Ing Variable Insurance Trust NCSRS Certified semi-annual shareholder report (management investment company)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-9477

ING Variable Insurance Trust

(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 Company, 1209 Orange Street, Wilmington, DE 19801
(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, 2005 to June 30, 2005

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):


	Funds


	Semi-Annual Report

	June 30, 2005


	ING GET U.S. Core Portfolio

	• Series 1
	• Series 2
	• Series 3
	• Series 4
	• Series 5
	• Series 6
	• Series 7
	• Series 8
	• Series 9


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

TABLE OF CONTENTS


President’s Letter		1
Market Perspective		2
Investment Strategy and Principal Risks		4
Shareholder Expense Examples		8
Statements of Assets and Liabilities		10
Statements of Operations		12
Statements of Changes in Net Assets		14
Financial Highlights		17
Notes to Financial Statements		26
Portfolios of Investments		35

PROXY VOTING INFORMATION

A description of the policies and procedures that the Registrant uses 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 Registrant’s website at www.ingfunds.com and (3) on the SEC’s website at www.sec.gov. Information regarding how the Registrant voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Registrant’s website at www.ingfunds.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Registrant files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Registrant’s Forms N-Q are available on the SEC’s website at www.sec.gov. The Registrant’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330; and is available upon request from the Registrant by calling Shareholder Services toll-free at 800-992-0180.

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PRESIDENT’S LETTER

JAMES M. HENNESSY

Dear Shareholder:

We are in the midst of an exciting time here at ING Funds. We began the year by introducing a new ING global fund that gave investors an opportunity to invest in global companies with a history of attractive dividend yields.

The new fund was a bold and innovative opportunity and it captured the attention of investors. When the fund’s initial offering period closed, it proved to be one of the five largest unleveraged closed-end funds in history.

The success of the new fund offering illustrates what ING Funds is really all about: fresh thinking in financial services. The fund’s offering success also confirmed something else that we have long believed; namely, that investors are excited about opportunities beyond our shores.

As globalization grows, investment opportunities grow as well. In 1970, only about one-third of equity market capitalization was located abroad; by 2004, that number had jumped to 50 percent⁽¹⁾. It is often said that the world is becoming ever more
complicated. This is undoubtedly true in the world of investments where the range of asset classes and investment techniques has never been wider. To take advantage of the opportunities that are now available, it is essential to seek investment partners who have the required breadth and depth of experience — on a global basis.

Our goal at ING Funds is to deliver innovative investment products that help you, the investor, to achieve your financial dreams. We have also long been committed to uncovering opportunities worldwide.

We will continue to bring you opportunities — wherever they occur. With access to more than 700 ING investment management professionals who are located around the world and who, in our consideration, deliver exceptional insight into markets in Europe, the Americas and the Asia-Pacific region, we believe we are in a unique position to help you take advantage of the opportunities that the world has to offer.

On behalf of everyone here at ING Funds, I thank you for your continued support and loyalty. We look forward to serving you in the future.

Sincerely,

James M. Hennessy

President

ING Funds

July 27, 2005

⁽¹⁾ Morgan Stanley Capital International

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

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.

Market Perspective: Six Months Ended June 30, 2005

Global stocks posted mixed results in the first half of 2005 with the U.S. market finally succumbing to inflation and interest rate fears while many international stocks advanced. As a whole, global equities lost 0.7%, according to the Morgan Stanley Capital International (“MSCI”) World Index⁽¹⁾ in dollars, including net reinvested dividends, dragged down by a resurgent dollar, boosted by strong Gross Domestic Product (“GDP”) growth, and rising short-term interest rates. The euro was further buffeted by the defeat of a proposal for a European constitution, followed by acrimonious stalemate on a European budget. For the six months, the U.S. dollar rose 11.9% against the euro, 7.1% against the pound and 8.1% against the oil price sensitive yen.

Trends in investment grade U.S. fixed income securities had been dominated since the middle of 2004 by the flattening of the Treasury yield curve as ten-year yields fell even as the Federal Open Market Committee (“FOMC”) raised short-term interest rates five times in 2004 and then twice more in February and March of 2005. The trend had been temporarily broken in the last few weeks of the first quarter as risk appetites soured, but not for long. From April 1, evidence of slowing activity and firming inflation mounted. May saw the curve-flattening trend sustained by the eighth FOMC rate rise. Then Dallas Federal Reserve President Fisher said that the FOMC, after eight rate increases, was in the “eighth inning” of the tightening cycle, sending the ten-year Treasury yield plunging through 4%, squeezing the spread over the 90-day Bill on June 27th to 0.87%, a new low since April of 2001. But on the last day of the quarter the FOMC raised the Federal Funds rate for the ninth time, to 3.25%, and made it perfectly clear that extra innings were about to be played. For the six months, the yield on U.S. 10-year Treasury Notes fell by 0.27% to 3.95%, while the yield on 13-week Treasury Bills rose 0.88% to 3.06%. The return on the broader Lehman Brothers Aggregate Bond Index⁽²⁾ was 2.5%, and the recovery of investors’ risk appetites helped the Lehman Brothers High Yield Bond Index⁽³⁾ add 1.1%.

The U.S. equities market in the form of the Standard & Poor’s (“S&P”) 500 Index⁽⁴⁾, lost 0.8% in the first half of 2005 including dividends. At this point the market was trading at a price-to-earnings level of about 15.75 times earnings for the current fiscal year. An early retreat was relieved by encouraging elections in Iraq, an upsurge in merger and acquisition activity and generally better than expected company earnings. A solid employment report on March 4 propelled the S&P 500 Index to its best close of the quarter the next day. But the sell off was swift amid concerns about inflation and a slowing economy. Investors keenly watched the swirling crosscurrents in the fixed income markets. Falling bond yields make stocks relatively more attractive and have encouraged mortgage refinancing on a massive scale. The funds raised have tended not to stay long in the wallets of American consumers, keeping expansion strong. However, inexorably rising short-term rates dampen demand and profit margins. Little wonder then that Mr. Fisher’s remarks encouraged the market to make a run in June from the previous March 7 high. Although, it was tripped up by the other major influence on stocks in recent quarters: the surging price of oil, which is potentially inflationary through costs and deflationary since it acts like a tax. The price of a barrel of oil for July delivery reached a new record on June 17, stopping the stock market rally in its tracks. June ended on a down note when the FOMC indicated that the tightening game was far from over.

Japan equities fell 5.8%, based on the MSCI Japan Index⁽⁵⁾ plus net dividends in dollars, but rose 1.8% in local currency. By month end the broad market was trading at about 15.5 times current fiscal year earnings. The period saw the familiar raft of macro-economic disappointments, but from May the news improved. GDP growth was estimated at 4.9% after three weak quarters. Profits are growing in Japan, by 15.8% in the first quarter, and the banks’ bad loan crisis appears to be over.

European ex UK markets jumped 11.3% in local currencies during the first six months of 2005, repeatedly reaching three-year high levels, but fell 1.1% in dollars, according to the MSCI Europe ex UK Index⁽⁶⁾ including net dividends. Markets were trading on average at about 13.5 times earnings for the current fiscal year. Such bullish performance belied bearish economic conditions with high unemployment and barely growing economies. This and the political setbacks referred to above served only to depress the euro. Stock markets cheered the weaker currency, while corporate profits held up and merger and acquisition activity revived, allowing stocks to rise in the face of record low bond yields.

The UK market gained 8.1% in sterling, based on the MSCI UK Index⁽⁷⁾ including net dividends, making new four-year highs, but only 0.9% in dollars. It was then

Market Perspective: Six Months Ended June 30, 2005

trading at just under 13 times current fiscal year earnings. The UK economy as a whole has been healthy, with 3.2% growth in 2004 and low unemployment. However, over-stretched consumers and soaring real estate prices held growth at bay. Five interest rate increases through August 2004 eventually took their toll. By the end of June, house prices were falling, manufacturing was in decline and GDP growth slowed. The next move in interest rates, in our opinion, clearly is a decrease and it was this expectation, plus a weaker pound that boosted a fairly inexpensive stock market.

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

⁽²⁾ The Lehman Brothers Aggregate Bond Index is a widely recognized, unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.

⁽³⁾ The Lehman Brothers High Yield Bond Index is an unmanaged index that measures the performance of fixed-income securities generally representative of corporate bonds rated below investment-grade.

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

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

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

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

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

Past performance does not guarantee future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Funds’ 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 the Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.

ING GET U.S. Core Portfolio

Investment Strategy and Principal Risks

What is the Investment Strategy During the Guarantee Period?

The ING GET U.S. Core Portfolio Series 1, 2, 3, 4, 5, 6, 7, 8 and 9 (“Series”) do not implement an “investment strategy” in any conventional sense. Rather, the Series’ asset allocation strategy seeks to optimize the exposure of the Series to the Equity Component while protecting Series assets. Assets allocated to the Equity Component may be reduced or eliminated in order to conserve assets at a level equal to or above the present value of the Guarantee. The Series allocate their assets among the following asset classes:

During the Guarantee Period, the Series’ assets will be allocated between the:


•	Equity Component, consisting of common stocks included in the Standard & Poor’s (“S&P”) 500 Index, futures contracts on the S&P 500 Index, and when the Equity Component’s market value is $5 million or less, investments in exchange traded funds (“ETFs”) that can reasonably be expected to have at least a 95% correlation ratio with the S&P 500 Index, in S&P 500 Index futures, or in a combination of S&P 500 Index futures and ETFs, subject to any limitation on the Series’ investments in such securities (“Equity Component”); and the

•	Fixed Component, consisting primarily of short-to intermediate-duration U.S. Government securities (“Fixed Component”).

The Series’ asset allocation strategy is implemented by allocating assets appropriately to the Equity Component and to the Fixed Component to optimize exposure to the Equity Component while controlling the risk that an insurance company may be required to make payment under the Guarantee. Consequently, there can be no assurance as to the percentage of assets, if any, allocated to the Equity Component, or to any investment returns generated by the Series.

How does the Series’ Asset Allocation work?

ING Investment Management Co. (“ING IM”), Sub-Adviser to the Series, uses a proprietary computer model to determine on a daily basis the percentage of assets allocated to the Equity Component and to the Fixed Component. The model evaluates a number of factors, including the then current market value of the Series, the then prevailing level of interest rates, equity market volatility, the Series’ total annual expenses, insurance company separate account expenses, and the Maturity Date. The model determines the initial allocation between the Equity Component and the Fixed Component on the first day of the Guarantee Period and provides direction for any reallocations on a daily basis thereafter. Generally, as the value of the Equity Component rises, more assets are allocated to the Equity Component; as the value of the Equity Component declines, more assets are allocated to the Fixed Component. The amount directed to the Equity Component is always restricted so that even if it were to experience a “material decline” in value on a given day and before being redirected to the Fixed Component, the remaining assets would still be sufficient to meet the Guarantee. At the commencement of the Guarantee Period, the Series will define a “material decline” in value as a decline in the value of the Equity Component of at least 20% but no more than 30%. In the event the Series defines the “material decline” at 20%, more assets will likely be allocated to the Equity Component than if the “material decline” is defined at 30%. The allocation to the Equity Component or the Fixed Component may be zero under certain circumstances.

Equity Component: ING IM manages the Equity Component by overweighting those stocks in the S&P 500 Index that it believes will outperform the S&P 500 Index, and underweighting (or avoiding altogether) those stocks ING IM believes will underperform the S&P 500 Index (“Enhanced Index Strategy”). Stocks ING IM believes are likely to match the performance of the S&P 500 Index are invested in proportion to their representation in the Index. To determine which stocks to weight more or less heavily, ING IM uses internally developed quantitative computer models to evaluate various criteria, such as the financial strength of each company and its potential for strong, sustained earnings growth. ING IM expects that there will be a close correlation between the performance of the Equity Component and that of the S&P 500 Index in both rising and falling markets.

If the Equity Component’s market value is $5 million or less, in order to replicate an investment in stocks listed in the S&P 500 Index, ING IM may invest the entire amount of the Equity Component’s assets in S&P 500 Index futures, in exchange traded funds

ING GET U.S. Core Portfolio

Investment Strategy and Principal Risks

(“ETFs”), or in a combination of S&P 500 Index futures and ETFs, subject to any limitation on the Series’ investment in such securities. ETFs are passively managed investment companies traded on a securities exchange whose goal is to track or replicate a desired index. ING IM will not employ an enhanced index strategy when it invests in S&P 500 Index futures and ETFs.

Fixed Component: ING IM seeks to select investments for the Fixed Component with financial characteristics that will, at any point in time, closely resemble those of a portfolio of zero coupon bonds which mature within three months of the Maturity Date. Generally, at least 55% of the Fixed Component will consist of securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, including STRIPS (Separate Trading of Registered Interest and Principal of Securities). Although the Series invest in securities insured or guaranteed by the U.S. Government, the Series shares are not issued or guaranteed. STRIPS are created by the Federal Reserve Bank by separating the interest and principal components of an outstanding U.S. Treasury or agency bond and selling them as individual securities. The Fixed Component may also consist of mortgage backed securities (including commercial mortgage backed securities) which are rated AAA or Aaa at the time of purchase by S&P or Moody’s Investors Service, Inc. (Moody’s), respectively, and corporate obligations which are rated at the time of purchase A- or higher by S&P and/or Aa3 or higher by Moody’s. The Fixed Component may also include U.S. Treasury futures and money market instruments.

What are the Principal Guarantee Period Risks?

Allocation Risk: If, at the inception of, or any time during, the Guarantee Period interest rates are low, the Series’ assets may be largely invested in the Fixed Component in order to decrease the likelihood that an insurance company would be required to make any payment under the Guarantee. The effect of low interest rates on the Series would likely be more pronounced at the inception of the Guarantee Period, as the initial allocation of assets would include more fixed income securities. In addition, if during the Guarantee Period the equity markets experienced a material decline, the Series’ assets may become largely invested in the Fixed Component. In fact, if the value of the Equity Component were to decline by a significant amount, a complete reallocation to the Fixed Component would likely occur. In the event of a reallocation of 100% of the assets to the Fixed Component, the Series would not reallocate any assets into the Equity Component prior to the Maturity Date. Use of the Fixed Component reduces the Series’ ability to participate as fully in upward equity market movements, and therefore represents some loss of opportunity, or opportunity cost, compared to a portfolio that is fully invested in equities.

Active Asset Allocation May Underperform Static Strategies: The asset allocation process results in transaction costs. Volatile periods in the market may increase these costs. This process can have an adverse effect on the performance of the Series during periods of increased equity market volatility. In addition, a high portfolio turnover rate, which may also have an adverse effect on the performance of the Series, may increase the Series’ transaction costs.

Opportunity Costs: There are substantial opportunity costs associated with an investment in the Series. The Series may allocate a substantial portion, and under certain circumstances all, of the Series’ assets to the Fixed Component in order to conserve Series assets to a level equal to or above the present value of the Guarantee.

Initially, if interest rates are low, the allocation to the Fixed Component may be over 70% of the Series’ assets. If the market value of the Equity Component rises, the percentage of the Series’ assets allocated to the Equity Component generally will also rise. However, the relative volatility of these two Components as well as the past performance of the Series will affect these allocations. For example, if the Series incurs early losses, the Series may allocate 100% of the Series’ assets to the Fixed Component for the entire Guarantee Period, irrespective of the subsequent upward movements in the equity markets and/or the Equity Component.

The extent to which the Series participates in upward movements in the Equity Component during the Guarantee Period will depend on the performance of the Series, the performance and volatility of the Fixed and Equity Components, interest rates, expenses of the Series and of the underlying contract, and other factors. The Series might capture a material portion, very little or none of any Equity Component increase.

It is possible that on the Maturity Date, a Contract- holder or Participant could receive only the guaranteed amount even though the equity markets,

ING GET U.S. Core Portfolio

Investment Strategy and Principal Risks

as well as the Equity Component, has had significant positive performance during the Guarantee Period.

