreciation	$	(41,550,983	)

See Accompanying Notes to Financial Statements

94

ING FTSE 100 INDEX^® PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Common Stock
Consumer Discretionary	$	—		$	30,245,134		$	—	$	30,245,134
Consumer Staples		—			87,163,949			—		87,163,949
Energy		798,539			93,895,816			—		94,694,355
Financials		879,718			110,056,258			—		110,935,976
Health Care		—			51,021,719			—		51,021,719
Industrials		—			26,384,930			—		26,384,930
Information Technology		—			4,663,543			—		4,663,543
Materials		335,565			69,454,186			—		69,789,751
Telecommunication Services		959,403			36,993,938			—		37,953,341
Utilities		—			22,862,474			—		22,862,474
Total Common Stock		2,973,225			532,741,947			—		535,715,172
Real Estate Investment Trusts		—			6,046,842			—		6,046,842
Short-Term Investments		970,134			—			—		970,134
Total Investments, at value	$	3,943,359		$	538,788,789		$	—	$	542,732,148
Liabilities Table
Other Financial Instruments+:
Forward foreign currency contracts	$	—		$	(483,273	)	$	—	$	(483,273	)
Futures		(842,864	)		—			—		(842,864	)
Total Liabilities	$	(842,864	)	$	(483,273	)	$	—	$	(1,326,137	)

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

# The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments.

At June 30, 2010 the following forward foreign currency contracts were outstanding for the ING FTSE 100 Index^® Portfolio:

Currency		Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation (Depreciation)
British Pound
GBP	10,000,000	BUY	7/30/10	$	15,276,100	$	14,940,760	$	(335,340	)
British Pound
GBP	1,000,000	BUY	7/30/10		1,510,505		1,494,076		(16,429	)
								$	(351,769	)
British Pound
GBP	2,000,000	SELL	7/30/10	$	2,870,420	$	2,988,152	$	(117,732	)
British Pound
GBP	2,000,000	SELL	7/30/10		2,974,380		2,988,152		(13,772	)
								$	(131,504	)

See Accompanying Notes to Financial Statements

95

ING FTSE 100 INDEX^® PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

ING FTSE 100 Index^® Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts	Expiration Date	Market Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
FTSE 100 Index®	240	09/17/10	$	17,500,672	$	(842,864	)
			$	17,500,672	$	(842,864	)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	483,273
Equity contracts	Net Assets-Unrealized depreciation*		842,864
Total Liability Derivatives		$	1,326,137

* Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Foreign currency related transactions*			Futures			Total
Equity contracts	$	—		$	(67,921	)	$	(67,921	)
Foreign exchange contracts		538,489			—			538,489
Total	$	538,489		$	(67,921	)	$	470,568
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Foreign currency related transactions*			Futures			Total
Equity contracts	$	—		$	(1,119,440	)	$	(1,119,440	)
Foreign exchange contracts		(483,273	)		—			(483,273	)
Total	$	(483,273	)	$	(1,119,440	)	$	(1,602,713	)

* Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.

See Accompanying Notes to Financial Statements

96

ING HANG SENG INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Country Allocation

as of June 30, 2010

(as a percent of net assets)

Hong Kong	47.2%
China	35.9%
United Kingdom	14.5%

Other Assets and Liabilities – Net	2.4%
Net Assets	100.0%

Portfolio holdings are subject to change daily.

Shares			Value		Percent of Net Assets
COMMON STOCK: 97.6%
		China: 35.9%
899,728	@	Aluminum Corp. of China Ltd.	$	676,738	0.4
13,013,588		Bank of China Ltd.		6,565,390	4.4
1,315,780		Bank of Communications Co., Ltd.		1,384,801	0.9
12,821,185		China Construction Bank		10,321,228	6.9
1,698,911		China Life Insurance Co., Ltd.		7,429,728	4.9
3,830,337		China Petroleum & Chemical Corp.		3,089,664	2.1
775,841		China Shenhua Energy Co., Ltd.		2,799,005	1.9
488,261	@	Foxconn International Holdings Ltd.		316,097	0.2
12,323,340		Industrial and Commercial Bank of China Ltd.		8,957,279	6.0
4,816,604		PetroChina Co., Ltd.		5,327,477	3.5
391,716	I, X	Ping An Insurance Group Co. of China Ltd.		3,237,094	2.2
228,975		Tencent Holdings Ltd.		3,793,486	2.5
				53,897,987	35.9
		Hong Kong: 47.2%
368,984		Bank of East Asia Ltd.		1,331,145	0.9
844,629		BOC Hong Kong Holdings Ltd.		1,923,613	1.3
269,818		Cathay Pacific Airways Ltd.		533,627	0.4
317,739		Cheung Kong Holdings Ltd.		3,666,956	2.4
250,285		China Merchants Holdings International Co., Ltd.		826,254	0.5
1,373,601		China Mobile Ltd.		13,650,640	9.1
932,991		China Overseas Land & Investment Ltd.		1,738,453	1.2
273,286		China Resources Enterprise		1,006,087	0.7
458,000		China Resources Land Ltd.		861,146	0.6
427,654		China Resources Power Holdings Co.		969,296	0.6
1,075,110		China Unicom Ltd.		1,438,038	1.0
290,811		Citic Pacific Ltd.		538,725	0.4
411,931		CLP Holdings Ltd.		2,981,595	2.0
4,078,714		CNOOC Ltd.		6,932,501	4.6
370,697		Cosco Pacific Ltd.		437,502	0.3
277,479		Esprit Holdings Ltd.		1,490,440	1.0
473,706		Hang Lung Properties Ltd.		1,811,900	1.2
174,643		Hang Seng Bank Ltd.		2,335,031	1.5
245,024		Henderson Land Development Co., Ltd.		1,435,120	0.9
984,144		Hong Kong & China Gas		2,433,547	1.6
233,541	S	Hong Kong Exchanges and Clearing Ltd.		3,642,416	2.4
316,822		HongKong Electric Holdings		1,887,084	1.3
486,464		Hutchison Whampoa Ltd.		2,993,733	2.0

See Accompanying Notes to Financial Statements

97

ING HANG SENG INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares		Value		Percent of Net Assets
	Hong Kong: (continued)
605,514	Li & Fung Ltd.	$	2,709,056	1.8
326,643	MTR Corp.		1,113,925	0.7
579,176	New World Development Ltd.		940,263	0.6
558,241	Sino Land Co.		997,648	0.7
351,555	Sun Hung Kai Properties Ltd.		4,807,858	3.2
175,591	Swire Pacific Ltd.		1,993,177	1.3
314,637	Wharf Holdings Ltd.		1,524,279	1.0
			70,951,055	47.2
	United Kingdom: 14.5%
2,383,889	HSBC Holdings PLC		21,856,298	14.5
	Total Common Stock ( Cost $ 150,155,103 )		146,705,340	97.6
RIGHTS: 0.0%
	China: 0.0%
201,267	Bank of Communications Co., Ltd.		80,642	0.0
	Total Rights ( Cost $ - )		80,642	0.0
WARRANTS: 0.0%
	Hong Kong: 0.0%
49,204	Henderson Land Development Co. Ltd.		8,341	0.0
	Total Warrants ( Cost $ - )		8,341	0.0
	Total Investments in Securities (Cost $ 150,155,103)*	$	146,794,323	97.6
	Other Assets and Liabilities - Net		3,589,626	2.4
	Net Assets	$	150,383,949	100.0

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@ Non-income producing security

S All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign currency contracts and/or when-issued or delayed-delivery securities.

I Illiquid security

X Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.

* Cost for federal income tax purposes is $151,317,883.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	3,233,260
Gross Unrealized Depreciation		(7,756,820	)
Net Unrealized Depreciation	$	(4,523,560	)

See Accompanying Notes to Financial Statements

98

ING HANG SENG INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Industry	Percentage of Net Assets
Consumer Discretionary	2.8	%
Consumer Staples	0.7
Energy	12.1
Financials	59.0
Industrials	4.3
Information Technology	2.7
Materials	0.5
Telecommunication Services	10.0
Utilities	5.5
Other Assets and Liabilities - Net	2.4
Net Assets	100.0	%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Common Stock
China	$	2,799,005		$	51,098,982	$	—	$	53,897,987
Hong Kong		—			70,951,055		—		70,951,055
United Kingdom		—			21,856,298		—		21,856,298
Total Common Stock		2,799,005			143,906,335		—		146,705,340
Rights		80,642			—		—		80,642
Warrants		8,341			—		—		8,341
Total Investments, at value	$	2,887,988		$	143,906,335	$	—	$	146,794,323
Liabilities Table
Other Financial Instruments+:
Futures		(79,279	)		—		—		(79,279	)
Total Liabilities	$	(79,279	)	$	—	$	—	$	(79,279	)

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

# The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments.

ING Hang Seng Index Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts	Expiration Date	Market Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
Hang Seng Index	23	07/29/10	$	2,965,346	$	(79,279	)
			$	2,965,346	$	(79,279	)

See Accompanying Notes to Financial Statements

99

ING HANG SENG INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets-Unrealized depreciation*	$	79,279
Total Liability Derivatives		$	79,279

* Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	262,238
Total	$	262,238
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	(939,930	)
Total	$	(939,930	)

See Accompanying Notes to Financial Statements

100

ING INTERNATIONAL INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Country Allocation

as of June 30, 2010

(as a percent of net assets)

Japan	21.9%
United Kingdom	17.8%
France	8.7%
Switzerland	8.0%
Australia	7.6%
Germany	7.3%
Netherlands	4.3%
Spain	3.2%

Sweden	2.8%
Italy	2.6%
Hong Kong	2.4%
Singapore	1.4%
Countries between 0.9% – 1.0%(1)	2.9%
Countries less than 0.9%(2)	3.3%
Other Assets and Liabilities – Net*	5.8%
Net Assets	100.0%

* Includes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral.

⁽¹⁾ Includes three countries, which each represents 0.9% – 1.0% of net assets.

⁽²⁾ Includes eighteen countries, which each represents less than 0.9% of net assets.

Portfolio holdings are subject to change daily.

Shares		Value		Percent of Net Assets
COMMON STOCK: 92.6%
	Australia: 7.1%
80,807	Australia & New Zealand Banking Group Ltd.	$	1,451,407	0.5
106,736	BHP Billiton Ltd.		3,320,513	1.1
48,864	Commonwealth Bank of Australia		1,975,452	0.7
67,117	National Australia Bank Ltd.		1,297,658	0.4
94,850	Westpac Banking Corp.		1,671,872	0.6
	Other Securities		11,276,954	3.8
			20,993,856	7.1
	Austria: 0.3%
	Other Securities		808,509	0.3
	Belgium: 0.9%
	Other Securities		2,616,662	0.9
	Bermuda: 0.1%
	Other Securities		157,489	0.1
	China: 0.0%
	Other Securities		49,508	0.0
	Cyprus: 0.0%
	Other Securities		67,864	0.0
	Denmark: 1.0%
	Other Securities		2,936,080	1.0
	Eurozone: 0.0%
	Other Securities		25,692	0.0
	Finland: 1.0%
	Other Securities		2,865,666	1.0
	France: 8.5%
30,224	BNP Paribas		1,626,079	0.5
39,714	Gaz de France		1,129,889	0.4

See Accompanying Notes to Financial Statements

101

ING INTERNATIONAL INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares			Value		Percent of Net Assets
		France: (continued)
33,740		Sanofi-Aventis	$	2,032,074	0.7
66,901		Total S.A.		2,986,388	1.0
		Other Securities		17,314,970	5.9
				25,089,400	8.5
		Germany: 6.9%
14,482		Allianz AG		1,433,336	0.5
29,448		BASF AG		1,609,053	0.5
26,380		Bayer AG		1,474,155	0.5
28,786	@	DaimlerChrysler AG		1,456,157	0.5
57,405		E.ON AG		1,543,521	0.5
27,432	L	SAP AG		1,219,828	0.4
26,197		Siemens AG		2,343,058	0.8
		Other Securities		9,344,005	3.2
				20,423,113	6.9
		Greece: 0.3%
		Other Securities		726,405	0.3
		Guernsey: 0.0%
		Other Securities		81,488	0.0
		Hong Kong: 2.3%
		Other Securities		6,789,819	2.3
		Ireland: 0.3%
		Other Securities		752,487	0.3
		Israel: 0.8%
29,317		Teva Phaemaceutical Industries Ltd.		1,531,733	0.5
		Other Securities		884,922	0.3
				2,416,655	0.8
		Italy: 2.6%
83,460		ENI S.p.A.		1,532,001	0.5
		Other Securities		6,068,031	2.1
				7,600,032	2.6
		Japan: 21.7%
35,600		Canon, Inc.		1,326,792	0.5
52,600		Honda Motor Co., Ltd.		1,545,012	0.5
405,621		Mitsubishi UFJ Financial Group, Inc.		1,841,806	0.6
42,900		Sumitomo Mitsui Financial Group, Inc.		1,214,171	0.4
87,689		Toyota Motor Corp.		3,012,876	1.0
		Other Securities		55,222,604	18.7
				64,163,261	21.7
		Kazakhstan: 0.0%
		Other Securities		110,948	0.0
		Luxembourg: 0.4%
		Other Securities		1,167,074	0.4

See Accompanying Notes to Financial Statements

102

ING INTERNATIONAL INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares			Value			Percent of Net Assets
		Macau: 0.1%
		Other Securities	$	205,074		0.1
		Malaysia: 0.1%
		Other Securities		148,549		0.1
		Mauritius: 0.0%
		Other Securities		84,450		0.0
		Mexico: 0.0%
		Other Securities		99,941		0.0
		Netherlands: 4.3%
121,440	@, **	ING Groep NV		898,720		0.3
114,490		Royal Dutch Shell PLC - Class A		2,889,274		1.7
87,444		Royal Dutch Shell PLC - Class B		2,113,581
53,756		Unilever NV		1,468,037		0.5
		Other Securities		5,250,759		1.8
				12,620,371		4.3
		New Zealand: 0.1%
		Other Securities		274,007		0.1
		Norway: 0.6%
		Other Securities		1,795,992		0.6
		Portugal: 0.2%
		Other Securities		712,814		0.2
		Singapore: 1.4%
		Other Securities		4,231,939		1.4
		Spain: 3.2%
113,722		Banco Bilbao Vizcaya Argentaria S.A.		1,171,672		0.4
261,907		Banco Santander Central Hispano S.A.		2,746,412		0.9
132,450		Telefonica S.A.		2,453,601		0.8
		Other Securities		3,213,515		1.1
				9,585,200		3.2
		Sweden: 2.8%
		Other Securities		8,184,154		2.8
		Switzerland: 8.0%
69,074	@	ABB Ltd.		1,202,620		0.4
35,910		Credit Suisse Group		1,350,117	��	0.5
110,377		Nestle S.A.		5,322,250		1.8
67,308		Novartis AG		3,261,956		1.1
22,409		Roche Holding AG - Genusschein		3,084,413		1.1
116,061	@	UBS AG - Reg		1,537,555		0.5
		Other Securities		7,791,441		2.6
				23,550,352		8.0

See Accompanying Notes to Financial Statements

103

ING INTERNATIONAL INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares			Value		Percent of Net Assets
		United Kingdom: 17.6%
41,989	@	Anglo American PLC	$	1,463,113	0.5
45,889		AstraZeneca PLC		2,163,473	0.7
364,737		Barclays PLC		1,455,848	0.5
109,639		BG Group PLC		1,630,642	0.5
70,329		BHP Billiton PLC		1,823,526	0.6
593,566		BP PLC		2,841,496	1.0
63,625		British American Tobacco PLC		2,019,189	0.7
78,769		Diageo PLC		1,237,295	0.4
165,680		GlaxoSmithKline PLC		2,813,387	1.0
554,542	S	HSBC Holdings PLC		5,066,126	1.7
45,442		Rio Tinto PLC		1,995,555	0.7
64,598		Standard Chartered PLC		1,572,986	0.5
263,090		Tesco PLC		1,484,198	0.5
1,673,695	S	Vodafone Group PLC		3,448,641	1.2
		Other Securities		21,060,999	7.1
				52,076,474	17.6
		Total Common Stock (Cost $ 251,734,438)		273,411,325	92.6
REAL ESTATE INVESTMENT TRUSTS: 1.2%
		Australia: 0.5%
		Other Securities		1,404,132	0.5
		France: 0.2%
		Other Securities		735,241	0.2
		Hong Kong: 0.1%
		Other Securities		189,395	0.1
		Italy: 0.0%
		Other Securities		3,730	0.0
		Japan: 0.2%
		Other Securities		519,367	0.2
		Netherlands: 0.0%
		Other Securities		76,775	0.0
		Singapore: 0.0%
		Other Securities		118,098	0.0
		United Kingdom: 0.2%
		Other Securities		615,956	0.2
		Total Real Estate Investment Trusts (Cost $ 3,560,138)		3,662,694	1.2
PREFERRED STOCK: 0.4%
		Germany: 0.4%
		Other Securities		1,170,335	0.4
		Total Preferred Stock (Cost $ 1,012,695)		1,170,335	0.4

See Accompanying Notes to Financial Statements

104

ING INTERNATIONAL INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares			Value		Percent of Net Assets
RIGHTS: 0.0%
		Austria: 0.0%
15,860	I, X	Immoeast AG	$	—	0.0
		France: 0.0%
		Other Securities		53	0.0
		Total Rights (Cost $ -)		53	0.0
WARRANTS: 0.0%
		France: 0.0%
		Other Securities		482	0.0
		Hong Kong: 0.0%
		Other Securities		1,175	0.0
		Italy: 0.0%
		Other Securities		2,342	0.0
		Singapore: 0.0%
		Other Securities		1,224	0.0
		Total Warrants (Cost $ 1,997)		5,223	0.0
Principal Amount			Value		Percent of Net Assets
CORPORATE BONDS/NOTES: 0.0%
		Italy: 0.0%
		Other Securities	$	15,818	0.0
		Total Corporate Bonds /Notes (Cost $ 27,688)		15,818	0.0
		Total Long-Term Investments (Cost $ 256,336,956)		278,265,448	94.2
Shares			Value		Percent of Net Assets
SHORT-TERM INVESTMENTS: 5.2%
		Affiliated Mutual Fund: 2.8%
8,332,000		ING Institutional Prime Money Market Fund - Class I	$	8,332,000	2.8
		Total Mutual Fund (Cost $ 8,332,000)		8,332,000	2.8

See Accompanying Notes to Financial Statements

105

ING INTERNATIONAL INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares			Value		Percent of Net Assets
		Securities Lending Collateralcc: 2.4%
7,037,558		BNY Mellon Overnight Government Fund(1)	$	7,037,558	2.4
37,727	I	BNY Institutional Cash Reserves Fund, Series B(1)(2)		30,182	0.0
		Total Securities Lending Collateral (Cost $ 7,075,285)		7,067,740	2.4
		Total Short-Term Investments (Cost $ 15,407,285)		15,399,740	5.2
		Total Investments in Securities (Cost $ 271,744,241)*	$	293,665,188	99.4
		Other Assets and Liabilities - Net		1,736,325	0.6
		Net Assets	$	295,401,513	100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

⁽¹⁾ Collateral received from brokers for securities lending was invested in these short-term investments.

⁽²⁾ On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

S All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.

** Investment in affiliate

X Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.

* Cost for federal income tax purposes is $280,519,353.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	35,370,910
Gross Unrealized Depreciation		(22,225,075	)
Net Unrealized Appreciation	$	13,145,835

Industry	Percentage of Net Assets
Consumer Discretionary	9.6	%
Consumer Staples	10.0
Energy	6.7
Financials	22.8
Financials	0.0
Health Care	8.6
Industrials	11.5
Information Technology	4.9
Materials	9.5
Telecommunication Services	5.3
Utilities	5.3
Short-Term Investments	5.2
Other Assets and Liabilities - Net	0.6
Net Assets	100.0	%

See Accompanying Notes to Financial Statements

106

ING INTERNATIONAL INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Common Stock
Australia	$	1,560,295		$	19,433,561		$	—	$	20,993,856
Austria		—			808,509			—		808,509
Belgium		—			2,616,662			—		2,616,662
Bermuda		—			157,489			—		157,489
China		—			49,508			—		49,508
Cyprus		—			67,864			—		67,864
Denmark		—			2,936,080			—		2,936,080
Eurozone		—			25,692			—		25,692
Finland		—			2,865,666			—		2,865,666
France		295,509			24,793,891			—		25,089,400
Germany		295,410			20,127,703			—		20,423,113
Greece		—			726,405			—		726,405
Guernsey		81,488			—			—		81,488
Hong Kong		—			6,789,819			—		6,789,819
Ireland		99,932			652,555			—		752,487
Israel		—			2,416,655			—		2,416,655
Italy		—			7,600,032			—		7,600,032
Japan		4,515,113			59,648,148			—		64,163,261
Kazakhstan		—			110,948			—		110,948
Luxembourg		—			1,167,074			—		1,167,074
Macau		—			205,074			—		205,074
Malaysia		—			148,549			—		148,549
Mauritius		—			84,450			—		84,450
Mexico		—			99,941			—		99,941
Netherlands		—			12,620,371			—		12,620,371
New Zealand		—			274,007			—		274,007
Norway		—			1,795,992			—		1,795,992
Portugal		—			712,814			—		712,814
Singapore		5,703			4,226,236			—		4,231,939
Spain		—			9,585,200			—		9,585,200
Sweden		—			8,184,154			—		8,184,154
Switzerland		—			23,550,352			—		23,550,352
United Kingdom		97,346			51,979,128			—		52,076,474
Total Common Stock		6,950,796			266,460,529			—		273,411,325
Real Estate Investment Trusts		71,327			3,591,367			—		3,662,694
Preferred Stock		—			1,170,335			—		1,170,335
Rights		—			53			—		53
Warrants		4,694			529			—		5,223
Convertible Bonds		—			—			15,818		15,818
Short-Term Investments		15,369,558			—			30,182		15,399,740
Total Investments, at value	$	22,396,375		$	271,222,813		$	46,000	$	293,665,188
Other Financial Instruments+:
Forward foreign currency contracts		—			250,538			—		250,538
Total Assets	$	22,396,375		$	271,473,351		$	46,000	$	293,915,726
Liabilities Table
Other Financial Instruments+:
Forward foreign currency contracts		—			(175,777	)		—		(175,777	)
Futures		(379,487	)		—			—		(379,487	)
Total Liabilities	$	(379,487	)	$	(175,777	)	$	—	$	(555,264	)

See Accompanying Notes to Financial Statements

107

ING INTERNATIONAL INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/2009		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)			Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 6/30/2010
Asset Table
Investments, at value
Corporate Bonds/Notes		—		—		—		—		—		—			15,818		—		15,818
Rights		1		—		—		—		—		(1	)		—		—		—
Short-Term Investments		30,182		—		—		—		—		—			—		—		30,182
Total Investments, at value	$	30,183	$	—	$	—	$	—	$	—	$	(1	)	$	15,818	$	—	$	46,000

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $(12,710).

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

# The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments.

At June 30, 2010 the following forward foreign currency contracts were outstanding for the ING International Index Portfolio:

Currency		Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation (Depreciation)
Australian Dollar
AUD	500,000	BUY	7/30/10	$	458,538	$	419,336	$	(39,202	)
Australian Dollar
AUD	500,000	BUY	7/30/10		406,334		419,336		13,002
Swiss Franc
CHF	400,000	BUY	7/30/10		369,518		371,281		1,763
EU Euro
EUR	500,000	BUY	7/30/10		661,604		611,516		(50,088	)
EU Euro
EUR	900,000	BUY	7/30/10		1,110,654		1,100,729		(9,925	)
EU Euro
EUR	1,500,000	BUY	7/30/10		1,840,590		1,834,548		(6,042	)
British Pound
GBP	400,000	BUY	7/30/10		611,292		597,630		(13,662	)
British Pound
GBP	300,000	BUY	7/30/10		429,076		448,223		19,147
British Pound
GBP	800,000	BUY	7/30/10		1,166,240		1,195,261		29,021
Japanese Yen
JPY	100,000,000	BUY	7/30/10		1,075,769		1,131,579		55,810
Japanese Yen
JPY	70,000,000	BUY	7/30/10		781,834		792,105		10,271
Japanese Yen
JPY	200,000,000	BUY	7/30/10		2,205,534		2,263,158		57,624
								$	67,719

See Accompanying Notes to Financial Statements

108

ING INTERNATIONAL INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Currency		Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation (Depreciation)
Australian Dollar
AUD	200,000	SELL	7/30/10	$	183,837	$	167,735	$	16,102
Australian Dollar
AUD	300,000	SELL	7/30/10		261,188		251,602		9,586
Swiss Franc
CHF	200,000	SELL	7/30/10		185,734		185,641		93
Swiss Franc
CHF	200,000	SELL	7/30/10		177,413		185,641		(8,228	)
EU Euro
EUR	500,000	SELL	7/30/10		642,696		611,516		31,180
British Pound
GBP	200,000	SELL	7/30/10		305,754		298,815		6,939
British Pound
GBP	200,000	SELL	7/30/10		296,988		298,815		(1,827	)
Japanese Yen
JPY	20,000,000	SELL	7/30/10		212,465		226,316		(13,851	)
Japanese Yen
JPY	50,000,000	SELL	7/30/10		538,115		565,789		(27,674	)
Japanese Yen
JPY	10,000,000	SELL	7/30/10		107,880		113,158		(5,278	)
								$	7,042

ING International Index Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts	Expiration Date	Market Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
ASX SPI 200® Index	10	09/16/10	$	896,886	$	(51,106	)
CAC40® 10 Euro	43	09/17/10		1,807,792		(41,320	)
DAX Index	5	09/17/10		911,255		(19,730	)
Euro STOXX 50®	44	09/17/10		1,381,726		(23,214	)
FTSE 100 Index	52	09/17/10		3,791,812		(178,575	)
FTSE/MIB Index	4	09/17/10		473,146		(771	)
Hang Seng Index	3	07/29/10		386,784		(10,341	)
IBEX 35® Index	6	07/16/10		675,235		(5,145	)
OMXS30™ Index	86	07/16/10		1,111,762		(13,428	)
Tokyo Price Index (TOPIX)	26	09/09/10		2,465,758		(35,857	)
			$	13,902,156	$	(379,487	)

See Accompanying Notes to Financial Statements

109

ING INTERNATIONAL INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	250,538
Total Asset Derivatives		$	250,538
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	175,777
Equity contracts	Net Assets-Unrealized depreciation*		379,487
Total Liability Derivatives		$	555,264

* Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Foreign currency related transactions*		Futures			Total
Equity contracts	$	—	$	648,122		$	648,122
Foreign exchange contracts		119,797		—			119,797
Total	$	119,797	$	648,122		$	767,919
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Foreign currency related transactions*		Futures			Total
Equity contracts	$	—	$	(607,681	)	$	(607,681	)
Foreign exchange contracts		74,761		—			74,761
Total	$	74,761	$	(607,681	)	$	(532,920	)

* Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.

See Accompanying Notes to Financial Statements

110

ING JAPAN TOPIX INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Industry Allocation

as of June 30, 2010

(as a percent of net assets)

Industrials	19.4%
Consumer Discretionary	18.0%
Financials	15.9%
Information Technology	12.4%
Materials	7.8%
Consumer Staples	6.1%

Health Care	5.3%
Utilities	5.3%
Telecommunication Services	3.7%
Energy	1.0%
Other Assets and Liabilities – Net*	5.1%
Net Assets	100.0%

* Includes short-term investments related to securities lending collateral.

Portfolio holdings are subject to change daily.

Shares			Value		Percent of Net Assets
COMMON STOCK: 94.9%
		Consumer Discretionary: 18.0%
84,500		Denso Corp.	$	2,335,488	0.5
311,100		Honda Motor Co., Ltd.		9,137,892	1.9
352,200		Matsushita Electric Industrial Co., Ltd.		4,397,870	0.9
435,400	@	Nissan Motor Co., Ltd.		3,034,076	0.6
192,500		Sony Corp.		5,134,555	1.1
493,600	S	Toyota Motor Corp.		16,959,431	3.6
		Other Securities		44,955,287	9.4
				85,954,599	18.0
		Consumer Staples: 6.1%
909		Japan Tobacco, Inc.		2,827,987	0.6
104,100		Kao Corp.		2,449,353	0.5
178,000		Kirin Brewery Co., Ltd.		2,240,946	0.5
148,900		Seven & I Holdings Co., Ltd.		3,411,491	0.7
		Other Securities		18,271,217	3.8
				29,200,994	6.1
		Energy: 1.0%
405,610	@	JX Holdings, Inc.		2,004,768	0.4
		Other Securities		3,012,930	0.6
				5,017,698	1.0
		Financials: 15.9%
1,535		Dai-ichi Life Insurance Co. Ltd.		2,128,496	0.4
250,000		Mitsubishi Estate Co., Ltd.		3,480,418	0.7
2,685,900		Mitsubishi UFJ Financial Group, Inc.		12,195,894	2.6
159,000		Mitsui Fudosan Co., Ltd.		2,213,037	0.5
106,611		Mitsui Sumitomo Insurance Group Holdings, Inc.		2,281,831	0.5
3,090,700	S, L	Mizuho Financial Group, Inc.		5,071,254	1.1
711,000		Nomura Holdings, Inc.		3,884,537	0.8
270,400		Sumitomo Mitsui Financial Group, Inc.		7,652,959	1.6
145,100		Tokio Marine Holdings, Inc.		3,814,657	0.8
		Other Securities		33,193,248	6.9
				75,916,331	15.9

See Accompanying Notes to Financial Statements

111

ING JAPAN TOPIX INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares			Value		Percent of Net Assets
		Health Care: 5.3%
82,500		Astellas Pharma, Inc.	$	2,764,221	0.6
114,300		Daiichi Sankyo Co., Ltd.		2,042,071	0.4
139,700		Takeda Pharmaceutical Co., Ltd.		6,000,486	1.3
		Other Securities		14,324,736	3.0
				25,131,514	5.3
		Industrials: 19.4%
308		Central Japan Railway Co.		2,543,109	0.5
67,000		East Japan Railway Co.		4,461,233	0.9
37,200		Fanuc Ltd.		4,200,720	0.9
168,100		Komatsu Ltd.		3,026,831	0.6
284,400		Mitsubishi Corp.		5,883,793	1.2
336,000		Mitsubishi Electric Corp.		2,622,452	0.6
610,000		Mitsubishi Heavy Industries Ltd.		2,104,343	0.4
307,000		Mitsui & Co., Ltd.		3,581,397	0.8
		Other Securities		64,638,485	13.5
				93,062,363	19.4
		Information Technology: 12.4%
225,966		Canon, Inc.		8,421,629	1.8
82,700		Fuji Photo Film Co., Ltd.		2,389,986	0.5
380,000		Fujitsu Ltd.		2,375,313	0.5
841,146		Hitachi Ltd.		3,055,300	0.6
30,700		Kyocera Corp.		2,485,360	0.5
20,400		Nintendo Co., Ltd.		5,989,628	1.3
815,000		Toshiba Corp.		4,037,162	0.8
		Other Securities		30,647,996	6.4
				59,402,374	12.4
		Materials: 7.8%
81,400		JFE Holdings, Inc.		2,518,272	0.6
1,037,000		Nippon Steel Corp.		3,427,742	0.7
62,400		Shin-Etsu Chemical Co., Ltd.		2,901,300	0.6
		Other Securities		28,265,824	5.9
				37,113,138	7.8
		Telecommunication Services: 3.7%
590		KDDI Corp.		2,812,344	0.6
150,500	L	Nippon Telegraph & Telephone Corp.		6,130,751	1.3
3,170		NTT DoCoMo, Inc.		4,800,298	1.0
155,400		Softbank Corp.		4,121,715	0.8
		Other Securities		15,757	0.0
				17,880,865	3.7
		Utilities: 5.3%
121,400		Chubu Electric Power Co., Inc.		3,012,710	0.6
151,400		Kansai Electric Power Co., Inc.		3,692,377	0.8
230,000		Tokyo Electric Power Co., Inc.		6,256,792	1.3

See Accompanying Notes to Financial Statements

112

ING JAPAN TOPIX INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares		Value		Percent of Net Assets
	Utilities: (continued)
465,000	Tokyo Gas Co., Ltd.	$	2,122,791	0.4
	Other Securities		10,398,765	2.2
			25,483,435	5.3
	Total Common Stock (Cost $ 468,605,874)		454,163,311	94.9
SHORT-TERM INVESTMENTS: 2.7%
	Securities Lending Collateralcc: 2.7%
12,941,055	BNY Mellon Overnight Government Fund(1)		12,941,055	2.7
	Total Short-Term Investments (Cost $ 12,941,055)		12,941,055	2.7
	Total Investments in Securities (Cost $ 481,546,929)*	$	467,104,366	97.6
	Other Assets and Liabilities - Net		11,703,683	2.4
	Net Assets	$	478,808,049	100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

⁽¹⁾ Collateral received from brokers for securities lending was invested in these short-term investments.

S All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.

* Cost for federal income tax purposes is $482,695,939.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	18,195,893
Gross Unrealized Depreciation		(33,787,466	)
Net Unrealized Depreciation	$	(15,591,573	)

See Accompanying Notes to Financial Statements

113

ING JAPAN TOPIX INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Common Stock
Consumer Discretionary	$	9,339,202		$	76,615,397		$	—	$	85,954,599
Consumer Staples		1,298,311			27,902,683			—		29,200,994
Energy		2,004,768			3,012,930			—		5,017,698
Financials		4,101,122			71,815,209			—		75,916,331
Health Care		1,331,332			23,800,182			—		25,131,514
Industrials		4,800,128			88,262,235			—		93,062,363
Information Technology		—			59,402,374			—		59,402,374
Materials		—			37,113,138			—		37,113,138
Telecommunication Services		—			17,880,865			—		17,880,865
Utilities		5,836,321			19,647,114			—		25,483,435
Total Common Stock		28,711,184			425,452,127			—		454,163,311
Short-Term Investments		12,941,055			—			—		12,941,055
Total Investments, at value	$	41,652,239		$	425,452,127		$	—	$	467,104,366
Other Financial Instruments+:
Forward foreign currency contracts		—			786,772			—		786,772
Total Assets	$	41,652,239		$	426,238,899		$	—	$	467,891,138
Liabilities Table
Other Financial Instruments+:
Forward foreign currency contracts	$	—		$	(107,519	)	$	—	$	(107,519	)
Futures		(256,718	)		—			—		(256,718	)
Total Liabilities	$	(256,718	)	$	(107,519	)	$	—	$	(364,237	)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/2009		Purchases		Sales			Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 6/30/2010
Asset Table
Investments, at value
Common Stock	$	17,716	$	—	$	(18,661	)	$	—	$	796	$	149	$	—	$	—	$	—
Total Investments, at value	$	17,716	$	—	$	(18,661	)	$	—	$	796	$	149	$	—	$	—	$	—

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets

was $0.

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

See Accompanying Notes to Financial Statements

114

ING JAPAN TOPIX INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

# The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments.

At June 30, 2010 the following forward foreign currency contracts were outstanding for the ING Japan TOPIX Index Portfolio:

Currency		Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation (Depreciation)
Japanese Yen
JPY	1,000,000,000	BUY	7/30/10	$	10,626,824	$	11,315,789	$	688,965
Japanese Yen
JPY	700,000,000	BUY	7/30/10		7,825,601		7,921,052		95,451
Japanese Yen
JPY	1,000,000,000	BUY	7/30/10		11,313,433		11,315,789		2,356
								$	786,772
Japanese Yen
JPY	200,000,000	SELL	7/30/10	$	2,230,259	$	2,263,158	$	(32,899	)
Japanese Yen
JPY	200,000,000	SELL	7/30/10		2,188,538		2,263,158		(74,620	)
								$	(107,519	)

ING Japan TOPIX Index Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts	Expiration Date	Market Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
Tokyo Price Index (TOPIX)	241	09/09/10	$	22,855,681	$	(256,718	)
			$	22,855,681	$	(256,718	)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	786,772
Total Asset Derivatives		$	786,772
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	107,519
Equity contracts	Net Assets-Unrealized depreciation*		256,718
Total Liability Derivatives		$	364,237

* Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

See Accompanying Notes to Financial Statements

115

ING JAPAN TOPIX INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

The effect of derivative instruments on the Portfolio’s Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Foreign currency related transactions*			Futures			Total
Equity contracts	$	—		$	(1,031,948	)	$	(1,031,948	)
Foreign exchange contracts		(168,085	)				$	(168,085	)
Total	$	(168,085	)	$	(1,031,948	)	$	(1,200,033	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Foreign currency related transactions*			Futures			Total
Equity contracts	$	—		$	(528,337	)	$	(528,337	)
Foreign exchange contracts		679,253						679,253
Total	$	679,253		$	(528,337	)	$	150,916

* Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.

See Accompanying Notes to Financial Statements

116

ING WISDOMTREE^SM GLOBAL
HIGH-YIELDING EQUITY INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Country Allocation

as of June 30, 2010

(as a percent of net assets)

United States	20.0%
France	12.4%
United Kingdom	11.2%
Australia	8.5%
Spain	5.8%
Canada	4.9%
Germany	4.1%
Italy	3.6%

Switzerland	3.4%
Hong Kong	2.7%
Netherlands	2.2%
Brazil	2.1%
Countries between 1.0% – 1.9%(1)	8.5%
Countries less than 1.0%(2)	9.2%
Other Assets and Liabilities – Net	1.4%
Net Assets	100.0%

⁽¹⁾ Includes six countries, which each represents 1.0% – 1.9% of net assets.

⁽²⁾ Includes twenty five countries, which each represents less than 1.0% of net assets.

Portfolio holdings are subject to change daily.

Shares		Value		Percent of Net Assets
COMMON STOCK: 95.0%
	Australia: 8.5%
70,487	Australia & New Zealand Banking Group Ltd.	$	1,266,045	0.7
47,977	BHP Billiton Ltd.		1,492,545	0.8
38,256	Commonwealth Bank of Australia		1,546,597	0.9
66,279	National Australia Bank Ltd.		1,281,456	0.7
639,860	Telstra Corp. Ltd.		1,744,099	1.0
95,297	Westpac Banking Corp.		1,679,751	0.9
	Other Securities		6,214,065	3.5
			15,224,558	8.5
	Austria: 0.4%
	Other Securities		650,938	0.4
	Belgium: 0.5%
	Other Securities		843,843	0.5
	Brazil: 2.1%
64,100	Banco do Brasil S.A.		887,457	0.5
	Other Securities		2,894,326	1.6
			3,781,783	2.1
	Canada: 4.8%
21,556	Royal Bank of Canada		1,026,621	0.6
	Other Securities		7,643,735	4.2
			8,670,356	4.8
	Chile: 0.5%
	Other Securities		906,941	0.5
	China: 0.4%
	Other Securities		725,198	0.4
	Czech Republic: 0.6%
	Other Securities		1,057,130	0.6

See Accompanying Notes to Financial Statements

117

ING WISDOMTREE^SM GLOBAL
HIGH-YIELDING EQUITY INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares		Value		Percent of Net Assets
	Denmark: 0.0%
	Other Securities	$	82,873	0.0
	Eurozone: 0.0%
	Other Securities		23,224	0.0
	Finland: 1.2%
	Other Securities		2,086,153	1.2
	France: 12.3%
18,848	BNP Paribas		1,014,040	0.6
35,278	Electricite de France		1,342,212	0.8
148,022	France Telecom S.A.		2,567,435	1.4
76,989	Gaz de France		2,190,388	1.2
33,025	Sanofi-Aventis		1,989,011	1.1
78,405	Total S.A.		3,499,914	2.0
53,049	Vivendi		1,078,069	0.6
	Other Securities		8,321,284	4.6
			22,002,353	12.3
	Germany: 4.1%
9,697	Allianz AG		959,747	0.6
156,719	Deutsche Telekom AG		1,850,161	1.0
47,533	E.ON AG		1,278,080	0.7
14,879	RWE AG		973,623	0.6
	Other Securities		2,202,311	1.2
			7,263,922	4.1
	Greece: 0.5%
	Other Securities		978,146	0.5
	Hong Kong: 2.7%
283,000	China Mobile Ltd.		2,812,411	1.6
	Other Securities		2,056,232	1.1
			4,868,643	2.7
	Hungary: 0.1%
	Other Securities		174,442	0.1
	Indonesia: 0.2%
	Other Securities		419,547	0.2
	Ireland: 0.1%
	Other Securities		199,418	0.1
	Israel: 0.4%
	Other Securities		706,535	0.4
	Italy: 3.6%
421,619	Enel S.p.A.		1,785,208	1.0
112,642	ENI S.p.A.		2,067,669	1.2
	Other Securities		2,548,959	1.4
			6,401,836	3.6

See Accompanying Notes to Financial Statements

118

ING WISDOMTREE^SM GLOBAL
HIGH-YIELDING EQUITY INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares			Value		Percent of Net Assets
		Japan: 1.9%
678		NTT DoCoMo, Inc.	$	1,026,688	0.6
		Other Securities		2,329,564	1.3
				3,356,252	1.9
		Malaysia: 0.7%
		Other Securities		1,213,052	0.7
		Mexico: 0.3%
		Other Securities		503,847	0.3
		Netherlands: 2.2%
74,742		Royal Dutch Shell PLC - Class B		1,806,565	1.0
		Other Securities		2,134,794	1.2
				3,941,359	2.2
		New Zealand: 0.1%
		Other Securities		217,894	0.1
		Norway: 0.8%
58,039		Statoil ASA		1,118,111	0.6
		Other Securities		237,154	0.2
				1,355,265	0.8
		Philippines: 0.2%
		Other Securities		429,010	0.2
		Poland: 0.3%
		Other Securities		477,282	0.3
		Portugal: 0.4%
		Other Securities		791,651	0.4
		Russia: 0.4%
		Other Securities		708,211	0.4
		Singapore: 1.0%
		Other Securities		1,786,734	1.0
		South Africa: 0.6%
		Other Securities		1,011,435	0.6
		South Korea: 0.4%
		Other Securities		785,092	0.4
		Spain: 5.8%
88,159		Banco Bilbao Vizcaya Argentaria S.A.		908,298	0.5
240,483		Banco Santander Central Hispano S.A.		2,521,756	1.5
8,748	@	Banco Santander S.A.		92,646
148,431		Telefonica S.A.		2,749,644	1.5
		Other Securities		4,104,808	2.3
				10,377,152	5.8
		Sweden: 1.4%
		Other Securities		2,499,717	1.4

See Accompanying Notes to Financial Statements

119

ING WISDOMTREE^SM GLOBAL
HIGH-YIELDING EQUITY INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares		Value		Percent of Net Assets
	Switzerland: 3.4%
43,788	Novartis AG	$	2,122,103	1.2
11,132	Roche Holding AG - Genusschein		1,532,228	0.8
4,046	Zurich Financial Services AG		891,793	0.5
	Other Securities		1,591,744	0.9
			6,137,868	3.4
	Taiwan: 1.7%
526,427	Taiwan Semiconductor Manufacturing Co., Ltd.		983,915	0.5
	Other Securities		2,117,978	1.2
			3,101,893	1.7
	Thailand: 0.3%
	Other Securities		507,384	0.3
	Turkey: 0.7%
	Other Securities		1,187,024	0.7
	United Kingdom: 11.1%
32,606	AstraZeneca PLC		1,537,236	0.9
41,614	British American Tobacco PLC		1,320,653	0.7
127,857	GlaxoSmithKline PLC		2,171,120	1.2
279,759	HSBC Holdings PLC		2,555,793	1.4
1,465,062	Vodafone Group PLC		3,018,746	1.7
	Other Securities		9,263,352	5.2
			19,866,900	11.1
	United States: 18.3%
20,400	Abbott Laboratories		954,312	0.5
59,950	Altria Group, Inc.		1,201,398	0.7
157,950	AT&T, Inc.		3,820,806	2.1
38,600	Bristol-Myers Squibb Co.		962,684	0.6
29,300	Chevron Corp.		1,988,298	1.1
21,300	ConocoPhillips		1,045,617	0.6
16,200	McDonald’s Corp.		1,067,094	0.6
45,700	Merck & Co., Inc.		1,598,129	0.9
141,900	Pfizer, Inc.		2,023,494	1.1
40,200	Philip Morris International, Inc.		1,842,768	1.0
72,600	Verizon Communications, Inc.		2,034,252	1.1
	Other Securities		14,225,796	8.0
			32,764,648	18.3
	Total Common Stock (Cost $ 193,053,460)		170,087,509	95.0
REAL ESTATE INVESTMENT TRUSTS: 1.4%
	Canada: 0.1%
	Other Securities		170,771	0.1
	France: 0.1%
	Other Securities		264,957	0.1

See Accompanying Notes to Financial Statements

120

ING WISDOMTREE^SM GLOBAL
HIGH-YIELDING EQUITY INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares		Value		Percent of Net Assets
	United Kingdom: 0.1%
	Other Securities	$	214,552	0.1
	United States: 1.1%
	Other Securities		1,887,707	1.1
	Total Real Estate Investment Trusts (Cost $ 2,430,284)		2,537,987	1.4
EXCHANGE-TRADED FUNDS: 2.2%
	Developed Markets: 1.3%
51,600	iShares MSCI EAFE Index Fund		2,399,916	1.3
	Emerging Markets: 0.3%
	Other Securities		522,480	0.3
	United States: 0.6%
20,000	iShares S&P 500 Value Index Fund		993,200	0.6
	Total Exchange-Traded Funds (Cost $ 4,088,905)		3,915,596	2.2
WARRANTS: 0.0%
	France: 0.0%
	Other Securities		2,473	0.0
	Italy: 0.0%
	Other Securities		1,076	0.0
	Total Warrants (Cost $ 1,226)		3,549	0.0
	Total Investments in Securities (Cost $ 199,573,875)*	$	176,544,641	98.6
	Other Assets and Liabilities - Net		2,446,345	1.4
	Net Assets	$	178,990,986	100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@ Non-income producing security

* Cost for federal income tax purposes is $203,478,107.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	5,960,660
Gross Unrealized Depreciation		(32,894,126	)
Net Unrealized Depreciation	$	(26,933,466	)

See Accompanying Notes to Financial Statements

121

ING WISDOMTREE^SM GLOBAL
HIGH-YIELDING EQUITY INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Industry	Percentage of Net Assets
Consumer Discretionary	4.2	%
Consumer Staples	8.7
Energy	10.2
Financials	21.9
Health Care	9.7
Industrials	4.5
Information Technology	2.0
Materials	4.4
Telecommunication Services	18.1
Utilities	12.7
Other Long-Term Investments	2.2
Other Assets and Liabilities - Net	1.4
Net Assets	100.0	%

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Common Stock
Australia	$	1,266,045	$	13,958,513	$	—	$	15,224,558
Austria		—		650,938		—		650,938
Belgium		—		843,843		—		843,843
Brazil		3,781,783		—		—		3,781,783
Canada		8,670,356		—		—		8,670,356
Chile		906,941		—		—		906,941
China		—		725,198		—		725,198
Czech Republic		—		1,057,130		—		1,057,130
Denmark		—		82,873		—		82,873
Eurozone		—		23,224		—		23,224
Finland		—		2,086,153		—		2,086,153
France		1,342,212		20,660,141		—		22,002,353
Germany		—		7,263,922		—		7,263,922
Greece		—		978,146		—		978,146
Hong Kong		—		4,868,643		—		4,868,643
Hungary		—		174,442		—		174,442
Indonesia		—		419,547		—		419,547
Ireland		—		199,418		—		199,418
Israel		—		706,535		—		706,535
Italy		—		6,401,836		—		6,401,836
Japan		—		3,356,252		—		3,356,252
Malaysia		—		1,213,052		—		1,213,052
Mexico		503,847		—		—		503,847
Netherlands		—		3,941,359		—		3,941,359
New Zealand		—		217,894		—		217,894
Norway		—		1,355,265		—		1,355,265
Philippines		—		429,010		—		429,010
Poland		—		477,282		—		477,282
Portugal		—		791,651		—		791,651
Russia		540,750		167,461		—		708,211
Singapore		4,652		1,782,082		—		1,786,734
South Africa		—		1,011,435		—		1,011,435

See Accompanying Notes to Financial Statements

122

ING WISDOMTREE^SM GLOBAL
HIGH-YIELDING EQUITY INDEX PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs# (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
South Korea	$	—	$	785,092	$	—	$	785,092
Spain		—		10,377,152		—		10,377,152
Sweden		—		2,499,717		—		2,499,717
Switzerland		—		6,137,868		—		6,137,868
Taiwan		40,023		3,061,870		—		3,101,893
Thailand		—		507,384		—		507,384
Turkey		—		1,187,024		—		1,187,024
United Kingdom		159,406		19,707,494		—		19,866,900
United States		32,764,648		—		—		32,764,648
Total Common Stock		49,980,663		120,106,846		—		170,087,509
Real Estate Investment Trusts		2,058,478		479,509		—		2,537,987
Exchange-Traded Funds		3,915,596		—		—		3,915,596
Warrants		3,549		—		—		3,549
Total Investments, at value	$	55,958,286	$	120,586,355	$	—	$	176,544,641

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

# The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments.

See Accompanying Notes to Financial Statements

123

Investment Adviser

ING Investments, LLC

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258

Administrator

ING Funds Services, LLC

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258

Distributor

ING Investments Distributor, LLC

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258

Transfer Agent

BNY Mellon Investment Servicing (U.S.) Inc.

(formerly, PNC Global Investment Servicing (U.S.) Inc.)

301 Bellevue Parkway

Wilmington, Delaware 19809

Custodian

The Bank of New York Mellon

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-AVIPALL (0610-081910)

Semi-Annual Report

June 30, 2010

Classes I and S

Domestic Equity Index Portfolios

n ING Index Plus LargeCap Portfolio

n ING Index Plus MidCap Portfolio

n ING 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.

MUTUAL FUNDS

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	11
Summary Portfolios of Investments	21

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. This report contains a summary portfolio of investments for certain Portfolios. 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. The Portfolios’ Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Portfolios by calling Shareholder Services toll-free at (800) 992-0180.

PRESIDENT’S LETTER

Pay now and/or later

Dear Shareholder,

It’s summer, and it’s hot — 100 degrees has not been uncommon here on the East Coast — with no relief in the forecast. Do you turn up the air conditioning, knowing it will cost a fortune on your next electric bill? Or do you try to tough it out, sweltering to save money? Most of us would probably choose the immediate comfort of the A/C; the bill will come later.

The current heat wave thus presents a timely comparison to the trade-offs confronting policymakers as they consider the global economy. How do we balance the short-term need to sustain a fragile economic recovery against the long-term need to reduce deficits and debt? As with the heat, unless we make it through the short term, the long term won’t matter much. But spending on economic stimulus in the short term

could add to our long-term debt burden.

Most of the world is facing the same issues. Fiscal austerity programs are being implemented across Europe, and not just in those countries at most immediate risk of default. In the United States, there is as of yet no clear course of action. Expect to hear about this in the fall, as the gentle breezes of summer give way to the hot winds of electoral politics. We believe that for the next several months, markets will see heightened volatility as investors worldwide seek assurance that the global recovery remains on track. On the bright side, we expect corporate profits to continue to exceed expectations.

Confronted with this type of uncertainty, what do you do? Keep your options open — consider investing in funds that provide diversification geographically across markets and seek investment managers that are skilled at anticipating changes in correlations and risks among asset classes. And of course, discuss any proposed portfolio changes with your investment advisor before you take action.

Thank you for your continued confidence in ING Funds. We look forward to serving your investment needs in the future.

Sincerely,

Shaun Mathews

President & Chief Executive Officer

ING Funds

July 10, 2010

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 disclaim 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

MARKET PERSPECTIVE:  SIX MONTHS ENDED JUNE 30, 2010

After a 13-month advance through mid-April, a confluence of local and world concerns sent global equities, in the form of the MSCI World Index^SM measured in local currencies, including net reinvested dividends (“MSCI” for regions discussed below), on a steeply downward path. For the first half of the new fiscal year, the index fell 7.1% to closing levels not seen since October 2, 2009. (The MSCI World Index ^SM returned (9.84)% for the six months ended June 30, 2010, measured in U.S. dollars.)

By the end of 2009, the rally had become increasingly edgy. The rescue of failing institutions by governments and central banks in Europe and the U.S. together with unprecedented fiscal and monetary stimulus to counter the ensuing recession had led to enormous, unsustainable budget deficits. Not only would stimulus programs end, but debt would need to be wound down.

Beacons of hope in this rather bleak outlook were thought to be the U.S. and emerging markets, centered on China. The U.S. with its vast, dynamic, flexible economy would surely bounce back most quickly in the developed world. Emerging market economies, more fiscally robust these days, had never suffered much of a financial crisis and recession anyway and were again showing vibrant growth. The demand for capital goods from China might sustain Japan’s export led revival, while in Europe, growth may be tepid but at least the situation was stable. By early May all of these premises were disintegrating, the erosion gathering pace through June.

In the U.S., the critical housing market seemed to be improving, boosted by tax credits for home buyers. After sliding for more than three years, house prices (based on the S&P/Case-Shiller 20-City Composite Home Price Index) finally showed year-over-year increases from February. But even before the credits expired, sales of existing homes turned down. And in May, sales of new homes fell by one third from April, to the lowest rate since at least 1963. Unemployment remained stubbornly high, near 10%. The June report showed only 41,000 private sector jobs created, with annual wage growth below 2%. The final estimate of Gross Domestic Product (“GDP”) growth for the first quarter was revised down to 2.7% annualized. And excluding inventory build-up, real final demand expanded at just 0.8% per annum. Retail sales unexpectedly dipped in May. Some commentators also cited trends in the bond market (see below) and pointed to a double-dip recession.

China had grown at “only” 8.7% in 2009. In response, the government instructed the banks to expand lending and first quarter GDP growth rebounded to 11.9%. But inflation picked up and a housing bubble developed. The authorities quickly back-pedaled and repeatedly raised banks’ reserve ratio requirements. By the end of June the increasingly closely-watched Chinese manufacturing purchasing managers’ index was weakening. The unofficial version compiled by HSBC plumbed a 12-month low.

In the Eurozone, default on billions of euro of Greece’s maturing bonds loomed. Amid downgrades and ballooning yields, Eurozone countries, with no single voice, dithered on the need for a bail-out, its size, terms and the involvement of the International Monetary Fund (“IMF”). Many expected contagion and even doubted the viability of the euro itself. At last on the weekend of May 8-9, Eurozone finance ministers agreed on a Financial Stabilization mechanism funded with €500 billion, while the IMF would add up to €250 billion. The European Central Bank started buying sovereign debt and by then it was abundantly clear that the real problem was that vast quantities of the debt were held in the banking system, which might seize up as a result. In short, another “Lehman” event was feared.

In U.S. fixed income markets, the Barclays Capital U.S. Aggregate Bond Index of investment grade bonds returned 5.33%, with the Barclays Capital U.S. Treasury Index (which returned 5.86%) slightly outperforming the Barclays Capital Corporate Investment Grade Bond Index (which returned 5.79%). The Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index gained 4.45%. In the flight to safety, the two-year Treasury yield reached a record low, while the difference between the yields on two-year and ten-year Treasuries, having set new record high levels in February, fell back to October 2009 spreads by the end of June.

U.S. equities, represented by the S&P 500^® Index including dividends, fell 6.65% in the first half. Through early April, the economic reports seemed to be improving. Stock prices were also supported by strong earnings reports, with first quarter operating earnings per share for S&P 500^® companies coming in about 92% above those for the corresponding quarter of 2009. The index peaked on April 23, up over 9% for the year, before factors described above drove investor sentiment and the market back down amid surging volatility.

2

MARKET PERSPECTIVE:  SIX MONTHS ENDED JUNE 30, 2010

In currencies, the scenario described above in the Eurozone propelled the dollar up 17.4% on the euro. The dollar also gained 5.7% against the pound but lost 3.9% to the Japanese yen.

In international markets, the MSCI Japan^® Index dropped 7.5% for the first half of the year. The last thing export dependent Japan needed was a double-dip recession in the developed economies. Impressive 5% annualized first quarter GDP growth was considered vulnerable with household demand still slow and consumer prices drifting down. The MSCI Europe ex UK^® Index fell 6.2%. As in the U.S., the first few weeks of April saw the 2010 high point for the index before the peril inherent in shaky sovereign debt captured the attention of investors. The MSCI UK^® Index lost 7.6%, with BP contributing over 3% of it. The newly elected coalition government introduced an aggressively austere budget that would reduce the deficit to 3.9% by 2015, but this would have a depressing effect on growth and profits.

Parentheses denote a negative number.

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.

Benchmark Descriptions

Index	Description
MSCI World IndexSM	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.
S&P/Case-Shiller 20-City Composite Home Price Index	A composite index of the home price index for the top 20 Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor’s.
Barclays Capital U.S. Aggregate Bond Index	An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
Barclays Capital U.S. Treasury Index	An unmanaged index that includes public obligations of the U.S. Treasury. Treasury bills, certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS and STRIPS, are excluded.
Barclays Capital Corporate Investment Grade Bond Index	The corporate component of the Barclays Capital U.S. Credit Index. The U.S. Credit Index includes publicly-issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. The index includes both corporate and non-corporate sectors. The corporate sectors are industrial, utility and finance, which includes both U.S. and non-U.S. corporations.
Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index	An unmanaged index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
S&P 500® Index	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.
MSCI Japan® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
MSCI Europe ex UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
MSCI UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.

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, 2010 to June 30, 2010. The Portfolios’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

The left section of the table shown below, “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 right section of the table shown below, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a 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 a 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.

	Actual Portfolio Return								Hypothetical (5% return before expenses)
	Beginning Account Value January 1, 2010		Ending Account Value June 30, 2010		Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2010*		Beginning Account Value January 1, 2010		Ending Account Value June 30, 2010		Annualized Expense Ratio		Expenses Paid During the Period Ended June 30, 2010*
ING Index Plus LargeCap Portfolio
Class I	$	1,000.00	$	932.80	0.45	%	$	2.16	$	1,000.00	$	1,022.56	0.45	%	$	2.26
Class S		1,000.00		931.00	0.70			3.35		1,000.00		1,021.32	0.70			3.51
ING Index Plus MidCap Portfolio
Class I	$	1,000.00	$	971.50	0.51	%	$	2.49	$	1,000.00	$	1,022.27	0.51	%	$	2.56
Class S		1,000.00		970.00	0.76			3.71		1,000.00		1,021.03	0.76			3.81
ING Index Plus SmallCap Portfolio
Class I	$	1,000.00	$	978.60	0.51	%	$	2.50	$	1,000.00	$	1,022.27	0.51	%	$	2.56
Class S		1,000.00		977.30	0.76			3.73		1,000.00		1,021.03	0.76			3.81

* Expenses are equal to each Portfolio’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

4

STATEMENTS OF ASSETS AND LIABILITIESASOF JUNE 30, 2010 (UNAUDITED)

	ING Index Plus LargeCap Portfolio			ING Index Plus MidCap Portfolio			ING Index Plus SmallCap Portfolio
ASSETS:
Investments in securities at value+*	$	714,853,229		$	590,995,018		$	272,633,958
Short-term investments at value**		3,970,098			35,452,501			18,476,695
Short-term investments in affiliated underlying funds***		9,048,000			8,818,000			4,834,000
Cash		271,988			424,950			199,929
Cash collateral for futures		594,222			541,846			217,256
Receivables:
Investment securities sold		1,432,911			—			—
Fund shares sold		133,850			97,021			—
Dividends and interest		969,629			523,742			254,809
Prepaid expenses		9,073			6,751			3,127
Total assets		731,283,000			636,859,829			296,619,774
LIABILITIES:
Payable for fund shares redeemed		1,157,672			852,465			555,008
Payable upon receipt of securities loaned		4,291,859			36,022,739			18,762,548
Payable to affiliates		288,919			264,859			130,409
Payable for directors fees		3,632			3,001			1,388
Other accrued expenses and liabilities		257,623			232,743			128,368
Total liabilities		5,999,705			37,375,807			19,577,721
NET ASSETS	$	725,283,295		$	599,484,022		$	277,042,053
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	1,156,476,396		$	849,779,531		$	448,864,136
Undistributed net investment income		6,458,596			2,906,756			985,800
Accumulated net realized loss		(412,114,031	)		(246,973,894	)		(169,257,330	)
Net unrealized depreciation		(25,537,666	)		(6,228,371	)		(3,550,553	)
NET ASSETS	$	725,283,295		$	599,484,022		$	277,042,053
+      Including securities loaned at value	$	4,180,832		$	35,045,251		$	18,072,891
*      Cost of investments in securities	$	739,333,322		$	595,976,675		$	275,569,031
**    Cost of short-term investments	$	4,291,859		$	36,022,739		$	18,762,548
*** Cost of short-term investments in affiliated underlying funds	$	9,048,000		$	8,818,000		$	4,834,000
Class I:
Net assets	$	572,052,216		$	473,603,123		$	182,547,765
Shares authorized		200,000,000			100,000,000			100,000,000
Par value	$	0.001		$	0.001		$	0.001
Shares outstanding		50,328,700			38,326,663			16,298,894
Net asset value and redemption price per share	$	11.37		$	12.36		$	11.20
Class S:
Net assets	$	153,231,079		$	125,880,899		$	94,494,288
Shares authorized		100,000,000			100,000,000			100,000,000
Par value	$	0.001		$	0.001		$	0.001
Shares outstanding		13,573,199			10,287,760			8,515,413
Net asset value and redemption price per share	$	11.29		$	12.24		$	11.10

5

STATEMENTS OF OPERATIONSFORTHE SIX MONTHS ENDED JUNE 30, 2010 (UNAUDITED)

	ING Index Plus LargeCap Portfolio			ING Index Plus MidCap Portfolio			ING Index Plus SmallCap Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(1)	$	8,505,276		$	4,663,143		$	1,645,852
Interest		4,644			1,533			594
Securities lending income, net		8,279			96,298			250,492
Total investment income		8,518,199			4,760,974			1,896,938
EXPENSES:
Investment management fees		1,446,586			1,326,457			610,337
Distribution and service fees		219,765			175,228			130,673
Transfer agent fees		575			398			228
Administrative service fees		227,314			182,382			83,919
Shareholder reporting expense		41,999			36,485			14,790
Professional fees		43,164			33,630			15,495
Custody and accounting expense		47,745			37,240			24,709
Directors fees		9,273			41,101			21,720
Miscellaneous expense		25,104			23,440			11,298
Interest expense		651			41			—
Total expenses		2,062,176			1,856,402			913,169
Net waived and reimbursed fees		(3,189	)		(5,164	)		(3,084	)
Net expenses		2,058,987			1,851,238			910,085
Net investment income		6,459,212			2,909,736			986,853
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		57,863,130			54,390,322			23,729,034
Futures		(332,434	)		1,009,809			870,229
Net realized gain		57,530,696			55,400,131			24,599,263
Net change in unrealized appreciation or depreciation on:
Investments		(114,478,854	)		(73,914,408	)		(30,670,791	)
Futures		(779,536	)		(1,030,363	)		(615,314	)
Net change in unrealized appreciation or depreciation		(115,258,390	)		(74,944,771	)		(31,286,105	)
Net realized and unrealized loss		(57,727,694	)		(19,544,640	)		(6,686,842	)
Decrease in net assets resulting from operations	$	(51,268,482	)	$	(16,634,904	)	$	(5,699,989	)
*      Foreign taxes withheld	$	2,454		$	—		$	—
(1)   Dividends from affiliates	$	5,621		$	10,203		$	6,415

6

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Index Plus LargeCap Portfolio						ING Index Plus MidCap Portfolio
	Six Months Ended June 30, 2010			Year Ended December 31, 2009			Six Months Ended June 30, 2010			Year Ended December 31, 2009
FROM OPERATIONS:
Net investment income	$	6,459,212		$	15,962,911		$	2,909,736		$	7,649,990
Net realized gain (loss)		57,530,696			(97,349,768	)		55,400,131			(124,931,250	)
Net change in unrealized appreciation or depreciation		(115,258,390	)		254,411,259			(74,944,771	)		281,471,755
Increase (decrease) in net assets resulting from operations		(51,268,482	)		173,024,402			(16,634,904	)		164,190,495
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class I		(12,854,302	)		(21,659,223	)		(5,687,907	)		(8,141,405	)
Class S		(3,027,104	)		(5,041,109	)		(1,213,000	)		(1,755,366	)
Total distributions		(15,881,406	)		(26,700,332	)		(6,900,907	)		(9,896,771	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		3,332,328			21,792,590			14,555,624			20,942,249
Reinvestment of distributions		15,881,406			26,700,332			6,900,907			9,896,771
		19,213,734			48,492,922			21,456,531			30,839,020
Cost of shares redeemed		(90,053,281	)		(197,222,557	)		(49,577,704	)		(105,802,404	)
Net decrease in net assets resulting from capital share transactions		(70,839,547	)		(148,729,635	)		(28,121,173	)		(74,963,384	)
Net increase (decrease) in net assets		(137,989,435	)		(2,405,565	)		(51,656,984	)		79,330,340
NET ASSETS:
Beginning of period		863,272,730			865,678,295			651,141,006			571,810,666
End of period	$	725,283,295		$	863,272,730		$	599,484,022		$	651,141,006
Undistributed net investment income at end of period	$	6,458,596		$	15,880,790		$	2,906,756		$	6,897,927

7

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Index Plus SmallCap Portfolio
	Six Months Ended June 30, 2010			Year Ended December 31, 2009
FROM OPERATIONS:
Net investment income	$	986,853		$	2,273,049
Net realized gain (loss)		24,599,263			(71,816,252	)
Net change in unrealized appreciation or depreciation		(31,286,105	)		133,120,587
Increase (decrease) in net assets resulting from operations		(5,699,989	)		63,577,384
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class I		(1,452,197	)		(3,679,023	)
Class S		(526,966	)		(1,395,586	)
Total distributions		(1,979,163	)		(5,074,609	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		8,025,067			16,733,517
Reinvestment of distributions		1,979,163			5,074,609
		10,004,230			21,808,126
Cost of shares redeemed		(25,932,116	)		(77,225,953	)
Net decrease in net assets resulting from capital share transactions		(15,927,886	)		(55,417,827	)
Net increase (decrease) in net assets		(23,607,038	)		3,084,948
NET ASSETS:
Beginning of period		300,649,091			297,564,143
End of period	$	277,042,053		$	300,649,091
Undistributed net investment income at end of period	$	985,800		$	1,978,110

8

FINANCIAL HIGHLIGHTS(UNAUDITED)

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

		Income (loss) from investment operations						Less distributions							Ratios to average net assets							Supplemental data
	Net asset value, beginning of year or period	Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income	From net realized gains	From return of capital	Total distributions	Net asset value, end of year or period	Total Return(1)		Expenses before reductions/ additions(2)	Expenses net of fee waivers and/or recoupments, if any(2)(3)		Expenses net of all reductions/ additions(2)(3)		`Net investment income (loss)(2)(3)		Net assets, end of year or period	Portfolio turnover rate
Year or period ended	($)	($)		($)		($)		($)	($)	($)	($)	($)	(%)		(%)	(%)		(%)		(%)		($000’s)	(%)
ING Index Plus LargeCap Portfolio
Class I
06-30-10	12.42	0.10	•	(0.90	)	(0.80	)	0.25	—	—	0.25	11.37	(6.72	)	0.45	0.45	†	0.45	†	1.62	†	572,052	61
12-31-09	10.44	0.21	•	2.12		2.33		0.35	—	—	0.35	12.42	23.20		0.45	0.45	†	0.45	†	2.01	†	678,612	142
12-31-08	18.13	0.25	•	(6.57	)	(6.32	)	0.30	1.07	—	1.37	10.44	(37.21	)	0.47	0.47	†	0.47	†	1.70	†	680,918	175
12-31-07	17.48	0.29	•	0.58		0.87		0.22	—	—	0.22	18.13	5.03	††	0.44	0.44	†	0.44	†	1.62	†	2,323,707	121
12-31-06	15.42	0.23	•	2.00		2.23		0.17	—	—	0.17	17.48	14.58		0.43	0.43	†	0.43	†	1.46	†	2,352,193	128
12-31-05	14.82	0.19	•	0.60		0.79		0.19	—	—	0.19	15.42	5.38		0.45	0.45		0.45		1.30		1,389,139	89
Class S
06-30-10	12.33	0.08	•	(0.90	)	(0.82	)	0.22	—	—	0.22	11.29	(6.90	)	0.70	0.70	†	0.70	†	1.37	†	153,231	61
12-31-09	10.34	0.18	•	2.12		2.30		0.31	—	—	0.31	12.33	23.01		0.70	0.70	†	0.70	†	1.76	†	184,661	142
12-31-08	17.99	0.21	•	(6.51	)	(6.30	)	0.28	1.07	—	1.35	10.34	(37.40	)	0.72	0.72	†	0.72	†	1.53	†	184,760	175
12-31-07	17.32	0.25	•	0.57		0.82		0.15	—	—	0.15	17.99	4.77	††	0.69	0.69	†	0.69	†	1.38	†	319,717	121
12-31-06	15.30	0.18	•	1.99		2.17		0.15	—	—	0.15	17.32	14.28		0.68	0.68	†	0.68	†	1.13	†	209,440	128
12-31-05	14.73	0.16	•	0.59		0.75		0.18	—	—	0.18	15.30	5.15		0.70	0.70		0.70		1.10		557,134	89
ING Index Plus MidCap Portfolio
Class I
06-30-10	12.85	0.07		(0.41	)	(0.34	)	0.15	—	—	0.15	12.36	(2.85	)	0.51	0.51	†	0.51	†	0.93	†	473,603	77
12-31-09	9.94	0.15	•	2.95		3.10		0.19	—	—	0.19	12.85	31.71		0.52	0.52	†	0.52	†	1.38	†	512,163	132
12-31-08	18.33	0.22		(6.37	)	(6.15	)	0.22	2.02	—	2.24	9.94	(37.56	)	0.52	0.52	†	0.52	†	1.14	†	447,503	113
12-31-07	18.89	0.21		0.83		1.04		0.15	1.45	—	1.60	18.33	5.50	††	0.49	0.49	†	0.49	†	1.06	†	1,177,708	127
12-31-06	18.69	0.17	•	1.57		1.74		0.12	1.42	—	1.54	18.89	9.44		0.49	0.49	†	0.49	†	0.92	†	1,148,074	84
12-31-05	18.16	0.16	•	1.77		1.93		0.09	1.31	—	1.40	18.69	11.14		0.49	0.49		0.49		0.87		844,703	100
Class S
06-30-10	12.72	0.05		(0.41	)	(0.36	)	0.12	—	—	0.12	12.24	(3.00	)	0.76	0.76	†	0.76	†	0.68	†	125,881	77
12-31-09	9.82	0.12	•	2.93		3.05		0.15	—	—	0.15	12.72	31.47		0.77	0.77	†	0.77	†	1.13	†	138,978	132
12-31-08	18.13	0.14		(6.26	)	(6.12	)	0.17	2.02	—	2.19	9.82	(37.73	)	0.77	0.77	†	0.77	†	0.91	†	124,308	113
12-31-07	18.69	0.15		0.84		0.99		0.10	1.45	—	1.55	18.13	5.26	††	0.74	0.74	†	0.74	†	0.81	†	245,948	127
12-31-06	18.53	0.12		1.55		1.67		0.09	1.42	—	1.51	18.69	9.12		0.74	0.74	†	0.74	†	0.63	†	227,616	84
12-31-05	18.05	0.11	•	1.75		1.86		0.07	1.31	—	1.38	18.53	10.84		0.74	0.74		0.74		0.62		278,554	100

See Accompanying Notes to Financial Statements

9

FINANCIAL  HIGHLIGHTS (UNAUDITED) (CONTINUED)

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

		Income (loss) from investment operations						Less distributions							Ratios to average net assets							Supplemental data
	Net asset value, beginning of year or period	Net investment income (loss)		Net realized and unrealized gain (loss)		Total from investment operations		From net investment income	From net realized gains	From return of capital	Total distributions	Net asset value, end of year or period	Total Return(1)		Expenses before reductions/ additions(2)	Expenses net of fee waivers and/or recoupments, if any(2)(3)		Expenses net of all reductions/ additions(2)(3)		Net investment income (loss)(2)(3)		Net assets, end of year or period	Portfolio turnover rate
Year or period ended	($)	($)		($)		($)		($)	($)	($)	($)	($)	(%)		(%)	(%)		(%)		(%)		($000’s)	(%)
ING Index Plus SmallCap Portfolio
Class I
06-30-10	11.52	0.05		(0.28	)	(0.23	)	0.09	—	—	0.09	11.20	(2.14	)	0.51	0.51	†	0.51	†	0.73	†	182,548	64
12-31-09	9.41	0.09	•	2.20		2.29		0.18	—	—	0.18	11.52	24.85		0.52	0.52	†	0.52	†	0.90	†	197,476	98
12-31-08	15.19	0.14	•	(4.97	)	(4.83	)	0.12	0.83	—	0.95	9.41	(33.58	)	0.52	0.52	†	0.52	†	1.10	†	201,978	100
12-31-07	17.99	0.12		(1.07	)	(0.95	)	0.08	1.77	—	1.85	15.19	(6.22	)	0.49	0.49	†	0.49	†	0.67	†	638,474	126
12-31-06	16.68	0.09	•	2.20		2.29		0.07	0.91	—	0.98	17.99	13.82		0.49	0.49	†	0.49	†	0.52	†	745,115	93
12-31-05	16.39	0.11	•	1.09		1.20		0.05	0.86	—	0.91	16.68	7.62		0.49	0.49		0.49		0.66		378,121	71
Class S
06-30-10	11.41	0.03		(0.28	)	(0.25	)	0.06	—	—	0.06	11.10	(2.27	)	0.76	0.76	†	0.76	†	0.48	†	94,494	64
12-31-09	9.30	0.06	•	2.19		2.25		0.14	—	—	0.14	11.41	24.65		0.77	0.77	†	0.77	†	0.65	†	103,173	98
12-31-08	15.01	0.13		(4.93	)	(4.80	)	0.08	0.83	—	0.91	9.30	(33.73	)	0.77	0.77	†	0.77	†	0.87	†	95,586	100
12-31-07	17.79	0.07		(1.06	)	(0.99	)	0.02	1.77	—	1.79	15.01	(6.49	)	0.74	0.74	†	0.74	†	0.42	†	181,986	126
12-31-06	16.53	0.04	•	2.18		2.22		0.05	0.91	—	0.96	17.79	13.48		0.74	0.74	†	0.74	†	0.25	†	204,246	93
12-31-05	16.28	0.07	•	1.08		1.15		0.04	0.86	—	0.90	16.53	7.36		0.74	0.74		0.74		0.43		333,092	71

⁽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.

⁽²⁾ Expense ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage commission recapture arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor but prior to reductions from brokerage commission recapture arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.

^· 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 (Note 4).

^†† There was no impact on total return due to payment by affiliate in 2007.

See Accompanying Notes to Financial Statements

10

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED)

NOTE 1 — ORGANIZATION

Organization. ING Variable Portfolios, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act” or “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 nineteen active separate investment series that comprise the Company. The three series (each a “Portfolio”, collectively the “Portfolios”) that are in this report are: ING Index Plus LargeCap Portfolio (“Index Plus LargeCap”), ING Index Plus MidCap Portfolio (“Index Plus MidCap”), and ING Index Plus SmallCap Portfolio (“Index Plus SmallCap”).

The Company is authorized to offer three share classes of the Portfolios, referred to as Class I, Class S and Service 2 Class (“Class S2”); however the Portfolios do not currently offer all classes. Each class has equal rights as to class and voting privileges. The classes differ principally in the applicable distribution and shareholder 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 Portfolios pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Common expenses of the Portfolios (including custodial asset-based fees, legal and audit fees, printing and mailing fees, and fees and expenses of the independent trustees) are allocated to each Portfolio in proportion to its average 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, transfer agency out-of-pocket expenses, 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 service fees, if applicable.

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 other series of the 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 serves as the investment adviser (“ING Investments” or the “Investment Adviser”) to the Portfolios. ING Investment Management Co. serves as the sub-adviser (“ING IM” or the “Sub-Adviser”) to the Portfolios. ING Funds Services, LLC serves as the administrator (“IFS” or the “Administrator”) for the Portfolios. ING Investments Distributor, LLC (formerly, ING Funds Distributor, LLC) (“IID” or the “Distributor”) serves as the principal underwriter to the Portfolios.

The Investment Adviser, the Sub-Adviser, IFS and IID 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.

ING Groep has adopted a formal restructuring plan that was approved by the European Commission in November 2009 under which the ING life insurance businesses, including the retirement services and investment management businesses, which include the Investment Adviser and its affiliates, would be divested by ING Groep by the end of 2013. While there can be no assurance that it will be carried out, the restructuring plan presents certain risks, including uncertainty about the effect on the businesses of the ING entities that service the Portfolios and potential termination of the Portfolios’ existing advisory agreement, which may trigger the need for shareholder approval of new agreements.

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

11

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 acquired with more than 60 days to maturity are valued using matrix pricing methods determined by an independent pricing service which takes into consideration such factors as yields, maturities, liquidity, ratings and traded prices in similar or identical securities. Investments in securities of sufficient credit quality, maturing in 60 days or less are valued at amortized cost which approximates fair value. Investments in open-end mutual funds are valued at net asset value.

Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of fair market value obtained from yield data relating to investments or securities with similar characteristics. 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 defined by the 1940 Act, and 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 defined by the 1940 Act, and as determined in good faith by or under the supervision of the Board, in accordance with methods that are specifically authorized by the Board. All such valuations are made in accordance with valuation procedures of the Portfolios (the “Valuation Procedures”) which have been approved by the Board. The valuation techniques applied in any specific instance are set forth in the Valuation Procedures and may 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 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 such models accurately reflect the behavior of the applicable markets or the effect of the behavior of such markets on the fair value

12

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 a Portfolio’s NAV.

Fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each investment asset or liability of the Portfolio 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 or liability 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. Short-term securities of sufficient credit quality which are valued at amortized cost, which approximates fair value, are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Portfolio’s investments under these levels of classification is included following the Portfolio of Investments.

For the six months ended June 30, 2010, there have been no significant changes to the fair valuation methodologies.

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 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

13

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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. 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.

E. 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. Management has considered the sustainability of the Portfolios’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expire.

F. 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.

G. Risk Exposures and the use of Derivative Instruments. Each Portfolio’s investment objectives permit it to enter into various types of derivatives contracts, including, but not limited to, futures contracts, forward foreign currency exchange contracts, credit default swaps, interest rate swaps,

total return swaps, and purchased and written options. In doing so, the Portfolio will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to market risk factors. This may allow the Portfolio to pursue its objectives more quickly, and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

Market Risk Factors. In pursuit of its investment objectives, a Portfolio may seek to use derivatives to increase or decrease its exposure to the following market risk factors:

Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Risks of Investing in Derivatives. Each Portfolio’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where a Portfolio is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by a Portfolio, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

14

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of a Portfolio to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because the Portfolio is required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and a Portfolio. Associated risks are not the risks that a Portfolio is attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that a Portfolio will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.