When you hold your investment until the end of the 5-year Guarantee Period, on the Guarantee Maturity Date your account will be worth no less than your investment at the inception of the Guarantee Period, less any redemptions and distributions you have received in cash, and certain Series expenses, such as interest, taxes and extraordinary expenses. If you sell shares during the Guarantee Period, shares are redeemed at the current NAV which may be worth more or less than your original investment and/or the NAV at the inception of the Guarantee Period. The guarantee is based on the beginning NAV on the first day of the Guarantee Period, not the Public Offering Price, and does not apply to any earnings realized during the Guarantee Period. The guarantee is backed by insurance companies offering the Series. As with the sale of any securities, a taxable event may occur if the Series liquidates fixed income securities at the end of the Guarantee Period.

Worst Case Scenarios for the Series’ Equity Participation: The opportunity cost of not allocating assets to the Equity Component will be particularly high if early in the Guarantee Period: (a) the Series’ NAV decreases; or (b) the value of the Equity Component declines. In either case, all or substantially all of the Series’ assets could be allocated to the Fixed Component for the remainder of the Guarantee Period.

Annuity Charges: Contract-holders and Participants acquiring interests in the Series through separate accounts are not all subject to the same contract charges. The Series’ asset allocation strategy seeks to optimize the exposure of the Series to the Equity Component while protecting Series assets. As such, Contract-holders and Participants will incur different opportunity costs, as the Series’ Equity Component allocation will be reduced so as to preserve the Series’ assets at a level that may be higher than that needed to return to certain investors their initial separate account investment directed to the Series as of the Maturity Date, plus their (lower) contract charges.

Stock and Bond Investments: The risks associated with investing in stocks include sudden and unpredictable drops in the value of the market as a whole and periods of lackluster or negative performance. The performance of the Equity Component also depends significantly on ING IM’s skill in determining which securities to overweight, underweight or avoid altogether.

The principal risk associated with investing in bonds is that interest rates may rise, which generally causes bond prices to fall. The market prices of STRIPS generally are more volatile than the market prices of other fixed income securities with similar maturities that pay interest periodically. With corporate bonds, there is a risk that the issuer will default on the payment of principal or interest.

With mortgage backed securities, there is a risk of prepayment of the underlying mortgage. Because prepayments of principal generally occur when interest rates are declining, it is likely that the Series may have to reinvest the proceeds of prepayments at lower yields. In addition, with credit risk, the Series could lose money if the issuer of a debt security is unable to meet its financial obligations or goes bankrupt. This Series is subject to less credit risk than other funds because it principally invests in debt securities issued or guaranteed by the U.S. Government or its agencies.

Declining Interest Rates: A decline in prevailing U.S. interest rates could materially increase the opportunity costs. Any such decline would increase the present value of the Guarantee, potentially causing the Series to allocate all or substantially all of the Series’ assets to the Fixed Component in order to assure that such assets do not fall below the Guarantee.

Futures Contracts: The Series may invest in futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a financial instrument or a specific stock market index for a specified price on a designated date. The Series uses futures for hedging purposes or to temporarily increase or limit exposure to a particular asset class. The main risk with futures contracts is that they can amplify a gain or loss, potentially earning or losing substantially more money than the actual investment made in the futures contract.

Exchange Traded Funds: ETFs are passively managed investment companies traded on a securities exchange whose goal is to track or replicate a desired index. ETFs present risks similar to those of an investment in the underlying securities held by the ETF. Because ETFs trade on an exchange, they may not trade at net asset value (“NAV”). Sometimes, the

ING GET U.S. Core Portfolio

Investment Strategy and Principal Risks

prices of ETFs may vary significantly from the NAVs of the ETFs underlying securities. Additionally, if the Fund elects to redeem its ETF shares rather than selling them on the secondary market, the Fund may receive the underlying securities which it must then sell in order to obtain cash. Additionally, you may pay a proportionate share of the expenses of the ETF in addition to the expenses of the Fund.

Risks of Using Derivatives: Certain securities in which the Series may invest, including futures contracts, are derivative instruments. In general terms, a derivative instrument is a financial contract whose value is derived, at least in part, from the performance of an underlying asset, interest rate, or index. If the issuer of a derivative does not pay the amount owed on the contract when due, the Series can lose money on the investment. The underlying investment on which the derivative is based, and the derivative itself, might not perform in the manner the Sub-Adviser expected, which could cause the Series’ share price to decline. Markets underlying securities may move in a direction not anticipated by the Sub-Adviser, which may result in the Series’ realizing a lower return than expected on an investment.

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution [and/or service] (12b–1) fees; and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund 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, 2005 to June 30, 2005, unless otherwise indicated.

Actual Expenses

The first section of the table shown, “Actual Fund 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 Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second section of the table shown, “Hypothetical 5% Return”, provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other 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 sales charges (loads), 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 funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning		Ending					Expenses Paid
	Account		Account		Annualized			During the
	Value		Value		Expense			Six Months Ended
ING GET U.S. Core Portfolio	January 1, 2005		June 30, 2005		Ratio			June 30, 2005*

Actual Fund Return
Series 1	$	1,000.00	$	1,000.00		0.97	%	$	4.81
Series 2		1,000.00		1,000.00		0.97			4.81
Series 3		1,000.00		999.00		0.97			4.81
Series 4		1,000.00		999.00		1.00			4.96
Series 5		1,000.00		1,000.00		1.00			4.96
Series 6		1,000.00		1,004.00		0.99			4.92
Series 7		1,000.00		1,001.00		0.91			4.51


*	Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 for Series 1 - 7, and 114/365 and 23/365 for Series 8 and Series 9, respectively (to reflect the one-half year period or the number of days since guarantee date).

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)


	Beginning		Ending					Expenses Paid
	Account		Account		Annualized			During the
	Value		Value		Expense			Six Months Ended
ING GET U.S. Core Portfolio	January 1, 2005		June 30, 2005		Ratio			June 30, 2005*

Hypothetical (5% return before expenses)
Series 1	$	1,000.00	$	1,019.98		0.97	%	$	4.86
Series 2		1,000.00		1,019.98		0.97			4.86
Series 3		1,000.00		1,019.98		0.97			4.86
Series 4		1,000.00		1,019.84		1.00			5.01
Series 5		1,000.00		1,019.84		1.00			5.01
Series 6		1,000.00		1,019.89		0.99			4.96
Series 7		1,000.00		1,020.28		0.91			4.56
Series 8		1,000.00		1,021.27		0.71			3.56
Series 9		1,000.00		1,021.92		0.58			2.91

Beginning

Ending

Expenses Paid

Account

Annualized

During the

Value

Expense

Period Ended

March 9, 2005

June 30, 2005

Ratio

June 30, 2005**

��

Actual Fund Return

Series 8†

1,000.00

996.00

0.71

3.51

Hypothetical (5% return before expenses, since Series inception)

Series 8

1,000.00

1,013.40

0.71

2.23

Beginning

Ending

Expenses Paid

Account

Annualized

During the

Value

Expense

Period Ended

June 8, 2005

June 30, 2005

Ratio

June 30, 2005**

Actual Fund Return

Series 9†

1,000.00

0.58

2.88

Hypothetical (5% return before expenses, since Series inception)

Series 9

1,000.00

1,002.79

0.58

0.37


†	These Series had less than six months of operation during the period. Performance for Series 8 used in the calculation is the return since the date the Series entered the guarantee period. Series 9 has not entered the guarantee period as of June 30, 2005.


*	Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


**	Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 114/365 for Series 8 and 23/365 for Series 9 (to reflect the number of days since the Series inception).

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2005 (Unaudited)


		ING GET U.S. Core Portfolio

		Series 1		Series 2		Series 3			Series 4		Series 5

ASSETS:
Investments in securities at value*		$	172,600,931	$	140,485,561	$	212,128,379		$	77,210,308	$	48,704,106
Repurchase agreement			576,000		1,059,000		620,000			584,000		424,000
Cash			644		825		508			111		403
Dividends and interest receivable			72,471		45,238		75,922			32,859		37,018
Prepaid organizational expenses			—		—		—			—		2,917
Other prepaid expenses			12,368		9,434		14,909			5,361		1,089
Reimbursement due from manager			—		—		—			—		5,815

	Total assets		173,262,414		141,600,058		212,839,718			77,832,639		49,175,348

LIABILITIES:
Payable for fund shares redeemed			—		160,815		—			—		—
Payable to affiliates			131,196		106,805		160,680			58,503		36,883
Payable for trustee fees			1,778		2,733		1,867			3,973		1,596
Other accrued expenses and liabilities			48,790		50,038		47,064			36,596		34,725

	Total liabilities		181,764		320,391		209,611			99,072		73,204

NET ASSETS		$	173,080,650	$	141,279,667	$	212,630,107		$	77,733,567	$	49,102,144

NET ASSETS WERE COMPRISED OF:
Paid-in capital		$	158,585,925	$	132,837,610	$	210,546,537		$	73,048,223	$	45,743,143
Undistributed net investment income			6,021,115		5,436,140		6,360,543			2,194,282		879,095
Accumulated net realized gain (loss) on investments			6,865,136		2,355,776		(2,393,759	)		662,109		1,045,295
Net unrealized appreciation (depreciation) on investments			1,608,474		650,141		(1,883,214	)		1,828,953		1,434,611

NET ASSETS		$	173,080,650	$	141,279,667	$	212,630,107		$	77,733,567	$	49,102,144


* Cost of investments in securities		$	170,992,457	$	139,835,420	$	214,011,593		$	75,381,355	$	47,269,495
Shares authorized			unlimited		unlimited		unlimited			unlimited		unlimited
Par value		$	0.001	$	0.001	$	0.001		$	0.001	$	0.001
Shares outstanding			16,294,655		13,531,638		21,003,249			7,395,734		4,646,895
Net asset value and redemption price per share		$	10.62	$	10.44	$	10.12		$	10.51	$	10.57

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of June 30, 2005 (Unaudited)


			ING GET U.S. Core Portfolio

			Series 6			Series 7			Series 8			Series 9

ASSETS:
Investments in securities at value*			$	136,375,817		$	103,579,717		$	58,872,354		$	—
Short-term investments**				—			—			—			24,102,032
Repurchase agreement				1,390,000			646,000			112,000			4,686,000
Cash				463			826			565			72
Receivables:
	Fund shares sold			—			—			—			530,688
	Dividends and interest			94,840			67,455			30,872			887
Prepaid organization expenses				6,657			10,315			14,055			—
Other prepaid expenses				5,802			1,434			2			—
Reimbursement due from manager				—			3,427			947			—

		Total assets		137,873,579			104,309,174			59,030,795			29,319,679

LIABILITIES:
Payable for fund shares redeemed				—			—			366,403			281,268
Payable to affiliates				104,090			78,394			38,488			6,806
Payable for trustee fees				3,605			1,868			884			98
Other accrued expenses and liabilities				55,352			30,593			13,920			953

	��	Total liabilities		163,047			110,855			419,695			289,125

NET ASSETS			$	137,710,532		$	104,198,319		$	58,611,100		$	29,030,554

NET ASSETS WERE COMPRISED OF:
Paid-in capital			$	135,458,492		$	104,017,071		$	58,567,840		$	29,003,962
Undistributed net investment income				1,784,381			887,562			304,094			28,789
Accumulated net realized gain (loss) on investments				(1,408,807	)		(1,371,200	)		2,705			(201	)
Net unrealized appreciation (depreciation) on investments				1,876,466			664,886			(263,539	)		(1,996	)

NET ASSETS			$	137,710,532		$	104,198,319		$	58,611,100		$	29,030,554


* Cost of investments in securities			$	134,499,351		$	102,914,831		$	59,135,893		$	—
** Cost of short-term investments			$	—		$	—		$	—		$	24,104,028
Shares authorized				unlimited			unlimited			unlimited			unlimited
Par value			$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding				13,559,418			10,368,066			5,847,006			2,899,374
Net asset value and redemption price per share			$	10.16		$	10.05		$	10.02		$	10.01

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended June 30, 2005 (Unaudited)


		ING GET U.S. Core Portfolio

		Series 1			Series 2			Series 3			Series 4			Series 5

INVESTMENT INCOME:
Dividends		$	588,539		$	413,346		$	650,768		$	276,461		$	311,515
Interest			2,052,516			1,875,293			2,516,776			1,020,316			337,386

	Total investment income		2,641,055			2,288,639			3,167,544			1,296,777			648,901

EXPENSES:
Investment management fees			550,525			446,905			684,031			246,368			152,406
Distribution and service fees			229,385			186,209			285,011			102,653			63,502
Transfer agent fees			127			103			103			156			1,850
Administrative service fees			50,463			40,965			62,700			22,583			13,970
Shareholder reporting expense			10,550			8,060			9,575			7,495			4,420
Registration fees			3,080			2,326			3,688			1,323			3,218
Professional fees			18,995			12,440			27,115			9,530			6,530
Custody and accounting expense			17,110			14,380			14,890			6,900			6,575
Trustee fees			3,165			3,620			3,620			2,710			1,535
Offering and organization costs			—			—			2,876			6,739			7,439
Miscellaneous expense			6,083			6,247			7,548			4,076			2,644

	Total expenses		889,483			721,255			1,101,157			410,533			264,089
	Net waived and reimbursed fees		—			—			—			—			(6,164	)

	Net expenses		889,483			721,255			1,101,157			410,533			257,925

Net investment income			1,751,572			1,567,384			2,066,387			886,244			390,976

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments			1,043,872			486,197			213,214			622,077			555,069
Net change in unrealized appreciation or depreciation on investments			(2,862,873	)		(2,174,851	)		(2,726,757	)		(1,657,217	)		(977,489	)

Net realized and unrealized loss on investments			(1,819,001	)		(1,688,654	)		(2,513,543	)		(1,035,140	)		(422,420	)

Decrease in net assets resulting from operations		$	(67,429	)	$	(121,270	)	$	(447,156	)	$	(148,896	)	$	(31,444	)

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the periods ended June 30, 2005 (Unaudited)


		ING GET U.S. Core Portfolio

		Series 6			Series 7			Series 8			Series 9

		Six Months			Six Months			March 9,			June 8,
		Ended			Ended			2005⁽¹⁾to			2005⁽¹⁾to
		June 30,			June 30,			June 30,			June 30,
		2005			2005			2005			2005

INVESTMENT INCOME:
Dividends		$	804,724		$	319,924		$	32,519		$	—
Interest			1,164,830			914,495			374,055			36,760

	Total investment income		1,969,554			1,234,419			406,574			36,760

EXPENSES:
Investment management fees			433,981			228,647			47,456			3,066
Distribution and service fees			180,825			111,843			34,362			3,066
Transfer agent fees			985			879			275			25
Administrative service fees			39,780			24,605			7,560			674
Shareholder reporting expense			10,255			8,865			2,749			245
Registration fees			2,033			2,275			—			—
Professional fees			22,715			18,519			5,773			515
Custody and accounting expense			10,995			6,702			2,062			184
Trustee fees			3,203			2,648			1,100			98
Offering and organization costs			7,439			4,685			945			—
Miscellaneous expense			3,491			2,911			1,145			98

	Total expenses		715,702			412,579			103,427			7,971
	Net waived and reimbursed fees		—			(4,736	)		(947	)		—

	Net expenses		715,702			407,843			102,480			7,971

Net investment income			1,253,852			826,576			304,094			28,789

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments			(1,329,153	)		(1,370,750	)		2,705			(201	)
Net change in unrealized appreciation or depreciation on investments			547,067			665,691			(263,539	)		(1,996	)

Net realized and unrealized loss on investments			(782,086	)		(705,059	)		(260,834	)		(2,197	)

Increase in net assets resulting from operations		$	471,766		$	121,517		$	43,260		$	26,592


(1)	Commencement of operations

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING GET U.S. Core Portfolio

	Series 1						Series 2						Series 3

	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2005			2004			2005			2004			2005			2004

FROM OPERATIONS:
Net investment income	$	1,751,572		$	4,258,929		$	1,567,384		$	3,867,361		$	2,066,387		$	4,259,055
Net realized gain (loss) on investments		1,043,872			5,946,519			486,197			1,867,985			213,214			(2,610,022	)
Net change in unrealized appreciation or depreciation on investments		(2,862,873	)		(2,815,102	)		(2,174,851	)		1,365,249			(2,726,757	)		842,278

Net increase (decrease) in net assets resulting from operations		(67,429	)		7,390,346			(121,270	)		7,100,595			(447,156	)		2,491,311

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		—			(1,516,468	)		—			(183,294	)		—			(2,858	)
Net realized gains		—			(239,552	)		—			(1,729	)		—			—

Total distributions		—			(1,756,020	)		—			(185,023	)		—			(2,858	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		—			—			—			—			—			305,186,617
Dividends reinvested		—			1,756,020			—			185,023			—			2,858

		—			1,756,020			—			185,023			—			305,189,475
Cost of shares redeemed		(27,579,271	)		(61,196,977	)		(18,734,169	)		(69,968,019	)		(40,757,259	)		(64,573,296	)

Net increase (decrease) in net assets resulting from capital share transactions		(27,579,271	)		(59,440,957	)		(18,734,169	)		(69,782,996	)		(40,757,259	)		240,616,179

Net increase (decrease) in net assets		(27,646,700	)		(53,806,631	)		(18,855,439	)		(62,867,424	)		(41,204,415	)		243,104,632

NET ASSETS:
Beginning of period		200,727,350			254,533,981			160,135,106			223,002,530			253,834,522			10,729,890

End of year period	$	173,080,650		$	200,727,350		$	141,279,667		$	160,135,106		$	212,630,107		$	253,834,522

Undistributed net investment income at end of period	$	6,021,115		$	4,269,543		$	5,436,140		$	3,868,756		$	6,360,543		$	4,294,156

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING GET U.S. Core Portfolio

	Series 4						Series 5						Series 6

	Six Months			March 12,			Six Months			June 11,			Six Months			September 10,
	Ended			2004⁽¹⁾to			Ended			2004⁽¹⁾to			Ended			2004⁽¹⁾to
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2005			2004			2005			2004			2005			2004

FROM OPERATIONS:
Net investment income	$	886,244		$	1,296,412		$	390,976		$	483,715		$	1,253,852		$	454,708
Net realized gain (loss) on investments		622,077			39,550			555,069			489,831			(1,329,153	)		(79,750	)
Net change in unrealized appreciation or depreciation on investments		(1,657,217	)		3,486,170			(977,489	)		2,412,100			547,067			1,329,399

Net increase (decrease) in net assets resulting from operations		(148,896	)		4,822,132			(31,444	)		3,385,646			471,766			1,704,357

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		—			100,232,726			—			66,188,972			—			186,287,563
Cost of shares redeemed		(12,414,270	)		(14,758,125	)		(5,788,677	)		(14,652,353	)		(22,238,933	)		(28,514,221	)

Net increase (decrease) in net assets resulting from capital transactions		(12,414,270	)		85,474,601			(5,788,677	)		51,536,619			(22,238,933	)		157,773,342

Net increase (decrease) in net assets		(12,563,166	)		90,296,733			(5,820,121	)		54,922,265			(21,767,167	)		159,477,699

NET ASSETS:
Beginning of period		90,296,733			—			54,922,265			—			159,477,699			—

End of period	$	77,733,567		$	90,296,733		$	49,102,144		$	54,922,265		$	137,710,532		$	159,477,699

Undistributed net investment income at end of period	$	2,194,282		$	1,308,038		$	879,095		$	488,119		$	1,784,381		$	530,529


(1)	Commencement of operations

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING GET U.S. Core Portfolio

	Series 7						Series 8			Series 9

	Six Months			December 10,			March 9,			June 8,
	Ended			2004⁽¹⁾to			2005⁽¹⁾to			2005⁽¹⁾to
	June 30,			December 31,			June 30,			June 30,
	2005			2004			2005			2005

FROM OPERATIONS:
Net investment income	$	826,576		$	53,133		$	304,094		$	28,789
Net realized gain (loss) on investments		(1,370,750	)		(450	)		2,705			(201	)
Net change in unrealized appreciation or depreciation on investments		665,691			(805	)		(263,539	)		(1,996	)

Net increase (decrease) in net assets resulting from operations		121,517			51,878			43,260			26,592

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		59,691,621			71,430,927			72,230,782			34,055,650
Cost of shares redeemed		(18,137,149	)		(8,960,475	)		(13,662,942	)		(5,051,688	)

Net increase in net assets resulting from capital share transactions		41,554,472			62,470,452			58,567,840			29,003,962

Net increase in net assets		41,675,989			62,522,330			58,611,100			29,030,554

NET ASSETS:
Beginning of period		62,522,330			—			—			—

End of period	$	104,198,319		$	62,522,330		$	58,611,100		$	29,030,554

Undistributed net investment income at end of year period	$	887,562		$	60,986		$	304,094		$	28,789


(1)	Commencement of operations

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 1 (Unaudited)

Financial Highlights

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


		Six Months					June 13,
		Ended			Year Ended		2003⁽¹⁾to
		June 30,			December 31,		December 31,
		2005			2004		2003

Per Share Operating Performance:
Net asset value, beginning of period	$		10.62			10.35		10.00
Income from investment operations:
Net investment income	$		0.10	**		0.24		0.06
Net realized and unrealized gain (loss) on investments	$		(0.10	)		0.11		0.29
Total from investment operations	$		—			0.35		0.35
Less distributions from:
Net investment income	$		—			0.07		—
Net realized gain on investments	$		—			0.01		—
Total distributions	$		—			0.08		—
Net asset value, end of period	$		10.62			10.62		10.35
Total Return⁽²⁾	%		0.00	*		3.45		3.40	*******
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		173,081			200,727		254,534
Ratio of expenses to average net assets:
Expenses⁽³⁾	%		0.97			0.97		0.99
Net investment income⁽³⁾	%		1.91			1.92		1.81
Portfolio turnover rate	%		27			79		29

⁽¹⁾ Commencement of operations.

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

⁽³⁾ Annualized for periods less than one year.

* Amount represents less than 0.01%.

** Per share data calculated using average number of shares outstanding throughout the period.

*** Total return calculation began on September 12, 2003, the first day of the Guarantee Period. Total return from commencement of operations was 3.50%.

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 2 (Unaudited)

Financial Highlights

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


		Six Months					September 12,
		Ended			Year Ended		2003⁽¹⁾to
		June 30,			December 31,		December 31,
		2005			2004		2003

Per Share Operating Performance:
Net asset value, beginning of period	$		10.44			10.08		10.00
Income from investment operations:
Net investment income	$		0.11	**		0.25		0.01
Net realized and unrealized gain (loss) on investments	$		(0.11	)		0.12		0.07
Total from investment operations	$		—			0.37		0.08
Less distributions from:
Net investment income	$		—			0.01		—
Total distributions	$		—			0.01		—
Net asset value, end of period	$		10.44			10.44		10.08
Total Return⁽²⁾	%		0.00	*		3.68		0.70	*******

Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		141,280			160,135		223,003
Ratio of expenses to average net assets:
Net expenses after expense reimbursement/recoupment ⁽³⁾⁽⁴⁾	%		0.97			0.97		1.00
Gross expenses prior to expense reimbursement/recoupment⁽³⁾	%		0.97			0.97		1.06
Net investment income after expense reimbursement/recoupment⁽³⁾⁽⁴⁾	%		2.10			2.10		1.16
Portfolio turnover rate	%		30			56		—

⁽¹⁾ Commencement of operations.

⁽³⁾ Annualized for periods less than one year.

⁽⁴⁾ The Investment Manager has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by ING Investments, LLC within three years.

* Amount represents less than 0.01%.

** Per share data calculated using average number of shares outstanding throughout the period.

*** Total return calculation began on December 12, 2003, the first day of the Guarantee Period. Total return from commencement of operations was 0.80%.

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 3 (Unaudited)

Financial Highlights

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


		Six Months						December 12,
		Ended			Year Ended			2003⁽¹⁾to
		June 30,			December 31,			December 31,
		2005			2004			2003

Per Share Operating Performance:
Net asset value, beginning of period	$		10.13			10.01			10.00
Income (loss) from investment operations:
Net investment income	$		0.09	*		0.17			0.01
Net realized and unrealized gain (loss) on investments	$		(0.10	)		(0.05	)		0.00	**
Total from investment operations	$		(0.01	)		0.12			0.01
Net asset value, end of period	$		10.12			10.13			10.01
Total Return⁽²⁾	%		(0.10	)		1.20	††		—	†
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		212,630			253,835			10,730
Ratio of expenses to average net assets:
Net expenses after expense reimbursement/recoupment ⁽³⁾⁽⁴⁾	%		0.97			0.93			0.65
Gross expenses prior to expense reimbursement/recoupment⁽³⁾	%		0.97			0.93			4.31
Net investment income after expense reimbursement/recoupment⁽³⁾⁽⁴⁾	%		1.81			1.81			0.46
Portfolio turnover rate	%		41			65			—

⁽¹⁾ Commencement of operations.

⁽³⁾ Annualized for periods less than one year.

* Per share data calculated using average number of shares outstanding throughout the period.

** Amount represents less than $0.01 per share.

† As of December 31, 2003, the Portfolio was in its Offering Period. Total return calculation will begin on the commencement date of the Guarantee Period (March 12, 2004). Total return from commencement of operations was 0.10%.

†† Total return calculation began on March 12, 2004, the first day of the Guarantee Period. Total return for the year ended December 31, 2004 was also 1.20%.

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 4 (Unaudited)

Financial Highlights

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


		Six Months			March 12,
		Ended			2004⁽¹⁾to
		June 30,			December 31,
		2005			2004

Per Share Operating Performance:
Net asset value, beginning of period	$		10.52			10.00
Income from investment operations:
Net investment income	$		0.11	*		0.15
Net realized and unrealized gain (loss) on investments	$		(0.12	)		0.37
Total from investment operations	$		(0.01	)		0.52
Net asset value, end of period	$		10.51			10.52
Total Return⁽²⁾	%		(0.10	)		5.09	**
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		77,734			90,297
Ratio of expenses to average net assets:
Expenses⁽³⁾⁽⁴⁾	%		1.00			0.98
Net investment income⁽³⁾⁽⁴⁾	%		2.16			2.36
Portfolio turnover rate	%		26			48

⁽¹⁾ Commencement of operations.

⁽³⁾ Annualized for periods less than one year.

* Per share data calculated using average number of shares outstanding throughout the period.

** Total return calculation began on June 11, 2004, the first day of the Guarantee Period. Total return from commencement of operations was 5.20%.

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 5 (Unaudited)

Financial Highlights

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


		Six Months			June 11,
		Ended			2004⁽¹⁾to
		June 30,			December 31,
		2005			2004

Per Share Operating Performance:
Net asset value, beginning of period	$		10.57			10.00
Income from investment operations:
Net investment income	$		0.08	**		0.09
Net realized and unrealized gain (loss) on investments	$		(0.08	)		0.48
Total from investment operations	$		—			0.57
Net asset value, end of period	$		10.57			10.57
Total Return⁽²⁾	%		0.00	*		5.49	*******
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		49,102			54,922
Ratio of expenses to average net assets:
Net expenses after expense reimbursement⁽³⁾⁽⁴⁾	%		1.00			0.98
Gross expenses prior to expense reimbursement⁽³⁾	%		1.03			1.04
Net investment income after expense reimbursement ⁽³⁾⁽⁴⁾	%		1.54			2.33
Portfolio turnover rate	%		66			71

⁽¹⁾ Commencement of operations.

⁽³⁾ Annualized for periods less than one year.

* Amount represents less than 0.01%.

** Per share data calculated using average number of shares outstanding throughout the period.

*** Total return calculation began on September 10, 2004, the first day of the Guarantee Period. Total return from commencement of operations was 5.70%.

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 6 (Unaudited)

Financial Highlights

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


		Six Months			September 10,
		Ended			2004⁽¹⁾to
		June 30,			December 31,
		2005			2004

Per Share Operating Performance:
Net asset value, beginning of period	$		10.12			10.00
Income from investment operations:
Net investment income	$		0.10			0.03
Net realized and unrealized gain (loss) on investments	$		(0.06	)		0.09
Total from investment operations	$		0.04			0.12
Net asset value, end of period	$		10.16			10.12
Total Return⁽²⁾	%		0.40			0.90	*
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		137,711			159,478
Ratio of expenses to average net assets:
Expenses⁽³⁾	%		0.99			0.77
Net investment income⁽³⁾	%		1.73			1.36
Portfolio turnover rate	%		43			6

⁽¹⁾ Commencement of operations.

⁽³⁾ Annualized for periods less than one year.

* Total return calculation began on December 10, 2004, the first day of the Guarantee Period. Total return from commencement of operations was 1.20%.

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 7 (Unaudited)

Financial Highlights

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


		Six Months			December 10,
		Ended			2004⁽¹⁾to
		June 30,			December 31,
		2005			2004

Per Share Operating Performance:
Net asset value, beginning of period	$		10.01			10.00
Income from investment operations:
Net investment income	$		0.09	*		0.01
Net realized and unrealized gain (loss) on investments	$		(0.05	)		0.00	**
Total from investment operations	$		0.04			0.01
Net asset value, end of period	$		10.05			10.01
Total Return⁽²⁾:	%		0.10	†		—	††
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		104,198			62,522
Ratio of expenses to average net assets:
Net expenses prior to expense reimbursement⁽³⁾⁽⁴⁾	%		0.91			0.65
Gross expense prior to expense reimbursement⁽³⁾	%		0.92			0.65
Net investment income⁽³⁾⁽⁴⁾	%		1.85			1.85
Portfolio turnover rate	%		72			—

⁽¹⁾ Commencement of operations.

⁽³⁾ Annualized for periods less than one year.

* Per share data calculated using average number of shares outstanding throughout the period.

** Amount is less than $0.01.

† Total return calculation began on March 9, 2005, the first day of the Guarantee Period. Total return for the six months ended June 30, 2005, was 0.40%.

†† As of December 31, 2004, the Portfolio was in its Offering Period. Total return calculation will begin on the commencement date of the Guarantee Period (March 9, 2005). Total return from commencement of operations was 0.10%.

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 8 (Unaudited)

Financial Highlights

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


		March 9
		2005⁽¹⁾to
		June 30,
		2005

Per Share Operating Performance:
Net asset value, beginning of period	$		10.00
Income from investment operations:
Net investment income	$		0.07	*
Net realized and unrealized loss on investments	$		(0.05	)
Total from investment operations	$		0.02
Net asset value, end of period	$		10.02
Total Return⁽²⁾	%		(0.40	)†
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		58,611
Ratio of expenses to average net assets:
Net expenses prior to expense reimbursement⁽³⁾⁽⁴⁾	%		0.71
Gross expense prior to expense reimbursement⁽³⁾	%		0.74
Net investment income⁽³⁾⁽⁴⁾	%		2.17
Portfolio turnover rate	%		3

⁽¹⁾ Commencement of operations.

⁽³⁾ Annualized for periods less than one year.

* Per share data calculated using average number of shares outstanding throughout the period.

† Total return calculation began on June 8, 2005, the first day of the Guarantee Period. Total return from commencement of operations was 0.20%.