H. Foreign Currency Transactions and Futures Contracts. Each Portfolio 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 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 is a commitment to buy or sell a specific amount of a financial instrument at a negotiated price on a stipulated future date. Each Portfolio may buy and sell futures contracts. Futures contracts traded on a commodities or futures exchange will be valued at the final settlement price or official closing price on the principal exchange as reported by such principal exchange at its trading session ending at, or most recently prior to, the time when the Portfolio’s assets are valued.

Upon entering into a futures contract, each Portfolio is required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Portfolio each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. Open futures contracts are reported on a table following each Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in each Portfolio’s Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in each Portfolio’s Statement of Operations. Realized gains (losses) are reported in each Portfolio’s Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the six months ended June 30, 2010, each Portfolio has purchased futures contracts on various equity indexes to increase exposure to equity risk. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where each Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of each Portfolio’s securities.

During the six months ended June 30, 2010, Index Plus LargeCap, Index Plus MidCap, and Index Plus SmallCap

15

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

had average market values on futures contracts purchased of $14,989,322, $17,516,917 and $8,773,407 respectively.

I. Securities Lending. Each Portfolio has the option to temporarily loan up to 33 ¹/3% 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 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, as defined in the Act, determined under procedures approved by the Board.

K. Indemnifications. In the normal course of business, the Company may enter into contracts that provide certain indemnifications. The Company’s 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, management believes the risk of loss from such claims is considered remote.

NOTE 3 — INVESTMENT TRANSACTIONS

For the six months ended June 30, 2010, the cost of purchases and the proceeds from the sale of securities, excluding short-term securities, were as follows:

	Purchases		Sales
Index Plus LargeCap	$	497,648,741	$	565,355,091
Index Plus MidCap		493,309,801		515,091,267
Index Plus SmallCap		187,338,172		199,248,531

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:

Index Plus LargeCap	0.35	%
Index Plus MidCap	0.40	%
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 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 six months ended June 30, 2010, the Investment Adviser for Index Plus LargeCap, Index Plus MidCap and Index Plus SmallCap waived $3,189, $5,164, and $3,084 of such management fees, respectively. These fees are not subject to recoupment.

Pursuant to the Administration Agreement, IFS 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.

In placing equity security transactions, the Investment Adviser or Sub-Adviser is required to use its best efforts to choose a broker capable of providing brokerage services necessary to obtain the best execution for each

16

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 4 —  INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)

transaction. Subject to this requirement, the Investment Adviser or Sub-Adviser may allocate equity security transactions through certain designated broker-dealers. Some of these broker-dealers participate in commission recapture programs that have been established for the benefit of the Portfolios. Under these programs, the participating broker-dealers will return to a Portfolio a portion of the brokerage commissions (in the form of a credit to a Portfolio) paid to the broker-dealers to pay certain expenses of a Portfolio. These commission recapture payments benefit the Portfolios and not the Investment Adviser or Sub-Adviser. Any amount credited to a Portfolio is reflected as brokerage commission recapture in the Statements of Operations.

NOTE 5 — DISTRIBUTION FEES

Class S shares of the Portfolios have adopted a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plans”), whereby the Distributor is compensated by each Portfolio for expenses incurred for shareholder servicing and/or the distribution of each Portfolio’s Class S shares. 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 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% of average daily net assets.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES

At June 30, 2010, the Portfolios had the following amounts recorded in payable to affiliates on the accompanying Statements of Assets and Liabilities (see Notes 4 and 5):

Portfolio	Accrued Investment Management Fees		Accrued Administrative Fees		Accrued Shareholder Service and Distribution Fees		Total
Index Plus LargeCap	$	220,661	$	34,757	$	33,501	$	288,919
Index Plus MidCap		208,647		28,754		27,458		264,859
Index Plus SmallCap		96,439		13,297		20,673		130,409

At June 30, 2010, the following indirect, wholly-owned subsidiaries of ING Groep owned more than 5% of the following Portfolios:

ING Life Insurance and Annuity Company — Index Plus LargeCap Portfolio (75.67%); Index Plus MidCap Portfolio (75.54%); Index Plus SmallCap Portfolio (59.64%)

Reliastar Life Insurance Company — Index Plus SmallCap Portfolio (5.04%)

ING USA Annuity and Life Insurance Company — Index Plus LargeCap Portfolio (19.99%); Index Plus Portfolio (19.28%); Index Plus SmallCap Portfolio (31.39%)

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. The 1940 Act defines affiliates as companies that are under common control. Therefore, because the Portfolios have a common owner that owns over 25% of the outstanding securities of the Portfolios, they may be deemed to be affiliates of each other. Investment activities of these shareholders could have a material impact on the Portfolios.

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. Amounts deferred are treated as though invested in various “Notional” funds advised by ING Investments until distribution in accordance with the Policy.

NOTE 7 — EXPENSE LIMITATION AGREEMENT

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

	Class I		Class S
Index Plus LargeCap	0.55	%	0.80	%
Index Plus MidCap	0.60	%	0.85	%
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

17

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 7 — EXPENSE LIMITATION AGREEMENT (continued)

Portfolio. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities for each Portfolio.

As of June 30, 2010, the Portfolios 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 — LINE OF CREDIT

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 The Bank of New York Mellon for an aggregate amount of $100,000,000. The proceeds may be used to: (1) temporarily finance the purchase or sale of securities; or (2) finance the redemption of shares of an investor of a Portfolio to which a loan is made. The Portfolios to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount.

Generally, borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance. Each Portfolio utilized the line of credit during the six months ended June 30, 2010:

	Days Utilized	Approximate Average Daily Balance		Approximate Weighted Average Interest Rate
Index Plus LargeCap	12	$	1,385,417	1.43	%
Index Plus MidCap	1		1,080,000	1.40

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold	Reinvestment of distributions	Shares redeemed		Net increase (decrease) in shares outstanding		Shares sold	Reinvestment of distributions	Shares redeemed		Net increase (decrease)
Year or period ended	#	#	#		#		($)	($)	($)		($)
Index Plus LargeCap
Class I
06-30-10	192,908	970,136	(5,468,296	)	(4,305,252	)	2,383,681	12,854,302	(68,625,921	)	(53,387,938	)
12-31-09	1,901,733	2,226,025	(14,739,250	)	(10,611,492	)	19,828,585	21,659,223	(159,673,773	)	(118,185,965	)
Class S
06-30-10	76,707	229,848	(1,715,838	)	(1,409,283	)	948,647	3,027,104	(21,427,360	)	(17,451,609	)
12-31-09	182,243	521,314	(3,587,044	)	(2,883,487	)	1,964,005	5,041,109	(37,548,784	)	(30,543,670	)
Index Plus MidCap
Class I
06-30-10	949,478	391,190	(2,868,925	)	(1,528,257	)	12,922,873	5,687,907	(38,281,676	)	(19,670,896	)
12-31-09	1,794,782	816,590	(7,787,873	)	(5,176,501	)	18,783,391	8,141,405	(83,961,505	)	(57,036,709	)
Class S
06-30-10	119,936	84,236	(845,566	)	(641,394	)	1,632,751	1,213,000	(11,296,028	)	(8,450,277	)
12-31-09	209,847	177,669	(2,116,638	)	(1,729,122	)	2,158,858	1,755,366	(21,840,899	)	(17,926,675	)
Index Plus SmallCap
Class I
06-30-10	598,523	108,942	(1,548,383	)	(840,918	)	7,382,948	1,452,197	(18,529,555	)	(9,694,410	)
12-31-09	1,533,744	407,422	(6,267,474	)	(4,326,308	)	14,112,360	3,679,023	(61,589,392	)	(43,798,009	)
Class S
06-30-10	53,660	39,891	(621,923	)	(528,372	)	642,119	526,966	(7,402,561	)	(6,233,476	)
12-31-09	276,428	155,931	(1,662,052	)	(1,229,693	)	2,621,157	1,395,586	(15,636,561	)	(11,619,818	)

18

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 10 — ILLIQUID SECURITIES

Pursuant to guidelines adopted by the Portfolio’s Board, the following security has been deemed to be illiquid. The Portfolio currently limits investment in illiquid securities to 15% of the Portfolio’s net assets, at market value, at time of purchase.

Portfolio	Security	Notional Principal/ Principal Amount/ Shares	Initial Acquisition Date	Cost/ Upfront Payments		Value		Percent of Net Assets
Index Plus LargeCap	BNY Institutional Cash Reserves Fund, Series B	1,608,803	09/12/08	$	1,608,803	$	1,287,042	0.2	%
				$	1,608,803	$	1,287,042	0.2	%
Index Plus MidCap	BNY Institutional Cash Reserves Fund, Series B	2,851,192	09/12/08	$	2,851,192	$	2,280,955	0.4	%
				$	2,851,192	$	2,280,955	0.4	%
Index Plus SmallCap	BNY Institutional Cash Reserves Fund, Series B	1,429,266	09/12/08	$	1,429,266	$	1,143,413	0.4	%
				$	1,429,266	$	1,143,413	0.4	%

NOTE 11 — SECURITIES LENDING

Under an agreement with The Bank of New York Mellon (“BNY”), the Portfolios may lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is 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 market value of the loaned securities is determined at the close of business of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the “Agreement”). The Portfolios bear the risk of loss with respect to the investment of collateral. Currently, the cash collateral is invested in the BNY Mellon Overnight Government Fund (formerly, The BNY Institutional Cash Reserves Fund — Series A) and the BNY Institutional Cash Reserves Fund — Series B (“BICR — Series B”), each a series within the BNY Institutional Cash Reserves Trust (collectively, the “BICR Fund”). BNY serves as investment manager, custodian and operational trustee of the BICR Fund. As of June 30, 2010, and throughout the period covered by this report, BICR — Series B held certain defaulted securities issued by Lehman Brothers Holdings, Inc. (the “Lehman Securities”). The Lehman Securities have market values significantly below amortized cost. On May 22, 2009, the Portfolios agreed to the terms of a capital support agreement (the

“Capital Support Agreement”) extended by The Bank of New York Mellon Corporation (“BNYC”), an affiliated company of BNY, for the Lehman Securities held by BICR — Series B. Under the terms of the Capital Support Agreement, BNYC will support the value of the Lehman Securities up to 80% of the par value (the remaining 20% of the par value represents an unrealized loss to the Funds) and subject, in part, to the Portfolios’ continued participation in the BNY securities lending program through September 15, 2011. At September 15, 2011, if the Portfolios have complied with the requirements under the Capital Support Agreement to continue to participate in the BNY securities lending program and if such securities have not otherwise been sold, the Portfolios will have the right to sell the defaulted securities to BNYC at a price equal to 80% of par value. The recorded value of each Portfolio’s investment in BICR — Series B includes the value of the underlying securities held by BICR — Series B and the estimated value of the support to be provided by BNYC. The investment in the BNY Mellon Overnight Government Fund and in BICR — Series B are included in the Portfolio of Investments under Securities Lending Collateral and the unrealized loss on BICR — Series B is included in Net Unrealized Depreciation on the Statements of Assets and Liabilities.

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;

19

NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

NOTE 11 — SECURITIES LENDING (continued)

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. 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, 2010, the following Portfolios had securities on loan with the following market values:

	Value of Securities Loaned		Cash Collateral Received*
Index Plus LargeCap	$	4,180,832	$	4,291,859
Index Plus MidCap		35,045,251		36,022,739
Index Plus SmallCap		18,072,891		18,762,548

* Cash collateral received was invested in the BICR Fund, the fair value of which is presented in the respective Portfolio’s Portfolio of Investments.

NOTE 12 — FEDERAL INCOME TAXES

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, 2010		Year Ended December 31, 2009
	Ordinary Income		Ordinary Income
Index Plus LargeCap	$	15,881,406	$	26,700,332
Index Plus MidCap		6,900,907		9,896,771
Index Plus SmallCap		1,979,163		5,074,609

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, 2009 were:

	Undistributed Ordinary Income		Unrealized Appreciation/ (Depreciation)		Capital Loss Carryforwards			Expiration Dates
Index Plus LargeCap	$	15,880,790	$	47,057,684	$	(331,965,058	)	2016
						(95,016,629	)	2017
					$	(426,981,687	)
Index Plus MidCap		6,897,927		56,799,797		(161,783,607	)	2016
						(128,673,815	)	2017
					$	(290,457,422	)
Index Plus SmallCap		1,978,110		19,159,126		(109,110,011	)	2016
						(76,170,156	)	2017
					$	(185,280,167	)

The Portfolios’ major tax jurisdictions are federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2005.

As of June 30, 2010 no provisions for income tax would be required in the Portfolios’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.

NOTE 13 — SUBSEQUENT EVENTS

The Portfolios have evaluated events occurring after the Statements of Assets and Liabilities date (subsequent events) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. No such subsequent events were identified.

20

ING INDEX PLUS LARGECAP PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Industry Allocation

as of June 30, 2010

(as a percent of net assets)

Information Technology	19.0%
Financials	15.9%
Health Care	12.2%
Consumer Staples	11.4%
Industrials	10.5%
Energy	10.3%
Consumer Discretionary	9.6%

Utilities	3.4%
Materials	3.3%
Telecommunication Services	3.0%
Other Assets and Liabilities – Net*	1.4%
Net Assets	100.0%

* Includes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

	Shares			Value		Percent of Net Assets
COMMON STOCK: 97.1%
			Consumer Discretionary: 9.6%
	143,750	@	DIRECTV	$	4,876,000	0.7
	74,900		McDonald’s Corp.		4,933,663	0.7
	108,934		Target Corp.		5,356,285	0.7
			Other Securities		54,437,088	7.5
					69,603,036	9.6
			Consumer Staples: 11.4%
	204,200		Altria Group, Inc.		4,092,168	0.6
	131,656		Coca-Cola Co.		6,598,599	0.9
	219,500		ConAgra Foods, Inc.		5,118,740	0.7
	100,426		Kimberly-Clark Corp.		6,088,828	0.8
	119,000		PepsiCo, Inc.		7,253,050	1.0
	135,517		Philip Morris International, Inc.		6,212,099	0.9
	258,292	S	Procter & Gamble Co.		15,492,354	2.1
	183,052		Wal-Mart Stores, Inc.		8,799,310	1.2
			Other Securities		23,383,728	3.2
					83,038,876	11.4
			Energy: 10.3%
	188,758		Chevron Corp.		12,809,118	1.8
	98,300		ConocoPhillips		4,825,547	0.7
	379,154	S	ExxonMobil Corp.		21,638,317	3.0
	76,700		Schlumberger Ltd.		4,244,578	0.6
	217,000		Williams Cos., Inc.		3,966,760	0.5
			Other Securities		27,206,034	3.7
					74,690,354	10.3
			Financials: 14.4%
	136,100		American Express Co.		5,403,170	0.7
	732,750	S	Bank of America Corp.		10,529,618	1.5
	106,800	@	Berkshire Hathaway, Inc.		8,510,892	1.2
	1,379,600	@	Citigroup, Inc.		5,187,296	0.7
	297,251		JP Morgan Chase & Co.		10,882,359	1.5
	454,985		Wells Fargo & Co.		11,647,616	1.6
			Other Securities		51,966,362	7.2
					104,127,313	14.4

See Accompanying Notes to Financial Statements

21

ING INDEX PLUS LARGECAP PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2010  (UNAUDITED) (CONTINUED)

Shares			Value		Percent of Net Assets
		Health Care: 12.2%
197,734	S	Abbott Laboratories	$	9,249,997	1.3
100,235	@	Amgen, Inc.		5,272,361	0.7
173,523		Johnson & Johnson		10,248,268	1.4
194,762		Merck & Co., Inc.		6,810,827	0.9
515,762		Pfizer, Inc.		7,354,766	1.0
100,029	@	Thermo Fisher Scientific, Inc.		4,906,422	0.7
		Other Securities		44,877,231	6.2
				88,719,872	12.2
		Industrials: 10.5%
71,400		3M Co.		5,639,886	0.8
61,200		Eaton Corp.		4,004,928	0.6
124,959		Emerson Electric Co.		5,459,459	0.8
706,894	S	General Electric Co.		10,193,411	1.4
94,641		ITT Corp.		4,251,274	0.6
81,032		Lockheed Martin Corp.		6,036,884	0.8
128,197		United Technologies Corp.		8,321,267	1.1
		Other Securities		31,972,338	4.4
				75,879,447	10.5
		Information Technology: 19.0%
69,693	@, S	Apple, Inc.		17,529,880	2.4
426,470	@, S	Cisco Systems, Inc.		9,088,076	1.3
268,350	@	EMC Corp.		4,910,805	0.7
17,980	@	Google, Inc. - Class A		8,000,201	1.1
241,376		Hewlett-Packard Co.		10,446,753	1.4
341,310		Intel Corp.		6,638,480	0.9
132,669	S	International Business Machines Corp.		16,381,968	2.3
635,516		Microsoft Corp.		14,623,223	2.0
388,926		Oracle Corp.		8,346,352	1.1
162,000		Xilinx, Inc.		4,092,120	0.6
		Other Securities		37,397,946	5.2
				137,455,804	19.0
		Materials: 3.3%
147,900		EI Du Pont de Nemours & Co.		5,115,861	0.7
		Other Securities		19,106,120	2.6
				24,221,981	3.3
		Telecommunication Services: 3.0%
585,256	S	AT&T, Inc.		14,157,343	2.0
218,416		Verizon Communications, Inc.		6,120,016	0.8
		Other Securities		1,578,909	0.2
				21,856,268	3.0
		Utilities: 3.4%
		Other Securities		24,305,117	3.4
		Total Common Stock
		(Cost $ 729,904,358)		703,898,068	97.1

See Accompanying Notes to Financial Statements

22

ING INDEX PLUS LARGECAP PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

	Shares			Value			Percent of Net Assets
REAL ESTATE INVESTMENT TRUSTS: 1.5%
			Financials: 1.5%
	60,920		Simon Property Group, Inc.	$	4,919,290		0.7
			Other Securities		6,035,871		0.8
			Total Real Estate Investment Trusts
			(Cost $ 9,428,964)		10,955,161		1.5
			Total Long-Term Investments
			(Cost $ 739,333,322)		714,853,229		98.6
SHORT-TERM INVESTMENTS: 1.8%
			Affiliated Mutual Fund: 1.3%
	9,048,000		ING Institutional Prime Money Market Fund - Class I		9,048,000		1.3
			Total Mutual Fund
			(Cost $ 9,048,000)		9,048,000		1.3
			Securities Lending Collateralcc: 0.5%
	2,683,056		BNY Mellon Overnight Government Fund(1)		2,683,056		0.3
	1,608,803	I	BNY Institutional Cash Reserves Fund, Series B(1)(2)		1,287,042		0.2
							0.5
			Total Securities Lending Collateral
			(Cost $ 4,291,859)		3,970,098		0.5
			Total Short-Term Investments
			(Cost $ 13,339,859)		13,018,098		1.8
			Total Investments in Securities
			(Cost $ 752,673,181)*	$	727,871,327		100.4
			Other Assets and Liabilities - Net		(2,588,032	)	(0.4	)
			Net Assets	$	725,283,295		100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

(1) Collateral received from brokers for securities lending was invested in these short-term investments.

(2) On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

S All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign currency contracts and/or when-issued or delayed-delivery securities.

I Illiquid security

* Cost for federal income tax purposes is $775,135,679.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	32,101,668
Gross Unrealized Depreciation		(79,366,020	)
Net Unrealized Depreciation	$	(47,264,352	)

See Accompanying Notes to Financial Statements

23

ING INDEX PLUS LARGECAP PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Common Stock*	$	703,898,068		$	—	$	—	$	703,898,068
Real Estate Investment Trusts		10,955,161			—		—		10,955,161
Short-Term Investments		11,731,056			—		1,287,042		13,018,098
Total Investments, at value	$	726,584,285		$	—	$	1,287,042	$	727,871,327
Liabilities Table
Other Financial Instruments+:
Futures		(735,812	)		—		—		(735,812	)
Total Liabilities	$	(735,812	)	$	—	$	—	$	(735,812	)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/2009		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 6/30/2010
Asset Table
Investments, at value
Short-Term Investments	$	1,287,042	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,287,042
Total Investments, at value	$	1,287,042	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,287,042

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

* For further breakdown of Common Stock by Industry type, please refer to the Portfolio of Investments.

ING Index Plus LargeCap Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts	Expiration Date	Market Value		Unrealized Appreciation/(Depreciation)
Long Contracts
S&P 500 E-Mini	213	09/17/10	$	10,933,290	$	(735,812	)
			$	10,933,290	$	(735,812	)

See Accompanying Notes to Financial Statements

24

ING INDEX PLUS LARGECAP PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets-Unrealized depreciation*	$	735,812
Total Liability Derivatives		$	735,812

* Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	(332,434	)
Total	$	(332,434	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in  Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	(779,536	)
Total	$	(779,536	)

See Accompanying Notes to Financial Statements

25

ING INDEX PLUS MIDCAP PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Industry Allocation

as of June 30, 2010

(as a percent of net assets)

Financials	20.5%
Information Technology	14.5%
Consumer Discretionary	14.3%
Industrials	14.0%
Health Care	12.5%
Materials	6.6%

Utilities	6.1%
Energy	5.9%
Consumer Staples	3.3%
Telecommunication Services	0.9%
Other Assets and Liabilities – Net*	1.4%
Net Assets	100.0%

* Includes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

Shares			Value		Percent of Net Assets
COMMON STOCK: 90.9%
		Consumer Discretionary: 14.3%
116,794	S	Advance Auto Parts, Inc.	$	5,860,723	1.0
109,560	@	Aeropostale, Inc.		3,137,798	0.5
22,847	@	Chipotle Mexican Grill, Inc.		3,125,698	0.5
127,251	@, S	Dollar Tree, Inc.		5,297,459	0.9
28,491	@, L	NetFlix, Inc.		3,095,547	0.5
5,001	@	NVR, Inc.		3,275,805	0.6
139,825	L	Petsmart, Inc.		4,218,520	0.7
14,900	L	Strayer Education, Inc.		3,097,561	0.5
		Other Securities		54,671,112	9.1
				85,780,223	14.3
		Consumer Staples: 3.3%
69,064	@, S	Energizer Holdings, Inc.		3,472,538	0.6
66,232	@, S	Ralcorp Holdings, Inc.		3,629,514	0.6
		Other Securities		12,368,766	2.1
				19,470,818	3.3
		Energy: 5.9%
47,573		Cimarex Energy Co.		3,405,275	0.6
68,933	@	Newfield Exploration Co.		3,368,066	0.5
		Other Securities		28,805,962	4.8
				35,579,303	5.9
		Financials: 12.8%
70,561		Cullen/Frost Bankers, Inc.		3,626,835	0.6
46,174	S	Everest Re Group Ltd.		3,265,425	0.5
84,655	L	Hanover Insurance Group, Inc.		3,682,493	0.6
158,324		HCC Insurance Holdings, Inc.		3,920,102	0.7
371,997	S	New York Community Bancorp., Inc.		5,680,398	1.0
63,115		Transatlantic Holdings, Inc.		3,026,995	0.5
		Other Securities		53,620,002	8.9
				76,822,250	12.8
		Health Care: 12.5%
92,052	@, S	Edwards Lifesciences Corp.		5,156,753	0.9
147,897	@, L	Lincare Holdings, Inc.		4,808,131	0.8

See Accompanying Notes to Financial Statements

26

ING INDEX PLUS MIDCAP PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares			Value		Percent of Net Assets
		Health Care: 12.5% (continued)
58,380	L	Perrigo Co.	$	3,448,507	0.6
62,473	@	Resmed, Inc.		3,798,983	0.6
60,119	@, L	Valeant Pharmaceuticals International		3,143,623	0.5
186,150	@, L	Vertex Pharmaceuticals, Inc.		6,124,335	1.0
		Other Securities		48,573,382	8.1
				75,053,714	12.5
		Industrials: 14.0%
80,643		Carlisle Cos., Inc.		2,913,632	0.5
104,712		Donaldson Co., Inc.		4,465,967	0.7
113,300		IDEX Corp.		3,236,981	0.5
60,132		Joy Global, Inc.		3,012,012	0.5
79,353	L	Landstar System, Inc.		3,093,973	0.5
122,470		Pentair, Inc.		3,943,534	0.7
76,064	@	URS Corp.		2,993,118	0.5
		Other Securities		60,499,025	10.1
				84,158,242	14.0
		Information Technology: 14.5%
141,997	@, L	Avnet, Inc.		3,423,548	0.6
68,665	@	Cree, Inc.		4,121,960	0.7
52,623	@	F5 Networks, Inc.		3,608,359	0.6
193,209	@, L	Ingram Micro, Inc.		2,934,845	0.5
114,868	@	Micros Systems, Inc.		3,660,843	0.6
160,238	@, L	Quest Software, Inc.		2,890,694	0.5
56,325	@, S	Sybase, Inc.		3,641,975	0.6
		Other Securities		62,516,417	10.4
				86,798,641	14.5
		Materials: 6.6%
47,153		Lubrizol Corp.		3,786,857	0.6
125,092		Sonoco Products Co.		3,812,804	0.6
173,799		Valspar Corp.		5,234,826	0.9
		Other Securities		26,909,794	4.5
				39,744,281	6.6
		Telecommunication Services: 0.9%
		Other Securities		5,336,749	0.9
		Utilities: 6.1%
87,013		AGL Resources, Inc.		3,116,806	0.5
125,967	L	DPL, Inc.		3,010,611	0.5
67,144		National Fuel Gas Co.		3,080,567	0.5
130,353		UGI Corp.		3,316,180	0.6
		Other Securities		23,896,904	4.0
				36,421,068	6.1
		Total Common Stock (Cost $ 559,934,622)		545,165,289	90.9

See Accompanying Notes to Financial Statements

27

ING INDEX PLUS MIDCAP PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Shares			Value			Percent of Net Assets
REAL ESTATE INVESTMENT TRUSTS: 7.7%
		Financials: 7.7%
43,000	S	Federal Realty Investment Trust	$	3,021,610		0.5
95,525		Macerich Co.		3,564,993		0.6
160,900		UDR, Inc.		3,078,017		0.5
		Other Securities		36,165,109		6.1
						7.7
		Total Real Estate Investment Trusts (Cost $ 36,042,053)		45,829,729		7.7
		Total Long-Term Investments (Cost $ 595,976,675)		590,995,018		98.6
SHORT-TERM INVESTMENTS: 7.4%
		Affiliated Mutual Fund: 1.5%
8,818,000		ING Institutional Prime Money Market Fund - Class I		8,818,000		1.5
		Total Mutual Fund (Cost $ 8,818,000)		8,818,000		1.5
		Securities Lending Collateralcc: 5.9%
33,171,547		BNY Mellon Overnight Government Fund(1)		33,171,547		5.5
2,851,192	I	BNY Institutional Cash Reserves Fund, Series B(1)(2)		2,280,954		0.4
						5.9
		Total Securities Lending Collateral (Cost $ 36,022,739)		35,452,501		5.9
		Total Short-Term Investments (Cost $ 44,840,739)		44,270,501		7.4
		Total Investments in Securities (Cost $ 640,817,414)*	$	635,265,519		106.0
		Other Assets and Liabilities - Net		(35,781,497	)	(6.0	)
		Net Assets	$	599,484,022		100.0

"Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

(1) Collateral received from brokers for securities lending was invested in these short-term investments.

(2) On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund's position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

S All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.

* Cost for federal income tax purposes is $646,746,924.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	38,527,048
Gross Unrealized Depreciation		(50,008,453	)
Net Unrealized Depreciation	$	(11,481,405	)

See Accompanying Notes to Financial Statements

28

ING INDEX PLUS MIDCAP PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Common Stock*	$	545,165,289		$	—	$	—	$	545,165,289
Real Estate Investment Trusts		45,829,729			—		—		45,829,729
Short-Term Investments		41,989,547			—		2,280,954		44,270,501
Total Investments, at value	$	632,984,565		$	—	$	2,280,954	$	635,265,519
Liabilities Table
Other Financial Instruments+:
Futures		(676,476	)		—		—		(676,476	)
Total Liabilities	$	(676,476	)	$	—	$	—	$	(676,476	)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/2009		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 6/30/2010
Asset Table
Investments, at value
Short-Term Investments	$	2,280,954	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2,280,954
Total Investments, at value	$	2,280,954	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2,280,954

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

* For further breakdown of Common Stock by Industry type, please refer to the Portfolio of Investments.

ING Index Plus MidCap Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts	Expiration Date	Market Value		Unrealized Appreciation/(Depreciation)
Long Contracts
S&P Mid 400 E-Mini	169	09/17/10	$	11,999,000	$	(676,476	)
			$	11,999,000	$	(676,476	)

See Accompanying Notes to Financial Statements

29

ING INDEX PLUS MIDCAP PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets-Unrealized depreciation*	$	676,476
Total Liability Derivatives		$	676,476

* Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	1,009,809
Total	$	1,009,809
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	(1,030,363	)
Total	$	(1,030,363	)

See Accompanying Notes to Financial Statements

30

ING INDEX PLUS SMALLCAP PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED)

Industry Allocation

as of June 30, 2010

(as a percent of net assets)

Financials	19.1%
Information Technology	18.2%
Industrials	16.7%
Consumer Discretionary	15.2%
Health Care	13.4%
Energy	4.8%
Utilities	3.7%

Materials	3.5%
Consumer Staples	3.3%
Telecommunication Services	0.5%
Other Assets and Liabilities – Net*	1.6%
Net Assets	100.0%

* Includes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

	Shares			Value		Percent of Net Assets
COMMON STOCK: 91.1%
			Consumer Discretionary: 15.2%
	46,337	@	Carter’s, Inc.	$	1,216,346	0.4
	26,343		Cracker Barrel Old Country Store		1,226,530	0.5
	10,680	@, S	Deckers Outdoor Corp.		1,525,852	0.6
	127,624	@, S	Live Nation, Inc.		1,333,671	0.5
	30,700	L	PF Chang’s China Bistro, Inc.		1,217,255	0.4
	24,131	S, L	Polaris Industries, Inc.		1,318,035	0.5
			Other Securities		34,160,512	12.3
					41,998,201	15.2
			Consumer Staples: 3.3%
	62,693	S	Casey’s General Stores, Inc.		2,187,986	0.8
			Other Securities		6,953,163	2.5
					9,141,149	3.3
			Energy: 4.8%
	29,312	@	Oil States International, Inc.		1,160,169	0.4
	45,272		SM Energy Co.		1,818,124	0.7
	53,379		World Fuel Services Corp.		1,384,651	0.5
			Other Securities		8,979,515	3.2
					13,342,459	4.8
			Financials: 11.8%
	83,100	L	East-West Bancorp., Inc.		1,267,275	0.5
	90,200		Glacier Bancorp., Inc.		1,323,234	0.5
	21,892	@	ProAssurance Corp.		1,242,590	0.4
	55,738	@, S	Signature Bank		2,118,601	0.8
	65,758	L	Tower Group, Inc.		1,415,770	0.5
			Other Securities		25,285,355	9.1
					32,652,825	11.8
			Health Care: 13.4%
	64,813	@, L	American Medical Systems Holdings, Inc.		1,433,664	0.5
	38,609	@	AMERIGROUP Corp.		1,254,020	0.5
	65,218	@	Eclipsys Corp.		1,163,489	0.4
	34,612	@	Haemonetics Corp.		1,852,434	0.7
	43,160	@	Magellan Health Services, Inc.		1,567,571	0.6

See Accompanying Notes to Financial Statements

31

ING INDEX PLUS SMALLCAP PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

	Shares			Value		Percent of Net Assets
			Health Care: 13.4% (continued)
	53,362	@	Odyssey HealthCare, Inc.	$	1,425,833	0.5
	58,070	@	Regeneron Pharmaceuticals, Inc.		1,296,122	0.5
	35,770	@	Salix Pharmaceuticals Ltd.		1,396,103	0.5
			Other Securities		25,597,800	9.2
					36,987,036	13.4
			Industrials: 16.7%
	66,976		ABM Industries, Inc.		1,403,147	0.5
	61,987		Actuant Corp.		1,167,215	0.4
	25,500		AO Smith Corp.		1,228,845	0.4
	40,789		Clarcor, Inc.		1,448,825	0.5
	25,519	@	Esterline Technologies Corp.		1,210,877	0.4
	66,994	@	Tetra Tech, Inc.		1,313,752	0.5
	25,188		Toro Co.		1,237,235	0.4
	23,215	@	United Stationers, Inc.		1,264,521	0.5
	46,300		Watts Water Technologies, Inc.		1,326,958	0.5
			Other Securities		34,788,044	12.6
					46,389,419	16.7
			Information Technology: 18.2%
	32,937	@	Anixter International, Inc.		1,403,116	0.5
	30,400	@	CACI International, Inc.		1,291,392	0.5
	30,128	@	Concur Technologies, Inc.		1,285,863	0.4
	151,169	@	Cypress Semiconductor Corp.		1,517,737	0.5
	142,948	@, S	Skyworks Solutions, Inc.		2,400,091	0.9
	45,594	@, S	Varian Semiconductor Equipment Associates, Inc.		1,306,724	0.5
			Other Securities		41,194,283	14.9
					50,399,206	18.2
			Materials: 3.5%
	60,662		HB Fuller Co.		1,151,971	0.4
			Other Securities		8,675,420	3.1
					9,827,391	3.5
			Telecommunication Services: 0.5%
			Other Securities		1,275,199	0.5
			Utilities: 3.7%
	42,440		New Jersey Resources Corp.		1,493,888	0.5
	80,049		Piedmont Natural Gas Co.		2,025,240	0.7
	50,916	L	Southwest Gas Corp.		1,502,022	0.6
	45,686		Unisource Energy Corp.		1,378,803	0.5
			Other Securities		3,935,537	1.4
					10,335,490	3.7
			Total Common Stock
			(Cost $ 255,921,929)		252,348,375	91.1
REAL ESTATE INVESTMENT TRUSTS: 7.3%
			Financials: 7.3%
	95,664		Extra Space Storage, Inc.		1,329,730	0.5

See Accompanying Notes to Financial Statements

32

ING INDEX PLUS SMALLCAP PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

	Shares			Value			Percent of Net Assets
			Financials: 7.3% (continued)
	84,398		Healthcare Realty Trust, Inc.	$	1,854,224		0.7
	37,522		Mid-America Apartment Communities, Inc.		1,931,257		0.7
	22,590		PS Business Parks, Inc.		1,260,070		0.4
	35,096		Sovran Self Storage, Inc.		1,208,355		0.4
			Other Securities		12,696,051		4.6
							7.3
			Total Real Estate Investment Trusts (Cost $ 19,623,106)		20,279,687		7.3
RIGHTS: 0.0%
			Financials: 0.0%
			Other Securities		5,896		0.0
			Total Rights (Cost $ 23,996)		5,896		0.0
			Total Long-Term Investments (Cost $ 275,569,031)		272,633,958		98.4
SHORT-TERM INVESTMENTS: 8.4%
			Affiliated Mutual Fund: 1.7%
	4,834,000		ING Institutional Prime Money Market Fund - Class I		4,834,000		1.7
			Total Mutual Fund (Cost $ 4,834,000)		4,834,000		1.7
			Securities Lending Collateralcc: 6.7%
	17,333,282		BNY Mellon Overnight Government Fund(1)		17,333,282		6.3
	1,429,266	I	BNY Institutional Cash Reserves Fund, Series B(1)(2)		1,143,413		0.4
							6.7
			Total Securities Lending Collateral (Cost $ 18,762,548)		18,476,695		6.7
			Total Short-Term Investments (Cost $ 23,596,548)		23,310,695		8.4
			Total Investments in Securities (Cost $ 299,165,579) *
				$	295,944,653		106.8
			Other Assets and Liabilities - Net		(18,902,600	)	(6.8	)
			Net Assets	$	277,042,053		100.0

“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2010.

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

@ Non-income producing security

cc Securities purchased with cash collateral for securities loaned.

(1) Collateral received from brokers for securities lending was invested in these short-term investments.

(2) On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.

S All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign currency contracts and/or when-issued or delayed-delivery securities.

See Accompanying Notes to Financial Statements

33

ING INDEX PLUS SMALLCAP PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

I Illiquid security

L Loaned security, a portion or all of the security is on loan at June 30, 2010.

* Cost for federal income tax purposes is $303,109,533.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	19,594,368
Gross Unrealized Depreciation		(26,759,248	)
Net Unrealized Depreciation	$	(7,164,880	)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2010 in valuing the Portfolio’s assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 6/30/2010
Asset Table
Investments, at value
Common Stock*	$	252,348,375		$	—	$	—	$	252,348,375
Real Estate Investment Trusts		20,279,687			—		—		20,279,687
Rights		—			5,896		—		5,896
Short-Term Investments		22,167,282			—		1,143,413		23,310,695
Total Investments, at value	$	294,795,344		$	5,896	$	1,143,413	$	295,944,653
Liabilities Table
Other Financial Instruments+:
Futures		(329,627	)		—		—		(329,627	)
Total Liabilities	$	(329,627	)	$	—	$	—	$	(329,627	)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio’s assets and liabilities during the period ended June 30, 2010:

	Beginning Balance 12/31/2009		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/ (Loss)		Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance 6/30/2010
Asset Table
Investments, at value
Short-Term Investments	$	1,143,413	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,143,413
Total Investments, at value	$	1,143,413	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,143,413

As of June 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

^ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Portfolio. Swaps and written options are reported at their market value at measurement date.

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

* For further breakdown of Common Stock by Industry type, please refer to the Portfolio of Investments.

See Accompanying Notes to Financial Statements

34

ING INDEX PLUS SMALLCAP PORTFOLIO SUMMARY PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2010 (UNAUDITED) (CONTINUED)

ING Index Plus SmallCap Portfolio Open Futures Contracts on June 30, 2010:

Contract Description	Number of Contracts	Expiration Date	Market Value		Unrealized Appreciation/(Depreciation)
Long Contracts
Russell 2000® Mini Index	92	09/17/10	$	5,591,760	$	(329,627	)
			$	5,591,760	$	(329,627	)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of June 30, 2010 was as follows:

Derivatives not accounted for as hedging instruments under FASB ASC 815	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Net Assets-Unrealized depreciation*	$	329,627
Total Liability Derivatives		$	329,627

* Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Portfolio’s Statement of Operations for the six months ended June 30, 2010 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	870,229
Total	$	870,229
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under FASB ASC 815	Futures
Equity contracts	$	(615,314	)
Total	$	(615,314	)

See Accompanying Notes to Financial Statements

35

Investment Adviser

ING Investments, LLC

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258

Administrator

ING Funds Services, LLC

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258

Distributor

ING Investments Distributor, LLC

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258

Transfer Agent

BNY Mellon Investment Servicing (U.S.) Inc

(formerly, PNC Global Investment Servicing (U.S.) Inc.)

301 Bellevue Parkway

Wilmington, Delaware 19809

Custodian

The Bank of New York Mellon

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 (0610-081910)

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.

ING Small Company Portfolio				PORTFOLIO OF INVESTMENTS as of June 30, 2010 (Unaudited)
	Shares							Value
COMMON STOCK:				89.3%
			Consumer Discretionary:			13.0%
	141,437		Arbitron, Inc.				$	3,625,030
	82,900	@	Bally Technologies, Inc.					2,685,131
	308,600		Callaway Golf Co.					1,863,944
	37,200	@	Capella Education Co.					3,026,220
	286,200	@	Collective Brands, Inc.					4,521,960
	228,200		Cooper Tire & Rubber Co.					4,449,900
	187,400	@	Dress Barn, Inc.					4,461,994
	67,900	@	Fossil, Inc.					2,356,130
	137,462	@,L	Gildan Activewear, Inc.					3,938,286
	145,437	@	Jack in the Box, Inc.					2,828,750
	86,519	@	Jo-Ann Stores, Inc.					3,245,328
	348,949	@	OfficeMax, Inc.					4,557,274
	198,900	@	Papa John’s International, Inc.					4,598,568
	113,400		Pool Corp.					2,485,728
	261,000		Regis Corp.					4,063,770
	45,181		Ryland Group, Inc.					714,763
	24,000		Sotheby’s					548,880
	188,300	@	Wet Seal, Inc.					687,295
	185,400		Wolverine World Wide, Inc.					4,675,788
	136,800		Wyndham Worldwide Corp.					2,755,152
								62,089,891
			Consumer Staples:			2.5%
	74,300	@	American Italian Pasta Co.					3,928,241
	91,300		Casey’s General Stores, Inc.					3,186,370
	114,569		Flowers Foods, Inc.					2,798,921
	152,800		Spartan Stores, Inc.					2,096,416
								12,009,948
			Energy:			4.9%
	100,000	@	Bill Barrett Corp.					3,077,000
	199,028	@	Carrizo Oil & Gas, Inc.					3,090,905
	15,965	@,L	Core Laboratories NV					2,356,594
	81,800	@	Dril-Quip, Inc.					3,600,836
	252,534		Frontier Oil Corp.					3,396,582
	361,513	@	McMoRan Exploration Co.					4,016,409
	97,600	@	Unit Corp.					3,961,584
								23,499,910
			Financials:			14.6%
	200,713		Apollo Investment Corp.					1,872,652
	166,737		Columbia Banking System, Inc.					3,044,618
	168,067		Delphi Financial Group					4,102,515
	141,300		First Midwest Bancorp., Inc.					1,718,208
	248,854		FirstMerit Corp.					4,262,869
	291,487		Flushing Financial Corp.					3,564,886
	54,138		Greenhill & Co., Inc.					3,309,456
	75,600		IBERIABANK Corp.					3,891,888
	94,312	@,L	KBW, Inc.					2,022,049
	56,600		MB Financial Corp.					1,040,874
	388,980		Northwest Bancshares, Inc.					4,461,601
	253,417		Old National Bancorp.					2,625,400
	112,200	@	Piper Jaffray Cos.					3,615,084
	73,642		Platinum Underwriters Holdings Ltd.					2,672,468
	65,318	@	ProAssurance Corp.					3,707,450
	119,318		Prosperity Bancshares, Inc.					4,146,301
	274,229	L	Provident Financial Services, Inc.					3,205,737
	250,700		Radian Group, Inc.					1,815,068
	106,311	@	Stifel Financial Corp.					4,612,834
	70,000	@	SVB Financial Group					2,886,100
	224,250		SWS Group, Inc.					2,130,375
	214,836		Symetra Financial Corp.					2,578,032
	296,496		Westfield Financial, Inc.					2,469,812
								69,756,277
			Health Care:			10.7%
	53,091	@	Acorda Therapeutics, Inc.					1,651,661
	34,800	@,L	AMAG Pharmaceuticals, Inc.					1,195,380
	131,516	@	AMERIGROUP Corp.					4,271,640
	44,389	@	Cubist Pharmaceuticals, Inc.					914,413
	73,975	@	Greatbatch, Inc.					1,650,382
	85,900	@	Haemonetics Corp.					4,597,368
	280,642	@,L	Healthsouth Corp.					5,250,811
	46,625	@	Human Genome Sciences, Inc.					1,056,523
	152,440	@	Medicines Co.					1,160,068
	64,600	@	Mednax, Inc.					3,592,406
	174,547		Meridian Bioscience, Inc.					2,967,299
	84,124	@	Micrus Endovascular Corp.					1,748,938
	129,352	@	Nektar Therapeutics					1,565,159
	107,400	@	Onyx Pharmaceuticals, Inc.					2,318,766
	136,300		Owens & Minor, Inc.					3,868,194
	174,500	@	PSS World Medical, Inc.					3,690,675
	72,448	@	Psychiatric Solutions, Inc.					2,370,499
	91,000	@	Savient Pharmaceuticals, Inc.					1,146,600
	77,252		Steris Corp.					2,400,992
	106,100		Universal Health Services, Inc.					4,047,715
								51,465,489
			Industrials:			16.0%
	215,843		Actuant Corp.					4,064,324
	75,900	@,L	Allegiant Travel Co.					3,240,171
	86,211	@	Atlas Air Worldwide Holdings, Inc.					4,095,023
	208,590		Barnes Group, Inc.					3,418,790
	140,800		Brady Corp.					3,508,736
	50,339	@	Clean Harbors, Inc.					3,343,013
	76,600		Gardner Denver, Inc.					3,415,594
	261,800		Heartland Express, Inc.					3,801,336
	98,249	@	HUB Group, Inc.					2,948,452
	97,842	@	Kirby Corp.					3,742,457
	29,469	@	Mobile Mini, Inc.					479,755
	124,226	@	Moog, Inc.					4,003,804
	54,168		Nordson Corp.					3,037,741
	156,900	@	Orbital Sciences Corp.					2,474,313
	64,600		Regal-Beloit Corp.					3,603,388
	207,800	@	Resources Connection, Inc.					2,826,080
	103,700	@	Teledyne Technologies, Inc.					4,000,746
	46,500		Toro Co.					2,284,080
	59,578		Towers Watson & Co.					2,314,605
	150,048	@	TrueBlue, Inc.					1,679,037
	116,293	@	Waste Connections, Inc.					4,057,463
	96,100		Watsco, Inc.					5,566,112
	156,800		Watts Water Technologies, Inc.					4,493,888
								76,398,908
			Information Technology:			16.7%
	298,622	@	Advanced Energy Industries, Inc.					3,670,064
	104,400	@	Anixter International, Inc.					4,447,440
	72,909	@	Ansys, Inc.					2,957,918
	176,899	@,L	Blue Coat Systems, Inc.					3,614,047
	104,000	@	CACI International, Inc.					4,417,920
	131,600	@,L	FEI Co.					2,593,836
	108,454	@	Flir Systems, Inc.					3,154,927
	218,000	@,L	Formfactor, Inc.					2,354,400
	71,300		Global Payments, Inc.					2,605,302
	143,600	@	Informatica Corp.					3,429,168
	206,500	@	Intermec, Inc.					2,116,625
	199,500	@	JDA Software Group, Inc.					4,385,010
	353,322	@	Mentor Graphics Corp.					3,126,900
	93,100	@	Micros Systems, Inc.					2,967,097
	133,625	@	MKS Instruments, Inc.					2,501,460
	248,800	@	ON Semiconductor Corp.					1,587,344
	206,500	@	Parametric Technology Corp.					3,235,855
	138,050	@	Plexus Corp.					3,691,457
	116,137	@,L	Polycom, Inc.					3,459,721
	73,600		Power Integrations, Inc.					2,369,552
	263,900	@	QLogic Corp.					4,386,018
	106,800	@	Quest Software, Inc.					1,926,672
	46,200		Solera Holdings, Inc.					1,672,440
	120,200	@,L	Sourcefire, Inc.					2,283,800
	399,100		Tellabs, Inc.					2,550,249
	302,383	@	THQ, Inc.					1,306,295
	371,237	@	Verigy Ltd.					3,226,050
								80,037,567
			Materials:			4.8%
	69,200		Albemarle Corp.					2,747,932
	242,800		Commercial Metals Co.					3,209,816
	174,500		HB Fuller Co.					3,313,755
	73,800		Minerals Technologies, Inc.					3,508,452
	178,600		RPM International, Inc.					3,186,224
	186,600		Silgan Holdings, Inc.					5,295,708
	125,200		Worthington Industries					1,610,072
								22,871,959
			Telecommunication Services:			1.6%
	152,460		Alaska Communications Systems Group, Inc.					1,294,385
	140,500		NTELOS Holdings Corp.					2,416,600
	113,700	@	SBA Communications Corp.					3,866,937
								7,577,922
			Utilities:			4.5%
	96,520		Black Hills Corp.					2,747,924
	205,100		Cleco Corp.					5,416,691
	158,800	@	El Paso Electric Co.					3,072,780
	76,918		Idacorp, Inc.					2,559,062
	262,600		Portland General Electric Co.					4,813,458
	85,659		WGL Holdings, Inc.					2,914,976
								21,524,891
			Total Common Stock
			( Cost $ 400,320,830 )					427,232,762
REAL ESTATE INVESTMENT TRUSTS:				6.9%
			Financials:			6.9%
	426,624		DiamondRock Hospitality Co.					3,506,849
	162,800		DuPont Fabros Technology, Inc.					3,998,368
	100,100		Entertainment Properties Trust					3,810,807
	112,600		Highwoods Properties, Inc.					3,125,776
	637,043		MFA Mortgage Investments, Inc.					4,714,118
	79,000		Mid-America Apartment Communities, Inc.					4,066,130
	183,572		National Retail Properties, Inc.					3,935,784
	208,069		Redwood Trust, Inc.					3,046,130
	370,769		U-Store-It Trust					2,765,937
			Total Real Estate Investment Trusts
			( Cost $ 30,809,450 )					32,969,899
EXCHANGE-TRADED FUNDS:				2.1%
			Exchange-Traded Funds:			2.1%
	133,465	L	iShares Russell 2000 Index Fund					8,152,042
	34,500	L	iShares Russell 2000 Value Index Fund					1,967,880
			Total Exchange-Traded Funds
			( Cost $ 10,861,709 )					10,119,922
			Total Long-Term Investments
			( Cost $ 441,991,989 )					470,322,583
SHORT-TERM INVESTMENTS:				6.8%
			Affiliated Mutual Fund:			3.7%
	17,553,000		ING Institutional Prime Money Market Fund - Class I					17,553,000
			Total Mutual Fund
			( Cost $ 17,553,000 )					17,553,000
	Principal Amount							Value
			Securities Lending Collateralcc:			3.1%
	$13,670,988		Bank of New York Mellon Corp. Overnight Government Fund, Series A (1)				$	13,670,988
	1,704,289	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B (1)(2)					1,363,430
			Total Securities Lending Collateral
			( Cost $ 15,375,276 )					15,034,418
			Total Short-Term Investments
			( Cost $ 32,928,276 )					32,587,418
			Total Investments in Securities
			( Cost $ 474,920,265 ) *	105.1	%		$	502,910,001
			Other Assets and Liabilities - Net	(5.1	)			(24,282,091	)
			Net Assets	100.0	%		$	478,627,910
		@	Non-income producing security
		cc	Securities purchased with cash collateral for securities loaned.
		(1)	Collateral received from brokers for securites lending was invested in these short-term investments.
		(2)	On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B)
			to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is
			being fair valued daily. Please see the accompanying Notes to Financial Statements
			for additional details on securities lending.
		I	Illiquid security
		L	Loaned security, a portion or all of the security is on loan at June 30, 2010.
			See Accompanying Notes to Financial Statements

ING Opportunistic LargeCap Portfolio				PORTFOLIO OF INVESTMENTS as of June 30, 2010 (Unaudited)
	Shares								Value
COMMON STOCK:				98.4%
			Consumer Discretionary:			10.9	%
	53,300		Best Buy Co., Inc.					$	1,804,738
	41,000		Coach, Inc.						1,498,550
	205,100		Comcast Corp. – Class A						3,562,587
	115,200		Gap, Inc.						2,241,792
	26,200	L	Garmin Ltd.						764,516
	39,000		Ross Stores, Inc.						2,078,310
	58,400		Target Corp.						2,871,528
									14,822,021
			Consumer Staples:			9.7	%
	149,900		Altria Group, Inc.						3,003,996
	107,400		ConAgra Foods, Inc.						2,504,568
	55,200		Molson Coors Brewing Co.						2,338,272
	50,600		Reynolds American, Inc.						2,637,272
	197,000		Sara Lee Corp.						2,777,700
									13,261,808
			Energy:			5.8	%
	57,300		ExxonMobil Corp.						3,270,111
	76,900		National Oilwell Varco, Inc.						2,543,083
	69,900	@	Noble Corp.						2,160,609
									7,973,803
			Financials:			15.4	%
	66,500		American Express Co.						2,640,050
	63,800		Capital One Financial Corp.						2,571,140
	7,700		CME Group, Inc.						2,167,935
	9,400		Goldman Sachs Group, Inc.						1,233,938
	169,500		Hudson City Bancorp., Inc.						2,074,680
	111,900		JP Morgan Chase & Co.						4,096,659
	27,800		PNC Financial Services Group, Inc.						1,570,700
	38,600		Prudential Financial, Inc.						2,071,276
	102,700		Wells Fargo & Co.						2,629,120
									21,055,498
			Health Care:			13.4	%
	88,000		AmerisourceBergen Corp.						2,794,000
	65,100	@	Amgen, Inc.						3,424,260
	72,400		Cardinal Health, Inc.						2,433,364
	39,000		Covidien PLC						1,567,020
	100,300	@	Forest Laboratories, Inc.						2,751,229
	57,300	@	Thermo Fisher Scientific, Inc.						2,810,565
	89,700		UnitedHealth Group, Inc.						2,547,480
									18,327,918
			Industrials:			9.2	%
	46,800		Emerson Electric Co.						2,044,692
	41,600		ITT Corp.						1,868,672
	28,900	@	Jacobs Engineering Group, Inc.						1,053,116
	14,500		Lockheed Martin Corp.						1,080,250
	68,400		Pitney Bowes, Inc.						1,502,064
	31,300		Raytheon Co.						1,514,607
	52,900		United Technologies Corp.						3,433,739
									12,497,140
			Information Technology:			21.0	%
	78,000	@	Amdocs Ltd.						2,094,300
	60,200		Broadcom Corp.						1,984,794
	108,900		CA, Inc.						2,003,760
	120,200	@	Dell, Inc.						1,449,612
	197,700	@	EMC Corp.						3,617,910
	161,800		Intel Corp.						3,147,010
	40,500		International Business Machines Corp.						5,000,940
	34,900	@	Intuit, Inc.						1,213,473
	151,700	@	Marvell Technology Group Ltd.						2,390,792
	155,100		Microsoft Corp.						3,568,851
	72,100	@	Western Digital Corp.						2,174,536
									28,645,978
			Materials:			5.7	%
	53,400	@	Crown Holdings, Inc.						1,337,136
	65,100		EI Du Pont de Nemours & Co.						2,251,809
	97,800		International Paper Co.						2,213,214
	86,600		MeadWestvaco Corp.						1,922,520
									7,724,679
			Telecommunication Services:			3.3	%
	138,600		AT&T, Inc.						3,352,734
	212,800		Qwest Communications International, Inc.						1,117,200
									4,469,934
			Utilities:			4.0	%
	73,600		Constellation Energy Group, Inc.						2,373,600
	68,900		DTE Energy Co.						3,142,529
									5,516,129
			Total Common Stock (Cost $ 137,430,868)						134,294,908
EXCHANGE-TRADED FUNDS:				0.8	%
			Exchange-Traded Funds:			0.8	%
	10,800		SPDR Trust Series 1						1,114,776
			Total Exchange-Traded Funds (Cost $ 1,102,099)						1,114,776
			Total Long-Term Investments (Cost $ 138,532,967)						135,409,684
SHORT-TERM INVESTMENTS:				1.1	%
			Affiliated Mutual Fund:			0.7	%
	1,044,000		ING Institutional Prime Money Market Fund - Class I						1,044,000
			Total Mutual Fund (Cost $ 1,044,000)						1,044,000
	Principal Amount								Value
			Securities Lending Collateralcc:			0.4	%
$	191,188		Bank of New York Mellon Corp. Overnight Government Fund, Series A  (1)					$	191,188
	400,919	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B  (1)(2)						320,735
			Total Securities Lending Collateral (Cost $ 592,107)						511,923
			Total Short-Term Investments (Cost $ 1,636,107)						1,555,923
			Total Investments in Securities (Cost $ 140,169,074) *	100.3	%			$	136,965,607
			Other Assets and Liabilities - Net	(0.3	)				(442,191	)
			Net Assets	100.0	%			$	136,523,416
		@	Non-income producing security
		cc	Securities purchased with cash collateral for securities loaned.
		(1)	Collateral received from brokers for securites lending was invested in these short-term investments.
		(2)	On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B)
			to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is
			being fair valued daily. Please see the accompanying Notes to Financial Statements
			for additional details on securities lending.
		I	Illiquid security
		L	Loaned security, a portion or all of the security is on loan at June 30, 2010.
			See Accompanying Notes to Financial Statements

				PORTFOLIO OF INVESTMENTS
ING BlackRock Science and Technology Opportunities Portfolio				as of June 30, 2010 (Unaudited)
	Shares								Value
COMMON STOCK:				95.0%
			Consumer Discretionary:			1.6	%
	24,100	@	Amazon.com, Inc.					$	2,633,166
	95,100		Matsushita Electric Industrial Co., Ltd.						1,187,500
	5,800	@	Priceline.com, Inc.						1,023,932
									4,844,598
			Health Care:			5.3	%
	15,500		Alcon, Inc.						2,296,945
	29,400	@	Biogen Idec, Inc.						1,395,030
	67,300		Bristol-Myers Squibb Co.						1,678,462
	20,300	@	Genzyme Corp.						1,030,631
	55,600		Medtronic, Inc.						2,016,612
	18,000	@	Millipore Corp.						1,919,700
	46,100		Novartis AG						2,234,150
	52,700	@	St. Jude Medical, Inc.						1,901,943
	34,100	@	Thermo Fisher Scientific, Inc.						1,672,605
									16,146,078
			Industrials:			0.8	%
	192,400		Asahi Glass Co., Ltd.						1,806,603
	6,800		Nidec Corp.						569,277
									2,375,880
			Information Technology:			84.9	%
	61,000		Accenture PLC						2,357,650
	42,900	@	Acme Packet, Inc.						1,153,152
	52,900	@	Adobe Systems, Inc.						1,398,147
	701,100		Advanced Semiconductor Engineering, Inc.						552,024
	72,500	@	Agilent Technologies, Inc.						2,061,175
	114,400		Altera Corp.						2,838,264
	57,800	@	Amdocs Ltd.						1,551,930
	55,300		Amphenol Corp.						2,172,184
	34,400	@	Anaren, Inc.						513,936
	95,400	@	Apple, Inc.						23,995,962
	246,100		Applied Materials, Inc.						2,958,122
	108,300	@	Applied Micro Circuits Corp.						1,134,984
	40,900	@	ArcSight, Inc.						915,751
	127,100	@	Ariba, Inc.						2,024,703
	303,100		ARM Holdings PLC						1,254,495
	39,800	@	Arrow Electronics, Inc.						889,530
	167,900	@	Art Technology Group, Inc.						574,218
	99,600	@	AsiaInfo Holdings, Inc.						2,177,256
	71,400		ASM Pacific Technology						554,686
	38,300	@	Atheros Communications, Inc.						1,054,782
	182,070	L	AU Optronics Corp. ADR						1,616,782
	44,500	@	Autodesk, Inc.						1,084,020
	56,500		Automatic Data Processing, Inc.						2,274,690
	48,600	@	Avago Technologies Ltd.						1,023,516
	21,000	@	Baidu.com ADR						1,429,680
	69,800	@	Blue Coat Systems, Inc.						1,426,014
	84,400	@	BMC Software, Inc.						2,922,772
	185,700		Broadcom Corp.						6,122,529
	145,400	@	Brocade Communications Systems, Inc.						750,264
	113,900		CA, Inc.						2,095,760
	48,400	@	Cavium Networks, Inc.						1,267,596
	41,600	@	Check Point Software Technologies						1,226,368
	416,500	@	Cisco Systems, Inc.						8,875,615
	77,500	@	Citrix Systems, Inc.						3,272,825
	77,300	@	Cognizant Technology Solutions Corp.						3,869,638
	61,200	@, L	Compellent Technologies, Inc.						741,744
	206,400	@	Compuware Corp.						1,647,072
	138,500	@	Convergys Corp.						1,358,685
	152,100		Corning, Inc.						2,456,415
	143,900	@	Dell, Inc.						1,735,434
	193,000	@	eBay, Inc.						3,784,730
	333,300	@	EMC Corp.						6,099,390
	66,000	@	F5 Networks, Inc.						4,525,620
	50,700	@	Fabrinet						542,490
	28,700	@, L	Fortinet, Inc.						471,828
	16,910	@	Google, Inc. - Class A						7,524,105
	142,700		Hewlett-Packard Co.						6,176,056
	360,800		Hitachi Ltd.						1,310,536
	75,900	@, L	Hollysys Automation Technologies Ltd.						683,859
	81,700	@	Hynix Semiconductor, Inc.						1,651,407
	541,700		Intel Corp.						10,536,066
	78,700		International Business Machines Corp.						9,717,876
	67,300	@	Intuit, Inc.						2,340,021
	122,900	@	JDS Uniphase Corp.						1,209,336
	105,900	@	Juniper Networks, Inc.						2,416,638
	54,500		KLA-Tencor Corp.						1,519,460
	164,600		Konica Minolta Holdings, Inc.						1,583,497
	71,600	@	Lam Research Corp.						2,725,096
	243,000	@	Marvell Technology Group Ltd.						3,829,680
	47,700	@, L	MaxLinear, Inc.						666,846
	42,500	@	McAfee, Inc.						1,305,600
	146,300	@	MEMC Electronic Materials, Inc.						1,445,444
	11,400	@, L	Meru Networks, Inc.						135,204
	166,500	@	Micron Technology, Inc.						1,413,585
	362,100		Microsoft Corp.						8,331,921
	211,700	@	Motorola, Inc.						1,380,284
	109,800	@	NetApp, Inc.						4,096,638
	49,200	@	Netlogic Microsystems, Inc.						1,338,240
	121,400		Nokia OYJ ADR						989,410
	108,400	@	Novellus Systems, Inc.						2,749,024
	7,200	@	Nvidia Corp.						73,512
	40,200	@	Open Text Corp.						1,509,108
	314,200		Oracle Corp.						6,742,732
	181,100	@	PMC - Sierra, Inc.						1,361,872
	78,400	@	Polycom, Inc.						2,335,536
	70,300	@	Progress Software Corp.						2,111,109
	53,600	@	QLogic Corp.						890,832
	164,280		Qualcomm, Inc.						5,394,955
	119,600	@	Red Hat, Inc.						3,461,224
	41,000	@	Research In Motion Ltd.						2,019,660
	30	@	Rovi Corp.						1,137
	2,500		Samsung Electronics Co., Ltd.						1,568,036
	45,800	L	SAP AG ADR						2,028,940
	116,500		Shinko Electric Industries						1,513,958
	200,000	L	Siliconware Precision Industries Co. ADR						1,070,000
	62,300	@	Sybase, Inc.						4,028,318
	108,600	@	Symantec Corp.						1,507,368
	181,700		Taiwan Semiconductor Manufacturing Co., Ltd. ADR						1,773,392
	70,000	@	Taleo Corp.						1,700,300
	169,900		Tellabs, Inc.						1,085,661
	71,400	@	Teradata Corp.						2,176,272
	130,800	@	Teradyne, Inc.						1,275,300
	281,600		Texas Instruments, Inc.						6,555,648
	95,700	@	TTM Technologies, Inc.						909,150
	83,600	@	VeriSign, Inc.						2,219,580
	113,000	@	Vishay Intertechnology, Inc.						874,620
	44,700	@	VMware, Inc.						2,797,773
	95,700		Western Union Co.						1,426,887
	243,400		Xerox Corp.						1,956,936
	49,600		Xilinx, Inc.						1,252,896
	278,700	@	Yahoo!, Inc.						3,854,421
									259,307,390
			Telecommunication Services:			2.4	%
	62,100	@	American Tower Corp.						2,763,450
	95,000		AT&T, Inc.						2,298,050
	147,400	@	VimpelCom Ltd. ADR						2,384,932
									7,446,432
			Total Common Stock
			( Cost $ 267,234,407 )						290,120,378
SHORT-TERM INVESTMENTS:				1.0%
			Securities Lending Collateralcc:			1.0	%
	2,766,976		Bank of New York Mellon Corp. Overnight Government Fund, Series A (1)						2,766,976
	396,801	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B (1)(2)						317,441
			Total Short-Term Investments
			( Cost $ 3,163,777 )						3,084,417
			Total Investments in Securities
			( Cost $ 270,398,184 ) *	96.0	%			$	293,204,795
			Other Assets and Liabilities - Net	4.0					12,142,987
			Net Assets	100.0	%			$	305,347,782
		@	Non-income producing security
		ADR	American Depositary Receipt
		cc	Securities purchased with cash collateral for securities loaned.
		(1)	Collateral received from brokers for securities lending was invested in these short-term investments.
		(2)	On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
		I	Illiquid security
		L	Loaned security, a portion or all of the security is on loan at June 30, 2010.
			See Accompanying Notes to Financial Statements

ING RussellTM Large Cap Index Portfolio				PORTFOLIO OF INVESTMENTS as of June 30, 2010 (Unaudited)
	Shares										Value
COMMON STOCK:				96.5%
			Consumer Discretionary:					8.8	%
	30,100	@	Amazon.com, Inc.							$	3,288,726
	29,650		Best Buy Co., Inc.								1,003,949
	37,700		Carnival Corp.								1,140,048
	242,250	S	Comcast Corp. – Class A								4,207,883
	76,357	@	DIRECTV								2,590,029
	287,200	@	Ford Motor Co.								2,894,976
	39,500		Gap, Inc.								768,670
	145,800		Home Depot, Inc.								4,092,606
	57,900	S	Johnson Controls, Inc.								1,555,773
	26,400	@	Kohl’s Corp.								1,254,000
	27,200	@	Las Vegas Sands Corp.								602,208
	124,250		Lowe’s Cos., Inc.								2,537,185
	92,600		McDonald’s Corp.								6,099,562
	196,750		News Corp. - Class A								2,353,130
	31,000		Nike, Inc.								2,094,050
	26,450	S	Omnicom Group								907,235
	62,850		Staples, Inc.								1,197,293
	64,200		Starbucks Corp.								1,560,060
	63,400	L	Target Corp.								3,117,378
	32,200		Thomson Reuters Corp.								1,153,726
	30,493		Time Warner Cable, Inc.								1,588,075
	98,183		Time Warner, Inc.								2,838,471
	35,100		TJX Cos., Inc.								1,472,445
	52,250		Viacom - Class B								1,639,083
	168,600		Walt Disney Co.								5,310,900
	40,200		Yum! Brands, Inc.								1,569,408
											58,836,869
			Consumer Staples:					11.5	%
	179,350		Altria Group, Inc.								3,594,174
	55,350		Archer-Daniels-Midland Co.								1,429,137
	181,350	S	Coca-Cola Co.								9,089,262
	42,250		Colgate-Palmolive Co.								3,327,610
	37,950		Costco Wholesale Corp.								2,080,799
	117,150		CVS Caremark Corp.								3,434,838
	57,100		General Mills, Inc.								2,028,192
	22,200		Kellogg Co.								1,116,660
	35,600		Kimberly-Clark Corp.								2,158,428
	138,150		Kraft Foods, Inc.								3,868,200
	55,550		Kroger Co.								1,093,780
	138,900		PepsiCo, Inc.								8,465,955
	159,500		Philip Morris International, Inc.								7,311,480
	248,032		Procter & Gamble Co.								14,876,959
	14,450	S	Reynolds American, Inc.								753,134
	50,950		Sysco Corp.								1,455,642
	84,250		Walgreen Co.								2,249,475
	175,750	S	Wal-Mart Stores, Inc.								8,448,303
											76,782,028
			Energy:					11.0	%
	42,600		Anadarko Petroleum Corp.								1,537,434
	29,050		Apache Corp.								2,445,720
	36,900		Baker Hughes, Inc.								1,533,933��
	56,000		Chesapeake Energy Corp.								1,173,200
	172,994	S	Chevron Corp.								11,739,373
	128,200		ConocoPhillips								6,293,338
	38,500		Devon Energy Corp.								2,345,420
	21,750		EOG Resources, Inc.								2,139,548
	438,803	S	ExxonMobil Corp.								25,042,487
	77,950		Halliburton Co.								1,913,673
	25,150	S	Hess Corp.								1,266,051
	61,150		Marathon Oil Corp.								1,901,154
	36,050		National Oilwell Varco, Inc.								1,192,174
	69,950		Occidental Petroleum Corp.								5,396,643
	102,750		Schlumberger Ltd.								5,686,185
	29,800	@	Southwestern Energy Co.								1,151,472
	50,300		Williams Cos., Inc.								919,484
											73,677,289
			Financials:					14.8	%
	29,200		ACE Ltd.								1,503,216
	40,400		Aflac, Inc.								1,723,868
	46,300		Allstate Corp.								1,330,199
	90,300		American Express Co.								3,584,910
	863,943	S	Bank of America Corp.								12,414,861
	104,450		Bank of New York Mellon Corp.								2,578,871
	59,600		BB&T Corp.								1,568,076
	148,900	@	Berkshire Hathaway, Inc.								11,865,841
	2,950	S	Blackrock, Inc.								423,030
	39,300		Capital One Financial Corp.								1,583,790
	85,200		Charles Schwab Corp.								1,208,136
	28,150		Chubb Corp.								1,407,782
	1,821,550	@, S	Citigroup, Inc.								6,849,028
	5,700		CME Group, Inc.								1,604,835
	12,850		Franklin Resources, Inc.								1,107,542
	44,300		Goldman Sachs Group, Inc.								5,815,261
	342,585		JP Morgan Chase & Co.								12,542,037
	27,067		Loews Corp.								901,602
	50,700		Metlife, Inc.								1,914,432
	120,350		Morgan Stanley								2,793,324
	20,800		Northern Trust Corp.								971,360
	45,250		PNC Financial Services Group, Inc.								2,556,625
	39,950		Prudential Financial, Inc.								2,143,717
	43,150		State Street Corp.								1,459,333
	42,700	L	Travelers Cos., Inc.								2,102,975
	165,100		US Bancorp.								3,689,985
	419,071		Wells Fargo & Co.								10,728,218
											98,372,854
			Health Care:					12.9	%
	132,900		Abbott Laboratories								6,217,062
	36,550		Aetna, Inc.								964,189
	6,000		Alcon, Inc.								889,140
	26,200		Allergan, Inc.								1,526,412
	82,500	@	Amgen, Inc.								4,339,500
	51,400		Baxter International, Inc.								2,088,896
	20,100		Becton Dickinson & Co.								1,359,162
	23,000	@	Biogen Idec, Inc.								1,091,350
	148,100		Bristol-Myers Squibb Co.								3,693,614
	31,150		Cardinal Health, Inc.								1,046,952
	39,650	@	Celgene Corp.								2,015,013
	43,200		Covidien PLC								1,735,776
	87,600	L	Eli Lilly & Co.								2,934,600
	47,200	@	Express Scripts, Inc.								2,219,344
	22,950	@	Genzyme Corp.								1,165,172
	76,600	@	Gilead Sciences, Inc.								2,625,848
	237,500		Johnson & Johnson								14,026,750
	23,350		McKesson Corp.								1,568,186
	39,350	@	Medco Health Solutions, Inc.								2,167,398
	94,900		Medtronic, Inc.								3,442,023
	268,485		Merck & Co., Inc.								9,388,920
	694,539		Pfizer, Inc.								9,904,126
	28,100	@	St. Jude Medical, Inc.								1,014,129
	27,150		Stryker Corp.								1,359,129
	35,300	@	Thermo Fisher Scientific, Inc.								1,731,465
	97,850		UnitedHealth Group, Inc.								2,778,940
	36,800	@	WellPoint, Inc.								1,800,624
	17,450	@	Zimmer Holdings, Inc.								943,173
											86,036,893
			Industrials:					9.8	%
	61,400		3M Co.								4,849,986
	65,400		Boeing Co.								4,103,850
	54,050		Caterpillar, Inc.								3,246,784
	33,550		CSX Corp.								1,665,087
	45,800		Danaher Corp.								1,700,096
	36,600		Deere & Co.								2,037,888
	64,900		Emerson Electric Co.								2,835,481
	26,950		FedEx Corp.								1,889,465
	29,750		General Dynamics Corp.								1,742,160
	919,350		General Electric Co.								13,257,027
	66,000		Honeywell International, Inc.								2,575,980
	37,950		Illinois Tool Works, Inc.								1,566,576
	26,650		Lockheed Martin Corp.								1,985,425
	31,900		Norfolk Southern Corp.								1,692,295
	25,950		Northrop Grumman Corp.								1,412,718
	31,450		Paccar, Inc.								1,253,912
	12,200		Precision Castparts Corp.								1,255,624
	32,850		Raytheon Co.								1,589,612
	44,000		Tyco International Ltd.								1,550,120
	43,550		Union Pacific Corp.								3,027,161
	61,450		United Parcel Service, Inc. - Class B								3,495,891
	80,300		United Technologies Corp.								5,212,273
	41,600		Waste Management, Inc.								1,301,664
											65,247,075
			Information Technology:					19.4	%
	52,600		Accenture PLC								2,032,990
	44,600		Activision Blizzard, Inc.								467,854
	45,350	@	Adobe Systems, Inc.								1,198,601
	78,400	@	Apple, Inc.								19,719,952
	115,700		Applied Materials, Inc.								1,390,714
	43,300	L	Automatic Data Processing, Inc.								1,743,258
	42,700		Broadcom Corp.								1,407,819
	491,800	@	Cisco Systems, Inc.								10,480,258
	25,800	@	Cognizant Technology Solutions Corp.								1,291,548
	134,350		Corning, Inc.								2,169,753
	146,500	@, L	Dell, Inc.								1,766,790
	99,000	@	eBay, Inc.								1,941,390
	177,050	@	EMC Corp.								3,240,015
	21,000	@	Google, Inc. - Class A								9,343,950
	201,900		Hewlett-Packard Co.								8,738,232
	479,100		Intel Corp.								9,318,495
	110,450		International Business Machines Corp.								13,638,366
	45,300	@	Juniper Networks, Inc.								1,033,746
	8,350		Mastercard, Inc.								1,666,076
	659,580		Microsoft Corp.								15,176,918
	200,100	@	Motorola, Inc.								1,304,652
	328,045		Oracle Corp.								7,039,846
	141,300	L	Qualcomm, Inc.								4,640,292
	68,800	@	Symantec Corp.								954,944
	105,200		Texas Instruments, Inc.								2,449,056
	40,250		Visa, Inc.								2,847,688
	6,300	@, S	VMware, Inc.								394,317
	119,250	@, L	Yahoo!, Inc.								1,649,228
											129,046,748
			Materials:					2.7	%
	18,300		Air Products & Chemicals, Inc.								1,186,023
	87,950		Alcoa, Inc.								884,777
	99,500		Dow Chemical Co.								2,360,140
	78,050		EI Du Pont de Nemours & Co.								2,699,750
	37,250		Freeport-McMoRan Copper & Gold, Inc.								2,202,593
	47,000		Monsanto Co.								2,172,340
	13,600		Mosaic Co.								530,128
	40,950		Newmont Mining Corp.								2,528,253
	27,100		Nucor Corp.								1,037,388
	26,300		Praxair, Inc.								1,998,537
	14,600		Southern Copper Corp.								387,484
											17,987,413
			Telecommunication Services:					3.3	%
	34,700	@	American Tower Corp.								1,544,150
	508,800		AT&T, Inc.								12,307,872
	253,587	@	Sprint Nextel Corp.								1,075,209
	243,450		Verizon Communications, Inc.								6,821,469
											21,748,700
			Utilities:					2.3	%
	41,200		American Electric Power Co., Inc.								1,330,760
	51,350		Dominion Resources, Inc.								1,989,299
	113,050		Duke Energy Corp.								1,808,800
	16,300	S	Entergy Corp.								1,167,406
	56,900		Exelon Corp.								2,160,493
	35,750		NextEra Energy, Inc.								1,743,170
	32,100		Pacific Gas & Electric Co.								1,319,310
	43,550		Public Service Enterprise Group, Inc.								1,364,422
	71,050		Southern Co.								2,364,544
											15,248,204
			Total Common Stock ( Cost $ 553,277,064 )								642,984,073
REAL ESTATE INVESTMENT TRUSTS:				0.5	%
			Financials:					0.5	%
	12,100		Public Storage, Inc.								1,063,711
	25,162		Simon Property Group, Inc.								2,031,832
			Total Real Estate Investment Trusts ( Cost $ 2,508,220 )								3,095,543
			Total Long-Term Investments ( Cost $ 555,785,284 )								646,079,616
SHORT-TERM INVESTMENTS:				2.7	%
			Affiliated Mutual Fund:					2.6	%
	17,513,000		ING Institutional Prime Money Market Fund - Class I								17,513,000
			Total Mutual Fund ( Cost $ 17,513,000 )								17,513,000
Principal Amount											Value
			Securities Lending Collateralcc:					0.1	%
	$522,936	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B (1)(2)							$	418,349
			Total Securities Lending Collateral ( Cost $ 522,936 )								418,349
			Total Short-Term Investments ( Cost $ 18,035,936 )								17,931,349
			Total Investments in Securities ( Cost $ 573,821,220 ) *			99.7	%			$	664,010,965
			Other Assets and Liabilities - Net			0.3					2,200,815
			Net Assets			100.0	%			$	666,211,780
		@	Non-income producing security
		cc	Securities purchased with cash collateral for securities loaned.
		(1)	Collateral received from brokers for securites lending was invested in these short-term investments.
		(2)	On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B)
			to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is
			being fair valued daily. Please see the accompanying Notes to Financial Statements
			for additional details on securities lending.
		S	All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.
			See Accompanying Notes to Financial Statements