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 9 (Unaudited)

Financial Highlights

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


		June 8,
		2005⁽¹⁾to
		June 30,
		2005

Per Share Operating Performance:
Net asset value, beginning of period	$		10.00
Income from investment operations:
Net investment income	$		0.01
Net realized and unrealized gain on investments	$		0.00	*
Total from investment operations	$		0.01
Net asset value, end of period	$		10.01
Total Return⁽²⁾	%		—	†
Ratios and Supplemental Data:
Net assets, end of period (000’s)	$		29,031
Ratio of expenses to average net assets:
Expenses⁽³⁾	%		0.58
Net investment income⁽³⁾	%		2.11
Portfolio turnover rate	%		—

⁽¹⁾ Commencement of operations.

⁽³⁾ Annualized for periods less than one year.

* Amount is less than $0.01.

† As of June 30, 2005, the Portfolio was in its Offering Period. Total return calculation will begin on the commencement date of the Guarantee Period (September 7, 2005). Total return from commencement of operations was 0.10%.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of June 30, 2005 (Unaudited)

NOTE 1 — ORGANIZATION

Organization. The ING Variable Insurance Trust (the “Trust”) was organized as a Delaware statutory trust on July 15, 1999 and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as an open-end management investment company. There are ten separate investment Series which comprise the Trust. The nine that are in this report are as follows: ING GET U.S. Core Portfolio Series 1 (“Series 1”), ING GET U.S. Core Portfolio Series 2 (“Series 2”), ING GET U.S. Core Portfolio Series 3 (“Series 3”), ING GET U.S. Core Portfolio Series 4 (“Series 4”), ING GET U.S. Core Portfolio Series 5 (“Series 5”), ING GET U.S. Core Portfolio Series 6 (“Series 6”), ING GET U.S. Core Portfolio Series 7 (“Series 7”), ING GET U.S. Core Portfolio Series 8 (“Series 8”) and ING GET U.S. Core Portfolio Series 9 (“Series 9”), each a “Series” and collectively “the Series”.

Each Series seeks to achieve maximum total return and minimal exposure of the Series’ assets to a market value loss by participating, to the extent possible, in favorable equity market performance during the Guarantee Period. If during the Guarantee Period the equity markets experience a major decline, the Series’ assets may become largely or entirely invested in the Fixed Component. Use of the Fixed Component reduces the Series’ ability to participate as fully in upward equity market movements, and therefore represents some loss of opportunity, or opportunity cost, compared to a portfolio that is more heavily invested in equities. The insurance companies offering these Series currently are ING Life Insurance & Annuity Company (“ILIAC”) and ING USA Annuity and Life Insurance Company (“ING USA”). The insurance company offering these Series guarantees Contract holders and Participants that on the Maturity Date they will receive no less than the value of their separate account investment directed to the Series as of the last day of the Offering Period, adjusted for certain charges (the “Guarantee”). The value of dividends and distributions made by the Series throughout the Guarantee Period is included in determining whether, for purposes of the Guarantee, the value of a shareholder’s investment on the Maturity Date is no less than the value of their investment as of the last day of the Offering Period. Amounts withdrawn prior to the Maturity Date do not get the benefit of the Guarantee. The following information relates to the GET U.S. Core Portfolio.

Offering

Guarantee

Maturity

Period

Date

Series 1*

06/13/03 – 09/11/03

09/12/03 – 09/12/08

09/12/08

Series 2*

09/12/03 – 12/11/03

12/12/03 – 12/12/08

12/12/08

Series 3*

12/12/03 – 03/11/04

03/12/04 – 03/13/09

03/13/09

Series 4*

03/12/04 – 06/10/04

06/11/04 – 06/12/09

06/12/09

Series 5*

06/11/04 – 09/09/04

09/10/04 – 09/09/11

09/09/11

Series 6*

09/10/04 – 12/09/04

12/10/04 – 12/09/11

12/09/11

Series 7*

12/10/04 – 03/08/05

03/09/05 – 03/08/12

03/08/12

Series 8*

03/09/05 – 06/07/05

06/08/05 – 06/07/12

06/07/12

Series 9

06/08/05 – 09/06/05

09/07/05 – 09/06/12

09/06/12


*	Closed to new investors.

Shares of the Series are offered to insurance company separate accounts that fund both annuity and life insurance contracts and certain tax-qualified retirement plans. At June 30, 2005, separate accounts of ILIAC and ING USA and their affiliates held all the shares outstanding of the Series.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Series in the preparation of its financial statements, and such policies are in conformity with accounting principles generally accepted in the United States of America for investment companies.

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 Series’ valuation procedures. U.S. Government obligations are valued by using market quotations or independent pricing services which 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

NOTES TO FINANCIAL STATEMENTS as of June 30, 2005 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

values as determined in good faith by or under the supervision of the Series’ Board of 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 Series calculates its net asset value may also be valued at their fair values as determined in good faith by or under the supervision of a Series’ Board, in accordance with methods that are specifically authorized by the Board. If an event occurs after the time at which the market for foreign securities held by the Series closes but before the time that the Series’ 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 the Series determines its NAV. In such a case, the Series will use the fair value of such securities as determined under the Series’ valuation procedures. Events after the close of trading on a foreign market that could require the Series 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 Series 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 the Series 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, the Series 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 the Series to determine that the closing prices for one or more securities do not represent readily available reliable market value quotations at the time the Series determines its NAV, events that occur between the time of the close of the foreign market on which they are traded and the close of regular trading on the NYSE will not be reflected in the Series’ NAV. Investments in securities maturing in 60 days or less are valued at amortized cost, which, when combined with accrued interest, approximates market value.


B.	Security Transactions and Revenue Recognition. Security transactions are recorded on the trade date. Realized gains or losses on sales of investments are calculated on the identified cost basis. Interest income is recorded on the accrual basis. Premium amortization and discount accretion are determined using the effective yield method. Dividend income is recorded on the ex-dividend date.


C.	Foreign Currency Translation. The books and records of the Series 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 Series does 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

NOTES TO FINANCIAL STATEMENTS as of June 30, 2005 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)


	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 the Series’ 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.

Forward Foreign Currency Contracts. The Series 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 currency forward contract, the Series 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 the Series’ 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. At June 30, 2005, the Series did not have any open forward foreign currency contracts.

Distributions to Shareholders. Dividends from net investment income and net realized gains, if any, are declared and paid annually by the Series. Distributions are determined annually in accordance with federal tax principles, which may differ from accounting principles generally accepted in the United States of America for investment companies. The Series may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. Distributions are recorded on the ex-dividend date. The characteristics of income and gains are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America for investment companies.

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


G.	Use of Estimates. Management of the Series has made certain estimates and assumptions relating to the reporting of assets, liabilities, income, and expenses to prepare these financial statements in conformity with accounting principles generally accepted in the United States of America for investment companies. Actual results could differ from these estimates.

H.	Repurchase Agreements. Each Series 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

NOTES TO FINANCIAL STATEMENTS as of June 30, 2005 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

securities generally have longer maturities. Each Series will receive as collateral cash or securities whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Series. 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 Series in the event the Series is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.

Delayed Delivery Transactions. A Series 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 Series’ 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 Series are required to hold liquid assets as collateral with the Series’ custodian sufficient to cover the purchase price.


J.	Organization Expenses and Offering Costs. Costs incurred with the organization of the Series were expensed as incurred. Costs incurred with the offering of shares of the Series are deferred and amortized over a twelve-month period starting on the first day of the Guarantee Period on a straight-line basis.

NOTE 3 — INVESTMENT TRANSACTIONS

For the six months ended June 30, 2005, the cost of purchases and proceeds of sales of securities, excluding short-term and U.S. Government securities, were as follows:


	Purchases			Sales

Series 1	$	26,325,581		$	34,316,126
Series 2		15,755,469	��		29,556,091
Series 3		36,932,794			60,139,730
Series 4		13,426,305			21,967,028
Series 5		18,280,827			28,689,198
Series 6		37,625,206			61,355,072
Series 7		105,763,422			32,805,607
Series 8		38,714,891			1,266,122

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


	Purchases		Sales

Series 1	$	23,077,537	$	42,510,044
Series 2		29,311,447		34,304,765
Series 3		56,525,062		73,126,166
Series 4		8,532,807		12,745,308
Series 5		15,455,476		10,796,968
Series 6		25,569,470		24,485,465
Series 7		41,110,094		10,379,911
Series 8		22,403,994		778,029

NOTE 4 — INVESTMENT MANAGEMENT AND ADMINISTRATION FEES

Each of the Series has entered into an Investment Management Agreement with ING Investments, LLC (the “Investment Manager”). The Investment Management Agreement compensates the Investment Manager with a fee, computed daily and payable monthly, based on the average daily net assets of each Series. The fee for each Series is 0.25% during its Offering Period and 0.60% during its Guarantee Period.

The Investment Manager has engaged ING Investment Management Co. (“ING IM”), to serve as Sub-Adviser to the Series. ING IM is responsible for managing the assets of each Series in accordance with its investment objective and policies, subject to oversight by the Investment Manager.

ING Funds Services, LLC (the “Administrator”) acts as the administrator and provides certain administrative and shareholder services necessary for each Series’, operations and is responsible for the supervision of other service providers. For its services, the Administrator is entitled to receive a fee at an annual rate of 0.055% on the first $5 billion of average daily net assets and 0.030% thereafter.

The Investment Manager, ING IM and the Administrator are indirect, wholly-owned subsidiaries of ING Groep N.V., (“ING Groep”). ING Groep is one of the largest financial services organizations in the world, and offers an array of banking, insurance and asset management services to both individuals and institutional investors.

NOTE 5 — DISTRIBUTION FEES

The Series has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), whereby ING Funds Distributor, LLC (the “Distributor”) is compensated by the Series for expenses incurred in the distribution of each Series’

NOTES TO FINANCIAL STATEMENTS as of June 30, 2005 (Unaudited) (continued)

NOTE 5 — DISTRIBUTION FEES (continued)

share (“Distribution Fees”). Pursuant to the 12b-1 Plan, the Distributor is entitled to a payment each month to reimburse or compensate for expenses incurred in the distribution and promotion of the Series’ 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 distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor. Under the 12b-1 Plan, the Series pays the Distributor a Distribution Fee rate of 0.25% based on average daily net assets.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES

At June 30, 2005, the Series had the following amounts recorded in payable to affiliates on the accompanying Statements of Assets and Liabilities:


	Accrued				Accrued
	Investment		Accrued		Administrative
	Management		Distribution		Service
	Fee		Fee		Fee		Total

Series 1	$	86,981	$	7,973	$	36,242	$	131,196
Series 2		70,810		6,491		29,504		106,805
Series 3		106,528		9,765		44,387		160,680
Series 4		38,787		3,555		16,161		58,503
Series 5		24,453		2,241		10,189		36,883
Series 6		69,010		6,326		28,754		104,090
Series 7		51,974		4,764		21,656		78,394
Series 8		24,533		2,516		11,439		38,488
Series 9		3,066		674		3,066		6,806

The Series have adopted a Retirement Policy covering all independent trustees of the Series who will have served as an independent Trustee for at least five years at the time of retirement. Benefits under this plan are based on an annual rate as defined in the plan agreement.

NOTE 7 — OTHER ACCRUED EXPENSES AND LIABILITIES

At June 30, 2005, the Series had the following payables included in Other Accrued Expenses and Liabilities on the Statements of Assets and Liabilities that exceeded 5% of total liabilities.


						Payable for		Payable for
	Payable for		Payable for			Shareholder		Organization
	Custody		Professional			Reporting		and Offering
	Fees		Fees			Expense		Expenses

Series 1	$	11,010	$	13,857		$	12,447	$	10,000
Series 3		—		19,185			—		11,945
Series 4		—		5,302			7,600		20,724
Series 5		—		4,358	��		5,891		20,624
Series 6		8,287		11,835			11,850		18,398
Series 7		—		13,124			6,324		6,404

NOTE 8 — EXPENSE LIMITATIONS

ING Investments, LLC has entered into a written Expense Limitation Agreement with the Series whereby the Investment Manager has agreed to limit expenses, excluding interest, taxes, brokerage and extraordinary expenses to 0.65% during the Offering Period and 1.00% during the Guarantee Period.

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

As of June 30, 2005, the amounts of waived and reimbursed fees that are subject to possible recoupment by the Investment Manager are $17,315, $4,736 and $947 for Series 5, Series 7 and Series 8, respectively. The expiration of the recoupment is June 30, 2008.

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

NOTES TO FINANCIAL STATEMENTS as of June 30, 2005 (Unaudited) (continued)

NOTE 9 — CAPITAL SHARE TRANSACTIONS

Transactions in capital shares and dollars were as follows:


	Series 1						Series 2

	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	June 30,			December 31,			June 30,			December 31,
	2005			2004			2005			2004

(Number of Shares)
Dividends reinvested		—			170,984			—			18,283
Shares redeemed		(2,611,690	)		(5,852,708	)		(1,805,518	)		(6,806,971	)

Net decrease in shares outstanding		(2,611,690	)		(5,681,724	)		(1,805,518	)		(6,788,688	)

($)
Dividends reinvested	$	—		$	1,756,020		$	—		$	185,023
Shares redeemed		(27,579,271	)		(61,196,977	)		(18,734,169	)		(69,968,019	)

Net decrease	$	(27,579,271	)	$	(59,440,957	)	$	(18,734,169	)	$	(69,782,996	)


	Series 3						Series 4

	Six Months						Six Months			March 12,
	Ended			Year Ended			Ended			2004⁽¹⁾to
	June 30,			December 31,			June 30,			December 31,
	2005			2004			2005			2004

(Number of Shares)
Shares sold		—			30,491,531			—			10,014,125
Dividends reinvested		—			292			—			—
Shares redeemed		(4,052,522	)		(6,508,502	)		(1,186,264	)		(1,432,127	)

Net increase (decrease) in shares outstanding		(4,052,522	)		23,983,321			(1,186,264	)		8,581,998

($)
Shares sold	$	—		$	305,186,617		$	—		$	100,232,726
Dividends reinvested		—			2,858			—			—
Shares redeemed		(40,757,259	)		(64,573,296	)		(12,414,270	)		(14,758,125	)

Net increase (decrease)	$	(40,757,259	)	$	240,616,179		$	(12,414,270	)	$	85,474,601


	Series 5						Series 6

	Six Months			June 11,			Six Months			September 10,
	Ended			2004⁽¹⁾to			Ended			2004⁽¹⁾to
	June 30,			December 31,			June 30,			December 31,
	2005			2004			2005			2004

(Number of Shares)
Shares sold		—			6,607,446			—			18,610,172
Shares redeemed		(549,475	)		(1,411,076	)		(2,203,354	)		(2,847,400	)

Net increase (decrease) in shares outstanding		(549,475	)		5,196,370			(2,203,354	)		15,762,772

($)
Shares sold	$	—		$	66,188,972		$	—		$	186,287,563
Shares redeemed		(5,788,677	)		(14,652,353	)		(22,238,933	)		(28,514,221	)

Net increase (decrease)	$	(5,788,677	)	$	51,536,619		$	(22,238,933	)	$	157,773,342


	Series 7						Series 8			Series 9

	Six Months			December 10,			March 9,			June 8,
	Ended			2004⁽¹⁾to			2005⁽¹⁾to			2005⁽¹⁾to
	June 30,			December 31,			June 30,			June 30,
	2005			2004			2005			2005

(Number of Shares)
Shares sold		5,945,878			7,142,247			7,210,328			3,404,206
Shares redeemed		(1,824,405	)		(895,654	)		(1,363,322	)		(504,832	)

Net increase in shares outstanding		4,121,473			6,246,593			5,847,006			2,899,374

($)
Shares sold	$	59,691,621		$	71,430,927		$	72,230,782		$	34,055,650
Shares redeemed		(18,137,149	)		(8,960,475	)		(13,662,942	)		(5,051,688	)

Net increase	$	41,554,472		$	62,470,452		$	58,567,840		$	29,003,962


(1)	Commencement of operations.