				PORTFOLIO OF INVESTMENTS
ING RussellTM Large Cap Growth Index Portfolio				as of June 30, 2010 (Unaudited)
	Shares											Value
COMMON STOCK:				97.6	%
			Consumer Discretionary:						11.8	%
	29,671	@,L	Amazon.com, Inc.								$	3,241,853
	29,210		Best Buy Co., Inc.									989,051
	13,860		Carnival Corp.									419,126
	75,220	@	DIRECTV									2,551,462
	282,700	@	Ford Motor Co.									2,849,616
	34,630		Gap, Inc.									673,900
	143,530		Home Depot, Inc.									4,028,887
	53,750L		Johnson Controls, Inc.									1,444,263
	19,280	@	Kohl’s Corp.									915,800
	26,800	@	Las Vegas Sands Corp.									593,352
	93,200		Lowe’s Cos., Inc.									1,903,144
	91,180		McDonald’s Corp.									6,006,027
	40,500		News Corp. - Class A									484,380
	30,530		Nike, Inc.									2,062,302
	21,000		Omnicom Group									720,300
	61,890		Staples, Inc.									1,179,005
	63,174		Starbucks Corp.									1,535,128
	62,380	L	Target Corp.									3,067,225
	10,300		Thomson Reuters Corp.									369,049
	19,900		Time Warner, Inc.									575,309
	34,600		TJX Cos., Inc.									1,451,470
	10,100		Viacom - Class B									316,837
	39,610		Yum! Brands, Inc.									1,546,374
												38,923,860
						��
			Consumer Staples:						11.6	%
	102,930		Altria Group, Inc.									2,062,717
	133,230		Coca-Cola Co.									6,677,488
	34,840		Colgate-Palmolive Co.									2,743,998
	37,350		Costco Wholesale Corp.									2,047,901
	12,770		CVS Caremark Corp.									374,416
	33,420	S	General Mills, Inc.									1,187,078
	19,480		Kellogg Co.									979,844
	27,840		Kimberly-Clark Corp.									1,687,939
	3,130		Kroger Co.									61,630
	78,580		PepsiCo, Inc.									4,789,451
	132,180		Philip Morris International, Inc.									6,059,131
	14,640		Procter & Gamble Co.									878,107
	50,100		Sysco Corp.									1,431,357
	75,600		Walgreen Co.									2,018,520
	104,470		Wal-Mart Stores, Inc.									5,021,873
												38,021,450
			Energy:						11.8	%
	10,000		Baker Hughes, Inc.									415,700
	9,000		Chevron Corp.									610,740
	48,300		ConocoPhillips									2,371,047
	21,500		EOG Resources, Inc.									2,114,955
	396,810	S	ExxonMobil Corp.									22,645,947
	76,700		Halliburton Co.									1,882,985
	16,100		Marathon Oil Corp.									500,549
	14,000		Occidental Petroleum Corp.									1,080,100
	101,150		Schlumberger Ltd.									5,597,641
	29,327	@	Southwestern Energy Co.									1,133,195
	20,400		Williams Cos., Inc.									372,912
												38,725,771
			Financials:						3.0	%
	4,400		ACE Ltd.									226,513
	37,590		Aflac, Inc.									1,603,965
	88,854		American Express Co.									3,527,504
	1,020	S	Blackrock, Inc.									146,268
	83,840		Charles Schwab Corp.									1,188,851
	12,600		Franklin Resources, Inc.									1,085,994
	15,600		Metlife, Inc.									589,056
	37,680		Morgan Stanley									874,553
	8,220		Northern Trust Corp.									383,874
	4,900		Travelers Cos., Inc.									241,325
												9,867,903
			Health Care:						9.5	%
	117,970		Abbott Laboratories									5,518,637
	5,900		Alcon, Inc.									874,321
	25,749		Allergan, Inc.									1,500,137
	42,150		Baxter International, Inc.									1,712,976
	19,800		Becton Dickinson & Co.									1,338,876
	10,600		Cardinal Health, Inc.									356,266
	39,020	@	Celgene Corp.									1,982,996
	42,500		Covidien PLC									1,707,650
	19,790		Eli Lilly & Co.									662,965
	46,440	@	Express Scripts, Inc.									2,183,609
	17,230	@	Genzyme Corp.									874,767
	75,480	@	Gilead Sciences, Inc.									2,587,454
	35,020		Johnson & Johnson									2,068,281
	9,970		McKesson Corp.									669,585
	38,740	@	Medco Health Solutions, Inc.									2,133,799
	71,790	S	Medtronic, Inc.									2,603,823
	27,680	@	St. Jude Medical, Inc.									998,971
	26,710		Stryker Corp.									1,337,103
												��
												31,112,216
			Industrials:						11.7	%
	60,460	L	3M Co.									4,775,735
	52,110	S	Boeing Co.									3,269,903
	53,230		Caterpillar, Inc.									3,197,526
	41,700		Danaher Corp.									1,547,904
	33,960		Deere & Co.									1,890,893
	63,880		Emerson Electric Co.									2,790,917
	17,200		FedEx Corp.									1,205,892
	209,900		General Electric Co.									3,026,758
	64,900		Honeywell International, Inc.									2,533,047
	37,400		Illinois Tool Works, Inc.									1,543,872
	20,520		Lockheed Martin Corp.									1,528,740
	30,920	L	Paccar, Inc.									1,232,780
	12,100		Precision Castparts Corp.									1,245,332
	6,300		Tyco International Ltd.									221,949
	5,340		Union Pacific Corp.									371,183
	60,570		United Parcel Service, Inc. - Class B									3,445,827
	72,260	S	United Technologies Corp.									4,690,397
												38,518,655
			Information Technology:						33.9	%
	51,800		Accenture PLC									2,002,070
	11,950		Activision Blizzard, Inc.									125,356
	44,610 L	@,	Adobe Systems, Inc.									1,179,042
	77,175	@	Apple, Inc.									19,411,828
	113,900		Applied Materials, Inc.									1,369,078
	42,680		Automatic Data Processing, Inc.									1,718,297
	42,120		Broadcom Corp.									1,388,696
	484,123	@	Cisco Systems, Inc.									10,316,661
	25,400	@	Cognizant Technology Solutions Corp.									1,271,524
	16,520		Corning, Inc.									266,798
	144,280	@, L	Dell, Inc.									1,740,017
	37,061	@	eBay, Inc.									726,766
	174,220	@	EMC Corp.									3,188,226
	20,627	@	Google, Inc. - Class A									9,177,984
	198,830		Hewlett-Packard Co.									8,605,362
	322,590		Intel Corp.									6,274,376
	108,700		International Business Machines Corp.									13,422,276
	44,610	@, S	Juniper Networks, Inc.									1,018,000
	8,215		Mastercard, Inc.									1,639,139
	434,300		Microsoft Corp.									9,993,243
	322,880	S	Oracle Corp.									6,929,005
	139,057		Qualcomm, Inc.									4,566,632
	6,350	@	Symantec Corp.									88,138
	46,890		Texas Instruments, Inc.									1,091,599
	39,575		Visa, Inc.									2,799,931
	6,261	@	VMware, Inc.									391,876
	49,564	@	Yahoo!, Inc.									685,470
												111,387,390
			Materials:						3.8	%
	18,040		Air Products & Chemicals, Inc.									1,169,172
	12,550		Alcoa, Inc.									126,253
	26,540	S	EI Du Pont de Nemours & Co.									918,019
	36,690		Freeport-McMoRan Copper & Gold, Inc.									2,169,480
	46,285		Monsanto Co.									2,139,293
	13,390		Mosaic Co.									521,942
	40,360		Newmont Mining Corp.									2,491,826
	11,500		Nucor Corp.									440,220
	25,950		Praxair, Inc.									1,971,941
	14,380		Southern Copper Corp.									381,645
												12,329,791
			Telecommunication Services:						0.5	%
	34,220	@	American Tower Corp.									1,522,790
												1,522,790
			Total Common Stock ( Cost $ 299,894,387 )									320,409,826
REAL ESTATE INVESTMENT TRUSTS:				0.7	%
			Financials:						0.7	%
	10,800		Public Storage, Inc.									949,428
	17,206		Simon Property Group, Inc.									1,389,385
			Total Real Estate Investment Trusts ( Cost $ 2,131,392 )									2,338,813
			Total Long-Term Investments ( Cost $ 302,025,779 )									322,748,639
SHORT-TERM INVESTMENTS:				3.9	%
			Affiliated Mutual Fund:						1.4	%
	4,643,000		ING Institutional Prime Money Market Fund - Class I									4,643,000
			Total Mutual Fund ( Cost $ 4,643,000 )									4,643,000
	Principal Amount											Value
			Securities Lending Collateralcc:						2.5	%
$	7,314,043		Bank of New York Mellon Corp. Overnight Government Fund, Series A (1)								$	7,314,043
	1,230,638	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B (1)(2)									984,510
			Total Securities Lending Collateral ( Cost $ 8,544,681 )									8,298,553
			Total Short-Term Investments ( Cost $ 13,187,681 )									12,941,553
			Total Investments in Securities ( Cost $ 315,213,460 ) *				102.2	%			$	335,690,192
			Other Assets and Liabilities - Net				(2.2	)				(7,277,939	)
			Net Assets				100.0	%			$	328,412,253
		@	Non-income producing security
		cc	Securities purchased with cash collateral for securities loaned.
		(1)	Collateral received from brokers for securites lending was invested in these short-term investments.
		(2)	On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B)
			to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is
			being fair valued daily. Please see the accompanying Notes to Financial Statements
			for additional details on securities lending.
		S	All or a portion of this security has been identified by the Fund to cover future
			collateral requirements for applicable futures, options, swaps, foreign 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, 2010.
			See Accompanying Notes to Financial Statements

				PORTFOLIO OF INVESTMENTS
ING RussellTM Large Cap Value Index Portfolio				as of June 30, 2010 (Unaudited)
	Shares									Value
COMMON STOCK:				97.7	%
			Consumer Discretionary:				6.0	%
	5,600		Carnival Corp.						$	169,344
	57,850	S	Comcast Corp. – Class A							1,004,855
	1,000		Gap, Inc.							19,460
	835	S	Johnson Controls, Inc.							22,436
	1,650	@, S	Kohl’s Corp.							78,375
	7,100		Lowe’s Cos., Inc.							144,982
	37,200		News Corp. - Class A							444,912
	1,200		Omnicom Group							41,160
	5,200		Thomson Reuters Corp.							186,316
	7,326		Time Warner Cable, Inc.							381,538
	18,648		Time Warner, Inc.							539,114
	10,000		Viacom - Class B							313,700
	40,305		Walt Disney Co.							1,269,608
										4,615,800
			Consumer Staples:			��	11.7	%
	17,900		Altria Group, Inc.							358,716
	13,250		Archer-Daniels-Midland Co.							342,115
	10,995		Coca-Cola Co.							551,069
	1,600		Colgate-Palmolive Co.							126,016
	24,835		CVS Caremark Corp.							728,162
	5,560		General Mills, Inc.							197,491
	600		Kellogg Co.							30,180
	1,750	S	Kimberly-Clark Corp.							106,103
	33,000		Kraft Foods, Inc.							924,000
	12,500		Kroger Co.							246,125
	14,100		PepsiCo, Inc.							859,395
	6,000		Philip Morris International, Inc.							275,040
	55,685		Procter & Gamble Co.							3,339,986
	3,450		Reynolds American, Inc.							179,814
	1,800		Walgreen Co.							48,060
	16,600		Wal-Mart Stores, Inc.							797,962
										9,110,234
			Energy:				10.6	%
	10,185		Anadarko Petroleum Corp.							367,577
	6,960		Apache Corp.							585,962
	6,400		Baker Hughes, Inc.							266,048
	13,350		Chesapeake Energy Corp.							279,683
	39,085		Chevron Corp.							2,652,308
	18,900	S	ConocoPhillips							927,801
	9,210		Devon Energy Corp.							561,073
	8,518		ExxonMobil Corp.							486,122
	5,990		Hess Corp.							301,537
	10,650		Marathon Oil Corp.							331,109
	8,600		National Oilwell Varco, Inc.							284,402
	13,330		Occidental Petroleum Corp.							1,028,410
	7,020		Williams Cos., Inc.							128,326
										8,200,358
			Financials:				27.2	%
	5,900		ACE Ltd.							303,732
	500		Aflac, Inc.							21,335
	11,100		Allstate Corp.							318,903
	206,293	S	Bank of America Corp.							2,964,424
	24,900		Bank of New York Mellon Corp.							614,781
	14,240		BB&T Corp.							374,654
	35,600	@	Berkshire Hathaway, Inc.							2,836,964
	450		Blackrock, Inc.							64,530
	9,400		Capital One Financial Corp.							378,820
	6,700		Chubb Corp.							335,067
	434,950	@, S	Citigroup, Inc.							1,635,412
	1,350		CME Group, Inc.							380,093
	10,600		Goldman Sachs Group, Inc.							1,391,462
	81,750		JP Morgan Chase & Co.							2,992,868
	6,500		Loews Corp.							216,515
	8,300		Metlife, Inc.							313,408
	19,615		Morgan Stanley							455,264
	3,000		Northern Trust Corp.							140,100
	10,850		PNC Financial Services Group, Inc.							613,025
	9,580		Prudential Financial, Inc.							514,063
	10,320		State Street Corp.							349,022
	9,045		Travelers Cos., Inc.							445,466
	39,410		US Bancorp.							880,814
	100,046		Wells Fargo & Co.							2,561,178
										21,101,900
			Health Care:				16.7	%
	3,100		Abbott Laboratories							145,018
	8,730		Aetna, Inc.							230,297
	19,700	@	Amgen, Inc.							1,036,220
	2,000		Baxter International, Inc.							81,280
	5,500	@	Biogen Idec, Inc.							260,975
	35,350		Bristol-Myers Squibb Co.							881,629
	4,930		Cardinal Health, Inc.							165,697
	16,100		Eli Lilly & Co.							539,350
	1,300	@	Genzyme Corp.							66,001
	48,150		Johnson & Johnson							2,843,739
	3,160		McKesson Corp.							212,226
	5,200		Medtronic, Inc.							188,604
	64,100		Merck & Co., Inc.							2,241,577
	165,807		Pfizer, Inc.							2,364,408
	8,450	@	Thermo Fisher Scientific, Inc.							414,473
	23,400	S	UnitedHealth Group, Inc.							664,560
	8,770	@	WellPoint, Inc.							429,116
	4,200	@	Zimmer Holdings, Inc.							227,010
										12,992,180
			Industrials:				8.0	%
	2,950		Boeing Co.							185,113
	7,980		CSX Corp.							396,047
	800		Danaher Corp.							29,696
	450		Deere & Co.							25,056
	2,250		FedEx Corp.							157,748
	7,100		General Dynamics Corp.							415,776
	168,605		General Electric Co.							2,431,284
	1,400		Lockheed Martin Corp.							104,300
	7,575		Norfolk Southern Corp.							401,854
	6,200		Northrop Grumman Corp.							337,528
	7,850		Raytheon Co.							379,862
	9,000		Tyco International Ltd.							317,070
	9,090		Union Pacific Corp.							631,846
	1,685		United Technologies Corp.							109,373
	9,950		Waste Management, Inc.							311,336
										6,233,889
			Information Technology:				4.9	%
	7,750	S	Activision Blizzard, Inc.							81,298
	28,065		Corning, Inc.							453,250
	14,650	@	eBay, Inc.							287,287
	36,100		Intel Corp.							702,145
	52,100		Microsoft Corp.							1,198,821
	47,800	@	Motorola, Inc.							311,656
	14,900	@	Symantec Corp.							206,812
	13,700		Texas Instruments, Inc.							318,936
	16,500	@	Yahoo!, Inc.							228,195
										3,788,400
			Materials:				1.7	%
	17,900	S	Alcoa, Inc.							180,074
	23,760	S	Dow Chemical Co.							563,587
	12,160		EI Du Pont de Nemours & Co.							420,614
	3,650		Nucor Corp.							139,722
										1,303,997
			Telecommunication Services:				6.2	%
	121,500		AT&T, Inc.							2,939,085
	60,550	@	Sprint Nextel Corp.							256,732
	58,095		Verizon Communications, Inc.							1,627,822
										4,823,639
			Utilities:				4.7	%
	9,890		American Electric Power Co., Inc.							319,447
	12,250		Dominion Resources, Inc.							474,565
	27,000		Duke Energy Corp.							432,000
	3,850		Entergy Corp.							275,737
	13,615		Exelon Corp.							516,962
	8,500		NextEra Energy, Inc.							414,460
	7,640		Pacific Gas & Electric Co.							314,004
	10,410		Public Service Enterprise Group, Inc.							326,145
	16,900	S	Southern Co.							562,432
										3,635,752
			Total Common Stock (Cost $ 66,462,685)							75,806,149
REAL ESTATE INVESTMENT TRUSTS:				0.2	%
			Financials:				0.2	%
	300		Public Storage, Inc.							26,373
	1,858		Simon Property Group, Inc.							150,034
			Total Real Estate Investment Trusts (Cost $ 115,312)							176,407
			Total Long-Term Investments (Cost $ 66,577,997)							75,982,556
SHORT-TERM INVESTMENTS:				1.3	%
			Affiliated Mutual Fund:				1.3	%
	1,023,000		ING Institutional Prime Money Market Fund - Class I							1,023,000
			Total Short-Term Investments (Cost $ 1,023,000)							1,023,000
			Total Investments in Securities (Cost $ 67,600,997) *	99.2	%				$	77,005,556
			Other Assets and Liabilities - Net	0.8						589,936
			Net Assets	100.0	%				$	77,595,492
		@	Non-income producing security
		S	All or a portion of this security has been identified by the Fund to cover future
			collateral requirements for applicable futures, options, swaps, foreign currency
			contracts and/or when-issued or delayed-delivery securities.
			See Accompanying Notes to Financial Statements

			PORTFOLIO OF INVESTMENTS
ING RussellTM Mid Cap Growth Index Portfolio			as of June 30, 2010 (Unaudited)
	Shares							Value
COMMON STOCK:			96.9	%
		Consumer Discretionary:			18.9	%
	7,100	Aaron Rents, Inc.						$            121,197
	11,740	Abercrombie & Fitch Co.						360,301
	15,300	Advance Auto Parts, Inc.						767,754
	16,310  @, S	Aeropostale, Inc.						467,118
	8,980	American Eagle Outfitters						105,515
	22,600  @	Apollo Group, Inc. - Class A						959,822
	5,100  @	Autoliv, Inc.						244,035
	4,280  @, L	Autonation, Inc.						83,460
	4,840  @	Autozone, Inc.						935,185
	9,600  @	Bally Technologies, Inc.						310,944
	45,980  @	Bed Bath & Beyond, Inc.						1,704,938
	14,160  @	Big Lots, Inc.						454,394
	18,940  @	BorgWarner, Inc.						707,220
	15,600	Brinker International, Inc.						225,576
	15,960	Burger King Holdings, Inc.						268,766
	11,440  @, L	Career Education Corp.						263,349
	39,000  @	Carmax, Inc.						776,100
	14,100	CBS Corp. - Class B						182,313
	31,140	Chico’s FAS, Inc.						307,663
	5,520  @	Chipotle Mexican Grill, Inc.						755,191
	340	Choice Hotels International, Inc.						10,271
	53,240	Coach, Inc.						1,945,922
	24,540	Darden Restaurants, Inc.						953,379
	11,140	DeVry, Inc.						584,739
	15,660  @	Dick’s Sporting Goods, Inc.						389,777
	36,300  @	Discovery Communications, Inc. - Class A						1,296,273
	12,200  @	Dollar General Corp.						336,110
	22,730  @	Dollar Tree, Inc.						946,250
	12,900  @	DreamWorks Animation SKG, Inc.						368,295
	4,200  @, L	Education Management Corp.						64,050
	14,780	Expedia, Inc.						277,568
	23,560	Family Dollar Stores, Inc.						887,976
	820  @, L	Federal Mogul Corp.						10,676
	3,200	Fortune Brands, Inc.						125,376
	9,200  @	Fossil, Inc.						319,240
	1,180   L	Garmin Ltd.						34,432
	24,320	Gentex Corp.						437,274
	42,400  @	Goodyear Tire & Rubber Co.						421,456
	11,280	Guess ?, Inc.						352,387
	23,760	H&R Block, Inc.						372,794
	16,640  @	Hanesbrands, Inc.						400,358
	41,100	Harley-Davidson, Inc.						913,653
	5,780  @	Harman International Industries, Inc.						172,764
	22,720	Hasbro, Inc.						933,792
	10,900	Hillenbrand, Inc.						233,151
	6,000	Interactive Data Corp.						200,280
	52,020	International Game Technology						816,714
	1,800	International Speedway Corp.						46,368
	85,400  @,S	Interpublic Group of Cos., Inc.						608,902
	5,990  @, L	ITT Educational Services, Inc.						497,290
	9,600  @	J Crew Group, Inc.						353,376
	13,400	JC Penney Co., Inc.						287,832
	7,280	John Wiley & Sons, Inc.						281,518
	2,100  @	Lamar Advertising Co.						51,492
	2,400  @	Lear Corp.						158,880
	15,280	Leggett & Platt, Inc.						306,517
	46,620	Limited Brands, Inc.						1,028,903
	24,960  @	LKQ Corp.						481,229
	7,300	Macy’s, Inc.						130,670
	3,400  @	Madison Square Garden, Inc.						66,878
	47,320	Marriott International, Inc.						1,416,761
	36,960	Mattel, Inc.						782,074
	38,620	McGraw-Hill Cos., Inc.						1,086,767
	2,700	Meredith Corp.						84,051
	7,680  @, L	MGM Resorts International						74,035
	1,200  @	Mohawk Industries, Inc.						54,912
	3,860  @	Morningstar, Inc.						164,127
	6,920  @	NetFlix, Inc.						751,858
	29,220	Nordstrom, Inc.						940,592
	1,040  @	NVR, Inc.						681,231
	4,860  @, S	Office Depot, Inc.						19,634
	24,140  @	O’Reilly Automotive, Inc.						1,148,098
	5,380  @	Panera Bread Co.						405,060
	20,600	Petsmart, Inc.						621,502
	9,840	Phillips-Van Heusen						455,297
	9,760	Polo Ralph Lauren Corp.						712,090
	8,260  @	Priceline.com, Inc.						1,458,220
	3,260	Regal Entertainment Group						42,510
	21,360	Ross Stores, Inc.						1,138,274
	8,920  @, L	Royal Caribbean Cruises Ltd.						203,108
	15,640	Scripps Networks Interactive - Class A						630,918
	677,900  @, S	Sirius XM Radio, Inc.						643,666
	33,020	Starwood Hotels & Resorts Worldwide, Inc.						1,368,019
	2,380   L	Strayer Education, Inc.						494,778
	12,600  @	Tempur-Pedic International, Inc.						387,450
	5,820	Thor Industries, Inc.						138,225
	22,040	Tiffany & Co.						835,536
	6,300	Tractor Supply Co.						384,111
	9,260  @	TRW Automotive Holdings Corp.						255,298
	11,000	Tupperware Corp.						438,350
	21,260  @, S	Urban Outfitters, Inc.						731,131
	5,820	Weight Watchers International, Inc.						149,516
	22,080  S	Wendy’s/Arby’s Group, Inc. - Class A						88,320
	5,600	Whirlpool Corp.						491,792
	16,760	Williams-Sonoma, Inc.						415,983
	10,140  @	WMS Industries, Inc.						397,995
	13,200	Wynn Resorts Ltd.						1,006,764
								49,203,706
		Consumer Staples:			5.5	%
	3,340	Alberto-Culver Co.						90,481
	74,720	Avon Products, Inc.						1,980,080
	740  @	BJ’s Wholesale Club, Inc.						27,387
	13,900	Brown-Forman Corp.						795,497
	19,240	Campbell Soup Co.						689,369
	12,380	Church & Dwight Co., Inc.						776,350
	23,160	Clorox Co.						1,439,626
	34,080	Coca-Cola Enterprises, Inc.						881,309
	7,800	ConAgra Foods, Inc.						181,896
	13,100	Dr Pepper Snapple Group, Inc.						489,809
	19,280	Estee Lauder Cos., Inc.						1,074,474
	4,940	Flowers Foods, Inc.						120,684
	19,280  @	Green Mountain Coffee Roasters, Inc.						495,496
	9,760  @	Hansen Natural Corp.						381,714
	10,480	Herbalife Ltd.						482,604
	15,720	Hershey Co.						753,460
	22,640	HJ Heinz Co.						978,501
	11,540	McCormick & Co., Inc.						438,058
	4,880	Mead Johnson Nutrition Co.						244,586
	82,260	Sara Lee Corp.						1,159,866
	24,400  @, S	Whole Foods Market, Inc.						878,888
								14,360,135
		Energy:			5.0	%
	2,770  @	Alpha Natural Resources, Inc.						93,820
	20,000	Arch Coal, Inc.						396,200
	10,000  @	Atlas Energy, Inc.						270,700
	2,000  @	Atwood Oceanics, Inc.						51,040
	24,360  @	Cameron International Corp.						792,187
	14,600	Cimarex Energy Co.						1,045,068
	16,000  @	Concho Resources, Inc.						885,280
	18,100	Consol Energy, Inc.						611,056
	4,840  @	Continental Resources, Inc.						215,961
	3,900  @	Core Laboratories NV						575,679
	3,860  L	Diamond Offshore Drilling						240,053
	12,960  @	Dresser-Rand Group, Inc.						408,888
	22,560	El Paso Corp.						250,642
	25,580	EXCO Resources, Inc.						373,724
	1,100  @	Exterran Holdings, Inc.						28,391
	21,240  @	FMC Technologies, Inc.						1,118,498
	12,600  @	Forest Oil Corp.						344,736
	7,400  L	Frontline Ltd.						211,196
	5,300	Holly Corp.						140,874
	1,260  @	Mariner Energy, Inc.						27,065
	3,900	Murphy Oil Corp.						193,245
	19,900  @	Nabors Industries Ltd.						350,638
	600  @	Oil States International, Inc.						23,748
	37,440  @	PetroHawk Energy Corp.						635,357
	12,140  @	Pride International, Inc.						271,208
	1,320  @	Quicksilver Resources, Inc.						14,520
	27,840	Range Resources Corp.						1,117,776
	2,540  @	Rowan Cos., Inc.						55,728
	3,900  @, S	SandRidge Energy, Inc.						22,737
	7,500	SM Energy Co.						301,200
	1,000  @	Superior Energy Services						18,670
	26,600  @	Ultra Petroleum Corp.						1,177,050
	52,100  @	Weatherford International Ltd.						684,594
	600  @	Whiting Petroleum Corp.						47,052
								12,994,581
		Financials:			5.5	%
	7,780  @	Affiliated Managers Group, Inc.						472,791
	9,020	Ameriprise Financial, Inc.						325,893
	500  @	Arch Capital Group Ltd.						37,250
	4,540	Arthur J. Gallagher & Co.						110,685
	6,240	Axis Capital Holdings Ltd.						185,453
	2,700	Bank of Hawaii Corp.						130,545
	10,560	Brown & Brown, Inc.						202,118
	220   L	Capitol Federal Financial						7,295
	49,720  @	CB Richard Ellis Group, Inc.						676,689
	20,560	Eaton Vance Corp.						567,662
	820	Endurance Specialty Holdings Ltd.						30,775
	3,580	Erie Indemnity Co.						162,890
	10,560  L	Federated Investors, Inc.						218,698
	15,780  @	Genworth Financial, Inc.						206,245
	20,640  @, S	GLG Partners, Inc.						90,403
	5,100	Greenhill & Co., Inc.						311,763
	6,500	Hartford Financial Services Group, Inc.						143,845
	6,960	Hudson City Bancorp., Inc.						85,190
	1,800  @	Interactive Brokers Group, Inc.						29,880
	12,920  @	IntercontinentalExchange, Inc.						1,460,348
	23,040  @	Invesco Ltd.						387,763
	2,900	Janus Capital Group, Inc.						25,752
	7,300	Jones Lang LaSalle, Inc.						479,172
	16,100	Lazard Ltd.						430,031
	87,100	Marsh & McLennan Cos., Inc.						1,964,105
	35,780  L	Moody’s Corp.						712,738
	19,220  @	MSCI, Inc. - Class A						526,628
	2,360  @	Nasdaq Stock Market, Inc.						41,961
	9,880	NYSE Euronext						272,984
	26,100	SEI Investments Co.						531,396
	14,560  @, L	St Joe Co/The						337,210
	45,300	T. Rowe Price Group, Inc.						2,010,867
	40,640  @, S	TD Ameritrade Holding Corp.						621,792
	1,600  @	Validus Holdings Ltd.						39,072
	15,040	Waddell & Reed Financial, Inc.						329,075
								14,166,964
		Health Care:			14.0	%
	500  @	Abraxis Bioscience, Inc.						37,100
	15,640  @	Alexion Pharmaceuticals, Inc.						800,612
	11,340  @, L	Allscripts Healthcare Solutions, Inc.						182,574
	49,260	AmerisourceBergen Corp.						1,564,005
	25,020  @	Amylin Pharmaceuticals, Inc.						470,376
	17,720  @	BioMarin Pharmaceuticals, Inc.						335,971
	2,000  @	Brookdale Senior Living, Inc.						30,000
	6,900  @	CareFusion Corp.						156,630
	11,960  @, L	Cerner Corp.						907,644
	2,720  @, L	Charles River Laboratories International, Inc.						93,051
	11,480  @	Community Health Systems, Inc.						388,139
	1,500	Cooper Cos., Inc.						59,685
	11,240  @	Covance, Inc.						576,837
	16,560	CR Bard, Inc.						1,283,897
	18,120  @	DaVita, Inc.						1,131,413
	23,620  @, L	Dendreon Corp.						763,635
	25,580	Densply International, Inc.						765,098
	19,740  @	Edwards Lifesciences Corp.						1,105,835
	4,600  @	Emdeon, Inc.						57,638
	5,200  @	Emergency Medical Services Corp.						254,956
	8,640  @	Gen-Probe, Inc.						392,429
	43,720  0@, S	Health Management Associates, Inc.						339,704
	15,900  @	Henry Schein, Inc.						872,910
	9,320	Hill-Rom Holdings, Inc.						283,608
	28,980  @	Hospira, Inc.						1,664,901
	32,700  @	Human Genome Sciences, Inc.						740,982
	10,040  @, L	Idexx Laboratories, Inc.						611,436
	21,280  @	Illumina, Inc.						926,318
	6,880  @, S	Intuitive Surgical, Inc.						2,171,466
	4,320  @, L	Inverness Medical Innovations, Inc.						115,171
	920  @	Kinetic Concepts, Inc.						33,589
	18,240  @	Laboratory Corp. of America Holdings						1,374,384
	22,520  @	Life Technologies Corp.						1,064,070
	17,360  @, L	Lincare Holdings, Inc.						564,374
	7,740  @	Mednax, Inc.						430,421
	5,920  @	Mettler Toledo International, Inc.						660,850
	9,840  @	Millipore Corp.						1,049,436
	45,400  @, L	Mylan Laboratories						773,616
	17,100  @	Myriad Genetics, Inc.						255,645
	2,060	Omnicare, Inc.						48,822
	17,800	Patterson Cos., Inc.						507,834
	9,320	PerkinElmer, Inc.						192,644
	14,120	Perrigo Co.						834,068
	18,420	Pharmaceutical Product Development, Inc.						468,052
	22,480	Quest Diagnostics						1,118,830
	11,300  @	Regeneron Pharmaceuticals, Inc.						252,216
	13,280  @	Resmed, Inc.						807,557
	5,300  @	SXC Health Solutions Corp.						388,225
	8,900  @	Talecris Biotherapeutics Holdings Corp.						187,790
	6,520	Techne Corp.						374,574
	1,100	Teleflex, Inc.						59,708
	61,060  @, S	Tenet Healthcare Corp.						265,000
	10,000  @	Thoratec Corp.						427,300
	8,660  @	United Therapeutics Corp.						422,695
	1,100	Universal Health Services, Inc.						41,965
	9,900  @, L	Valeant Pharmaceuticals International						517,671
	21,540  @	Varian Medical Systems, Inc.						1,126,111
	15,020  @	VCA Antech, Inc.						371,895
	35,240  @	Vertex Pharmaceuticals, Inc.						1,159,396
	15,700  @	Warner Chilcott PLC						358,745
	16,240  @	Waters Corp.						1,050,728
								36,272,232
		Industrials:			15.1	%
	5,410  @	Aecom Technology Corp.						124,755
	5,380  @	Alliant Techsystems, Inc.						333,883
	18,600	Ametek, Inc.						746,790
	18,760  @, S	AMR Corp.						127,193
	280  @	Armstrong World Industries, Inc.						8,450
	1,060	Avery Dennison Corp.						34,058
	13,100	Bucyrus International, Inc.						621,595
	720	Carlisle Cos., Inc.						26,014
	28,940  S	CH Robinson Worldwide, Inc.						1,610,800
	7,100  @	Chicago Bridge & Iron Co. NV						133,551
	800  @	CNH Global NV						18,120
	24,375  @, L	Continental Airlines, Inc.						536,250
	740	Con-way, Inc.						22,215
	29,200  @	Cooper Industries PLC						1,284,800
	3,440	Copa Holdings S.A.						152,117
	12,580  @	Copart, Inc.						450,490
	3,520  @	Corrections Corp. of America						67,162
	1,300  @	Covanta Holding Corp.						21,567
	34,980	Cummins, Inc.						2,278,247
	137,780  @	Delta Airlines, Inc.						1,618,915
	13,460	Donaldson Co., Inc.						574,069
	20,560	Dover Corp.						859,202
	8,780	Dun & Bradstreet Corp.						589,314
	7,600	Eaton Corp.						497,344
	37,120	Expeditors International Washington, Inc.						1,281,011
	23,140  L	Fastenal Co.						1,161,397
	8,300	Flowserve Corp.						703,840
	1,840	Fluor Corp.						78,200
	6,580  @, L	FTI Consulting, Inc.						286,822
	8,600	Gardner Denver, Inc.						383,474
	2,200	GATX Corp.						58,696
	3,300  @	General Cable Corp.						87,945
	6,120	Goodrich Corp.						405,450
	10,600	Graco, Inc.						298,814
	1,060	Harsco Corp.						24,910
	28,800  @	Hertz Global Holdings, Inc.						272,448
	4,220	Hubbell, Inc.						167,492
	11,700	IDEX Corp.						334,269
	8,500  @	IHS, Inc.						496,570
	31,900	Iron Mountain, Inc.						716,474
	13,140  @	Jacobs Engineering Group, Inc.						478,822
	15,960	JB Hunt Transport Services, Inc.						521,413
	17,940	Joy Global, Inc.						898,615
	10,560  @	Kansas City Southern						383,856
	700  @	KAR Holdings, Inc.						8,659
	1,600	KBR, Inc.						32,544
	10,700	Kennametal, Inc.						272,101
	640  @	Kirby Corp.						24,480
	8,780	Landstar System, Inc.						342,332
	8,160   L	Lennox International, Inc.						339,211
	7,400	Lincoln Electric Holdings, Inc.						377,326
	22,900	Manitowoc Co., Inc.						209,306
	18,760	Masco Corp.						201,858
	31,880  @	McDermott International, Inc.						690,521
	7,580	MSC Industrial Direct Co.						384,003
	12,420  @	Navistar International Corp.						611,064
	15,700  @	Oshkosh Truck Corp.						489,212
	11,100  @	Owens Corning, Inc.						332,001
	20,400	Pall Corp.						701,148
	8,000	Parker Hannifin Corp.						443,680
	9,000	Pentair, Inc.						289,800
	25,900	Pitney Bowes, Inc.						568,764
	5,600	Regal-Beloit Corp.						312,368
	17,000	Republic Services, Inc.						505,410
	26,220	Robert Half International, Inc.						617,481
	24,860	Rockwell Automation, Inc.						1,220,377
	14,400	Rockwell Collins, Inc.						765,072
	16,440	Roper Industries, Inc.						919,982
	1,900   S	RR Donnelley & Sons Co.						31,103
	4,900	Ryder System, Inc.						197,127
	8,520  @	Shaw Group, Inc.						291,554
	17,320	Southwest Airlines Co.						192,425
	2,800  @	Spirit Aerosystems Holdings, Inc.						53,368
	1,700	SPX Corp.						89,777
	14,720  @	Stericycle, Inc.						965,338
	24,600	Textron, Inc.						417,462
	1,620  @	Thomas & Betts Corp.						56,214
	11,100	Timken Co.						288,489
	5,900	Toro Co.						289,808
	1,100	Towers Watson & Co.						42,735
	8,560  @	TransDigm Group, Inc.						436,817
	22,000  @	UAL Corp.						452,320
	4,800  @	USG Corp.						57,984
	14,880	UTI Worldwide, Inc.						184,214
	3,860	Valmont Industries, Inc.						280,468
	18,000  @	Verisk Analytics, Inc.						538,200
	11,260  @	WABCO Holdings, Inc.						354,465
	1,300	Wabtec Corp.						51,857
	10,740  @	Waste Connections, Inc.						374,719
	2,400  @	Wesco International, Inc.						80,808
	10,780	WW Grainger, Inc.						1,072,071
								39,235,442
		Information Technology:			23.7	%
	40,120  @, S	Advanced Micro Devices, Inc.						293,678
	60,760  @	Agilent Technologies, Inc.						1,727,407
	30,040  @	Akamai Technologies, Inc.						1,218,723
	9,280  @, L	Alliance Data Systems Corp.						552,346
	52,660	Altera Corp.						1,306,495
	10,080  @	Amdocs Ltd.						270,648
	30,240	Amphenol Corp.						1,187,827
	52,000	Analog Devices, Inc.						1,448,720
	15,760  @	Ansys, Inc.						639,383
	2,280  @	Arrow Electronics, Inc.						50,958
	12,200  @	Atheros Communications, Inc.						335,988
	71,900  @, S	Atmel Corp.						345,120
	40,020  @	Autodesk, Inc.						974,887
	18,500  @	Avago Technologies Ltd.						389,610
	680	AVX Corp.						8,718
	31,640  @	BMC Software, Inc.						1,095,693
	21,680	Broadridge Financial Solutions ADR						413,004
	55,300	CA, Inc.						1,017,520
	47,120  @, L	Cadence Design Systems, Inc.						272,825
	16,120  @, S, L	Ciena Corp.						204,402
	32,380  @	Citrix Systems, Inc.						1,367,407
	22,200  @	Compuware Corp.						177,156
	18,740  @	Cree, Inc.						1,124,962
	28,620  @	Cypress Semiconductor Corp.						287,345
	2,500	Diebold, Inc.						68,125
	9,320  @	Dolby Laboratories, Inc.						584,271
	6,220	DST Systems, Inc.						224,791
	54,040  @	Electronic Arts, Inc.						778,176
	7,880  @	Equinix, Inc.						640,014
	13,980  @, S	F5 Networks, Inc.						958,609
	8,140	Factset Research Systems, Inc.						545,299
	9,700  @	First Solar, Inc.						1,104,151
	17,760  @	Fiserv, Inc.						810,922
	26,780  @, S	Flir Systems, Inc.						779,030
	12,800  @	Gartner, Inc.						297,600
	11,520  @	Genpact Ltd.						178,906
	14,280	Global Payments, Inc.						521,791
	22,620	Harris Corp.						942,123
	16,200  @	Hewitt Associates, Inc.						558,252
	6,240  @	IAC/InterActiveCorp						137,093
	16,000  @	Informatica Corp.						382,080
	1,700  @	Ingram Micro, Inc.						25,823
	7,340	Intersil Corp.						88,887
	48,920  @	Intuit, Inc.						1,700,948
	6,540  @	Itron, Inc.						404,303
	22,220	Jabil Circuit, Inc.						295,526
	37,640  @	JDS Uniphase Corp.						370,378
	1,600	KLA-Tencor Corp.						44,608
	22,080  @	Lam Research Corp.						840,365
	16,580	Lender Processing Services, Inc.						519,120
	39,140	Linear Technology Corp.						1,088,483
	94,480  @	Marvell Technology Group Ltd.						1,489,005
	52,780	Maxim Integrated Products						883,009
	27,180  @	McAfee, Inc.						834,970
	16,580  @	MEMC Electronic Materials, Inc.						163,810
	32,200  L	Microchip Technology, Inc.						893,228
	13,980  @	Micros Systems, Inc.						445,543
	10,860  @, L	Monster Worldwide, Inc.						126,519
	10,060	National Instruments Corp.						319,707
	37,720	National Semiconductor Corp.						507,711
	27,980  @	NCR Corp.						339,118
	60,160  @	NetApp, Inc.						2,244,562
	13,060  @	NeuStar, Inc.						269,297
	14,820  @	Novellus Systems, Inc.						375,835
	39,700  @	Nuance Communications, Inc.						593,515
	99,820  @	Nvidia Corp.						1,019,162
	75,020  @, S	ON Semiconductor Corp.						478,628
	56,300	Paychex, Inc.						1,462,111
	2,100  @, S	PMC - Sierra, Inc.						15,792
	14,900  @	Polycom, Inc.						443,871
	19,420  @	QLogic Corp.						322,760
	18,260  @	Rambus, Inc.						319,915
	32,945  @	Red Hat, Inc.						953,428
	17,780  @	Rovi Corp.						674,040
	53,960  @	SAIC, Inc.						903,290
	19,940  @	Salesforce.com, Inc.						1,711,251
	40,080  @	Sandisk Corp.						1,686,166
	61,400  @	Seagate Technology, Inc.						800,656
	7,978  @	Silicon Laboratories, Inc.						323,588
	30,900  @	Skyworks Solutions, Inc.						518,811
	12,200	Solera Holdings, Inc.						441,640
	6,640  @, L	Sunpower Corp. - Class A						80,344
	15,220  @, S	Sybase, Inc.						984,125
	1,600  @, S	Synopsys, Inc.						33,392
	29,140  @	Teradata Corp.						888,187
	31,440  @	Teradyne, Inc.						306,540
	21,180  @	Trimble Navigation Ltd.						593,040
	13,000  @	Varian Semiconductor Equipment Associates, Inc.						372,580
	31,880  @	VeriSign, Inc.						846,414
	7,600  @	VistaPrint NV						360,924
	9,372  @	WebMD Health Corp.						435,142
	9,200  @	Western Digital Corp.						277,472
	117,300	Western Union Co.						1,748,943
	48,300	Xilinx, Inc.						1,220,058
	5,720  @	Zebra Technologies Corp.						145,116
								61,453,711
		Materials:			6.7	%
	14,600	Airgas, Inc.						908,120
	2,900	AK Steel Holding Corp.						34,568
	15,980	Albemarle Corp.						634,566
	17,200        ��	Allegheny Technologies, Inc.						760,068
	1,180	Ashland, Inc.						54,776
	3,420	Ball Corp.						180,679
	7,700	Carpenter Technology Corp.						252,791
	27,380	Celanese Corp.						682,036
	8,931	CF Industries Holdings, Inc.						566,672
	23,660	Cliffs Natural Resources, Inc.						1,115,806
	5,680	Compass Minerals International, Inc.						399,190
	28,300  @	Crown Holdings, Inc.						708,632
	7,640	Eagle Materials, Inc.						198,105
	2,600	Eastman Chemical Co.						138,736
	40,720	Ecolab, Inc.						1,828,735
	8,660	FMC Corp.						497,344
	2,900  @	Gerdau AmeriSteel Corp.						31,610
	13,840	International Flavors & Fragrances, Inc.						587,093
	59,300	International Paper Co.						1,341,959
	11,940	Lubrizol Corp.						958,901
	7,900   L	Martin Marietta Materials, Inc.						669,999
	22,580	Nalco Holding Co.						461,987
	8,940  @	Owens-Illinois, Inc.						236,463
	20,860  @	Pactiv Corp.						580,951
	4,800	PPG Industries, Inc.						289,968
	1,500	Reliance Steel & Aluminum Co.						54,225
	1,280	Royal Gold, Inc.						61,440
	11,320	RPM International, Inc.						201,949
	820	Schnitzer Steel Industries, Inc.						32,144
	7,980	Scotts Miracle-Gro Co.						354,392
	9,920	Sherwin-Williams Co.						686,365
	19,520	Sigma-Aldrich Corp.						972,682
	3,500	Temple-Inland, Inc.						72,345
	14,900  @	Titanium Metals Corp.						262,091
	4,700   L	United States Steel Corp.						181,185
	1,800	Valspar Corp.						54,216
	7,400	Walter Industries, Inc.						450,290
								17,503,079
		Telecommunication Services:			1.8	%
	20,200  @, S	Clearwire Corp.						147,056
	50,660  @	Crown Castle International Corp.						1,887,592
	21,020  L	Frontier Communications Corp.						149,452
	111,500  @, S	Level 3 Communications, Inc.						121,535
	20,920  @	MetroPCS Communications, Inc.						171,335
	23,080  @	NII Holdings, Inc.						750,562
	20,460  @	SBA Communications Corp.						695,845
	26,440  @, L	TW Telecom, Inc.						441,019
	35,000  S	Windstream Corp.						369,600
								4,733,996
		Utilities:			0.7	%
	28,360  @	Calpine Corp.						360,739
	24,220	EQT Corp.						875,311
	7,680	ITC Holdings Corp.						406,349
	1,740   L	Ormat Technologies, Inc.						49,225
								1,691,624
		Total Common Stock (Cost $ 224,619,458)						251,615,470
REAL ESTATE INVESTMENT TRUSTS:			1.3	%
		Financials:			1.3	%
	2,700	AMB Property Corp.						64,017
	10,100	Apartment Investment & Management Co.						195,637
	12,920  L	Digital Realty Trust, Inc.						745,226
	3,200	Equity Residential						133,248
	2,000	Essex Property Trust, Inc.						195,080
	6,440	Federal Realty Investment Trust						452,539
	35,300	General Growth Properties, Inc.						468,078
	12,080  L	Plum Creek Timber Co., Inc.						417,122
	5,200	Prologis						52,676
	4,200	Rayonier, Inc.						184,884
	1,900	UDR, Inc.						36,347
	7,400	Ventas, Inc.						347,430
	2,500	Vornado Realty Trust						182,375
		Total Real Estate Investment Trusts (Cost $ 3,316,202)						3,474,659
		Total Long-Term Investments (Cost $ 227,935,660)						255,090,129
SHORT-TERM INVESTMENTS:			6.0	%
		Affiliated Mutual Fund:			1.8	%
	4,549,000	ING Institutional Prime Money Market Fund -Class I						4,549,000
		Total Mutual Fund (Cost $ 4,549,000)						4,549,000
Principal Amount								Value
		Securities Lending Collateralcc:			4.2	%
$	10,080,744	Bank of New York Mellon Corp. Overnight Government Fund, Series A (1)						$        10,080,744
	1,077,859  I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B (1)(2)						862,287
		Total Securities Lending Collateral (Cost $ 11,158,603)						10,943,031
		Total Short-Term Investments (Cost $ 15,707,603)						15,492,031
		Total Investments in Securities (Cost $ 243,643,263) *	104.2	%			$	270,582,160
		Other Assets and Liabilities - Net	(4.2	)				(10,816,652	)
		Net Assets	100.0	%			$	259,765,508
	@	Non-income producing security
	ADR	American Depositary Receipt
	cc	Securities purchased with cash collateral for securities loaned.
	(1)	Collateral received from brokers for securities lending was invested in these short-term investments.
	(2)	On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
	S	All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.
		See Accompanying Notes to Financial Statements

ING RussellTM Mid Cap Index Portfolio					PORTFOLIO OF INVESTMENTS as of June 30, 2010 (Unaudited)
	Shares								Value
COMMON STOCK:					91.2	%
			Consumer Discretionary:				14.0	%
	28,950		Aaron Rents, Inc.						$                    494,177
	35,250		Abercrombie & Fitch Co.						1,081,823
	35,100		Advance Auto Parts, Inc.						1,761,318
	37,350	@	Aeropostale, Inc.						1,069,704
	83,550		American Eagle Outfitters						981,713
	51,750	@	Apollo Group, Inc. - Class A						2,197,823
	34,100	@, L	Autoliv, Inc.						1,631,685
	29,050	@, L	Autonation, Inc.						566,475
	11,150	@	Autozone, Inc.						2,154,403
	22,100	@	Bally Technologies, Inc.						715,819
	105,150	@, S	Bed Bath & Beyond, Inc.						3,898,962
	32,400	@, S	Big Lots, Inc.						1,039,716
	47,050	@, S	BorgWarner, Inc.						1,756,847
	41,050		Brinker International, Inc.						593,583
	36,700		Burger King Holdings, Inc.						618,028
	94,000	S	Cablevision Systems Corp.						2,256,940
	26,100	@	Career Education Corp.						600,822
	89,300	@	Carmax, Inc.						1,777,070
	271,600	S	CBS Corp. - Class B						3,511,788
	15,100	@, L	Central European Media Enterprises Ltd.						300,490
	71,300		Chico’s FAS, Inc.						704,444
	12,600	@	Chipotle Mexican Grill, Inc.						1,723,806
	11,100		Choice Hotels International, Inc.						335,331
	16,150	@	Clear Channel Outdoor Holdings, Inc.						140,182
	121,900		Coach, Inc.						4,455,445
	111,300		D.R. Horton, Inc.						1,094,079
	56,150		Darden Restaurants, Inc.						2,181,428
	25,400		DeVry, Inc.						1,333,246
	35,750	@	Dick’s Sporting Goods, Inc.						889,818
	113,500	@	Discovery Communications, Inc. - Class A						4,053,085
	80,000	@	Dish Network Corp.						1,452,000
	27,900	@	Dollar General Corp.						768,645
	53,150	@	Dollar Tree, Inc.						2,212,635
	29,600	@	DreamWorks Animation SKG, Inc.						845,080
	17,000	@, L	Education Management Corp.						259,250
	81,850		Expedia, Inc.						1,537,143
	53,950		Family Dollar Stores, Inc.						2,033,376
	7,850	@, S	Federal Mogul Corp.						102,207
	62,500		Foot Locker, Inc.						788,750
	60,900		Fortune Brands, Inc.						2,386,062
	21,000	@	Fossil, Inc.						728,700
	61,050	@	GameStop Corp.						1,147,130
	95,150		Gannett Co., Inc.						1,280,719
	44,850	L	Garmin Ltd.						1,308,723
	55,700	S	Gentex Corp.						1,001,486
	63,450		Genuine Parts Co.						2,503,103
	96,950	@	Goodyear Tire & Rubber Co.						963,683
	25,800		Guess ?, Inc.						805,992
	131,500		H&R Block, Inc.						2,063,235
	38,200	@	Hanesbrands, Inc.						919,092
	94,100		Harley-Davidson, Inc.						2,091,843
	27,800	@	Harman International Industries, Inc.						830,942
	52,150		Hasbro, Inc.						2,143,365
	24,900		Hillenbrand, Inc.						532,611
	17,400	@	Hyatt Hotels Corp.						645,366
	14,800		Interactive Data Corp.						494,024
	119,100		International Game Technology						1,869,870
	11,900		International Speedway Corp.						306,544
	195,450	@, S	Interpublic Group of Cos., Inc.						1,393,559
	13,850	@, L	ITT Educational Services, Inc.						1,149,827
	22,000	@	J Crew Group, Inc.						809,820
	36,800		Jarden Corp.						988,816
	94,400		JC Penney Co., Inc.						2,027,712
	17,950		John Wiley & Sons, Inc.						694,127
	30,700		KB Home						337,700
	23,000	@	Lamar Advertising Co.						563,960
	18,700	@	Lear Corp.						1,237,940
	59,150		Leggett & Platt, Inc.						1,186,549
	63,550		Lennar Corp.						883,981
	101,500	@, L	Liberty Global, Inc.						2,637,985
	31,950	@	Liberty Media Corp. - Capital Shares A						1,339,025
	238,600	@	Liberty Media Corp. - Interactive - Class A						2,505,300
	20,500	@	Liberty Media Corp. - Starz						1,062,720
	106,750		Limited Brands, Inc.						2,355,973
	57,050	@	LKQ Corp.						1,099,924
	168,550		Macy’s, Inc.						3,017,045
	24,075	@	Madison Square Garden, Inc.						473,555
	108,425		Marriott International, Inc.						3,246,245
	145,750		Mattel, Inc.						3,084,070
	126,050		McGraw-Hill Cos., Inc.						3,547,047
	15,100		MDC Holdings, Inc.						406,945
	14,350		Meredith Corp.						446,716
	109,350	@, L	MGM Resorts International						1,054,134
	22,400	@	Mohawk Industries, Inc.						1,025,024
	8,800	@	Morningstar, Inc.						374,176
	16,000	@	NetFlix, Inc.						1,738,400
	54,100	@	New York Times Co.						467,965
	111,100		Newell Rubbermaid, Inc.						1,626,504
	66,750		Nordstrom, Inc.						2,148,683
	2,420	@	NVR, Inc.						1,585,173
	109,950	@, S	Office Depot, Inc.						444,198
	55,150	@, L	O’Reilly Automotive, Inc.						2,622,934
	12,250	@	Panera Bread Co.						922,303
	27,100	@	Penn National Gaming, Inc.						626,010
	47,250		Petsmart, Inc.						1,425,533
	22,600		Phillips-Van Heusen						1,045,702
	22,300		Polo Ralph Lauren Corp.						1,627,008
	18,950	@	Priceline.com, Inc.						3,345,433
	134,590	@	Pulte Homes, Inc.						1,114,405
	50,050		RadioShack Corp.						976,476
	32,200		Regal Entertainment Group						419,888
	48,850		Ross Stores, Inc.						2,603,217
	52,650	@	Royal Caribbean Cruises Ltd.						1,198,841
	35,750		Scripps Networks Interactive - Class A						1,442,155
	18,100	@, L	Sears Holding Corp.						1,170,165
	101,800	S	Service Corp. International						753,320
	34,150	@	Signet Jewelers Ltd.						939,125
	1,552,400	@, S	Sirius XM Radio, Inc.						1,474,004
	64,077		Stanley Black & Decker, Inc.						3,237,170
	75,750		Starwood Hotels & Resorts Worldwide, Inc.						3,138,323
	5,600	L	Strayer Education, Inc.						1,164,184
	28,900	@	Tempur-Pedic International, Inc.						888,675
	13,400		Thor Industries, Inc.						318,250
	50,450		Tiffany & Co.						1,912,560
	57,750	@	Toll Brothers, Inc.						944,790
	14,500		Tractor Supply Co.						884,065
	31,350	@	TRW Automotive Holdings Corp.						864,320
	25,200		Tupperware Corp.						1,004,220
	48,750	@	Urban Outfitters, Inc.						1,676,513
	35,150		VF Corp.						2,501,977
	132,600	L	Virgin Media, Inc.						2,213,094
	2,420		Washington Post						993,362
	13,300		Weight Watchers International, Inc.						341,677
	131,500	S	Wendy’s/Arby’s Group, Inc. - Class A						526,000
	30,000		Whirlpool Corp.						2,634,600
	38,500		Williams-Sonoma, Inc.						955,570
	23,200	@	WMS Industries, Inc.						910,600
	71,850		Wyndham Worldwide Corp.						1,447,059
	30,100		Wynn Resorts Ltd.						2,295,727
									181,461,679
			Consumer Staples:				6.4	%
	34,250		Alberto-Culver Co.						927,833
	171,150	S	Avon Products, Inc.						4,535,475
	21,500	@	BJ’s Wholesale Club, Inc.						795,715
	42,412		Brown-Forman Corp.						2,427,239
	57,550	@	Bunge Ltd.						2,830,885
	73,400	S	Campbell Soup Co.						2,629,922
	28,250	@, S	Central European Distribution Corp.						603,985
	28,350		Church & Dwight Co., Inc.						1,777,829
	56,250		Clorox Co.						3,496,500
	127,300		Coca-Cola Enterprises, Inc.						3,291,978
	177,900		ConAgra Foods, Inc.						4,148,628
	73,250	@	Constellation Brands, Inc.						1,144,165
	30,100		Corn Products International, Inc.						912,030
	72,550	@	Dean Foods Co.						730,579
	79,350		Del Monte Foods Co.						1,141,847
	98,150		Dr Pepper Snapple Group, Inc.						3,669,829
	28,000	@	Energizer Holdings, Inc.						1,407,840
	44,050		Estee Lauder Cos., Inc.						2,454,907
	30,400		Flowers Foods, Inc.						742,672
	44,100	@	Green Mountain Coffee Roasters, Inc.						1,133,370
	26,400	@	Hansen Natural Corp.						1,032,504
	23,900		Herbalife Ltd.						1,100,595
	61,400		Hershey Co.						2,942,902
	126,300		HJ Heinz Co.						5,458,686
	27,600		Hormel Foods Corp.						1,117,248
	47,550		JM Smucker Co.						2,863,461
	61,050		Lorillard, Inc.						4,394,379
	52,950		McCormick & Co., Inc.						2,009,982
	81,700		Mead Johnson Nutrition Co.						4,094,804
	52,650		Molson Coors Brewing Co.						2,230,254
	22,500	@	NBTY, Inc.						765,225
	21,900	@	Ralcorp Holdings, Inc.						1,200,120
	155,200		Safeway, Inc.						3,051,232
	264,150		Sara Lee Corp.						3,724,515
	54,950	@	Smithfield Foods, Inc.						818,755
	84,750		Supervalu, Inc.						918,690
	119,200		Tyson Foods, Inc.						1,953,688
	55,850	@	Whole Foods Market, Inc.						2,011,717
									82,491,985
			Energy:				7.5	%
	48,391	@	Alpha Natural Resources, Inc.						1,639,003
	64,900		Arch Coal, Inc.						1,285,669
	31,300	@	Atlas Energy, Inc.						847,291
	22,400	@	Atwood Oceanics, Inc.						571,648
	41,550		Cabot Oil & Gas Corp.						1,301,346
	97,500	@	Cameron International Corp.						3,170,700
	33,550		Cimarex Energy Co.						2,401,509
	29,300	@, S	Cobalt International Energy, Inc.						218,285
	18,900	@	Comstock Resources, Inc.						523,908
	36,600	@	Concho Resources, Inc.						2,025,078
	90,150		Consol Energy, Inc.						3,043,464
	12,300	@	Continental Resources, Inc.						548,826
	8,900	@	Core Laboratories NV						1,313,729
	159,425	@	Denbury Resources, Inc.						2,333,982
	27,500	L	Diamond Offshore Drilling						1,710,225
	32,950	@	Dresser-Rand Group, Inc.						1,039,573
	281,100		El Paso Corp.						3,123,021
	58,600		EXCO Resources, Inc.						856,146
	25,200	@	Exterran Holdings, Inc.						650,412
	48,550	@	FMC Technologies, Inc.						2,556,643
	44,900	@	Forest Oil Corp.						1,228,464
	42,250		Frontier Oil Corp.						568,263
	20,550		Frontline Ltd.						586,497
	37,550		Helmerich & Payne, Inc.						1,371,326
	17,750	S	Holly Corp.						471,795
	41,250	@	Mariner Energy, Inc.						886,050
	41,100		Massey Energy Co.						1,124,085
	76,450		Murphy Oil Corp.						3,788,098
	113,900	@	Nabors Industries Ltd.						2,006,918
	53,250	@	Newfield Exploration Co.						2,601,795
	69,750		Noble Energy, Inc.						4,208,018
	22,000	@	Oceaneering International, Inc.						987,800
	20,050	@	Oil States International, Inc.						793,579
	61,500		Patterson-UTI Energy, Inc.						791,505
	107,400		Peabody Energy Corp.						4,202,562
	120,700	@	PetroHawk Energy Corp.						2,048,279
	46,350		Pioneer Natural Resources Co.						2,755,508
	55,950	@	Plains Exploration & Production Co.						1,153,130
	70,200	@	Pride International, Inc.						1,568,268
	47,150	@	Quicksilver Resources, Inc.						518,650
	63,700		Range Resources Corp.						2,557,555
	45,750	@	Rowan Cos., Inc.						1,003,755
	68,350	@, L	SandRidge Energy, Inc.						398,481
	9,000	@	SEACOR Holdings, Inc.						635,940
	25,100		SM Energy Co.						1,008,016
	99,250		Smith International, Inc.						3,736,763
	49,650		Southern Union Co.						1,085,349
	258,800		Spectra Energy Corp.						5,194,030
	48,150		Sunoco, Inc.						1,674,176
	31,400	@	Superior Energy Services						586,238
	16,950		Teekay Shipping Corp.						443,582
	56,450		Tesoro Corp.						658,772
	20,700		Tidewater, Inc.						801,504
	60,800	@	Ultra Petroleum Corp.						2,690,400
	16,050	@	Unit Corp.						651,470
	225,900		Valero Energy Corp.						4,061,682
	295,700	@	Weatherford International Ltd.						3,885,498
	20,350	@	Whiting Petroleum Corp.						1,595,847
									97,490,106
			Financials:				12.8	%
	17,750	@	Affiliated Managers Group, Inc.						1,078,668
	2,670	@	Alleghany Corp.						783,111
	20,150	@	Allied World Assurance Holdings Ltd.						914,407
	34,300		American Financial Group, Inc.						937,076
	48,250	@, L	American International Group, Inc.						1,661,730
	2,800		American National Insurance						226,716
	25,450	@	AmeriCredit Corp.						463,699
	102,900		Ameriprise Financial, Inc.						3,717,777
	107,600		AON Corp.						3,994,112
	20,850	@	Arch Capital Group Ltd.						1,553,325
	76,500		Ares Capital Corp.						958,545
	41,400		Arthur J. Gallagher & Co.						1,009,332
	30,900		Aspen Insurance Holdings Ltd.						764,466
	69,150		Associated Banc-Corp.						847,779
	44,650		Assurant, Inc.						1,549,355
	73,700		Assured Guaranty Ltd.						977,999
	50,600		Axis Capital Holdings Ltd.						1,503,832
	33,350	L	Bancorpsouth, Inc.						596,298
	19,200		Bank of Hawaii Corp.						928,320
	10,050		BOK Financial Corp.						477,074
	45,150		Brown & Brown, Inc.						864,171
	128,750	S	CapitalSource, Inc.						612,850
	7,950	S	Capitol Federal Financial						263,622
	113,850	@	CB Richard Ellis Group, Inc.						1,549,499
	58,350		Cincinnati Financial Corp.						1,509,515
	79,900	@	CIT Group, Inc.						2,705,414
	18,150		City National Corp.						929,825
	10,550	@	CNA Financial Corp.						269,658
	70,400		Comerica, Inc.						2,592,832
	29,005		Commerce Bancshares, Inc.						1,043,890
	20,900		Cullen/Frost Bankers, Inc.						1,074,260
	217,250		Discover Financial Services						3,037,155
	87,800	@	E*Trade Financial Corp.						1,037,796
	59,100		East-West Bancorp., Inc.						901,275
	47,150		Eaton Vance Corp.						1,301,812
	18,300		Endurance Specialty Holdings Ltd.						686,799
	11,400		Erie Indemnity Co.						518,700
	23,500		Everest Re Group Ltd.						1,661,920
	35,550	L	Federated Investors, Inc.						736,241
	91,750		Fidelity National Title Group, Inc.						1,191,833
	317,550		Fifth Third Bancorp.						3,902,690
	2,200		First Citizens BancShares, Inc.						423,126
	91,266	@	First Horizon National Corp.						1,044,996
	83,500		First Niagara Financial Group, Inc.						1,046,255
	50,900	@, L	Forest City Enterprises, Inc.						576,188
	79,150		Fulton Financial Corp.						763,798
	195,300	@	Genworth Financial, Inc.						2,552,571
	52,050	@, L	GLG Partners, Inc.						227,979
	11,800		Greenhill & Co., Inc.						721,334
	17,900		Hanover Insurance Group, Inc.						778,650
	177,400		Hartford Financial Services Group, Inc.						3,925,862
	45,950		HCC Insurance Holdings, Inc.						1,137,722
	188,700		Hudson City Bancorp., Inc.						2,309,688
	286,300	S	Huntington Bancshares, Inc.						1,586,102
	14,400	@	Interactive Brokers Group, Inc.						239,040
	29,500	@	IntercontinentalExchange, Inc.						3,334,385
	174,200	@	Invesco Ltd.						2,931,786
	73,350		Janus Capital Group, Inc.						651,348
	46,550		Jefferies Group, Inc.						981,274
	16,800		Jones Lang LaSalle, Inc.						1,102,752
	351,150	S	Keycorp						2,700,344
	36,700		Lazard Ltd.						980,257
	65,350		Legg Mason, Inc.						1,831,761
	77,850	@	Leucadia National Corp.						1,518,854
	120,850		Lincoln National Corp.						2,935,447
	29,400		M&T Bank Corp.						2,497,530
	3,880	@	Markel Corp.						1,319,200
	216,250		Marsh & McLennan Cos., Inc.						4,876,438
	210,650	S	Marshall & Ilsley Corp.						1,512,467
	61,250	@, L	MBIA, Inc.						343,613
	10,650		Mercury General Corp.						441,336
	81,950	L	Moody’s Corp.						1,632,444
	44,050	@	MSCI, Inc. - Class A						1,206,970
	54,150	@	Nasdaq Stock Market, Inc.						962,787
	173,900		New York Community Bancorp., Inc.						2,655,453
	104,300		NYSE Euronext						2,881,809
	96,300		Old Republic International Corp.						1,168,119
	9,150	@	OneBeacon Insurance Group Ltd.						131,028
	31,300		PartnerRe Ltd.						2,195,382
	148,450		People’s United Financial, Inc.						2,004,075
	255,700	@, S	Popular, Inc.						685,276
	127,750		Principal Financial Group, Inc.						2,994,460
	267,800		Progressive Corp.						5,013,216
	34,200		Protective Life Corp.						731,538
	39,600		Raymond James Financial, Inc.						977,724
	476,250	S	Regions Financial Corp.						3,133,725
	29,200		Reinsurance Group of America, Inc.						1,334,732
	23,100		RenaissanceRe Holdings Ltd.						1,299,837
	59,750		SEI Investments Co.						1,216,510
	194,100	@, S	SLM Corp.						2,016,699
	37,000	@, L	St Joe Co/The						856,920
	18,950		Stancorp Financial Group, Inc.						768,233
	199,700		SunTrust Bank						4,653,010
	13,900		Symetra Financial Corp.						166,800
	312,800	L	Synovus Financial Corp.						794,512
	103,650	S	T. Rowe Price Group, Inc.						4,601,024
	56,750		TCF Financial Corp.						942,618
	93,150	@	TD Ameritrade Holding Corp.						1,425,195
	31,950	L	TFS Financial Corp.						396,500
	33,000		Torchmark Corp.						1,633,830
	25,650		Transatlantic Holdings, Inc.						1,230,174
	20,350		Unitrin, Inc.						520,960
	132,950		UnumProvident Corp.						2,885,015
	32,700	@	Validus Holdings Ltd.						798,534
	64,342	L	Valley National Bancorp.						876,338
	34,550		Waddell & Reed Financial, Inc.						755,954
	44,950		Washington Federal, Inc.						727,291
	500		Wesco Financial Corp.						161,600
	3,030	@	White Mountains Insurance Group Ltd.						982,326
	36,350		Wilmington Trust Corp.						403,122
	50,700		WR Berkley Corp.						1,341,522
	136,600		XL Capital Ltd.						2,186,966
	64,050		Zions Bancorp.						1,381,559
									165,359,268
			Health Care:				9.2	%
	2,900	@, S	Abraxis Bioscience, Inc.						215,180
	35,800	@	Alexion Pharmaceuticals, Inc.						1,832,602
	26,000	@, L	Allscripts Healthcare Solutions, Inc.						418,600
	112,800		AmerisourceBergen Corp.						3,581,400
	57,350	@	Amylin Pharmaceuticals, Inc.						1,078,180
	28,000		Beckman Coulter, Inc.						1,688,120
	40,650	@	BioMarin Pharmaceuticals, Inc.						770,724
	7,800	@	Bio-Rad Laboratories, Inc.						674,622
	605,700	@, S	Boston Scientific Corp.						3,513,060
	34,200	@	Brookdale Senior Living, Inc.						513,000
	72,200	@	CareFusion Corp.						1,638,940
	30,000	@	Cephalon, Inc.						1,702,500
	27,500	@	Cerner Corp.						2,086,975
	26,400	@, L	Charles River Laboratories International, Inc.						903,144
	110,500	S	Cigna Corp.						3,432,130
	37,850	@	Community Health Systems, Inc.						1,279,709
	18,150		Cooper Cos., Inc.						722,189
	25,800	@	Covance, Inc.						1,324,056
	59,100	@	Coventry Health Care, Inc.						1,044,888
	37,950	S	CR Bard, Inc.						2,942,264
	41,450	@	DaVita, Inc.						2,588,138
	54,000	@	Dendreon Corp.						1,745,820
	58,500		Densply International, Inc.						1,749,735
	45,300	@	Edwards Lifesciences Corp.	��					2,537,706
	11,400	@	Emdeon, Inc.						142,842
	11,900	@	Emergency Medical Services Corp.						583,457
	46,450	@	Endo Pharmaceuticals Holdings, Inc.						1,013,539
	120,800	@	Forest Laboratories, Inc.						3,313,544
	19,800	@	Gen-Probe, Inc.						899,316
	100,050	@, S	Health Management Associates, Inc.						777,389
	39,750	@	Health Net, Inc.						968,708
	36,500	@	Henry Schein, Inc.						2,003,850
	25,200		Hill-Rom Holdings, Inc.						766,836
	103,450	@	Hologic, Inc.						1,441,059
	66,250	@	Hospira, Inc.						3,806,063
	74,800	@	Human Genome Sciences, Inc.						1,694,968
	68,000	@	Humana, Inc.						3,105,560
	23,000	@, L	Idexx Laboratories, Inc.						1,400,700
	48,650	@	Illumina, Inc.						2,117,735
	15,650	@	Intuitive Surgical, Inc.						4,939,453
	33,600	@, L	Inverness Medical Innovations, Inc.						895,776
	25,000	@	Kinetic Concepts, Inc.						912,750
	99,750	@, S	King Pharmaceuticals, Inc.						757,103
	41,700	@	Laboratory Corp. of America Holdings						3,142,095
	72,961	@	Life Technologies Corp.						3,447,407
	22,100	@	LifePoint Hospitals, Inc.						693,940
	39,700	@, L	Lincare Holdings, Inc.						1,290,647
	18,850	@	Mednax, Inc.						1,048,249
	13,400	@	Mettler Toledo International, Inc.						1,495,842
	22,500	@	Millipore Corp.						2,399,625
	123,300	@, L	Mylan Laboratories						2,101,032
	39,100	@	Myriad Genetics, Inc.						584,545
	48,050		Omnicare, Inc.						1,138,785
	40,750		Patterson Cos., Inc.						1,162,598
	47,050		PerkinElmer, Inc.						972,524
	32,300		Perrigo Co.						1,907,961
	42,150		Pharmaceutical Product Development, Inc.						1,071,032
	59,550		Quest Diagnostics						2,963,804
	25,900	@	Regeneron Pharmaceuticals, Inc.						578,088
	30,300	@	Resmed, Inc.						1,842,543
	12,200	@	SXC Health Solutions Corp.						893,650
	20,500	@	Talecris Biotherapeutics Holdings Corp.						432,550
	14,850		Techne Corp.						853,133
	15,950		Teleflex, Inc.						865,766
	193,450	@, S	Tenet Healthcare Corp.						839,573
	22,900	@	Thoratec Corp.						978,517
	19,800	@	United Therapeutics Corp.						966,438
	35,900		Universal Health Services, Inc.						1,369,585
	22,700	@, L	Valeant Pharmaceuticals International						1,186,983
	49,350	@	Varian Medical Systems, Inc.						2,580,018
	34,350	@	VCA Antech, Inc.						850,506
	80,800	@	Vertex Pharmaceuticals, Inc.						2,658,320
	36,000	@	Warner Chilcott PLC						822,600
	37,150	@	Waters Corp.						2,403,605
	44,650	@	Watson Pharmaceuticals, Inc.						1,811,451
									118,877,742
			Industrials:				12.1	%
	40,550	@	Aecom Technology Corp.						935,083
	37,200	@	AGCO Corp.						1,003,284
	16,450		Alexander & Baldwin, Inc.						489,881
	13,200	@	Alliant Techsystems, Inc.						819,192
	42,450		Ametek, Inc.						1,704,368
	133,000	@, S	AMR Corp.						901,740
	8,000	@	Armstrong World Industries, Inc.						241,440
	44,150		Avery Dennison Corp.						1,418,540
	38,350	@	BE Aerospace, Inc.						975,241
	30,000		Bucyrus International, Inc.						1,423,500
	24,300		Carlisle Cos., Inc.						877,959
	66,250		CH Robinson Worldwide, Inc.						3,687,475
	40,400	@	Chicago Bridge & Iron Co. NV						759,924
	53,050		Cintas Corp.						1,271,609
	10,200	@	CNH Global NV						231,030
	55,800	@	Continental Airlines, Inc.						1,227,600
	21,550		Con-way, Inc.						646,931
	66,900	@	Cooper Industries PLC						2,943,600
	12,200		Copa Holdings S.A.						539,484
	28,900	@	Copart, Inc.						1,034,909
	45,450	@	Corrections Corp. of America						867,186
	51,750	@	Covanta Holding Corp.						858,533
	19,700		Crane Co.						595,137
	80,100		Cummins, Inc.						5,216,913
	315,462	@	Delta Airlines, Inc.						3,706,679
	30,800		Donaldson Co., Inc.						1,313,620
	74,550		Dover Corp.						3,115,445
	20,100		Dun & Bradstreet Corp.						1,349,112
	66,950		Eaton Corp.						4,381,208
	50,550		Equifax, Inc.						1,418,433
	85,050		Expeditors International Washington, Inc.						2,935,076
	52,850	L	Fastenal Co.						2,652,542
	22,400		Flowserve Corp.						1,899,520
	71,350	S	Fluor Corp.						3,032,375
	18,750	@	FTI Consulting, Inc.						817,313
	20,900		Gardner Denver, Inc.						931,931
	18,450		GATX Corp.						492,246
	20,800	@, S	General Cable Corp.						554,320
	50,050		Goodrich Corp.						3,315,813
	24,200		Graco, Inc.						682,198
	32,150		Harsco Corp.						755,525
	77,250	@	Hertz Global Holdings, Inc.						730,785
	24,000		Hubbell, Inc.						952,560
	32,450		IDEX Corp.						927,097
	19,350	@, L	IHS, Inc.						1,130,427
	128,600		Ingersoll-Rand PLC						4,435,414
	72,950		Iron Mountain, Inc.						1,638,457
	73,250		ITT Corp.						3,290,390
	49,950	@	Jacobs Engineering Group, Inc.						1,820,178
	36,400		JB Hunt Transport Services, Inc.						1,189,188
	41,150		Joy Global, Inc.						2,061,204
	40,900	@	Kansas City Southern						1,486,715
	11,100	@	KAR Holdings, Inc.						137,307
	64,100		KBR, Inc.						1,303,794
	32,700		Kennametal, Inc.						831,561
	21,600	@	Kirby Corp.						826,200
	46,250		L-3 Communications Holdings, Inc.						3,276,350
	20,000		Landstar System, Inc.						779,800
	18,750	L	Lennox International, Inc.						779,438
	17,050		Lincoln Electric Holdings, Inc.						869,380
	52,550		Manitowoc Co., Inc.						480,307
	32,700		Manpower, Inc.						1,411,986
	143,300		Masco Corp.						1,541,908
	92,350	@	McDermott International, Inc.						2,000,301
	17,450		MSC Industrial Direct Co.						884,017
	28,400	@	Navistar International Corp.						1,397,280
	35,900	@	Oshkosh Truck Corp.						1,118,644
	45,600	@	Owens Corning, Inc.						1,363,896
	46,750		Pall Corp.						1,606,798
	64,300		Parker Hannifin Corp.						3,566,078
	39,450		Pentair, Inc.						1,270,290
	82,950		Pitney Bowes, Inc.						1,821,582
	84,050	@	Quanta Services, Inc.						1,735,633
	15,400		Regal-Beloit Corp.						859,012
	129,810		Republic Services, Inc.						3,859,251
	59,900		Robert Half International, Inc.						1,410,645
	57,000		Rockwell Automation, Inc.						2,798,130
	62,850		Rockwell Collins, Inc.						3,339,221
	37,500		Roper Industries, Inc.						2,098,500
	82,350		RR Donnelley & Sons Co.						1,348,070
	21,200		Ryder System, Inc.						852,876
	33,650	@	Shaw Group, Inc.						1,151,503
	23,100		Snap-On, Inc.						945,021
	297,300		Southwest Airlines Co.						3,303,003
	42,350	@	Spirit Aerosystems Holdings, Inc.						807,191
	19,900		SPX Corp.						1,050,919
	33,850	@	Stericycle, Inc.						2,219,883
	43,350	@	Terex Corp.						812,379
	109,150		Textron, Inc.						1,852,276
	21,100	@	Thomas & Betts Corp.						732,170
	34,550		Timken Co.						897,955
	13,400		Toro Co.						658,208
	17,100		Towers Watson & Co.						664,335
	19,700	@	TransDigm Group, Inc.						1,005,291
	31,700		Trinity Industries, Inc.						561,724
	67,200	@, L	UAL Corp.						1,381,632
	33,050	@	URS Corp.						1,300,518
	27,050	@, L	USG Corp.						326,764
	40,550		UTI Worldwide, Inc.						502,009
	8,800		Valmont Industries, Inc.						639,408
	41,300	@	Verisk Analytics, Inc.						1,234,870
	25,700	@	WABCO Holdings, Inc.						809,036
	19,200		Wabtec Corp.						765,888
	31,000	@	Waste Connections, Inc.						1,081,590
	16,950	@	Wesco International, Inc.						570,707
	24,700		WW Grainger, Inc.						2,456,415
									156,985,280
			Information Technology:				14.3	%
	240,000	@, S	Advanced Micro Devices, Inc.						1,756,800
	139,100	@	Agilent Technologies, Inc.						3,954,613
	68,700	@	Akamai Technologies, Inc.						2,787,159
	21,350	@, L	Alliance Data Systems Corp.						1,270,752
	120,500		Altera Corp.						2,989,605
	82,450	@	Amdocs Ltd.						2,213,783
	69,350		Amphenol Corp.						2,724,068
	119,000	S	Analog Devices, Inc.						3,315,340
	36,150	@	Ansys, Inc.						1,466,606
	42,600	@	AOL, Inc.						885,654
	48,550	@, S	Arrow Electronics, Inc.						1,085,093
	27,900	@	Atheros Communications, Inc.						768,366
	184,100	@, S	Atmel Corp.						883,680
	91,600	@	Autodesk, Inc.						2,231,376
	42,400	@	Avago Technologies Ltd.						892,944
	60,600	@	Avnet, Inc.						1,461,066
	19,150	S	AVX Corp.						245,503
	72,550	@, S	BMC Software, Inc.						2,512,407
	54,450		Broadridge Financial Solutions ADR						1,037,273
	177,400	@, S	Brocade Communications Systems, Inc.						915,384
	155,400		CA, Inc.						2,859,360
	108,050	@, S	Cadence Design Systems, Inc.						625,610
	37,050	@, S, L	Ciena Corp.						469,794
	74,250	@	Citrix Systems, Inc.						3,135,578
	37,700	@	CommScope, Inc.						896,129
	61,600		Computer Sciences Corp.						2,787,400
	89,900	@, S	Compuware Corp.						717,402
	39,750	@	Convergys Corp.						389,948
	41,500		CoreLogic, Inc.						732,890
	42,900	@	Cree, Inc.						2,575,287
	65,400	@	Cypress Semiconductor Corp.						656,616
	26,300		Diebold, Inc.						716,675
	21,400	@	Dolby Laboratories, Inc.						1,341,566
	14,150		DST Systems, Inc.						511,381
	14,850	@	EchoStar Holding Corp.						283,338
	131,700	@	Electronic Arts, Inc.						1,896,480
	18,100	@	Equinix, Inc.						1,470,082
	32,050	@	F5 Networks, Inc.						2,197,669
	18,650		Factset Research Systems, Inc.						1,249,364
	50,150	@	Fairchild Semiconductor International, Inc.						421,762
	132,455		Fidelity National Information Services, Inc.						3,552,443
	22,100	@, L	First Solar, Inc.						2,515,643
	60,950	@	Fiserv, Inc.						2,782,977
	61,250	@	Flir Systems, Inc.						1,781,763
	29,200	@	Gartner, Inc.						678,900
	26,300	@	Genpact Ltd.						408,439
	32,600		Global Payments, Inc.						1,191,204
	51,850		Harris Corp.						2,159,553
	37,150	@	Hewitt Associates, Inc.						1,280,189
	36,150	@	IAC/InterActiveCorp						794,216
	36,700	@	Informatica Corp.						876,396
	66,100	@	Ingram Micro, Inc.						1,004,059
	28,200	@	International Rectifier Corp.						524,802
	49,450		Intersil Corp.						598,840
	112,050	@	Intuit, Inc.						3,895,979
	16,100	@	Itron, Inc.						995,302
	71,950		Jabil Circuit, Inc.						956,935
	86,150	@	JDS Uniphase Corp.						847,716
	67,900		KLA-Tencor Corp.						1,893,052
	50,550	@	Lam Research Corp.						1,923,933
	37,900		Lender Processing Services, Inc.						1,186,649
	31,400	@	Lexmark International, Inc.						1,037,142
	89,500		Linear Technology Corp.						2,488,995
	261,050	@, S	LSI Logic Corp.						1,200,830
	216,250	@	Marvell Technology Group Ltd.						3,408,100
	120,800		Maxim Integrated Products						2,020,984
	62,300	@	McAfee, Inc.						1,913,856
	90,850	@	MEMC Electronic Materials, Inc.						897,598
	73,550	L	Microchip Technology, Inc.						2,040,277
	341,800	@, S	Micron Technology, Inc.						2,901,882
	32,100	@	Micros Systems, Inc.						1,023,027
	53,150		Molex, Inc.						969,456
	50,450	@	Monster Worldwide, Inc.						587,743
	23,100		National Instruments Corp.						734,118
	95,050		National Semiconductor Corp.						1,279,373
	64,000	@	NCR Corp.						775,680
	137,650	@	NetApp, Inc.						5,135,722
	29,900	@	NeuStar, Inc.						616,538
	139,100	@, S	Novell, Inc.						790,088
	38,350	@	Novellus Systems, Inc.						972,556
	90,850	@	Nuance Communications, Inc.						1,358,208
	228,550	@	Nvidia Corp.						2,333,496
	171,700	@, S	ON Semiconductor Corp.						1,095,446
	128,900		Paychex, Inc.						3,347,533
	91,600	@, S	PMC - Sierra, Inc.						688,832
	34,000	@	Polycom, Inc.						1,012,860
	44,550	@	QLogic Corp.						740,421
	41,950	@	Rambus, Inc.						734,964
	75,350	@	Red Hat, Inc.						2,180,629
	40,800	@	Rovi Corp.						1,546,728
	123,600	@	SAIC, Inc.						2,069,064
	45,750	@	Salesforce.com, Inc.						3,926,265
	91,900	@	Sandisk Corp.						3,866,233
	194,750	@	Seagate Technology, Inc.						2,539,540
	18,350	@	Silicon Laboratories, Inc.						744,276
	70,700	@	Skyworks Solutions, Inc.						1,187,053
	28,000		Solera Holdings, Inc.						1,013,600
	38,900	@, L	Sunpower Corp. - Class A						470,690
	35,500	@, S	Sybase, Inc.						2,295,430
	59,800	@	Synopsys, Inc.						1,248,026
	20,600	@	Tech Data Corp.						733,772
	153,950	S	Tellabs, Inc.						983,741
	66,650	@	Teradata Corp.						2,031,492
	71,950	@	Teradyne, Inc.						701,513
	65,750		Total System Services, Inc.						894,200
	48,450	@	Trimble Navigation Ltd.						1,356,600
	29,800	@	Varian Semiconductor Equipment Associates, Inc.						854,068
	72,850	@	VeriSign, Inc.						1,934,168
	68,850	@, S	Vishay Intertechnology, Inc.						532,899
	17,500	@	VistaPrint NV						831,075
	21,410	@	WebMD Health Corp.						994,066
	91,500	@	Western Digital Corp.						2,759,640
	268,500		Western Union Co.						4,003,335
	550,817	S	Xerox Corp.						4,428,569
	110,500		Xilinx, Inc.						2,791,230
	23,100	@	Zebra Technologies Corp.						586,047
									184,790,467
			Materials:				6.0	%
	33,350		Airgas, Inc.						2,074,370
	43,850		AK Steel Holding Corp.						522,692
	36,500		Albemarle Corp.						1,449,415
	39,350		Allegheny Technologies, Inc.						1,738,877
	27,100		Aptargroup, Inc.						1,024,922
	31,400		Ashland, Inc.						1,457,588
	36,850		Ball Corp.						1,946,786
	43,550		Bemis Co.						1,175,850
	26,100		Cabot Corp.						629,271
	17,550		Carpenter Technology Corp.						576,167
	62,550		Celanese Corp.						1,558,121
	28,383		CF Industries Holdings, Inc.						1,800,901
	54,150		Cliffs Natural Resources, Inc.						2,553,714
	45,550		Commercial Metals Co.						602,171
	13,100		Compass Minerals International, Inc.						920,668
	64,650	@	Crown Holdings, Inc.						1,618,836
	19,500		Cytec Industries, Inc.						779,805
	16,800		Domtar Corp.						825,720
	17,550		Eagle Materials, Inc.						455,072
	28,900		Eastman Chemical Co.						1,542,104
	93,250		Ecolab, Inc.						4,187,858
	29,000		FMC Corp.						1,665,470
	56,100	@	Gerdau AmeriSteel Corp.						611,490
	13,800		Greif, Inc. - Class A						766,452
	75,450		Huntsman Corp.						654,152
	31,800		International Flavors & Fragrances, Inc.						1,348,956
	174,450	S	International Paper Co.						3,947,804
	17,800	@, L	Intrepid Potash, Inc.						348,346
	27,200		Lubrizol Corp.						2,184,432
	18,150		Martin Marietta Materials, Inc.						1,539,302
	68,250		MeadWestvaco Corp.						1,515,150
	51,800		Nalco Holding Co.						1,059,828
	65,850	@	Owens-Illinois, Inc.						1,741,733
	41,250		Packaging Corp. of America						908,325
	53,050	@	Pactiv Corp.						1,477,443
	66,450		PPG Industries, Inc.						4,014,245
	29,600		Reliance Steel & Aluminum Co.						1,070,040
	19,000		Royal Gold, Inc.						912,000
	51,750		RPM International, Inc.						923,220
	8,750		Schnitzer Steel Industries, Inc.						343,000
	18,350		Scotts Miracle-Gro Co.						814,924
	63,650		Sealed Air Corp.						1,255,178
	36,850		Sherwin-Williams Co.						2,549,652
	48,450		Sigma-Aldrich Corp.						2,414,264
	40,150		Sonoco Products Co.						1,223,772
	86,550		Steel Dynamics, Inc.						1,141,595
	42,950		Temple-Inland, Inc.						887,777
	34,150	@, L	Titanium Metals Corp.						600,699
	57,300	L	United States Steel Corp.						2,208,915
	39,650		Valspar Corp.						1,194,258
	51,000		Vulcan Materials Co.						2,235,330
	21,400		Walter Industries, Inc.						1,302,190
	84,550	S	Weyerhaeuser Co.						2,976,160
									77,277,010
			Telecommunication Services:				1.8	%
	120,035		CenturyTel, Inc.						3,998,366
	60,000	@, S	Clearwire Corp.						436,800
	116,000	@	Crown Castle International Corp.						4,322,160
	125,200	L	Frontier Communications Corp.						890,172
	24,400	@	Leap Wireless International, Inc.						316,712
	661,250	@, L	Level 3 Communications, Inc.						720,763
	100,450	@	MetroPCS Communications, Inc.						822,686
	66,800	@	NII Holdings, Inc.						2,172,336
	693,500	S	Qwest Communications International, Inc.						3,640,875
	46,700	@	SBA Communications Corp.						1,588,267
	33,750		Telephone & Data Systems, Inc.						1,025,663
	60,600	@	TW Telecom, Inc.						1,010,808
	6,200	@, L	US Cellular Corp.						255,130
	193,000		Windstream Corp.						2,038,080
									23,238,818
			Utilities:				7.1	%
	267,500	@	AES Corp.						2,471,700
	31,100		AGL Resources, Inc.						1,114,002
	67,700		Allegheny Energy, Inc.						1,400,036
	44,200		Alliant Energy Corp.						1,402,908
	95,250		Ameren Corp.						2,264,093
	69,800		American Water Works Co., Inc.						1,437,880
	54,750		Aqua America, Inc.						967,980
	37,200		Atmos Energy Corp.						1,005,888
	139,500	@	Calpine Corp.						1,774,440
	157,600		CenterPoint Energy, Inc.						2,074,016
	91,850		CMS Energy Corp.						1,345,603
	112,650		Consolidated Edison, Inc.						4,855,215
	73,750		Constellation Energy Group, Inc.						2,378,438
	47,550		DPL, Inc.						1,136,445
	67,250		DTE Energy Co.						3,067,273
	130,100		Edison International						4,126,772
	28,700		Energen Corp.						1,272,271
	59,350		EQT Corp.						2,144,909
	121,800		FirstEnergy Corp.						4,291,014
	54,150		Great Plains Energy, Inc.						921,633
	37,250		Hawaiian Electric Industries						848,555
	30,700		Integrys Energy Group, Inc.						1,342,818
	20,000		ITC Holdings Corp.						1,058,200
	75,150		MDU Resources Group, Inc.						1,354,955
	58,050	@	Mirant Corp.						613,008
	29,400		National Fuel Gas Co.						1,348,872
	110,750		NiSource, Inc.						1,605,875
	70,300		Northeast Utilities						1,791,244
	101,950	@	NRG Energy, Inc.						2,162,360
	42,650		NSTAR						1,492,750
	93,800		NV Energy, Inc.						1,107,778
	38,800		OGE Energy Corp.						1,418,528
	42,450		Oneok, Inc.						1,835,963
	7,800	L	Ormat Technologies, Inc.						220,662
	89,150		Pepco Holdings, Inc.						1,397,872
	43,350		Pinnacle West Capital Corp.						1,576,206
	151,200		PPL Corp.						3,772,440
	114,700		Progress Energy, Inc.						4,498,534
	69,950		Questar Corp.						3,182,026
	141,250	@, L	RRI Energy, Inc.						535,338
	45,150		SCANA Corp.						1,614,564
	98,850		Sempra Energy						4,625,192
	85,450		TECO Energy, Inc.						1,287,732
	43,550		UGI Corp.						1,107,912
	32,400		Vectren Corp.						766,584
	44,200		Westar Energy, Inc.						955,162
	46,650		Wisconsin Energy Corp.						2,367,021
	183,550		Xcel Energy, Inc.						3,782,966
									91,123,633
			Total Common Stock (Cost $ 1,080,175,442)						1,179,095,988
REAL ESTATE INVESTMENT TRUSTS:					5.7	%
			Financials:				5.7	%
	17,700		Alexandria Real Estate Equities, Inc.						1,121,649
	67,150		AMB Property Corp.						1,592,127
	223,550		Annaly Capital Management, Inc.						3,833,883
	46,612		Apartment Investment & Management Co.						902,874
	33,140		AvalonBay Communities, Inc.						3,094,282
	55,550		Boston Properties, Inc.						3,962,937
	52,450		Brandywine Realty Trust						563,838
	25,500		BRE Properties, Inc.						941,715
	26,300		Camden Property Trust						1,074,355
	306,800	S	Chimera Investment Corp.						1,107,548
	23,600		Corporate Office Properties Trust SBI MD						891,136
	79,600		Developers Diversified Realty Corp.						788,040
	31,200		Digital Realty Trust, Inc.						1,799,616
	48,850		Douglas Emmett, Inc.						694,647
	89,650		Duke Realty Corp.						1,017,528
	113,050		Equity Residential						4,707,402
	12,050		Essex Property Trust, Inc.						1,175,357
	24,500	S	Federal Realty Investment Trust						1,721,615
	98,700		General Growth Properties, Inc.						1,308,762
	117,450		HCP, Inc.						3,787,763
	49,550		Health Care Real Estate Investment Trust, Inc.						2,087,046
	49,300		Hospitality Properties Trust						1,040,230
	262,924		Host Hotels & Resorts, Inc.						3,544,216
	103,150	S	HRPT Properties Trust						640,562
	162,050		Kimco Realty Corp.						2,177,952
	45,200		Liberty Property Trust						1,304,020
	51,798		Macerich Co.						1,933,101
	31,700		Mack-Cali Realty Corp.						942,441
	47,850		Nationwide Health Properties, Inc.						1,711,595
	20,900		Piedmont Office Realty Trust, Inc.						391,457
	65,050		Plum Creek Timber Co., Inc.						2,246,177
	190,300		Prologis						1,927,739
	32,000		Rayonier, Inc.						1,408,640
	41,700		Realty Income Corp.						1,264,761
	32,700		Regency Centers Corp.						1,124,880
	50,900		Senior Housing Properties Trust						1,023,599
	31,100		SL Green Realty Corp.						1,711,744
	21,800		Taubman Centers, Inc.						820,334
	64,768		UDR, Inc.						1,239,012
	62,650		Ventas, Inc.						2,941,418
	64,550		Vornado Realty Trust						4,708,923
	48,000		Weingarten Realty Investors						914,400
			Total Real Estate Investment Trusts (Cost $ 61,444,333)						73,191,321
			Total Long-Term Investments (Cost $ 1,141,619,775)						1,252,287,309
SHORT-TERM INVESTMENTS:					5.5%
			Affiliated Mutual Fund:				2.8	%
	35,655,000		ING Institutional Prime Money Market Fund - Class I						35,654,999
			Total Mutual Fund (Cost $ 35,654,999)						35,654,999
	Principal Amount								Value
			Securities Lending Collateralcc:				2.7	%
$	35,398,738		Bank of New York Mellon Corp. Overnight Government Fund, Series A (1)						$                35,398,738
	268,841	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B (1)(2)						215,073
			Total Securities Lending Collateral (Cost $ 35,667,579)						35,613,811
			Total Short-Term Investments (Cost $ 71,322,578)						71,268,810
			Total Investments in Securities (Cost $ 1,212,942,353) *				102.4	%	$            1,323,556,119
			Other Assets and Liabilities - Net				(2.4	)	(31,478,134	)
			Net Assets				100.0	%	$            1,292,077,985
		@	Non-income producing security
		ADR	American Depositary Receipt
		cc	Securities purchased with cash collateral for securities loaned.
		(1)	Collateral received from brokers for securites lending was invested in these short-term investments.
		(2)	On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
		S	All or a portion of this security has been identified by the Fund to cover future
			collateral requirements for applicable futures, options, swaps, foreign 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, 2010.
			See Accompanying Notes to Financial Statements