NOTES TO FINANCIAL STATEMENTS as of June 30, 2005 (Unaudited) (continued)

NOTE 10 — LINE OF CREDIT

The Series, in addition to certain other funds managed by the Investment Manager, have entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York for an aggregate amount of $125,000,000. The proceeds may be used to: (1) temporarily finance the purchase and sale of securities; (2) finance the redemption of shares of an investor in the funds; and (3) enable the funds to meet other emergency expenses as defined in the Credit Agreement. The funds to which the line of credit is available pay a commitment fee equal to 0.09% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. The Series did not utilize the line of credit during the six months ended June 30, 2005.

NOTE 11 — 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 accounting principles generally accepted in the United States of America 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 available earnings and profits, current and accumulated, for tax purposes are reported as distributions of paid-in capital.

There were no distributions to shareholders during the six months ended June 30, 2005. The tax composition of dividends and distributions to shareholders were as follows for the year ended December 31, 2004:


	Ordinary		Long-Term
	Income		Capital Gains

Series 1	$	1,751,854	$	4,166
Series 2		183,294		1,729
Series 3		2,858		—

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, 2004 were as follows:


	Undistributed		Undistributed		Unrealized			Post October			Capital
	Ordinary		Long-term		Appreciation			Capital Losses			Loss			Expiration
	Income		Capital Gain		(Depreciation)			Deferred			Carryforwards			Dates

Series 1	$	10,582,538	$	589,403	$	3,440,648		$	(50,435	)	$	—			—
Series 2		6,914,614		102,768		1,545,945			—			—			—
Series 3		4,569,226		1,229		(1,424,271	)		(615,458	)		—			—
Series 4		1,709,878		415		3,123,947			—			—			—
Series 5		1,314,129		395		2,072,215			—			—			—
Series 6		539,873		96		1,240,305			—			—			—
Series 7		60,986		—		(805	)		—			(450	)		2012

NOTE 12 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS

ING Investments, LLC (“Investments”), the adviser to the ING Funds, has reported to the Boards of Directors/ Trustees (the “Board”) of the ING Funds that, like many U.S. financial services companies, Investments and certain of its U.S. affiliates have received informal and formal requests for information since September 2003 from various governmental and self-regulatory agencies in connection with investigations related to mutual funds and variable insurance products. Investments has advised the Board that it and its affiliates have cooperated fully with each request.

NOTES TO FINANCIAL STATEMENTS as of June 30, 2005 (Unaudited) (continued)

NOTE 12 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS (continued)

third parties to engage in frequent trading of mutual funds within ING’s variable insurance and mutual fund products, and identified other circumstances where frequent trading occurred, despite measures taken by ING intended to combat market timing. ING further reported that each of these arrangements has been terminated and fully disclosed to regulators. The results of the internal review were also reported to the independent members of the Board.

Investments has advised the Board that most of the identified arrangements were initiated prior to ING’s acquisition of the businesses in question in the U.S. Investments further reported that the companies in question did not receive special benefits in return for any of these arrangements, which have all been terminated. Based on the internal review, Investments has advised the Board that the identified arrangements do not represent a systemic problem in any of the companies that were involved.

More specifically, Investments reported to the Board that, at this time, these instances include the following:


•	ING has identified three arrangements, dating from 1995, 1996 and 1998, under which the administrator to the then-Pilgrim Funds, which subsequently became part of the ING Funds, entered formal and informal arrangements that permitted frequent trading. ING Funds Distributor, LLC (“IFD”) has received a notice from the staff of the NASD informing IFD that it has made a preliminary determination to recommend that disciplinary action be brought against IFD and one of its registered persons for violations of the NASD Conduct Rules and certain provisions of the federal securities laws in connection with these arrangements.

•	Aeltus Investment Management, Inc. (a predecessor entity to ING Investment Management Co.) has identified two investment professionals who engaged in extensive frequent trading in certain ING Funds. One was subsequently terminated for cause and incurred substantial financial penalties in connection with this conduct and the second has been disciplined.

•	ReliaStar Life Insurance Company (“ReliaStar”) entered into agreements seven years ago permitting the owner of policies issued by the insurer to engage in frequent trading and to submit orders until 4pm Central Time. In 2001 ReliaStar also entered into a selling agreement with a broker-dealer that engaged in frequent trading. Employees of ING affiliates were terminated and/or disciplined in connection with these matters.

•	In 1998, Golden American Life Insurance Company entered into arrangements permitting a broker-dealer to frequently trade up to certain specific limits in a fund available in an ING variable annuity product. No employee responsible for this arrangement remains at the company.

For additional information regarding these matters, you may consult the Form 8-K for each of four life insurance companies, ING USA Annuity and Life Insurance Company, ING Life Insurance and Annuity Company, ING Insurance Company of America, and ReliaStar Life Insurance Company of New York, each filed with the Securities and Exchange Commission (the “SEC”) on September 9, 2004. These Forms 8-K can be accessed through the SEC’s Web site at http://www.sec.gov. Despite the extensive internal review conducted through independent special counsel and a national accounting firm, there can be no assurance that the instances of inappropriate trading reported to the Board are the only instances of such trading respecting the ING Funds. Investments reported to the Board that ING is committed to conducting its business with the highest standards of ethical conduct with zero tolerance for noncompliance.

Accordingly, Investments advised the Board that ING management was disappointed that its voluntary internal review identified these situations. Viewed in the context of the breadth and magnitude of its U.S. business as a whole, ING management does not believe that ING’s acquired companies had systemic ethical or compliance issues in these areas. Nonetheless, Investments reported that given ING’s refusal to tolerate any lapses, it has taken the steps noted below, and will continue to seek opportunities to further strengthen the internal controls of its affiliates.


•	ING has agreed with the ING Funds to indemnify and hold harmless the ING Funds from all damages resulting from wrongful conduct by ING or its employees or from ING’s internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the

NOTES TO FINANCIAL STATEMENTS as of June 30, 2005 (Unaudited) (continued)

NOTE 12 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS (continued)


	Securities and Exchange Commission. Investments reported to the Board that ING management believes that the total amount of any indemnification obligations will not be material to ING or its U.S. business.

•	ING updated its Code of Conduct for employees reinforcing its employees’ obligation to conduct personal trading activity consistent with the law, disclosed limits, and other requirements.

•	The ING Funds, upon a recommendation from ING, updated their respective Codes of Ethics applicable to investment professionals with ING entities and certain other fund personnel, requiring such personnel to pre-clear any purchases or sales of ING Funds that are not systematic in nature (i.e., dividend reinvestment), and imposing minimum holding periods for shares of ING Funds.

•	ING instituted excessive trading policies for all customers in its variable insurance and retirement products and for shareholders of the ING Funds sold to the public through financial intermediaries. ING does not make exceptions to these policies.

•	ING reorganized and expanded its U.S. Compliance Department, and created an Enterprise Compliance team to enhance controls and consistency in regulatory compliance.

NOTE 13 — SUBSEQUENT EVENTS

Dividends: Subsequent to June 30, 2005, the following Series declared dividends and distributions of:


	Per Share Amounts

	Net Investment		Short-Term		Long-Term		Payable		Record
	Income		Capital Gains		Capital Gains		Date		Date

Series 1	$	0.2625	$	0.3882	$	0.0363		July 6, 2005		June 30, 2005
Series 2	$	0.2860	$	0.2253	$	0.0077		July 6, 2005		June 30, 2005
Series 3	$	0.2047	$	0.0132	$	0.0001		July 6, 2005		June 30, 2005
Series 4	$	0.1775	$	0.0547	$	0.0001		July 6, 2005		June 30, 2005
Series 5	$	0.1055	$	0.1792	$	0.0002		July 6, 2005		June 30, 2005
Series 6	$	0.0392	$	0.0008	$	0.0001		July 6, 2005		June 30, 2005
Series 7	$	0.0060	$	—	$	—		July 6, 2005		June 30, 2005

ING GET U.S. Core Portfolio Series 1

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited)

Investment Type

as of June 30, 2005

(as a percent of net assets)

(ING GET U.S. CORE PORTFOLIO SERIES 1 PIE CHART)


Shares				Value

COMMON STOCK: 37.3%
			Advertising: 0.1%
	1,200	@	Interpublic Group of Cos., Inc.	$	14,616
	1,800		Omnicom Group, Inc.		143,748

					158,364

			Aerospace/ Defense: 0.8%
	4,550		Boeing Co.		300,301
	1,850		General Dynamics Corp.		202,649
	150		Goodrich Corp.		6,144
	350		L-3 Communications Holdings, Inc.		26,803
	4,320		Lockheed Martin Corp.		280,238
	2,173		Northrop Grumman Corp.		120,058
	2,550		Raytheon Co.		99,756
	950		Rockwell Collins, Inc.		45,296
	5,500		United Technologies Corp.		282,425

					1,363,670

			Agriculture: 0.7%
	12,100		Altria Group, Inc.		782,386
	6,100		Archer-Daniels-Midland Co.		130,418
	2,890		Monsanto Co.		181,694
	1,050		Reynolds American, Inc.		82,740
	1,500		UST, Inc.		68,490

					1,245,728

			Apparel: 0.3%
	3,800	@	Coach, Inc.		127,566
	1,000		Jones Apparel Group, Inc.		31,040
	1,000		Liz Claiborne, Inc.		39,760
	2,480		Nike, Inc.		214,768
	500		Reebok Intl., Ltd.		20,915
	1,070		VF Corp.		61,225

					495,274

			Auto Manufacturers: 0.1%
	11,350		Ford Motor Co.		116,224
	475		PACCAR, Inc.		32,300

					148,524

			Auto Parts and Equipment: 0.1%
	1,300	@	Goodyear Tire & Rubber Co.		19,370
	1,200		Johnson Controls, Inc.		67,596

					86,966

			Banks: 2.5%
	1,900		AmSouth Bancorporation		49,400
	44,154		Bank of America Corp.		2,013,863
	1,500		BB&T Corp.		59,955
	1,500		Comerica, Inc.		86,700
	50		Compass Bancshares, Inc.		2,250
	600		First Horizon National Corp.		25,320
	150		Huntington Bancshares, Inc.		3,621
	3,250		KeyCorp		107,738
	550		M & T Bank Corp.		57,838
	1,300		Marshall & Ilsley Corp.		57,785
	1,100		Mellon Financial Corp.		31,559
	3,500		National City Corp.		119,420
	2,525		North Fork Bancorporation, Inc.		70,927
	1,100		Northern Trust Corp.		50,149
	1,600		PNC Financial Services Group, Inc.		87,136
	1,800		State Street Corp.		86,850
	2,000		SunTrust Banks, Inc.		144,480
	400		The Bank of New York Co., Inc.		11,512
	10,600		U.S. Bancorp		309,520
	8,635		Wachovia Corp.		428,296
	9,100		Wells Fargo & Co.		560,377
	450		Zions Bancorporation		33,089

					4,397,785

			Beverages: 1.1%
	2,100		Anheuser-Busch Cos., Inc.		96,075
	950		Brown-Forman Corp.		57,437
	21,000		Coca-Cola Co.		876,749
	1,950		Coca-Cola Enterprises, Inc.		42,920
	300		Molson Coors Brewing Co.		18,600
	1,350		Pepsi Bottling Group, Inc.		38,624
	15,550		PepsiCo, Inc.		838,612

					1,969,017

			Biotechnology: 0.3%
	6,900	@	Amgen, Inc.		417,174
	1,550	@	Genzyme Corp.		93,140
	200	@	Millipore Corp.		11,346

					521,660

			Building Materials: 0.1%
	1,050		American Standard Cos., Inc.		44,016
	2,550		Masco Corp.		80,988
	650		Vulcan Materials Co.		42,244

					167,248

			Chemicals: 0.6%
	1,250		Air Products & Chemicals, Inc.		75,375
	5,600		Dow Chemical Co.		249,368
	6,150		E.I. du Pont de Nemours & Co.		264,511
	600		Eastman Chemical Co.		33,090
	350		Engelhard Corp.		9,993
	800		International Flavors & Fragrances, Inc.		28,976
	1,750		PPG Industries, Inc.		109,830
	1,900		Praxair, Inc.		88,540
	1,200		Rohm & Haas Co.		55,608
	750		Sherwin-Williams Co.		35,318
	550		Sigma-Aldrich Corp.		30,822

					981,431

			Commercial Services: 0.3%
	6,251		Cendant Corp.		139,835
	1,150		Equifax, Inc.		41,067
	450		H&R Block, Inc.		26,258

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 1

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Commercial Services (continued)
	3,170		McKesson Corp.	$	141,983
	1,500		Moody’s Corp.		67,440
	3,300		Paychex, Inc.		107,382
	1,500		R.R. Donnelley & Sons Co.		51,765
	850		Robert Half Intl., Inc.		21,225

					596,955

			Computers: 1.8%
	8,810	@	Apple Computer, Inc.		324,296
	1,100	@	Computer Sciences Corp.		48,070
	26,420	@	Dell, Inc.		1,043,853
	1,400		Electronic Data Systems Corp.		26,950
	22,550	@	EMC Corp.		309,161
	15,900		Hewlett-Packard Co.		373,809
	8,850		International Business Machines Corp.		656,670
	750	@	Lexmark Intl., Inc.		48,623
	1,700	@	NCR Corp.		59,704
	3,550	@	Network Appliance, Inc.		100,359
	32,900	@	Sun Microsystems, Inc.		122,717
	1,500	@	Sungard Data Systems, Inc.		52,755
	1,900	@	Unisys Corp.		12,027

					3,178,994

			Cosmetics/ Personal Care: 0.7%
	475		Alberto-Culver Co.		20,582
	1,250		Avon Products, Inc.		47,313
	3,050		Colgate-Palmolive Co.		152,226
	5,550		Gillette Co.		280,996
	14,550		Procter & Gamble Co.		767,512

					1,268,629

			Distribution/ Wholesale: 0.0%
	1,150		Genuine Parts Co.		47,253
	450		W.W. Grainger, Inc.		24,656

					71,909

			Diversified Financial Services: 2.1%
	7,000		American Express Co.		372,609
	600		Bear Stearns Cos., Inc.		62,364
	1,350		Capital One Financial Corp.		108,014
	1,450		Charles Schwab Corp.		16,356
	1,950		CIT Group, Inc.		83,792
	14,250		Citigroup, Inc.		658,777
	5,198		Countrywide Financial Corp.		200,695
	200	@	E*TRADE Financial Corp.		2,798
	5,500		Fannie Mae		321,200
	250		Federated Investors, Inc,		7,503
	1,100		Franklin Resources, Inc.		84,678
	3,900		Freddie Mac		254,397
	2,550		Goldman Sachs Group, Inc.		260,151
	1,900		JPMorgan Chase & Co.		67,108
	2,960		Lehman Brothers Holdings, Inc.		293,869
	700		MBNA Corp.		18,312
	4,900		Merrill Lynch & Co., Inc.		269,549
	6,550		Morgan Stanley		343,678
	3,170	@	Providian Financial Corp.		55,887
	2,300		SLM Corp.		116,840
	350		T. Rowe Price Group, Inc.		21,910

					3,620,487

			Electric: 1.1%
	4,860	@	AES Corp.		79,607
	850	@	Allegheny Energy, Inc.		21,437
	1,250		Ameren Corp.		69,125
	2,050		American Electric Power Co., Inc.		75,584
	1,650		CenterPoint Energy, Inc.		21,797
	600		Cinergy Corp.		26,892
	2,250	@	CMS Energy Corp.		33,885
	1,600		Consolidated Edison, Inc.		74,944
	1,250		Constellation Energy Group, Inc.		72,113
	1,050		Dominion Resources, Inc.		77,060
	6,350		Duke Energy Corp.		188,785
	2,300		Edison Intl		93,265
	1,450		Entergy Corp.		109,547
	2,100		Exelon Corp.		107,793
	1,900		FirstEnergy Corp.		91,409
	2,650		FPL Group, Inc.		111,458
	850		NiSource, Inc.		21,021
	2,300		PG&E Corp.		86,342
	1,400		PPL Corp.		83,132
	300		Progress Energy, Inc.		13,572
	1,300		Public Service Enterprise Group, Inc.		79,066
	4,700		Southern Co.		162,948
	1,450		TECO Energy, Inc.		27,420
	2,550		TXU Corp.		211,879
	250		Xcel Energy, Inc.		4,880

					1,944,961

			Electrical Components and Equipment: 0.1%
	2,300		Emerson Electric Co.		144,049

					144,049

			Electronics: 0.2%
	2,150	@	Agilent Technologies, Inc.		49,492
	950		Applera Corp. — Applied Biosystems Group		18,687
	150	@	Fisher Scientific Intl., Inc.		9,735
	1,550	@	Jabil Circuit, Inc.		47,631
	650		Parker Hannifin Corp.		40,307
	850		PerkinElmer, Inc.		16,065
	5,900	@	Solectron Corp.		22,361
	350		Tektronix, Inc.		8,145
	900	@	Thermo Electron Corp.		24,183
	950	@	Waters Corp.		35,312

					271,918

			Engineering and Construction: 0.0%
	500		Fluor Corp.		28,795

					28,795

			Entertainment: 0.0%
	1,850		International Game Technology		52,078

					52,078

			Environmental Control: 0.1%
	3,100		Waste Management, Inc.		87,854

					87,854

			Food: 0.5%
	500		Albertson’s, Inc.		10,340
	1,750		Campbell Soup Co.		53,848
	300		ConAgra Foods, Inc.		6,948
	3,300		General Mills, Inc.		154,406
	1,850		H.J. Heinz Co.		65,527
	1,400		Hershey Co.		86,940
	1,900		Kellogg Co.		84,436
	400	@	Kroger Co.		7,612
	1,100		McCormick & Co., Inc.		35,948
	2,600		Safeway, Inc.		58,734
	4,450		Sara Lee Corp.		88,155
	1,300		SUPERVALU, Inc.		42,393
	1,800		Wm. Wrigley Jr. Co.		123,912

					819,199

			Forest Products and Paper: 0.1%
	1,450		Georgia-Pacific Corp.		46,110
	300		International Paper Co.		9,063
	850		Louisiana-Pacific Corp.		20,893
	550		MeadWestvaco Corp.		15,422

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 1

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Forest Products and Paper (continued)
	1,050		Plum Creek Timber Co., Inc.	$	38,115
	800		Temple-Inland, Inc.		29,720

					159,323

			Gas: 0.1%
	850		KeySpan Corp.		34,595
	200		Nicor, Inc.		8,234
	2,100		Sempra Energy		86,751

					129,580

			Hand/ Machine Tools: 0.1%
	750		Black & Decker Corp.		67,388
	550		Snap-On, Inc.		18,865
	550		Stanley Works		25,047

					111,300

			Healthcare — Products: 1.4%
	350		Bausch & Lomb, Inc.		29,050
	3,400		Baxter Intl., Inc.		126,140
	2,740		Becton Dickinson & Co.		143,768
	1,500		Biomet, Inc.		51,960
	4,200	@	Boston Scientific Corp.		113,400
	500		C.R. Bard, Inc.		33,255
	3,480		Guidant Corp.		234,204
	17,600		Johnson & Johnson		1,143,999
	6,850		Medtronic, Inc.		354,762
	2,000	@	St. Jude Medical, Inc.		87,220
	600	@	Zimmer Holdings, Inc.		45,702

					2,363,460

			Healthcare — Services: 0.9%
	3,160		Aetna, Inc.		261,711
	2,250		HCA, Inc.		127,508
	1,500	@	Humana, Inc.		59,610
	750	@	Laboratory Corp. of America Holdings		37,425
	500		Quest Diagnostics, Inc.		26,635
	13,840		UnitedHealth Group, Inc.		721,618
	5,510	@	WellPoint, Inc.		383,716

					1,618,223

			Home Furnishings: 0.0%
	1,000		Leggett & Platt, Inc.		26,580
	200		Whirlpool Corp.		14,022

					40,602

			Household Products/ Wares: 0.2%
	300		Avery Dennison Corp.		15,888
	900		Clorox Co.		50,148
	750		Fortune Brands, Inc.		66,600
	2,650		Kimberly-Clark Corp.		165,863

					298,499

			Housewares: 0.0%
	1,550		Newell Rubbermaid, Inc.		36,952

					36,952

			Insurance: 2.1%
	2,650	@@	ACE Ltd.		118,853
	2,450		AFLAC, Inc.		106,036
	7,310		Allstate Corp.		436,772
	650		AMBAC Financial Group, Inc.		45,344
	14,200		American Intl. Group, Inc.		825,019
	1,850		Aon Corp.		46,324
	2,130		Chubb Corp.		182,349
	1,410		CIGNA Corp.		150,912
	966		Cincinnati Financial Corp.		38,215
	1,800		Hartford Financial Services Group, Inc.		134,604
	900		Jefferson-Pilot Corp.		45,378
	1,500		Lincoln National Corp.		70,380
	950		Loews Corp.		73,625
	1,000		MBIA, Inc.		59,310
	7,920		MetLife, Inc.		355,925
	800		MGIC Investment Corp.		52,176
	1,650		Principal Financial Group		69,135
	1,850		Progressive Corp.		182,799
	4,860		Prudential Financial, Inc.		319,108
	1,350		Safeco Corp.		73,359
	3,600		St. Paul Travelers Cos., Inc.		142,308
	1,000		Torchmark Corp.		52,200
	1,550		UnumProvident Corp.		28,396
	1,480	@@	XL Capital Ltd.		110,142

					3,718,669

			Internet: 0.3%
	3,250	@	eBay, Inc.		107,283
	700	@	Monster Worldwide, Inc.		20,076
	7,630	@	Symantec Corp.		165,876
	7,200	@	Yahoo!, Inc.		249,480

					542,715

			Iron/ Steel: 0.1%
	1,720		Nucor Corp.		78,466
	1,100		United States Steel Corp.		37,807

					116,273

			Leisure Time: 0.2%
	800		Brunswick Corp.		34,656
	2,950		Carnival Corp.		160,923
	1,600		Harley-Davidson, Inc.		79,360
	1,300		Sabre Holdings Corp.		25,935

					300,874

			Lodging: 0.1%
	950		Harrah’s Entertainment, Inc.		68,467
	1,850		Hilton Hotels Corp.		44,123
	1,200		Marriott Intl., Inc.		81,863
	1,100		Starwood Hotels & Resorts Worldwide, Inc.		64,427

					258,880

			Machinery — Diversified: 0.1%
	400		Cummins, Inc.		29,844
	1,350		Deere & Co.		88,411
	950		Rockwell Automation, Inc.		46,275

					164,530

			Media: 1.1%
	12,250	@	Comcast Corp.		376,075
	700		Gannett Co., Inc.		49,791
	3,450		McGraw-Hill Cos., Inc.		152,663
	350		Meredith Corp.		17,171
	750		New York Times Co.		23,363
	15,500		News Corp. — Class A		250,790
	25,400	@	Time Warner, Inc.		424,433
	150		Tribune Co.		5,277
	800	@	Univision Communications, Inc.		22,040
	8,650		Viacom, Inc.		276,973
	11,350		Walt Disney Co.		285,793

					1,884,369

			Mining: 0.1%
	1,000		Freeport-McMoRan Copper & Gold, Inc.		37,440
	680		Phelps Dodge Corp.		62,900

					100,340

			Miscellaneous Manufacturing: 1.9%
	4,250		3M Co.		307,275
	500	@@	Cooper Industries Ltd.		31,950
	2,550		Danaher Corp.		133,467
	1,200		Dover Corp.		43,656
	1,850		Eastman Kodak Co.		49,673
	750		Eaton Corp.		44,925

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 1

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Miscellaneous Manufacturing (continued)
	58,350		General Electric Co.	$	2,021,827
	8,000		Honeywell Intl., Inc.		293,040
	1,500		Illinois Tool Works, Inc.		119,520
	1,100	@@	Ingersoll-Rand Co. Ltd.		78,485
	550		ITT Industries, Inc.		53,697
	350		Pall Corp.		10,626
	1,100		Textron, Inc.		83,435
	1,000	@@	Tyco Intl., Ltd.		29,200

					3,300,776

			Office/ Business Equipment: 0.1%
	1,250		Pitney Bowes, Inc.		54,438
	5,300	@	Xerox Corp.		73,087

					127,525

			Oil and Gas: 3.8%
	350		Amerada Hess Corp.		37,279
	1,100		Anadarko Petroleum Corp.		90,365
	1,550		Apache Corp.		100,130
	3,450		Burlington Resources, Inc.		190,578
	18,350		ChevronTexaco Corp.		1,026,131
	9,600		ConocoPhillips		551,903
	4,400		Devon Energy Corp.		222,991
	1,200		EOG Resources, Inc.		68,160
	55,600		Exxon Mobil Corp.		3,195,331
	650		Kerr-McGee Corp.		49,602
	2,450		Marathon Oil Corp.		130,757
	150	@@	Noble Corp.		9,227
	2,600		Occidental Petroleum Corp.		200,018
	650		Sunoco, Inc.		73,892
	1,550	@,@@	Transocean, Inc.		83,654
	1,750		Unocal Corp.		113,838
	2,300		Valero Energy Corp.		181,953

					6,325,809

			Oil and Gas Services: 0.1%
	150		BJ Services Co.		7,872
	2,250		Halliburton Co.		107,595
	50	@	National-Oilwell Varco, Inc.		2,377

					117,844

			Packaging and Containers: 0.0%
	900		Ball Corp.		32,364
	400	@	Pactiv Corp.		8,632
	600	@	Sealed Air Corp.		29,874

					70,870

			Pharmaceuticals: 2.3%
	850		Allergan, Inc.		72,454
	1,110		AmerisourceBergen Corp.		76,757
	5,200		Bristol-Myers Squibb Co.		129,896
	4,670		Cardinal Health, Inc.		268,899
	4,970	@	Caremark Rx, Inc.		221,264
	600		Eli Lilly & Co.		33,426
	800	@	Express Scripts, Inc.		39,984
	200	@	Forest Laboratories, Inc.		7,770
	2,500	@	Gilead Sciences, Inc.		109,975
	1,200	@	Hospira, Inc.		46,800
	600	@	King Pharmaceuticals, Inc.		6,252
	1,550	@	Medco Health Solutions, Inc.		82,708
	11,850		Merck & Co., Inc.		364,980
	67,350		Pfizer, Inc.		1,857,512
	13,300		Schering-Plough Corp.		253,498
	650	@	Watson Pharmaceuticals, Inc.		19,214
	7,650		Wyeth		340,425

					3,931,814

			Pipelines: 0.0%
	1,300		El Paso Corp.		14,976
	200		Kinder Morgan, Inc.		16,640
	2,550		Williams Cos., Inc.		48,450

					80,066

			Real Estate Investment Trusts: 0.1%
	550		Apartment Investment & Management Co.		22,506
	2,200		Equity Office Properties Trust		72,820
	1,550		Equity Residential		57,071
	500		ProLogis		20,120
	1,200		Simon Property Group, Inc.		86,988

					259,505

			Retail: 2.5%
	100	@	Autonation, Inc.		2,052
	1,550	@	Bed Bath & Beyond, Inc.		64,759
	3,230		Best Buy Co., Inc.		221,417
	1,800		Circuit City Stores, Inc.		31,122
	2,600		Costco Wholesale Corp.		116,532
	400		CVS Corp.		11,628
	1,580		Darden Restaurants, Inc.		52,108
	750		Dillard’s, Inc.		17,565
	450		Family Dollar Stores, Inc.		11,745
	1,600		Federated Department Stores, Inc.		117,248
	4,500		Gap, Inc.		88,875
	20,050		Home Depot, Inc.		779,944
	2,750		J.C. Penney Co., Inc. Holding Co.		144,595
	150	@	Kohl’s Corp.		8,387
	200		Limited Brands, Inc.		4,284
	2,150		Lowe’s Cos., Inc.		125,173
	150		May Department Stores Co.		6,024
	7,100		McDonald’s Corp.		197,025
	1,000		Nordstrom, Inc.		67,970
	850	@	Office Depot, Inc.		19,414
	1,020	@	Sears Holdings Corp.		152,867
	6,785		Staples, Inc.		144,656
	2,450	@	Starbucks Corp.		126,567
	4,800		Target Corp.		261,168
	2,450		TJX Cos., Inc.		59,658
	1,750	@	Toys “R” Us, Inc.		46,340
	18,200		Wal-Mart Stores, Inc.		877,239
	11,020		Walgreen Co.		506,810
	650		Wendy’s Intl., Inc.		30,973
	1,550		Yum! Brands, Inc.		80,724

					4,374,869

			Savings and Loans: 0.2%
	1,700		Golden West Financial Corp.		109,446
	5,000		Washington Mutual, Inc.		203,450

					312,896

			Semiconductors: 1.4%
	2,400	@	Altera Corp.		47,568
	2,100		Analog Devices, Inc.		78,351
	9,450		Applied Materials, Inc.		152,901
	1,600	@	Broadcom Corp.		56,816
	1,921	@	Freescale Semiconductor, Inc.		40,687
	56,250		Intel Corp.		1,465,874
	1,050		KLA-Tencor Corp.		45,885
	1,750		Linear Technology Corp.		64,208
	1,750		Maxim Integrated Products, Inc.		66,868
	1,850		National Semiconductor Corp.		40,756
	900	@	Novellus Systems, Inc.		22,239
	1,050	@	Nvidia Corp.		28,056
	700	@	QLogic Corp.		21,609
	9,750		Texas Instruments, Inc.		273,682

					2,405,500

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 1

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Software: 1.8%
	5,200		Adobe Systems, Inc.	$	148,824
	2,460		Autodesk, Inc.		84,550
	3,350		Automatic Data Processing, Inc.		140,600
	1,900	@	BMC Software, Inc.		34,105
	800	@	Citrix Systems, Inc.		17,328
	1,450		Computer Associates Intl., Inc.		39,846
	3,250	@	Compuware Corp.		23,368
	1,750	@	Electronic Arts, Inc.		99,068
	4,370		First Data Corp.		175,411
	1,150	@	Fiserv, Inc.		49,393
	1,750		IMS Health, Inc.		43,348
	1,650	@	Intuit, Inc.		74,432
	600	@	Mercury Interactive Corp.		23,016
	54,550		Microsoft Corp.		1,355,021
	2,050	@	Novell, Inc.		12,710
	48,320	@	Oracle Corp.		637,823
	2,930	@	Parametric Technology Corp.		18,693
	2,500		Siebel Systems, Inc.		22,250
	2,650	@	Veritas Software Corp.		64,660

					3,064,446

			Telecommunications: 2.1%
	1,750		Alltel Corp.		108,990
	5,450		AT&T Corp.		103,768
	3,450	@	Avaya, Inc.		28,704
	9,750		BellSouth Corp.		259,058
	1,200		CenturyTel, Inc.		41,556
	37,750	@	Cisco Systems, Inc.		721,402
	1,800		Citizens Communications Co.		24,192
	1,200	@	Comverse Technology, Inc.		28,380
	3,850	@	Corning, Inc.		63,987
	23,000		Motorola, Inc.		419,980
	6,000	@	Nextel Communications, Inc.		193,860
	9,250		QUALCOMM, Inc.		305,343
	17,550		SBC Communications, Inc.		416,813
	1,600		Scientific-Atlanta, Inc.		53,232
	900		Sprint Corp.		22,581
	3,050	@	Tellabs, Inc.		26,535
	25,000		Verizon Communications, Inc.		863,749