ING RussellTM Small Cap Index Portfolio				PORTFOLIO OF INVESTMENTS as of June 30, 2010 (Unaudited)
	Shares							Value
COMMON STOCK:				89.8	%
			Consumer Discretionary:			13.3	%
	30,910	@	99 Cents Only Stores					$            457,468
	25,880	@	AFC Enterprises					235,508
	9,540		Ambassadors Group, Inc.					107,707
	77,370	@, L	American Apparel, Inc.					141,587
	33,460	@	American Axle & Manufacturing Holdings, Inc.					245,262
	25,520		American Greetings Corp.					478,755
	12,030	@	American Public Education, Inc.					525,711
	8,060	@	America’s Car-Mart, Inc.					182,398
	20,700	@	Amerigon, Inc.					152,766
	14,680		Ameristar Casinos, Inc.					221,081
	37,520	@	AnnTaylor Stores Corp.					610,450
	18,890		Arbitron, Inc.					484,151
	12,800	@	Arctic Cat, Inc.					116,608
	20,880	@	Asbury Automotive Group, Inc.					220,075
	10,160	@	Ascent Media Corp.					256,642
	10,300	@, L	Audiovox Corp.					75,705
	20,900	@	Ballantyne Strong, Inc.					151,316
	23,600		Barnes & Noble, Inc.					304,440
	40,600	@, L	Beazer Homes USA, Inc.					147,378
	24,360		Bebe Stores, Inc.					155,904
	59,600	@, L	Belo Corp.					339,124
	14,350		Big 5 Sporting Goods Corp.					188,559
	871	@	Biglari Holdings, Inc.					249,890
	11,880	@, L	BJ’s Restaurants, Inc.					280,368
	7,620	@, L	Blue Nile, Inc.					358,750
	3,800		Blyth, Inc.					129,466
	21,050		Bob Evans Farms, Inc.					518,251
	8,400	@	Bon-Ton Stores, Inc.					81,900
	67,350	@, L	Borders Group, Inc.					89,576
	32,800	@	Boyd Gaming Corp.					278,472
	13,750	@, L	Bridgepoint Education, Inc.					217,388
	12,600	@, L	Brookfield Homes Corp.					84,924
	26,460		Brown Shoe Co., Inc.					401,663
	64,060		Brunswick Corp.					796,266
	17,280	L	Buckle, Inc.					560,218
	12,200	@, L	Buffalo Wild Wings, Inc.					446,276
	8,850	@, L	Build-A-Bear Workshop, Inc.					60,003
	21,280	@, L	Cabela’s, Inc.					300,899
	12,420	@	California Pizza Kitchen, Inc.					188,163
	44,850		Callaway Golf Co.					270,894
	11,580	@	Capella Education Co.					942,033
	18,000	@	Carrols Restaurant Group, Inc.					82,260
	44,990	@	Carter’s, Inc.					1,180,988
	21,520		Cato Corp.					473,870
	4,560	@	Cavco Industries, Inc.					160,421
	14,440	@, L	CEC Entertainment, Inc.					509,154
	76,340	@, S	Charming Shoppes, Inc.					286,275
	43,510	@, L	Cheesecake Factory					968,533
	5,080		Cherokee, Inc.					86,868
	19,070	@	Childrens Place Retail Stores, Inc.					839,461
	20,980		Christopher & Banks Corp.					129,866
	6,127	L	Churchill Downs, Inc.					200,966
	38,020		Cinemark Holdings, Inc.					499,963
	10,010	@	Citi Trends, Inc.					329,729
	31,610		CKE Restaurants, Inc.					396,073
	35,630	@, S	CKX, Inc.					177,794
	21,400	@	Coinstar, Inc.					919,558
	30,370	@, L	Coldwater Creek, Inc.					102,043
	48,780	@	Collective Brands, Inc.					770,724
	7,710		Columbia Sportswear Co.					359,826
	7,820	@, L	Conn’s, Inc.					45,982
	33,890	L	Cooper Tire & Rubber Co.					660,855
	9,350	@	Core-Mark Holding Co., Inc.					256,190
	58,760	@, L	Corinthian Colleges, Inc.					578,786
	3,890		CPI Corp.					87,214
	16,730		Cracker Barrel Old Country Store					778,949
	47,570	@	CROCS, Inc.					503,291
	6,890		CSS Industries, Inc.					113,685
	9,500	@	Culp, Inc.					104,120
	98,410	@	Dana Holding Corp.					984,100
	9,200	@	Deckers Outdoor Corp.					1,314,404
	66,060	@, S	Denny’s Corp.					171,756
	2,480	@, S	Destination Maternity Corp.					62,744
	33,100	@	Dex One Corp.					628,900
	26,910		Dillard’s, Inc.					578,565
	11,900	@, L	DineEquity, Inc.					332,248
	27,260	@	Domino’s Pizza, Inc.					308,038
	10,630	@	Dorman Products, Inc.					216,108
	43,962	@	Dress Barn, Inc.					1,046,735
	16,310	@	Drew Industries, Inc.					329,462
	52,860	@, S	Drugstore.Com					162,809
	9,850	@, L	DSW, Inc.					221,231
	186,290	@, S	Eastman Kodak Co.					808,499
	14,340		Ethan Allen Interiors, Inc.					200,617
	23,050	@	EW Scripps Co.					171,262
	41,020	@, S	Exide Technologies					213,304
	11,600	@	Express, Inc.					189,892
	34,189		Finish Line					476,253
	4,570	@, L	Fisher Communications, Inc.					76,959
	18,090		Fred’s, Inc.					200,075
	7,920	@, L	Fuel Systems Solutions, Inc.					205,524
	26,810	@, L	Furniture Brands International, Inc.					139,948
	7,220		Gaiam, Inc.					43,825
	21,340	@, S, L	Gaylord Entertainment Co.					471,401
	13,330	@	Genesco, Inc.					350,712
	8,810	@, L	G-III Apparel Group Ltd.					201,661
	14,052	@, L	Global Sources Ltd.					110,168
	20,810	@	Grand Canyon Education, Inc.					487,578
	14,760	@, L	Group 1 Automotive, Inc.					347,303
	19,480	@	Gymboree Corp.					831,991
	23,260		Harte-Hanks, Inc.					243,067
	13,050	@	Haverty Furniture Cos., Inc.					160,385
	19,510	@	Helen of Troy Ltd.					430,391
	8,400	@	hhgregg, Inc.					195,888
	18,850	@	Hibbett Sporting Goods, Inc.					451,646
	10,820		Hooker Furniture Corp.					115,341
	34,980	S	HOT Topic, Inc.					177,698
	39,560	@, L	Hovnanian Enterprises, Inc.					145,581
	26,500	@	HSN, Inc.					636,000
	44,650	@	Iconix Brand Group, Inc.					641,621
	26,750	@, L	Interval Leisure Group, Inc.					333,038
	14,680	@	iRobot Corp.					275,837
	34,220	@	Jack in the Box, Inc.					665,579
	20,080	@, L	Jakks Pacific, Inc.					288,750
	53,900	@, S	Jamba, Inc.					114,807
	16,630	@	Jo-Ann Stores, Inc.					623,791
	36,900	@, S	Joe’s Jeans, Inc.					73,062
	59,340		Jones Apparel Group, Inc.					940,539
	11,420	@, L	JoS. A Bank Clothiers, Inc.					616,566
	30,600	@, S	Journal Communications, Inc.					121,482
	15,510	@, L	K12, Inc.					344,012
	11,050	@	Kenneth Cole Productions, Inc.					121,661
	20,700	@	Kid Brands, Inc.					145,521
	8,260	@	Kirkland’s, Inc.					139,388
	19,420	@	Knology, Inc.					212,261
	37,800	@, S	Krispy Kreme Doughnuts, Inc.					127,386
	18,400	@	K-Swiss, Inc.					206,632
	43,100	@	La-Z-Boy, Inc.					320,233
	17,050	@, S	Leapfrog Enterprises, Inc.					68,541
	27,400	@, L	Life Time Fitness, Inc.					871,046
	8,400	@, L	Lifetime Brands, Inc.					122,808
	23,670	@	Lin TV Corp.					128,055
	11,590	@	Lincoln Educational Services Corp.					238,638
	46,200	@	Lions Gate Entertainment Corp.					322,476
	96,927	@	Live Nation, Inc.					1,012,887
	54,920	@, S	Liz Claiborne, Inc.					231,762
	19,020	@, S	Lodgenet Entertainment Corp.					70,564
	17,680	@	Lumber Liquidators					412,474
	11,580	@	M/I Homes, Inc.					111,631
	10,900		Mac-Gray Corp.					121,426
	13,680	@	Maidenform Brands, Inc.					278,525
	12,980		Marcus Corp.					122,791
	18,000	@	MarineMax, Inc.					124,920
	20,680		Matthews International Corp. - Class A					605,510
	43,600	@, S	McClatchy Co.					158,704
	12,850	@	McCormick & Schmick’s Seafood Restaurants, Inc.					95,861
	16,300	@	Media General, Inc.					159,088
	33,730	@, L	Mediacom Communications Corp.					226,666
	31,600		Men’s Wearhouse, Inc.					580,176
	21,410	@	Meritage Homes Corp.					348,555
	13,700	@	Midas, Inc.					105,079
	29,700	@	Modine Manufacturing Co.					228,096
	5,020	@	Monarch Casino & Resort, Inc.					50,853
	13,310		Monro Muffler, Inc.					526,144
	19,400	@	Morgans Hotel Group Co.					119,504
	8,950	@	Movado Group, Inc.					95,586
	28,300		National CineMedia, Inc.					471,478
	3,860		National Presto Industries, Inc.					358,440
	21,240		Nutri/System, Inc.					487,246
	19,350	@	O’Charleys, Inc.					102,555
	58,150	@	OfficeMax, Inc.					759,439
	58,200	@	Orient-Express Hotels Ltd.					430,680
	10,360	@, L	Overstock.com, Inc.					187,205
	5,070		Oxford Industries, Inc.					106,115
	41,490	@, S	Pacific Sunwear of California					132,768
	16,110	@	Papa John’s International, Inc.					372,463
	6,440	@	Peet’s Coffee & Tea, Inc.					252,899
	26,600	@, L	Penske Auto Group, Inc.					302,176
	31,850		PEP Boys-Manny Moe & Jack					282,191
	6,560	@	Perry Ellis International, Inc.					132,512
	9,900	L	PetMed Express, Inc.					176,220
	14,750		PF Chang’s China Bistro, Inc.					584,838
	65,210	@	Pier 1 Imports, Inc.					417,996
	36,140	@	Pinnacle Entertainment, Inc.					341,884
	33,640	@, S	Playboy Enterprises, Inc.					141,288
	21,700		Polaris Industries, Inc.					1,185,254
	34,870		Pool Corp.					764,350
	5,280	@, L	Pre-Paid Legal Services, Inc.					240,187
	38,400	@, S	Princeton Review, Inc.					89,088
	64,110	@, S	Quiksilver, Inc.					237,207
	12,460	@	RC2 Corp.					200,731
	21,160	@	RCN Corp.					313,380
	11,400	@	Red Robin Gourmet Burgers, Inc.					195,624
	36,610		Regis Corp.					570,018
	48,840	@, S	Rent-A-Center, Inc.					989,498
	6,700	@	Rentrak Corp.					163,011
	17,300	@	Retail Ventures, Inc.					135,286
	43,380	@	Ruby Tuesday, Inc.					368,730
	8,700	@	Rue21, Inc.					263,958
	39,602	@, S	Ruth’s Chris Steak House					165,536
	29,550		Ryland Group, Inc.					467,481
	97,700	@, L	Saks, Inc.					741,543
	58,800	@, L	Sally Beauty Holdings, Inc.					482,160
	17,620		Scholastic Corp.					424,994
	40,000	@	Scientific Games Corp.					368,000
	20,440	@, S	Sealy Corp.					54,575
	37,300	@	Select Comfort Corp.					326,375
	35,980	@	Shuffle Master, Inc.					288,200
	16,310	@	Shutterfly, Inc.					390,788
	24,250	@, S	Sinclair Broadcast Group, Inc.					141,378
	24,140	@	Skechers USA, Inc.					881,593
	6,770		Skyline Corp.					121,928
	38,920	@, L	Smith & Wesson Holding Corp.					159,183
	28,160	@	Sonic Automotive, Inc.					241,050
	38,880	@	Sonic Corp.					301,320
	47,280		Sotheby’s					1,081,294
	25,630	S	Spartan Motors, Inc.					107,646
	9,860		Speedway Motorsports, Inc.					133,702
	9,780		Sport Supply Group, Inc.					131,639
	25,260		Stage Stores, Inc.					269,777
	13,850		Standard Motor Products, Inc.					111,770
	76,180	@, S	Standard-Pacific Corp.					253,679
	15,150	@, L	Stein Mart, Inc.					94,385
	9,880	@	Steiner Leisure Ltd.					379,787
	4,590	@	Steinway Musical Instruments					81,656
	15,510	@	Steven Madden Ltd.					488,875
	47,750	S	Stewart Enterprises, Inc.					258,328
	10,200	@	Stoneridge, Inc.					77,418
	10,840	L	Sturm Ruger & Co., Inc.					155,337
	15,100	@	Summer Infant, Inc.					98,905
	15,260		Superior Industries International					205,094
	9,100	@	SuperMedia, Inc.					166,439
	7,570	@	Systemax, Inc.					114,080
	43,110	@, L	Talbots, Inc.					444,464
	42,460	@, L	Tenneco, Inc.					894,208
	35,420	@	Texas Roadhouse, Inc.					447,000
	25,350	@	Timberland Co.					409,403
	14,930	@	True Religion Apparel, Inc.					329,505
	22,660	@, S	Tuesday Morning Corp.					90,413
	18,600	@	Ulta Salon Cosmetics & Fragrance, Inc.					440,076
	23,690	@, L	Under Armour, Inc.					784,850
	9,390		Unifirst Corp.					413,348
	11,050	@	Universal Electronics, Inc.					183,762
	13,270	@	Universal Technical Institute, Inc.					313,703
	27,960	@	Vail Resorts, Inc.					976,084
	35,340	@	Valassis Communications, Inc.					1,120,985
	10,300	@, L	Vitacost.com, Inc.					92,597
	9,400	@	Vitamin Shoppe, Inc.					241,110
	11,910	@	Volcom, Inc.					221,169
	30,680	@	Warnaco Group, Inc.					1,108,775
	25,000	@	Warner Music Group Corp.					121,500
	6,340	@, L	West Marine, Inc.					68,979
	64,220	@, S	Wet Seal, Inc.					234,403
	6,590		Weyco Group, Inc.					150,120
	19,980	@, L	Winnebago Industries					198,601
	37,360		Wolverine World Wide, Inc.					942,219
	14,380	L	World Wrestling Entertainment, Inc.					223,753
	14,750	@	Zumiez, Inc.					237,623
								84,159,320
			Consumer Staples:			3.3	%
	5,490		Alico, Inc.					126,160
	56,740	@, S	Alliance One International, Inc.					201,994
	15,830	@	American Italian Pasta Co.					836,932
	14,140		Andersons, Inc.					460,823
	28,890		B&G Foods, Inc.					311,434
	6,750	@	Boston Beer Co., Inc.					455,288
	9,670	L	Calavo Growers, Inc.					173,673
	11,600		Cal-Maine Foods, Inc.					370,388
	38,170		Casey’s General Stores, Inc.					1,332,133
	27,200	@	Central Garden & Pet Co.					243,984
	28,220	@	Chiquita Brands International, Inc.					342,873
	4,400		Coca-Cola Bottling Co. Consolidated					210,848
	57,170	@	Darling International, Inc.					429,347
	13,580	S	Diamond Foods, Inc.					558,138
	24,100	@, L	Dole Food Co., Inc.					251,363
	17,290	@	Elizabeth Arden, Inc.					251,051
	6,960		Farmer Bros Co.					105,026
	26,510	@	Fresh Del Monte Produce, Inc.					536,562
	21,350	@, L	Great Atlantic & Pacific Tea Co.					83,265
	27,130	@	Hain Celestial Group, Inc.					547,212
	46,980	@, S	Heckmann Corp.					217,987
	15,660	L	Imperial Sugar Co.					158,166
	10,540		Ingles Markets, Inc.					158,627
	5,470		Inter Parfums, Inc.					77,838
	10,220		J&J Snack Foods Corp.					430,262
	15,130		Lancaster Colony Corp.					807,337
	21,300		Lance, Inc.					351,237
	5,680	@, L	Medifast, Inc.					147,169
	5,630		Nash Finch Co.					192,321
	7,200	@	National Beverage Corp.					88,416
	37,270		Nu Skin Enterprises, Inc.					929,141
	7,500	@	Nutraceutical International Corp.					114,450
	5,200		Oil-Dri Corp. of America					119,340
	8,710	@, L	Pantry, Inc.					122,898
	34,600	@	Pilgrim’s Pride Corp.					227,322
	29,880	@	Prestige Brands Holdings, Inc.					211,550
	11,260		Pricesmart, Inc.					261,570
	340,900	@, S	Rite Aid Corp.					334,082
	33,170		Ruddick Corp.					1,027,938
	16,340		Sanderson Farms, Inc.					829,092
	6,330	@	Seneca Foods Corp.					204,206
	41,210	@, S	Smart Balance, Inc.					168,549
	20,640		Spartan Stores, Inc.					283,181
	12,400	@	Spectrum Brands Holdings, Inc.					314,464
	42,250	@, L	Star Scientific, Inc.					69,290
	11,240	@, L	Synutra International, Inc.					181,751
	18,870	L	Tootsie Roll Industries, Inc.					446,276
	25,010	@	TreeHouse Foods, Inc.					1,141,957
	31,830	@	United Natural Foods, Inc.					951,080
	16,070		Universal Corp.					637,658
	5,150	@, L	USANA Health Sciences, Inc.					188,130
	27,031	L	Vector Group Ltd.					454,661
	3,210		Village Super Market					84,263
	10,790		WD-40 Co.					360,386
	8,200		Weis Markets, Inc.					269,862
	38,200	@	Winn-Dixie Stores, Inc.					368,248
								20,759,199
			Energy:			5.2	%
	51,360	@, L	Allis-Chalmers Energy, Inc.					105,802
	35,600	@, L	American Oil & Gas, Inc.					223,568
	5,370		Apco Oil and Gas International, Inc.					126,249
	12,900	@	Approach Resources, Inc.					88,752
	25,780	@	Arena Resources, Inc.					822,382
	26,670	@, L	ATP Oil & Gas Corp.					282,435
	17,120	@	Basic Energy Services, Inc.					131,824
	36,870		Berry Petroleum Co.					948,296
	27,460	@	Bill Barrett Corp.					844,944
	73,400	@, S	Boots & Coots, Inc.					216,530
	55,170	@, L	BPZ Energy, Inc.					228,956
	83,380	@	Brigham Exploration Co.					1,282,384
	26,630	@	Bristow Group, Inc.					782,922
	64,280	@, S	Cal Dive International, Inc.					376,038
	32,500	@	Callon Petroleum Co.					204,750
	13,910		CARBO Ceramics, Inc.					1,004,163
	18,100	@	Carrizo Oil & Gas, Inc.					281,093
	49,230	@, L	Cheniere Energy, Inc.					138,829
	3,400	@	Clayton Williams Energy, Inc.					143,208
	24,340	@, L	Clean Energy Fuels Corp.					363,640
	21,700	@	Cloud Peak Energy, Inc.					287,742
	61,540	@, S	Complete Production Services, Inc.					880,022
	9,220	@	Contango Oil & Gas Co.					412,595
	25,020	@	Crosstex Energy, Inc.					160,378
	15,900	@	CVR Energy, Inc.					119,568
	9,070	@	Dawson Geophysical Co.					192,919
	113,500	@, L	Delta Petroleum Corp.					97,610
	34,450	@, S	DHT Maritime, Inc.					132,633
	23,520	@	Dril-Quip, Inc.					1,035,350
	80,150	@, L	Endeavour International Corp.					84,959
	20,400	@	Energy Partners Ltd.					249,084
	33,900	@	Energy XXI Bermuda Ltd.					534,942
	41,190	@, S	FX Energy, Inc.					149,108
	36,328	@, L	General Maritime Corp.					219,421
	9,900	@	Georesources, Inc.					137,907
	11,400	@	Global Geophysical Services, Inc.					79,458
	67,660	@, S	Global Industries Ltd.					303,793
	31,700	@, L	GMX Resources, Inc.					205,733
	31,530		Golar LNG Ltd.					311,201
	17,090	@, L	Goodrich Petroleum Corp.					205,080
	6,590		Gulf Island Fabrication, Inc.					102,277
	14,220	@	Gulfmark Offshore, Inc.					372,564
	15,900	@	Gulfport Energy Corp.					188,574
	22,800	@, L	Harvest Natural Resources, Inc.					168,036
	71,800	@	Helix Energy Solutions Group, Inc.					773,286
	72,090	@, S	Hercules Offshore, Inc.					175,179
	17,340	@	Hornbeck Offshore Services, Inc.					253,164
	71,390	@, L	International Coal Group, Inc.					274,852
	85,680	@, S	ION Geophysical Corp.					298,166
	19,590	@, L	James River Coal Co.					311,873
	93,010	@	Key Energy Services, Inc.					853,832
	9,840	@	Knightsbridge Tankers Ltd.					173,086
	71,200	@, S	Kodiak Oil & Gas Corp.					227,128
	13,900	@	L&L Energy, Inc.					119,540
	20,620		Lufkin Industries, Inc.					803,974
	50,500	@, S	Magnum Hunter Resources Corp.					220,180
	17,160	@	Matrix Service Co.					159,760
	46,070	@, L	McMoRan Exploration Co.					511,838
	12,400	@	Miller Petroleum, Inc.					71,424
	9,310	@	Natural Gas Services Group, Inc.					140,860
	54,440	@	Newpark Resources					329,362
	30,880	L	Nordic American Tanker Shipping					867,419
	22,720	@	Northern Oil And Gas, Inc.					291,725
	16,000		Overseas Shipholding Group					592,640
	2,150	@	OYO Geospace Corp.					104,232
	4,990		Panhandle Oil and Gas, Inc.					131,886
	44,900	@, S	Parker Drilling Co.					177,355
	45,200	@	Patriot Coal Corp.					531,100
	29,280		Penn Virginia Corp.					588,821
	13,110	@	Petroleum Development Corp.					335,878
	32,110	@, S	Petroquest Energy, Inc.					217,064
	9,060	@	PHI, Inc.					127,655
	31,800	@, S	Pioneer Drilling Co.					180,306
	20,600	@, L	Resolute Energy Corp.					252,144
	22,830	@, L	Rex Energy Corp.					230,583
	4,630	@, L	Rex Stores Corp.					74,080
	30,120	@	Rosetta Resources, Inc.					596,677
	21,490		RPC, Inc.					293,339
	25,440	L	Ship Finance International Ltd.					454,867
	24,480	@	Stone Energy Corp.					273,197
	16,010	@	Superior Well Services, Inc.					267,687
	22,960	@	Swift Energy Co.					617,854
	43,420	@, S	Syntroleum Corp.					71,209
	12,590	@	T-3 Energy Services, Inc.					351,261
	15,740	@	Teekay Tankers Ltd.					175,186
	17,600	@	Tesco Corp.					216,128
	48,170	@	Tetra Technologies, Inc.					437,384
	119,100	@, S	TransAtlantic Petroleum Ltd.					377,547
	37,190	@, L	Uranium Energy Corp.					87,768
	74,830	@, S	USEC, Inc.					356,191
	39,070	@, S	Vaalco Energy, Inc.					218,792
	75,050	@, S	Vantage Drilling Co.					101,318
	12,290	@	Venoco, Inc.					202,416
	17,240		W&T Offshore, Inc.					163,090
	56,220	@, S	Warren Resources, Inc.					163,038
	44,180	@, L	Western Refining, Inc.					222,225
	18,600	@	Willbros Group, Inc.					137,640
	42,840		World Fuel Services Corp.					1,111,270
								32,524,195
			Financials:			13.8	%
	12,350		1st Source Corp.					208,962
	11,800		Abington Bancorp, Inc.					102,896
	36,060	S	Advance America Cash Advance Centers, Inc.					148,928
	69,080		Alterra Capital Holdings Ltd.					1,297,322
	194,680	@, L	AMBAC Financial Group, Inc.					130,436
	235,390	@, L	American Capital Ltd.					1,134,580
	37,420		American Equity Investment Life Holding Co.					386,174
	5,730		American Physicians Capital, Inc.					176,771
	3,620		American Physicians Service Group, Inc.					88,509
	6,300	@	American Safety Insurance Holdings Ltd.					99,036
	17,006	@	Ameris Bancorp.					164,274
	13,720	@	Amerisafe, Inc.					240,786
	12,630		Amtrust Financial Services, Inc.					152,065
	127,110		Apollo Investment Corp.					1,185,936
	19,390		Argo Group International Holdings Ltd.					593,140
	4,600		Arlington Asset Investment Corp.					86,618
	5,325	L	Arrow Financial Corp.					123,008
	19,600		Artio Global Investors, Inc.					308,504
	63,980		Astoria Financial Corp.					880,365
	5,280	@	Avatar Holdings, Inc.					101,270
	5,950		Bancfirst Corp.					217,116
	19,180		Banco Latinoamericano de Exportaciones S.A.					239,558
	11,150	@	Bancorp, Inc.					87,305
	27,650		Bank Mutual Corp.					157,052
	1,870		Bank of Marin Bancorp					59,709
	10,240		Bank of the Ozarks, Inc.					363,213
	22,500		BankFinancial Corp.					186,975
	22,050	@	Beneficial Mutual Bancorp, Inc.					217,854
	9,610		Berkshire Hills Bancorp., Inc.					187,203
	28,440	S	BGC Partners, Inc.					145,328
	44,950		BlackRock Kelso Capital Corp.					443,657
	7,600	@	BofI Holding, Inc.					107,312
	31,200		Boston Private Financial Holdings, Inc.					200,616
	3,630	L	Bridge Bancorp, Inc.					88,136
	28,740		Brookline Bancorp., Inc.					255,211
	10,700		Bryn Mawr Bank Corp.					179,546
	10,370		Calamos Asset Management, Inc.					96,234
	5,540		Camden National Corp.					152,184
	2,120	L	Capital Southwest Corp.					186,369
	20,490		Cardinal Financial Corp.					189,328
	19,150	@	Cardtronics, Inc.					248,184
	22,480		Cash America International, Inc.					770,390
	50,120		Cathay General Bancorp.					517,740
	19,370		Centerstate Banks of Florida, Inc.					195,443
	16,530	L	Chemical Financial Corp.					360,023
	5,360		Citizens & Northern Corp.					57,352
	246,800	@, S	Citizens Banking Corp.					209,780
	21,770	@	Citizens, Inc.					144,988
	11,340	L	City Holding Co.					316,159
	17,100	L	Clifton Savings Bancorp, Inc.					147,915
	6,170	@	CNA Surety Corp.					99,152
	6,560	L	CNB Financial Corp.					72,029
	127,000	@, S	CNO Financial Group, Inc.					628,650
	39,510		CoBiz Financial, Inc.					260,371
	8,770		Cohen & Steers, Inc.					181,890
	26,130		Columbia Banking System, Inc.					477,134
	22,090		Community Bank System, Inc.					486,643
	11,690	L	Community Trust Bancorp., Inc.					293,419
	17,930	S	Compass Diversified Trust					240,441
	25,024	@, L	CompuCredit Holdings Corp.					99,095
	2,820		Consolidated-Tomoka Land Co.					80,370
	30,800	@, S	Cowen Group, Inc.					126,280
	4,750	@	Credit Acceptance Corp.					231,658
	54,120		CVB Financial Corp.					514,140
	12,780		Danvers Bancorp, Inc.					184,671
	27,440		Delphi Financial Group					669,810
	18,110		Dime Community Bancshares					223,296
	16,640	@	Dollar Financial Corp.					329,306
	9,800		Donegal Group, Inc.					120,442
	12,380		Duff & Phelps Corp.					156,359
	11,400	@, L	Eagle Bancorp, Inc.					134,292
	13,580	@	eHealth, Inc.					154,405
	3,800		EMC Insurance Group, Inc.					83,334
	28,830		Employers Holdings, Inc.					424,666
	12,260	@	Encore Capital Group, Inc.					252,679
	4,120	@	Enstar Group Ltd.					273,733
	11,450		Enterprise Financial Services Corp.					110,378
	10,860		Epoch Holding Corp.					133,252
	8,910		ESB Financial Corp.					116,276
	8,150		ESSA Bancorp, Inc.					100,327
	10,730		Evercore Partners, Inc.					250,546
	30,460	@	Ezcorp, Inc.					565,033
	9,170		FBL Financial Group, Inc.					192,570
	13,990	@, S	FBR Capital Markets Corp.					46,587
	6,200	L	Federal Agricultural Mortgage Corp.					86,986
	31,070		Fifth Street Finance Corp					342,702
	3,000	L	Financial Institutions, Inc.					53,280
	75,000		First American Financial Corp.					951,000
	10,690		First Bancorp.					154,898
	37,730	S	First Busey Corp.					170,917
	20,250	@	First Cash Financial Services, Inc.					441,450
	51,620		First Commonwealth Financial Corp.					271,005
	6,800		First Community Bancshares, Inc.					99,892
	38,580		First Financial Bancorp.					576,771
	15,510		First Financial Bankshares, Inc.					745,876
	9,330		First Financial Corp.					240,807
	9,600		First Financial Holdings, Inc.					109,920
	73,050	@, L	First Marblehead Corp.					171,668
	19,520		First Merchants Corp.					165,530
	48,830		First Midwest Bancorp., Inc.					593,773
	3,070		First of Long Island Corp.					78,930
	76,114		FirstMerit Corp.					1,303,833
	37,460	@, S	Flagstar Bancorp, Inc.					117,624
	31,760		Flagstone Reinsurance Holdings SA					343,643
	21,000		Flushing Financial Corp.					256,830
	69,066		FNB Corp.					554,600
	22,170	@	Forestar Real Estate Group, Inc.					398,173
	8,565	@	Fpic Insurance Group, Inc.					219,692
	4,740	L	GAMCO Investors, Inc.					176,328
	42,310	S	GFI Group, Inc.					236,090
	46,060		Glacier Bancorp., Inc.					675,700
	19,640		Gladstone Capital Corp.					212,308
	9,250	S	Gladstone Investment Corp.					53,928
	43,530	@, S	Gleacher & Co., Inc.					111,002
	10,390		Great Southern Bancorp., Inc.					211,021
	20,050	@	Greenlight Capital Re Ltd.					505,060
	11,300	@	Hallmark Financial Services, Inc.					112,435
	17,770		Hancock Holding Co.					592,807
	72,700	@, S	Hanmi Financial Corp.					91,602
	6,860	L	Harleysville Group, Inc.					212,866
	8,220	L	Heartland Financial USA, Inc.					142,042
	29,955		Hercules Technology Growth Capital, Inc.					275,886
	4,690	@	Heritage Financial Corp.					70,209
	24,220	@	Hilltop Holdings, Inc.					242,442
	13,624		Home Bancshares, Inc.					310,763
	5,760		Home Federal Bancorp, Inc.					72,749
	27,070		Horace Mann Educators Corp.					414,171
	5,300		Hudson Valley Holding Corp.					122,536
	16,690		IBERIABANK Corp.					859,201
	12,300		Independent Bank Corp.					303,564
	8,150		Infinity Property & Casualty Corp.					376,367
	7,955	@, L	International Assets Holding Corp.					127,280
	36,130		International Bancshares Corp.					603,010
	29,300	@	Investment Technology Group, Inc.					470,558
	28,750	@	Investors Bancorp, Inc.					377,200
	4,981		Kansas City Life Insurance Co.					147,288
	8,870	L	Kayne Anderson Energy Development Co.					134,558
	22,770	@	KBW, Inc.					488,189
	10,000		Kearny Financial Corp.					91,600
	11,400	@, L	Kennedy-Wilson Holdings, Inc.					115,140
	60,200	@	Knight Capital Group, Inc.					830,158
	36,520	@, S	LaBranche & Co., Inc.					156,306
	14,310	L	Lakeland Bancorp, Inc.					121,921
	11,870		Lakeland Financial Corp.					237,163
	4,955	L	Life Partners Holdings, Inc.					101,379
	44,200		Maiden Holdings Ltd.					290,394
	8,350	L	Main Street Capital Corp.					124,666
	17,320	L	MainSource Financial Group, Inc.					124,184
	19,070		MarketAxess Holdings, Inc.					262,975
	35,000		MB Financial Corp.					643,650
	49,200	S	MCG Capital Corp.					237,636
	32,000	L	Meadowbrook Insurance Group, Inc.					276,160
	10,500		Medallion Financial Corp.					69,300
	5,370		Merchants Bancshares, Inc.					119,321
	4,030	@	Metro Bancorp, Inc.					49,730
	52,600	@	MF Global Holdings, Ltd.					300,346
	145,050	@, L	MGIC Investment Corp.					999,395
	6,200		Midsouth Bancorp, Inc.					79,174
	44,460		Montpelier Re Holdings Ltd.					663,788
	15,150		MVC Capital, Inc.					195,738
	20,150	@	Nara Bancorp., Inc.					169,865
	3,320	L	National Bankshares, Inc.					80,444
	30,280	@	National Financial Partners Corp.					295,836
	8,590	L	National Interstate Corp.					170,254
	83,910		National Penn Bancshares, Inc.					504,299
	1,365		National Western Life Insurance Co.					208,517
	7,630	@	Navigators Group, Inc.					313,822
	23,030		NBT Bancorp., Inc.					470,273
	17,900		Nelnet, Inc.					345,112
	72,840		NewAlliance Bancshares, Inc.					816,536
	14,100	@	NewStar Financial, Inc.					89,676
	13,070		NGP Capital Resources Co.					93,712
	10,180		Northfield Bancorp, Inc.					132,136
	80,070		Northwest Bancshares, Inc.					918,403
	16,470	L	OceanFirst Financial Corp.					198,793
	49,850	@	Ocwen Financial Corp.					507,972
	59,130		Old National Bancorp.					612,587
	15,600	@	OmniAmerican Bancorp, Inc.					176,124
	4,660		Oppenheimer Holdings, Inc.					111,607
	26,050	@	OptionsXpress Holdings, Inc.					410,027
	19,950		Oriental Financial Group					252,567
	51,975		Oritani Financial Corp.					519,750
	5,770	L	Orrstown Financial Services, Inc.					127,690
	17,540		PacWest Bancorp					321,157
	7,460		Park National Corp.					485,198
	19,430		PennantPark Investment Corp.					185,557
	12,120		Peoples Bancorp., Inc.					175,740
	34,490	@	PHH Corp.					656,690
	82,010	@, S	Phoenix Cos., Inc.					173,041
	13,790	@	Pico Holdings, Inc.					413,286
	22,880	@	Pinnacle Financial Partners, Inc.					294,008
	12,630	@	Piper Jaffray Cos.					406,939
	32,440		Platinum Underwriters Holdings Ltd.					1,177,248
	23,390	@, S	PMA Capital Corp.					153,205
	97,550	@, S	PMI Group, Inc.					281,920
	11,520	@	Portfolio Recovery Associates, Inc.					769,306
	15,080		Presidential Life Corp.					137,228
	16,500	@	Primerica, Inc.					353,760
	24,710	@, S	Primus Guaranty Ltd.					91,180
	25,820		PrivateBancorp, Inc.					286,086
	23,640	@	ProAssurance Corp.					1,341,806
	40,090	S	Prospect Capital Corp.					386,869
	33,400		Prosperity Bancshares, Inc.					1,160,650
	39,470		Provident Financial Services, Inc.					461,404
	26,820		Provident New York Bancorp					237,357
	95,700		Radian Group, Inc.					692,868
	15,130	L	Renasant Corp.					217,116
	5,760	L	Republic Bancorp., Inc.					129,024
	29,200		Retail Opportunity Investments					281,780
	11,590		RLI Corp.					608,591
	9,356		Rockville Financial, Inc.					111,430
	12,270		Roma Financial Corp.					133,252
	15,960	L	S&T Bancorp, Inc.					315,370
	14,793	@	Safeguard Scientifics, Inc.					156,214
	9,120		Safety Insurance Group, Inc.					337,622
	17,040		Sandy Spring Bancorp, Inc.					238,730
	7,680	L	SCBT Financial Corp.					270,490
	12,220		SeaBright Insurance Holdings, Inc.					115,846
	38,490		Selective Insurance Group					571,961
	8,250	L	Sierra Bancorp.					94,875
	29,300	@	Signature Bank					1,113,693
	11,710		Simmons First National Corp.					307,505
	5,200		Solar Capital Ltd.					100,152
	9,692	L	Southside Bancshares, Inc.					190,351
	12,040		Southwest Bancorp., Inc.					160,012
	10,180		State Auto Financial Corp.					157,892
	16,800		State Bancorp, Inc.					159,600
	12,870	L	StellarOne Corp.					164,350
	19,150		Sterling Bancorp.					172,350
	63,750	S	Sterling Bancshares, Inc.					300,263
	12,100		Stewart Information Services Corp.					109,142
	21,390	@	Stifel Financial Corp.					928,112
	3,100	L	Student Loan Corp.					74,648
	8,030	L	Suffolk Bancorp					248,448
	93,520		Susquehanna Bancshares, Inc.					779,022
	29,160	@	SVB Financial Group					1,202,267
	16,930		SWS Group, Inc.					160,835
	8,140	L	SY Bancorp., Inc.					187,057
	8,390	@, L	Tejon Ranch Co.					193,641
	6,850		Territorial Bancorp, Inc.					129,808
	19,840	@	Texas Capital Bancshares, Inc.					325,376
	20,100		TICC Capital Corp.					168,840
	4,706		Tompkins Financial Corp.					177,652
	6,920		Tower Bancorp, Inc.					151,479
	26,254		Tower Group, Inc.					565,249
	16,760		TowneBank					243,355
	38,300	@	TradeStation Group, Inc.					258,525
	14,100		Triangle Capital Corp.					200,502
	10,490		Trico Bancshares					177,596
	50,950		Trustco Bank Corp.					285,320
	45,150		Trustmark Corp.					940,023
	21,610		UMB Financial Corp.					768,452
	82,460		Umpqua Holdings Corp.					946,641
	12,870		Union First Market Bankshares Corp.					157,786
	12,386	@	United America Indemnity Ltd.					91,161
	25,380	L	United Bankshares, Inc.					607,597
	51,808	@, S	United Community Banks, Inc.					204,642
	9,440	L	United Financial Bancorp, Inc.					128,856
	18,720		United Fire & Casualty Co.					371,030
	11,660	L	Univest Corp. of Pennsylvania					201,951
	8,540	L	ViewPoint Financial Group					118,279
	6,380	@, L	Virtus Investment Partners					119,434
	12,000		Washington Banking Co.					153,480
	12,010		Washington Trust Bancorp, Inc.					204,650
	47,860		Webster Financial Corp.					858,608
	17,170		WesBanco, Inc.					289,315
	11,720	@, L	West Bancorporation, Inc.					79,813
	22,370	S	Westamerica Bancorp.					1,174,872
	40,140	@	Western Alliance Bancorp.					287,804
	24,260		Westfield Financial, Inc.					202,086
	4,380		Westwood Holdings Group, Inc.					153,957
	63,800		Whitney Holding Corp.					590,150
	14,150	L	Wilshire Bancorp., Inc.					123,813
	21,240		Wintrust Financial Corp.					708,142
	10,760	@, L	World Acceptance, Corp.					412,216
	5,980		WSFS Financial Corp.					214,861
								87,173,245
			Health Care:			13.2	%
	12,380	@	Abaxism, Inc.					265,303
	20,380	@	Abiomed, Inc.					197,278
	20,810	@, S	Accelrys, Inc.					134,225
	30,170	@	Accuray, Inc.					200,027
	26,460	@	Acorda Therapeutics, Inc.					823,171
	9,430	@, L	Affymax, Inc.					56,391
	41,500	@, S	Affymetrix, Inc.					244,850
	8,300	@, L	AGA Medical Holdings, Inc.					105,327
	6,920	@	Air Methods Corp.					205,870
	27,350	@, S	Akorn, Inc.					81,230
	17,450	@	Albany Molecular Research, Inc.					90,217
	39,250	@, L	Align Technology, Inc.					583,648
	64,770	@	Alkermes, Inc.					806,387
	17,810	@, S	Alliance Imaging, Inc.					71,952
	41,930	@, L	Allos Therapeutics, Inc.					257,031
	5,970	@	Almost Family, Inc.					208,532
	24,250	@, L	Alnylam Pharmaceuticals, Inc.					364,235
	49,740	@, S	Alphatec Holdings, Inc.					230,794
	14,540	@, L	AMAG Pharmaceuticals, Inc.					499,449
	20,490	@, L	Amedisys, Inc.					900,945
	9,350		America Service Group, Inc.					160,820
	12,220	@	American Dental Partners, Inc.					147,984
	52,360	@	American Medical Systems Holdings, Inc.					1,158,203
	37,250	@	AMERIGROUP Corp.					1,209,880
	21,210	@	AMN Healthcare Services, Inc.					158,651
	20,440	@	Amsurg Corp.					364,241
	7,900		Analogic Corp.					359,529
	18,200	@	Angiodynamics, Inc.					268,450
	10,180	@, L	Ardea Biosciences, Inc.					209,301
	58,000	@, L	Arena Pharmaceuticals, Inc.					178,060
	65,700	@, L	Ariad Pharmaceuticals, Inc.					185,274
	22,670	@, S	Arqule, Inc.					97,481
	40,930	@, S	Array Biopharma, Inc.					124,837
	16,700	@	Arthrocare Corp.					511,855
	6,110	@	Assisted Living Concepts, Inc.					180,795
	22,380	@, L	Athenahealth, Inc.					584,789
	830		Atrion Corp.					112,092
	52,890	@, S	ATS Medical, Inc.					209,973
	26,020	@	Auxilium Pharmaceuticals, Inc.					611,470
	55,000	@, S	AVANIR Pharmaceuticals, Inc.					141,350
	100,000	@, L	AVI BioPharma, Inc.					161,000
	17,990	@	BioCryst Pharmaceuticals, Inc.					106,321
	13,462	@	BioMimetic Therapeutics, Inc.					149,697
	12,740	@	Bio-Reference Labs, Inc.					282,446
	27,610	@	Bioscrip Inc.					144,676
	21,550	@, L	BMP Sunstone Corp.					110,983
	45,230	@	Bruker BioSciences Corp.					549,997
	18,530	@, L	Cadence Pharmaceuticals, Inc.					129,895
	31,080	@, S	Cambrex Corp.					97,902
	7,200		Cantel Medical Corp.					120,240
	28,980	@, S	Capital Senior Living Corp.					144,031
	18,800	@	CardioNet, Inc.					103,024
	25,630	@	Catalyst Health Solutions, Inc.					884,235
	49,970	@	Celera Corp.					327,304
	26,200	@, L	Celldex Therapeutics, Inc.					119,472
	30,240	@	Centene Corp.					650,160
	37,500	@	Cepheid, Inc.					600,750
	14,490		Chemed Corp.					791,734
	9,570	@	Chindex International, Inc.					119,912
	30,900	@, S	Clarient, Inc.					95,172
	12,980	@, L	Clinical Data, Inc.					161,471
	9,800	@	Codexis, Inc.					85,848
	54,800	@, S	Combinatorx, Inc.					79,460
	7,330		Computer Programs & Systems, Inc.					299,944
	21,630	@, L	Conceptus, Inc.					336,995
	19,740	@	Conmed Corp.					367,756
	4,000	@	Corvel Corp.					135,160
	19,260	@	Cross Country Healthcare, Inc.					173,147
	25,450	@, S	CryoLife, Inc.					137,176
	40,170	@	Cubist Pharmaceuticals, Inc.					827,502
	50,950	@, S	Curis, Inc.					70,821
	13,090	@	Cutera, Inc.					120,559
	16,990	@	Cyberonics					402,323
	14,180	@	Cynosure, Inc.					152,719
	45,000	@, S	Cytokinetics, Inc.					106,650
	20,900	@, S	Cytori Therapeutics, Inc.					72,732
	23,320	@, L	Delcath Systems, Inc.					147,849
	48,400	@, S	Depomed, Inc.					135,520
	30,280	@	DexCom, Inc.					350,037
	12,700	@	Dionex Corp.					945,642
	51,010	@, S	Durect Corp.					123,954
	43,010	@, S	Dyax Corp.					97,633
	49,200	@, S	Dynavax Technologies Corp.					91,512
	34,730	@	Eclipsys Corp.					619,583
	11,570	@	Emergent Biosolutions, Inc.					189,054
	11,880	@, L	Emeritus Corp.					193,763
	37,130	@, S	Endologix, Inc.					168,199
	7,220		Ensign Group, Inc.					119,274
	10,730	@, S	Enzo Biochem, Inc.					43,671
	33,350	@, L	Enzon Pharmaceuticals, Inc.					355,178
	29,370	@	eResearch Technology, Inc.					231,436
	10,400	@	Eurand NV					100,776
	62,720	@	ev3, Inc.					1,405,555
	10,610	@	Exactech, Inc.					181,219
	69,950	@, S	Exelixis, Inc.					242,727
	10,000	@	Furiex Pharmaceuticals, Inc.					101,600
	9,530	@	Genomic Health, Inc.					123,223
	11,650	@	Genoptix, Inc.					200,380
	17,440	@	Gentiva Health Services, Inc.					471,054
	59,210	@, L	Geron Corp.					297,234
	15,380	@	Greatbatch, Inc.					343,128
	19,490	@	Haemonetics Corp.					1,043,105
	39,860	@	Halozyme Therapeutics, Inc.					280,614
	18,040	@, L	Hanger Orthopedic Group, Inc.					323,998
	68,830	@, L	Hansen Medical, Inc.					146,608
	21,800	@	Health Grades, Inc.					130,800
	64,420	@, S	Healthsouth Corp.					1,205,298
	38,270	@	Healthspring, Inc.					593,568
	34,000	@, S	HealthTronics, Inc.					164,220
	24,420	@	Healthways, Inc.					291,086
	6,363	@	HeartWare International, Inc.					445,855
	7,360	@	Hi-Tech Pharmacal Co., Inc.					168,618
	19,020	@	HMS Holdings Corp.					1,031,264
	6,680	@, L	ICU Medical, Inc.					214,896
	29,200	@	Idenix Pharmaceuticals, Inc.					146,000
	50,240	@	Immucor, Inc.					957,072
	34,560	@	Immunogen, Inc.					320,371
	50,550	@, L	Immunomedics, Inc.					156,200
	42,680	@	Impax Laboratories, Inc.					813,481
	57,340	@, L	Incyte Corp.					634,754
	37,470	@, S	Inspire Pharmaceuticals, Inc.					186,975
	20,050	@	Insulet Corp.					301,753
	13,030	@	Integra LifeSciences Holdings Corp.					482,110
	20,170	@	InterMune, Inc.					188,590
	19,760		Invacare Corp.					409,822
	23,060	@	inVentiv Health, Inc.					590,336
	12,270	@	IPC The Hospitalist Co., Inc.					307,977
	11,390	@	IRIS International, Inc.					115,495
	17,600	@	Ironwood Pharmaceuticals, Inc.					209,792
	51,120	@	Isis Pharmaceuticals, Inc.					489,218
	14,300	@	Jazz Pharmaceuticals, Inc.					111,969
	12,750	@	Kendle International, Inc.					146,880
	9,140	@	Kensey Nash Corp.					216,709
	28,100	@, S	Keryx Biopharmaceuticals, Inc.					102,846
	26,600	@	Kindred Healthcare, Inc.					341,544
	7,180		Landauer, Inc.					437,118
	19,460	@, L	LCA-Vision, Inc.					107,808
	141,100	@, S	Lexicon Genetics, Inc.					180,608
	7,110	@, L	LHC Group, Inc.					197,303
	74,130	@, S	Ligand Pharmaceuticals, Inc.					108,230
	22,680	@	Luminex Corp.					367,870
	22,900	@	Magellan Health Services, Inc.					831,728
	18,100	@, L	MAKO Surgical Corp.					225,345
	37,610	@, L	MannKind Corp.					240,328
	6,100	@	MAP Pharmaceuticals, Inc.					80,032
	20,910	@	Martek Biosciences Corp.					495,776
	37,310	@	Masimo Corp.					888,351
	24,830	@, L	MedAssets, Inc.					573,076
	24,150	@	Medcath Corp.					189,819
	8,160	@	Medical Action Industries, Inc.					97,838
	28,440	@	Medicines Co.					216,428
	41,600		Medicis Pharmaceutical Corp.					910,208
	10,900	@	Medidata Solutions, Inc.					168,841
	19,440	@	Medivation, Inc.					171,850
	14,840	@, L	MELA Sciences, Inc.					110,410
	46,600	@, S	Merge Healthcare, Inc.					136,538
	28,990		Meridian Bioscience, Inc.					492,830
	15,610	@	Merit Medical Systems, Inc.					250,853
	18,380	@, L	Metabolix, Inc.					263,018
	35,400	@, S	Metropolitan Health Networks, Inc.					132,042
	55,210	@, L	Micromet, Inc.					344,510
	9,460	@	Micrus Endovascular Corp.					196,673
	8,240	@	Molina Healthcare, Inc.					237,312
	22,060	@	Momenta Pharmaceuticals, Inc.					270,456
	8,390	@	MWI Veterinary Supply, Inc.					421,681
	37,520	@, S	Nabi Biopharmaceuticals					204,109
	5,170		National Healthcare Corp.					178,158
	19,430	@	Natus Medical, Inc.					316,515
	65,770	@	Nektar Therapeutics					795,817
	15,215	@	Neogen Corp.					396,351
	33,100	@, S	Neostem, Inc.					60,573
	26,620	@, S	Neurocrine Biosciences, Inc.					149,072
	5,880	@, L	NeurogesX, Inc.					38,984
	49,940	@, L	Novavax, Inc.					108,370
	28,070	@	NPS Pharmaceuticals, Inc.					180,771
	26,880	@, L	NuVasive, Inc.					953,165
	16,670	@	NxStage Medical, Inc.					247,383
	9,290	@	Obagi Medical Products, Inc.					109,808
	17,920	@, L	Odyssey HealthCare, Inc.					478,822
	25,670	@	Omnicell, Inc.					300,082
	43,910	@, S	Onyx Pharmaceuticals, Inc.					948,017
	20,050	@, S	Opko Health, Inc.					45,313
	19,040	@	Optimer Pharmaceuticals, Inc.					176,501
	36,250	@, S	OraSure Technologies, Inc.					167,838
	23,350	@, S	Orexigen Therapeutics, Inc.					98,070
	10,680	@	Orthofix International NV					342,294
	9,910	@, L	Osiris Therapeutics, Inc.					57,577
	43,580		Owens & Minor, Inc.					1,236,800
	28,830	@, S	Pain Therapeutics, Inc.					160,295
	22,360	@	Palomar Medical Technologies, Inc.					250,208
	23,520	@	Par Pharmaceutical Cos., Inc.					610,579
	39,560	@	Parexel International Corp.					857,661
	81,930	S	PDL BioPharma, Inc.					460,447
	64,400	@, S	Peregrine Pharmaceuticals, Inc.					138,460
	21,600	@, L	Pharmacyclics, Inc.					143,856
	19,580	@, L	Pharmasset, Inc.					535,317
	19,710	@	PharMerica Corp.					288,949
	24,870	@	Phase Forward, Inc.					414,832
	15,610	@, L	Pozen, Inc.					109,426
	19,610	@, S	Progenics Pharmaceuticals, Inc.					107,463
	5,230	@	Providence Service Corp.					73,220
	39,330	@	PSS World Medical, Inc.					831,830
	37,360	@	Psychiatric Solutions, Inc.					1,222,419
	38,400	@, S	Pure Bioscience					91,776
	11,740	L	Quality Systems, Inc.					680,803
	39,230	@, L	Questcor Pharmaceuticals, Inc.					400,538
	13,650	@, L	Quidel Corp.					173,219
	16,680	@	RehabCare Group, Inc.					363,290
	8,050	@	Res-Care, Inc.					77,763
	29,150	@	Rigel Pharmaceuticals, Inc.					209,880
	11,100	@	Rochester Medical Corp.					104,895
	63,290	@, S	RTI Biologics, Inc.					185,440
	39,030	@	Salix Pharmaceuticals Ltd.					1,523,341
	36,360	@, L	Sangamo Biosciences, Inc.					134,896
	33,500	@, S	Santarus, Inc.					83,080
	42,440	@	Savient Pharmaceuticals, Inc.					534,744
	51,070	@	Seattle Genetics, Inc.					612,329
	23,800	@	Select Medical Holdings Corp.					161,364
	13,100	@	SenoRx, Inc.					143,838
	41,450	@, L	Sequenom, Inc.					244,970
	20,920	@, L	SIGA Technologies, Inc.					161,084
	26,130	@	Sirona Dental Systems, Inc.					910,369
	12,910	@	Skilled Healthcare Group, Inc.					87,659
	9,400	@	Somanetics Corp.					234,530
	27,200	@, S	Somaxon Pharmaceuticals, Inc.					97,920
	12,120	@	SonoSite, Inc.					328,573
	19,920	@, S	Spectranetics Corp.					103,186
	28,340	@, L	Spectrum Pharmaceuticals, Inc.					111,093
	75,420	@, L	StemCells, Inc.					70,895
	22,070	@, L	Stereotaxis, Inc.					73,052
	38,820		Steris Corp.					1,206,526
	28,200	@, L	Sun Healthcare Group, Inc.					227,856