					3,682,130

			Textiles: 0.0%
	1,000		Cintas Corp.		38,600

					38,600

			Toys/ Games/ Hobbies: 0.0%
	1,200		Hasbro, Inc.		24,948
	2,300		Mattel, Inc.		42,090

					67,038

			Transportation: 0.5%
	2,100		Burlington Northern Santa Fe Corp.		98,868
	2,320		CSX Corp.		98,971
	1,800		FedEx Corp.		145,818
	2,200		Norfolk Southern Corp.		68,112
	1,550		Union Pacific Corp.		100,440
	6,300		United Parcel Service, Inc.		435,708

					947,917

			Total Common Stock (Cost $61,334,025)		64,573,689

U.S. GOVERNMENT AGENCY OBLIGATIONS: 58.2%
			Federal Home Loan Bank: 25.4%
$	50,000,000		4.100%, due 09/12/08	$	43,960,599

					43,960,599

			Federal Home Loan Mortgage Corporation: 23.9%
	45,200,000		4.000%, due 10/15/08		39,720,359
	1,927,000		4.000%, due 10/15/08		1,693,388

					41,413,747

			Other U.S. Agency Obligations: 8.9%
	17,600,000		Tennessee Valley Authority, 4.080%, due 11/13/08		15,377,701

					15,377,701

			Total U.S. Government Agency Obligations (Cost $102,447,909)		100,752,047

U.S. TREASURY OBLIGATIONS: 4.2%
			U.S. Treasury STRIP: 4.2%
	8,150,000		3.700%, due 08/15/08		7,275,195

			Total U.S. Treasury Obligations (Cost $7,210,523)		7,275,195

			Total Long-Term Investments (Cost $170,992,457)		172,600,931

SHORT-TERM INVESTMENTS: 0.3%
			Repurchase Agreement: 0.3%
	576,000		Morgan Stanley Repurchase Agreement dated 06/30/05, 3.350%, due 07/01/05, $576,054 to be received upon repurchase (Collateralized by $595,000 Federal National Mortgage Association, 2.625%, Market Value plus accrued interest $591,388, due 01/19/07)		576,000

			Total Short-Term Investments (Cost $576,000)		576,000

Total Investments In Securities
(Cost $171,568,457)*

100.1

173,176,931

Other Assets and
Liabilities-Net

(0.1

)

(96,281

)

Net Assets

100.0

173,080,650


@		Non-income producing security
@@		Foreign issuer
STRIP		Separate Trading of Registered Interest and Principal of Securities
*		Cost for federal income tax purposes is $172,966,427. Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	3,635,862
Gross Unrealized Depreciation		(3,425,358	)

Net Unrealized Appreciation	$	210,504

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 2

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited)

Investment Type*

as of June 30, 2005

(as a percent of net assets)

(ING GET U.S. CORE PORTFOLIO SERIES 2 PIE CHART)


Shares					Value

COMMON STOCK: 28.7%
			Advertising: 0.1%
	1,420	@	Interpublic Group of Cos., Inc.		$	17,296
	1,100		Omnicom Group, Inc.			87,846

						105,142

			Aerospace/Defense: 0.6%
	2,860		Boeing Co.			188,760
	1,150		General Dynamics Corp.			125,971
	130		Goodrich Corp.			5,325
	200		L-3 Communications Holdings, Inc.			15,316
	2,660		Lockheed Martin Corp.			172,554
	1,358		Northrop Grumman Corp.			75,030
	1,550		Raytheon Co.			60,636
	780		Rockwell Collins, Inc.			37,190
	3,480		United Technologies Corp.			178,698

						859,480

			Agriculture: 0.6%
	7,610		Altria Group, Inc.			492,062
	4,220		Archer-Daniels-Midland Co.			90,224
	1,800		Monsanto Co.			113,166
	670		Reynolds American, Inc.			52,796
	950		UST, Inc.			43,377

						791,625

			Apparel: 0.2%
	2,570	@	Coach, Inc.			86,275
	660		Jones Apparel Group, Inc.			20,486
	380		Liz Claiborne, Inc.			15,109
	1,580		Nike, Inc.			136,828
	350		Reebok Intl., Ltd.			14,641
	660		VF Corp.			37,765

						311,104

			Auto Manufacturers: 0.1%
	7,070		Ford Motor Co.			72,397
	400	@	Navistar Intl. Corp.			12,800
	320		PACCAR, Inc.			21,760

						106,957

			Auto Parts and Equipment: 0.0%
	1,170	@	Goodyear Tire & Rubber Co.			17,433
	650		Johnson Controls, Inc.			36,615

						54,048

			Banks: 2.0%
	1,240		AmSouth Bancorporation			32,240
	27,760		Bank of America Corp.			1,266,133
	950		BB&T Corp.			37,972
	1,140		Comerica, Inc.			65,892
	200		Compass Bancshares, Inc.			9,000
	400		First Horizon National Corp.			16,880
	60		Huntington Bancshares, Inc.			1,448
	2,020		KeyCorp			66,963
	350		M & T Bank Corp.			36,806
	730		Marshall & Ilsley Corp.			32,449
	700		Mellon Financial Corp.			20,083
	2,170		National City Corp.			74,040
	1,860		North Fork Bancorp, Inc.			52,247
	670		Northern Trust Corp.			30,545
	1,130		PNC Financial Services Group, Inc.			61,540
	1,130		State Street Corp.			54,523
	1,190		SunTrust Banks, Inc.			85,966
	260		The Bank of New York Co., Inc.			7,483
	6,260		U.S. Bancorp			182,792
	5,467		Wachovia Corp.			271,163
	5,710		Wells Fargo & Co.			351,621
	270		Zions Bancorporation			19,853

						2,777,639

			Beverages: 0.9%
	1,350		Anheuser-Busch Cos., Inc.			61,763
	610		Brown-Forman Corp.			36,881
	13,220		Coca-Cola Co.			551,934
	610		Coca-Cola Enterprises, Inc.			13,426
	400		Molson Coors Brewing Co.			24,800
	680		Pepsi Bottling Group, Inc.			19,455
	9,800		PepsiCo, Inc.			528,514

						1,236,773

			Biotechnology: 0.2%
	4,340	@	Amgen, Inc.			262,395
	850	@	Genzyme Corp.			51,077
	150	@	Millipore Corp.			8,510

						321,982

			Building Materials: 0.1%
	660		American Standard Cos., Inc.			27,667
	1,800		Masco Corp.			57,168
	540		Vulcan Materials Co.			35,095

						119,930

			Chemicals: 0.4%
	800		Air Products & Chemicals, Inc.			48,240
	3,560		Dow Chemical Co.			158,527
	3,850		E.I. du Pont de Nemours & Co.			165,589
	250		Eastman Chemical Co.			13,788
	210		Engelhard Corp.			5,996
	320		International Flavors & Fragrances, Inc.			11,590
	1,140		PPG Industries, Inc.			71,546
	1,130		Praxair, Inc.			52,658
	760		Rohm & Haas Co.			35,218
	480		Sherwin-Williams Co.			22,603
	300		Sigma-Aldrich Corp.			16,812

				��		602,567

			Commercial Services: 0.3%
	3,921		Cendant Corp.			87,713
	870		Equifax, Inc.			31,068
	260		H&R Block, Inc.			15,171
	1,980		McKesson Corp.			88,683

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 2

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Commercial Services (continued)
	980		Moody’s Corp.	$	44,061
	2,050		Paychex, Inc.		66,707
	730		R.R. Donnelley & Sons Co.		25,192
	750		Robert Half Intl., Inc.		18,728

					377,323

			Computers: 1.4%
	5,700	@	Apple Computer, Inc.		209,817
	700	@	Computer Sciences Corp.		30,590
	16,610	@	Dell, Inc.		656,262
	900		Electronic Data Systems Corp.		17,325
	13,940	@	EMC Corp.		191,117
	9,970		Hewlett-Packard Co.		234,395
	5,590		International Business Machines Corp.		414,778
	440	@	Lexmark Intl., Inc.		28,525
	1,090	@	NCR Corp.		38,281
	2,460	@	Network Appliance, Inc.		69,544
	22,640	@	Sun Microsystems, Inc.		84,447
	1,070	@	Sungard Data Systems, Inc.		37,632
	1,210	@	Unisys Corp.		7,659

					2,020,372

			Cosmetics/Personal Care: 0.6%
	275		Alberto-Culver Co.		11,916
	800		Avon Products, Inc.		30,280
	1,970		Colgate-Palmolive Co.		98,323
	3,410		Gillette Co.		172,648
	9,160		Procter & Gamble Co.		483,189

					796,356

			Distribution/Wholesale: 0.0%
	600		Genuine Parts Co.		24,654
	550		W.W. Grainger, Inc.		30,135

					54,789

			Diversified Financial Services: 1.6%
	4,390		American Express Co.		233,680
	400		Bear Stearns Cos., Inc.		41,576
	830		Capital One Financial Corp.		66,408
	1,050		Charles Schwab Corp.		11,844
	1,200		CIT Group, Inc.		51,564
	8,990		Citigroup, Inc.		415,607
	3,290		Countrywide Financial Corp.		127,027
	1,300	@	E*TRADE Financial Corp.		18,187
	3,320		Fannie Mae		193,888
	150		Federated Investors, Inc.		4,502
	680		Franklin Resources, Inc.		52,346
	2,390		Freddie Mac		155,900
	1,490		Goldman Sachs Group, Inc.		152,010
	1,200		JPMorgan Chase & Co.		42,384
	1,850		Lehman Brothers Holdings, Inc.		183,668
	430		MBNA Corp.		11,249
	3,210		Merrill Lynch & Co., Inc.		176,582
	4,130		Morgan Stanley		216,701
	1,450	@	Providian Financial Corp.		25,564
	1,500		SLM Corp.		76,200
	200		T. Rowe Price Group, Inc.		12,520

					2,269,407

			Electric: 0.9%
	2,480	@	AES Corp.		40,622
	550	@	Allegheny Energy, Inc.		13,871
	750		Ameren Corp.		41,475
	1,490		American Electric Power Co., Inc.		54,936
	1,200		CenterPoint Energy, Inc.		15,852
	350		Cinergy Corp.		15,687
	1,450	@	CMS Energy Corp.		21,837
	950		Consolidated Edison, Inc.		44,498
	690		Constellation Energy Group, Inc.		39,806
	650		Dominion Resources, Inc.		47,704
	3,950		Duke Energy Corp.		117,433
	1,230		Edison Intl.		49,877
	800		Entergy Corp.		60,440
	1,350		Exelon Corp.		69,296
	1,370		FirstEnergy Corp.		65,911
	1,600		FPL Group, Inc.		67,296
	500		NiSource, Inc.		12,365
	1,390		PG&E Corp.		52,181
	860		PPL Corp.		51,067
	250		Progress Energy, Inc.		11,310
	850		Public Service Enterprise Group, Inc.		51,697
	2,970		Southern Co.		102,969
	1,050		TECO Energy, Inc.		19,856
	1,640		TXU Corp.		136,267
	380		Xcel Energy, Inc.		7,418

					1,211,671

			Electrical Components and Equipment: 0.1%
	1,460		Emerson Electric Co.		91,440

					91,440

			Electronics: 0.1%
	1,430	@	Agilent Technologies, Inc.		32,919
	720		Applera Corp. — Applied Biosystems Group		14,162
	50	@	Fisher Scientific Intl., Inc.		3,245
	710	@	Jabil Circuit, Inc.		21,818
	410		Parker Hannifin Corp.		25,424
	430		PerkinElmer, Inc.		8,127
	4,250	@	Solectron Corp.		16,108
	490		Tektronix, Inc.		11,402
	550	@	Thermo Electron Corp.		14,779
	400	@	Waters Corp.		14,868

					162,852

			Engineering and Construction: 0.0%
	300		Fluor Corp.		17,277

					17,277

			Entertainment: 0.0%
	1,150		International Game Technology		32,373

					32,373

			Environmental Control: 0.0%
	1,930		Waste Management, Inc.		54,696

					54,696

			Food: 0.4%
	350		Albertson’s, Inc.		7,238
	1,100		Campbell Soup Co.		33,847
	170		ConAgra Foods, Inc.		3,937
	2,100		General Mills, Inc.		98,258
	1,350		H.J. Heinz Co.		47,817
	750		Hershey Co.		46,575
	1,540		Kellogg Co.		68,438
	250	@	Kroger Co.		4,758
	550		McCormick & Co., Inc.		17,974
	1,900		Safeway, Inc.		42,921
	3,090		Sara Lee Corp.		61,213
	840		SUPERVALU, Inc.		27,392
	1,120		Wm. Wrigley Jr. Co.		77,101

					537,469

			Forest Products and Paper: 0.1%
	920		Georgia-Pacific Corp.		29,256
	180		International Paper Co.		5,438
	770		Louisiana-Pacific Corp.		18,927
	700		MeadWestvaco Corp.		19,628
	850		Plum Creek Timber Co., Inc.		30,854
	500		Temple-Inland, Inc.		18,575

					122,678

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 2

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares					Value

				Gas: 0.0%
	680			KeySpan Corp.	$	27,676
	1,010			Sempra Energy		41,723

						69,399

				Hand/Machine Tools: 0.1%
	520			Black & Decker Corp.		46,722
	280			Snap-On, Inc.		9,604
	450			Stanley Works		20,493

						76,819

				Healthcare — Products: 1.0%
	230			Bausch & Lomb, Inc.		19,090
	2,110			Baxter Intl., Inc.		78,281
	1,550			Becton Dickinson & Co.		81,329
	1,020			Biomet, Inc.		35,333
	2,600		@	Boston Scientific Corp.		70,200
	430			C.R. Bard, Inc.		28,599
	2,190			Guidant Corp.		147,387
	10,970			Johnson & Johnson		713,050
	4,180			Medtronic, Inc.		216,482
	1,420		@	St. Jude Medical, Inc.		61,926
	370		@	Zimmer Holdings, Inc.		28,183

						1,479,860

				Healthcare — Services: 0.7%
	1,970			Aetna, Inc.		163,155
	1,400			HCA, Inc.		79,338
	950		@	Humana, Inc.		37,753
	500		@	Laboratory Corp. of America Holdings		24,950
	280			Quest Diagnostics, Inc.		14,916
	8,660			UnitedHealth Group, Inc.		451,532
	3,470		@	WellPoint, Inc.		241,651

						1,013,295

				Home Furnishings: 0.0%
	660			Leggett & Platt, Inc.		17,543
	240			Whirlpool Corp.		16,826

		��				34,369

				Household Products/Wares: 0.1%
	50			Avery Dennison Corp.		2,648
	580			Clorox Co.		32,318
	510			Fortune Brands, Inc.		45,288
	1,940			Kimberly-Clark Corp.		121,425

						201,679

				Housewares: 0.0%
	1,250			Newell Rubbermaid, Inc.		29,800

						29,800

				Insurance: 1.6%
	1,650		@@	ACE Ltd.		74,003
	1,720			AFLAC, Inc.		74,442
	4,620			Allstate Corp.		276,044
	370			AMBAC Financial Group, Inc.		25,811
	8,970			American Intl. Group, Inc.		521,156
	1,350			Aon Corp.		33,804
	1,330			Chubb Corp.		113,861
	870			CIGNA Corp.		93,116
	640			Cincinnati Financial Corp.		25,318
	1,100			Hartford Financial Services Group, Inc.		82,258
	450			Jefferson-Pilot Corp.		22,689
	610			Lincoln National Corp.		28,621
	600			Loews Corp.		46,500
	490			MBIA, Inc.		29,062
	4,980			MetLife, Inc.		223,800
	630			MGIC Investment Corp.		41,089
	1,300			Principal Financial Group		54,470
	1,260			Progressive Corp.		124,501
	3,060			Prudential Financial, Inc.		200,920
	750			Safeco Corp.		40,755
	2,250			St. Paul Travelers Cos., Inc.		88,943
	390			Torchmark Corp.		20,358
	1,100			UnumProvident Corp.		20,152
	930		@@	XL Capital Ltd.		69,211