	30,350	@, S	Sunrise Senior Living, Inc.					84,373
	63,930	@, S	SuperGen, Inc.					129,139
	10,170	@, L	SurModics, Inc.					166,890
	20,090	@	Symmetry Medical, Inc.					211,749
	20,600	@	Syneron Medical Ltd.					211,768
	6,000	@	Synovis Life Technologies, Inc.					91,680
	16,200	@	Targacept, Inc.					313,146
	9,300	@	Team Health Holdings, Inc.					120,156
	41,810	@, L	Theravance, Inc.					525,552
	43,890	@, S	TomoTherapy, Inc.					139,570
	12,770	@	Triple-S Management Corp.					236,884
	16,920	@	Universal American Financial Corp.					243,648
	5,700	@	US Physical Therapy, Inc.					96,216
	17,950	@	Vanda Pharmaceuticals, Inc.					118,650
	12,500	@	Vascular Solutions, Inc.					156,250
	44,100	@, L	Vical, Inc.					136,710
	50,190	@	Viropharma, Inc.					562,630
	7,100	@	Virtual Radiologic Corp.					121,836
	10,560	@	Vital Images, Inc.					134,640
	53,870	@, L	Vivus, Inc.					517,152
	28,510	@	Volcano Corp.					622,088
	26,400	@	WellCare Health Plans, Inc.					626,736
	24,080		West Pharmaceutical Services, Inc.					878,679
	22,900	@	Wright Medical Group, Inc.					380,369
	18,240	@, L	Xenoport, Inc.					178,934
	6,100		Young Innovations, Inc.					171,715
	14,110	@	Zoll Medical Corp.					382,381
	36,480	@, L	Zymogenetics, Inc.					153,946
								83,262,764
			Industrials:		14.9	%
	12,710	@, L	3D Systems Corp.					159,511
	49,100	@, L	A123 Systems, Inc.					463,013
	8,710		AAON, Inc.					203,030
	23,920	@	AAR Corp.					400,421
	35,650		ABM Industries, Inc.					746,868
	16,880	@	Acacia Research - Acacia Technologies					240,202
	47,160	@	ACCO Brands Corp.					235,328
	44,440		Actuant Corp.					836,805
	31,450		Acuity Brands, Inc.					1,144,151
	14,080		Administaff, Inc.					340,173
	42,940	@, S	Advanced Battery Technologies, Inc.					140,843
	9,780	@	Advisory Board Co.					420,149
	9,860	@, L	Aerovironment, Inc.					214,258
	30,280	@, S	Air Transport Services Group, Inc.					144,133
	30,740	@	Aircastle Ltd.					241,309
	85,380	@, S	Airtran Holdings, Inc.					414,093
	5,300		Alamo Group, Inc.					115,010
	26,360	@	Alaska Air Group, Inc.					1,184,882
	15,690		Albany International Corp.					254,021
	10,100	@	Allegiant Travel Co.					431,169
	17,330	@	Altra Holdings, Inc.					225,637
	6,030	@	Amerco, Inc.					331,952
	6,995	@	American Commercial Lines, Inc.					157,457
	6,500	@	American Railcar Industries, Inc.					78,520
	27,400	@	American Reprographics Co.					239,202
	6,060		American Science & Engineering, Inc.					461,833
	34,760	@, L	American Superconductor Corp.					927,744
	7,140		American Woodmark Corp.					122,094
	6,520	L	Ameron International Corp.					393,352
	4,570		Ampco-Pittsburgh Corp.					95,193
	15,850		AO Smith Corp.					763,812
	25,120	@	APAC Customer Services, Inc.					143,184
	18,900		Apogee Enterprises, Inc.					204,687
	26,410		Applied Industrial Technologies, Inc.					668,701
	8,200		Applied Signal Technology, Inc.					161,130
	9,650	@	Argon ST, Inc.					330,899
	12,100		Arkansas Best Corp.					251,075
	66,330	@	ArvinMeritor, Inc.					868,923
	15,610	@	Astec Industries, Inc.					432,865
	13,900	@	ATC Technology Corp.					224,068
	17,770	@	Atlas Air Worldwide Holdings, Inc.					844,075
	76,030	@	Avis Budget Group, Inc.					746,615
	8,160		AZZ, Inc.					300,043
	9,920		Badger Meter, Inc.					383,805
	32,240		Baldor Electric Co.					1,163,219
	35,600		Barnes Group, Inc.					583,484
	6,900		Barrett Business Services, Inc.					85,560
	27,680	@	Beacon Roofing Supply, Inc.					498,794
	28,750		Belden CDT, Inc.					632,500
	32,850	@	Blount International, Inc.					337,370
	7,750	@, L	BlueLinx Holdings, Inc.					20,383
	25,273		Bowne & Co., Inc.					283,563
	36,720		Brady Corp.					915,062
	27,670		Briggs & Stratton Corp.					470,943
	29,800		Brink’s Co.					567,094
	69,140	@, L	Broadwind Energy, Inc.					193,592
	33,460	@, S	Builders FirstSource, Inc.					80,304
	7,500	@, L	CAI International, Inc.					89,250
	136,800	@, L	Capstone Turbine Corp.					134,064
	5,430		Cascade Corp.					193,362
	34,080	@, S	CBIZ, Inc.					216,749
	6,600		CDI Corp.					102,498
	13,870	@	Celadon Group, Inc.					196,122
	36,930	@	Cenveo, Inc.					202,376
	15,480	@	Ceradyne, Inc.					330,808
	19,350	@	Chart Industries, Inc.					301,473
	11,730		CIRCOR International, Inc.					300,053
	36,230		Clarcor, Inc.					1,286,890
	16,670	@	Clean Harbors, Inc.					1,107,055
	16,980	@	Colfax Corp.					176,762
	10,040	@	Columbus McKinnon Corp.					140,259
	27,680		Comfort Systems USA, Inc.					267,389
	17,300	@	Commercial Vehicle Group, Inc.					176,633
	7,450	@	Consolidated Graphics, Inc.					322,138
	6,790	@	Cornell Cos., Inc.					182,447
	21,880		Corporate Executive Board Co.					574,788
	12,800	@	CoStar Group, Inc.					496,640
	7,420		Courier Corp.					90,598
	6,610	@	CRA International, Inc.					124,466
	9,620		Cubic Corp.					349,976
	31,660		Curtiss-Wright Corp.					919,406
	33,150		Deluxe Corp.					621,563
	17,000		Diamond Management & Technology Consultants, Inc.					175,270
	18,570	@	DigitalGlobe, Inc.					488,391
	12,110	@	Dolan Media Co.					134,663
	20,110	@, L	Dollar Thrifty Automotive Group					856,887
	4,360		Ducommun, Inc.					74,556
	15,760	@	Dycom Industries, Inc.					134,748
	9,760	@, L	Dynamex, Inc.					119,072
	13,560		Dynamic Materials Corp.					217,502
	14,180	@	DynCorp International, Inc.					248,434
	43,260	@, L	Eagle Bulk Shipping, Inc.					182,557
	44,210	@	EMCOR Group, Inc.					1,024,346
	13,810		Encore Wire Corp.					251,204
	32,450	@, L	Ener1, Inc.					109,681
	22,510	@, L	Energy Recovery, Inc.					90,040
	51,060		Energy Solutions, Inc.					259,895
	13,230	@, L	Enernoc, Inc.					415,951
	38,210	@, L	EnerSys					816,548
	17,720		Ennis, Inc.					265,977
	12,640	@	EnPro Industries, Inc.					355,816
	15,900		ESCO Technologies, Inc.					409,425
	18,280	@	Esterline Technologies Corp.					867,386
	21,300	@	Excel Maritime Carriers Ltd.					109,056
	8,290	@	Exponent, Inc.					271,249
	42,840	S	Federal Signal Corp.					258,754
	41,200	@, S	Flow International Corp.					97,232
	25,060	@, S	Force Protection, Inc.					102,746
	19,070		Forward Air Corp.					519,658
	16,320		Franklin Electric Co., Inc.					470,342
	7,000		Freightcar America, Inc.					158,340
	10,730	@, L	Fuel Tech, Inc.					67,814
	51,840	@, L	FuelCell Energy, Inc.					61,171
	34,910	@, L	Furmanite Corp.					138,593
	11,050		G&K Services, Inc.					228,183
	14,500	@	Genco Shipping & Trading Ltd.					217,355
	42,090	@, L	Gencorp, Inc.					184,354
	10,200	@	Generac Holdings, Inc.					142,902
	26,640	@, S	Genesee & Wyoming, Inc.					993,938
	31,290	@	Geo Group, Inc.					649,268
	12,430	@	GeoEye, Inc.					387,070
	17,600	@	Gibraltar Industries, Inc.					177,760
	9,290		Gorman-Rupp Co.					232,715
	83,210	@	GrafTech International Ltd.					1,216,530
	12,220		Graham Corp.					183,178
	19,140		Granite Construction, Inc.					451,321
	31,440	S	Great Lakes Dredge & Dock Corp.					188,640
	15,070	@, L	Greenbrier Cos., Inc.					168,784
	21,530	@	Griffon Corp.					238,122
	20,360	@, L	H&E Equipment Services, Inc.					152,496
	29,060	@	Hawaiian Holdings, Inc.					150,240
	23,710		Healthcare Services Group					449,305
	37,390		Heartland Express, Inc.					542,903
	18,312		Heico Corp.					657,767
	11,490		Heidrick & Struggles International, Inc.					262,202
	11,420	@	Herley Industries, Inc.					162,849
	43,300		Herman Miller, Inc.					817,071
	66,860	@	Hexcel Corp.					1,036,999
	32,620		HNI, Corp.					899,986
	33,560	S	Horizon Lines, Inc.					141,959
	13,790		Houston Wire & Cable Co.					149,622
	26,960	@	HUB Group, Inc.					809,070
	14,750	@	Huron Consulting Group, Inc.					286,298
	10,350	@	ICF International, Inc.					247,676
	16,910	@	II-VI, Inc.					501,043
	16,740	@, S	Innerworkings, Inc.					114,334
	25,890	@	Insituform Technologies, Inc.					530,227
	12,330		Insteel Industries, Inc.					143,275
	29,570		Interface, Inc.					317,582
	22,200	@	Interline Brands, Inc.					383,838
	3,830		International Shipholding Corp.					84,758
	161,730	@, S	JetBlue Airways Corp.					887,898
	18,070		John Bean Technologies Corp.					275,568
	8,740	@	Kadant, Inc.					152,251
	15,700		Kaman Corp.					347,284
	23,000		Kaydon Corp.					755,780
	15,530	@	Kelly Services, Inc.					230,931
	25,030	@	Kforce, Inc.					319,133
	22,980		Kimball International, Inc.					127,079
	39,870	L	Knight Transportation, Inc.					806,969
	31,440		Knoll, Inc.					417,838
	27,630	@	Korn/Ferry International					384,057
	10,050	@	LaBarge, Inc.					114,671
	11,770	@	Ladish Co., Inc.					267,414
	11,220	@	Layne Christensen Co.					272,309
	7,410	@	LB Foster Co.					192,067
	10,440	L	Lindsay Manufacturing Co.					330,844
	7,400	@	LMI Aerospace, Inc.					116,698
	15,520		LSI Industries, Inc.					75,738
	8,440	@	M&F Worldwide Corp.					228,724
	9,500	@	Marten Transport Ltd.					197,410
	34,690	@	Mastec, Inc.					326,086
	15,780		McGrath Rentcorp					359,468
	32,910	@, S	Metalico, Inc.					130,982
	9,230		Met-Pro Corp.					99,315
	4,600	@	Michael Baker Corp.					160,540
	11,376	@	Middleby Corp.					605,089
	9,750		Miller Industries, Inc.					131,333
	16,120		Mine Safety Appliances Co.					399,454
	9,000	@, L	Mistras Group, Inc.					96,480
	24,030	@	Mobile Mini, Inc.					391,208
	31,650	@	Moog, Inc.					1,020,080
	23,920		Mueller Industries, Inc.					588,432
	106,940	S	Mueller Water Products, Inc.					396,747
	14,090	@	MYR Group, Inc./Delaware					235,162
	3,750		Nacco Industries, Inc.					332,850
	33,170	@	Navigant Consulting, Inc.					344,305
	23,760		Nordson Corp.					1,332,461
	25,400	@	North American Galvanizing & Coating, Inc.					194,818
	6,510	@	Northwest Pipe Co.					123,690
	19,810	@, L	Old Dominion Freight Line					696,123
	20,780	@, S	On Assignment, Inc.					104,523
	40,920	@	Orbital Sciences Corp.					645,308
	16,710	@	Orion Marine Group, Inc.					237,282
	21,000		Otter Tail Corp.					405,930
	34,300	@	Pacer International, Inc.					239,757
	9,560	@	Pike Electric Corp.					90,055
	8,770	@	PMFG, Inc.					132,866
	16,970	@	Polypore International, Inc.					385,898
	3,600	@	Powell Industries, Inc.					98,424
	13,500		Primoris Services Corp.					85,050
	17,000	@	Quality Distribution, Inc.					87,890
	20,650		Quanex Building Products Corp.					357,039
	13,300	@	RailAmerica, Inc.					131,936
	8,940		Raven Industries, Inc.					301,367
	13,200	@	RBC Bearings, Inc.					382,668
	11,800	@, L	Republic Airways Holdings, Inc.					72,098
	30,340	@	Resources Connection, Inc.					412,624
	9,200	@	Roadrunner Transportation Systems, Inc.					130,732
	18,120		Robbins & Myers, Inc.					393,929
	36,760		Rollins, Inc.					760,564
	34,720	@, L	RSC Holdings, Inc.					214,222
	20,700	@	Rush Enterprises, Inc. - Class A					276,552
	7,960	@, L	Saia, Inc.					119,400
	36,430	@, S	SatCon Technology Corp.					104,190
	7,500	@	Sauer-Danfoss, Inc.					91,650
	8,740		Schawk, Inc.					130,663
	11,460	@	School Specialty, Inc.					207,082
	210		Seaboard Corp.					317,100
	38,630	@	SFN Group, Inc.					210,920
	25,110		Simpson Manufacturing Co., Inc.					616,451
	39,410		Skywest, Inc.					481,590
	11,140	@	Standard Parking Corp.					176,346
	8,150		Standex International Corp.					206,603
	8,460	@, S	Stanley, Inc.					316,235
	38,200		Steelcase, Inc.					296,050
	8,600	@	Sterling Construction Co., Inc.					111,284
	6,990		Sun Hydraulics Corp.					163,985
	22,720	@	SYKES Enterprises, Inc.					323,306
	11,580		TAL International Group, Inc.					260,203
	61,820	@, L	Taser International, Inc.					241,098
	12,300	@	Team, Inc.					160,515
	9,960	@	Tecumseh Products Co.					110,755
	23,060	@	Teledyne Technologies, Inc.					889,655
	12,180		Tennant Co.					411,928
	40,950	@	Tetra Tech, Inc.					803,030
	5,280		Textainer Group Holdings Ltd.					127,459
	14,200	@	Thermadyne Holdings Corp.					153,502
	30,035		Titan International, Inc.					299,449
	14,740	@, L	Titan Machinery, Inc.					193,536
	18,910		Tredegar Corp.					308,611
	9,250	@, L	Trex Co., Inc.					185,833
	12,200	@	Trimas Corp.					137,982
	9,530		Triumph Group, Inc.					634,984
	27,920	@	TrueBlue, Inc.					312,425
	18,180	@	Tutor Perini Corp.					299,606
	12,800		Twin Disc, Inc.					145,408
	22,550	@, S	Ultrapetrol Bahamas Ltd.					98,093
	46,640	@	United Rentals, Inc.					434,685
	16,800	@	United Stationers, Inc.					915,096
	11,040		Universal Forest Products, Inc.					334,622
	114,340	@, L	US Airways Group, Inc.					984,467
	11,010		US Ecology, Inc.					160,416
	3,890	@	USA Truck, Inc.					62,707
	17,560		Viad Corp.					309,934
	9,990	@	Vicor Corp.					124,775
	19,930	@, L	Volt Information Sciences, Inc.					167,412
	5,300		VSE Corp.					168,646
	35,600	@, L	Wabash National Corp.					253,116
	13,490	@	Waste Services, Inc.					157,293
	19,160		Watsco, Inc.					1,109,747
	19,070		Watts Water Technologies, Inc.					546,546
	27,410		Werner Enterprises, Inc.					600,005
	44,680		Woodward Governor Co.					1,140,680
	8,300	@	Xerium Technologies, Inc.					117,196
								94,323,062
			Information Technology:		17.2	%
	21,240	@, L	3PAR, Inc.					197,744
	22,900	@	ACI Worldwide, Inc.					445,863
	31,550	@	Acme Packet, Inc.					848,064
	12,110	@	Actel Corp.					155,250
	40,730	@, S	Actuate Corp.					181,249
	45,400	@	Acxiom Corp.					666,926
	60,350	@	ADC Telecommunications, Inc.					447,194
	69,040	@, S	ADPT Corp.					199,526
	43,240		Adtran, Inc.					1,179,155
	21,450	@	Advanced Energy Industries, Inc.					263,621
	11,070	@, L	Advent Software, Inc.					519,847
	11,760	@	Agilysys, Inc.					78,674
	7,000	@	Alpha & Omega Semiconductor Ltd.					96,670
	20,870	S	American Software, Inc.					96,419
	64,400	@, S	Amkor Technology, Inc.					354,844
	37,930	@, S	Anadigics, Inc.					165,375
	12,840	@, L	Anaren, Inc.					191,830
	10,900	@	Ancestry.com, Inc.					192,058
	20,150	@	Anixter International, Inc.					858,390
	44,930	@	Applied Micro Circuits Corp.					470,866
	7,300	@	Archipelago Learning, Inc.					83,439
	14,770	@	ArcSight, Inc.					330,700
	64,990	@, S	Ariba, Inc.					1,035,291
	91,600	@	Arris Group, Inc.					933,404
	86,560	@, S	Art Technology Group, Inc.					296,035
	40,930	@, L	Aruba Networks, Inc.					582,843
	39,600	@	Aspen Technology, Inc.					431,244
	21,620	@	ATMI, Inc.					316,517
	25,140	@, S	Aviat Networks, Inc.					91,258
	16,950	@	Avid Technology, Inc.					215,774
	27,900	@	AXT, Inc.					125,829
	7,960		Bel Fuse, Inc.					131,420
	18,200	@	Bell Microproducts, Inc.					127,036
	35,700	@	Benchmark Electronics, Inc.					565,845
	23,640	@, S	BigBand Networks, Inc.					71,393
	10,180		Black Box Corp.					283,920
	29,360	L	Blackbaud, Inc.					639,167
	23,490	@, L	Blackboard, Inc.					876,882
	25,760	@	Blue Coat Systems, Inc.					526,277
	14,860	@	Bottomline Technologies, Inc.					193,626
	56,290	@	Brightpoint, Inc.					394,030
	38,980	@	Brooks Automation, Inc.					301,315
	16,260	@	Cabot Microelectronics Corp.					562,433
	20,740	@	CACI International, Inc.					881,035
	9,600	@, L	Calix, Inc.					98,496
	6,050	L	Cass Information Systems, Inc.					207,213
	30,470	@	Cavium Networks, Inc.					798,009
	17,130	@	Ceva, Inc.					215,838
	25,990	@	Checkpoint Systems, Inc.					451,186
	44,710	@, S	Ciber, Inc.					123,847
	37,070	@, L	Cirrus Logic, Inc.					586,077
	26,530	@, L	Cogent, Inc.					239,035
	24,540		Cognex Corp.					431,413
	15,920	@	Coherent, Inc.					546,056
	16,020		Cohu, Inc.					194,323
	27,940	@	Commvault Systems, Inc.					628,650
	12,790	@, L	Compellent Technologies, Inc.					155,015
	16,000	@	comScore, Inc.					263,520
	17,300	@	Comtech Telecommunications					517,789
	12,910	@, L	Comverge, Inc.					115,674
	27,700	@	Concur Technologies, Inc.					1,182,236
	60,700	@, L	Conexant Systems, Inc.					135,968
	17,440	@	Constant Contact, Inc.					371,995
	7,300	@	CPI International, Inc.					113,807
	17,200	@, S	Cray, Inc.					95,976
	17,420	@	CSG Systems International					319,309
	22,400		CTS Corp.					206,976
	48,050	@	Cybersource Corp.					1,226,717
	17,040	@	Cymer, Inc.					511,882
	22,710		Daktronics, Inc.					170,325
	14,100		DDi Corp.					106,173
	27,440	@	DealerTrack Holdings, Inc.					451,388
	4,900	@	Deltek, Inc.					40,866
	15,470	@, L	DemandTec, Inc.					104,423
	14,250	@	DG FastChannel, Inc.					464,265
	5,600	@	Dice Holdings, Inc.					38,752
	5,750	@	Digi International, Inc.					47,553
	26,680	@	Digital River, Inc.					637,919
	23,710	@	Diodes, Inc.					376,278
	18,690	@	DivX, Inc.					143,165
	9,960	@	Double-Take Software, Inc.					104,480
	19,050	@	DSP Group, Inc.					121,730
	10,180	@	DTS, Inc.					334,617
	63,100		Earthlink, Inc.					502,276
	17,450	@, L	Ebix, Inc.					273,616
	10,340	@, L	Echelon Corp.					75,792
	6,300	@, L	Echo Global Logistics, Inc.					76,923
	11,980		Electro Rent Corp.					153,224
	24,140	@	Electro Scientific Industries, Inc.					322,510
	27,220	@	Electronics for Imaging					265,395
	11,050	@	EMS Technologies, Inc.					165,971
	55,490	@	Emulex Corp.					509,398
	30,560	@, L	Energy Conversion Devices, Inc.					125,296
	90,800	@, S	Entegris, Inc.					360,476
	36,710	@, S	Entropic Communications, Inc.					232,741
	33,560	@	Epicor Software Corp.					268,144
	23,550	@	EPIQ Systems, Inc.					304,502
	5,350	@, L	ePlus, Inc.					93,625
	34,870	@	Euronet Worldwide, Inc.					445,987
	123,340	@, L	Evergreen Solar, Inc.					84,118
	19,890	@, L	Exar Corp.					137,838
	12,720	@, L	ExlService Holdings, Inc.					218,402
	64,430	@, S	Extreme Networks					173,961
	28,530		Fair Isaac Corp.					621,669
	13,930	@	Faro Technologies, Inc.					260,630
	22,950	@	FEI Co.					452,345
	51,800	L	Finisar Corp.					771,820
	31,800	@	Formfactor, Inc.					343,440
	9,970	@	Forrester Research, Inc.					301,692
	24,100	@, L	Fortinet, Inc.					396,204
	20,500	@, S	FSI International, Inc.					85,895
	26,380	@	Global Cash Access, Inc.					190,200
	20,650	@	Globecomm Systems, Inc.					170,363
	42,890	@	GSI Commerce, Inc.					1,235,232
	19,400	@	GSI Technology, Inc.					110,968
	36,120	@, S, L	GT Solar International, Inc.					202,272
	65,890	@, S	Harmonic, Inc.					358,442
	21,960	L	Heartland Payment Systems, Inc.					325,886
	21,360	@	Hittite Microwave Corp.					955,646
	9,370	@, L	Hughes Communications, Inc.					227,972
	36,100	@, L	Hutchinson Technology, Inc.					156,313
	13,530		iGate Corp.					173,455
	21,250	@	Imation Corp.					195,288
	23,310	@, S	Immersion Corp.					117,949
	53,330	@, L	Infinera Corp.					342,912
	16,830	@	infoGROUP, Inc.					134,303
	21,260	@	Infospace, Inc.					159,875
	30,710	@	Insight Enterprises, Inc.					404,144
	18,740	@	Integral Systems, Inc.					118,999
	100,900	@	Integrated Device Technology, Inc.					499,455
	19,300	@	Integrated Silicon Solution, Inc.					145,522
	9,500	@	Interactive Intelligence, Inc.					156,085
	27,040	@	InterDigital, Inc.					667,618
	20,100	@	Intermec, Inc.					206,025
	46,170	@, S	Internap Network Services Corp.					192,529
	20,720	@, L	Internet Brands, Inc.					214,038
	19,850	@	Internet Capital Group, Inc.					150,860
	15,540	@	Intevac, Inc.					165,812
	15,420	@	IPG Photonics Corp.					234,847
	15,510	@	Isilon Systems, Inc.					199,148
	17,810	@	Ixia					152,988
	16,070	@	IXYS Corp.					142,059
	28,670	@	j2 Global Communications, Inc.					626,153
	60,930		Jack Henry & Associates, Inc.					1,455,008
	27,734	@	JDA Software Group, Inc.					609,593
	13,700	@, L	Kenexa Corp.					164,400
	16,060		Keynote Systems, Inc.					144,861
	20,850	@	Knot, Inc.					162,213
	46,110	@, S	Kopin Corp.					156,313
	36,930	@	Kulicke & Soffa Industries, Inc.					259,249
	50,800	@	L-1 Identity Solutions, Inc.					416,052
	88,430	@, S	Lattice Semiconductor Corp.					383,786
	98,590	@	Lawson Software, Inc.					719,707
	14,100	@, S	Limelight Networks, Inc.					61,899
	43,080	@, S	Lionbridge Technologies					196,876
	10,240	@	Liquidity Services, Inc.					132,710
	11,580	@	Littelfuse, Inc.					366,044
	32,210	@	LivePerson, Inc.					220,961
	10,500	@	LogMeIn, Inc.					275,415
	19,640	@	LoopNet, Inc.					242,161
	6,440	@, L	Loral Space & Communications, Inc.					275,117
	120,600	@, S	LTX-Credence Corp.					341,298
	15,340	@	Manhattan Associates, Inc.					422,617
	15,010	@	Mantech International Corp.					638,976
	10,930		MAXIMUS, Inc.					632,519
	14,570	@	Maxwell Technologies, Inc.					166,098
	10,840	@	Measurement Specialties, Inc.					148,508
	68,570	@	Mentor Graphics Corp.					606,845
	17,910	@, L	Mercury Computer Systems, Inc.					210,084
	22,060		Methode Electronics, Inc.					214,864
	35,840	L	Micrel, Inc.					364,851
	53,650	@	Microsemi Corp.					784,900
	6,070	@	MicroStrategy, Inc.					455,796
	65,330	@, S	Microtune, Inc.					139,153
	51,390	@, L	Microvision, Inc.					152,114
	17,800	@, L	Mindspeed Technologies, Inc.					133,322
	36,480	@, S	MIPS Technologies, Inc.					186,413
	33,240	@	MKS Instruments, Inc.					622,253
	33,240	@	Moduslink Global Solutions, Inc.					200,437
	64,530	@, L	MoneyGram International, Inc.					158,099
	21,610	@	Monolithic Power Systems, Inc.					385,955
	17,670	@	Monotype Imaging Holdings, Inc.					159,207
	93,250	@, S	Move, Inc.					191,163
	11,200		MTS Systems Corp.					324,800
	4,750	@	Multi-Fineline Electronix, Inc.					118,560
	4,520	@	NCI, Inc.					102,062
	38,810	@	Netezza Corp.					530,921
	23,520	@	Netgear, Inc.					419,597
	43,380	@	Netlogic Microsystems, Inc.					1,179,936
	19,540	@	Netscout Systems, Inc.					277,859
	12,400	@, L	NetSuite, Inc.					156,736
	37,700	@, S	Network Engines, Inc.					102,167
	25,470	@	Newport Corp.					230,758
	38,660	@	NIC, Inc.					247,811
	22,780	@	Novatel Wireless, Inc.					130,757
	4,300	@	NVE Corp.					187,179
	30,300		Oclaro, Inc.					336,027
	37,690	@	Omnivision Technologies, Inc.					808,074
	25,440	@, L	Online Resources Corp.					105,576
	10,550	@, L	OpenTable, Inc.					437,509
	14,730	@, S	Oplink Communications, Inc.					211,081
	9,700		Opnet Technologies, Inc.					142,493
	10,260	@	OSI Systems, Inc.					284,920
	112,450	@, S	Palm, Inc.					639,841
	82,910	@	Parametric Technology Corp.					1,299,200
	11,710		Park Electrochemical Corp.					285,841
	22,500	@	PC-Tel, Inc.					113,400
	13,000		Pegasystems, Inc.					417,430
	18,980	@	Perficient, Inc.					169,112
	24,890	@	Pericom Semiconductor Corp.					238,944
	21,250	@, S	Photronics, Inc.					96,050
	36,260		Plantronics, Inc.					1,037,036
	31,570	@	Plexus Corp.					844,182
	15,010		Power Integrations, Inc.					483,247
	40,120	@, L	Power-One, Inc.					270,810
	82,380	@, L	Powerwave Technologies, Inc.					126,865
	31,330	@	Progress Software Corp.					940,840
	9,920	@	PROS Holdings, Inc.					64,480
	127,630	@, S	Quantum Corp.					239,944
	37,520	@	Quest Software, Inc.					676,861
	9,700	@	QuinStreet, Inc.					111,647
	73,210	@, L	Rackspace Hosting, Inc.					1,342,671
	20,780	@	Radiant Systems, Inc.					300,479
	16,060	@	Radisys Corp.					152,891
	29,300	@, S	RealNetworks, Inc.					96,690
	7,260	L	Renaissance Learning, Inc.					106,649
	191,120	@, S	RF Micro Devices, Inc.					747,279
	15,780	@	RightNow Technologies, Inc.					247,588
	6,100	@	Rimage Corp.					96,563
	45,230	@	Riverbed Technolgoy, Inc.					1,249,253
	17,370	@	Rofin-Sinar Technologies, Inc.					361,643
	11,190	@	Rogers Corp.					310,746
	3,740	@, L	Rosetta Stone, Inc.					85,870
	8,630	@, L	Rubicon Technology, Inc.					257,088
	17,230	@	Rudolph Technologies, Inc.					130,087
	35,420	@, S	S1 Corp.					212,874
	62,000	L	Sanmina-SCI Corp.					843,820
	62,100	@	Sapient Corp.					629,694
	24,650	@, L	SAVVIS, Inc.					363,588
	15,930	@	Scansource, Inc.					397,135
	21,300	@	Seachange Intl., Inc.					175,299
	38,640	@	Semtech Corp.					632,537
	30,760	@	ShoreTel, Inc.					142,726
	18,800	@, L	Sigma Designs, Inc.					188,188
	26,970	@, L	Silicon Graphics International Corp.					190,948
	42,950	@, S	Silicon Image, Inc.					150,755
	37,410	@	Smart Modular Technologies, Inc.					218,849
	17,460	@	Smith Micro Software, Inc.					166,045
	23,310	@	SolarWinds, Inc.					373,892
	19,100	@	Sonic Solutions, Inc.					159,485
	35,570	@	SonicWALL, Inc.					417,948
	120,420	@, S	Sonus Networks, Inc.					326,338
	18,670	@	Sourcefire, Inc.					354,730
	10,300	@	Spectrum Control, Inc.					143,994
	27,360	@	SRA International, Inc.					538,171
	9,400	@	SS&C Technologies Holdings, Inc.					150,682
	15,380	@	Stamps.com, Inc.					157,645
	12,830	@	Standard Microsystems Corp.					298,682
	27,510	@, L	STEC, Inc.					345,526
	13,120	@	Stratasys, Inc.					322,227
	43,160	@	SuccessFactors, Inc.					897,296
	13,820	@, L	Super Micro Computer, Inc.					186,570
	9,620	@	Supertex, Inc.					237,229
	35,050	@, S	support.com, Inc.					145,808
	14,096	@	Sycamore Networks, Inc.					234,276
	22,800	@, S	Symmetricom, Inc.					116,052
	25,220	@	Symyx Technologies					126,352
	22,770	@, L	Synaptics, Inc.					626,175
	11,770	@	Synchronoss Technologies, Inc.					223,277
	11,650	@	SYNNEX Corp.					298,473
	9,150		Syntel, Inc.					310,643
	42,820	@	Take-Two Interactive Software, Inc.					385,380
	24,680	@	Taleo Corp.					599,477
	26,180	S	Technitrol, Inc.					82,729
	44,920	@	Tekelec					594,741
	38,230	@, S	TeleCommunication Systems, Inc.					158,272
	19,940	@	TeleTech Holdings, Inc.					257,027
	37,880	@, L	Terremark Worldwide, Inc.					295,843
	31,160	@	Tessera Technologies, Inc.					500,118
	44,470	@, S	THQ, Inc.					192,110
	119,800	@, L	TIBCO Software, Inc.					1,444,718
	70,020	@	Tivo, Inc.					516,748
	15,770	@	TNS, Inc.					275,029
	57,340	@, S	Trident Microsystems, Inc.					81,423
	99,480	@	Triquint Semiconductor, Inc.					607,823
	49,480	@	TTM Technologies, Inc.					470,060
	21,240	@	Tyler Technologies, Inc.					329,645
	17,170	@	Ultimate Software Group, Inc.					564,206
	17,910	@	Ultratech, Inc.					291,396
	19,300	@	Unica Corp.					184,894
	27,214	@	Unisys Corp.					503,187
	49,733		United Online, Inc.					286,462
	20,770	@, L	Universal Display Corp.					373,445
	83,810	@, L	Utstarcom, Inc.					154,210
	54,750	@	Valueclick, Inc.					585,278
	18,230	@, L	Vasco Data Security Intl.					112,479
	27,210	@, L	Veeco Instruments, Inc.					932,759
	61,430	@	Verifone Holdings, Inc.					1,162,870
	24,110	@	Viasat, Inc.					785,022
	16,600	@	Virage Logic Corp.					197,374
	18,600	@	Virtusa Corp.					173,538
	10,110	@, L	Vocus, Inc.					154,481
	15,020	@	Volterra Semiconductor Corp.					346,361
	27,770	@	Websense, Inc.					524,853
	26,620	@	Wright Express Corp.					790,614
	13,600	@	Xyratex Ltd.					192,440
	92,900	@, L	Zix Corp.					209,954
	37,510	@	Zoran Corp.					357,845
	13,700	@, L	Zygo Corp.					111,107
								108,366,201
			Materials:		4.7	%
	5,840	@	AEP Industries, Inc.					139,459
	41,040	@, L	Allied Nevada Gold Corp.					807,667
	8,320	@, S	AM Castle & Co.					115,565
	17,460		Amcol International Corp.					410,310
	15,100		American Vanguard Corp.					119,743
	17,170		Arch Chemicals, Inc.					527,806
	12,310		Balchem Corp.					307,750
	41,970	@	Boise, Inc.					230,415
	14,570	@	Brush Engineered Materials, Inc.					291,109
	25,680	@	Buckeye Technologies, Inc.					255,516
	33,580	@	Calgon Carbon Corp.					444,599
	48,880	@	Century Aluminum Co.					431,610
	8,458	@	Clearwater Paper Corp.					463,160
	58,180	@	Coeur d’Alene Mines Corp.					918,080
	6,480		Deltic Timber Corp.					270,864
	55,780	@	Ferro Corp.					411,099
	48,390	@, S	General Moly, Inc.					149,041
	20,500	@	Georgia Gulf Corp.					273,470
	22,010		Glatfelter					238,809
	37,700	@	Globe Specialty Metals, Inc.					389,441
	202,800	@, S	Golden Star Resources Ltd.					888,264
	11,700	@	Graham Packaging Co., Inc.					140,049
	75,580	@, S	Graphic Packaging Holding Co.					238,077
	6,510	L	Hawkins, Inc.					156,761
	8,340		Haynes International, Inc.					257,122
	30,290		HB Fuller Co.					575,207
	37,970	@, S	Headwaters, Inc.					107,835
	165,000	@, L	Hecla Mining Co.					861,300
	32,520	@	Horsehead Holding Corp.					245,851
	12,650		Innophos Holdings, Inc.					329,912
	62,800	@, L	Jaguar Mining, Inc.					554,524
	9,280		Kaiser Aluminum Corp.					321,738
	22,900	@	KapStone Paper and Packaging Corp.					255,106
	5,100		KMG Chemicals, Inc.					73,236
	12,230		Koppers Holdings, Inc.					274,930
	6,400	@	Kraton Performance Polymers, Inc.					120,256
	27,770	@	Landec Corp.					163,565
	78,230	@	Louisiana-Pacific Corp.					523,359
	11,570	@	LSB Industries, Inc.					153,997
	9,100	@	Metals USA Holdings Corp.					136,045
	13,430		Minerals Technologies, Inc.					638,462
	19,490		Myers Industries, Inc.					157,674
	10,140		Neenah Paper, Inc.					185,562
	6,030		NewMarket Corp.					526,540
	13,900	@	Noranda Aluminum Holding Corp.					89,377
	56,740		Olin Corp.					1,026,427
	6,430		Olympic Steel, Inc.					147,697
	20,100	@	OM Group, Inc.					479,586
	26,220	@	Omnova Solutions, Inc.					204,778
	61,850	@	PolyOne Corp.					520,777
	4,250		Quaker Chemical Corp.					115,133
	27,790		Rock-Tenn Co.					1,380,329
	33,170	@	Rockwood Holdings, Inc.					752,627
	20,080	@	RTI International Metals, Inc.					484,129
	20,814		Schulman A, Inc.					394,633
	11,760		Schweitzer-Mauduit International, Inc.					593,292
	36,670		Sensient Technologies Corp.					950,853
	38,860		Silgan Holdings, Inc.					1,102,847
	84,360	@	Solutia, Inc.					1,105,116
	21,750	@	Spartech Corp.					222,938
	4,690		Stepan Co.					320,937
	35,090	@, L	Stillwater Mining Co					407,746
	17,100	@, L	STR Holdings, Inc.					321,480
	14,430		Texas Industries, Inc.					426,262
	107,800	@	Thompson Creek Metals Co., Inc.					935,704
	5,100	@	Universal Stainless & Alloy					81,549
	51,170	@, L	US Gold Corp.					256,362
	27,010	@	Wausau Paper Corp.					182,858
	12,320		Westlake Chemical Corp.					228,782
	37,500		Worthington Industries					482,250
	50,360	@	WR Grace & Co.					1,059,574
	14,660		Zep, Inc.					255,670
	16,870	@	Zoltek Cos., Inc.					142,889
								29,753,487
			Telecommunication Services:		1.0	%
	16,330	@	AboveNet, Inc.					770,449
	42,490		Alaska Communications Systems Group, Inc.					360,740
	5,450		Atlantic Tele-Network, Inc.					225,085
	11,640	@	Cbeyond, Inc.					145,500
	146,940	@, S	Cincinnati Bell, Inc.					442,289
	31,000	@, S	Cogent Communications Group, Inc.					234,980
	15,910		Consolidated Communications Holdings, Inc.					270,629
	27,520	@, S	General Communication, Inc.					208,877
	17,940	@	Global Crossing Ltd.					189,626
	70,000	@, S	Globalstar, Inc.					107,800
	24,100	@	Iridium Communications, Inc.					241,964
	21,940	@	Neutral Tandem, Inc.					246,825
	19,720		NTELOS Holdings Corp.					339,184
	89,790	@, S	PAETEC Holding Corp.					306,184
	35,870	@	Premier Global Services, Inc.					227,416
	13,000	L	Shenandoah Telecom Co.					230,620
	51,630	@	Syniverse Holdings, Inc.					1,055,834
	13,330		USA Mobility, Inc.					172,224
	76,400	@, S	Vonage Holdings Corp.					175,720
								5,951,946
			Utilities:		3.2	%
	18,980		Allete, Inc.					649,875
	11,550	L	American States Water Co.					382,767
	34,880		Avista Corp.					681,206
	28,350		Black Hills Corp.					807,125
	9,800	@	Cadiz, Inc.					118,286
	12,790		California Water Service Group					456,603
	10,460		Central Vermont Public Service Corp.					206,480
	9,590		CH Energy Group, Inc.					376,312
	3,980		Chesapeake Utilities Corp.					124,972
	44,690		Cleco Corp.					1,180,263
	3,700		Connecticut Water Service, Inc.					77,774
	9,940	@	Consolidated Water Co., Ltd.					113,117
	62,000	@, S	Dynegy, Inc.					238,700
	29,240	@	El Paso Electric Co.					565,794
	26,990		Empire District Electric Co.					506,602
	34,000		Idacorp, Inc.					1,131,180
	16,600		Laclede Group, Inc.					549,958
	14,660		MGE Energy, Inc.					528,346
	7,260	S	Middlesex Water Co.					115,071
	29,670		New Jersey Resources Corp.					1,044,384
	31,900		Nicor, Inc.					1,291,950
	19,200		Northwest Natural Gas Co.					836,544
	24,850		NorthWestern Corp.					651,070
	51,250		Piedmont Natural Gas Co.					1,296,625
	54,570		PNM Resources, Inc.					610,093
	53,230		Portland General Electric Co.					975,706
	9,230		SJW Corp.					216,351
	21,590		South Jersey Industries, Inc.					927,506
	33,270		Southwest Gas Corp.					981,465
	14,270		Southwest Water Co.					149,550
	19,070		UIL Holdings Corp.					477,322
	20,330		Unisource Energy Corp.					613,559
	6,400		Unitil Corp.					133,824
	35,420		WGL Holdings, Inc.					1,205,343
	6,200		York Water Co.					88,040
								20,309,763
			Total Common Stock (Cost $ 551,026,054)					566,583,182
REAL ESTATE INVESTMENT TRUSTS:				6.9%
			Financials:		6.9	%
	23,996	S	Acadia Realty Trust					403,613
	4,700		Agree Realty Corp.					109,604
	1,450		Alexander’s, Inc.					439,234
	37,719		American Campus Communities, Inc.					1,029,352
	20,380		American Capital Agency Corp.					538,440
	78,580	S	Anworth Mortgage Asset Corp.					559,490
	6,600		Apollo Commercial Real Estate Finance, Inc.					108,636
	23,710	@, L	Ashford Hospitality Trust, Inc.					173,794
	21,980		Associated Estates Realty Corp.					284,641
	81,390		BioMed Realty Trust, Inc.					1,309,565
	34,530	S	Capital Lease Funding, Inc.					159,183
	43,340		Capstead Mortgage Corp.					479,340
	96,870		CBL & Associates Properties, Inc.					1,205,063
	31,370		Cedar Shopping Centers, Inc.					188,847
	30,750		Cogdell Spencer, Inc.					207,870
	43,490		Colonial Properties Trust					631,910
	9,000		Colony Financial, Inc.					152,100
	54,088		Cousins Properties, Inc.					364,553
	8,500		CreXus Investment Corp.					105,655
	9,850		Cypress Sharpridge Investments, Inc.					124,701
	127,490	S	DCT Industrial Trust, Inc.					576,255
	105,895		DiamondRock Hospitality Co.					870,457
	25,630		DuPont Fabros Technology, Inc.					629,473
	7,650		Dynex Capital, Inc.					70,610
	21,520	S	EastGroup Properties, Inc.					765,682
	35,310	S	Education Realty Trust, Inc.					212,919
	33,210		Entertainment Properties Trust					1,264,305
	18,130		Equity Lifestyle Properties, Inc.					874,410
	23,270		Equity One, Inc.					363,012
	11,800	@, L	Excel Trust, Inc.					141,600
	56,450		Extra Space Storage, Inc.					784,655
	37,720	@	FelCor Lodging Trust, Inc.					188,223
	35,610	@	First Industrial Realty Trust, Inc.					171,640
	23,370		First Potomac Realty Trust					335,827
	38,670		Franklin Street Properties Corp.					456,693
	13,220		Getty Realty Corp.					296,260
	7,690		Gladstone Commercial Corp.					125,655
	36,920	S	Glimcher Realty Trust					220,782
	14,600		Government Properties Income Trust					372,592
	22,740		Hatteras Financial Corp.					632,627
	38,830		Healthcare Realty Trust, Inc.					853,095
	57,800	S	Hersha Hospitality Trust					261,256
	49,600	S	Highwoods Properties, Inc.					1,376,896
	27,350		Home Properties, Inc.					1,232,665
	50,000		Inland Real Estate Corp.					396,000
	17,750		Invesco Mortgage Capital, Inc.					355,178
	50,800		Investors Real Estate Trust					448,564
	64,710	@, S	iStar Financial, Inc.					288,607
	37,530		Kilroy Realty Corp.					1,115,767
	38,800	S	Kite Realty Group Trust					162,184
	45,900		LaSalle Hotel Properties					944,163
	58,435	S	Lexington Realty Trust					351,194
	15,820		LTC Properties, Inc.					383,951
	68,980		Medical Properties Trust, Inc.					651,171
	208,420	S	MFA Mortgage Investments, Inc.					1,542,308
	20,220		Mid-America Apartment Communities, Inc.					1,040,723
	16,010		National Health Investors, Inc.					617,346
	57,220	S	National Retail Properties, Inc.					1,226,797
	46,488	L	Northstar Realty Finance Corp.					124,123
	63,880		Omega Healthcare Investors, Inc.					1,273,128
	5,700		One Liberty Properties, Inc.					84,987
	8,590		Parkway Properties, Inc.					125,156
	14,600	@	Pebblebrook Hotel Trust					275,210
	34,180		Pennsylvania Real Estate Investment Trust					417,680
	10,200	@	Pennymac Mortgage Investment Trust					162,180
	38,020		Post Properties, Inc.					864,195
	27,510	L	Potlatch Corp.					982,932
	10,990		PS Business Parks, Inc.					613,022
	66,950	@, S, L	RAIT Investment Trust					125,197
	18,490		Ramco-Gershenson Properties					186,749
	56,480		Redwood Trust, Inc.					826,867
	24,550	S	Resource Capital Corp.					139,444
	3,470		Saul Centers, Inc.					140,986
	17,440		Sovran Self Storage, Inc.					600,459
	31,850		Starwood Property Trust, Inc.					539,858
	95,020	@, S	Strategic Hotel Capital, Inc.					417,138
	14,340		Sun Communities, Inc.					372,266
	62,914	@	Sunstone Hotel Investors, Inc.					624,736
	28,300		Tanger Factory Outlet Centers, Inc.					1,171,054
	11,100		UMH Properties, Inc.					111,777
	6,540		Universal Health Realty Income Trust					210,130
	14,240		Urstadt Biddle Properties, Inc.					229,691
	57,750		U-Store-It Trust					430,815
	17,840	L	Walter Investment Management Corp.					291,684
	41,540		Washington Real Estate Investment Trust					1,146,089
	9,950		Winthrop Realty Trust					127,460
			Total Real Estate Investment Trusts (Cost $ 42,073,105)					43,792,146
RIGHTS:				0.0%
			Energy:		0.0	%
	7,406	L	Zions Bancorp.					148
			Total Rights (Cost $ -)					148
			Total Long-Term Investments (Cost $ 593,099,159)					610,375,476
	Principal Amount							Value
SHORT-TERM INVESTMENTS:				14.6%
			Money Market:		6.0	%
$    38,024,000			ING Institutional Prime Money Market Fund - Class I				$	38,024,000
			Total Money Market
			( Cost $ 38,024,000 )					38,024,000
			Securities Lending Collateralcc:		8.6	%
	53,950,014		Bank of New York Mellon Corp. Overnight Government Fund, Series A (1)					53,950,014
	502,326	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B (1)(2)					401,859
			Total Securities Lending Collateral (Cost $ 54,452,339)					54,351,873
			Total Short-Term Investments (Cost $ 92,476,339)					92,375,873
			Total Investments in Securities (Cost $ 685,575,498) *		111.3	%	$	702,751,349
			Other Assets and Liabilities - Net		(11.3	)		(71,499,737	)
			Net Assets		100.0	%	$	631,251,612
		@	Non-income producing security
		cc	Securities purchased with cash collateral for securities loaned.
		(1)	Collateral received from brokers for securites lending was invested in these short-term investments.
		(2)	On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
		S	All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.
			See Accompanying Notes to Financial Statements

ING U.S. Bond Index Portfolio				PORTFOLIO OF INVESTMENTS as of June 30, 2010 (Unaudited)
Principal Amount							Value
CORPORATE BONDS/NOTES:				23.4	%
			Consumer Discretionary:			2.2%
$	6,260,000		Comcast Corp., 6.300%, due 11/15/17				$            7,157,571
	5,825,000		Comcast Corp., 6.500%, due 11/15/35				6,355,157
	3,900,000		COX Communications, Inc., 5.450%, due 12/15/14				4,309,020
	3,755,000		Daimler Finance NA, LLC, 6.500%, due 11/15/13				4,205,938
	5,325,000		DIRECTV Holdings LLC, 6.350%, due 03/15/40				5,721,851
	4,550,000		Discovery Communications LLC, 5.050%, due 06/01/20				4,738,789
	9,000,000	#	NBC Universal, Inc., 3.650%, due 04/30/15				9,213,525
	5,000,000	#	NBC Universal, Inc., 6.400%, due 04/30/40				5,359,395
	5,550,000		News America, Inc., 6.150%, due 03/01/37				5,807,559
	12,775,000		Time Warner Cable, Inc., 5.850%, due 05/01/17				14,046,202
	4,030,000		Time Warner Cable, Inc., 6.550%, due 05/01/37				4,357,869
	4,370,000		Time Warner, Inc., 4.875%, due 03/15/20				4,515,342
	1,325,000		Time Warner, Inc., 5.875%, due 11/15/16				1,495,685
	3,825,000		Time Warner, Inc., 6.500%, due 11/15/36				4,173,580
							81,457,483
			Consumer Staples:			2.0%
	7,535,000		Altria Group, Inc., 9.950%, due 11/10/38				9,927,340
	12,440,000		Anheuser-Busch InBev Worldwide, Inc., 5.375%, due 01/15/20				13,430,411
	5,600,000	#	Anheuser-Busch InBev Worldwide, Inc., 7.200%, due 01/15/14				6,444,166
	150,000		Clorox Co., 5.450%, due 10/15/12				163,242
	1,940,000		CVS Caremark Corp., 6.250%, due 06/01/27				2,122,302
	7,315,000	#	Erac USA Finance Co., 7.000%, due 10/15/37				7,996,509
	5,585,000	#	Grupo Bimbo SAB de CV, 4.875%, due 06/30/20				5,657,700
	5,315,000		Kraft Foods, Inc., 6.125%, due 02/01/18				6,041,258
	3,100,000		Kraft Foods, Inc., 6.500%, due 08/11/17				3,605,926
	8,910,000		Kraft Foods, Inc., 6.500%, due 02/09/40				9,999,034
	725,000		Kroger Co., 5.500%, due 02/01/13				789,993
	5,600,000		Lorillard Tobacco Co., 8.125%, due 06/23/19				6,220,743
							72,398,624
			Energy:			1.1%
	5,300,000		Anadarko Petroleum Corp., 5.950%, due 09/15/16				4,567,360
	6,870,000		Anadarko Petroleum Corp., 6.200%, due 03/15/40				5,451,359
	5,300,000		Enterprise Products Operating LLC, 6.125%, due 10/15/39				5,306,577
	2,825,000		Kinder Morgan Energy Partners LP, 6.950%, due 01/15/38				3,011,464
	520,000		Marathon Oil Corp., 6.000%, due 10/01/17				581,877
	3,481,000	#	NGPL PipeCo, LLC, 6.514%, due 12/15/12				3,468,294
	5,955,000		Petrobras International Finance Co., 5.750%, due 01/20/20				6,026,746
	2,950,000		Suncor Energy, Inc., 6.500%, due 06/15/38				3,305,053
	8,810,000	L	Valero Energy Corp., 6.625%, due 06/15/37				8,604,260
							40,322,990
			Financials:			11.5%
	8,455,000	#	Abbey National Treasury Services PLC/London, 3.875%, due 11/10/14				8,356,499
	8,425,000		American Express Co., 7.000%, due 03/19/18				9,732,105
	5,200,000		AngloGold Ashanti Holdings PLC, 5.375%, due 04/15/20				5,289,341
	4,050,000		AvalonBay Communities, Inc., 5.700%, due 03/15/17				4,378,483
	210,000		Bank of America Corp., 5.375%, due 06/15/14				220,782
	14,820,000		Bank of America Corp., 5.650%, due 05/01/18				15,211,604
	13,725,000		Bank of America Corp., 6.500%, due 08/01/16				14,872,204
	5,905,000		Barclays Bank PLC, 6.750%, due 05/22/19				6,580,060
	5,000,000		Bear Stearns Cos., Inc., 7.250%, due 02/01/18				5,847,205
	5,640,000		Berkshire Hathaway Finance Corp., 5.750%, due 01/15/40				5,993,882
	4,875,000		Caterpillar Financial Services Corp., 1.900%, due 12/17/12				4,938,960
	8,095,000		Citigroup, Inc., 2.125%, due 04/30/12				8,297,108
	2,580,000		Citigroup, Inc., 5.000%, due 09/15/14				2,582,931
	21,000,000		Citigroup, Inc., 5.500%, due 04/11/13				21,843,528
	10,385,000		Citigroup, Inc., 5.875%, due 05/29/37				9,771,039
	2,155,000		Citigroup, Inc., 8.125%, due 07/15/39				2,578,845
	5,000,000		Credit Suisse First Boston USA, Inc., 5.125%, due 01/15/14				5,384,490
	5,095,000		Credit Suisse/New York NY, 5.300%, due 08/13/19				5,410,768
	2,500,000		Deutsche Bank AG/London, 5.375%, due 10/12/12				2,680,455
	12,195,000	L	European Investment Bank, 1.750%, due 09/14/12				12,340,462
	9,255,000	L	European Investment Bank, 2.375%, due 03/14/14				9,413,103
	11,350,000		General Electric Capital Corp., 5.250%, due 10/19/12				12,138,485
	11,650,000		General Electric Capital Corp., 6.750%, due 03/15/32				12,574,882
	19,195,000		Goldman Sachs Group, Inc., 3.250%, due 06/15/12				20,109,143
	13,950,000		Goldman Sachs Group, Inc., 4.750%, due 07/15/13				14,575,058
	9,840,000		Goldman Sachs Group, Inc., 6.150%, due 04/01/18				10,323,420
	275,000		Goldman Sachs Group, Inc., 6.450%, due 05/01/36				263,543
	4,000,000		Goldman Sachs Group, Inc., 6.750%, due 10/01/37				3,933,408
	2,300,000	#	Harley-Davidson Funding Corp., 6.800%, due 06/15/18				2,425,470
	75,000		Hartford Financial Services Group, Inc., 5.250%, due 10/15/11				77,656
	4,350,000		Hartford Financial Services Group, Inc., 5.375%, due 03/15/17				4,317,584
	1,475,000		HSBC Finance Corp., 5.000%, due 06/30/15				1,540,705
	4,400,000		HSBC Holdings PLC, 6.500%, due 09/15/37				4,568,960
	1,815,000	L	JP Morgan Chase & Co., 2.125%, due 12/26/12				1,867,729
	14,605,000		JP Morgan Chase & Co., 5.375%, due 10/01/12				15,793,949
	600,000		JP Morgan Chase Capital XV, 5.875%, due 03/15/35				548,032
	12,675,000		JPMorgan Chase & Co., 3.400%, due 06/24/15				12,718,184
	17,585,000	L	Kreditanstalt fuer Wiederaufbau, 2.000%, due 01/17/12				17,844,414
	4,005,000		Lincoln National Corp., 4.300%, due 06/15/15				4,078,043
	3,400,000		Merrill Lynch & Co., Inc., 5.450%, due 02/05/13				3,568,875
	7,510,000		Merrill Lynch & Co., Inc., 6.220%, due 09/15/26				7,231,417
	6,995,000		Metlife, Inc., 6.750%, due 06/01/16				7,923,544
	9,650,000		Morgan Stanley, 5.375%, due 10/15/15				9,785,361
	11,500,000		Morgan Stanley, 6.625%, due 04/01/18				12,071,769
	3,645,000		Nomura Holdings, Inc., 6.700%, due 03/04/20				3,863,091
	5,200,000	#	Northwestern Mutual Life Insurance, 6.063%, due 03/30/40				5,594,482
	7,095,000		PNC Funding Corp., 3.625%, due 02/08/15				7,310,972
	3,895,000		Prudential Financial, Inc., 3.875%, due 01/14/15				3,926,748
	7,100,000		Simon Property Group LP, 5.250%, due 12/01/16				7,571,113
	11,570,000		Toyota Motor Credit Corp., 3.200%, due 06/17/15				11,822,527
	6,900,000		US Bancorp, 2.000%, due 06/14/13				6,970,787
	11,275,000	#	WEA Finance, LLC / WT Finance Aust Pty Ltd., 7.500%, due 06/02/14				12,788,500
	15,860,000		Wells Fargo & Co., 3.625%, due 04/15/15				16,223,020
							418,074,725
			Health Care:			0.6%
	10,550,000		CareFusion Corp., 4.125%, due 08/01/12				11,025,995
	5,675,000		Express Scripts, Inc., 5.250%, due 06/15/12				6,065,576
	3,430,000		St. Jude Medical, Inc., 3.750%, due 07/15/14				3,624,879
							20,716,450
			Industrials:			1.2%
	7,460,000		Continental Airlines, Inc., 7.250%, due 11/10/19				7,944,900
	6,295,000		CRH America, Inc., 5.300%, due 10/15/13				6,772,130
	1,436,799		Delta Airlines, Inc., 6.821%, due 08/10/22				1,418,839
	1,800,000		FedEx Corp., 7.375%, due 01/15/14				2,104,344
	4,695,000		Ingersoll-Rand Global Holding Co., Ltd., 6.000%, due 08/15/13				5,223,446
	6,220,000		L-3 Communications Corp., 4.750%, due 07/15/20				6,280,241
	1,470,175		Southwest Airlines Co. 2007-1 Pass-through Trust, 6.150%, due 08/01/22				1,514,280
	5,895,000		Tyco International Finance SA, 3.375%, due 10/15/15				6,092,188
	5,290,000		Waste Management, Inc., 6.125%, due 11/30/39				5,740,274
							43,090,642
			Information Technology:			0.5%
	800,000		Hewlett-Packard Co., 4.500%, due 03/01/13				864,066
	5,855,000		Thermo Fisher Scientific, Inc., 2.150%, due 12/28/12				5,926,349
	10,800,000		Xerox Corp., 5.500%, due 05/15/12				11,517,390
							18,307,805
			Materials:			1.1%
	7,235,000		ArcelorMittal, 6.125%, due 06/01/18				7,578,786
	2,795,000		Barrick Australian Finance Pty Ltd, 5.950%, due 10/15/39				2,989,099
	9,355,000		Dow Chemical Co., 8.550%, due 05/15/19				11,470,156
	9,310,000		Rio Tinto Finance USA Ltd., 6.500%, due 07/15/18				10,627,868
	6,000,000		Southern Copper Corp., 5.375%, due 04/16/20				6,043,950
							38,709,859
			Telecommunication Services:			2.2%
	3,300,000	#	America Movil SAB de CV, 5.000%, due 03/30/20				3,425,971
	8,875,000		AT&T, Inc., 6.500%, due 09/01/37				9,876,712
	1,080,000		British Telecommunications PLC, 9.875%, due 12/15/30				1,321,270
	7,095,000		Deutsche Telekom International Finance BV, 5.750%, due 03/23/16				7,772,445
	1,710,000		Embarq Corp., 7.082%, due 06/01/16				1,825,162
	10,775,000		France Telecom S.A., 4.375%, due 07/08/14				11,630,169
	9,000,000		New Cingular Wireless Services, Inc., 8.125%, due 05/01/12				10,075,284
	4,600,000		Qwest Corp., 8.875%, due 03/15/12				4,956,500
	2,220,000		Rogers Cable, Inc., 5.500%, due 03/15/14				2,453,380
	2,685,000		Telecom Italia Capital S.A., 5.250%, due 10/01/15				2,712,911
	6,510,000		Telefonica Emisiones SAU, 2.582%, due 04/26/13				6,469,566
	9,725,000		Verizon Communications, Inc., 6.350%, due 04/01/19				11,272,452
	2,940,000		Verizon Communications, Inc., 7.750%, due 12/01/30				3,674,009
	3,825,000		Vodafone Group PLC, 5.625%, due 02/27/17				4,201,028
							81,666,859
			Utilities:			1.0%
	5,670,000		Duke Energy Corp., 3.950%, due 09/15/14				5,967,346
	9,260,000		Exelon Generation Co. LLC, 5.200%, due 10/01/19				9,868,771
	6,225,000	4	FirstEnergy Solutions Corp., 6.800%, due 08/15/39				6,178,362
	3,495,000		FPL Group Capital, Inc., 2.550%, due 11/15/13				3,527,213
	3,400,000		Midamerican Energy Holdings Co., 6.125%, due 04/01/36				3,755,963
	4,855,000		Oncor Electric Delivery Co., 5.950%, due 09/01/13				5,349,812
	2,160,000		PPL Energy Supply, LLC, 6.300%, due 07/15/13				2,396,822
							37,044,289
			Total Corporate Bonds/Notes (Cost $ 819,500,234)				851,789,726
U.S. GOVERNMENT AGENCY OBLIGATIONS:				39.7	%
			Federal Home Loan Bank:			0.7%
	1,405,000	L	1.125%, due 05/18/12				1,415,990
	5,425,000		2.000%, due 07/27/12				5,430,653
	8,435,000	L	4.500%, due 11/15/12				9,146,745
	3,890,000		4.625%, due 06/12/20				4,220,129
	4,710,000	L	5.375%, due 05/18/16				5,501,878
	95,000	L	5.625%, due 06/11/21				112,081
							25,827,476
			Federal Home Loan Mortgage Corporation##:			11.2%
	18,960,000	L	1.125%, due 07/27/12				19,103,812
	13,555,000	L	1.375%, due 01/09/13				13,702,465
	12,110,000	L	1.625%, due 04/15/13				12,301,459
	6,615,000		2.125%, due 03/23/12				6,781,334
	10,355,000	L	3.750%, due 03/27/19				10,823,740
	44,285,000	W	4.500%, due 07/15/38				45,876,514
	49,432,142		4.500%, due 04/01/23-04/01/40				51,298,082
	27,690,000		5.000%, due 07/15/35				29,290,842
	56,700,392		5.000%, due 03/01/34-03/01/38				60,139,282
	190,000		5.400%, due 03/17/21				211,637
	19,505,000	W	5.500%, due 07/15/34				20,931,303
	55,979,410		5.500%, due 09/01/34-03/01/38				60,269,569
	1,040,831		5.531%, due 05/01/37				1,106,465
	370,000		5.550%, due 10/04/16				391,325
	21,055,000	W	6.000%, due 04/15/38				22,854,550
	27,077,178		6.000%, due 04/01/36-11/01/39				29,434,999
	11,665,768		6.500%, due 06/01/36-01/01/39				12,808,864
	7,230,000		6.750%, due 03/15/31				9,599,799
							406,926,041
			Federal National Mortgage Association##:			25.4%
	18,350,000	L	1.125%, due 07/30/12				18,481,019
	7,985,000	L	1.250%, due 06/22/12				8,065,002
	2,985,000	L	1.750%, due 02/22/13				3,044,852
	15,070,000		1.800%, due 03/15/13				15,114,805
	6,450,000		2.000%, due 09/28/12				6,472,369
	6,260,000	L	2.375%, due 07/28/15				6,332,510
	30,160,000		2.750%, due 03/13/14				31,478,535
	3,395,000		3.000%, due 07/28/14				3,460,999
	945,000		3.300%, due 07/30/14				947,166
	22,105,000	W	4.000%, due 07/17/18				22,968,466
	19,383,473		4.000%, due 11/01/20-06/01/25				20,195,645
	4,080,000		4.375%, due 10/15/15				4,517,833
	107,700,000	W	4.500%, due 07/01/25-07/15/35				111,896,806
	133,493,519		4.500%, due 05/01/19-05/01/40				139,299,765
	55,535,000	W	5.000%, due 07/18/21-07/01/37				58,835,520
	118,788,778		5.000%, due 02/01/20-08/01/38				126,291,547
	3,680,000		5.125%, due 08/19/24				3,794,849
	9,125,000		5.375%, due 06/12/17				10,647,899
	75,630,000	W	5.500%, due 07/01/22-07/15/34				81,505,862
	99,701,659		5.500%, due 04/01/11-09/01/38				107,323,855
	1,627,888		5.791%, due 06/01/37				1,753,511
	19,645,000	W	6.000%, due 07/14/37				21,308,696
	65,749,577		6.000%, due 06/01/11-10/01/38				71,494,982
	20,210,000	W	6.500%, due 07/15/33				22,136,276
	22,742,322		6.500%, due 04/01/30-03/01/39				24,953,200
	1,270,000		6.625%, due 11/15/30				1,656,677
	1		7.000%, due 06/01/36-03/01/39				—
	380,000		7.125%, due 01/15/30				518,759
							924,497,405
			Government National Mortgage Association:			2.4%
	9,635,000	W	5.000%, due 07/15/33				10,264,291
	16,711,691		5.000%, due 10/15/37-09/15/39				17,850,857
	20,555,000	W	5.500%, due 07/15/33				22,209,040
	15,287,388		5.500%, due 09/15/33-11/15/39				16,551,614
	19,915,400		6.000%, due 10/15/36-12/15/38				21,747,011
	71,662		7.000%, due 12/15/37				79,038
							88,701,851
			Other U.S. Agency Obligations:			0.0%
	75,000		Federal Farm Credit Bank, 5.125%, due 08/25/16				86,181
	10,000	L	Tennessee Valley Authority, 6.150%, due 01/15/38				12,342
							98,523
			Total U.S. Government Agency Obligations (Cost $ 1,413,438,173)				1,446,051,296
U.S. TREASURY OBLIGATIONS:				29.1	%
			U.S. Treasury Notes:			29.1%
	50,690,000		1.125%, due 01/15/12				51,179,091
	168,160,000		1.375%, due 05/15/12-03/15/13				170,569,293
	12,590,000		1.750%, due 11/15/11				12,814,757
	111,395,000		1.875%, due 04/30/14				113,422,723
	145,305,000		2.375%, due 08/31/14-03/31/16				148,807,255
	12,000,000		2.625%, due 02/29/16				12,347,820
	60,840,000		2.750%, due 02/28/13-11/30/16				63,683,874
	13,615,000		2.750%, due 02/15/19				13,566,068
	42,105,000		3.125%, due 08/31/13-05/15/19				43,780,219
	33,740,000		3.250%, due 05/31/16				35,843,487
	17,360,000		3.375%, due 11/30/12				18,469,408
	41,145,000	L	3.500%, due 02/15/18				43,989,806
	37,780,000		3.500%, due 02/15/39				35,100,000
	7,120,000		3.625%, due 02/15/20				7,523,839
	40,245,000		3.750%, due 11/15/18				43,370,266
	9,785,000	L	4.000%, due 02/15/14				10,730,632
	3,495,000		4.000%, due 08/15/18				3,844,773
	32,875,000		4.250%, due 08/15/14-05/15/39				35,848,945
	35,295,000		4.375%, due 02/15/38				38,168,225
	15,940,000		4.500%, due 02/15/36				17,611,213
	46,140,000		4.750%, due 01/31/12-05/31/12				49,695,754
	3,280,000		5.125%, due 05/15/16				3,828,121
	31,510,000		6.000%, due 02/15/26				40,608,513
	7,095,000		6.500%, due 11/15/26				9,640,331
	16,130,000		6.875%, due 08/15/25				22,382,891
	1,585,000		7.500%, due 11/15/24				2,299,488
	4,025,000		8.125%, due 08/15/19				5,734,997
	3,295,000		8.875%, due 08/15/17				4,693,830
			Total U.S. Treasury Obligations (Cost $ 1,029,333,088)				1,059,555,619
COLLATERALIZED MORTGAGE OBLIGATIONS:				3.3	%
	1,000,000		Banc of America Commercial Mortgage, Inc., 5.414%, due 09/10/47				1,048,074
	1,100,000		Banc of America Commercial Mortgage, Inc., 5.449%, due 01/15/49				1,132,508
	2,240,000		Banc of America Commercial Mortgage, Inc., 5.634%, due 07/10/46				2,306,201
	10,000,000		Banc of America Commercial Mortgage, Inc., 5.634%, due 04/10/49				10,340,098
	450,000		Banc of America Commercial Mortgage, Inc., 5.837%, due 06/10/49				435,871
	9,570,000		Banc of America Commercial Mortgage, Inc., 5.889%, due 07/10/44				9,739,882
	6,325,000		Bear Stearns Commercial Mortgage Securities, 5.331%, due 02/11/44				6,210,078
	4,100,000		Bear Stearns Commercial Mortgage Securities, 5.694%, due 06/11/50				4,158,748
	7,700,000		Citigroup Commercial Mortgage Trust, 5.888%, due 12/10/49				7,863,181
	3,250,000		Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.886%, due 11/15/44				3,301,982
	2,500,000		Commercial Mortgage Pass-through Certificates, 5.306%, due 12/10/46				2,443,886
	2,774,970		Continental Airlines, Inc., 5.983%, due 04/19/22				2,722,246
	2,000,000		Credit Suisse Mortgage Capital Certificates, 5.311%, due 12/15/39				1,982,974
	1,650,000		Credit Suisse Mortgage Capital Certificates, 5.448%, due 01/15/49				1,687,924
	1,750,000		Credit Suisse Mortgage Capital Certificates, 5.912%, due 06/15/39				1,672,152
	1,400,000		Credit Suisse Mortgage Capital Certificates, 5.998%, due 09/15/39				1,333,612
	3,170,000		CW Capital Cobalt Ltd., 6.015%, due 05/15/46				3,104,550
	3,000,000		GE Capital Commercial Mortgage Corp., 5.514%, due 11/10/45				3,193,181
	2,999,728		Greenwich Capital Commercial Funding Corp., 5.381%, due 03/10/39				3,111,238
	1,755,000		Greenwich Capital Commercial Funding Corp., 6.085%, due 07/10/38				1,837,661
	7,500,000		GS Mortgage Securities Corp. II, 5.553%, due 04/10/38				7,729,751
	4,000,000	L	GS Mortgage Securities Corp. II, 5.999%, due 08/10/45				3,941,774
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp., 4.871%, due 10/15/42				506,520
	2,650,000		JP Morgan Chase Commercial Mortgage Securities Corp., 4.879%, due 01/12/38				2,793,070
	1,155,000		JP Morgan Chase Commercial Mortgage Securities Corp., 5.038%, due 03/15/46				1,220,319
	481,020		JP Morgan Chase Commercial Mortgage Securities Corp., 5.284%, due 05/15/47				494,117
	3,655,000		JP Morgan Chase Commercial Mortgage Securities Corp., 5.336%, due 05/15/47				3,619,737
	5,878,000		JP Morgan Chase Commercial Mortgage Securities Corp., 5.429%, due 12/12/43				6,062,448
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp., 5.434%, due 01/15/49				509,554
	2,775,000		JP Morgan Chase Commercial Mortgage Securities Corp., 5.440%, due 06/12/47				2,776,979
	1,105,000		JP Morgan Chase Commercial Mortgage Securities Corp., 5.688%, due 02/12/51				1,173,941
	500,000		JP Morgan Chase Commercial Mortgage Securities Corp., 5.827%, due 02/15/51				519,053
	4,750,000		JP Morgan Chase Commercial Mortgage Securities Corp., 5.937%, due 02/12/49				4,796,916
	2,000,000		JP Morgan Chase Commercial Mortgage Securities Corp., 6.064%, due 04/15/45				2,134,673
	1,255,000		JP Morgan Chase Commercial Mortgage Securities Corp., 6.125%, due 02/12/51				1,321,596
	4,130,000		LB-UBS Commercial Mortgage Trust, 5.858%, due 07/15/40				4,106,374
	82,754		Merrill Lynch/Countrywide Commercial Mortgage Trust, 5.773%, due 06/12/46				83,384
	410,000		Merrill Lynch/Countrywide Commercial Mortgage Trust, 6.155%, due 08/12/49				418,268
	1,000,000		Morgan Stanley Capital I, 5.569%, due 12/15/44				932,372
	1,460,000		Morgan Stanley Capital I, 5.812%, due 04/12/49				1,456,177
	153,341		Salomon Brothers Mortgage Securities VII, Inc., 4.467%, due 03/18/36				158,096
	1,250,000		Wachovia Bank Commercial Mortgage Trust, 5.418%, due 01/15/45				1,305,395
	1,500,000		Wachovia Bank Commercial Mortgage Trust, 5.509%, due 04/15/47				1,408,743
			Total Collateralized Mortgage Obligations (Cost $ 100,743,263)				119,095,304
MUNICIPAL BONDS:				0.2	%
			California:			0.1%
	2,605,000		State of California, 7.550%, due 04/01/39				2,839,372
							2,839,372
			Illinois:			0.1%
	4,400,000		State of Illinois, 4.421%, due 01/01/15				4,375,404
							4,375,404
			Total Municipal Bonds
			(Cost $ 7,167,856)				7,214,776
OTHER BONDS:				0.2	%
			Foreign Government Bonds:			0.2%
	7,650,000		Mexico Government International Bond, 6.375%, due 01/16/13				8,426,475
	1,350,000		Republic of Italy, 3.500%, due 07/15/11				1,359,802
			Total Other Bonds (Cost $ 9,516,489)				9,786,277
			Total Long-Term Investments (Cost $ 3,379,699,103)				3,493,492,998
	Shares						Value
SHORT-TERM INVESTMENTS:				18.9	%
			Affiliated Mutual Fund:			8.1%
	293,618,429		ING Institutional Prime Money Market Fund - Class I				$        293,618,429
			Total Mutual Fund (Cost $ 293,618,429)				293,618,429
Principal Amount							Value
			U.S. Government Agency Obligations:			1.4%
	$50,000,000	Z	Federal Home Loan Bank, 0.120%, due 07/23/10				$            49,996,232
			Total U.S. Government Agency Obligations (Cost $ 49,996,232)				49,996,232
			U.S. Treasury Bills:			3.4%
	50,000,000	L	0.170%, due 11/18/10				49,965,950
	75,000,000	L	0.180%, due 12/09/10				74,937,975
			Total U.S. Treasury Bills (Cost $ 124,902,413)				124,903,925
	Shares						Value
			Securities Lending Collateralcc:			6.0%
	217,410,117		Bank of New York Mellon Corp. Overnight Government Fund, Series A (1)				$            217,410,117
			Total Securities Lending Collateral (Cost $ 217,410,117)				217,410,117
			Total Short-Term Investments (Cost $ 685,927,191)				685,928,703
			Total Investments in Securities (Cost $ 4,065,626,294) * 114.8%	114.8%			$        4,179,421,701
			Other Assets and Liabilities - Net (14.8)	(14.8)			(537,911,220	)
			Net Assets 100.0%	100.0%			$        3,641,510,481
		#	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.
		cc	Securities purchased with cash collateral for securities loaned.
		(1)	Collateral received from brokers for securities lending was invested in these short-term investments.
		##	On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship and the U.S. Treasury guaranteed the debt issued by those organizations.
		W	Settlement is on a when-issued or delayed-delivery basis.
		L	Loaned security, a portion or all of the security is on loan at June 30, 2010.
		Z	Indicates Zero Coupon Bond; rate shown reflects current effective yield.
			See Accompanying Notes to Financial Statements

							PORTFOLIO OF INVESTMENTS
ING Euro STOXX 50® Index Portfolio							as of June 30, 2010 (Unaudited)
	Shares									Value
COMMON STOCK:					96.9%
			Consumer Discretionary:				5.5	%
	374,847	@	DaimlerChrysler AG						$	18,961,865
	108,329		LVMH Moet Hennessy Louis Vuitton S.A.							11,790,867
	514,627		Vivendi							10,458,319
										41,211,051
			Consumer Staples:				9.0	%
	312,605		Anheuser-Busch InBev NV							15,030,480
	256,252		Carrefour S.A.							10,164,902
	257,644		Groupe Danone							13,812,376
	100,238		L’Oreal S.A.							9,814,336
	652,980		Unilever NV							17,832,409
										66,654,503
			Energy:				9.1	%
	1,024,704		ENI S.p.A.							18,809,579
	332,669	L	Repsol YPF S.A.							6,713,300
	932,382		Total S.A.							41,620,518
										67,143,397
			Financials:				27.7	%
	650,514	@	Aegon NV							3,455,425
	190,215		Allianz AG							18,826,262
	561,825		Assicurazioni Generali S.p.A.							9,796,705
	769,577		AXA S.A.							11,756,927
	1,576,026	L	Banco Bilbao Vizcaya Argentaria S.A.							16,237,720
	3,429,443		Banco Santander Central Hispano S.A.							35,961,866
	414,669		BNP Paribas							22,309,569
	444,194	L	Credit Agricole S.A.							4,608,588
	261,075		Deutsche Bank AG							14,664,411
	82,001	L	Deutsche Boerse AG							4,981,860
	1,623,913	@, **	ING Groep NV							12,017,818
	4,240,944		Intesa Sanpaolo S.p.A.							11,169,387
	75,189		Muenchener Rueckversicherungs AG							9,440,967
	311,092	L	Societe Generale							12,801,129
	7,696,023		UniCredito Italiano S.p.A.							17,023,922
										205,052,556
			Health Care:				6.4	%
	347,735		Bayer AG							19,431,967
	462,762	S	Sanofi-Aventis							27,870,968
										47,302,935
			Industrials:				10.2	%
	85,083	L	Alstom							3,852,341
	176,070	L	Cie de Saint-Gobain							6,561,180
	413,728		Koninklijke Philips Electronics NV							12,354,800
	112,380		Schneider Electric S.A.							11,350,401
	362,975	L	Siemens AG							32,464,456
	214,987		Vinci S.A.							8,926,636
										75,509,814
			Information Technology:				4.0	%
	1,574,758		Nokia OYJ							12,835,578
	387,855	L	SAP AG							17,246,875
										30,082,453
			Materials:				6.7	%
	118,319	L	Air Liquide							11,948,654
	388,439	L	ArcelorMittal							10,418,651
	386,493		BASF AG							21,118,163
	55,040		CRH PLC							1,133,997
	242,150		CRH PLC							5,022,979
										49,642,444
			Telecommunication Services:				8.7	%
	1,252,766		Deutsche Telekom AG							14,789,644
	802,568		France Telecom S.A.							13,920,507
	4,363,459		Telecom Italia S.p.A.							4,818,806
	1,669,852		Telefonica S.A.							30,933,559
										64,462,516
			Utilities:				9.6	%
	841,424		E.ON AG							22,624,436
	2,679,805	L	Enel S.p.A.							11,346,760
	560,483		Gaz de France							15,946,111
	1,644,974	L	Iberdrola S.A.							9,245,695
	64,671	@	Iberdrola S.A.							363,488
	173,875		RWE AG							11,377,693
										70,904,183
			Total Common Stock (Cost $ 891,390,688)							717,965,852
REAL ESTATE INVESTMENT TRUSTS:					0.9%
			Financials:				0.9	%
	38,367		Unibail							6,253,149
			Total Real Estate Investment Trusts (Cost $ 7,474,358)							6,253,149
			Total Long-Term Investments (Cost $ 898,865,046)							724,219,001
SHORT-TERM INVESTMENTS:					9.3%
			Securities Lending Collateralcc:				9.3	%
	68,961,296		Bank of New York Mellon Corp. Overnight Government Fund, Series A (1)							68,961,296
			Total Short-Term Investments (Cost $ 68,961,296)							68,961,296
			Total Investments in Securities (Cost $ 967,826,342) *		107.1	%			$	793,180,297
			Other Assets and Liabilities - Net		(7.1	)				(52,512,161	)
			Net Assets		100.0	%			$	740,668,136
		@	Non-income producing security
		cc	Securities purchased with cash collateral for securities loaned.
		(1)	Collateral received from brokers for securites lending was invested in these short-term investments.
		S	All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.
		**	Investment in affiliate
		*	Cost for federal income tax purposes is
			Net unrealized depreciation consists of:
			Gross Unrealized Appreciation	$	7,933,972
			Gross Unrealized Depreciation		(182,580,017	)
			Net Unrealized Depreciation	$	(174,646,045	)
			See Accompanying Notes to Financial Statements

ING FTSE 100 Index® Portfolio		PORTFOLIO OF INVESTMENTS as of June 30, 2010 (Unaudited)
	Shares					Value
COMMON STOCK:			96.2%
		Consumer Discretionary:		5.4%
	379,325	British Sky Broadcasting PLC				$            3,960,825
	124,822	Burberry Group PLC				1,409,689
	61,329	Carnival PLC				1,986,529
	536,913	Compass Group PLC				4,084,553
	252,662	Home Retail Group				802,327
	82,561	Intercontinental Hotels Group PLC				1,301,169
	675,863	Kingfisher PLC				2,117,182
	457,762	Marks & Spencer Group PLC				2,255,122
	57,002	Next PLC				1,699,484
	232,135	Pearson PLC				3,052,984
	349,819	Reed Elsevier PLC				2,593,834
	161,298	TUI Travel PLC				501,829
	50,700	Whitbread PLC				1,058,768
	363,128	WPP PLC				3,420,839
						30,245,134
		Consumer Staples:		15.7%
	114,263	Associated British Foods PLC				1,654,719
	576,080	British American Tobacco PLC				18,282,345
	726,750	Diageo PLC				11,415,713
	293,355	Imperial Tobacco Group PLC				8,196,531
	533,018	J Sainsbury PLC				2,543,168
	209,155	Reckitt Benckiser PLC				9,728,698
	339,644	SABMiller PLC				9,523,780
	2,288,744	Tesco PLC				12,911,737
	370,676	Unilever PLC				9,908,908
	758,781	WM Morrison Supermarkets PLC				2,998,350
						87,163,949
		Energy:		17.0%
	95,661	Amec PLC				1,171,975
	972,153	BG Group PLC				14,458,660
	5,423,205	BP PLC				25,961,757
	397,278  @	Cairn Energy PLC				2,440,640
	112,471  @	Essar Energy PLC				798,539
	74,696	Petrofac Ltd.				1,314,123
	1,023,561	Royal Dutch Shell PLC - Class A				25,830,621
	783,917	Royal Dutch Shell PLC - Class B				18,947,807
	253,456	Tullow Oil PLC				3,770,233
						94,694,355
		Financials:		19.9%
	278,039	3i Group PLC				1,096,616
	57,250	Admiral Group PLC				1,198,946
	193,874	Alliance Trust PLC				879,718
	801,556	Aviva PLC				3,724,979
	3,458,356	Barclays PLC				13,804,028
	5,016,619	HSBC Holdings PLC				45,830,296
	188,172	ICAP PLC				1,127,850
	134,971	Investec PLC				908,226
	1,691,269	Legal & General Group PLC				1,971,242
	11,340,288  @	Lloyds TSB Group PLC				8,952,779
	493,798	Man Group PLC				1,636,892
	1,534,562	Old Mutual PLC				2,349,485
	728,190	Prudential PLC				5,492,446
	972,259	Royal & Sun Alliance Insurance Group				1,724,789
	4,993,133  @	Royal Bank of Scotland Group PLC				3,040,917
	48,914	Schroders PLC				880,348
	17,621	Schroders PLC - Non Voting				262,039
	591,542	Standard Chartered PLC				14,404,278
	638,535	Standard Life PLC				1,650,102
						110,935,976
		Health Care:		9.2%
	416,046	AstraZeneca PLC				19,614,817
	1,512,069  S	GlaxoSmithKline PLC				25,676,213
	161,394	Shire PLC				3,310,872
	256,132	Smith & Nephew PLC				2,419,817
						51,021,719
		Industrials:		4.8%
	78,764	Aggreko PLC				1,653,475
	993,545	BAE Systems PLC				4,624,170
	331,810  @, L	British Airways PLC				963,998
	94,680	Bunzl PLC				948,104
	179,593	Capita Group PLC				1,978,615
	327,191	Cobham PLC				1,036,519
	294,399	Experian Group Ltd.				2,560,182
	406,319	Group 4 Securicor PLC				1,610,951
	45,330	Intertek Group PLC				971,757
	229,704	Invensys PLC				822,330
	45,656,100  @	Rolls-Royce Group PLC - C Shares				68,215
	541,078	Rolls-Royce Group PLC				4,516,259
	141,091	Serco Group PLC				1,232,145
	111,885	Smiths Group PLC				1,781,300
	81,457  @	Wolseley PLC				1,616,910
						26,384,930
		Information Technology:		0.8%
	361,503	ARM Holdings PLC				1,496,218
	68,537  @	Autonomy Corp. PLC				1,868,205
	377,586	Sage Group PLC				1,299,120
						4,663,543
		Materials:		12.5%
	35,397  @	African Barrick Gold Ltd.				335,565
	382,591  @	Anglo American PLC				13,331,438
	113,785	Antofagasta PLC				1,323,846
	636,807	BHP Billiton PLC				16,511,459
	111,471	Eurasian Natural Resources Corp.				1,418,451
	62,080	Fresnillo PLC				901,267
	61,944	Johnson Matthey PLC				1,376,207
	61,778	Kazakhmys PLC				906,836
	57,640  @	Lonmin PLC				1,203,549
	26,251	Randgold Resources Ltd.				2,495,631
	252,566	Rexam PLC				1,136,182
	440,680	Rio Tinto PLC				19,352,171
	39,363	Vedanta Resources PLC				1,236,760
	630,822	Xstrata PLC				8,260,389
						69,789,751
		Telecommunication Services:		6.8%
	2,231,278	BT Group PLC				4,307,023
	741,488	Cable & Wireless Worldwide PLC				959,403
	131,774	Inmarsat PLC				1,397,206
	15,185,565	Vodafone Group PLC				31,289,709
						37,953,341
		Utilities:		4.1%
	1,471,060	Centrica PLC				6,491,812
	438,210	International Power PLC				1,957,473
	988,749	National Grid PLC				7,218,816
	265,575	Scottish & Southern Energy PLC				4,422,879
	67,962	Severn Trent PLC				1,247,332
	194,772	United Utilities Group PLC				1,524,162
						22,862,474
		Total Common Stock (Cost $ 575,089,216)				535,715,172
REAL ESTATE INVESTMENT TRUSTS:			1.1%
		Financials:		1.1%
	245,991	British Land Co. PLC				1,588,962
	201,124	Hammerson PLC				1,025,272
	218,121	Land Securities Group PLC				1,805,115
	179,375	Liberty International PLC				828,687
	211,861	Segro PLC				798,806
		Total Real Estate Investment Trusts (Cost $ 7,300,805)				6,046,842
		Total Long-Term Investments (Cost $ 582,390,021)				541,762,014
SHORT-TERM INVESTMENTS:			0.2%
		Securities Lending Collateralcc:		0.2%
	970,134	Bank of New York Mellon Corp. Overnight Government Fund, Series A (1)				970,134
		Total Short-Term Investments (Cost $ 970,134)				970,134
		Total Investments in Securities (Cost $ 583,360,155) *	97.5%		$	542,732,148
		Other Assets and Liabilities - Net	2.5			13,873,114
		Net Assets	100.0%		$	556,605,262
	@	Non-income producing security
	cc	Securities purchased with cash collateral for securities loaned.
	(1)	Collateral received from brokers for securites lending was invested in these short-term investments.
	S	All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.
		See Accompanying Notes to Financial Statements

ING Hang Seng Index Portfolio				PORTFOLIO OF INVESTMENTS as of June 30, 2010 (Unaudited)
	Shares							Value
COMMON STOCK:				97.6%
			China:			35.9%
	899,728	@	Aluminum Corp. of China Ltd.					$            676,738
	13,013,588		Bank of China Ltd.					6,565,390
	1,315,780		Bank of Communications Co., Ltd.					1,384,801
	12,821,185		China Construction Bank					10,321,228
	1,698,911		China Life Insurance Co., Ltd.					7,429,728
	3,830,337		China Petroleum & Chemical Corp.					3,089,664
	775,841		China Shenhua Energy Co., Ltd.					2,799,005
	488,261	@	Foxconn International Holdings Ltd.					316,097
	12,323,340		Industrial and Commercial Bank of China Ltd.					8,957,279
	4,816,604		PetroChina Co., Ltd.					5,327,477
	391,716	I, X	Ping An Insurance Group Co. of China Ltd.					3,237,094
	228,975		Tencent Holdings Ltd.					3,793,486
								53,897,987
			Hong Kong:			47.2%
	368,984		Bank of East Asia Ltd.					1,331,145
	844,629		BOC Hong Kong Holdings Ltd.					1,923,613
	269,818		Cathay Pacific Airways Ltd.					533,627
	317,739		Cheung Kong Holdings Ltd.					3,666,956
	250,285		China Merchants Holdings International Co., Ltd.					826,254
	1,373,601		China Mobile Ltd.					13,650,640
	932,991		China Overseas Land & Investment Ltd.					1,738,453
	273,286		China Resources Enterprise					1,006,087
	458,000		China Resources Land Ltd.					861,146
	427,654		China Resources Power Holdings Co.					969,296
	1,075,110		China Unicom Ltd.					1,438,038
	290,811		Citic Pacific Ltd.					538,725
	411,931		CLP Holdings Ltd.					2,981,595
	4,078,714		CNOOC Ltd.					6,932,501
	370,697		Cosco Pacific Ltd.					437,502
	277,479		Esprit Holdings Ltd.					1,490,440
	473,706		Hang Lung Properties Ltd.					1,811,900
	174,643		Hang Seng Bank Ltd.					2,335,031
	245,024		Henderson Land Development Co., Ltd.					1,435,120
	984,144		Hong Kong & China Gas					2,433,547
	233,541	S	Hong Kong Exchanges and Clearing Ltd.					3,642,416
	316,822		HongKong Electric Holdings					1,887,084
	486,464		Hutchison Whampoa Ltd.					2,993,733
	605,514		Li & Fung Ltd.					2,709,056
	326,643		MTR Corp.					1,113,925
	579,176		New World Development Ltd.					940,263
	558,241		Sino Land Co.					997,648
	351,555		Sun Hung Kai Properties Ltd.					4,807,858
	175,591		Swire Pacific Ltd.					1,993,177
	314,637		Wharf Holdings Ltd.					1,524,279
								70,951,055
			United Kingdom:			14.5%
	2,383,889		HSBC Holdings PLC					21,856,298
								21,856,298
			Total Common Stock (Cost $ 150,155,103)					146,705,340
RIGHTS:				0.0%
			China:			0.0%
	201,267		Bank of Communications Co., Ltd.					80,642
			Total Rights (Cost $ -)					80,642
WARRANTS:				0.0%
			Hong Kong:			0.0%
	49,204		Henderson Land Development Co. Ltd.					8,341
			Total Warrants
			(Cost $ -)					8,341
			Total Investments in Securities (Cost $ 150,155,103) *	97.6	%		$	146,794,323
			Other Assets and Liabilities - Net	2.4				3,589,626
			Net Assets	100.0	%		$	150,383,949
		@	Non-income producing security
		S	All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign currency contracts and/or when-issued or delayed-delivery securities.
		I	Illiquid security
		X	Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.
			Industry	Percentage of Net Assets
			Consumer Discretionary	2.8	%
			Consumer Staples	0.7
			Energy	12.1
			Financials	59.0
			Industrials	4.3
			Information Technology	2.7
			Materials	0.5
			Telecommunication Services	10.0
			Utilities	5.5
			Other Assets and Liabilities - Net	2.4
			Net Assets	100.0	%
			See Accompanying Notes to Financial Statements

ING International Index Portfolio					PORTFOLIO OF INVESTMENTS as of June 30, 2010 (Unaudited)
	Shares									Value
COMMON STOCK:					92.6	%
			Australia:				7.1	%
	15,021		AGL Energy Ltd.						$	184,747
	65,484	S	Alumina Ltd.							82,875
	41,870		Amcor Ltd.							223,150
	71,038		AMP Ltd.							308,309
	12,538	L	Aristocrat Leisure Ltd.							38,211
	19,388	@	Arrow Energy NL							78,473
	88,461	@, S	Asciano Group							118,794
	5,003		ASX Ltd.							122,045
	80,807		Australia & New Zealand Banking Group Ltd.							1,451,407
	31,655		AXA Asia Pacific Holdings Ltd.							144,821
	12,459		Bendigo Bank Ltd.							84,919
	106,736		BHP Billiton Ltd.							3,320,513
	7,465	L	Billabong International Ltd.							54,212
	62,778	S	BlueScope Steel Ltd.							109,138
	19,163		Boral Ltd.							76,760
	42,122		Brambles Ltd.							191,827
	4,524		Caltex Australia Ltd.							35,496
	17,710		Coca-Cola Amatil Ltd.							177,327
	1,912		Cochlear Ltd.							119,096
	48,864		Commonwealth Bank of Australia							1,975,452
	12,140		Computershare Ltd.							107,362
	11,894		Crown Ltd.							77,107
	19,779		CSL Ltd.							540,035
	37,411	S	CSR Ltd.							52,393
	41,969	@	Fortescue Metals Group Ltd.							142,335
	53,324		Foster’s Group Ltd.							252,571
	50,047	S	Goodman Fielder Ltd.							56,421
	17,500	L	Harvey Norman Holdings Ltd.							48,339
	48,147		Incitec Pivot Ltd.							108,888
	67,447		Insurance Australia Group							191,859
	91,757	S	Intoll Group							79,950
	63,440	S, L	John Fairfax Holdings Ltd.							69,318
	5,240	L	Leighton Holdings Ltd.							126,027
	12,811		Lend Lease Corp. Ltd.							78,015
	3,702		MacArthur Coal Ltd.							36,996
	10,691		Macquarie Group Ltd.							328,604
	20,755		Metcash Ltd.							72,948
	67,117		National Australia Bank Ltd.							1,297,658
	14,793		Newcrest Mining Ltd.							431,609
	38,988		OneSteel Ltd.							96,463
	11,581		Orica Ltd.							243,612
	29,174		Origin Energy Ltd.							363,967
	90,553	@, S	Oz Minerals Ltd.							71,717
	20,948	@	Paladin Resources Ltd.							62,376
	41,907	@, S	Qantas Airways Ltd.							76,822
	34,884		QBE Insurance Group Ltd.							529,333
	13,529		Rio Tinto Ltd.							744,020
	26,651		Santos Ltd.							278,517
	3,084		Sims Group Ltd.							43,820
	12,883		Sonic Healthcare Ltd.							112,106
	50,639	S	SP AusNet							32,513
	42,789		Suncorp-Metway Ltd.							286,266
	19,062		TABCORP Holdings Ltd.							101,024
	40,864	S	Tattersall’s Ltd.							76,620
	144,347		Telstra Corp. Ltd.							393,454
	19,531		Toll Holdings Ltd.							88,945
	44,727		Transurban Group							158,766
	32,951		Wesfarmers Ltd.							787,576
	6,725		Wesfarmers Ltd. - Price Protected Shares							161,259
	94,850		Westpac Banking Corp.							1,671,872
	18,294		Woodside Petroleum Ltd.							635,887
	38,985		Woolworths Ltd.							882,426
	5,353		WorleyParsons Ltd.							98,488
										20,993,856
			Austria:				0.3	%
	6,205		Erste Bank der Oesterreichischen Sparkassen AG							196,874
	42,126	@	Immofinanz Immobilien Anlagen AG							108,164
	2,450		Oesterreichische Elektrizitaetswirtschafts AG							74,966
	4,738		OMV AG							142,285
	1,546	@	Raiffeisen International Bank Holding AG							58,719
	9,903		Telekom Austria AG							110,119
	4,310	L	Voestalpine AG							117,382
										808,509
			Belgium:				0.9	%
	23,072		Anheuser-Busch InBev NV							1,109,334
	4,377		Belgacom S.A.							137,621
	419		Colruyt S.A.							98,566
	3,005		Delhaize Group							218,060
	15,634	@	Dexia S.A.							54,556
	67,482		Fortis							150,169
	2,584		Groupe Bruxelles Lambert S.A.							179,180
	4,700	@	KBC Groep NV							180,153
	863		Mobistar S.A.							45,853
	1,354		Nationale A Portefeuille							57,601
	1,838		Solvay S.A.							156,952
	4,012		UCB S.A.							125,993
	3,557		Umicore							102,624
										2,616,662
			Bermuda:				0.1	%
	8,731		SeaDrill Ltd. ADR							157,489
										157,489
			China:				0.0	%
	76,473	@, S	Foxconn International Holdings Ltd.							49,508
										49,508
			Cyprus:				0.0	%
	3,593		Bank of Cyprus Public Co. Ltd							14,387
	13,353		Bank of Cyprus Public Co., Ltd.							53,477
										67,864
			Denmark:				1.0	%
	26		AP Moller - Maersk A/S - Class A							197,741
	43		AP Moller - Maersk A/S - Class B							338,660
	3,504		Carlsberg A/S							267,036
	786		Coloplast A/S							78,018
	14,766	@	Danske Bank A/S							284,134
	6,337		DSV A/S							91,237
	13,979		Novo-Nordisk A/S							1,129,402
	1,364		Novozymes A/S							145,546
	1,188		TrygVesta A/S							62,590
	6,603	@	Vestas Wind Systems A/S							274,791
	915	@	William Demant Holding							66,925
										2,936,080
			Eurozone:				0.0	%
	4,571	@	Iberdrola S.A.							25,692
										25,692
			Finland:				1.0	%
	2,955	@	Elisa OYJ							51,110
	14,415		Fortum OYJ							316,420
	2,297		Kesko OYJ							74,300
	4,420		Kone OYJ							175,984
	3,991		Metso OYJ							127,898
	4,769		Neste Oil OYJ							69,195
	119,626		Nokia OYJ							975,051
	4,051		Nokian Renkaat OYJ							99,141
	2,861		Orion OYJ							53,509
	4,147		Outokumpu OYJ							62,311
	2,207		Rautaruukki OYJ							32,167
	14,028		Sampo OYJ							295,762
	3,005		Sanoma-WSOY OYJ							51,884
	18,624		Stora Enso OYJ (Euro Denominated Security)							134,572
	16,397		UPM-Kymmene OYJ							217,085
	2,843		Wartsila OYJ							129,277
										2,865,666
			France:				8.5	%
	4,495	@, L	Accor S.A.							208,098
	896		ADP							57,482
	5,847	@	Air France-KLM							69,517
	8,998		Air Liquide							908,679
	67,050	@	Alcatel S.A.							170,752
	6,802	L	Alstom							307,977
	1,556	@	Atos Origin							62,478
	53,496		AXA S.A.							817,265
	30,224		BNP Paribas							1,626,079
	7,500		Bouygues S.A.							289,512
	1,683		Bureau Veritas S.A.							91,153
	4,492		Capgemini S.A.							197,422
	19,204		Carrefour S.A.							761,777
	1,751		Casino Guichard Perrachon S.A.							132,875
	1,896		Christian Dior S.A.							181,982
	12,780	L	Cie de Saint-Gobain							476,242
	6,637		Cie Generale D’Optique Essilor International S.A.							394,404
	1,215		CNP Assurances							82,661
	3,896	@	Compagnie Generale de Geophysique S.A.							69,310
	4,681		Compagnie Generale des Etablissements Michelin							326,136
	31,013		Credit Agricole S.A.							321,765
	1,875	L	Dassault Systemes S.A.							113,587
	1,375	L	Eiffage S.A.							59,691
	7,767	L	Electricite de France							295,509
	169		Eramet SLN							41,771
	1,445		Eurazeo							82,894
	3,636		Eutelsat Communications							121,725
	59,434	L	France Telecom S.A.							1,030,880
	39,714		Gaz de France							1,129,889
	18,175		Groupe Danone							974,367
	12,864		Groupe Eurotunnel S.A.							86,938
	1,522		Hermes International							201,766
	1,528		Imerys S.A.							77,752
	6,547	L	Lafarge S.A.							356,994
	3,501		Lagardere SCA							109,194
	3,900		Legrand S.A.							115,600
	7,768		L’Oreal S.A.							760,567
	8,319		LVMH Moet Hennessy Louis Vuitton S.A.							905,466
	30,021	@	Natixis							130,365
	1,291		Neopost S.A.							93,486
	4,793		PagesJaunes Groupe S.A.							49,402
	6,139	L	Pernod-Ricard S.A.							476,174
	4,825	@	Peugeot S.A.							122,641
	2,358		PPR							292,919
	3,953	L	Publicis Groupe							157,685
	5,653	@	Renault S.A.							209,542
	4,520		Safran S.A.							126,087
	33,740		Sanofi-Aventis							2,032,074
	7,843		Schneider Electric S.A.							792,144
	4,852		Scor S.A.							92,670
	1,228		Societe BIC S.A.							87,215
	20,602	L	Societe Generale							847,752
	4,900		Societe Television Francaise (T.F.1)							63,842
	3,119		Sodexho Alliance S.A.							173,095
	7,133		Suez Environnement S.A.							117,711
	3,332		Technip S.A.							191,110
	3,307		Thales S.A.							106,764
	66,901		Total S.A.							2,986,388
	1,640		Vallourec							282,757
	11,277		Veolia Environnement							264,931
	13,992		Vinci S.A.							580,972
	39,047		Vivendi							793,518
										25,089,400
			Germany:				6.9	%
	6,800		Adidas AG							329,222
	14,482		Allianz AG							1,433,336
	29,448		BASF AG							1,609,053
	26,380		Bayer AG							1,474,155
	10,464		Bayerische Motoren Werke AG							508,306
	3,270		Beiersdorf AG							180,603
	2,897		Celesio AG							63,171
	20,304	@	Commerzbank AG							141,737
	1,529	@	Continental AG							79,370
	28,786	@	DaimlerChrysler AG							1,456,157
	19,678		Deutsche Bank AG							1,105,300
	6,581		Deutsche Boerse AG							399,820
	6,670	@	Deutsche Lufthansa AG							92,210
	26,307		Deutsche Post AG							383,560
	2,436	@	Deutsche Postbank AG							70,609
	86,978		Deutsche Telekom AG							1,026,827
	57,405		E.ON AG							1,543,521
	1,713		Fresenius AG							113,558
	6,510		Fresenius Medical Care AG & Co. KGaA							351,245
	4,964		GEA Group AG							98,798
	2,035		Hannover Rueckversicheru - Reg							87,211
	4,103		HeidelbergCement AG							193,911
	4,711		Henkel KGaA							192,812
	1,203		Hochtief AG							71,826
	31,720	@	Infineon Technologies AG							183,894
	4,505		K+S AG							207,034
	5,318		Linde AG							559,188
	3,408		MAN AG							280,963
	1,565		Merck KGaA							114,807
	4,040		Metro AG							206,127
	6,390		Muenchener Rueckversicherungs AG							802,348
	13,802		RWE AG							903,148
	1,574		Salzgitter AG							93,801
	27,432	L	SAP AG							1,219,828
	26,197		Siemens AG							2,343,058
	10,272		ThyssenKrupp AG							253,135
	6,167	@	TUI AG							54,193
	1,378		Volkswagen AG							116,905
	541		Wacker Chemie AG							78,366
										20,423,113
			Greece:				0.3	%
	17,457	@	Alpha Bank AE							85,320
	5,444		Coca-Cola Hellenic Bottling Co. S.A.							116,671
	11,037		EFG Eurobank Ergasias S.A.							49,013
	7,628	@	Hellenic Telecommunications Organization S.A.							57,343
	18,896	@	National Bank of Greece S.A.							203,463
	8,099		OPAP S.A.							100,769
	13,971	@	Piraeus Bank S.A.							58,968
	3,826		Public Power Corp.							54,858
										726,405
			Guernsey:				0.0	%
	86,161	S	Resolution Ltd.							81,488
										81,488
			Hong Kong:				2.3	%
	7,746		ASM Pacific Technology							60,176
	48,605		Bank of East Asia Ltd.							175,347
	103,410		BOC Hong Kong Holdings Ltd.							235,513
	51,053	S	Cathay Pacific Airways Ltd.							100,969
	44,383		Cheung Kong Holdings Ltd.							512,214
	11,236		Cheung Kong Infrastructure Holdings Ltd.							41,622
	62,603		CLP Holdings Ltd.							453,126
	34,279		Esprit Holdings Ltd.							184,125
	26,617		Hang Lung Group Ltd.							143,443
	67,682		Hang Lung Properties Ltd.							258,880
	21,973		Hang Seng Bank Ltd.							293,786
	36,656		Henderson Land Development Co., Ltd.							214,696
	139,647		Hong Kong & China Gas							345,313
	31,654		Hong Kong Exchanges and Clearing Ltd.							493,691
	41,302		HongKong Electric Holdings							246,007
	70,615		Hutchison Whampoa Ltd.							434,570
	17,702		Hysan Development Co., Ltd.							50,041
	23,818		Kerry Properties Ltd.							102,916
	74,361		Li & Fung Ltd.							332,689
	49,658		MTR Corp.							169,345
	88,235	S	New World Development Ltd.							143,245
	80,727	S	Noble Group Ltd.							97,574
	35,042	S	NWS Holdings Ltd.							63,336
	6,500	@	Orient Overseas International Ltd.							46,464
	140,000	S	PCCW Ltd.							40,841
	39,331	S	Shangri-La Asia Ltd.							72,594
	73,858	S, L	Sino Land Co.							131,994
	44,915		Sun Hung Kai Properties Ltd.							614,256
	23,079		Swire Pacific Ltd.							261,975
	9,845		Television Broadcasts Ltd.							45,653
	44,264		Wharf Holdings Ltd.							214,440
	31,882		Wheelock & Co., Ltd.							89,879
	5,318		Wing Hang Bank Ltd.							51,922
	21,643		Yue Yuen Industrial Holdings							67,177
										6,789,819
			Ireland:				0.3	%
	22,056		CRH PLC							457,513
	15,963	@	Elan Corp. PLC							72,458
	12,600	@	James Hardie Industries SE							65,247
	3,600		Kerry Group PLC							99,932
	287		Kerry Group PLC							7,970
	11,252	@	Ryanair Holdings PLC							49,367
										752,487
			Israel:				0.8	%
	29,366	@	Bank Hapoalim BM							105,770
	35,512	@	Bank Leumi Le-Israel BM							126,541
	61,910		Bezeq Israeli Telecommunication Corp. Ltd.							135,329
	1,549		Cellcom Israel Ltd.							38,578
	1,139		Elbit Systems Ltd.							57,815
	18,972		Israel Chemicals Ltd.							197,644
	100	@	Israel Corp. Ltd.							62,013
	20,100	@, S	Israel Discount Bank Ltd.							33,988
	4,500	@	Mizrahi Tefahot Bank Ltd.							32,747
	2,200	@	NICE Systems Ltd.							55,832
	2,519		Partner Communications							38,665
	29,317		Teva Phaemaceutical Industries Ltd.							1,531,733
										2,416,655
			Italy:				2.6	%
	33,977	S	AEM S.p.A.							46,384
	8,553		Altantia S.p.A.							151,583
	37,623		Assicurazioni Generali S.p.A.							656,043
	3,199	@	Autogrill S.p.A.							38,249
	20,339	S	Banca Carige S.p.A							39,732
	67,757	@, L	Banca Monte dei Paschi di Siena S.p.A.							76,667
	18,212		Banche Popolari Unite Scpa							156,809
	21,852	L	Banco Popolare Scarl							119,803
	209,570	L	Enel S.p.A.							887,356
	83,460		ENI S.p.A.							1,532,001
	3,229		Exor S.p.A.							54,287
	24,188		Fiat S.p.A							248,450
	11,632		Finmeccanica S.p.A.							120,583
	244,711	S	Intesa Sanpaolo S.p.A.							644,496
	33,097		Intesa Sanpaolo S.p.A. - RNC							65,922
	3,444		Luxottica Group S.p.A.							83,386
	22,565	L	Mediaset S.p.A.							128,319
	17,123	@	Mediobanca S.p.A.							127,548
	47,232		Parmalat S.p.A							109,783
	69,937	S	Pirelli & C S.p.A.							38,514
	2,615		Prysmian S.p.A.							37,531
	8,657		Saipem S.p.A.							263,677
	49,238		Snam Rete Gas S.p.A.							196,499
	325,436	S	Telecom Italia S.p.A.							359,397
	205,092		Telecom Italia S.p.A. RNC							187,344
	45,542	L	Terna S.p.A							163,918
	481,795		UniCredito Italiano S.p.A.							1,065,751
										7,600,032
			Japan:				21.7	%
	16,000		77 Bank Ltd.							85,943
	4,900		Advantest Corp.							102,399
	18,900	L	Aeon Co., Ltd.							199,987
	3,000		Aeon Mall Co., Ltd.							59,432
	6,400		Aisin Seiki Co., Ltd.							172,304
	21,000		Ajinomoto Co., Inc.							189,991
	1,200		Alfresa Holdings Corp.							57,998
	28,000		All Nippon Airways Co., Ltd.							88,755
	9,000		Amada Co., Ltd.							59,159
	11,400		Asahi Breweries Ltd.							193,128
	33,000		Asahi Glass Co., Ltd.							309,864
	35,000		Asahi Kasei Corp.							182,852
	5,000		Asics Corp.							45,779
	14,400		Astellas Pharma, Inc.							482,482
	12,000		Bank of Kyoto Ltd.							98,788
	35,000		Bank of Yokohama Ltd.							160,106
	2,500		Benesse Corp.							113,807
	21,624		Bridgestone Corp.							341,923
	8,200		Brother Industries Ltd.							85,126
	35,600		Canon, Inc.							1,326,792
	7,000		Casio Computer Co., Ltd.							42,043
	50		Central Japan Railway Co.							412,842
	28,000		Chiba Bank Ltd.							169,039
	4,000		Chiyoda Corp.							29,048
	22,100		Chubu Electric Power Co., Inc.							548,442
	6,700		Chugai Pharmaceutical Co., Ltd.							119,258
	6,000		Chugoku Bank Ltd.							70,700
	8,644		Chugoku Electric Power Co., Inc.							178,036
	8,100		Citizen Watch Co., Ltd.							49,482
	30,000		Cosmo Oil Co., Ltd.							71,634
	5,000		Credit Saison Co., Ltd.							52,330
	18,000		Dai Nippon Printing Co., Ltd.							207,744
	7,000		Daicel Chemical Industries Ltd.							47,226
	8,000		Daido Steel Co., Ltd.							34,211
	5,676		Daihatsu Motor Co., Ltd.							52,828
	264		Dai-ichi Life Insurance Co. Ltd.							366,074
	22,700		Daiichi Sankyo Co., Ltd.							405,556
	7,300		Daikin Industries Ltd.							222,579
	7,100		Dainippon Sumitomo Pharma Co., Ltd.							54,364
	2,473		Daito Trust Construction Co., Ltd.							140,043
	14,000		Daiwa House Industry Co., Ltd.							125,946
	55,000		Daiwa Securities Group, Inc.							232,207
	2,700		Dena Co., Ltd.							71,291
	11,000		Denki Kagaku Kogyo K K							51,200
	14,900		Denso Corp.							411,820
	5,600		Dentsu, Inc.							147,899
	2,820		Diamond Lease Co., Ltd.							95,125
	7,000		Dowa Holdings Co., Ltd.							33,537
	11,002		East Japan Railway Co.							732,574
	7,900	L	Eisai Co., Ltd.							262,129
	2,900		Electric Power Development Co.							91,984
	7,400	@	Elpida Memory, Inc.							113,690
	2,700	L	FamilyMart Co., Ltd.							89,162
	6,200		Fanuc Ltd.							700,120
	1,500		Fast Retailing Co., Ltd.							226,972
	21,000		Fuji Electric Holdings Co., Ltd.							60,466
	18,000		Fuji Heavy Industries Ltd.							96,427
	15,100		Fuji Photo Film Co., Ltd.							436,382
	61,000		Fujitsu Ltd.							381,300
	30,000		Fukuoka Financial Group, Inc.							124,879
	18,000		Furukawa Electric Co., Ltd.							78,532
	11,000	L	GS Yuasa Corp.							71,981
	13,000		Gunma Bank Ltd.							68,938
	14,000		Hachijuni Bank Ltd.							78,592
	33,000		Hankyu Hanshin Holdings, Inc.							145,626
	11,000		Hino Motors Ltd.							54,236
	800		Hirose Electric Co., Ltd.							73,267
	8,000		Hiroshima Bank Ltd.							31,975
	2,300		Hisamitsu Pharmaceutical Co., Inc.							91,231
	3,800		Hitachi Chemical Co., Ltd.							70,597
	4,100		Hitachi Construction Machinery Co., Ltd.							75,486
	2,200		Hitachi High-Technologies Corp.							40,416
	142,000		Hitachi Ltd.							515,788
	4,000		Hitachi Metals Ltd.							40,496
	4,200		Hokkaido Electric Power Co., Inc.							90,476
	41,000	S	Hokugin Financial Group, Inc.							75,317
	5,500		Hokuriku Electric Power Co.							120,612
	52,600		Honda Motor Co., Ltd.							1,545,012
	12,000		Hoya Corp.							255,332
	4,300		Ibiden Co., Ltd.							115,836
	29		Inpex Holdings, Inc.							160,849
	11,000		Isetan Mitsukoshi Holdings Ltd.							107,234
	43,000	S	Ishikawajima - Harima Heavy Industries Co., Ltd.							68,427
	33,000		Isuzu Motors Ltd.							99,165
	45,800		Itochu Corp.							358,040
	1,600		Itochu Techno-Solutions Corp.							58,469
	6,401		Iyo Bank Ltd.							59,526
	17,000		J Front Retailing Co., Ltd.							81,817
	9,000		Japan Steel Works Ltd.							79,109
	148		Japan Tobacco, Inc.							460,442
	15,600		JFE Holdings, Inc.							482,617
	6,000		JGC Corp.							91,045
	17,000		Joyo Bank Ltd.							67,403
	7,100		JS Group Corp.							135,523
	5,300		JSR Corp.							89,028
	98		Jupiter Telecommunications Co.							93,826
	74,200	@	JX Holdings, Inc.							366,741
	34,000		Kajima Corp.							77,081
	7,000		Kamigumi Co., Ltd.							53,713
	10,000		Kaneka Corp.							58,013
	26,500		Kansai Electric Power Co., Inc.							646,288
	8,304		Kansai Paint Co., Ltd.							71,281
	16,817		Kao Corp.							395,685
	42,000		Kawasaki Heavy Industries Ltd.							101,833
	30,000		Kawasaki Kisen Kaisha Ltd.							121,990
	92		KDDI Corp.							438,535
	17,000		Keihin Electric Express Railway Co., Ltd.							150,246
	16,000		Keio Corp.							103,303
	1,270		Keyence Corp.							293,678
	57,000		Kintetsu Corp.							173,929
	27,000		Kirin Brewery Co., Ltd.							339,919
	72,000	S	Kobe Steel Ltd.							137,149
	4,000		Koito Manufacturing Co., Ltd.							58,903
	31,400		Komatsu Ltd.							565,392
	16,000		Konica Minolta Holdings, Inc.							153,924
	5,700		Koyo Seiko Co., Ltd.							52,715
	37,000		Kubota Corp.							283,801
	10,000		Kuraray Co., Ltd.							117,316
	3,100		Kurita Water Industries Ltd.							84,711
	5,000		Kyocera Corp.							404,782
	8,000		Kyowa Hakko Kogyo Co., Ltd.							75,870
	11,500		Kyushu Electric Power Co., Inc.							257,918
	2,300		Lawson, Inc.							100,597
	1,300		Mabuchi Motor Co., Ltd.							59,356
	3,300		Makita Corp.							88,308
	54,000		Marubeni Corp.							276,826
	12,500		Marui Co., Ltd.							84,200
	65,400		Matsushita Electric Industrial Co., Ltd.							816,640
	42,000		Mazda Motor Corp.							98,148
	2,948		McDonald’s Holdings Co. Japan Ltd.							66,012
	2,500		MEIJI Holdings Co., Ltd.							102,282
	11,000		Minebea Co., Ltd.							60,936
	40,500		Mitsubishi Chemical Holdings Corp.							184,860
	42,300		Mitsubishi Corp.							875,121
	61,000		Mitsubishi Electric Corp.							476,100
	37,000		Mitsubishi Estate Co., Ltd.							515,102
	12,000		Mitsubishi Gas Chemical Co., Inc.							58,185
	87,000		Mitsubishi Heavy Industries Ltd.							300,128
	36,000		Mitsubishi Materials Corp.							95,689
	120,255	@, S, L	Mitsubishi Motors Corp.							152,120
	405,621		Mitsubishi UFJ Financial Group, Inc.							1,841,806
	54,007		Mitsui & Co., Ltd.							630,034
	30,000		Mitsui Chemicals, Inc.							83,842
	37,000	S	Mitsui Engineering & Shipbuilding Co., Ltd.							74,732
	26,919		Mitsui Fudosan Co., Ltd.							374,671
	29,000		Mitsui Mining & Smelting Co., Ltd.							76,532
	36,000		Mitsui OSK Lines Ltd.							238,020
	17,469		Mitsui Sumitomo Insurance Group Holdings, Inc.							373,895
	30,000		Mitsui Trust Holdings, Inc.							105,794
	2,000		Mitsumi Electric Co., Ltd.							33,929
	451,892	S, L	Mizuho Financial Group, Inc.							741,469
	6,700		Murata Manufacturing Co., Ltd.							319,510
	79,000		NEC Corp.							205,073
	9,000		NGK Insulators Ltd.							140,175
	6,000		NGK Spark Plug Co., Ltd.							74,489
	7,000		NHK Spring Co., Ltd.							64,029
	3,400		Nidec Corp.							284,638
	10,600		Nikon Corp.							182,678
	3,100		Nintendo Co., Ltd.							910,189
	12,000		Nippon Electric Glass Co., Ltd.							137,455
	23,000		Nippon Express Co., Ltd.							103,640
	6,000		Nippon Meat Packers, Inc.							74,062
	3,700		Nippon Paper Group, Inc.							102,413
	24,000		Nippon Sheet Glass Co., Ltd.							58,714
	172,000		Nippon Steel Corp.							568,536
	17,100		Nippon Telegraph & Telephone Corp.							696,584
	57,000		Nippon Yusen KK							207,723
	17,000		Nishi-Nippon City Bank Ltd.							48,686
	5,000		Nissan Chemical Industries Ltd.							55,875
	79,900	@	Nissan Motor Co., Ltd.							556,781
	7,500		Nisshin Seifun Group, Inc.							84,685
	6,000		Nisshinbo Industries, Inc.							57,513
	2,100		Nissin Food Products Co., Ltd.							77,087
	1,400		Nitori Co., Ltd.							120,679
	5,300		Nitto Denko Corp.							173,858
	47,306	@	NKSJ Holdings, Inc.							283,039
	2,500		NOK Corp.							39,700
	116,400		Nomura Holdings, Inc.							635,950
	4,100		Nomura Real Estate Holdings, Inc.							51,312
	3,100		Nomura Research Institute Ltd.							65,812
	13,000		NSK Ltd.							90,287
	17,000		NTN Corp.							69,592
	36		NTT Data Corp.							132,883
	486		NTT DoCoMo, Inc.							735,945
	13,000		Obayashi Corp.							51,538
	330		Obic Co., Ltd.							63,699
	20,000		Odakyu Electric Railway Co., Ltd.							171,685
	27,000		OJI Paper Co., Ltd.							132,379
	6,300		Olympus Corp.							149,240
	6,300		Omron Corp.							137,336
	2,100		Ono Pharmaceutical Co., Ltd.							85,130
	1,700		Oracle Corp. Japan							83,539
	1,800		Oriental Land Co., Ltd.							150,431
	3,440		ORIX Corp.							249,210
	60,000		Osaka Gas Co., Ltd.							216,418
	900		Otsuka Corp.							57,359
	13,000		Panasonic Electric Works Co. Ltd							127,782
	220		Rakuten, Inc.							158,958
	18,600		Resona Holdings, Inc.							226,994
	21,000		Ricoh Co., Ltd.							267,782
	1,100		Rinnai Corp.							56,463
	2,600		Rohm Co., Ltd.							156,128
	2,100		Sankyo Co., Ltd.							94,923
	1,700		Santen Pharmaceutical Co., Ltd.							61,253
	53,000	@, S	Sanyo Electric Co., Ltd.							68,192
	7,000		Sapporo Holdings Ltd.							30,091
	7,000		Secom Co., Ltd.							310,842
	5,900		Sega Sammy Holdings, Inc.							84,751
	4,200		Seiko Epson Corp.							54,282
	13,000		Sekisui Chemical Co., Ltd.							81,092
	19,000		Sekisui House Ltd.							162,498
	24,800		Seven & I Holdings Co., Ltd.							568,200
	33,000		Sharp Corp.							348,105
	5,700		Shikoku Electric Power Co.							163,019
	10,115		Shimadzu Corp.							76,245
	900		Shimamura Co., Ltd.							81,376
	1,900		Shimano, Inc.							81,523
	18,000		Shimizu Corp.							61,517
	13,186		Shin-Etsu Chemical Co., Ltd.							613,086
	4,800		Shinko Electric Industries							62,378
	25,000		Shinko Securities Co., Ltd.							55,738
	48,000	S, L	Shinsei Bank Ltd.							40,578
	9,600		Shionogi & Co., Ltd.							199,025
	11,700		Shiseido Co., Ltd.							257,883
	19,000		Shizuoka Bank Ltd.							165,586
	43,000	S	Showa Denko KK							77,660
	1,700		SMC Corp.							227,412
	26,300		Softbank Corp.							697,562
	621		Softbank Investment Corp.							77,147
	51,100	S	Sojitz Corp.							79,861
	32,900		Sony Corp.							877,542
	26		Sony Financial Holdings, Inc.							86,730
	2,200		Square Enix Co., Ltd.							40,524
	6,100		Stanley Electric Co., Ltd.							101,018
	5,700		Sumco Corp.							94,472
	46,000		Sumitomo Chemical Co., Ltd.							178,028
	37,800		Sumitomo Corp.							377,509
	20,500		Sumitomo Electric Industries Ltd.							238,906
	23,000		Sumitomo Heavy Industries							134,953
	111,000		Sumitomo Metal Industries Ltd.							250,975
	16,000		Sumitomo Metal Mining Co., Ltd.							199,601
	42,900		Sumitomo Mitsui Financial Group, Inc.							1,214,171
	11,000		Sumitomo Realty & Development Co., Ltd.							186,911
	47,000		Sumitomo Trust & Banking Co., Ltd.							239,285
	5,590		Suruga Bank Ltd.							50,734
	2,700		Suzuken Co., Ltd.							90,376
	11,400		Suzuki Motor Corp.							223,730
	1,400		Sysmex Corp.							79,512
	8,500		T&D Holdings, Inc.							181,750
	52,000	S	Taiheiyo Cement Corp.							65,661
	38,000	S	Taisei Corp.							76,001
	4,000		Taisho Pharmaceutical Co., Ltd.							78,908
	9,000		Taiyo Nippon Sanso Corp.							71,469
	8,000		Takashimaya Co., Ltd.							63,770
	24,000		Takeda Pharmaceutical Co., Ltd.							1,030,864
	7,000		Tanabe Seiyaku Co., Ltd.							106,653
	4,000		TDK Corp.							218,889
	25,000		Teijin Ltd.							74,224
	5,100		Terumo Corp.							244,237
	4,800		THK Co., Ltd.							99,307
	26,000		Tobu Railway Co., Ltd.							140,042
	16,777		Toho Gas Co., Ltd.							89,491
	13,100		Tohoku Electric Power Co., Inc.							281,237
	22,150		Tokio Marine Holdings, Inc.							582,320
	11,000		Tokuyama Corp.							48,417
	40,000		Tokyo Electric Power Co., Inc.							1,088,138
	5,500		Tokyo Electron Ltd.							296,270
	75,079		Tokyo Gas Co., Ltd.							342,746
	3,500		Tokyo Steel Manufacturing Co., Ltd.							40,461
	13,000	L	Tokyo Tatemono Co., Ltd.							40,062
	32,000		Tokyu Corp.							130,246
	11,000		Tokyu Land Corp.							38,452
	11,000		TonenGeneral Sekiyu KK							95,174
	16,000		Toppan Printing Co., Ltd.							126,521
	38,000		Toray Industries, Inc.							182,137
	133,000		Toshiba Corp.							658,825
	23,000		Tosoh Corp.							59,539
	10,000		Toto Ltd.							66,425
	5,300		Toyo Seikan Kaisha Ltd.							77,339
	4,000		Toyo Suisan Kaisha Ltd.							95,470
	3,300		Toyoda Gosei Co., Ltd.							81,842
	2,600		Toyota Boshoku Corp.							37,962
	5,900		Toyota Industries Corp.							149,719
	87,689		Toyota Motor Corp.							3,012,876
	7,500		Toyota Tsusho Corp.							106,902
	3,900		Trend Micro, Inc.							105,396
	2,500		Tsumura & Co.							76,546
	36,000		Ube Industries Ltd.							85,120
	1,200		Uni-Charm Corp.							135,320
	5,600		UNY Co., Ltd.							42,553
	3,700		Ushio, Inc.							57,001
	59		West Japan Railway Co.							215,755
	414		Yahoo! Japan Corp.							165,010
	2,300		Yakult Honsha Co., Ltd.							62,567
	2,500		Yamada Denki Co., Ltd.							163,349
	3,000		Yamaguchi Financial Group, Inc.							28,671
	5,900		Yamaha Corp.							60,245
	8,600		Yamaha Motor Co., Ltd.							113,694
	13,800		Yamato Holdings Co., Ltd.							182,650
	2,100		Yamato Kogyo Co., Ltd.							52,343
	4,000		Yamazaki Baking Co., Ltd.							53,945
	9,000		Yaskawa Electric Corp.							66,765
										64,163,261
			Kazakhstan:				0.0	%
	8,719		Eurasian Natural Resources Corp.							110,948
										110,948
			Luxembourg:				0.4	%
	26,700		ArcelorMittal							716,143
	10,261		SES S.A.							213,394
	13,772		Tenaris S.A.							237,537
				��
										1,167,074
			Macau:				0.1	%
	75,200	@, S	Sands China Ltd.							111,144
	57,600	@, S	Wynn Macau Ltd.							93,930
										205,074
			Malaysia:				0.1	%
	179,600	@, S	Genting International PLC							148,549
										148,549
			Mauritius:				0.0	%
	225,265		Golden Agri-Resources Ltd.							84,450
										84,450
			Mexico:				0.0	%
	6,884		Fresnillo PLC							99,941
										99,941
			Netherlands:				4.3	%
	50,272	@	Aegon NV							267,037
	7,172		Akzo Nobel NV							372,765
	13,482		ASML Holding NV							371,024
	3,400		Delta Lloyd NV							57,300
	13,357	@	European Aeronautic Defence and Space Co. NV							272,588
	2,036		Fugro NV							94,058
	3,351		Heineken Holding NV							122,420
	7,866		Heineken NV							333,419
	121,440	@, **	ING Groep NV							898,720
	37,337		Koninklijke Ahold NV							461,855
	2,480		Koninklijke Boskalis Westminster NV							96,358
	4,192		Koninklijke DSM NV							166,641
	30,785	L	Koninklijke Philips Electronics NV							919,306
	6,762	@	Qiagen NV							131,555
	3,354	@	Randstad Holdings NV							131,796
	20,534		Reed Elsevier NV							227,317
	114,490		Royal Dutch Shell PLC - Class A							2,889,274
	87,444		Royal Dutch Shell PLC - Class B							2,113,581
	52,323		Royal KPN NV							666,937
	5,757		SBM Offshore NV							82,361
	11,163		TNT NV							281,164
	53,756		Unilever NV							1,468,037
	10,161		Wolters Kluwer NV							194,858
										12,620,371
			New Zealand:				0.1	%
	14,909	@	Contact Energy Ltd.							57,995
	20,509		Fletcher Building Ltd.							109,751
	21,119	S	Sky City Entertainment Group Ltd.							41,147
	50,563	S	Telecom Corp. of New Zealand Ltd.							65,114
										274,007
			Norway:				0.6	%
	6,176		Aker Kvaerner ASA							70,615
	30,193		DnB NOR ASA							290,402
	22,986	L	Norsk Hydro ASA							103,801
	19,766		Orkla ASA							126,406
	13,602	@	Renewable Energy Corp. A/S							32,162
	33,761		Statoil ASA							650,400
	27,994		Telenor ASA							352,649
	6,032		Yara International ASA							169,557
										1,795,992
			Portugal:				0.2	%
	115,926	S, L	Banco Comercial Portugues S.A.							87,049
	18,938		Banco Espirito Santo S.A.							74,726
	6,497		Brisa-Auto Estradas de Portugal S.A.							39,320
	7,161		Cimpor Cimentos de Portugal SG							40,239
	53,666		Energias de Portugal S.A.							159,713
	6,487		Galp Energia SGPS S.A.							96,897
	5,499		Jeronimo Martins							50,383
	16,457		Portugal Telecom SGPS S.A.							164,487
										712,814
			Singapore:				1.4	%
	78,000		CapitaLand Ltd.							198,896
	59,000	S	CapitaMalls Asia Ltd.							88,213
	16,000		City Developments Ltd.							125,944
	65,000	S	ComfortDelgro Corp. Ltd.							67,410
	53,000		DBS Group Holdings Ltd.							514,359
	29,000		Fraser and Neave Ltd.							106,045
	4,000		Jardine Cycle & Carriage Ltd.							85,122
	38,000		Keppel Corp. Ltd.							229,427
	33,000		Keppel Land Ltd.							91,062
	7,600	@, S	K-Green Trust							5,703
	43,000	@, S	Neptune Orient Lines Ltd.							60,735
	37,000	S, L	Olam International Ltd.							67,912
	74,608		Oversea-Chinese Banking Corp.							469,815
	30,000		SembCorp Industries Ltd.							86,756
	33,000	L	SembCorp Marine Ltd.							90,180
	16,000		Singapore Airlines Ltd.							165,906
	27,000		Singapore Exchange Ltd.							141,594
	54,000	L	Singapore Press Holdings Ltd.							145,358
	60,000		Singapore Technologies Engineering Ltd.							140,265
	249,000		Singapore Telecommunications Ltd.							538,317
	30,000	S	StarHub Ltd.							48,233
	36,000		United Overseas Bank Ltd.							500,827
	16,000		United Overseas Land Ltd.							43,094
	43,000		Wilmar International Ltd.							175,937
	47,000	S	Yangzijiang Shipbuilding Holdings Ltd.							44,829
										4,231,939
			Spain:				3.2	%
	8,562		Abertis Infraestructuras S.A.							123,069
	888	L	Acciona S.A.							67,582
	4,540		ACS Actividades de Construccion y Servicios S.A.							166,842
	113,722		Banco Bilbao Vizcaya Argentaria S.A.							1,171,672
	28,548	L	Banco De Sabadell S.A.							129,275
	11,841		Banco de Valencia S.A.							52,708
	26,587		Banco Popular Espanol S.A.							134,755
	261,907		Banco Santander Central Hispano S.A.							2,746,412
	18,368		Cintra Concesiones DE Infrae							118,802
	24,990		Corp. Mapfre S.A.							67,954
	25,401		Criteria Caixacorp S.A.							103,876
	7,189	@	EDP Renovaveis S.A.							42,339
	5,270		Enagas							79,383
	7,554	@, L	Gamesa Corp. Tecnologica S.A.							64,866
	7,868	L	Gas Natural SDG S.A.							113,701
	24,007		Iberdrola Renovables							75,342
	118,870	S, L	Iberdrola S.A.							668,117
	23,475	@	Iberia Lineas Aereas de Espana							66,270
	7,377		Inditex S.A.							420,648
	2,758		Indra Sistemas S.A.							44,096
	3,475		Red Electrica de Espana							124,422
	24,618	L	Repsol YPF S.A.							496,794
	132,450		Telefonica S.A.							2,453,601
	4,100		Zardoya-Otis S.A.							52,674
										9,585,200
			Sweden:				2.8	%
	10,767	L	Alfa Laval AB							139,824
	9,699		Assa Abloy AB							193,863
	21,900		Atlas Copco AB - Class A							320,193
	16,779		Atlas Copco AB - Class B							221,507
	11,500		Boliden AB							127,105
	7,967		Electrolux AB							182,132
	6,257		Getinge AB							121,091
	32,716		Hennes & Mauritz AB							899,113
	2,302		Holmen AB							54,649
	14,656		Husqvarna AB - B Shares							88,133
	12,707		Investor AB							205,552
	6,727	L	Kinnevik Investment AB							107,700
	2,448		Millicom International Cellular S.A.							198,634
	1,325		Modern Times Group AB							72,535
	102,677		Nordea Bank AB							846,691
	2,784	L	Ratos AB							69,749
	33,085		Sandvik AB							403,569
	10,723		Scania AB - B Shares							163,674
	11,710		Securitas AB							106,145
	41,684		Skandinaviska Enskilda Banken AB							220,864
	12,105		Skanska AB							175,130
	11,332		SKF AB - B Shares							203,378
	6,245		SSAB Svenskt Staal AB - Class A							83,845
	4,167		SSAB Svenskt Staal AB - Class B							50,018
	16,557		Svenska Cellulosa AB - B Shares							194,733
	15,296		Svenska Handelsbanken AB							374,199
	18,344	@	Swedbank AB							168,337
	7,495		Swedish Match AB							163,783
	8,750		Tele2 AB - B Shares							130,729
	95,892		Telefonaktiebolaget LM Ericsson							1,063,655
	72,060		TeliaSonera AB							463,032
	33,511	@	Volvo AB - B Shares							370,592
										8,184,154
			Switzerland:				8.0	%
	69,074	@	ABB Ltd.							1,202,620
	3,418	@	Actelion Ltd. - Reg							127,976
	3,512		Adecco S.A.							167,546
	2,359		Aryzta AG							90,762
	1,552		Baloise Holding AG							108,029
	16,685		Compagnie Financiere Richemont S.A.							582,511
	35,910		Credit Suisse Group							1,350,117
	1,304		Geberit AG - Reg							202,896
	245		Givaudan							208,087
	7,913		Holcim Ltd.							529,711
	7,089		Julius Baer Group Ltd.							202,126
	5,798		Julius Baer Holding AG - Reg							62,656
	1,809		Kuehne & Nagel International AG							186,216
	25		Lindt & Spruengli AG							54,244
	4		Lindt & Spruengli AG - REG							98,023
	4,780	@, L	Logitech International S.A.							64,704
	996		Lonza Group AG							66,313
	110,377		Nestle S.A.							5,322,250
	3,531		Nobel Biocare Holding AG							60,784
	67,308		Novartis AG							3,261,956
	1,011		Pargesa Holding S.A.							66,296
	22,409		Roche Holding AG - Genusschein							3,084,413
	1,609		Schindler Holding AG							135,617
	651		Schindler Holding AG - Reg							54,336
	164		SGS S.A.							221,343
	60		Sika AG							106,359
	1,453		Sonova Holding AG - Reg							178,309
	20,818		STMicroelectronics NV							165,347
	296		Straumann Holding AG							64,017
	1,038		Swatch Group AG - BR							292,742
	2,339		Swatch Group AG - Reg							119,531
	831	@	Swiss Life Holding							79,421
	11,148		Swiss Reinsurance							458,052
	740		Swisscom AG							250,874
	2,932		Syngenta AG							677,339
	1,598		Synthes, Inc.							183,739
	116,061	@	UBS AG - Reg							1,537,555
	65,276		Xstrata PLC							854,766
	4,858		Zurich Financial Services AG							1,070,769
										23,550,352
			United Kingdom:				17.6	%
	29,060		3i Group PLC							114,616
	5,340		Admiral Group PLC							111,832
	9,024		Aggreko PLC							189,439
	8,498		Amec PLC							104,112
	41,989	@	Anglo American PLC							1,463,113
	13,175		Antofagasta PLC							153,286
	43,898		ARM Holdings PLC							181,689
	9,755		Associated British Foods PLC							141,269
	45,889		AstraZeneca PLC							2,163,473
	6,929	@	Autonomy Corp. PLC							188,873
	89,577		Aviva PLC							416,281
	112,022		BAE Systems PLC							521,374
	20,480		Balfour Beatty PLC							72,841
	364,737		Barclays PLC							1,455,848
	109,639		BG Group PLC							1,630,642
	70,329		BHP Billiton PLC							1,823,526
	593,566		BP PLC							2,841,496
	23,773	@, L	British Airways PLC							69,067
	63,625		British American Tobacco PLC							2,019,189
	35,678		British Sky Broadcasting PLC							372,542
	250,383	S	BT Group PLC							483,313
	9,371		Bunzl PLC							93,839
	13,277		Burberry Group PLC							149,945
	75,235	S	Cable & Wireless Worldwide PLC							97,346
	44,524	@	Cairn Energy PLC							273,529
	18,110		Capita Group PLC							199,522
	4,815		Carnival PLC							155,964
	166,896		Centrica PLC							736,515
	35,077		Cobham PLC							111,122
	59,601		Compass Group PLC							453,413
	78,769		Diageo PLC							1,237,295
	31,681		Experian Group Ltd.							275,508
	14,523		Firstgroup PLC							78,833
	165,680		GlaxoSmithKline PLC							2,813,387
	42,651		Group 4 Securicor PLC							169,100
	26,171		Home Retail Group							83,106
	554,542	S	HSBC Holdings PLC							5,066,126
	13,989		ICAP PLC							83,846
	33,112		Imperial Tobacco Group PLC							925,171
	13,395		Inmarsat PLC							142,028
	7,525		Intercontinental Hotels Group PLC							118,595
	49,020		International Power PLC							218,971
	24,506		Invensys PLC							87,730
	14,621		Investec PLC							98,385
	118,102	@, S	ITV PLC							88,258
	38,280		J Sainsbury PLC							182,644
	6,453		Johnson Matthey PLC							143,366
	5,815		Kazakhmys PLC							85,358
	73,098		Kingfisher PLC							228,984
	179,995	S	Legal & General Group PLC							209,791
	1,308,671	@, S	Lloyds TSB Group PLC							1,033,152
	5,425		London Stock Exchange Group PLC							45,293
	3,980	@	Lonmin PLC							83,104
	50,529		Man Group PLC							167,499
	49,191		Marks & Spencer Group PLC							242,335
	142,783		National Grid PLC							1,042,453
	5,989		Next PLC							178,559
	177,145	S	Old Mutual PLC							271,217
	26,917		Pearson PLC							354,006
	6,070		Petrofac Ltd.							106,789
	81,925		Prudential PLC							617,927
	2,787		Randgold Resources Ltd.							264,955
	19,410		Reckitt Benckiser PLC							902,843
	36,406		Reed Elsevier PLC							269,943
	31,482		Rexam PLC							141,623
	45,442		Rio Tinto PLC							1,995,555
	5,397,840	@, S	Rolls-Royce Group PLC - C Shares							8,065
	59,147	S	Rolls-Royce Group PLC							493,687
	117,994		Royal & Sun Alliance Insurance Group							209,322
	548,681	@	Royal Bank of Scotland Group PLC							334,158
	30,224		SABMiller PLC							847,495
	36,261		Sage Group PLC							124,759
	2,396		Schroders PLC							43,123
	29,584		Scottish & Southern Energy PLC							492,691
	17,404		Serco Group PLC							151,989
	7,673		Severn Trent PLC							140,825
	17,413		Shire PLC							357,214
	26,470		Smith & Nephew PLC							250,076
	12,206		Smiths Group PLC							194,329
	64,598		Standard Chartered PLC							1,572,986
	71,186		Standard Life PLC							183,959
	263,090		Tesco PLC							1,484,198
	26,584		Thomas Cook Group PLC							70,364
	32,977		Tomkins PLC							110,759
	20,182		TUI Travel PLC							62,790
	25,995		Tullow Oil PLC							386,683
	41,321		Unilever PLC							1,104,593
	19,346		United Utilities Group PLC							151,390
	4,091		Vedanta Resources PLC							128,537
	1,673,695	S	Vodafone Group PLC							3,448,641
	5,518		Whitbread PLC							115,232
	59,602		WM Morrison Supermarkets PLC							235,519
	8,296	@	Wolseley PLC							164,674
	38,816		WPP PLC							365,665
										52,076,474
			Total Common Stock (Cost $ 251,734,438)							273,411,325
REAL ESTATE INVESTMENT TRUSTS:					1.2	%
			Australia:				0.5	%
	57,427	S	CFS Retail Property Trust							90,772
	137,193	S	Dexus Property Group							88,034
	52,301		GPT Group							122,115
	874,585	@	GPT Group							—
	180,799		Macquarie Goodman Group							95,627
	87,121	S	Mirvac Group							95,145
	66,568		Stockland							206,602
	69,460		Westfield Group							705,837
										1,404,132
			France:				0.2	%
	820		Fonciere Des Regions							67,597
	772		Gecina S.A.							69,741
	816		ICADE							68,871
	2,725		Klepierre							75,289
	2,784		Unibail							453,743
										735,241
			Hong Kong:				0.1	%
	76,327		Link Real Estate Investment Trust							189,395
										189,395
			Italy:				0.0	%
	4,920	@	Beni Stabili SpA							3,730
										3,730
			Japan:				0.2	%
	37		Japan Prime Realty Investment Corp.							77,940
	17		Japan Real Estate Investment Corp.							138,475
	80		Japan Retail Fund Investment Corp.							97,434
	19		Nippon Building Fund, Inc.							150,756
	11		Nomura Real Estate Office Fund, Inc.							54,762
										519,367
			Netherlands:				0.0	%
	1,581		Corio NV							76,775
										76,775
			Singapore:				0.0	%
	44,000	S	Ascendas Real Estate Investment Trust							56,823
	47,000	S	CapitaMall Trust							61,275
										118,098
			United Kingdom:				0.2	%
	26,285		British Land Co. PLC							169,786
	18,689		Hammerson PLC							95,271
	25,307		Land Securities Group PLC							209,434
	13,408		Liberty International PLC							61,943
	21,091		Segro PLC							79,522
										615,956
			Total Real Estate Investment Trusts (Cost $ 3,560,138)							3,662,694
PREFERRED STOCK:					0.4	%
			Germany:				0.4	%
	3,055		Fresenius AG							201,790
	6,437		Henkel KGaA - Vorzug							314,324
	2,964		Porsche AG							126,719
	1,031		RWE AG							62,072
	5,304		Volkswagen AG							465,430
			Total Preferred Stock (Cost $ 1,012,695)							1,170,335
RIGHTS:					0.0	%
			Austria:				0.0%
	15,86	0 I, X	Immoeast AG							-
										-
			France:				0.0%
	17	S	Eurazeo							53
										53
			Total Rights (Cost $-)							53
WARRANTS:					0.0%
			France:				0.0%
	837		Fonciere Des Regions							482
										482
			Hong Kong:				0.0%
	6,931		Henderson Land Development Co. Ltd.							1,175
										1,175
			Italy:				0.0%
	44,800		Mediobanca S.p.A.							1,813
	26,395		Unione di Banche Italiane SCPA							529
										2,342
			Singapore:				0.0%
	17,122	S	Golden Agri-Resources Ltd.							1,224
										1,224
			Total Warrants (Cost $1,997)							5,223
Principal Amount										Value
CORPORATE BONDS/NOTES:					0.0%
			Italy:				0.0%
$	19,900	S	Banca Popolare di Milano Scrl, 6.750%, due 06/01/13						$	15,818
			Total Corporate Bonds/Notes (Cost $27,688)							15,818
			Total Long-Term Investments (Cost $256,336,956)							278,265,448
Shares										Value
SHORT-TERM INVESTMENTS:					5.2%
			Affiliated Mutual Fund:				2.8%
$	8,332,000		ING Institutional Prime Money Market Fund - Class I						$	8,332,000
			Total Mutual Fund ( Cost $8,332,000)							8,332,000
			Securities Lending Collateralcc:				2.4%
	7,037,558		Bank of New York Mellon Corp. Overnight Government Fund, Series A (1)							7,037,558
	37,727	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B (1)(2)							30,182
			Total Securities Lending Collateral (Cost $7,075,285)							7,067,740
			Total Short-Term Investments (Cost $15,407,285)							15,399,740
			Total Investments in Securities (Cost $271,744,241) *		99.4 %				$	293,665,188
			Other Assets and Liabilities - Net		0.6					1,736,325
			Net Assets		100.0%				$	295,401,513
		@	Non-income producing security
		ADR	American Depositary Receipt
		cc	Securities purchased with cash collateral for securities loaned.
		(1)	Collateral received from brokers for securites lending was invested in these short-term investments.
		(2)	On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
		S	All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.
		**	Investment in affiliate
		X	Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board
			of Directors/Trustees.
			Industry		Percentage of Net Assets
			Consumer Discretionary		9.6%
			Consumer Staples		10.0
			Energy		6.7
			Financials		22.8
			Financials		0.0
			Health Care		8.6
			Industrials		11.5
			Information Technology		4.9
			Materials		9.5
			Telecommunication Services		5.3
			Utilities		5.3
			Short-Term Investments		5.2
			Other Assets and Liabilities - Net		0.6
			Net Assets		100.0%

See Accompanying Notes to Financial Statements

ING Japan TOPIX Index Portfolio				PORTFOLIO OF INVESTMENTS as of June 30, 2010 (Unaudited)
	Shares								Value
COMMON STOCK:				94.9	%
			Consumer Discretionary:			18.0	%
	4,300		ABC-Mart, Inc.						$            168,683
	11,700	@, S	ABILIT Corp.						12,451
	71		Accordia Golf Co., Ltd.						70,159
	1,300		Aeon Fantasy Co., Ltd.						14,243
	20,000		Aichi Machine Industry Co., Ltd.						53,717
	8,400		Aigan Co., Ltd.						43,870
	7,500		Aisan Industry Co., Ltd.						54,440
	31,500		Aisin Seiki Co., Ltd.						848,060
	5,300		Akebono Brake Industry Co., Ltd.						24,183
	4,000		Alpen Co., Ltd.						62,977
	6,200		Alpha Corp.						57,565
	7,000	@	Alpine Electronics, Inc.						85,394
	21		Amiyaki Tei Co., Ltd.						56,680
	400		Amuse, Inc.						4,175
	1,800		AOKI Holdings, Inc.						27,835
	4,800		Aoyama Trading Co., Ltd.						85,773
	4,400		Arc Land Sakamoto Co., Ltd.						63,998
	8,100		Arnest One Corp.						82,150
	2,900		Asahi Co., Ltd.						40,039
	56,000	@, S	Asahi TEC Corp.						21,846
	6,800		Asatsu-DK, Inc.						173,134
	34,000		Asics Corp.						311,300
	1,700		ASKUL Corp.						28,772
	4,200		Autobacs Seven Co., Ltd.						152,321
	2,100		Avex Group Holdings, Inc.						26,242
	12,800		Benesse Corp.						582,693
	4,500		Best Denki Co., Ltd.						12,260
	85		BIC Camera, Inc.						32,628
	115,800		Bridgestone Corp.						1,831,050
	29,000		Calsonic Kansei Corp.						85,111
	48		Can Do Co., Ltd.						50,205
	13,300		Canon Sales Co., Inc.						187,187
	39,000		Casio Computer Co., Ltd.						234,242
	2,400		Central Sports Co., Ltd.						23,507
	2,500	@	CHI Group Co. Ltd.						9,840
	6,300		Chiyoda Co., Ltd.						75,244
	4,500		Chofu Seisakusho Co., Ltd.						96,116
	33,000	S	Chori Co., Ltd.						36,187
	5,000		Chuo Spring Co., Ltd.						17,033
	58,000	@	Clarion Co., Ltd.						111,076
	3,100		Cleanup Corp.						17,056
	14,500		Colowide Co., Ltd.						72,965
	80,000	@, S	Columbia Music Entertainment, Inc.						30,331
	5,000		Combi Corp.						39,385
	1,900		Corona Corp.						17,504
	15,900		Culture Convenience Club Co., Ltd.						74,289
	7,000		Daido Metal Co., Ltd.						25,210
	9,200		Daidoh Ltd.						74,027
	23,700	@, L	Daiei, Inc.						97,481
	35,000		Daihatsu Motor Co., Ltd.						325,756
	2,800		Daikoku Denki Co., Ltd.						37,568
	1,900		Dainichi Co., Ltd.						12,110
	4,000		Daisyo Corp.						46,960
	42,000	@	Daito Woolen Spinning & Weaving Co., Ltd.						34,608
	25,000		Daiwabo Holdings Co., Ltd.						49,811
	3,100		Daiyu Eight Co., Ltd.						18,932
	4,900		DCM Japan Holdings Co., Ltd.						26,826
	13,500		Dena Co., Ltd.						356,457
	84,500		Denso Corp.						2,335,488
	35,600	L	Dentsu, Inc.						940,212
	17,000		Descente Ltd.						94,235
	5,400		Don Quijote Co., Ltd.						144,781
	4,500		Doshisha Co., Ltd.						104,376
	5,900		Doutor Nichires Holdings Co., Ltd.						79,296
	17,000		Dynic Corp.						27,595
	13,000		Eagle Industry Co., Ltd.						89,125
	12,000	@, S	Econach Co., Ltd.						5,199
	19,000		EDION Corp.						144,482
	4,200		Exedy Corp.						107,675
	5,500		F&A Aqua Holdings, Inc.						51,812
	7,600		Fast Retailing Co., Ltd.						1,149,990
	5,300		FCC Co., Ltd.						99,036
	2,800		Felissimo Corp.						40,548
	3,500		Foster Electric Co., Ltd.						90,584
	9,000		France Bed Holdings Co., Ltd.						13,206
	4,800		F-Tech, Inc.						68,690
	3,900		Fuji Co., Ltd.						70,608
	120,000		Fuji Heavy Industries Ltd.						642,850
	6,000	@	Fuji Kiko Co., Ltd.						13,101
	20,000		Fuji Kyuko Co., Ltd.						108,640
	350		Fuji Television Network, Inc.						502,488
	19,000		Fujibo Holdings, Inc.						25,903
	2,300		Fujikura Rubber Ltd.						8,420
	23,000		Fujita Kanko, Inc.						88,689
	19,000		Fujitsu General Ltd.						79,557
	1,900		Funai Electric Co., Ltd.						68,207
	4,000	S	Furukawa Battery Co., Ltd.						26,280
	13,300	@	Futaba Industrial Co., Ltd.						99,945
	12,000		Gakken Holdings Co., Ltd.						24,668
	1,000		Genki Sushi Co., Ltd.						12,003
	26		Geo Co., Ltd.						31,544
	11,000		GLOBERIDE, Inc.						11,854
	12,000	@	Goldwin, Inc.						23,406
	6,000		Gourmet Kineya Co., Ltd.						34,954
	48,000	@, S, L	GSI Creos Corp.						59,116
	660		Gulliver International Co.						27,911
	25,000		Gunze Ltd.						78,357
	9,000		H2O Retailing Corp.						58,300
	5,770		Hakuhodo DY Holdings, Inc.						289,075
	7,300		Hakuyosha Co., Ltd.						21,880
	3,500		Happinet Corp.						40,443
	6,000		Hard Off Corp. Co., Ltd.						26,175
	5,100		Haruyama Trading Co., Ltd.						21,850
	227,000	@, S	Haseko Corp.						179,674
	3,300		Heiwa Corp.						35,547
	3,900		Hiday Hidaka Corp.						46,003
	4,500		Hikari Tsushin, Inc.						80,504
	4,400		HIS Co., Ltd.						88,181
	10,600		Hitachi Koki Co., Ltd.						90,269
	311,100		Honda Motor Co., Ltd.						9,137,892
	8,150		Honeys Co., Ltd.						99,916
	96	@	Hoosiers Corp.						16,587
	1,700		Horipro, Inc.						12,932
	1,700		House of Rose Co., Ltd.						23,911
	2,100		Hurxley Corp.						14,025
	2,200		Ichibanya Co., Ltd.						54,812
	14,000		Ichikawa Co., Ltd.						24,095
	19,000		Ichikoh Industries Ltd.						38,140
	16,500	@	Image Holdings Co., Ltd.						51,545
	4,900		Imasen Electric Industrial						59,219
	2,800		Intage, Inc.						53,553
	61,400		Isetan Mitsukoshi Holdings Ltd.						598,563
	240,000		Isuzu Motors Ltd.						721,199
	10,300		Izumi Co., Ltd.						138,137
	9,000	@, S	Izutsuya Co., Ltd.						5,711
	86,000		J Front Retailing Co., Ltd.						413,899
	51,000	@, S	Janome Sewing Machine Co., Ltd.						36,861
	14,000		Japan Wool Textile Co., Ltd.						94,694
	11,000		Joshin Denki Co., Ltd.						111,005
	96,700	@, S	JVC Kenwood Holdings, Inc.						36,780
	2,000		Kadokawa Group Holdings, Inc.						42,478
	5,200		Kanto Auto Works Ltd.						38,229
	3,150		Kappa Create Co., Ltd.						63,954
	5,000		Kasai Kogyo Co., Ltd.						15,884
	7,000		Kawai Musical Instruments Manufacturing Co., Ltd.						12,197
	16,000	@, S	Kawashima Selkon Textiles Co., Ltd.						11,964
	31,000		Kayaba Industry Co., Ltd.						111,222
	5,600		Keihin Corp.						96,702
	9,600	L	Keiyo Co., Ltd.						46,988
	2,900		Kimoto Co., Ltd.						15,205
	55,000	@, S, L	Kinki Nippon Tourist Co., Ltd.						47,417
	15,000		Kinugawa Rubber Industrial Co., Ltd.						55,788
	3,800		Kisoji Co., Ltd.						80,202
	5,600		Kohnan Shoji Co., Ltd.						57,207
	17,000		Koito Manufacturing Co., Ltd.						250,339
	11,700		Kojima Co., Ltd.						70,818
	19,000		Komatsu Seiren Co., Ltd.						70,870
	4,700		Komeri Co., Ltd.						105,297
	4,100		Kourakuen Corp.						55,844
	7,360		K’S Holdings Corp.						150,471
	3,600		Kura Corp.						58,657
	19,000		Kurabo Industries Ltd.						29,153
	2,400		Kuraudia Co., Ltd.						32,698
	4,000		Kyoritsu Maintenance Co., Ltd.						53,900
	43,900	@	LAND Co., Ltd.						14,733
	2,600		LEC, Inc.						36,602
	42,200	@	Look, Inc.						85,366
	1,200		Marche Corp.						9,300
	2,900		Mars Engineering Corp.						48,846
	36,400		Marui Co., Ltd.						245,189
	352,200		Matsushita Electric Industrial Co., Ltd.						4,397,870
	2,400		Matsuya Co., Ltd.						20,363
	5,700		Matsuya Foods Co., Ltd.						81,158
	225,000		Mazda Motor Corp.						525,791
	1,700		Megane TOP Co., Ltd.						11,202
	8,800		Meiko Network Japan Co., Ltd.						59,392
	2,600		Meiwa Estate Co., Ltd.						14,554
	9,400	@	Misawa Homes Co., Ltd.						43,131
	12,000	@	Mitsuba Corp.						61,728
	777,000	@, S, L	Mitsubishi Motors Corp.						982,887
	2,000		Mitsui Home Co., Ltd.						9,574
	3,000		Mizuno Corp.						13,309
	5,100		MOS Food Services, Inc.						85,249
	12,500		Mr Max Corp.						54,651
	3,800		Musashi Seimitsu Industry Co., Ltd.						79,814
	11,000	@, S	Naigai Co., Ltd.						5,634
	5,500		Nakayamafuku Co., Ltd.						36,225
	36,500		Namco Bandai Holdings, Inc.						320,954
	35,000		NGK Spark Plug Co., Ltd.						434,518
	26,000		NHK Spring Co., Ltd.						237,822
	16,000		Nice Holdings, Inc.						31,170
	2,600		Nidec-Tosok Corp.						51,462
	4,400		Nifco, Inc.						90,728
	3,000		Nihon Eslead Corp.						22,077
	11,100		Nihon Tokushu Toryo Co., Ltd.						39,153
	1,200		Nikkato Corp.						5,648
	66,900		Nikon Corp.						1,152,942
	2,200		Nippon Felt Co., Ltd.						9,971
	8,000	@	Nippon Piston Ring Co., Ltd.						12,319
	3,740		Nippon Television Network Corp.						513,284
	9,100		Nishimatsuya Chain Co., Ltd.						84,018
	435,400	@	Nissan Motor Co., Ltd.						3,034,076
	5,000		Nissan Shatai Co., Ltd.						32,758
	42,000	S	Nissei Build Kogyo Co., Ltd.						26,598
	16,000		Nissen Holdings Co., Ltd.						54,049
	26,000		Nisshinbo Industries, Inc.						249,224
	5,700		Nissin Kogyo Co., Ltd.						83,328
	6,900		Nitori Co., Ltd.						594,774
	26,000	S	Nitto Seimo Co., Ltd.						29,875
	18,000		NOK Corp.						285,837
	6,500		Noritsu Koki Co., Ltd.						49,084
	7,900		Ohashi Technica, Inc.						54,434
	22,000		Onward Kashiyama Co., Ltd.						173,979
	9,600		Oriental Land Co., Ltd.						802,299
	3,000		Pacific Industrial Co., Ltd.						13,355
	2,300		Pal Co., Ltd.						81,454
	2,000		PanaHome Corp.						11,804
	10,000		Parco Co., Ltd.						75,334
	7,200		Paris Miki Holdings, Inc.						54,303
	68		PGM Holdings K K						41,511
	1,300	@	PIA Corp.						13,860
	3,700		Piolax, Inc.						71,515
	35,100		Pioneer Corp.						116,648
	3,430		Point, Inc.						188,132
	30,000	@	Press Kogyo Co., Ltd.						93,682
	7,500		Renaissance, Inc.						25,207
	13,000	@, L	Renown, Inc.						40,875
	6,000		Resort Solution Co., Ltd.						11,007
	6,900		Resorttrust, Inc.						97,203
	7,600		Right On Co., Ltd.						50,144
	19,000		Riken Corp.						65,598
	4,400		Ringer Hut Co., Ltd.						47,972
	6,200		Rinnai Corp.						318,245
	5,200		Roland Corp.						61,902
	5,300		Round One Corp.						29,141
	4,100		Royal Holdings Co., Ltd.						41,932
	4,000		Ryohin Keikaku Co., Ltd.						159,009
	7,000	@	Sagami Chain Co., Ltd.						45,287
	19,000	@	Sagami Co., Ltd.						28,907
	6,100		Saizeriya Co., Ltd.						121,242
	40,000		Sakai Ovex Co., Ltd.						66,594
	1,400		San Holdings, Inc.						22,787
	12,000		Sanden Corp.						32,493
	2,300		Sanei-International Co., Ltd.						26,583
	7,000		Sangetsu Co., Ltd.						145,631
	9,100		Sankyo Co., Ltd.						411,334
	31,300		Sankyo Seiko Co., Ltd.						85,851
	7,800		Sanrio Co., Ltd.						88,117
	580,000	@, S	Sansui Electric Co., Ltd.						26,240
	377,000	@, S	Sanyo Electric Co., Ltd.						485,067
	17,000		Sanyo Shokai Ltd.						62,418
	12,700	L	Scroll Corp.						46,561
	41,300		Sega Sammy Holdings, Inc.						593,259
	17,000		Seiko Holdings Corp.						60,221
	1,600		Seiren Co., Ltd.						8,417
	69,000		Sekisui Chemical Co., Ltd.						430,410
	112,000		Sekisui House Ltd.						957,881
	9,100		Senshukai Co., Ltd.						49,657
	172,000		Sharp Corp.						1,814,366
	19,000	S	Shikibo Ltd.						23,591
	8,500		Shimachu Co., Ltd.						154,703
	4,000		Shimamura Co., Ltd.						361,669
	15,000		Shimano, Inc.						643,600
	3,800		Shimojima Co., Ltd.						53,028
	10,200		Shingakukai Co., Ltd.						29,983
	6,000		Shinyei Kaisha						10,543
	12,000		Shiroki Corp.						28,412
	4,600		Shobunsha Publications, Inc.						28,452
	20,000	L	Shochiku Co., Ltd.						144,634
	11,100		Showa Corp.						62,044
	3,400		Shuei Yobiko Co., Ltd.						17,763
	566,000	@, S	Silver Seiko Ltd.						32,008
	9,200		SK Japan Co., Ltd.						28,152
	86		Sky Perfect Jsat Corp.						30,740
	192,500		Sony Corp.						5,134,555
	39		SRI Sports Ltd.						39,153
	500		St. Marc Holdings Co., Ltd.						20,024
	24,400		Stanley Electric Co., Ltd.						404,072
	4,800		Studio Alice Co., Ltd.						42,061
	35,000		Suminoe Textile Co., Ltd.						64,358
	26,100		Sumitomo Forestry Co., Ltd.						208,389
	31,600		Sumitomo Rubber Industries, Inc.						278,711
	71,200		Suzuki Motor Corp.						1,397,330
	22,000	@, S	SxL Corp.						13,521
	25,000		T RAD Co., Ltd.					��	71,292
	5,700		Tac Co., Ltd.						22,643
	7,400		Tachi-S Co., Ltd.						72,309
	98		Tact Home Co., Ltd.						83,097
	7,200		Taiho Kogyo Co., Ltd.						51,904
	4,800		Takamatsu Construction Group Co., Ltd.						53,990
	49,000		Takashimaya Co., Ltd.						390,591
	6,100		Takata Corp.						123,503
	261		Take And Give Needs Co., Ltd.						18,617
	2,000		Takihyo Co., Ltd.						9,216
	5,000		Tamron Co., Ltd.						71,222
	9,000	@, S	Tasaki Shinju Co., Ltd.						8,991
	400		Taya Co., Ltd.						2,933
	22,000		TBK Co., Ltd.						82,036
	2,300		Teikoku Piston Ring Co., Ltd.						18,584
	10,000		Teikoku Sen-I Co., Ltd.						52,495
	16		T-Gaia Corp.						25,914
	61,000	S	Toabo Corp.						47,708
	8,000		Toei Co., Ltd.						35,003
	27,000		Toho Co., Ltd.						447,622
	32,000	@, S	Tokai Kanko Co., Ltd.						9,660
	8,600		Tokai Rika Co., Ltd.						148,762
	4,500		Tokai Rubber Industries, Inc.						53,248
	14,000	S	Tokai Senko KK						14,077
	530		Token Corp.						14,465
	18,600		Tokyo Broadcasting System, Inc.						252,591
	19,000		Tokyo Dome Corp.						49,151
	5,600		Tokyo Individualized Educational Institute, Inc.						17,573
	3,000		Tokyo Style Co., Ltd.						23,981
	9,000		Tokyotokeiba Co., Ltd.						12,558
	8,600		Tomy Co., Ltd.						65,412
	9,000	@, S	Tonichi Carlife Group, Inc.						10,300
	11,900		Topre Corp.						85,398
	2,000		Totenko Co., Ltd.						3,165
	2,100		Touei Housing Corp.						17,796
	5,000		Tow Co., Ltd.						27,350
	40,000		Toyo Tire & Rubber Co., Ltd.						84,630
	116,000		Toyobo Co., Ltd.						193,592
	10,600		Toyoda Gosei Co., Ltd.						262,886
	2,900		Toyota Auto Body Co., Ltd.						36,257
	10,800		Toyota Boshoku Corp.						157,688
	30,900		Toyota Industries Corp.						784,121
	493,600	S	Toyota Motor Corp.						16,959,431
	6,800		TS Tech Co., Ltd.						106,125
	12,000	@, S	Tsukamoto Corp. Co., Ltd.						10,313
	73		TV Asahi Corp.						105,529
	2,200		TV Tokyo Corp.						42,501
	5,900		Unipres Corp.						92,232
	96,000	@, S	Unitika Ltd.						80,572
	5,300		U-Shin Ltd.						44,306
	4,820		USS Co., Ltd.						344,313
	19,000		Wacoal Holdings Corp.						230,681
	4,300		Watabe Wedding Corp.						51,096
	4,300		WATAMI Co., Ltd.						80,450
	4,000		Xebio Co., Ltd.						75,092
	16,810		Yamada Denki Co., Ltd.						1,098,362
	25,600		Yamaha Corp.						261,402
	44,600		Yamaha Motor Co., Ltd.						589,622
	24,000		Yamatane Corp.						32,416
	9,400		Yamato International, Inc.						35,359
	1,900		Yellow Hat Ltd.						12,947
	4,000		Yokohama Reito Co., Ltd.						28,342
	40,000		Yokohama Rubber Co., Ltd.						180,260
	15,000		Yomiuri Land Co., Ltd.						49,027
	2,900		Yorozu Corp.						42,157
	61		Yoshinoya D&C Co., Ltd.						67,702
	5,900		Zenrin Co., Ltd.						63,941
	5,800		Zensho Co., Ltd.						55,135
									85,954,599
			Consumer Staples:			6.1	%
	4,800		Aderans Co., Ltd.						57,884
	126,100		Aeon Co., Ltd.						1,334,306
	3,100	@	Aeon Hokkaido Corp.						9,473
	105,000		Ajinomoto Co., Inc.						949,956
	2,000		Arcs Co., Ltd.						26,929
	4,300		Ariake Japan Co., Ltd.						67,526
	70,600		Asahi Breweries Ltd.						1,196,037
	3,100		Belc Co., Ltd.						29,772
	2,700		Cawachi Ltd.						50,618
	9,000		CFS Corp.						51,914
	5,000		Chubu Shiryo Co., Ltd.						35,408
	4,800		Circle K Sunkus Co., Ltd.						61,547
	5,500		Coca-Cola Central Japan Co., Ltd.						70,474
	10,500		Coca-Cola West Holdings Co., Ltd.						173,498
	3,020		Cocokara Fine Holdings, Inc.						54,351
	1,900		Cosmos Pharmaceutical Corp.						40,882
	3,000		Create SD Holdings						58,088
	40		Dr Ci:Labo Co., Ltd.						124,326
	2,900		Dydo Drinco, Inc.						105,542
	2,200		Echo Trading Co., Ltd.						23,116
	7,900		Eco’s Co., Ltd.						48,246
	10,000		Ezaki Glico Co., Ltd.						121,162
	12,000	L	FamilyMart Co., Ltd.						396,275
	6,200		Fancl Corp.						87,683
	10,400		Fuji Oil Co., Ltd.						152,902
	5,000		Fujicco Co., Ltd.						58,649
	6,000	@	Fujiya Co., Ltd.						12,465
	4,900		Harashin Narus Holdings Co., Ltd.						55,897
	36,000	@, S	Hayashikane Sangyo Co., Ltd.						39,425
	2,900		Heiwado Co., Ltd.						35,219
	6,000	S	Hohsui Corp.						7,054
	4,400		Hokuto Corp.						86,810
	12,100		House Foods Corp.						177,534
	5,000		Inageya Co., Ltd.						52,123
	12,600		Ito En Ltd.						192,725
	2,200		Itochu-Shokuhin Co., Ltd.						73,711
	24,000		Itoham Foods, Inc.						90,434
	15,000		Izumiya Co., Ltd.						64,790
	909		Japan Tobacco, Inc.						2,827,987
	20,000		J-Oil Mills, Inc.						59,259
	13,200		Kagome Co., Ltd.						239,571
	104,100		Kao Corp.						2,449,353
	12,000		Kasumi Co., Ltd.						61,044
	5,000		Kato Sangyo Co., Ltd.						77,759
	3,500		KEY Coffee, Inc.						61,272
	40,000		Kikkoman Corp.						417,619
	178,000		Kirin Brewery Co., Ltd.						2,240,946
	800		Kirindo Co., Ltd.						3,471
	5,600		Kobayashi Pharmaceutical Co., Ltd.						238,036
	5,600		Kose Corp.						131,660
	6,000		Kyodo Shiryo Co., Ltd.						6,601
	10,200		Lawson, Inc.						446,126
	3,600		Life Corp.						54,465
	30,000		Lion Corp.						154,775
	1,800		Mandom Corp.						48,919
	19,000		Marudai Food Co., Ltd.						55,932
	6,000		Maruetsu, Inc.						22,159
	79,000		Maruha Nichiro Holdings, Inc.						120,768
	5,000		Matsumotokiyoshi Holdings Co., Ltd.						106,979
	6,900		Megmilk Snow Brand Co., Ltd.						123,911
	13,100		MEIJI Holdings Co., Ltd.						535,959
	2,200		Meito Sangyo Co., Ltd.						30,012
	7,400		Mikuni Coca-Cola Bottling Co., Ltd.						59,066
	1,500		Milbon Co., Ltd.						35,877
	2,100		Ministop Co., Ltd.						29,010
	19,000		Mitsui Sugar Co., Ltd.						65,053
	31,000		Miyoshi Oil & Fat Co., Ltd.						46,586
	35,000		Morinaga & Co., Ltd.						79,608
	35,000		Morinaga Milk Industry Co., Ltd.						135,409
	19,000		Morozoff Ltd.						62,783
	3,000		Nagatanien Co., Ltd.						29,114
	8,000		Nakamuraya Co., Ltd.						38,930
	5,000		Natori Co., Ltd.						46,027
	53,000		Nichirei Corp.						222,710
	1,140		Nihon Chouzai Co., Ltd.						50,052
	27,000		Nippon Beet Sugar Manufacturing Co., Ltd.						62,593
	15,000		Nippon Flour Mills Co., Ltd.						74,781
	10,000	@, S	Nippon Formula Feed Manufacturing Co., Ltd.						11,185
	32,000		Nippon Meat Packers, Inc.						395,000
	44,400		Nippon Suisan Kaisha Ltd.						142,851
	13,000		Nisshin Oillio Group Ltd.						63,554
	34,500		Nisshin Seifun Group, Inc.						389,549
	12,800		Nissin Food Products Co., Ltd.						469,862
	26,000		Oenon Holdings, Inc.						52,295
	600		OIE Sangyo Co., Ltd.						5,422
	5,000		Okuwa Co., Ltd.						50,753
	4,900		Olympic Corp.						35,290
	2,100		Pigeon Corp.						77,474
	5,700		Poplar Co., Ltd.						32,500
	12,000	S	Prima Meat Packers Ltd.						13,192
	22,000		QP Corp.						253,241
	3,500		Rock Field Co., Ltd.						46,970
	3,300		Ryoshoku Ltd.						78,959
	6,500		S Foods, Inc.						52,987
	6,900		Sakata Seed Corp.						89,506
	1,900		San-A Co., Ltd.						72,556
	59,000		Sapporo Holdings Ltd.						253,622
	148,900		Seven & I Holdings Co., Ltd.						3,411,491
	65,000		Shiseido Co., Ltd.						1,432,684
	11,000		Showa Sangyo Co., Ltd.						33,160
	1,100		Sogo Medical Co., Ltd.						30,041
	15,000		Starzen Co., Ltd.						39,462
	5,800		Sugi Pharmacy Co., Ltd.						117,843
	7,600		Sundrug Co., Ltd.						184,373
	41,000		Takara Holdings, Inc.						206,712
	4,000		Tobu Store Co., Ltd.						12,179
	16,000		Toho Co., Ltd./Hyogo						59,181
	31,000		Tohto Suisan Co., Ltd.						49,560
	7,100		Torigoe Co., Ltd.						56,238
	7,000	S	Toyo Sugar Refining Co., Ltd.						8,221
	19,000		Toyo Suisan Kaisha Ltd.						453,484
	2,200		Tsuruha Holdings, Inc.						77,980
	900		Unicafe, Inc.						5,130
	7,500		Uni-Charm Corp.						845,747
	6,500		Unimat Life Corp.						98,586
	1,600		Universe Co., Ltd.						22,151
	31,600		UNY Co., Ltd.						240,119
	2,600		Valor Co., Ltd.						20,077
	5,300		Warabeya Nichiyo Co., Ltd.						65,015
	5,800		Yaizu Suisankagaku Industry Co., Ltd.						66,383
	23,700		Yakult Honsha Co., Ltd.						644,709
	1,100		Yamaya Corp.						9,225
	30,000		Yamazaki Baking Co., Ltd.						404,587
	4,000		Yamazawa Co., Ltd.						51,924
	1,300		Yaoko Co., Ltd.						36,506
	5,000		Yomeishu Seizo Co., Ltd.						47,431
	6,500		Yonekyu Corp.						57,094
									29,200,994
			Energy:			1.0	%
	8,600		AOC Holdings, Inc.						43,291
	79,000		Cosmo Oil Co., Ltd.						188,636
	32,000	@, S	Fuji Kosan Co., Ltd.						26,399
	3,500		Idemitsu Kosan Co., Ltd.						263,529
	198		Inpex Holdings, Inc.						1,098,210
	8,500		Itochu Enex Co., Ltd.						43,714
	3,000		Japan Oil Transportation Co., Ltd.						6,520
	5,100		Japan Petroleum Exploration Co.						208,073
	405,610	@	JX Holdings, Inc.						2,004,768
	15,000		Kyoei Tanker Co., Ltd.						30,020
	7,800		Mitsuuroko Co., Ltd.						50,438
	4,000		Modec, Inc.						55,006
	4,700		Nippon Gas Co., Ltd.						73,019
	7,000		Sala Corp.						43,750
	4,000		San-Ai Oil Co., Ltd.						15,058
	8,300		Shinko Plantech Co., Ltd.						73,491
	33,000	L	Showa Shell Sekiyu KK						227,535
	18,000		Sinanen Co., Ltd.						74,298
	53,000		TonenGeneral Sekiyu KK						458,568
	22,000		Toyo Kanetsu K K						33,375
									5,017,698
			Financials:			15.9	%
	58,000		77 Bank Ltd.						311,545
	8,660	L	Acom Co., Ltd.						111,904
	16,800		Aeon Credit Service Co., Ltd.						149,623
	17,200		Aeon Mall Co., Ltd.						340,742
	1,400		Aichi Bank Ltd.						95,226
	44,800	S, L	Aiful Corp.						53,461
	9,300		Airport Facilities Co., Ltd.						32,507
	25,000		Akita Bank Ltd.						86,649
	37,000		Aomori Bank Ltd.						89,863
	153,000		Aozora Bank Ltd.						198,141
	29,000		Awa Bank Ltd.						178,992
	2,500		Bank of Iwate Ltd.						140,782
	62,000		Bank of Kyoto Ltd.						510,406
	31,000		Bank of Nagoya Ltd.						110,126
	4,100		Bank of Okinawa Ltd.						144,243
	25,000		Bank of Saga Ltd.						76,757
	240,000		Bank of Yokohama Ltd.						1,097,872
	38,300	@	Cedyna Financial Corp.						59,545
	5,500		Century Leasing System, Inc.						66,495
	134,000		Chiba Bank Ltd.						808,972
	7,900	@	Chiba Kogyo Bank Ltd.						56,125
	31,000		Chugoku Bank Ltd.						365,283
	22,000		Chukyo Bank Ltd.						67,197
	27,400		Credit Saison Co., Ltd.						286,768
	16,600		Daibiru Corp.						125,060
	1,535		Dai-ichi Life Insurance Co. Ltd.						2,128,496
	8,500		Daiko Clearing Services Corp.						31,798
	46,000	@	Daikyo, Inc.						75,241
	30,000		Daisan Bank Ltd.						90,089
	46,000		Daishi Bank Ltd.						150,929
	18,000	S	Daito Bank Ltd.						12,921
	16,500		Daito Trust Construction Co., Ltd.						934,373
	105,000		Daiwa House Industry Co., Ltd.						944,597
	334,000		Daiwa Securities Group, Inc.						1,410,133
	10,600	@, S	Daiwasystem Co., Ltd.						11,360
	10,060		Diamond Lease Co., Ltd.						339,347
	25,000		Ehime Bank Ltd.						72,139
	28,000		Eighteenth Bank Ltd.						77,708
	30,400		FIDEA Holdings Co., Ltd.						57,279
	361	@	Fidec Corp.						46,181
	31,000	S	Fuji Fire & Marine Insurance Co.						39,094
	32,000		Fukui Bank Ltd.						107,002
	145,000		Fukuoka Financial Group, Inc.						603,582
	2,200		Fuyo General Lease Co., Ltd.						50,434
	2,890	��	Goldcrest Co., Ltd.						49,948
	71,000		Gunma Bank Ltd.						376,506
	67,000		Hachijuni Bank Ltd.						376,121
	15,500		Heiwa Real Estate Co., Ltd.						35,007
	42,000		Higashi-Nippon Bank Ltd.						80,884
	28,000		Higo Bank Ltd.						154,784
	83,000		Hiroshima Bank Ltd.						331,738
	8,100		Hitachi Capital Corp.						107,715
	49,000		Hokkoku Bank Ltd.						182,024
	42,000		Hokkoku Bank Ltd.						70,248
	232,000		Hokugin Financial Group, Inc.						426,185
	10,800		Hulic Co., Ltd.						81,126
	35,000		Hyakugo Bank Ltd.						150,546
	41,000		Hyakujushi Bank Ltd.						151,243
	5,900		IBJ Leasing Co., Ltd.						104,255
	11,700		Ichiyoshi Securities Co., Ltd.						77,875
	3,900		Iida Home Max						30,753
	7,100		Iwai Securities Co., Ltd.						53,234
	43,000		Iyo Bank Ltd.						399,877
	19,000		Jaccs Co., Ltd.						31,305
	5,700		Jafco Co., Ltd.						126,091
	97,000	S	Japan Asia Investment Co., Ltd.						58,231
	10,000		Japan Securities Finance Co., Ltd.						56,185
	126,000		Joyo Bank Ltd.						499,573
	50,000		Juroku Bank Ltd.						177,259
	16,400		kabu.com Securities Co., Ltd.						76,930
	28,000		Kagoshima Bank Ltd.						180,290
	46,000		Kansai Urban Banking Corp.						72,792
	18,000		Kanto Tsukuba Bank Ltd.						48,817
	10,500		Keihanshin Real Estate Co., Ltd.						46,321
	31,000		Keiyo Bank Ltd.						161,773
	49	@, L	Kenedix, Inc.						8,070
	2,100		Kita-Nippon Bank Ltd.						53,101
	132,000		Kiyo Holdings, Inc.						179,504
	2,000	S	Kosei Securities Co., Ltd.						1,978
	9,200		Kyokuto Securities Co., Ltd.						76,754
	114	S	Land Business Co., Ltd.						20,285
	23,000		Leopalace21 Corp.						71,568
	14,100		Marusan Securities Co., Ltd.						80,653
	18,700		Matsui Securities Co., Ltd.						114,178
	27,000		Michinoku Bank Ltd.						58,806
	22,000		Mie Bank Ltd.						62,692
	15,000		Minato Bank Ltd.						20,579
	11,000		Mito Securities Co., Ltd.						23,217
	250,000		Mitsubishi Estate Co., Ltd.						3,480,418
	2,685,900		Mitsubishi UFJ Financial Group, Inc.						12,195,894
	159,000		Mitsui Fudosan Co., Ltd.						2,213,037
	106,611		Mitsui Sumitomo Insurance Group Holdings, Inc.						2,281,831
	197,000		Mitsui Trust Holdings, Inc.						694,713
	18,000		Miyazaki Bank Ltd.						50,900
	3,090,700	S, L	Mizuho Financial Group, Inc.						5,071,254
	55,000		Mizuho Investors Securities Co., Ltd.						52,086
	275,000		Mizuho Trust & Banking Co., Ltd.						236,477
	140		Monex Beans Holdings, Inc.						57,402
	2,500		Musashino Bank Ltd.						71,782
	23,000		Nagano Bank Ltd.						44,019
	36,000		Nanto Bank Ltd.						185,234
	91,700	@, S	NIS Group Co., Ltd.						19,564
	105,000		Nishi-Nippon City Bank Ltd.						300,708
	6,500		Nisshin Fudosan Co						41,762
	279,600	@	NKSJ Holdings, Inc.						1,672,888
	711,000		Nomura Holdings, Inc.						3,884,537
	16,000		Nomura Real Estate Holdings, Inc.						200,243
	234		NTT Urban Development Corp.						185,899
	23,000		Ogaki Kyoritsu Bank Ltd.						70,550
	24,000		Oita Bank Ltd.						81,278
	32,000		Okasan Securities Group, Inc.						124,346
	18,680		ORIX Corp.						1,353,269
	15,700		Osaka Securities Finance Co., Ltd.						31,088
	4,800		Pocket Card Co., Ltd.						13,036
	13,600		Promise Co., Ltd.						91,626
	103,100		Resona Holdings, Inc.						1,258,232
	1,100		Ricoh Leasing Co., Ltd.						25,143
	56	L	Risa Partners, Inc.						23,393
	22,000		San-In Godo Bank Ltd.						169,171
	8,200		Sankei Building Co., Ltd.						42,043
	34,900		Sapporo Hokuyo Holdings, Inc.						153,942
	26		Secured Capital Japan Co., Ltd.						21,010
	138,250	L	Senshu Ikeda Holdings, Inc.						201,318
	34,000		Shiga Bank Ltd.						197,483
	27,000		Shikoku Bank Ltd.						87,333
	1,800		Shimizu Bank Ltd.						72,773
	97,000		Shinko Securities Co., Ltd.						216,263
	201,000	S, L	Shinsei Bank Ltd.						169,921
	110,000		Shizuoka Bank Ltd.						958,657
	8,500		Shoei Co., Ltd./Chiyoda-ku						56,935
	3,482		Softbank Investment Corp.						432,571
	128		Sony Financial Holdings, Inc.						426,977
	270,400		Sumitomo Mitsui Financial Group, Inc.						7,652,959
	2,060		Sumitomo Real Estate Sales						93,222
	87,000		Sumitomo Realty & Development Co., Ltd.						1,478,298
	320,000		Sumitomo Trust & Banking Co., Ltd.						1,629,173
	113	@	Sun Frontier Fudousan Co., Ltd.						13,778
	991	@	Suncity Co., Ltd.						37,548
	40,000		Suruga Bank Ltd.						363,035
	65,000		T&D Holdings, Inc.						1,389,855
	3,700		Takara Leben Co., Ltd.						15,092
	14,630	L	Takefuji Corp.						42,808
	19,400		TOC Co., Ltd.						77,282
	19,000		Tochigi Bank Ltd.						82,251
	31,000		Toho Bank Ltd.						101,266
	33,000		Tohoku Bank Ltd.						51,589
	45,000		Tokai Tokyo Financial Holdings						176,843
	145,100		Tokio Marine Holdings, Inc.						3,814,657
	11,000		Tokyo Rakutenchi Co., Ltd.						42,102
	56,000	L	Tokyo Tatemono Co., Ltd.						172,575
	4,900		Tokyo Tatemono Real Estate Sales Co., Ltd.						14,610
	32,000		Tokyo Theatres Co., Inc.						44,665
	5,200		Tokyo Tomin Bank Ltd.						59,075
	65,000		Tokyu Land Corp.						227,218
	4,500		Tokyu Livable, Inc.						44,871
	25,000		Tomato Bank Ltd.						51,318
	19,500	@	TOMONY Holdings, Inc.						60,872
	20,000		Tottori Bank Ltd.						54,980
	96,000S		Towa Bank Ltd.						78,438
	19,000		Toyo Securities Co., Ltd.						31,221
	2,700		Yachiyo Bank Ltd.						54,712
	21,000		Yamagata Bank Ltd.						99,116
	27,000		Yamaguchi Financial Group, Inc.						258,041
	22,000		Yamanashi Chuo Bank Ltd.						89,847
									75,916,331
			Health Care:			5.3	%
	8,300		Alfresa Holdings Corp.						401,149
	3,400		Aloka Co., Ltd.						26,129
	3,500		As One Corp.						59,947
	15,000		ASKA Pharmaceutical Co., Ltd.						104,765
	82,500		Astellas Pharma, Inc.						2,764,221
	2,800		BML, Inc.						63,316
	41,200		Chugai Pharmaceutical Co., Ltd.						733,347
	200		CMIC Co., Ltd.						53,227
	1,200		Create Medic Co., Ltd.						11,642
	114,300		Daiichi Sankyo Co., Ltd.						2,042,071
	26,100		Dainippon Sumitomo Pharma Co., Ltd.						199,846
	900		Eiken Chemical Co., Ltd.						8,222
	46,400	L	Eisai Co., Ltd.						1,539,593
	6		EPS Co., Ltd.						15,170
	4,000		Falco Biosystems Ltd.						40,591
	2,000		Fuso Pharmaceutical Industries Ltd.						6,448
	10,000		Hisamitsu Pharmaceutical Co., Inc.						396,656
	4,000		Hitachi Medical Corp.						31,292
	1,800		Hogy Medical Co., Ltd.						87,405
	510	@	I’rom Holdings Co., Ltd.						13,376
	3,900		Japan Medical Dynamic Marketing, Inc.						10,177
	20,000		Jeol Ltd.						68,926
	10,000		Kaken Pharmaceutical Co., Ltd.						99,347
	4,900		Kissei Pharmaceutical Co., Ltd.						103,094
	10,000		Kyorin Co., Ltd.						144,459
	47,000		Kyowa Hakko Kogyo Co., Ltd.						445,736
	41,200		Mediceo Paltac Holdings Co., Ltd.						489,343
	8,500		Miraca Holdings, Inc.						254,422
	10,000		Mochida Pharmaceutical Co., Ltd.						95,325
	4,900		Nagaileben Co., Ltd.						118,578
	8,200		Nichii Gakkan Co.						73,694
	8,000		Nihon Kohden Corp.						148,599
	13,000		Nikkiso Co., Ltd.						103,431
	16,000		Nippon Chemiphar Co., Ltd.						53,622
	5,000		Nippon Shinyaku Co., Ltd.						56,861
	5,000		Nipro Corp.						95,286
	5,900		Nissui Pharmaceutical Co., Ltd.						45,321
	42,100		Olympus Corp.						997,305
	18,800		Ono Pharmaceutical Co., Ltd.						762,112
	3,600		Paramount Bed Co., Ltd.						82,180
	17,000		Rohto Pharmaceutical Co., Ltd.						207,958
	10,500		Santen Pharmaceutical Co., Ltd.						378,330
	2,500		Sawai Pharmaceutical Co., Ltd.						239,211
	7,000		Seikagaku Corp.						71,421
	4,500		Shin Nippon Biomedical Laboratories Ltd.						18,358
	55,000		Shionogi & Co., Ltd.						1,140,245
	100		SHIP HEALTHCARE HOLDINGS, Inc.						71,097
	20		So-net M3, Inc.						80,395
	13,300		Suzuken Co., Ltd.						445,186
	5,100		Sysmex Corp.						289,649
	32,000		Taisho Pharmaceutical Co., Ltd.						631,263
	139,700		Takeda Pharmaceutical Co., Ltd.						6,000,486
	40,000		Tanabe Seiyaku Co., Ltd.						609,444
	27,800		Terumo Corp.						1,331,332
	11,400		Toho Pharmaceutical Co., Ltd.						180,690
	4,000		Torii Pharmaceutical Co., Ltd.						62,679
	1,200		Towa Pharmaceutical Co., Ltd.						78,046
	11,000		Tsumura & Co.						336,801
	8,900		VITAL KSK HOLDINGS, Inc.						50,024
	6,000		Wakamoto Pharmaceutical Co., Ltd.						20,390
	4,000		ZERIA Pharmaceutical Co., Ltd.						42,278
									25,131,514
			Industrials:			19.4	%
	6,000	@	A&A Material Corp.						4,530
	6,600		Advan Co., Ltd.						43,241
	20,000	@	Advanex, Inc.						24,012
	5,300		Aeon Delight Co., Ltd.						103,165
	11,000		Aica Kogyo Co., Ltd.						116,475
	11,900		Aichi Corp.						47,960
	5,100		Aida Engineering Ltd.						21,002
	1,400		Airtech Japan Ltd.						7,127
	511,000		All Nippon Airways Co., Ltd.						1,619,777
	60,000		Amada Co., Ltd.						394,395
	12,000		Amano Corp.						96,334
	9,000		Anest Iwata Corp.						30,996
	37,000	@, S	Arrk Corp.						36,432
	2,900		Art Corp.						44,788
	3,000		Asahi Diamond Industrial Co. Ltd						46,200
	174,000		Asahi Glass Co., Ltd.						1,633,831
	8,000		Asahi Holdings, Inc.						174,149
	3,600		Asahi Kogyosha Co. Ltd						14,044
	25,000	@, S	Asanuma Corp.						15,317
	1,500		Asunaro Aoki Construction Co., Ltd.						6,426
	4,000		Bando Chemical Industries Ltd.						12,667
	13,000		Bunka Shutter Co., Ltd.						37,383
	32,000		Central Glass Co., Ltd.						126,091
	308		Central Japan Railway Co.						2,543,109
	1,100		Central Security Patrols Co., Ltd.						9,927
	31,000		Chiyoda Corp.						225,123
	4,700		Chiyoda Integre Co., Ltd.						57,852
	5,600		Chudenko Corp.						65,031
	21,000		Chugai Ro Co., Ltd.						54,013
	6,800		CKD Corp.						50,690
	6,000		Commuture Corp.						36,181
	13,000		COMSYS Holdings Corp.						116,352
	6,600		Cosel Co., Ltd.						100,820
	8,100		CTI Engineering Co., Ltd.						36,337
	112,000	S	Dai Nippon Printing Co., Ltd.						1,292,628
	10,000		Dai-Dan Co., Ltd.						50,924
	14,000		Daido Kogyo Co., Ltd.						23,931
	10,000		Daifuku Co., Ltd.						61,377
	13,000		Daihen Corp.						52,845
	16,000	S	Daiho Corp.						12,138
	22,000	@	Daiichi Chuo KK						58,202
	6,000		Daiichi Jitsugyo Co., Ltd.						18,617
	41,900		Daikin Industries Ltd.						1,277,544
	900		Daiohs Corp.						4,855
	1,800		Daiseki Co., Ltd.						37,448
	7,000	@, S	Daisue Construction Co., Ltd.						2,581
	35,000	S	Danto Holdings Corp.						37,138
	2,500		Denyo Co., Ltd.						17,009
	2,000		Dijet Industrial Co., Ltd.						2,815
	42		Dream Incubator, Inc.						25,676
	10,600		Duskin Co., Ltd.						182,064
	67,000		East Japan Railway Co.						4,461,233
	74,000		Ebara Corp.						314,513
	35,000	@, S	Enshu Ltd.						42,008
	37,200		Fanuc Ltd.						4,200,720
	48,600	S	Fudo Tetra Corp.						28,242
	74,000		Fuji Electric Holdings Co., Ltd.						213,071
	51,000		Fujikura Ltd.						222,159
	17,000		Fujitec Co., Ltd.						87,215
	1,300		Fukushima Industries Corp.						10,227
	33,000		Fukuyama Transporting Co., Ltd.						152,534
	363	@	FULLCAST Holdings Co., Ltd.						17,767
	8,200		Funai Consulting Co., Ltd.						46,686
	19,000		Furukawa Co., Ltd.						19,469
	110,000		Furukawa Electric Co., Ltd.						479,916
	4,000		Futaba Corp.						66,771
	1,200		Gakujo Co., Ltd.						4,158
	10,300		Glory Ltd.						224,775
	68,000	L	GS Yuasa Corp.						444,976
	3,000		Haltec Corp.						3,958
	400		Hamakyorex Co., Ltd.						9,647
	244,000		Hankyu Hanshin Holdings, Inc.						1,076,749
	26,000		Hanwa Co., Ltd.						103,215
	51,400	S	Hazama Corp.						42,578
	3,000		Helios Techno Holdings Co., Ltd.						8,965
	10,500		Hibiya Engineering Ltd.						89,092
	40,000		Hino Motors Ltd.						197,223
	3,700		Hirakawa Hewtech Corp.						30,395

6,000		Hisaka Works Ltd.	60,658
17,000		Hitachi Cable Ltd.	44,893
18,100	L	Hitachi Construction Machinery Co., Ltd.	333,245
1,200		Hitachi Tool Engineering Ltd.	13,490
6,900		Hitachi Transport System Ltd.	100,684
163,000	L	Hitachi Zosen Corp.	218,973
6,900		Hoshizaki Electric Co., Ltd.	119,895
15,000		Hosokawa Micron Corp.	54,107
42,000	S	Howa Machinery Ltd.	41,750
13,500		Ichinen Holdings Co., Ltd.	56,849
1,900		Idec Corp.	15,932
18,000		Iino Kaiun Kaisha Ltd.	90,401
4,900		Inaba Denki Sangyo Co., Ltd.	114,607
3,800		Inaba Seisakusho Co., Ltd.	40,756
7,200		Inabata & Co., Ltd.	32,522
5,200		Inui Steamship Co., Ltd.	32,315
42,000	@, L	Iseki & Co., Ltd.	102,405
5,000		Ishii Iron Works Co., Ltd.	8,377
5,000	@, S	Ishikawa Seisakusho Ltd.	4,336
263,000		Ishikawajima - Harima Heavy Industries Co., Ltd.	418,517
248,500		Itochu Corp.	1,942,640
1,600		Itoki Corp.	4,978
7,000		Iwasaki Electric Co., Ltd.	12,080
35,000		Iwatani International Corp.	96,508
800		Jalux, Inc.	5,596
8,600		Japan Airport Terminal Co., Ltd.	126,794
19,000		Japan Pulp & Paper Co., Ltd.	65,146
58,000		Japan Steel Works Ltd.	509,815
17,000		Japan Transcity Corp.	51,216
28,000		JFE Shoji Holdings, Inc.	109,214
38,000		JGC Corp.	576,621
8,800		JK Holdings Co., Ltd.	29,706
50,350		JS Group Corp.	961,071
54,000	@, L	Juki Corp.	105,090
190,000		Kajima Corp.	430,749
43,000		Kamigumi Co., Ltd.	329,949
6,000		Kanaden Corp.	30,096
7,000		Kanagawa Chuo Kotsu Co., Ltd.	38,001
5,000		Kandenko Co., Ltd.	29,589
57,000	@, S	Kanematsu Corp.	45,155
18,800	@	Kanematsu-NNK Corp.	25,902
1,200		Katakura Industries Co., Ltd.	11,839
31,000		Kato Works Co., Ltd.	60,023
2,800		Kawada Technologies, Inc.	42,771
284,000		Kawasaki Heavy Industries Ltd.	688,584
91,000		Kawasaki Kisen Kaisha Ltd.	370,036
79,000		Keihan Electric Railway Co., Ltd.	328,828
97,000		Keihin Electric Express Railway Co., Ltd.	857,285
98,000		Keio Corp.	632,729
55,000		Keisei Electric Railway Co., Ltd.	307,503
5,700		Kimura Chemical Plants Co., Ltd.	38,629
600		Kimura Unity Co., Ltd.	4,686
24,000		Kinden Corp.	204,370
5,500		King Jim Co., Ltd.	43,027
8,000		Kinki Sharyo Co., Ltd.	33,417
326,000	L	Kintetsu Corp.	994,753
3,500		Kintetsu World Express, Inc.	87,633
12,000	@	Kitagawa Iron Works Co., Ltd.	20,600
15,000		Kitano Construction Corp.	34,813
7,500		Kitazawa Sangyo Co., Ltd.	15,496
19,000		Kitz Corp.	89,971
15,700		Kokuyo Co., Ltd.	129,298
5,000		Komai Tekko, Inc.	10,504
168,100		Komatsu Ltd.	3,026,831
3,200		Komatsu Wall Industry Co., Ltd.	32,376
2,900		Komori Corp.	27,884
13,100	@	Kosaido Co., Ltd.	21,577
33,900		Koyo Seiko Co., Ltd.	313,513
2,400		KRS Corp.	22,897
156,000		Kubota Corp.	1,196,568
37,000	@, S	Kumagai Gumi Co., Ltd.	24,285
20,800		Kurita Water Industries Ltd.	568,380
2,100		Kuroda Electric Co., Ltd.	27,284
3,000	S	Kyodo Printing Co., Ltd.	7,257
2,000		Kyoei Sangyo Co., Ltd./Tokyo	3,830
15,100		Kyowa Exeo Corp.	133,127
6,000		Kyudenko Corp.	33,135
5,400		Mabuchi Motor Co., Ltd.	246,557
19,000		Maeda Corp.	49,448
11,000		Maeda Road Construction Co., Ltd.	89,729
5,700	@	Maezawa Industries, Inc.	10,416
5,000		Maezawa Kasei Industries Co., Ltd.	47,362
3,000		Maezawa Kyuso Industries Co., Ltd.	36,150
21,000	@	Makino Milling Machine Co.	133,117
23,500		Makita Corp.	628,860
4,000	S	Marubeni Construction Material Lease Co., Ltd.	4,667
294,000		Marubeni Corp.	1,507,162
3,600		Maruwn Corp.	8,798
14,000		Maruyama Manufacturing Co., Inc.	26,673
27,000		Maruzen Showa Unyu Co., Ltd.	85,552
2,300		Matsuda Sangyo Co., Ltd.	37,135
6,000		Matsui Construction Co., Ltd.	22,640
2,000		Max Co., Ltd.	22,470
30,000	L	Meidensha Corp.	102,419
5,700		Meiji Shipping Co., Ltd.	24,557
3,600		Meitec Corp.	64,870
3,900		Meito Transportation Co., Ltd.	34,440
5,100	@	Meiwa Corp.	11,930
54,000		Minebea Co., Ltd.	299,141
8,900		MISUMI Group, Inc.	164,354
284,400		Mitsubishi Corp.	5,883,793
336,000		Mitsubishi Electric Corp.	2,622,452
610,000		Mitsubishi Heavy Industries Ltd.	2,104,343
26,000		Mitsubishi Kakoki Kaisha Ltd.	53,438
26,000		Mitsubishi Logistics Corp.	289,755
5,000		Mitsubishi Pencil Co., Ltd.	68,359
13,000		Mitsuboshi Belting Co., Ltd.	56,686
307,000		Mitsui & Co., Ltd.	3,581,397
148,000	L	Mitsui Engineering & Shipbuilding Co., Ltd.	298,929
39,000		Mitsui Matsushima Co., Ltd.	62,818
175,000		Mitsui OSK Lines Ltd.	1,157,041
5,000		Mitsui-Soko Co., Ltd.	18,117
18,000		Mitsumura Printing Co., Ltd.	61,976
5,800		Miura Co., Ltd.	131,593
2,300		Miyachi Corp.	16,563
5,000	@, S	Miyaji Engineering Group, Inc.	4,458
3,100	@	Miyakoshi Corp.	14,132
14,200	L	Mori Seiki Co., Ltd.	142,856
2,000		Morita Holdings Corp.	10,816
5,150		Moshi Moshi Hotline, Inc.	113,028
15,000		Nabtesco Corp.	231,220
5,100		NAC Co., Ltd.	52,741
40,000		Nachi-Fujikoshi Corp.	111,420
19,000		Nagase & Co., Ltd.	197,572
123,000		Nagoya Railroad Co., Ltd.	353,697
5,000		Nakano Corp.	11,677
73,000	L	Nankai Electric Railway Co., Ltd.	297,962
5,800		NEC Networks & System Integration Corp.	72,134
45,000		NGK Insulators Ltd.	700,877
22,000		Nichias Corp.	87,991
2,000		Nichiden Corp.	58,629
6,600		Nichiha Corp.	59,387
12,000		Nichireki Co., Ltd.	54,204
17,200		Nidec Corp.	1,439,935
14		Nihon M&A Center, Inc.	43,145
16,000		Nihon Spindle Manufacturing Co., Ltd.	35,412
1,550		Nihon Trim Co., Ltd.	31,946
14,000		Nippo Corp.	104,142
23,000		Nippon Carbon Co., Ltd.	64,359
53,300	S	Nippon Conveyor Co., Ltd.	56,292
10,000		Nippon Densetsu Kogyo Co., Ltd.	95,840
153,000		Nippon Express Co., Ltd.	689,429
2,700		Nippon Filcon Co., Ltd./Tokyo	13,222
3,300		Nippon Kanzai Co., Ltd.	54,098
11,000		Nippon Konpo Unyu Soko Co., Ltd.	127,755
3,600		Nippon Kucho Service Co., Ltd.	28,766
2,000		Nippon Road Co., Ltd.	4,212
6,000		Nippon Seisen Co., Ltd.	28,614
8,000		Nippon Sharyo Ltd.	32,366
104,000		Nippon Sheet Glass Co., Ltd.	254,428
10,000		Nippon Thompson Co., Ltd.	67,758
263,880		Nippon Yusen KK	961,650
18,000		Nippon Yusoki Co., Ltd.	42,731
80,000	S	Nishimatsu Construction Co., Ltd.	94,287
48,000		Nishi-Nippon Railroad Co., Ltd.	193,851
17,300	@	Nissei Plastic Industrial Co., Ltd.	51,814
6,100	L	Nissha Printing Co., Ltd.	162,980
20,000		Nissin Corp.	45,275
6,000		Nissin Electric Co., Ltd.	27,709
4,500		Nitta Corp.	72,043
38,000		Nitto Boseki Co., Ltd.	83,588
4,800		Nitto Kogyo Corp.	44,518
800		Nitto Kohki Co., Ltd.	17,547
9,000		Nitto Seiko Co., Ltd.	28,338
17,000		Nomura Co., Ltd.	57,765
4,000		Noritake Co., Ltd.	13,461
5,800		Noritz Corp.	95,208
71,000		NSK Ltd.	493,104
81,000		NTN Corp.	331,588
5,500		Obara Corp.	63,030
112,000		Obayashi Corp.	444,024
3,000		Obayashi Road Corp.	6,191
113,000		Odakyu Electric Railway Co., Ltd.	970,021
2,500		Oiles Corp.	36,943
14,000		Okamura Corp.	80,678
32,000	@	OKK Corp.	54,590
26,000	@	Okuma Corp.	158,398
38,000		Okumura Corp.	139,017
15,000		O-M Ltd.	43,607
1,800		Onoken Co., Ltd.	15,728
6,000		Organo Corp.	36,886
12,000		OSG Corp.	128,333
6,300		Oyo Corp.	51,868
63,000		Panasonic Electric Works Co. Ltd	619,252
13,000		Park24 Co., Ltd.	139,444
15,000		Pasco Corp.	32,556
77		Pasona Group, Inc.	49,728
5,100	@	Pegasus Sewing Machine Manufacturing Co., Ltd.	15,065
29,500	S	Penta-Ocean Construction Co., Ltd.	36,528
78		Pilot Corp.	125,211
5,300		Pronexus, Inc.	27,689
5,900	@	PS Mitsubishi Construction Co., Ltd.	18,245
5,700		Raito Kogyo Co., Ltd.	11,930
24,000	@, S	Rasa Industries Ltd.	22,200
3,200		Rheon Automatic Machinery Co., Ltd.	8,608
13,000	@	Ryobi Ltd.	43,791
17,000		Sakai Heavy Industries Ltd.	24,137
1,900		Sakai Moving Service Co., Ltd.	38,755
37,000	@, S	Sakurada Co., Ltd.	9,120
24,200	@	Sanix, Inc.	37,783
2,000		Sanki Engineering Co., Ltd.	14,834
11,000		Sanko Metal Industrial Co., Ltd.	21,966
43,000		Sankyu, Inc.	171,606
37,000		Sanwa Shutter Corp.	111,565
6,000		Sanyo Industries Ltd.	8,260
37,000		Sasebo Heavy Industries Co., Ltd.	68,746
18,000	@, S	Sata Construction Co., Ltd.	7,049
1,500		Sato Corp.	17,996
2,600		Sato Shoji Corp.	14,977
1,000		Sawafuji Electric Co., Ltd.	2,244
37,500		Secom Co., Ltd.	1,665,228
3,000		Seibu Electric Industry Co., Ltd.	10,920
10,000		Seika Corp.	20,760
84,000	@, S	Seikitokyu Kogyo Co., Ltd.	48,400
19,000		Seino Holdings Co., Ltd.	130,750
2,000		Sekisui Jushi Corp.	17,980
19,000		Senko Co., Ltd.	58,218
24,000		Shibusawa Warehouse Co., Ltd.	82,819
8,100		Shibuya Kogyo Co., Ltd.	66,745
2,100		Shima Seiki Manufacturing Ltd.	52,230
128,000		Shimizu Corp.	437,457
11,000		Shin-Keisei Electric Railway Co., Ltd.	43,831
5,000		Shin-Kobe Electric Machinery Co., Ltd.	38,664
5,000		Shinmaywa Industries Ltd.	18,263
25,800		Shinnihon Corp.	65,225
31,000		Shinsho Corp.	60,855
3,500		Shinwa Co., Ltd./Nagoya	39,704
23,000		Shinwa Kaiun Kaisha Ltd.	59,605
4,500		SHO-BOND Holdings Co., Ltd.	90,342
26,000		Sinfonia Technology Co.	52,481
3,100		Sintokogio Ltd.	23,433
11,300		SMC Corp.	1,511,621
4,000		Soda Nikka Co., Ltd.	14,589
16,100		Sohgo Security Services Co., Ltd.	163,084
248,400		Sojitz Corp.	388,208
52,000		Sotetsu Holdings, Inc.	230,845
10,000		Subaru Enterprise Co., Ltd.	28,884
3,800		Sugimoto & Co., Ltd.	32,267
13,000		Sumikin Bussan Corp.	27,866
28,800	@, S	Sumiseki Holdings, Inc.	25,640
196,200		Sumitomo Corp.	1,959,451
2,600		Sumitomo Densetsu Co., Ltd.	11,141
121,700		Sumitomo Electric Industries Ltd.	1,418,283

82,000		Sumitomo Heavy Industries	481,139
26,000	@, S	Sumitomo Mitsui Construction Co., Ltd.	19,799
28,000		Sumitomo Warehouse Co., Ltd.	130,207
32,000	@, S	SWCC Showa Holdings Co., Ltd.	28,863
19,000		Tadano Ltd.	93,053
1,000		Taihei Dengyo Kaisha Ltd.	7,195
17,000		Taihei Kogyo Co., Ltd.	54,636
39,000		Taiheiyo Kouhatsu, Inc.	32,546
2,200		Taikisha Ltd.	34,529
183,500		Taisei Corp.	367,005
1,400		Takano Co., Ltd.	7,629
13,000		Takaoka Electric Manufacturing Co., Ltd.	42,211
5,500		Takara Printing Co., Ltd.	41,697
18,000		Takara Standard Co., Ltd.	112,318
6,800		Takasago Thermal Engineering Co., Ltd.	57,393
18,000		Takashima & Co., Ltd.	25,730
12,000	@	Takuma Co., Ltd.	28,230
1,100		Tanaka Co., Ltd./Tokyo	4,245
3,000	@	Tanseisha Co., Ltd.	6,149
2,600		Teikoku Electric Manufacturing Co., Ltd.	46,999
12,000	@, S	Tekken Corp.	9,925
6,400	L	Temp Holdings Co., Ltd.	56,886
24,000		THK Co., Ltd.	496,536
13,000		Toa Corp.	12,618
7,000	S	TOA Road Corp.	10,249
48,500	@, S	Tobishima Corp.	12,999
152,000		Tobu Railway Co., Ltd.	818,705
4,300		Tocalo Co., Ltd.	77,663
37,000		Toda Corp.	119,017
5,000		Todentsu Corp.	9,360
11,000		Toenec Corp.	62,230
2,000		Tokyo Energy & Systems, Inc.	13,122
12,000		TOKYO KEIKI INC	15,978
900		Tokyu Community Corp.	23,939
18,240		Tokyu Construction Co., Ltd.	47,676
198,000		Tokyu Corp.	805,899
19,000		Toli Corp.	32,492
12,800		Tomoe Corp.	25,472
17,000		Tonami Holdings Co., Ltd.	33,817
7,100		Toppan Forms Co., Ltd.	68,065
105,000		Toppan Printing Co., Ltd.	830,295
4,000		Torishima Pump Manufacturing Co., Ltd.	61,815
24,000		Toshiba Machine Co., Ltd.	96,816
1,000		Toshiba Plant Systems & Services Corp.	12,483
19,000		Tosho Printing Co., Ltd.	33,928
10,000		Totetsu Kogyo Co., Ltd.	61,581
53,000		Toto Ltd.	352,052
21,500	@, S	Totoku Electric Co., Ltd.	24,593
71,000	S	Toyo Construction Co., Ltd.	32,464
8,000		Toyo Electric Manufacturing Co., Ltd.	34,579
26,000		Toyo Engineering Corp.	75,102
4,000		Toyo Logistics Co., Ltd.	8,367
1,300		Toyo Machinery & Metal Co., Ltd.	3,031
1,800		Toyo Tanso Co., Ltd.	79,355
8,000		Toyo Wharf & Warehouse Co., Ltd.	13,645
34,400		Toyota Tsusho Corp.	490,325
6,800		Trusco Nakayama Corp.	105,198
19,000		Tsubakimoto Chain Co.	76,440
16,000		Tsubakimoto Kogyo Co., Ltd.	38,417
17,000	@, L	Tsudakoma Corp.	27,365
9,000	L	Tsugami Corp.	61,979
4,000		Tsukishima Kikai Co., Ltd.	27,994
8,000		Tsurumi Manufacturing Co., Ltd.	52,992
17,000		Uchida Yoko Co., Ltd.	53,438
8,100	S	Ueki Corp.	10,258
2,500		Union Tool Co.	63,374
17,900		Ushio, Inc.	275,762
8,500		Utoc Corp.	22,229
128,900	@, S	Venture Link Co., Ltd.	17,542
60,000	@, S	Wakachiku Construction Co., Ltd.	32,708
3,400		Weathernews, Inc.	47,452
309		West Japan Railway Co.	1,129,972
10,000		Yahagi Construction Co., Ltd.	60,285
5,700		YAMABIKO Corp.	55,598
11,000		Yamato Corp.	37,093
72,900		Yamato Holdings Co., Ltd.	964,869
10,000		Yamazen Corp.	44,794
7,100		Yasuda Warehouse Co., Ltd.	41,908
8,000		Yondenko Corp.	34,704
30,000	S	Yuasa Trading Co., Ltd.	27,778
8,000		Yuken Kogyo Co., Ltd.	17,378

	4,000			Yurtec Corp.						17,024
	3,000			Yusen Air & Sea Service Co., Ltd.						46,510
	2,700			Yushin Precision Equipment Co., Ltd.						48,380
										93,062,363
				Information Technology:			12.4	%
	6,800			A&D Co. Ltd						33,188
	26,100			Advantest Corp.						545,431
	1,900			Agrex, Inc.						16,545
	14,400			Ai Holdings Corp.						47,892
	3,000			Aichi Tokei Denki Co. Ltd						8,940
	3,500			Aiphone Co., Ltd.						59,684
	2,900			Alpha Systems, Inc.						55,079
	34,300	@		Alps Electric Co., Ltd.						293,675
	700			Argo Graphics, Inc.						7,602
	2,700			Arisawa Manufacturing Co., Ltd.						17,357
	6,000			Asahi Net, Inc.						18,743
	45,000			Brother Industries Ltd.						467,157
	7,500			CAC Corp.						53,827
	1,500			Canon Electronics, Inc.						33,906
	225,966			Canon, Inc.						8,421,629
	8,600			Capcom Co., Ltd.						138,677
	50,200			Citizen Watch Co., Ltd.						306,667
	5,900			CMK Corp.						27,408
	2,100			Computer Engineering & Consulting Ltd.						10,507
	5,900			Computer Institute of Japan Ltd.						18,967
	6,000			Cresco Ltd.						28,680
	10,500	@		CSK Corp.						43,688
	118			Cybernet Systems Co., Ltd.						37,588
	72	L		Cybozu, Inc.						24,909
	40,000	@		Dainippon Screen Manufacturing Co., Ltd.						181,913
	2,600			Daito Electron Co., Ltd.						13,231
	4,000			Denki Kogyo Co., Ltd.						17,169
	3,500			Disco Corp.						221,424
	27			Dwango Co., Ltd.						43,969
	186			eAccess Ltd.						126,705
	2,100			Eizo Nanao Corp.						45,669
	1,300			Elematec Corp.						15,493
	37,100	@		Elpida Memory, Inc.						569,985
	4,300			Enplas Corp.						88,792
	2,100			ESPEC Corp.						14,773
	3,700			Excel Co., Ltd.						42,291
	411			Faith, Inc.						35,353
	82,700			Fuji Photo Film Co., Ltd.						2,389,986
	900			Fuji Soft, Inc.						14,867
	380,000			Fujitsu Ltd.						2,375,313
	200			Fukui Computer, Inc.						676
	138			Future Architect, Inc.						47,181
	9,600			GMO internet, Inc.						37,097
	22			GMO Payment Gateway, Inc.						34,671
	9			Gourmet Navigator, Inc.						11,322
	10,900			Hamamatsu Photonics KK						302,802
	2,600			Hioki EE Corp.						49,253
	5,800			Hirose Electric Co., Ltd.						531,184
	1,000			Hitachi Business Solution Co., Ltd.						7,897
	13,000			Hitachi High-Technologies Corp.						238,822
	10,000			Hitachi Kokusai Electric, Inc.						79,692
	841,146			Hitachi Ltd.						3,055,300
	10,000			Hochiki Corp.						52,025
	32,000			Hokuriku Electric Industry Co., Ltd.						59,324
	6,500			Horiba Ltd.						173,862
	8,900			Hosiden Corp.						94,115
	82,700			Hoya Corp.						1,759,664
	25,400			Ibiden Co., Ltd.						684,240
	3,500			Icom, Inc.						79,648
	38,000	@, S		Ikegami Tsushinki Co., Ltd.						29,263
	7,900			Ines Corp.						53,017
	1,600			I-Net Corp.						8,430
	7,200			Information Services International-Dentsu Ltd.						46,106
	33			Internet Initiative Japan, Inc.						97,225
	12,100			IT Holdings Corp.						143,598
	14,000			Itfor, Inc.						45,998
	2,100			Itochu Techno-Solutions Corp.						76,741
	35,000	@, S		Iwatsu Electric Co., Ltd.						29,322
	12,000			Japan Aviation Electronics Industry Ltd.						75,458
	9,600			Japan Cash Machine Co., Ltd.						84,756
	3,000			Japan Digital Laboratory Co.						33,151
	5,000			Japan Radio Co., Ltd.						11,265
	8,500			Jastec Co., Ltd.						49,615
	8,100			JBCC Holdings, Inc.						46,496
	9,000			JBIS Holdings, Inc.						36,948
	1,300			Kaga Electronics Co., Ltd.						13,022
	10			Kakaku.com, Inc.						41,312
	7,300			Keyence Corp.						1,688,069
	14,900			Konami Corp.						229,798
	84,500			Konica Minolta Holdings, Inc.						812,913
	30,700			Kyocera Corp.						2,485,360
	900			Macnica, Inc.						17,107
	14			Macromill, Inc.						20,873
	5,900			Marubun Corp.						32,134
	900			Maruwa Co., Ltd./Aichi						20,134
	5,400			Maspro Denkoh Corp.						47,627
	5,200			Megachips Corp.						77,189
	3,200			Melco Holdings, Inc.						101,239
	4,300			Mimasu Semiconductor Industry Co., Ltd.						50,149
	4,500	@		Mitsui High-Tec, Inc.						30,498
	11,800			Mitsumi Electric Co., Ltd.						200,179
	900	@		Moritex Corp.						2,699
	40,500			Murata Manufacturing Co., Ltd.						1,931,368
	15,200@			Mutoh Holdings Co., Ltd.						22,342
	5,300			Nagano Keiki Co., Ltd.						37,052
	466,000			NEC Corp.						1,209,674
	9,000	@		NEC Electronics Corp.						77,261
	1,900			NEC Fielding Ltd.						50,437
	80			Net One systems Co., Ltd.						103,244
	11,000			New Japan Radio Co., Ltd.						30,924
	6,700		��	Nichicon Corp.						81,313
	9,600			Nidec Copal Electronics Corp.						75,769
	6,000			Nidec Sankyo Corp.						45,164
	3,300			Nihon Dempa Kogyo Co., Ltd.						58,763
	14,200	@		Nihon Inter Electronics Corp.						19,669
	4,900			Nihon Unisys Ltd.						35,495
	20,400			Nintendo Co., Ltd.						5,989,628
	4,200			Nippon Ceramic Co., Ltd.						58,800
	21,000	@		Nippon Chemi-Con Corp.						91,388
	65,000			Nippon Electric Glass Co., Ltd.						744,545
	900			Nippon Systemware Co., Ltd.						3,677
	7,000			Nohmi Bosai Ltd.						39,966
	17,300			Nomura Research Institute Ltd.						367,273
	3,600			NSD CO. Ltd.						40,831
	227			NTT Data Corp.						837,900
	1,500			OBIC Business Consultants Ltd.						81,036
	1,170			Obic Co., Ltd.						225,841
	1,100			Oizumi Corp.						2,411
	1,100			Okaya Electric Industries Co., Ltd.						4,118
	144,000	@, S		Oki Electric Industry Ltd.						123,862
	38,100			Omron Corp.						830,558
	1,300			Optex Co., Ltd.						13,557
	5,800			Oracle Corp. Japan						285,014
	2,000			Osaki Electric Co., Ltd.						16,036
	2,700			Otsuka Corp.						172,076
	400			Panasonic Electric Works Information systems Co., Ltd.						9,078
	4,000	@		Pixela Corp.						12,740
	109,000			Ricoh Co., Ltd.						1,389,916
	5,500			Riso Kagaku Corp.						55,936
	18,300			Rohm Co., Ltd.						1,098,900
	4,000			Roland DG Corp.						54,899
	5,700			Ryosan Co., Ltd.						138,576
	7,500			Ryoyo Electro Corp.						76,789
	26,000			Sanken Electric Co., Ltd.						100,565
	1,800			Sanshin Electronics Co., Ltd.						15,126
	8,300			Satori Electric Co., Ltd.						65,646
	8,000			Saxa Holdings, Inc.						13,409
	24,500			Seiko Epson Corp.						316,644
	37,000			Shimadzu Corp.						278,899
	10,000			Shindengen Electric Manufacturing Co., Ltd.						33,614
	2,200			Shinkawa Ltd.						30,989
	9,900			Shinko Electric Industries						128,654
	6,000			Shinko Shoji Co., Ltd.						51,107
	3,300			Siix Corp.						36,580
	68			Simplex Technology, Inc.						49,379
	12,000			SMK Corp.						52,401
	64	@		Softbrain Co., Ltd.						4,301
	31			So-net Entertainment Corp.						74,104
	7,900			Soshin Electric Co., Ltd.						32,994
	114	@		Sourcenext Corp.						34,906
	7,500			Square Enix Co., Ltd.						138,149
	4,100			Star Micronics Co., Ltd.						42,418
	21,500			Sumco Corp.						356,343
	4,800			Sumisho Computer Systems Corp.						66,573
	800	@		Suzuden Corp.						4,430
	53			SystemPro Co., Ltd.						31,295
	8,800			Tachibana Eletech Co., Ltd.						63,531
	15,000			Taiyo Yuden Co., Ltd.						201,438
	10,000			Tamura Corp.						28,573
	500			TDC Software Engineering, Inc.						4,190
	18,300			TDK Corp.						1,001,417
	69,000	@, S		Teac Corp.						33,112
	8,000			TECMO KOEI HOLDINGS CO Ltd.						52,416
	3,700	L		TKC Corp.						65,045
	1,500			Tokyo Denpa Co., Ltd.						9,093
	30,200			Tokyo Electron Ltd.						1,626,789
	7,300			Tokyo Seimitsu Co., Ltd.						100,216
	300			Tomen Devices Corp.						5,241
	4,000			Tomen Electronics Corp.						43,217
	6,500			Topcon Corp.						31,020
	700			Tose Co., Ltd.						4,724
	815,000			Toshiba Corp.						4,037,162
	15,000			Toshiba Tec Corp.						48,444
	1,000			Toukei Computer Co., Ltd.						12,316
	8,900			Towa Corp.						64,481
	7,800			Toyo Corp./Chuo-ku						78,643
	4,600			Trans Cosmos, Inc.						37,935
	14,800			Trend Micro, Inc.						399,965
	3,400			UKC Holdings Corp.						42,866
	6,200			Ulvac, Inc.						120,133
	16,000	@		Uniden Corp.						48,147
	3,300			Unidux, Inc.						26,734
	62	L		Wacom Co., Ltd.						91,488
	2,900			Y.A.C. Co., Ltd.						27,218
	2,120			Yahoo! Japan Corp.						844,979
	13,700			Yamaichi Electronics Co., Ltd.						56,939
	6,500			Yamatake Corp.						151,175
	41,000			Yaskawa Electric Corp.						304,152
	39,000			Yokogawa Electric Corp.						241,407
	7,500			Yokowo Co., Ltd.						44,671
										59,402,374
				Materials:			7.8	%
	13,000			Achilles Corp.						17,885
	9,800			ADEKA Corp.						92,052
	20,000			Aichi Steel Corp.						78,070
	22,000			Air Water, Inc.						240,202
	25,000			Araya Industrial Co., Ltd.						34,685
	226,000			Asahi Kasei Corp.						1,180,704
	32,000			Asahi Organic Chemicals Industry Co. Ltd						73,103
	9,000			Chuetsu Pulp & Paper Co., Ltd.						17,029
	13,000			Chugoku Marine Paints Ltd.						89,402
	20,000	S, L		Chugokukogyo Co., Ltd.						24,811
	5,000			Co-Op Chemical Co., Ltd.						6,893
	35,000			Dai Nippon Toryo Co., Ltd.						35,667
	47,000			Daicel Chemical Industries Ltd.						317,090
	54,000			Daido Steel Co., Ltd.						230,927
	8,000			Dai-Ichi Kogyo Seiyaku Co., Ltd.						20,665
	28,000			Daiken Corp.						66,075
	12,000	@		Daiki Aluminium Industry Co., Ltd.						29,475
	4,000			Dainichiseika Color & Chemicals Manufacturing Co., Ltd.						14,636
	62,000			Dainippon Ink & Chemicals						95,540
	17,000			Daio Paper Corp.						130,338
	24,000			Daiso Co., Ltd.						59,982
	14,400			DC Co., Ltd.						26,542
	83,000			Denki Kagaku Kogyo K K						386,329
	42,000			Dowa Holdings Co., Ltd.						201,224
	2,500			Earth Chemical Co., Ltd.						75,664
	500			Ebara-Udylite Co., Ltd.						8,860
	1,900			FP Corp.						98,907
	5,600			Fuji Seal International, Inc.						122,232
	10,000			Fujikura Kasei Co., Ltd.						57,548
	1,500			Fujimi, Inc.						21,479
	3,000			Fujimori Kogyo Co., Ltd.						38,608
	22,000			Furukawa-Sky Aluminum Corp.						56,883
	40,000			Godo Steel Ltd.						96,425
	23,000			Gun-Ei Chemical Industry Co., Ltd.						54,526
	3,900			Hakudo Co., Ltd.						36,695
	5,000			Harima Chemicals, Inc.						26,067
	17,900			Hitachi Chemical Co., Ltd.						332,549
	21,000			Hitachi Metals Ltd.						212,605
	19,000			Hodogaya Chemical Co., Ltd.						65,184
	27,000			Hokkan Holdings Ltd.						72,331
	27,500			Hokuetsu Kishu Paper Co., Ltd.						137,412
	4,000			Ihara Chemical Industry Co., Ltd.						10,749
	54,000	@, S		Ishihara Sangyo Kaisha Ltd.						40,393
	2,600			Japan Carlit Co., Ltd.						12,178
	81,400			JFE Holdings, Inc.						2,518,272
	6,300			JSP Corp.						59,311
	33,400			JSR Corp.						561,046
	52,000			Kaneka Corp.						301,665
	36,000			Kansai Paint Co., Ltd.						309,020
	6,000			Kanto Denka Kogyo Co., Ltd.						37,616
	4,000			Koatsu Gas Kogyo Co., Ltd.						22,431
	530,000			Kobe Steel Ltd.						1,009,568
	2,000			Kohsoku Corp.						15,612
	4,700			Konishi Co., Ltd.						51,144
	32,000	L		Krosaki Harima Corp.						121,595
	4,000			Kumiai Chemical Industry Co., Ltd.						10,437
	53,000			Kuraray Co., Ltd.						621,774
	25,000			Kureha Corp						120,463
	34,000	@, S		Kurimoto Ltd.						42,161
	3,600			Kyoei Steel Ltd.						58,645
	5,800			Lintec Corp.						104,780
	13,000			Maruichi Steel Tube Ltd.						248,661
	6,600			MEC Co., Ltd./Japan						35,656
	215,000			Mitsubishi Chemical Holdings Corp.						981,354
	62,000			Mitsubishi Gas Chemical Co., Inc.						300,625
	216,520			Mitsubishi Materials Corp.						575,514
	95,000	S		Mitsubishi Paper Mills Ltd.						109,686
	35,000			Mitsubishi Rayon Co., Ltd.						126,389
	19,000			Mitsubishi Steel Manufacturing Co., Ltd.						37,180
	129,000			Mitsui Chemicals, Inc.						360,521
	114,000			Mitsui Mining & Smelting Co., Ltd.						300,850
	17,000			Nakayama Steel Works Ltd.						28,120
	9,000			Neturen Co., Ltd.						67,526
	5,000			Nihon Nohyaku Co., Ltd.						22,026
	8,000			Nihon Parkerizing Co., Ltd.						104,412
	22,000			Nihon Yamamura Glass Co., Ltd.						58,869
	27,000	@		Nippon Carbide Industries Co., Inc.						46,615
	26,000			Nippon Chemical Industrial Co., Ltd.						56,936
	3,000			Nippon Chutetsukan KK						4,599
	32,000			Nippon Coke & Engineering Co. Ltd						44,118
	11,000			Nippon Concrete Industries Co., Ltd.						15,194
	12,000			Nippon Denko Co., Ltd.						72,634
	5,700			Nippon Fine Chemical Co., Ltd.						36,653
	4,000			Nippon Kasei Chemical Co., Ltd.						7,224
	28,000			Nippon Kayaku Co., Ltd.						239,434
	30,000			Nippon Kinzoku Co., Ltd.						48,424
	24,000	S		Nippon Koshuha Steel Co., Ltd.						26,944
	57,000	@		Nippon Light Metal Co., Ltd.						73,831
	40,000			Nippon Metal Industry Co., Ltd.						52,435
	38,000			Nippon Paint Co., Ltd.						230,026
	18,929			Nippon Paper Group, Inc.						523,940
	15,000			Nippon Pillar Packing Co., Ltd.						104,386
	22,000			Nippon Shokubai Co., Ltd.						208,686
	17,000			Nippon Soda Co., Ltd.						55,881
	1,037,000			Nippon Steel Corp.						3,427,742
	12,000			Nippon Synthetic Chemical Industry Co., Ltd.						69,115
	15,000			Nippon Valqua Industries Ltd.						33,542
	22,000			Nippon Yakin Kogyo Co., Ltd.						70,404
	27,000			Nissan Chemical Industries Ltd.						301,725
	156,000			Nisshin Steel Co., Ltd.						248,038
	9,000			Nittetsu Mining Co., Ltd.						30,565
	32,100			Nitto Denko Corp.						1,052,989
	14,000			NOF Corp.						55,472
	3,600			Ohara, Inc.						57,116
	164,000			OJI Paper Co., Ltd.						804,083
	4,400			Okabe Co., Ltd.						17,381
	26,000			Okamoto Industries, Inc.						106,602
	13,000	@		Okura Industrial Co., Ltd.						37,793
	4,700			Osaka Steel Co., Ltd.						64,627
	24,000			Pacific Metals Co., Ltd.						160,887
	3,800			Pack Corp.						66,634
	28,000			Rengo Co., Ltd.						176,690
	5,000			Sakata INX Corp.						21,609
	14,000			Sanyo Chemical Industries Ltd.						90,089
	24,000			Sanyo Special Steel Co., Ltd.						108,186
	4,000			Sekisui Plastics Co., Ltd.						18,661
	6,000			Shinagawa Refractories Co., Ltd.						15,779
	62,400			Shin-Etsu Chemical Co., Ltd.						2,901,300
	8,000			Shin-Etsu Polymer Co., Ltd.						47,300
	239,000			Showa Denko KK						431,647
	4,700			ST Corp.						53,569
	1,400			Stella Chemifa Corp.						45,487
	37,000			Sumitomo Bakelite Co., Ltd.						181,083
	256,000			Sumitomo Chemical Co., Ltd.						990,765
	61,000	@, S		Sumitomo Light Metal Industries Ltd.						62,626
	689,000			Sumitomo Metal Industries Ltd.						1,557,857
	96,000			Sumitomo Metal Mining Co., Ltd.						1,197,605
	72,000			Sumitomo Osaka Cement Co., Ltd.						136,831
	9,300			Sumitomo Pipe & Tube Co., Ltd.						48,768
	13,000			Sumitomo Seika Chemicals Co., Ltd.						47,226
	4,000			Sumitomo Titanium Corp.						153,914
	5,000			T Hasegawa Co., Ltd.						76,765
	182,000	S		Taiheiyo Cement Corp.						229,812
	2,900			Taisei Lamick Co., Ltd.						68,587
	59,000			Taiyo Nippon Sanso Corp.						468,520
	15,000			Takasago International Corp.						64,825
	20,000			Takiron Co., Ltd.						58,949
	17,000			Tayca Corp.						45,442
	149,000			Teijin Ltd.						442,375
	5,300			Tenma Corp.						57,666
	19,000	@		Titan Kogyo KK						42,096
	17,000			Toagosei Co., Ltd.						75,312
	4,000			Toda Kogyo Corp.						28,970
	7,000L			Toho Titanium Co., Ltd.						167,001
	21,000			Toho Zinc Co., Ltd.						73,484
	24,000	@, S		Tohpe Corp.						23,118
	36,000			Tokai Carbon Co., Ltd.						168,507
	42,000			Tokushu Tokai Holdings Co., Ltd.						107,635
	58,000			Tokuyama Corp.						255,287
	6,200			Tokyo Ohka Kogyo Co., Ltd.						104,483
	28,000			Tokyo Rope Manufacturing Co., Ltd.						63,654
	14,300			Tokyo Steel Manufacturing Co., Ltd.						165,312
	12,000			Tokyo Tekko Co., Ltd.						27,539
	21,000			Tomoegawa Co., Ltd.						41,255
	26,000			Tomoku Co., Ltd.						67,918
	35,000			Topy Industries Ltd.						71,814
	239,000	L		Toray Industries, Inc.						1,145,546
	86,000			Tosoh Corp.						222,626
	30,000			Toyo Ink Manufacturing Co., Ltd.						114,961
	5,000			Toyo Kohan Co., Ltd.						23,723
	30,800			Toyo Seikan Kaisha Ltd.						449,440
	4,000			TYK Corp.						8,590
	185,000			Ube Industries Ltd.						437,422
	18,000			Wood One Co., Ltd.						59,021
	7,800			Yamato Kogyo Co., Ltd.						194,418
	19,000			Yodogawa Steel Works Ltd.						77,748
	5,300			Yushiro Chemical Industry Co., Ltd.						69,023
	35,000			Zeon Corp.						205,077
										37,113,138
				Telecommunication Services:			3.7	%
	1,287	@		Invoice, Inc.						15,757
	590			KDDI Corp.						2,812,344
	150,500	L		Nippon Telegraph & Telephone Corp.						6,130,751
	3,170			NTT DoCoMo, Inc.						4,800,298
	155,400			Softbank Corp.						4,121,715
										17,880,865
				Utilities:			5.3	%
	121,400			Chubu Electric Power Co., Inc.						3,012,710
	52,900			Chugoku Electric Power Co., Inc.						1,089,555
	26,600			Electric Power Development Co.						843,711
	32,300			Hokkaido Electric Power Co., Inc.						695,803
	18,000			Hokkaido Gas Co., Ltd.						49,303
	37,700			Hokuriku Electric Power Co.						826,740
	151,400			Kansai Electric Power Co., Inc.						3,692,377
	77,800			Kyushu Electric Power Co., Inc.						1,744,872
	1,700			Okinawa Electric Power Co., Inc.						86,150
	384,000			Osaka Gas Co., Ltd.						1,385,073
	35,000			Saibu Gas Co., Ltd.						98,411
	36,900			Shikoku Electric Power Co.						1,055,333
	7,000			Shizuoka Gas Co., Ltd.						47,589
	85,000			Toho Gas Co., Ltd.						453,402
	91,700			Tohoku Electric Power Co., Inc.						1,968,658
	12,000			Tokai Corp.						54,165
	230,000			Tokyo Electric Power Co., Inc.						6,256,792
	465,000			Tokyo Gas Co., Ltd.						2,122,791
										25,483,435
				Total Common Stock (Cost $ 468,605,874)						454,163,311
SHORT-TERM INVESTMENTS:					2.7	%
				Securities Lending Collateralcc:			2.7	%
	12,941,055			Bank of New York Mellon Corp. Overnight Government Fund, Series A (1)						12,941,055
				Total Short-Term Investments (Cost $ 12,941,055)						12,941,055
				Total Investments in Securities (Cost $ 481,546,929) *	97.6	%			$	467,104,366
				Other Assets and Liabilities - Net	2.4					11,703,683
				Net Assets	100.0	%			$	478,808,049
	@			Non-income producing security
	cc			Securities purchased with cash collateral for securities loaned.
	(1	)		Collateral received from brokers for securites lending was invested in these short-term investments.
	S			All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.

See Accompanying Notes to Financial Statements

ING WisdomTreeSM Global High-Yielding Equity Index Portfolio	PORTFOLIO OF INVESTMENTS
	as of June 30, 2010 (Unaudited)

	Shares										Value
COMMON STOCK:				95.0	%
			Australia:			8.5	%
	11,177		AGL Energy Ltd.							$	137,469
	15,619		Amcor Ltd.								83,243
	51,654		AMP Ltd.								224,181
	5,437		ASX Ltd.								132,632
	70,487		Australia & New Zealand Banking Group Ltd.								1,266,045
	31,252		AXA Asia Pacific Holdings Ltd.								142,977
	8,002		Bendigo Bank Ltd.								54,541
	47,977		BHP Billiton Ltd.								1,492,545
	34,491		Brambles Ltd.								157,075
	4,328		Caltex Australia Ltd.								33,958
	2,800		Coal & Allied Industries Ltd.								218,129
	14,741		Coca-Cola Amatil Ltd.								147,599
	933		Cochlear Ltd.								58,115
	38,256		Commonwealth Bank of Australia								1,546,597
	16,732		Crown Ltd.								108,471
	53,165		CSR Ltd.								74,456
	2,739		Energy Resources of Australia Ltd.								30,247
	52,209		Foster’s Group Ltd.								247,290
	19,533		Harvey Norman Holdings Ltd.								53,955
	46,742		Insurance Australia Group								132,962
	6,778		Leighton Holdings Ltd.								163,018
	18,996		Lend Lease Corp. Ltd.								115,680
	37,700		Macquarie Airports Management Ltd.								84,492
	5,359		Macquarie Group Ltd.								164,717
	21,320		Metcash Ltd.								74,934
	66,279		National Australia Bank Ltd.								1,281,456
	6,092		Orica Ltd.								128,148
	16,099		Origin Energy Ltd.								200,847
	13,900		Platinum Asset Management Ltd.								54,189
	28,741		QBE Insurance Group Ltd.								436,118
	2,731		Ramsay Health Care Ltd.								32,126
	13,744		Santos Ltd.								143,632
	10,330		Sonic Healthcare Ltd.								89,890
	37,771		Suncorp-Metway Ltd.								252,695
	30,945		TABCORP Holdings Ltd.								164,001
	74,205		Tattersall’s Ltd.								139,135
	639,860		Telstra Corp. Ltd.								1,744,099
	18,699		Toll Holdings Ltd.								85,156
	24,092		Transurban Group								85,519
	26,961		Wesfarmers Ltd.								644,406
	95,297		Westpac Banking Corp.								1,679,751
	9,863		Woodside Petroleum Ltd.								342,831
	29,972		Woolworths Ltd.								678,417
	5,262		WorleyParsons Ltd.								96,814
											15,224,558
			Austria:			0.4	%
	1,347	@	Bank of Austria - Escrow								-
	5,868		Oesterreichische Elektrizitaetswirtschafts AG								179,551
	4,394		OMV AG								131,955
	12,693		Telekom Austria AG								141,144
	5,092		Voestalpine AG								138,680
	1,436	@	Wiener Staedtische Allgemeine Versicherung AG								59,608
											650,938
			Belgium:			0.5	%
	13,911		Belgacom S.A.								437,387
	34,213		Fortis								76,135
	2,181		Mobistar S.A.								115,881
	1,640		Solvay S.A.								140,044
	2,369		UCB S.A.								74,396
											843,843
			Brazil:			2.1	%
	64,100		Banco do Brasil S.A.								887,457
	4,800		Cia de Bebidas das Americas								415,911
	7,500		Cia de Concessoes Rodoviarias								153,740
	8,964		Cia Energetica de Minas Gerais								96,493
	31,600		Cia Siderurgica Nacional S.A.								463,934
	21,900		Companhia Brasileira de Meios de Pagamento								186,120
	14,400		CPFL Energia S.A.								315,922
	3,400		EDP - Energias do Brasil S.A.								66,776
	14,600		Light S.A.								170,266
	7,300		Natura Cosmeticos S.A.								161,773
	19,100		Redecard S.A.								269,940
	8,100		Souza Cruz S.A.								305,152
	1,500	@	Tele Norte Leste Participacoes SA								31,205
	4,500		Telecomunicacoes de Sao Paulo SA								81,748
	15,000		Tractebel Energia S.A.								175,346
											3,781,783
			Canada:			4.8	%
	7,900		ARC Energy Trust								146,416
	10,647		Bank of Montreal								577,481
	16,200		Bank of Nova Scotia								746,428
	600		Baytex Energy Trust								17,923
	15,800		BCE, Inc.								460,991
	4,400		Bell Aliant Regional Communications Income Fund								105,107
	6,200		Bonavista Energy Trust								132,847
	11,000		Brookfield Properties Co.								154,478
	7,700		Canadian Imperial Bank of Commerce								478,397
	11,700		Canadian Oil Sands Trust								296,635
	6,800		CI Financial Corp.								113,701
	5,700		Cresent Point Energy Corp.								198,969
	9,100		EnCana Corp.								275,594
	8,300		Enerplus Resources Fund								178,467
	600		Fortis, Inc.								15,319
	19,950		Great-West Lifeco, Inc.								451,079
	16,900		Husky Energy, Inc.								400,691
	6,250		IGM Financial, Inc.								217,932
	1,900		Inter Pipeline Fund								21,328
	2,900		National Bank of Canada								148,330
	2,200		Pembina Pipeline Income Fund								36,909
	15,401		Pengrowth Energy Trust								140,765
	16,513		Penn West Energy Trust								314,888
	9,400		Power Corp. of Canada								225,254
	13,900		Power Financial Corp.								356,199
	6,400		Rogers Communications, Inc. - Class B (Canadian Denominated Security)								209,095
	21,556		Royal Bank of Canada								1,026,621
	4,000		Shaw Communications, Inc. - Class B								72,030
	10,000		Sun Life Financial, Inc.								262,646
	3,950		TELUS Corp.								149,050
	5,000		Transalta Corp.								92,621
	11,624		TransCanada Corp.								388,832
	2,100		Vermilion Energy Trust								66,420
	34,100		Yellow Pages Income Fund								190,913
											8,670,356
			Chile:					0.5	%
	107,041		AES Gener SA								46,851
	2,267,340		Banco de Chile								229,205
	3,749,465		Banco Santander Chile S.A.								243,144
	93,700		Empresa Nacional de Electricidad S.A.								143,797
	5,668		Empresa Nacional de Telecom								76,293
	422,806		Enersis SA								167,651
											906,941
			China:					0.4	%
	1,105,000		Bank of China Ltd.								557,475
	45,200		Guangzhou R&F Properties Co., Ltd.								57,151
	120,000		Zhejiang Expressway Co., Ltd.								110,572
											725,198
			Czech Republic:					0.6	%
	12,228		CEZ A/S								497,705
	1,000		Komercni Banka A/S								160,113
	20,600		Telefonica O2 Czech Republic A/S								399,312
											1,057,130
			Denmark:					0.0	%
	1,573		TrygVesta A/S								82,873
											82,873
			Eurozone:					0.0	%
	4,132	@	Iberdrola SA								23,224
											23,224
			Finland:					1.2	%
	22,986		Fortum OYJ								504,560
	4,191		Kone OYJ								166,866
	81,858		Nokia OYJ								667,210
	1,047		OKO Bank								10,631
	5,112		Rautaruukki OYJ								74,507
	13,608		Sampo OYJ								286,907
	5,615		Sanoma-WSOY OYJ								96,948
	12,719		UPM-Kymmene OYJ								168,391
	2,422		Wartsila OYJ								110,133
											2,086,153
			France:					12.3	%
	5,347	@	Accor S.A.								247,542
	1,194		ADP								76,599
	3,673		Air Liquide								370,924
	4,806		Alstom								217,603
	50,396		AXA S.A.								769,906
	18,848		BNP Paribas								1,014,040
	1,685		Bourbon S.A.								67,742
	8,646		Bouygues S.A.								333,749
	11,864		Carrefour S.A.								470,616
	2,437		Casino Guichard Perrachon S.A.								184,932
	10,682		Cie de Saint-Gobain								398,061
	688		Ciments Francais SA								51,252
	4,191		CNP Assurances								285,128
	58,212		Credit Agricole S.A.								603,959
	1,144		Eiffage S.A.								49,663
	35,278		Electricite de France								1,342,212
	3,066		Eutelsat Communications								102,643
	148,022		France Telecom S.A.								2,567,435
	76,989		Gaz de France								2,190,388
	9,378		Groupe Danone								502,758
	6,153		Lafarge S.A.								335,510
	4,157		Lagardere SCA								129,654
	5,303		Legrand S.A.								157,187
	8,313		M6-Metropole Television								168,098
	1,412		Neopost S.A.								102,248
	18,133		PagesJaunes Groupe S.A.								186,900
	2,692		PPR								334,409
	905		Remy Cointreau S.A.								48,148
	33,025		Sanofi-Aventis								1,989,011
	3,916		Schneider Electric S.A.								395,517
	7,461		Scor S.A.								142,501
	4,486		Societe Television Francaise (T.F.1)								58,448
	2,633		Sodexho Alliance S.A.								146,124
	12,454		Suez Environnement S.A.								205,520
	1,205		Technip S.A.								69,114
	78,405		Total S.A.								3,499,914
	1,624		Vallourec								279,998
	14,504		Veolia Environnement								340,743
	11,755		Vinci S.A.								488,088
	53,049		Vivendi								1,078,069
											22,002,353
			Germany:					4.1	%
	9,697		Allianz AG								959,747
	15,692		BASF AG								857,418
	2,704		Deutsche Boerse AG								164,278
	28,763		Deutsche Post AG								419,369
	156,719		Deutsche Telekom AG								1,850,161
	47,533		E.ON AG								1,278,080
	3,134		Hannover Rueckversicheru - Reg								134,309
	4,993		Muenchener Rueckversicherungs AG								626,937
	14,879		RWE AG								973,623
											7,263,922
			Greece:					0.5	%
	17,328		Coca-Cola Hellenic Bottling Co. S.A.								371,359
	13,853		Hellenic Petroleum S.A.								98,490
	23,774	@	Hellenic Telecommunications Organization S.A.								178,721
	18,241		OPAP S.A.								226,957
	7,157		Public Power Corp.								102,619
											978,146
			Hong Kong:					2.7	%
	198,000		BOC Hong Kong Holdings Ltd.								450,938
	283,000		China Mobile Ltd.								2,812,411
	48,000		CLP Holdings Ltd.								347,428
	82,000		Fushan International Energy Group Ltd.								46,078
	42,700		Hang Seng Bank Ltd.								570,912
	43,500		HongKong Electric Holdings								259,099
	53,000		Hutchison Whampoa Ltd.								326,166
	21,000		Industrial & Commercial Bank of China (Asia) Ltd.								55,611
											4,868,643
			Hungary:					0.1	%
	63,845		Magyar Telekom Telecommunications PLC								174,442
											174,442
			Indonesia:					0.2	%
	23,000		Indo Tambangraya Megah PT								93,521
	183,000		International Nickel Indonesia Tbk PT								74,709
	296,500		Telekomunikasi Indonesia Tbk PT								251,317
											419,547
			Ireland:					0.1	%
	9,679		CRH PLC								199,418
											199,418
			Israel:					0.4	%
	159,776		Bezeq Israeli Telecommunication Corp. Ltd.								349,255
	24,387		Israel Chemicals Ltd.								254,056
	6,725		Partner Communications								103,224
											706,535
			Italy:					3.6	%
	93,830		AEM S.p.A.								128,092
	13,105		Altantia S.p.A.								232,257
	30,955		Banca Carige S.p.A								60,470
	6,994		Banca Popolare di Sondrio Scarl								56,465
	12,085		Banche Popolari Unite Scpa								104,054
	100,493		Edison S.p.A.								110,112
	421,619		Enel S.p.A.								1,785,208
	112,642		ENI S.p.A.								2,067,669
	10,793		Finmeccanica S.p.A.								111,885
	27,211		Hera SpA								44,641
	148,477		Intesa Sanpaolo S.p.A.								391,044
	3,846		Lottomatica S.p.A.								49,481
	30,270		Mediaset S.p.A.								172,135
	13,694		Mediolanum S.p.A								53,496
	48,984		Parmalat S.p.A								113,855
	93,965		Snam Rete Gas S.p.A.								374,996
	317,507		Telecom Italia S.p.A.								350,640
	54,271		Terna S.p.A								195,336
											6,401,836
			Japan:					1.9	%
	6,700		Astellas Pharma, Inc.								224,488
	13,800		Daiichi Sankyo Co., Ltd.								246,549
	1,800		Daito Trust Construction Co., Ltd.								101,932
	4,800		Eisai Co., Ltd.								159,268
	2,100		Lawson, Inc.								91,849
	323,400		Mizuho Financial Group, Inc.								530,638
	678		NTT DoCoMo, Inc.								1,026,688
	2,800		Oracle Corp. Japan								137,593
	1,300		Sankyo Co., Ltd.								58,762
	6,300		Showa Shell Sekiyu KK								43,439
	15,300		Takeda Pharmaceutical Co., Ltd.								657,176
	9,000		TonenGeneral Sekiyu KK								77,870
											3,356,252
			Malaysia:					0.7	%
	8,100		British American Tobacco Malaysia Bhd								109,526
	30,000		Digi.com BHD								212,643
	6,800		Petronas Dagangan BHD								19,658
	46,000		Petronas Gas BHD								140,230
	111,600		PLUS Expressways Bhd								117,100
	79,191		Public Bank BHD								290,480
	24,900		RHB Capital Berhad								45,036
	145,700		Telekom Malaysia BHD								150,253
	188,100		YTL Power International								128,126
											1,213,052
			Mexico:					0.3	%
	6,500		Industrias Penoles SAB de CV								127,034
	24,200	@	Kimberly-Clark Corp.								140,544
	332,500		Telefonos de Mexico SAB de CV								236,269
											503,847
			Netherlands:					2.2	%
	4,238		Akzo Nobel NV								220,270
	1,435		Fugro NV								66,294
	2,667		Koninklijke Boskalis Westminster NV								103,624
	3,296		Koninklijke DSM NV								131,023
	14,119		Reed Elsevier NV								156,301
	74,742		Royal Dutch Shell PLC - Class B								1,806,565
	47,047		Royal KPN NV								599,687
	5,147		SBM Offshore NV								73,634
	24,504		Unilever NV								669,186
	5,985		Wolters Kluwer NV								114,775
											3,941,359
			New Zealand:					0.1	%
	18,350		Fletcher Building Ltd.								98,198
	92,948		Telecom Corp. of New Zealand Ltd.								119,696
											217,894
			Norway:					0.8	%
	114,000		Marine Harvest								75,280
	25,312		Orkla ASA								161,874
	58,039		Statoil ASA								1,118,111
											1,355,265
			Philippines:					0.2	%
	7,080		Globe Telecom, Inc.								134,986
	5,750		Philippine Long Distance Telephone Co.								294,024
											429,010
			Poland:					0.3	%
	9,491		KGHM Polska Miedz S.A.								245,168
	55,333		Telekomunikacja Polska S.A.								232,114
											477,282
			Portugal:					0.4	%
	11,147		Banco Espirito Santo S.A.								43,984
	18,126		Brisa-Auto Estradas de Portugal S.A.								109,699
	14,604		Cimpor Cimentos de Portugal SG								82,063
	87,033		Energias de Portugal S.A.								259,014
	29,704		Portugal Telecom SGPS S.A.								296,891
											791,651
			Russia:					0.4	%
	10,500		Lukoil-Spon ADR								540,750
	6,000		Tatneft GDR								167,461
											708,211
			Singapore:					1.0	%
	54,000		ComfortDelgro Corp. Ltd.								56,002
	40,000		DBS Group Holdings Ltd.								388,196
	31,000		Keppel Corp. Ltd.								187,164
	6,200	@	K-Green Trust								4,652
	8,000		SembCorp Industries Ltd.								23,135
	21,000		SembCorp Marine Ltd.								57,387
	25,000		Singapore Exchange Ltd.								131,106
	40,000		Singapore Press Holdings Ltd.								107,673
	77,000		Singapore Technologies Engineering Ltd.								180,006
	250,000		Singapore Telecommunications Ltd.								540,478
	69,000		StarHub Ltd.								110,935
											1,786,734
			South Africa:					0.6	%
	25,381		African Bank Investments Ltd.								99,612
	7,072		Kumba Iron Ore Ltd.								292,327
	17,580		Pretoria Portland Cement Co., Ltd.								72,641
	57,270		Redefine Properties Ltd.								53,670
	49,283		Sanlam Ltd.								146,129
	26,171		Standard Bank Group Ltd.								347,056
											1,011,435
			South Korea:					0.4	%
	5,500		Kangwon Land, Inc.								82,950
	9,540		Korea Exchange Bank								97,227
	4,263		KT Corp.								157,423
	3,140		KT&G Corp.								154,365
	9,850		LG Telecom Ltd.								61,423
	1,768		SK Telecom Co., Ltd.								231,704
											785,092
			Spain:					5.8	%
	13,775		Abertis Infraestructuras S.A.								198,000
	1,096		Acciona S.A.								83,412
	9,027		ACS Actividades de Construccion y Servicios S.A.								331,736
	88,159		Banco Bilbao Vizcaya Argentaria S.A.								908,298
	33,780		Banco De Sabadell S.A.								152,967
	21,500		Banco Espanol de Credito SA (Banesto)								170,585
	35,818		Banco Popular Espanol S.A.								181,541
	240,483		Banco Santander Central Hispano S.A.								2,521,756
	8,748	@	Banco Santander S.A.								92,646
	10,767		Bankinter S.A.								65,599
	2,186		Cintra Concesiones DE Infrae								14,139
	62,302		Corp. Mapfre S.A.								169,414
	92,081		Criteria Caixacorp S.A.								376,560
	3,965		Ebro Puleva SA								66,998
	4,661		Enagas								70,210
	4,155		Fomento de Construcciones y Contratas S.A.								88,947
	31,649		Gas Natural SDG S.A.								457,363
	4,676		Grifols S.A.								47,796
	144,447		Iberdrola S.A.								811,875
	1,199		Indra Sistemas S.A.								19,170
	1,924		Red Electrica de Espana								68,889
	31,790		Repsol YPF S.A.								641,526
	148,431		Telefonica S.A.								2,749,644
	6,856		Zardoya-Otis S.A.								88,081
											10,377,152
			Sweden:					1.4	%
	1,600		Hakon Invest AB								21,586
	27,496		Hennes & Mauritz AB								755,655
	957		Investor AB								14,869
	56,639		Nordea Bank AB								467,054
	3,239		Ratos AB								81,149
	7,502		Securitas AB								68,002
	11,646		Skanska AB								168,490
	6,604		Svenska Cellulosa AB - B Shares								77,672
	12,545		Svenska Handelsbanken AB								306,899
	83,780		TeliaSonera AB								538,341
											2,499,717
			Switzerland:					3.4	%
	1,166		Baloise Holding AG								81,161
	486		BKW FMB Energie AG								30,590
	21,393		Credit Suisse Group								804,318
	634		Geberit AG - Reg								98,648
	43,788		Novartis AG								2,122,103
	11,132		Roche Holding AG - Genusschein								1,532,228
	103		SGS S.A.								139,014
	1,292		Swisscom AG								438,013
	4,046		Zurich Financial Services AG								891,793
											6,137,868
			Taiwan:					1.7	%
	97,000		Asia Cement Corp.								85,189
	15,900		Asustek Computer, Inc.								117,121
	270,532		China Steel Corp.								249,222
	260,592		Chunghwa Telecom Co., Ltd.								515,990
	104,714		Compal Electronics, Inc.								124,715
	113,159		Far EasTone Telecommunications Co., Ltd.								139,534
	19,050		High Tech Computer Corp.								252,986
	24,000		Lite-On Technology Corp.								26,300
	12,000		Nan Ya Printed Circuit Board Corp.								48,613
	42,795	@	Pegatron Corp.								40,023
	84,220		Quanta Computer, Inc.								152,231
	111,560		Siliconware Precision Industries Co.								120,213
	91,000		Taiwan Cement Corp.								76,727
	83,000		Taiwan Mobile Co., Ltd.								169,114
	526,427		Taiwan Semiconductor Manufacturing Co., Ltd.								983,915
											3,101,893
			Thailand:					0.3	%
	95,200		Advanced Info Service PCL								253,807
	58,900		Charoen Pokphand Foods PCL								36,663
	198,800		IRPC PCL								25,184
	58,600		PTT Aromatics & Refining PCL								45,171
	62,100		Thai Oil PCL								83,828
	55,700		Total Access Communication PCL								62,731
											507,384
			Turkey:					0.7	%
	23,074		Ford Otomotiv Sanayi A/S								148,953
	10,936		Tupras Turkiye Petrol Rafine								198,372
	123,966		Turk Telekomunikasyon AS								395,744
	48,752		Turkcell Iletisim Hizmet AS								252,862
	61,746		Turkiye Is Bankasi								191,093
											1,187,024
			United Kingdom:					11.1	%
	27,219		Aberdeen Asset Management PLC								52,110
	6,986		Admiral Group PLC								146,303
	16,325		Amlin PLC								93,958
	14,515		Ashmore Group PLC								52,373
	32,606		AstraZeneca PLC								1,537,236
	85,358		Aviva PLC								396,674
	86,466		BAE Systems PLC								402,431
	9,213		Balfour Beatty PLC								32,768
	41,614		British American Tobacco PLC								1,320,653
	23,521		British Sky Broadcasting PLC								245,601
	184,745		Cable & Wireless Communications PLC								159,406
	107,677		Centrica PLC								475,180
	38,908		Diageo PLC								611,163
	16,010		Firstgroup PLC								86,905
	127,857		GlaxoSmithKline PLC								2,171,120
	11,734		Hargreaves Lansdown PLC								59,110
	40,862		Hays PLC								55,748
	22,563		Home Retail Group								71,649
	279,759		HSBC Holdings PLC								2,555,793
	15,972		ICAP PLC								95,732
	18,526		Imperial Tobacco Group PLC								517,629
	31,664		International Power PLC								141,442
	32,936		J Sainsbury PLC								157,146
	145,553		Legal & General Group PLC								169,648
	92,863		Man Group PLC								307,832
	85,967		National Grid PLC								627,642
	2,298		Next PLC								68,514
	18,114		Pearson PLC								238,231
	5,498		Pennon Group PLC								45,280
	42,465		Prudential PLC								320,297
	10,685		Reckitt Benckiser PLC								497,005
	21,599		Reed Elsevier PLC								160,152
	10,672		Rexam PLC								48,009
	105,761		Royal & Sun Alliance Insurance Group								187,620
	7,506		Sage Group PLC								25,825
	26,850		Scottish & Southern Energy PLC								447,159
	8,373		Severn Trent PLC								153,673
	7,695		Smiths Group PLC								122,511
	60,263		Standard Life PLC								155,732
	18,430		Tate & Lyle PLC								123,139
	115,584		Tesco PLC								652,056
	20,745		Thomas Cook Group PLC								54,909
	23,210		TUI Travel PLC								72,211
	21,093		Unilever PLC								563,858
	27,722		United Utilities Group PLC								216,935
	1,465,062		Vodafone Group PLC								3,018,746
	38,412		WM Morrison Supermarkets PLC								151,786
											19,866,900
			United States:					18.3	%
	20,400		Abbott Laboratories								954,312
	2,800		Alliant Energy Corp.								88,872
	59,950		Altria Group, Inc.								1,201,398
	7,750		Ameren Corp.								184,218
	9,900		American Electric Power Co., Inc.								319,770
	200		American Water Works Co., Inc.								4,120
	500		Ares Capital Corp.								6,265
	157,950		AT&T, Inc.								3,820,806
	2,700		Avery Dennison Corp.								86,751
	38,600		Bristol-Myers Squibb Co.								962,684
	400		Capitol Federal Financial								13,264
	9,600		CenterPoint Energy, Inc.								126,336
	8,043		CenturyTel, Inc.								267,912
	29,300		Chevron Corp.								1,988,298
	4,800		Cincinnati Financial Corp.								124,176
	21,300		ConocoPhillips								1,045,617
	6,850		Consolidated Edison, Inc.								295,235
	5,900		Diamond Offshore Drilling								366,921
	11,700		Dominion Resources, Inc.								453,258
	2,600		DPL, Inc.								62,140
	4,100		DTE Energy Co.								187,001
	32,750		Duke Energy Corp.								524,000
	6,500		Edison International								206,180
	17,350		EI Du Pont de Nemours & Co.								600,137
	25,850		Eli Lilly & Co.								865,975
	2,400		Entergy Corp.								171,888
	12,300		Exelon Corp.								467,031
	5,900		Fidelity National Title Group, Inc.								76,641
	8,000		FirstEnergy Corp.								281,840
	19,450		Frontier Communications Corp.								138,290
	3,350		Genuine Parts Co.								132,158
	2,200		H&R Block, Inc.								34,518
	5,800		HJ Heinz Co.								250,676
	5,500		Hudson City Bancorp., Inc.								67,320
	2,850		Integrys Energy Group, Inc.								124,659
	7,500		Kimberly-Clark Corp.								454,725
	26,250		Kraft Foods, Inc.								735,000
	4,600		Leggett & Platt, Inc.								92,276
	3,800		Lorillard, Inc.								273,524
	2,300		M&T Bank Corp.								195,385
	8,200		Marsh & McLennan Cos., Inc.								184,910
	6,700		Mattel, Inc.								141,772
	6,300		Maxim Integrated Products								105,399
	16,200		McDonald’s Corp.								1,067,094
	4,200		MeadWestvaco Corp.								93,240
	45,700		Merck & Co., Inc.								1,598,129
	4,500		Microchip Technology, Inc.								124,830
	13,150		New York Community Bancorp., Inc.								200,801
	5,100		NextEra Energy, Inc.								248,676
	9,000		NiSource, Inc.								130,500
	600		Northeast Utilities								15,288
	1,400		NSTAR								49,000
	2,400		NYSE Euronext								66,312
	2,200		OGE Energy Corp.								80,432
	6,700		Old Republic International Corp.								81,271
	2,100		Oneok, Inc.								90,825
	6,450		Pacific Gas & Electric Co.								265,095
	5,050		Paychex, Inc.								131,149
	3,500		People’s United Financial, Inc.								47,250
	7,200		Pepco Holdings, Inc.								112,896
	141,900		Pfizer, Inc.								2,023,494
	40,200		Philip Morris International, Inc.								1,842,768
	2,500		Pinnacle West Capital Corp.								90,900
	5,600		Pitney Bowes, Inc.								122,976
	6,000		PPL Corp.								149,700
	7,400		Progress Energy, Inc.								290,228
	6,600		Public Service Enterprise Group, Inc.								206,778
	52,100		Qwest Communications International, Inc.								273,525
	9,000		Reynolds American, Inc.								469,080
	6,400		RR Donnelley & Sons Co.								104,768
	3,000		SCANA Corp.								107,280
	17,550		Southern Co.								584,064
	14,700		Southern Copper Corp.								390,138
	14,500		Spectra Energy Corp.								291,015
	5,800		TECO Energy, Inc.								87,406
	72,600		Verizon Communications, Inc.								2,034,252
	6,100		Waste Management, Inc.								190,869
	20,450		Windstream Corp.								215,952
	9,850		Xcel Energy, Inc.								203,009
											32,764,648
			Total Common Stock (Cost $193,053,460)								170,087,509
REAL ESTATE INVESTMENT TRUSTS:				1.4	%
			Canada:					0.1	%
	9,548		RioCan Real Estate Investment Trust								170,771
											170,771
			France:					0.1	%
	1,439		ICADE								121,452
	5,194		Klepierre								143,505
											264,957
			United Kingdom:					0.1	%
	16,126		British Land Co. PLC								104,165
	29,277		Segro PLC								110,387
											214,552
			United States:					1.1	%
	3,100		AMB Property Corp.								73,501
	1,700		AvalonBay Communities, Inc.								158,729
	9,300		Duke Realty Corp.								105,555
	1,200		Federal Realty Investment Trust								84,324
	7,900		HCP, Inc.								254,775
	3,400		Health Care Real Estate Investment Trust, Inc.								143,208
	3,700		Liberty Property Trust								106,745
	900		Macerich Co.								33,588
	100		Mack-Cali Realty Corp.								2,973
	2,900		Nationwide Health Properties, Inc.								103,733
	3,900		Plum Creek Timber Co., Inc.								134,667
	15,100		Prologis								152,963
	2,400		Rayonier, Inc.								105,648
	3,100		Realty Income Corp.								94,023
	2,300		Regency Centers Corp.								79,120
	4,000		Senior Housing Properties Trust								80,440
	3,700		Ventas, Inc.								173,715
											1,887,707
			Total Real Estate Investment Trusts (Cost $2,430,284)								2,537,987
EXCHANGE-TRADED FUNDS:				2.2	%
			Developed Markets:					1.3	%
	51,600		iShares MSCI EAFE Index Fund								2,399,916
											2,399,916
			Emerging Markets:					0.3	%
	14,000		iShares MSCI Emerging Markets Index Fund								522,480
											522,480
			United States:					0.6	%
	20,000		iShares S&P 500 Value Index Fund								993,200
											993,200
			Total Exchange-Traded Funds (Cost $4,088,905)								3,915,596
WARRANTS:				0.0	%
			France:					0.0	%
	6,355		Etablissements Maurel et Prom								1,282
	2,067		Fonciere Des Regions								1,191
											2,473
			Italy:					0.0	%
	26,581		Mediobanca S.p.A.								1,076
											1,076
			Total Warrants (Cost $1,226)								3,549
			Total Investments in Securities (Cost $ 199,573,875)*			98.6	%			$	176,544,641
			Other Assets and Liabilities - Net			1.4					2,446,345
			Net Assets			100.0	%			$	178,990,986
		@	Non-income producing security
		ADR	American Depositary Receipt
		GDR	Global Depositary Receipt

Industry	Net Assets
Consumer Discretionary	4.2	%
Consumer Staples	8.7
Energy	10.2
Financials	21.9
Health Care	9.7
Industrials	4.5
Information Technology	2.0
Materials	4.4
Telecommunication Services	18.1
Utilities	12.7
Other Long-Term Investments	2.2
Other Assets and Liabilities - Net	1.4
Net Assets	100.0	%

See Accompanying Notes to Financial Statements

	PORTFOLIO OF INVESTMENTS
ING Index Plus LargeCap Portfolio	as of June 30, 2010 (Unaudited)

	Shares											Value
COMMON STOCK:					97.1	%
				Consumer Discretionary:					9.6	%
	21,500	@		Amazon.com, Inc.							$	2,349,090
	18,300	@,L		Autonation, Inc.								356,850
	2,700	@		Autozone, Inc.								521,694
	73,300			Best Buy Co., Inc.								2,481,938
	10,600			Carnival Corp.								320,544
	30,400			Coach, Inc.								1,111,120
	196,430			Comcast Corp. - Class A								3,411,989
	11,600			D.R. Horton, Inc.								114,028
	143,750	@		DIRECTV								4,876,000
	22,400	@		Discovery Communications, Inc. - Class A								799,904
	18,200			Expedia, Inc.								341,796
	359,700	@		Ford Motor Co.								3,625,776
	6,900	@		GameStop Corp.								129,651
	11,500			Gannett Co., Inc.								154,790
	52,331			Gap, Inc.								1,018,361
	33,000	@		Goodyear Tire & Rubber Co.								328,020
	75,100			H&R Block, Inc.								1,178,319
	38,700			Harley-Davidson, Inc.								860,301
	10,200	@		Harman International Industries, Inc.								304,878
	70,700			Home Depot, Inc.								1,984,549
	25,300			Johnson Controls, Inc.								679,811
	39,500	@		Kohl’s Corp.								1,876,250
	24,900			Lennar Corp.								346,359
	56,100			Limited Brands, Inc.								1,238,127
	38,700			Lowe’s Cos., Inc.								790,254
	22,300			Macy’s, Inc.								399,170
	36,600			Marriott International, Inc.								1,095,804
	28,200			Mattel, Inc.								596,712
	74,900			McDonald’s Corp.								4,933,663
	27,700			McGraw-Hill Cos., Inc.								779,478
	280,300			News Corp. - Class A								3,352,388
	71,400	@		Office Depot, Inc.								288,456
	5,300	@		Priceline.com, Inc.								935,662
	24,838	@		Pulte Homes, Inc.								205,659
	33,800			Ross Stores, Inc.								1,801,202
	8,600	@,L		Sears Holding Corp.								555,990
	3,900			Stanley Black & Decker, Inc.								197,028
	35,800			Staples, Inc.								681,990
	59,600			Starbucks Corp.								1,448,280
	25,300			Starwood Hotels & Resorts Worldwide, Inc.								1,048,179
	108,934			Target Corp.								5,356,285
	36,700			Time Warner Cable, Inc.								1,911,336
	88,000			Time Warner, Inc.								2,544,080
	40,600			TJX Cos., Inc.								1,703,170
	17,400	@		Urban Outfitters, Inc.								598,386
	10,900			VF Corp.								775,862
	102,600			Viacom - Class B								3,218,562
	61,800			Walt Disney Co.								1,946,700
	1,000			Washington Post								410,480
	5,200			Whirlpool Corp.								456,664
	9,700			Wynn Resorts Ltd.								739,819
	10,800			Yum! Brands, Inc.								421,632
												69,603,036
				Consumer Staples:					11.4	%
	204,200			Altria Group, Inc.								4,092,168
	55,886			Archer-Daniels-Midland Co.								1,442,977
	56,000			Avon Products, Inc.								1,484,000
	22,639			Brown-Forman Corp.								1,295,630
	131,656			Coca-Cola Co.								6,598,599
	219,500			ConAgra Foods, Inc.								5,118,740
	48,100			CVS Caremark Corp.								1,410,292
	10,100			Dr Pepper Snapple Group, Inc.								377,639
	20,200			Hershey Co.								968,186
	8,300			HJ Heinz Co.								358,726
	100,426			Kimberly-Clark Corp.								6,088,828
	36,500			Kraft Foods, Inc.								1,022,000
	94,700			Kroger Co.								1,864,643
	6,000			Lorillard, Inc.								431,880
	12,800			McCormick & Co., Inc.								485,888
	7,500			Mead Johnson Nutrition Co.								375,900
	34,900			Molson Coors Brewing Co.								1,478,364
	119,000			PepsiCo, Inc.								7,253,050
	135,517			Philip Morris International, Inc.								6,212,099
	258,292	S		Procter & Gamble Co.								15,492,354
	49,258			Reynolds American, Inc.								2,567,327
	35,500			Safeway, Inc.								697,930
	263,800			Sara Lee Corp.								3,719,580
	112,200			Walgreen Co.								2,995,740
	183,052			Wal-Mart Stores, Inc.								8,799,310
	11,300	@		Whole Foods Market, Inc.								407,026
												83,038,876
				Energy:					10.3	%
	60,700			Anadarko Petroleum Corp.								2,190,663
	11,200			Apache Corp.								942,928
	40,900			Chesapeake Energy Corp.								856,855
	188,758			Chevron Corp.								12,809,118
	98,300			ConocoPhillips								4,825,547
	13,300			Consol Energy, Inc.								449,008
	124,200	@		Denbury Resources, Inc.								1,818,288
	15,700			Devon Energy Corp.								956,444
	13,300			EOG Resources, Inc.								1,308,321
	379,154	S		ExxonMobil Corp.								21,638,317
	19,200			Halliburton Co.								471,360
	36,500			Hess Corp.								1,837,410
	47,800			Marathon Oil Corp.								1,486,102
	18,300			Murphy Oil Corp.								906,765
	145,900	@		Nabors Industries Ltd.								2,570,758
	87,804			National Oilwell Varco, Inc.								2,903,678
	36,400			Occidental Petroleum Corp.								2,808,260
	37,600			Peabody Energy Corp.								1,471,288
	5,900			Pioneer Natural Resources Co.								350,755
	44,000	@		Rowan Cos., Inc.								965,360
	76,700			Schlumberger Ltd.								4,244,578
	20,200			Smith International, Inc.								760,530
	24,600	@		Southwestern Energy Co.								950,544
	18,300			Spectra Energy Corp.								367,281
	38,600	L		Tesoro Corp.								450,462
	21,300			Valero Energy Corp.								382,974
	217,000			Williams Cos., Inc.								3,966,760
												74,690,354
				Financials:					14.4	%
	66,595			Aflac, Inc.								2,841,609
	136,100			American Express Co.								5,403,170
	12,300	@,L		American International Group, Inc.								423,612
	18,200			Ameriprise Financial, Inc.								657,566
	732,750	S		Bank of America Corp.								10,529,618
	62,600			Bank of New York Mellon Corp.								1,545,594
	28,500			BB&T Corp.								749,835
	106,800	@		Berkshire Hathaway, Inc.								8,510,892
	18,200			Capital One Financial Corp.								733,460
	68,800	@		CB Richard Ellis Group, Inc.								936,368
	187,900			Charles Schwab Corp.								2,664,422
	1,379,600	@		Citigroup, Inc.								5,187,296
	11,352			CME Group, Inc.								3,196,156
	12,300			Comerica, Inc.								453,009
	79,470	@		E*Trade Financial Corp.								939,335
	78,472			Fifth Third Bancorp.								964,421
	51,860	@		First Horizon National Corp.								593,797
	25,528			Goldman Sachs Group, Inc.								3,351,061
	18,900			Hartford Financial Services Group, Inc.								418,257
	261,500			Huntington Bancshares, Inc.								1,448,710
	7,800	@		IntercontinentalExchange, Inc.								881,634
	297,251			JP Morgan Chase & Co.								10,882,359
	80,600			Keycorp								619,814
	31,900			Loews Corp.								1,062,589
	51,200			Marshall & Ilsley Corp.								367,616
	41,700			Metlife, Inc.								1,574,592
	70,300	L		Moody’s Corp.								1,400,376
	89,900			Morgan Stanley								2,086,579
	52,500			NYSE Euronext								1,450,575
	56,700			PNC Financial Services Group, Inc.								3,203,550
	167,000			Progressive Corp.								3,126,240
	46,200			Prudential Financial, Inc.								2,479,092
	246,900			Regions Financial Corp.								1,624,602
	52,047			State Street Corp.								1,760,230
	36,400			SunTrust Bank								848,120
	7,700			T. Rowe Price Group, Inc.								341,803
	65,869			Travelers Cos., Inc.								3,244,048
	36,461			UnumProvident Corp.								791,204
	109,833			US Bancorp.								2,454,768
	454,985			Wells Fargo & Co.								11,647,616
	22,800			XL Capital Ltd.								365,028
	17,000			Zions Bancorp.								366,690
												104,127,313
				Health Care:					12.2	%
	197,734	S		Abbott Laboratories								9,249,997
	85,108			AmerisourceBergen Corp.								2,702,179
	100,235	@		Amgen, Inc.								5,272,361
	54,500			Baxter International, Inc.								2,214,880
	12,200			Becton Dickinson & Co.								824,964
	20,000	@		Biogen Idec, Inc.								949,000
	122,300	@,L		Boston Scientific Corp.								709,340
	80,700			Bristol-Myers Squibb Co.								2,012,658
	109,500			Cardinal Health, Inc.								3,680,295
	59,900	@		CareFusion Corp.								1,359,730
	10,300	@		Celgene Corp.								523,446
	24,600	@		Cephalon, Inc.								1,396,050
	20,700			Cigna Corp.								642,942
	39,600			Eli Lilly & Co.								1,326,600
	52,900	@		Express Scripts, Inc.								2,487,358
	66,900	@		Forest Laboratories, Inc.								1,835,067
	31,400	@		Genzyme Corp.								1,594,178
	18,400	@		Gilead Sciences, Inc.								630,752
	21,100	@		Hospira, Inc.								1,212,195
	23,776	@		Humana, Inc.								1,085,850
	3,000	@		Intuitive Surgical, Inc.								946,860
	173,523			Johnson & Johnson								10,248,268
	25,400	@		King Pharmaceuticals, Inc.								192,786
	32,500	@		Life Technologies Corp.								1,535,625
	49,272	S		McKesson Corp.								3,309,108
	50,200	@		Medco Health Solutions, Inc.								2,765,016
	40,000			Medtronic, Inc.								1,450,800
	194,762			Merck & Co., Inc.								6,810,827
	24,700	@,L		Mylan Laboratories								420,888
	10,300			PerkinElmer, Inc.								212,901
	515,762			Pfizer, Inc.								7,354,766
	10,800	@		St. Jude Medical, Inc.								389,772
	97,600	@		Tenet Healthcare Corp.								423,584
	100,029	@		Thermo Fisher Scientific, Inc.								4,906,422
	117,538			UnitedHealth Group, Inc.								3,338,079
	11,300	@		Watson Pharmaceuticals, Inc.								458,441
	45,900	@		WellPoint, Inc.								2,245,887
												88,719,872
				Industrials:					10.5	%
	71,400			3M Co.								5,639,886
	33,400			Boeing Co.								2,095,850
	34,500			Caterpillar, Inc.								2,072,415
	15,200			Cintas Corp.								364,344
	8,100			CSX Corp.								402,003
	21,800			Deere & Co.								1,213,824
	35,900			Dover Corp.								1,500,261
	61,200			Eaton Corp.								4,004,928
	124,959			Emerson Electric Co.								5,459,459
	12,600			Expeditors International Washington, Inc.								434,826
	7,500	L		Fastenal Co.								376,425
	31,300			FedEx Corp.								2,194,443
	8,600			Fluor Corp.								365,500
	5,500			General Dynamics Corp.								322,080
	706,894	S		General Electric Co.								10,193,411
	85,700	S		Honeywell International, Inc.								3,344,871
	8,400			Illinois Tool Works, Inc.								346,752
	94,641			ITT Corp.								4,251,274
	47,300	@		Jacobs Engineering Group, Inc.								1,723,612
	10,400			L-3 Communications Holdings, Inc.								736,736
	81,032			Lockheed Martin Corp.								6,036,884
	16,000			Masco Corp.								172,160
	17,000			Norfolk Southern Corp.								901,850
	19,800			Northrop Grumman Corp.								1,077,912
	9,400			Paccar, Inc.								374,778
	7,600			Pitney Bowes, Inc.								166,896
	38,100			Raytheon Co.								1,843,659
	68,500			Republic Services, Inc.								2,036,505
	8,900			Robert Half International, Inc.								209,595
	48,100			RR Donnelley & Sons Co.								787,397
	10,100			Ryder System, Inc.								406,323
	33,200			Southwest Airlines Co.								368,852
	10,800			Textron, Inc.								183,276
	39,100			Union Pacific Corp.								2,717,841
	56,800			United Parcel Service, Inc. - Class B								3,231,352
	128,197			United Technologies Corp.								8,321,267
												75,879,447
				Information Technology:					19.0	%
	12,200	@		Adobe Systems, Inc.								322,446
	21,900			Altera Corp.								543,339
	16,500			Amphenol Corp.								648,120
	53,700			Analog Devices, Inc.								1,496,082
	69,693	@,S		Apple, Inc.								17,529,880
	70,100			Broadcom Corp.								2,311,197
	140,662			CA, Inc.								2,588,181
	426,470	@,S		Cisco Systems, Inc.								9,088,076
	25,900			Computer Sciences Corp.								1,171,975
	61,300			Corning, Inc.								989,995
	252,200	@		Dell, Inc.								3,041,532
	86,307	@		eBay, Inc.								1,692,480
	268,350	@		EMC Corp.								4,910,805
	37,600	@		Fiserv, Inc.								1,716,816
	17,980	@		Google, Inc. - Class A								8,000,201
	35,335			Harris Corp.								1,471,703
	241,376			Hewlett-Packard Co.								10,446,753
	341,310			Intel Corp.								6,638,480
	132,669	S		International Business Machines Corp.								16,381,968
	14,600	@		Intuit, Inc.								507,642
	7,700			Mastercard, Inc.								1,536,381
	55,700	@		Micron Technology, Inc.								472,893
	635,516			Microsoft Corp.								14,623,223
	42,100			Molex, Inc.								767,904
	220,600	@		Motorola, Inc.								1,438,312
	87,900			National Semiconductor Corp.								1,183,134
	10,700	@		NetApp, Inc.								399,217
	388,926			Oracle Corp.								8,346,352
	97,516			Qualcomm, Inc.								3,202,425
	7,200	@		Salesforce.com, Inc.								617,904
	18,100	@		Sandisk Corp.								761,467
	25,300	@		Symantec Corp.								351,164
	90,500			Texas Instruments, Inc.								2,106,840
	19,200			Total System Services, Inc.								261,120
	19,600	@		VeriSign, Inc.								520,380
	24,300			Visa, Inc.								1,719,225
	96,000			Western Union Co.								1,431,360
	167,500			Xerox Corp.								1,346,700
	162,000			Xilinx, Inc.								4,092,120
	56,400	@		Yahoo!, Inc.								780,012
												137,455,804
				Materials:					3.3	%
	5,600			Air Products & Chemicals, Inc.								362,936
	76,100			Alcoa, Inc.								765,566
	67,833	S		Bemis Co.								1,831,491
	9,600			Cliffs Natural Resources, Inc.								452,736
	36,400			Dow Chemical Co.								863,408
	10,300			Eastman Chemical Co.								549,608
	29,000			Ecolab, Inc.								1,302,390
	147,900			EI Du Pont de Nemours & Co.								5,115,861
	64,700			Freeport-McMoRan Copper & Gold, Inc.								3,825,711
	46,231			International Paper Co.								1,046,208
	8,000			MeadWestvaco Corp.								177,600
	39,400			Monsanto Co.								1,821,068
	30,500			Newmont Mining Corp.								1,883,070
	9,300			Nucor Corp.								356,004
	18,300	@		Owens-Illinois, Inc.								484,035
	16,100			PPG Industries, Inc.								972,601
	10,600			Praxair, Inc.								805,494
	12,900			United States Steel Corp.								497,295
	25,300			Vulcan Materials Co.								1,108,899
												24,221,981
				Telecommunication Services:					3.0	%
	10,000	@		American Tower Corp.								445,000
	585,256	S		AT&T, Inc.								14,157,343
	24,900			Qwest Communications International, Inc.								130,725
	236,600	@		Sprint Nextel Corp.								1,003,184
	218,416			Verizon Communications, Inc.								6,120,016
												21,856,268
				Utilities:					3.4	%
	12,400			American Electric Power Co., Inc.								400,520
	17,200			CenterPoint Energy, Inc.								226,352
	100			Constellation Energy Group, Inc.								3,225
	57,400	S		Dominion Resources, Inc.								2,223,676
	80,122			DTE Energy Co.								3,654,364
	66,000			Duke Energy Corp.								1,056,000
	7,900			Entergy Corp.								565,798
	26,100			EQT Corp.								943,254
	46,500			Exelon Corp.								1,765,605
	42,600			FirstEnergy Corp.								1,500,798
	23,646			Integrys Energy Group, Inc.								1,034,276
	32,300			NextEra Energy, Inc.								1,574,948
	29,365			Nicor, Inc.								1,189,283
	25,900			NiSource, Inc.								375,550
	50,900	@		NRG Energy, Inc.								1,079,589
	33,900			PPL Corp.								845,805
	17,500			Progress Energy, Inc.								686,350
	29,700			Public Service Enterprise Group, Inc.								930,501
	62,222			Sempra Energy								2,911,367
	40,200			Southern Co.								1,337,856
												24,305,117
				Total Common Stock (Cost $729,904,358)								703,898,068
REAL ESTATE INVESTMENT TRUSTS:					1.5	%
				Financials:					1.5	%
	59,100			Apartment Investment & Management Co.								1,144,767
	8,500			AvalonBay Communities, Inc.								793,645
	21,500	L		Plum Creek Timber Co., Inc.								742,395
	29,200			Prologis								295,796
	34,800			Public Storage, Inc.								3,059,268
	60,920			Simon Property Group, Inc.								4,919,290
				Total Real Estate Investment Trusts (Cost $9,428,964)								10,955,161
				Total Long-Term Investments (Cost $739,333,322)								714,853,229
SHORT-TERM INVESTMENTS:					1.8	%
				Affiliated Mutual Fund:					1.3	%
	9,048,000			ING Institutional Prime Money Market Fund - Class I								9,048,000
				Total Mutual Fund (Cost $9,048,000)								9,048,000
	Shares											Value
				Securities Lending Collateralcc:					0.5	%
	$2,683,056			Bank of New York Mellon Corp. Overnight Government Fund, Series A(1)							$	2,683,056
	1,608,803	I		Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2)								1,287,042
				Total Securities Lending Collateral (Cost $4,291,859)								3,970,098
				Total Short-Term Investments (Cost $13,339,859)								13,018,098
				Total Investments in Securities (Cost $752,673,181)*			100.4	%			$	727,871,327
				Other Assets and Liabilities - Net			(0.4	)				(2,588,032	)
				Net Assets			100.0	%			$	725,283,295
		@		Non-income producing security
		cc		Securities purchased with cash collateral for securities loaned.
		(1	)	Collateral received from brokers for securities lending was invested in these short-term investments.
		(2	)	On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
		S		All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.
	See Accompanying Notes to Financial Statements

	PORTFOLIO OF INVESTMENTS
ING Index Plus MidCap Portfolio	as of June 30, 2010 (Unaudited)

	Shares											Value
COMMON STOCK:					90.9	%
				Consumer Discretionary:					14.3	%
	84,184	@		99 Cents Only Stores							$	1,245,923
	116,794	S		Advance Auto Parts, Inc.								5,860,723
	109,560	@		Aeropostale, Inc.								3,137,798
	124,400			American Eagle Outfitters								1,461,700
	23,373	@, L		Bally Technologies, Inc.								757,051
	72,061	@		BorgWarner, Inc.								2,690,758
	85,500	@, L		Boyd Gaming Corp.								725,895
	153,099			Brinker International, Inc.								2,213,812
	64,857	@, S, L		Career Education Corp.								1,493,008
	170,135			Chico’s FAS, Inc.								1,680,934
	22,847	@		Chipotle Mexican Grill, Inc.								3,125,698
	76,418	@		Collective Brands, Inc.								1,207,404
	97,708	@, L		Corinthian Colleges, Inc.								962,424
	127,251	@, S		Dollar Tree, Inc.								5,297,459
	50,500	@		DreamWorks Animation SKG, Inc.								1,441,775
	84,767	@		Dress Barn, Inc.								2,018,302
	60,099	@		Fossil, Inc.								2,085,435
	78,568			Gentex Corp.								1,412,653
	39,417			Guess ?, Inc.								1,231,387
	76,100	@		Hanesbrands, Inc.								1,830,966
	70,042			Harte-Hanks, Inc.								731,939
	25,283	L		International Speedway Corp.								651,290
	24,328	@, L		ITT Educational Services, Inc.								2,019,711
	45,783	@		J Crew Group, Inc.								1,685,272
	40,303			John Wiley & Sons, Inc.								1,558,517
	163,231	L		KB Home								1,795,541
	36,060	@		Lamar Advertising Co.								884,191
	61,344	L		MDC Holdings, Inc.								1,653,221
	29,697	@		Mohawk Industries, Inc.								1,358,935
	28,491	@, L		NetFlix, Inc.								3,095,547
	5,001	@		NVR, Inc.								3,275,805
	139,825	L		Petsmart, Inc.								4,218,520
	27,062			Phillips-Van Heusen								1,252,159
	53,131			Ryland Group, Inc.								840,532
	136,098	@, L		Saks, Inc.								1,032,984
	233,895	S		Service Corp. International								1,730,823
	56,545			Sotheby’s								1,293,184
	14,900	L		Strayer Education, Inc.								3,097,561
	80,881	@		Timberland Co.								1,306,228
	58,600	@		Toll Brothers, Inc.								958,696
	55,149			Tupperware Corp.								2,197,688
	57,550	@		Warnaco Group, Inc.								2,079,857
	536,842	S		Wendy’s/Arby’s Group, Inc. - Class A								2,147,368
	60,589			Williams-Sonoma, Inc.								1,503,819
	38,974	@		WMS Industries, Inc.								1,529,730
												85,780,223
				Consumer Staples:					3.3	%
	28,778			Church & Dwight Co., Inc.								1,804,668
	69,064	@, S		Energizer Holdings, Inc.								3,472,538
	73,164	@		Green Mountain Coffee Roasters, Inc.								1,880,315
	48,352	@		Hansen Natural Corp.								1,891,047
	26,462	L		Lancaster Colony Corp.								1,412,012
	62,628	@		NBTY, Inc.								2,129,978
	66,232	@, S		Ralcorp Holdings, Inc.								3,629,514
	99,143	@		Smithfield Foods, Inc.								1,477,231
	14,007	L		Tootsie Roll Industries, Inc.								331,266
	36,347			Universal Corp.								1,442,249
												19,470,818
				Energy:					5.9	%
	90,169			Arch Coal, Inc.								1,786,248
	48,136	@		Atwood Oceanics, Inc.								1,228,431
	81,176	@, L		Bill Barrett Corp.								2,497,786
	47,573			Cimarex Energy Co.								3,405,275
	69,140	@, L		Exterran Holdings, Inc.								1,784,503
	93,813	@		Forest Oil Corp.								2,566,724
	111,900			Frontier Oil Corp.								1,505,055
	95,348	@		Helix Energy Solutions Group, Inc.								1,026,898
	77,605	@		Mariner Energy, Inc.								1,666,955
	68,933	@		Newfield Exploration Co.								3,368,066
	44,466	@		Oceaneering International, Inc.								1,996,523
	30,100	L		Overseas Shipholding Group								1,114,904
	62,671	@, L		Plains Exploration & Production Co.								1,291,649
	85,100	@, L		Pride International, Inc.								1,901,134
	83,166	@		Quicksilver Resources, Inc.								914,826
	127,564			Southern Union Co.								2,788,549
	69,318	L		Tidewater, Inc.								2,683,993
	50,549	@		Unit Corp.								2,051,784
												35,579,303
				Financials:					12.8	%
	47,172	@, L		Affiliated Managers Group, Inc.								2,866,642
	46,237	@		AmeriCredit Corp.								842,438
	110,965	L		Bancorpsouth, Inc.								1,984,054
	112,400	L		Brown & Brown, Inc.								2,151,336
	77,514			Commerce Bancshares, Inc.								2,789,729
	70,561			Cullen/Frost Bankers, Inc.								3,626,835
	81,254			Eaton Vance Corp.								2,243,423
	46,174	S		Everest Re Group Ltd.								3,265,425
	160,200			Fidelity National Title Group, Inc.								2,080,998
	294,101			Fulton Financial Corp.								2,838,075
	22,900	L		Greenhill & Co., Inc.								1,399,877
	84,655	L		Hanover Insurance Group, Inc.								3,682,493
	158,324			HCC Insurance Holdings, Inc.								3,920,102
	69,006			International Bancshares Corp.								1,151,710
	56,678			Jefferies Group, Inc.								1,194,772
	30,289			Jones Lang LaSalle, Inc.								1,988,170
	78,437	@		MSCI, Inc. - Class A								2,149,174
	371,997	S		New York Community Bancorp., Inc.								5,680,398
	222,547			NewAlliance Bancshares, Inc.								2,494,752
	164,300	L		Old Republic International Corp.							��	1,992,959
	44,500			PacWest Bancorp								814,795
	76,070			Prosperity Bancshares, Inc.								2,643,433
	113,196			Protective Life Corp.								2,421,262
	97,635			Raymond James Financial, Inc.								2,410,608
	52,143			Reinsurance Group of America, Inc.								2,383,457
	61,092			SEI Investments Co.								1,243,833
	726,604	S		Synovus Financial Corp.								1,845,574
	63,115			Transatlantic Holdings, Inc.								3,026,995
	85,964			Trustmark Corp.								1,789,770
	41,396			Unitrin, Inc.								1,059,738
	51,100			Waddell & Reed Financial, Inc.								1,118,068
	126,500	L		Washington Federal, Inc.								2,046,770
	75,400			Webster Financial Corp.								1,352,676
	44,210	L		Westamerica Bancorp.								2,321,909
												76,822,250
				Health Care:					12.5	%
	31,249	L		Beckman Coulter, Inc.								1,884,002
	16,185	@		Bio-Rad Laboratories, Inc.								1,399,841
	46,800	@, L		Charles River Laboratories International, Inc.								1,601,028
	73,762	@		Community Health Systems, Inc.								2,493,893
	41,800	@, L		Covance, Inc.								2,145,176
	92,052	@, S		Edwards Lifesciences Corp.								5,156,753
	73,879	@		Endo Pharmaceuticals Holdings, Inc.								1,612,040
	4,975	@		Furiex Pharmaceuticals, Inc.								50,546
	145,085	@		Health Management Associates, Inc.								1,127,310
	103,845	@, L		Health Net, Inc.								2,530,703
	41,896	@		Henry Schein, Inc.								2,300,090
	44,383	S		Hill-Rom Holdings, Inc.								1,350,575
	198,506	@		Hologic, Inc.								2,765,189
	44,006	@, L		Idexx Laboratories, Inc.								2,679,965
	72,948	@, L		Immucor, Inc.								1,389,659
	51,931	@		Kinetic Concepts, Inc.								1,896,001
	30,200	@		LifePoint Hospitals, Inc.								948,280
	147,897	@, L		Lincare Holdings, Inc.								4,808,131
	76,234			Medicis Pharmaceutical Corp.								1,668,000
	19,324	@		Mettler Toledo International, Inc.								2,157,138
	117,866	S		Omnicare, Inc.								2,793,424
	58,380	L		Perrigo Co.								3,448,507
	79,511	L		Pharmaceutical Product Development, Inc.								2,020,375
	62,473	@		Resmed, Inc.								3,798,983
	79,031			Steris Corp.								2,456,283
	15,937			Techne Corp.								915,581
	24,200	L		Teleflex, Inc.								1,313,576
	56,462	@		Thoratec Corp.								2,412,621
	29,065	@, L		United Therapeutics Corp.								1,418,663
	52,959			Universal Health Services, Inc.								2,020,386
	60,119	@, L		Valeant Pharmaceuticals International								3,143,623
	186,150	@, L		Vertex Pharmaceuticals, Inc.								6,124,335
	51,518	@, L		WellCare Health Plans, Inc.								1,223,037
												75,053,714
				Industrials:					14.0	%
	48,400	@		AGCO Corp.								1,305,348
	28,537	@		Alaska Air Group, Inc.								1,282,738
	39,500	L		Ametek, Inc.								1,585,925
	73,014	@		BE Aerospace, Inc.								1,856,746
	51,989			Bucyrus International, Inc.								2,466,878
	80,643			Carlisle Cos., Inc.								2,913,632
	20,352	@		Clean Harbors, Inc.								1,351,576
	34,238	L		Con-way, Inc.								1,027,825
	34,646	@		Copart, Inc.								1,240,673
	42,447	@, L		Corrections Corp. of America								809,889
	77,915			Crane Co.								2,353,812
	53,800			Deluxe Corp.								1,008,750
	104,712			Donaldson Co., Inc.								4,465,967
	57,232	@, S, L		FTI Consulting, Inc.								2,494,743
	70,727			Harsco Corp.								1,662,085
	67,400			Herman Miller, Inc.								1,271,838
	42,278			Hubbell, Inc.								1,678,014
	113,300			IDEX Corp.								3,236,981
	76,621			JB Hunt Transport Services, Inc.								2,503,208
	60,132			Joy Global, Inc.								3,012,012
	70,659	@		Kansas City Southern								2,568,455
	98,670			KBR, Inc.								2,006,948
	67,900	@		Korn/Ferry International								943,810
	79,353	L		Landstar System, Inc.								3,093,973
	34,400			Lincoln Electric Holdings, Inc.								1,754,056
	54,549			Manpower, Inc.								2,355,426
	34,200			Nordson Corp.								1,917,936
	78,900	@		Oshkosh Truck Corp.								2,458,524
	122,470			Pentair, Inc.								3,943,534
	41,194			Regal-Beloit Corp.								2,297,801
	54,002	L		Rollins, Inc.								1,117,301
	68,061	@, S		Shaw Group, Inc.								2,329,047
	38,557			SPX Corp.								2,036,195
	82,868	@		Terex Corp.								1,552,946
	52,128	@		Thomas & Betts Corp.								1,808,842
	57,074			Timken Co.								1,483,353
	65,500			Towers Watson & Co.								2,544,675
	76,064	@		URS Corp.								2,993,118
	25,987			Valmont Industries, Inc.								1,888,215
	44,971			Wabtec Corp.								1,793,893
	68,216			Woodward Governor Co.								1,741,554
												84,158,242
				Information Technology:					14.5	%
	34,041	@, L		Alliance Data Systems Corp.								2,026,120
	59,685	@		Ansys, Inc.								2,421,420
	97,129	@		Arrow Electronics, Inc.								2,170,833
	270,171	@, S		Atmel Corp.								1,296,821
	141,997	@, L		Avnet, Inc.								3,423,548
	118,363			Broadridge Financial Solutions ADR								2,254,815
	263,269	@, S		Cadence Design Systems, Inc.								1,524,328
	85,177	@, L		Ciena Corp.								1,080,044
	91,185	@		CommScope, Inc.								2,167,467
	107,740	@		Convergys Corp.								1,056,929
	68,665	@		Cree, Inc.								4,121,960
	90,923	L		Diebold, Inc.								2,477,652
	60,020	@, L		Digital River, Inc.								1,435,078
	52,405			DST Systems, Inc.								1,893,917
	34,440	@		Equinix, Inc.								2,797,217
	52,623	@		F5 Networks, Inc.								3,608,359
	76,880	S		Global Payments, Inc.								2,809,195
	29,803	@		Hewitt Associates, Inc.								1,027,011
	86,527	@		Informatica Corp.								2,066,265
	193,209	@, L		Ingram Micro, Inc.								2,934,845
	176,800	@, S		Integrated Device Technology, Inc.								875,160
	116,300			Intersil Corp.								1,408,393
	42,800	@		Lam Research Corp.								1,628,968
	85,400			Lender Processing Services, Inc.								2,673,874
	114,868	@		Micros Systems, Inc.								3,660,843
	33,600			National Instruments Corp.								1,067,808
	106,311	@		NeuStar, Inc.								2,192,133
	283,834	@, S, L		Palm, Inc.								1,615,015
	121,900	@		Parametric Technology Corp.								1,910,173
	69,485			Plantronics, Inc.								1,987,271
	33,196	@, L		Polycom, Inc.								988,909
	160,238	@, L		Quest Software, Inc.								2,890,694
	291,827	@, S		RF Micro Devices, Inc.								1,141,044
	67,742	@, L		Rovi Corp.								2,568,099
	166,203	@, L		Semtech Corp.								2,720,743
	41,300	@		Silicon Laboratories, Inc.								1,675,128
	37,500			Solera Holdings, Inc.								1,357,500
	56,325	@, S		Sybase, Inc.								3,641,975
	48,333	@, L		Tech Data Corp.								1,721,621
	81,707	@, L		Trimble Navigation Ltd.								2,287,796
	74,140	@		Valueclick, Inc.								792,557
	180,764	@		Vishay Intertechnology, Inc.								1,399,113
												86,798,641
				Materials:					6.6	%
	49,600	L		Albemarle Corp.								1,969,616
	53,800	L		Aptargroup, Inc.								2,034,716
	56,334			Ashland, Inc.								2,615,024
	22,400			Carpenter Technology Corp.								735,392
	32,664			Cytec Industries, Inc.								1,306,233
	131,713	@		Louisiana-Pacific Corp.								881,160
	47,153			Lubrizol Corp.								3,786,857
	28,082	L		Martin Marietta Materials, Inc.								2,381,634
	88,894			Packaging Corp. of America								1,957,446
	64,511			Reliance Steel & Aluminum Co.								2,332,073
	156,838			RPM International, Inc.								2,797,990
	98,118			Silgan Holdings, Inc.								2,784,589
	125,092			Sonoco Products Co.								3,812,804
	139,028			Steel Dynamics, Inc.								1,833,779
	94,483			Temple-Inland, Inc.								1,952,964
	173,799			Valspar Corp.								5,234,826
	103,202			Worthington Industries								1,327,178
												39,744,281
				Telecommunication Services:					0.9	%
	265,346	@, S		Cincinnati Bell, Inc.								798,691
	65,000	@		Syniverse Holdings, Inc.								1,329,250
	73,400			Telephone & Data Systems, Inc.								2,230,626
	58,644	@, L		TW Telecom, Inc.								978,182
												5,336,749
				Utilities:					6.1	%
	87,013			AGL Resources, Inc.								3,116,806
	36,000			Alliant Energy Corp.								1,142,640
	82,545			Black Hills Corp.								2,350,056
	125,967	L		DPL, Inc.								3,010,611
	103,500			Great Plains Energy, Inc.								1,761,570
	123,222			Hawaiian Electric Industries								2,806,997
	72,226			Idacorp, Inc.								2,402,959
	139,700			MDU Resources Group, Inc.								2,518,791
	67,144			National Fuel Gas Co.								3,080,567
	75,100			NSTAR								2,628,500
	74,580			OGE Energy Corp.								2,726,645
	148,634	L		PNM Resources, Inc.								1,661,728
	130,353			UGI Corp.								3,316,180
	61,900			Vectren Corp.								1,464,554
	71,480			WGL Holdings, Inc.								2,432,464
												36,421,068
				Total Common Stock (Cost $559,934,622)								545,165,289
REAL ESTATE INVESTMENT TRUSTS:					7.7	%
				Financials:					7.7	%
	44,242			Alexandria Real Estate Equities, Inc.								2,803,616
	117,610			AMB Property Corp.								2,788,533
	42,236			BRE Properties, Inc.								1,559,775
	39,987			Camden Property Trust								1,633,469
	42,300			Corporate Office Properties Trust SBI MD								1,597,248
	126,931	S		Duke Realty Corp.								1,440,667
	17,005			Essex Property Trust, Inc.								1,658,668
	43,000	S		Federal Realty Investment Trust								3,021,610
	35,680	L		Highwoods Properties, Inc.								990,477
	57,300			Hospitality Properties Trust								1,209,030
	67,547			Liberty Property Trust								1,948,731
	95,525			Macerich Co.								3,564,993
	66,975			Mack-Cali Realty Corp.								1,991,167
	80,100			Nationwide Health Properties, Inc.								2,865,177
	56,716	L		Rayonier, Inc.								2,496,638
	94,500			Realty Income Corp.								2,866,185
	42,700	S		Regency Centers Corp.								1,468,880
	91,700			Senior Housing Properties Trust								1,844,087
	51,100			SL Green Realty Corp.								2,812,544
	160,900			UDR, Inc.								3,078,017
	114,972	L		Weingarten Realty Investors								2,190,217
				Total Real Estate Investment Trusts (Cost $36,042,053)								45,829,729
				Total Long-Term Investments (Cost $595,976,675)								590,995,018
SHORT-TERM INVESTMENTS:					7.4	%
				Affiliated Mutual Fund:					1.5	%
	8,818,000			ING Institutional Prime Money Market Fund - Class I								8,818,000
				Total Mutual Fund (Cost $8,818,000)								8,818,000
	Shares											Value
				Securities Lending Collateralcc:					5.9	%
	$33,171,546			Bank of New York Mellon Corp. Overnight Government Fund, Series A(1)							$	33,171,546
	2,851,192	I		Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2)								2,280,955
				Total Securities Lending Collateral (Cost $36,022,739)								35,452,501
				Total Short-Term Investments (Cost $44,840,739)								44,270,501
				Total Investments in Securities (Cost $640,817,414)*			106.0	%			$	635,265,519
				Other Assets and Liabilities - Net			(6.0	)				(35,781,497	)
				Net Assets			100.0	%			$	599,484,022
		@		Non-income producing security
		ADR		American Depositary Receipt
		cc		Securities purchased with cash collateral for securities loaned.
		(1	)	Collateral received from brokers for securites lending was invested in these short-term investments.
		(2	)	On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
		S		All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.

See Accompanying Notes to Financial Statements

	PORTFOLIO OF INVESTMENTS
ING Index Plus SmallCap Portfolio	as of June 30, 2010 (Unaudited)

	Shares										Value
COMMON STOCK:				91.1	%
			Consumer Discretionary:			15.2	%
	4,119	@	American Public Education, Inc.								$180,000
	16,357		Arbitron, Inc.								419,230
	32,487	@	Arctic Cat, Inc.								295,957
	24,417	L	Big 5 Sporting Goods Corp.								320,839
	1,321	@	Biglari Holdings, Inc.								378,995
	8,500		Blyth, Inc.								289,595
	20,900	L	Brown Shoe Co., Inc.								317,262
	67,389		Brunswick Corp.								837,645
	19,910	L	Buckle, Inc.								645,482
	34,426	@,L	Cabela’s, Inc.								486,784
	22,722	@	California Pizza Kitchen, Inc.								344,238
	8,849	@	Capella Education Co.								719,866
	46,337	@	Carter’s, Inc.								1,216,346
	27,239		Cato Corp.								599,803
	19,294	@	Childrens Place Retail Stores, Inc.								849,322
	77,221		CKE Restaurants, Inc.								967,579
	17,502	@	Coinstar, Inc.								752,061
	26,343		Cracker Barrel Old Country Store								1,226,530
	49,108	@	CROCS, Inc.								519,563
	10,680	@,S	Deckers Outdoor Corp.								1,525,852
	11,049	@,L	DineEquity, Inc.								308,488
	21,671	@,L	Drew Industries, Inc.								437,754
	47,700	@,L	EW Scripps Co.								354,411
	52,542		Finish Line								731,910
	86,012		Fred’s, Inc.								951,293
	20,610	@	Genesco, Inc.								542,249
	13,273	@,L	Group 1 Automotive, Inc.								312,314
	23,468	@	Gymboree Corp.								1,002,318
	19,774	@	Haverty Furniture Cos., Inc.								243,022
	32,114	@	Helen of Troy Ltd.								708,435
	13,094		Hillenbrand, Inc.								280,081
	38,500	@	HSN, Inc.								924,000
	56,946	@	Iconix Brand Group, Inc.								818,314
	60,514	@,L	Jakks Pacific, Inc.								870,191
	28,031	@	Jo-Ann Stores, Inc.								1,051,443
	15,522	@	JoS. A Bank Clothiers, Inc.								838,033
	26,875	@,L	K-Swiss, Inc.								301,806
	39,994	@	La-Z-Boy, Inc.								297,155
	127,624	@,S	Live Nation, Inc.								1,333,671
	73,249	@,L	Liz Claiborne, Inc.								309,111
	20,905	@	MarineMax, Inc.								145,081
	26,696		Men’s Wearhouse, Inc.								490,139
	16,932	@	Meritage Homes Corp.								275,653
	8,198		Monro Muffler, Inc.								324,067
	12,516	@	Movado Group, Inc.								133,671
	7,568	L	National Presto Industries, Inc.								702,764
	11,469		Nutri/System, Inc.								263,099
	34,665	@,L	O’Charleys, Inc.								183,725
	54,602	@	OfficeMax, Inc.								713,102
	27,700		Oxford Industries, Inc.								579,761
	29,998	@	Papa John’s International, Inc.								693,554
	7,600	@,L	Peet’s Coffee & Tea, Inc.								298,452
	44,782		PEP Boys-Manny Moe & Jack								396,769
	18,853	@	Perry Ellis International, Inc.								380,831
	30,700	L	PF Chang’s China Bistro, Inc.								1,217,255
	52,072	@,L	Pinnacle Entertainment, Inc.								492,601
	24,131	S, L	Polaris Industries, Inc.								1,318,035
	32,762		Pool Corp.								718,143
	55,380	@,S	Quiksilver, Inc.								204,906
	23,482	@	RC2 Corp.								378,295
	57,112	@	Ruby Tuesday, Inc.								485,452
	40,538	@,S	Ruth’s Chris Steak House								169,449
	16,221	@,L	Skechers USA, Inc.								592,391
	30,720	@	Sonic Automotive, Inc.								262,963
	33,000	@	Sonic Corp.								255,750
	50,308	S	Spartan Motors, Inc.								211,294
	48,806		Stage Stores, Inc.								521,248
	25,018		Standard Motor Products, Inc.								201,895
	44,350	@,L	Standard-Pacific Corp.								147,686
	23,868	L	Sturm Ruger & Co., Inc.								342,028
	28,600	L	Superior Industries International								384,384
	12,457	@	Texas Roadhouse, Inc.								157,207
	21,762	@	True Religion Apparel, Inc.								480,287
	14,609		Unifirst Corp.								643,088
	24,530	@	Universal Electronics, Inc.								407,934
	28,900	@	Universal Technical Institute, Inc.								683,196
	25,103		Wolverine World Wide, Inc.								633,098
											41,998,201
			Consumer Staples:					3.3	%
	10,862		Andersons, Inc.								353,993
	11,885	@,L	Boston Beer Co., Inc.								801,643
	17,074		Cal-Maine Foods, Inc.								545,173
	62,693	S	Casey’s General Stores, Inc.								2,187,986
	48,375	@,L	Central Garden & Pet Co.								433,924
	91,253	@	Darling International, Inc.								685,310
	14,427		Diamond Foods, Inc.								592,950
	20,439	@	Hain Celestial Group, Inc.								412,255
	6,851	L	J&J Snack Foods Corp.								288,427
	21,286	L	Lance, Inc.								351,006
	16,202		Nash Finch Co.								553,460
	17,152		Sanderson Farms, Inc.								870,292
	9,268	@	TreeHouse Foods, Inc.								423,177
	21,471	@	United Natural Foods, Inc.								641,553
											9,141,149
			Energy:					4.8	%
	42,819	@,L	Basic Energy Services, Inc.								329,706
	29,727	@,L	Bristow Group, Inc.								873,974
	10,496		CARBO Ceramics, Inc.								757,706
	15,767	@	Dril-Quip, Inc.								694,063
	15,933		Gulf Island Fabrication, Inc.								247,280
	14,640	L	Holly Corp.								389,131
	93,487	@,L	ION Geophysical Corp.								325,335
	21,096		Lufkin Industries, Inc.								822,533
	27,024	@	Matrix Service Co.								251,593
	29,312	@	Oil States International, Inc.								1,160,169
	19,068	L	Penn Virginia Corp.								383,457
	17,628	@	Petroleum Development Corp.								451,629
	56,199	@,L	Petroquest Energy, Inc.								379,905
	63,138	@,L	Pioneer Drilling Co.								357,992
	7,896	@	SEACOR Holdings, Inc.								557,931
	23,658	@,L	Seahawk Drilling, Inc.								229,956
	45,272		SM Energy Co.								1,818,124
	44,782	@	Stone Energy Corp.								499,767
	22,031	@,L	Superior Well Services, Inc.								368,358
	14,946	@	Swift Energy Co.								402,197
	72,357	@	Tetra Technologies, Inc.								657,002
	53,379		World Fuel Services Corp.								1,384,651
											13,342,459
			Financials:					11.8	%
	7,143		American Physicians Capital, Inc.								220,362
	40,612	@,L	Amerisafe, Inc.								712,741
	30,438	S	Bank Mutual Corp.								172,888
	25,353		Bank of the Ozarks, Inc.								899,271
	61,700		Brookline Bancorp., Inc.								547,896
	32,391		Cash America International, Inc.								1,110,040
	15,400	L	City Holding Co.								429,352
	25,558		Columbia Banking System, Inc.								466,689
	32,767	L	Community Bank System, Inc.								721,857
	25,640		Delphi Financial Group								625,872
	83,100	L	East-West Bancorp., Inc.								1,267,275
	43,160	@	Ezcorp, Inc.								800,618
	96	@,L	First Bancorp. Puerto Rico								51
	42,926	@	First Cash Financial Services, Inc.								935,787
	36,869		First Financial Bancorp.								551,192
	11,750	L	First Financial Bankshares, Inc.								565,058
	13,781		First Midwest Bancorp., Inc.								167,577
	43,094	@,L	Forestar Real Estate Group, Inc.								773,968
	90,200		Glacier Bancorp., Inc.								1,323,234
	27,775	L	Hancock Holding Co.								926,574
	301,350	@,S,L	Hanmi Financial Corp.								379,701
	17,910		Independent Bank Corp.								442,019
	10,965	L	Infinity Property & Casualty Corp.								506,364
	16,500	@	Investment Technology Group, Inc.								264,990
	43,030	@, L	National Financial Partners Corp.								420,403
	15,900	@	Navigators Group, Inc.								653,967
	19,408	L	NBT Bancorp., Inc.								396,311
	29,717	@	OptionsXpress Holdings, Inc.								467,746
	8,017	@	Piper Jaffray Cos.								258,308
	4,328	@, L	Portfolio Recovery Associates, Inc.								289,024
	65,521		PrivateBancorp, Inc.								725,973
	21,892	@	ProAssurance Corp.								1,242,590
	10,900		RLI Corp.								572,359
	16,400	L	S&T Bancorp, Inc.								324,064
	10,344		Safety Insurance Group, Inc.								382,935
	22,100		Selective Insurance Group								328,406
	55,738	@,S	Signature Bank								2,118,601
	7,739	L	Simmons First National Corp.								203,226
	33,660	L	Sterling Bancorp.								302,940
	24,659	@	Stifel Financial Corp.								1,069,954
	41,051		Susquehanna Bancshares, Inc.								341,955
	21,600	L	SWS Group, Inc.								205,200
	65,758	L	Tower Group, Inc.								1,415,770
	40,804	@,L	TradeStation Group, Inc.								275,427
	50,755	L	Trustco Bank Corp.								284,228
	27,091	L	UMB Financial Corp.								963,356
	71,927		Umpqua Holdings Corp.								825,722
	39,308	L	United Bankshares, Inc.								941,034
	66,245	@,S	United Community Banks, Inc.								261,668
	9,778	L	United Fire & Casualty Co.								193,800
	57,847		Whitney Holding Corp.								535,085
	36,561	L	Wilshire Bancorp., Inc.								319,909
	31,086		Wintrust Financial Corp.								1,036,407
	12,662	@,L	World Acceptance, Corp.								485,081
											32,652,825
			Health Care:					13.4	%
	4,103	@,L	Air Methods Corp.								122,064
	54,387	@,L	Align Technology, Inc.								808,735
	7,334	@	Almost Family, Inc.								256,177
	22,245	@	Amedisys, Inc.								978,113
	64,813	@,L	American Medical Systems Holdings, Inc.								1,433,664
	38,609	@	AMERIGROUP Corp.								1,254,020
	41,200	@,L	AMN Healthcare Services, Inc.								308,176
	28,843	@,L	Amsurg Corp.								513,982
	10,600	L	Analogic Corp.								482,406
	78,183	@,S	Arqule, Inc.								336,187
	22,381		Cantel Medical Corp.								373,763
	20,829	@	Catalyst Health Solutions, Inc.								718,601
	37,406	@	Centene Corp.								804,229
	6,456		Computer Programs & Systems, Inc.								264,180
	18,130		Cooper Cos., Inc.								721,393
	29,547	@	Cubist Pharmaceuticals, Inc.								608,668
	18,940	@	Cyberonics								448,499
	8,712	@	Dionex Corp.								648,696
	65,218	@	Eclipsys Corp.								1,163,489
	64,648	@,S	eResearch Technology, Inc.								509,426
	13,619	@	Genoptix, Inc.								234,247
	25,179	@	Gentiva Health Services, Inc.								680,085
	34,612	@	Haemonetics Corp.								1,852,434
	30,900	@,S	Hanger Orthopedic Group, Inc.								554,964
	30,570	@	Healthspring, Inc.								474,141
	12,600	@,L	HMS Holdings Corp.								683,172
	30,100	@,L	Integra LifeSciences Holdings Corp.								1,113,700
	43,838		Invacare Corp.								909,200
	19,968	@	inVentiv Health, Inc.								511,181
	18,696	@,L	Kendle International, Inc.								215,378
	18,670	@,L	Kensey Nash Corp.								442,666
	21,040	@,L	LHC Group, Inc.								583,860
	43,160	@	Magellan Health Services, Inc.								1,567,571
	37,592	@	Martek Biosciences Corp.								891,306
	24,800	@,L	Medcath Corp.								194,928
	11,202	L	Meridian Bioscience, Inc.								190,434
	15,628	@,L	Merit Medical Systems, Inc.								251,142
	24,955	@,L	Molina Healthcare, Inc.								718,704
	16,312	@	Natus Medical, Inc.								265,722
	8,721	@,L	Neogen Corp.								227,182
	53,362	@	Odyssey HealthCare, Inc.								1,425,833
	27,757	@	Omnicell, Inc.								324,479
	34,457	@,L	Palomar Medical Technologies, Inc.								385,574
	26,935	@,L	Par Pharmaceutical Cos., Inc.								699,233
	37,407	@	Parexel International Corp.								810,984
	32,408	@,S	PharMerica Corp.								475,101
	24,850	@	Phase Forward, Inc.								414,498
	29,547	@	PSS World Medical, Inc.								624,919
	10,988	L	Quality Systems, Inc.								637,194
	58,070	@	Regeneron Pharmaceuticals, Inc.								1,296,122
	21,312	@	RehabCare Group, Inc.								464,175
	35,770	@	Salix Pharmaceuticals Ltd.								1,396,103
	52,856	@	Savient Pharmaceuticals, Inc.								665,986
	45,317	@,L	Symmetry Medical, Inc.								477,641
	66,305	@	Viropharma, Inc.								743,279
	12,203	L	West Pharmaceutical Services, Inc.								445,287
	14,175	@,L	Zoll Medical Corp.								384,143
											36,987,036
			Industrials:					16.7	%
	14,553	L	AAON, Inc.								339,230
	12,295	@	AAR Corp.								205,818
	66,976		ABM Industries, Inc.								1,403,147
	61,987		Actuant Corp.								1,167,215
	17,338	L	Administaff, Inc.								418,886
	7,995	@,L	Aerovironment, Inc.								173,731
	10,400		Albany International Corp.								168,376
	15,622	@	Allegiant Travel Co.								666,903
	3,763		American Science & Engineering, Inc.								286,778
	25,500		AO Smith Corp.								1,228,845
	45,187		Apogee Enterprises, Inc.								489,375
	12,624		Applied Industrial Technologies, Inc.								319,640
	29,421		Applied Signal Technology, Inc.								578,123
	21,537		Arkansas Best Corp.								446,893
	8,963	@	Astec Industries, Inc.								248,544
	29,301	@, L	ATC Technology Corp.								472,332
	14,055		AZZ, Inc.								516,802
	16,816		Baldor Electric Co.								606,721
	13,138		Barnes Group, Inc.								215,332
	41,278		Belden CDT, Inc.								908,116
	18,460		Bowne & Co., Inc.								207,121
	35,137		Brady Corp.								875,614
	44,631		Briggs & Stratton Corp.								759,620
	8,676	@, L	Ceradyne, Inc.								185,406
	40,789		Clarcor, Inc.								1,448,825
	40,500		Comfort Systems USA, Inc.								391,230
	8,783	@	Consolidated Graphics, Inc.								379,777
	19,363		Cubic Corp.								704,426
	19,662		Curtiss-Wright Corp.								570,984
	35,104	@	Dycom Industries, Inc.								300,139
	46,986	@	EMCOR Group, Inc.								1,088,666
	15,100	@	EnPro Industries, Inc.								425,065
	25,519	@	Esterline Technologies Corp.								1,210,877
	6,659	@, L	Exponent, Inc.								217,882
	17,013		Forward Air Corp.								463,604
	94,880	@, L	Gencorp, Inc.								415,574
	30,069	@, L	Geo Group, Inc.								623,932
	39,988	@	Gibraltar Industries, Inc.								403,879
	46,478	@	Griffon Corp.								514,047
	34,429		Healthcare Services Group								652,430
	47,917	L	Heartland Express, Inc.								695,755
	12,200	L	Heidrick & Struggles International, Inc.								278,404
	22,345	@	HUB Group, Inc.								670,573
	13,727	@	II-VI, Inc.								406,731
	36,200	@, L	Insituform Technologies, Inc.								741,376
	25,340	L	Interface, Inc.								272,152
	22,571	L	John Bean Technologies Corp.								344,208
	7,498	L	Kaman Corp.								165,856
	14,123		Kaydon Corp.								464,082
	19,800	@, L	Kelly Services, Inc.								294,426
	36,740	L	Knight Transportation, Inc.								743,618
	22,047	L	Lindsay Manufacturing Co.								698,669
	20,050	@, L	Moog, Inc.								646,212
	40,655		Mueller Industries, Inc.								1,000,113
	46,184	@	NCI Building Systems, Inc.								386,560
	13,973	@, L	Old Dominion Freight Line								491,011
	56,888	@, S	On Assignment, Inc.								286,147
	50,827	@	Orbital Sciences Corp.								801,542
	10,900	@	Powell Industries, Inc.								298,006
	47,988		Quanex Building Products Corp.								829,713
	22,297	@	School Specialty, Inc.								402,907
	51,262	@, S	SFN Group, Inc.								279,891
	27,240		Simpson Manufacturing Co., Inc.								668,742
	23,575	S	Skywest, Inc.								288,087
	14,935		Standex International Corp.								378,602
	17,125	@, S	Stanley, Inc.								640,133
	47,163	@, L	SYKES Enterprises, Inc.								671,129
	13,590	@	Teledyne Technologies, Inc.								524,302
	66,994	@	Tetra Tech, Inc.								1,313,752
	25,188		Toro Co.								1,237,235
	23,700	L	Tredegar Corp.								386,784
	16,691		Triumph Group, Inc.								1,112,121
	29,499	@	TrueBlue, Inc.								330,094
	23,215	@	United Stationers, Inc.								1,264,521
	19,638		Universal Forest Products, Inc.								595,228
	23,200	L	Viad Corp.								409,480
	15,689	@	Vicor Corp.								195,956
	19,828		Watsco, Inc.								1,148,438
	46,300		Watts Water Technologies, Inc.								1,326,958
											46,389,419
			Information Technology:					18.2	%
	100,804	@, S	ADPT Corp.								291,324
	32,912	@, L	Advanced Energy Industries, Inc.								404,488
	55,147	@, L	Agilysys, Inc.								368,933
	32,937	@	Anixter International, Inc.								1,403,116
	111,622	@	Arris Group, Inc.								1,137,428
	23,612	@, L	Avid Technology, Inc.								300,581
	56,330	@	Benchmark Electronics, Inc.								892,831
	23,112	S	Black Box Corp.								644,594
	18,654	@, L	Blue Coat Systems, Inc.								381,101
	73,614	@, S	Brightpoint, Inc.								515,298
	69,403	@, L	Brooks Automation, Inc.								536,485
	27,794	@	Cabot Microelectronics Corp.								961,394
	30,400	@	CACI International, Inc.								1,291,392
	38,582	@, L	Checkpoint Systems, Inc.								669,784
	33,557	L	Cognex Corp.								589,932
	26,920	@	Commvault Systems, Inc.								605,700
	35,479	@	Comtech Telecommunications								1,061,886
	30,128	@	Concur Technologies, Inc.								1,285,863
	36,167	@	CSG Systems International								662,941
	41,799		CTS Corp.								386,223
	27,838	@	Cybersource Corp.								710,704
	151,169	@	Cypress Semiconductor Corp.								1,517,737
	53,072	S	Daktronics, Inc.								398,040
	26,775	@	DealerTrack Holdings, Inc.								440,449
	10,600	@	DG FastChannel, Inc.								345,348
	36,139	@, L	Digi International, Inc.								298,870
	54,600	@	Diodes, Inc.								866,502
	24,081	@, S	DSP Group, Inc.								153,878
	22,461	@, L	Electro Scientific Industries, Inc.								300,079
	25,700	@, L	EMS Technologies, Inc.								386,014
	31,200	@	EPIQ Systems, Inc.								403,416
	12,900	@	Faro Technologies, Inc.								241,359
	22,500	@, L	FEI Co.								443,475
	14,200	@	Forrester Research, Inc.								429,692
	106,126	@, L	Harmonic, Inc.								577,325
	18,014	L	Heartland Payment Systems, Inc.								267,328
	13,000	@	Hittite Microwave Corp.								581,620
	28,604	@, S	Infospace, Inc.								215,102
	29,561	@	Insight Enterprises, Inc.								389,023
	23,558	@, L	Intermec, Inc.								241,470
	52,696	@	j2 Global Communications, Inc.								1,150,881
	39,394	@	JDA Software Group, Inc.								865,880
	49,690	@, L	Knot, Inc.								386,588
	88,799	@, S	Kopin Corp.								301,029
	30,502	@	Manhattan Associates, Inc.								840,330
	16,505		MAXIMUS, Inc.								955,144
	36,327		Methode Electronics, Inc.								353,825
	17,109	L	Micrel, Inc.								174,170
	46,248	@	Microsemi Corp.								676,608
	23,679	@	MKS Instruments, Inc.								443,271
	35,990	@	Netgear, Inc.								642,062
	21,080	@	Netscout Systems, Inc.								299,758
	32,722	@	Newport Corp.								296,461
	79,630	@, S	Novatel Wireless, Inc.								457,076
	21,025		Park Electrochemical Corp.								513,220
	26,478	@	Perficient, Inc.								235,919
	18,944	@	Plexus Corp.								506,563
	20,100	@	Progress Software Corp.								603,603
	36,878	@, L	Radiant Systems, Inc.								533,256
	30,847	@, L	Radisys Corp.								293,663
	35,510	@, L	Rudolph Technologies, Inc.								268,101
	12,300	@	Scansource, Inc.								306,639
	39,056	@, L	Sigma Designs, Inc.								390,951
	142,948	@, S	Skyworks Solutions, Inc.								2,400,091
	49,768	@, L	Smith Micro Software, Inc.								473,294
	18,123	@, L	Sonic Solutions, Inc.								151,327
	22,900	@	Standard Microsystems Corp.								533,112
	34,826	@, L	Synaptics, Inc.								957,715
	21,152	@	SYNNEX Corp.								541,914
	56,689	@	Take-Two Interactive Software, Inc.								510,201
	20,232	@	Taleo Corp.								491,435
	76,545	S	Technitrol, Inc.								241,882
	58,110	@	Tekelec								769,376
	38,815	@, S	TeleTech Holdings, Inc.								500,325
	59,073	@	Tessera Technologies, Inc.								948,122
	77,017	@, S	THQ, Inc.								332,713
	146,199	@	Triquint Semiconductor, Inc.								893,276
	72,112	@	TTM Technologies, Inc.								685,064
	26,708	@, L	Tyler Technologies, Inc.								414,508
	72,475	S	United Online, Inc.								417,456
	45,594	@, S	Varian Semiconductor Equipment Associates, Inc.								1,306,724
	16,218	@, L	Veeco Instruments, Inc.								555,953
	22,191	@	Viasat, Inc.								722,539
	26,600	@, L	Websense, Inc.								502,740
	32,179	@	Wright Express Corp.								955,716
											50,399,206
			Materials:					3.5	%
	20,885		Amcol International Corp.								490,798
	9,086		Balchem Corp.								227,150
	11,596	@	Brush Engineered Materials, Inc.								231,688
	27,737	@, L	Buckeye Technologies, Inc.								275,983
	22,835	@	Calgon Carbon Corp.								302,335
	43,607	@	Century Aluminum Co.								385,050
	5,613	@, L	Clearwater Paper Corp.								307,368
	18,100		Eagle Materials, Inc.								469,333
	60,662		HB Fuller Co.								1,151,971
	56,836	@, L	Headwaters, Inc.								161,414
	33,930	S	Myers Industries, Inc.								274,494
	22,626		Neenah Paper, Inc.								414,056
	28,787	@	OM Group, Inc.								686,858
	77,458	@	PolyOne Corp.								652,196
	13,810		Quaker Chemical Corp.								374,113
	17,200	@	RTI International Metals, Inc.								414,692
	40,269		Schulman A, Inc.								763,500
	14,497	L	Schweitzer-Mauduit International, Inc.								731,374
	7,474	L	Stepan Co.								511,446
	13,900		Texas Industries, Inc.								410,606
	36,600	@	Wausau Paper Corp.								247,782
	19,678		Zep, Inc.								343,184
											9,827,391
			Telecommunication Services:					0.5	%
	34,390	@	Cbeyond, Inc.								429,875
	15,482	@	Neutral Tandem, Inc.								174,173
	27,958		NTELOS Holdings Corp.								480,878
	14,727		USA Mobility, Inc.								190,273
											1,275,199
			Utilities:					3.7	%
	50,737		Avista Corp.								990,894
	12,426		CH Energy Group, Inc.								487,596
	18,609	@, L	El Paso Electric Co.								360,084
	15,902		Laclede Group, Inc.								526,833
	42,440		New Jersey Resources Corp.								1,493,888
	14,600		Northwest Natural Gas Co.								636,122
	28,700		NorthWestern Corp.								751,940
	80,049		Piedmont Natural Gas Co.								2,025,240
	50,916	L	Southwest Gas Corp.								1,502,022
	7,274	L	UIL Holdings Corp.								182,068
	45,686		Unisource Energy Corp.								1,378,803
											10,335,490
			Total Common Stock (Cost $255,921,929)								252,348,375
REAL ESTATE INVESTMENT TRUSTS:				7.3	%
			Financials:					7.3	%
	48,648		Acadia Realty Trust								818,259
	63,238		BioMed Realty Trust, Inc.								1,017,499
	71,735		Colonial Properties Trust								1,042,310
	65,189	L	DiamondRock Hospitality Co.								535,854
	32,206		EastGroup Properties, Inc.								1,145,889
	15,358		Entertainment Properties Trust								584,679
	95,664		Extra Space Storage, Inc.								1,329,730
	16,692	L	Franklin Street Properties Corp.								197,133
	84,398		Healthcare Realty Trust, Inc.								1,854,224
	10,092		Home Properties, Inc.								454,846
	15,726		Kilroy Realty Corp.								467,534
	42,199		LaSalle Hotel Properties								868,033
	65,532	S	Lexington Realty Trust								393,847
	36,731		LTC Properties, Inc.								891,461
	115,924		Medical Properties Trust, Inc.								1,094,323
	37,522		Mid-America Apartment Communities, Inc.								1,931,257
	18,691		National Retail Properties, Inc.								400,735
	29,504		Parkway Properties, Inc.								429,873
	24,818	L	Pennsylvania Real Estate Investment Trust								303,276
	46,714		Post Properties, Inc.								1,061,809
	22,590		PS Business Parks, Inc.								1,260,070
	35,096		Sovran Self Storage, Inc.								1,208,355
	7,754		Tanger Factory Outlet Centers, Inc.								320,861
	41,403		Urstadt Biddle Properties, Inc.								667,830
			Total Real Estate Investment Trusts (Cost $19,623,106)								20,279,687
RIGHTS:				0.0	%
			Financials:					0.0	%
	45,750		Hanmi Financial Corp.								5,896
			Total Rights (Cost $23,996)								5,896
			Total Long-Term Investments (Cost $275,569,031)								272,633,958
SHORT-TERM INVESTMENTS:				8.4	%
			Affiliated Mutual Fund:					1.7	%
	4,834,000		ING Institutional Prime Money Market Fund - Class I								4,834,000
			Total Mutual Fund (Cost $4,834,000)								4,834,000
	Shares										Value
			Securities Lending Collateralcc:					6.7	%
	$17,333,282		Bank of New York Mellon Corp. Overnight Government Fund, Series A(1)							$	17,333,282
	1,429,266	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2)								1,143,413
			Total Securities Lending Collateral (Cost $18,762,548)								18,476,695
			Total Short-Term Investments (Cost $23,596,548)								23,310,695
			Total Investments in Securities (Cost $299,165,579)*			106.8	%			$	295,944,653
			Other Assets and Liabilities - Net			(6.8	)				(18,902,600	)
			Net Assets			100.0	%			$	277,042,053
		@	Non-income producing security
		cc	Securities purchased with cash collateral for securities loaned.
		(1)	Collateral received from brokers for securites lending was invested in these short-term investments.
		(2)	On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
		S	All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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, 2010.

See Accompanying Notes to Financial Statements

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 3, 2010    

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 3, 2010    

By	/s/    Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date:    September 3, 2010