						2,330,884

				Internet: 0.2%
	2,060		@	eBay, Inc.		68,001
	4,800		@	Symantec Corp.		104,352
	4,500		@	Yahoo!, Inc.		155,925

						328,278

				Iron/Steel: 0.0%
	940			Nucor Corp.		42,883
	760			United States Steel Corp.		26,121

						69,004

				Leisure Time: 0.1%
	370			Brunswick Corp.		16,028
	1,880			Carnival Corp.		102,554
	940			Harley-Davidson, Inc.		46,624
	440			Sabre Holdings Corp.		8,778

						173,984

				Lodging: 0.1%
	600			Harrah’s Entertainment, Inc.		43,242
	1,300			Hilton Hotels Corp.		31,005
	740			Marriott Intl., Inc.		50,483
	930			Starwood Hotels & Resorts Worldwide, Inc.		54,470

						179,200

				Machinery — Diversified: 0.1%
	250			Cummins, Inc.		18,653
	820			Deere & Co.		53,702
	620			Rockwell Automation, Inc.		30,200

						102,555

				Media: 0.8%
	7,700		@	Comcast Corp.		236,390
	440			Gannett Co., Inc.		31,297
	2,150			McGraw-Hill Cos., Inc.		95,138
	270			Meredith Corp.		13,246
	490			New York Times Co.		15,264
	9,750			News Corp. Class A		157,755
	15,990		@	Time Warner, Inc.		267,193
	100			Tribune Co.		3,518
	500		@	Univision Communications, Inc.		13,775
	5,470			Viacom, Inc.		175,149
	7,130			Walt Disney Co.		179,533

						1,188,258

				Mining: 0.1%
	600			Freeport-McMoRan Copper & Gold, Inc.		22,464
	570			Phelps Dodge Corp.		52,725

						75,189

				Miscellaneous Manufacturing: 1.5%
	2,670			3M Co.		193,040
	290		@@	Cooper Industries Ltd.		18,531
	1,590			Danaher Corp.		83,221
	750			Dover Corp.		27,285
	1,010			Eastman Kodak Co.		27,119
	630			Eaton Corp.		37,737
	36,570			General Electric Co.		1,267,150
	4,960			Honeywell Intl., Inc.		181,685
	970			Illinois Tool Works, Inc.		77,290
	580		@@	Ingersoll-Rand Co. Ltd.		41,383
	380			ITT Industries, Inc.		37,099
	430			Pall Corp.		13,055

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 2

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Miscellaneous Manufacturing (continued)
	510		Textron, Inc.	$	38,684
	620	@@	Tyco Intl., Ltd.		18,104

					2,061,383

			Office/Business Equipment: 0.1%
	790		Pitney Bowes, Inc.		34,405
	3,880	@	Xerox Corp.		53,505

					87,910

			Oil and Gas: 2.9%
	220		Amerada Hess Corp.		23,432
	670		Anadarko Petroleum Corp.		55,041
	820		Apache Corp.		52,972
	2,170		Burlington Resources, Inc.		119,871
	11,530		ChevronTexaco Corp.		644,757
	6,050		ConocoPhillips		347,815
	2,750		Devon Energy Corp.		139,370
	780		EOG Resources, Inc.		44,304
	35,020		Exxon Mobil Corp.		2,012,598
	410		Kerr-McGee Corp.		31,287
	1,560		Marathon Oil Corp.		83,257
	50	@@	Noble Corp.		3,076
	1,690		Occidental Petroleum Corp.		130,012
	390		Sunoco, Inc.		44,335
	800	@,@@	Transocean, Inc.		43,176
	1,180		Unocal Corp.		76,759
	1,500		Valero Energy Corp.		118,665

					3,970,727

			Oil and Gas Services: 0.1%
	50		BJ Services Co.		2,624
	1,300		Halliburton Co.		62,166
	200	@	National-Oilwell Varco, Inc.		9,508

					74,298

			Packaging and Containers: 0.0%
	420		Ball Corp.		15,103
	670	@	Pactiv Corp.		14,459
	310	@	Sealed Air Corp.		15,435

					44,997

			Pharmaceuticals: 1.7%
	560		Allergan, Inc.		47,734
	700		AmerisourceBergen Corp.		48,405
	3,290		Bristol-Myers Squibb Co.		82,184
	2,900		Cardinal Health, Inc.		166,982
	3,110	@	Caremark Rx, Inc.		138,457
	400		Eli Lilly & Co.		22,284
	580	@	Express Scripts, Inc.		28,988
	110	@	Forest Laboratories, Inc.		4,274
	1,500	@	Gilead Sciences, Inc.		65,985
	500	@	Hospira, Inc.		19,500
	340	@	King Pharmaceuticals, Inc.		3,543
	970	@	Medco Health Solutions, Inc.		51,759
	7,480		Merck & Co., Inc.		230,384
	42,440		Pfizer, Inc.		1,170,495
	8,400		Schering-Plough Corp.		160,104
	400	@	Watson Pharmaceuticals, Inc.		11,824
	4,580		Wyeth		203,810

					2,456,712

			Pipelines: 0.0%
	800		El Paso Corp.		9,216
	290		Kinder Morgan, Inc.		24,128
	1,400		Williams Cos., Inc.		26,600

					59,944

			Real Estate Investment Trusts: 0.1%
	400		Apartment Investment & Management Co.		16,368
	1,400		Equity Office Properties Trust		46,340
	950		Equity Residential		34,979
	300		ProLogis		12,072
	730		Simon Property Group, Inc.		52,918

					162,677

			Retail: 2.1%
	100	@	Autonation, Inc.		2,052
	1,340	@	Bed Bath & Beyond, Inc.		55,985
	2,010		Best Buy Co., Inc.		137,786
	1,170		Circuit City Stores, Inc.		20,229
	1,930		Costco Wholesale Corp.		86,503
	300		CVS Corp.		8,721
	900		Darden Restaurants, Inc.		29,682
	450		Dillard’s, Inc.		10,539
	300		Family Dollar Stores, Inc.		7,830
	1,010		Federated Department Stores, Inc.		74,013
	2,830		Gap, Inc.		55,893
	12,650		Home Depot, Inc.		492,084
	1,600		J.C. Penney Co., Inc. Holding Co.		84,128
	100	@	Kohl’s Corp.		5,591
	120		Limited Brands, Inc.		2,570
	1,330		Lowe’s Cos., Inc.		77,433
	500		May Department Stores Co.		20,080
	4,450		McDonald’s Corp.		123,488
	480		Nordstrom, Inc.		32,626
	530	@	Office Depot, Inc.		12,105
	630	@	Sears Holdings Corp.		94,418
	4,250		Staples, Inc.		90,610
	1,530	@	Starbucks Corp.		79,040
	3,000		Target Corp.		163,230
	1,990		TJX Cos., Inc.		48,457
	1,270	@	Toys ‘R‘ Us, Inc.		33,630
	11,340		Wal-Mart Stores, Inc.		546,587
	6,910		Walgreen Co.		317,790
	420		Wendy’s Intl., Inc.		20,013
	980		Yum! Brands, Inc.		51,038

					2,784,151

			Savings and Loans: 0.1%
	1,140		Golden West Financial Corp.		73,393
	2,990		Washington Mutual, Inc.		121,663

					195,056

			Semiconductors: 1.1%
	1,260	@	Altera Corp.		24,973
	1,550		Analog Devices, Inc.		57,831
	5,760		Applied Materials, Inc.		93,197
	1,000	@	Broadcom Corp.		35,510
	1,210	@	Freescale Semiconductor, Inc.		25,628
	35,410		Intel Corp.		922,784
	650		KLA-Tencor Corp.		28,405
	1,130		Linear Technology Corp.		41,460
	1,070		Maxim Integrated Products, Inc.		40,885
	1,140		National Semiconductor Corp.		25,114
	50	@	Novellus Systems, Inc.		1,236
	300	@	Nvidia Corp.		8,016
	450	@	QLogic Corp.		13,892
	5,920		Texas Instruments, Inc.		166,173

					1,485,104

			Software: 1.4%
	3,260		Adobe Systems, Inc.		93,301
	1,280		Autodesk, Inc.		43,994
	2,230		Automatic Data Processing, Inc.		93,593
	1,250	@	BMC Software, Inc.		22,438
	650	@	Citrix Systems, Inc.		14,079
	940		Computer Associates Intl., Inc.		25,831
	1,990	@	Compuware Corp.		14,308
	1,040	@	Electronic Arts, Inc.		58,874
	2,738		First Data Corp.		109,903
	750	@	Fiserv, Inc.		32,213
	820		IMS Health, Inc.		20,311
	1,070	@	Intuit, Inc.		48,268

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 2

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Software (continued)
	450	@	Mercury Interactive Corp.	$	17,262
	34,210		Microsoft Corp.		849,777
	1,100	@	Novell, Inc.		6,820
	30,410	@	Oracle Corp.		401,412
	1,840	@	Parametric Technology Corp.		11,739
	2,300		Siebel Systems, Inc.		20,470
	1,380	@	Veritas Software Corp.		33,672

					1,918,265

			Telecommunications: 1.6%
	1,070		Alltel Corp.		66,640
	2,690		AT&T Corp.		51,218
	1,380	@	Avaya, Inc.		11,482
	6,140		BellSouth Corp.		163,140
	560		CenturyTel, Inc.		19,393
	24,460	@	Cisco Systems, Inc.		467,430
	1,100		Citizens Communications Co.		14,784
	920	@	Comverse Technology, Inc.		21,758
	2,440	@	Corning, Inc.		40,553
	14,360		Motorola, Inc.		262,213
	3,750	@	Nextel Communications, Inc.		121,163
	5,680		QUALCOMM, Inc.		187,496
	11,060		SBC Communications, Inc.		262,674
	910		Scientific-Atlanta, Inc.		30,276
	550		Sprint Corp.		13,800
	1,150	@	Tellabs, Inc.		10,005
	15,750		Verizon Communications, Inc.		544,162

					2,288,187

			Textiles: 0.0%
	690		Cintas Corp.		26,634

					26,634

			Toys/Games/Hobbies: 0.0%
	930		Hasbro, Inc.		19,335
	700		Mattel, Inc.		12,810

					32,145

			Transportation: 0.4%
	1,500		Burlington Northern Santa Fe Corp.		70,620
	1,440		CSX Corp.		61,430
	1,150		FedEx Corp.		93,162
	1,550		Norfolk Southern Corp.		47,988
	900		Union Pacific Corp.		58,320
	3,880		United Parcel Service, Inc.		268,341

					599,861

			Total Common Stock (Cost $38,900,992)		40,636,574

U.S. GOVERNMENT AGENCY OBLIGATIONS: 56.0%
			Federal Home Loan Mortgage Corporation: 21.4%
$	35,000,000		4.200%, due 03/15/09	$	30,224,460

					30,224,460

			Federal National Mortgage Association: 34.6%
	56,000,000		4.040%, due 12/15/08		48,833,288

					48,833,288

			Total U.S. Government Agency Obligations (Cost $80,278,453)		79,057,748

U.S. TREASURY OBLIGATIONS: 14.7%
			U.S. Treasury STRIP: 14.7%
	23,504,000		3.700%, due 11/15/08		20,791,239

			Total U.S. Treasury Obligations (Cost $20,655,975)		20,791,239

			Total Long-Term Investments (Cost $139,835,420)		140,485,561

SHORT-TERM INVESTMENTS: 0.8%
			Repurchase Agreement: 0.8%
	1,059,000		Morgan Stanley Repurchase Agreement dated 06/30/05, 3.350%, due 07/01/05, $1,059,099 to be received upon repurchase (Collateralized by $1,130,000 Federal Home Loan Bank, 4.16%, Market Value plus accrued interest $1,132,054, due 02/01/10)		1,059,000

			Total Short-Term Investments (Cost $1,059,000)		1,059,000

Total Investments In Securities
(Cost $140,894,420)*

100.2

141,544,561

Other Assets and
Liabilities-Net

(0.2

)

(264,894

)

Net Assets

100.0

141,279,667


@		Non-income producing security
@@		Foreign issuer
STRIP		Separate Trading of Registered Interest and Principal of Securities
*		Cost for federal income tax purposes is $142,019,917. Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	1,869,740
Gross Unrealized Depreciation		(2,345,096	)

Net Unrealized Depreciation	$	(475,356	)

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 3

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited)

Investment Type*

as of June 30, 2005

(as a percent of net assets)

(ING GET U.S. CORE PORTFOLIO SERIES 3 PIE CHART)


Shares				Value

COMMON STOCK: 32.0%
			Advertising: 0.1%
	2,450	@	Interpublic Group of Cos., Inc.	$	29,841
	1,910		Omnicom Group, Inc.		152,533

					182,374

			Aerospace/Defense: 0.7%
	4,830		Boeing Co.		318,781
	1,950		General Dynamics Corp.		213,603
	40		Goodrich Corp.		1,638
	350		L-3 Communications Holdings, Inc.		26,803
	4,570		Lockheed Martin Corp.		296,456
	2,320		Northrop Grumman Corp.		128,180
	2,550		Raytheon Co.		99,756
	840		Rockwell Collins, Inc.		40,051
	5,860		United Technologies Corp.		300,911

					1,426,179

			Agriculture: 0.6%
	12,730		Altria Group, Inc.		823,122
	7,130		Archer-Daniels-Midland Co.		152,439
	2,960		Monsanto Co.		186,095
	1,130		Reynolds American, Inc.		89,044
	1,550		UST, Inc.		70,773

					1,321,473

			Apparel: 0.3%
	4,350	@	Coach, Inc.		146,029
	1,120		Jones Apparel Group, Inc.		34,765
	1,010		Liz Claiborne, Inc.		40,158
	2,630		Nike, Inc.		227,757
	460		Reebok Intl., Ltd.		19,242
	1,130		VF Corp.		64,659

					532,610

			Auto Manufacturers: 0.1%
	12,300		Ford Motor Co.		125,952
	820		PACCAR, Inc.		55,760

					181,712

			Auto Parts and Equipment: 0.0%
	1,450	@	Goodyear Tire & Rubber Co.		21,605
	1,180		Johnson Controls, Inc.		66,469

					88,074

			Banks: 2.2%
	2,130		AmSouth Bancorporation		55,380
	46,478		Bank of America Corp.		2,119,861
	1,600		BB&T Corp.		63,952
	1,510		Comerica, Inc.		87,278
	50		Compass Bancshares, Inc.		2,250
	380		First Horizon National Corp.		16,036
	160		Huntington Bancshares, Inc.		3,862
	4,150		KeyCorp		137,573
	600		M & T Bank Corp.		63,096
	1,580		Marshall & Ilsley Corp.		70,231
	1,170		Mellon Financial Corp.		33,567
	3,660		National City Corp.		124,879
	2,555		North Fork Bancorp, Inc.		71,770
	1,200		Northern Trust Corp.		54,708
	1,550		PNC Financial Services Group, Inc.		84,413
	1,950		State Street Corp.		94,088
	2,030		SunTrust Banks, Inc.		146,647
	460		The Bank of New York Co., Inc.		13,239
	10,560		U.S. Bancorp		308,352
	9,178		Wachovia Corp.		455,229
	9,640		Wells Fargo & Co.		593,630
	500		Zions Bancorporation		36,765

					4,636,806

			Beverages: 1.0%
	2,230		Anheuser-Busch Cos., Inc.		102,023
	1,010		Brown-Forman Corp.		61,065
	21,570		Coca-Cola Co.		900,547
	1,010		Coca-Cola Enterprises, Inc.		22,230
	500		Molson Coors Brewing Co.		31,000
	1,480		Pepsi Bottling Group, Inc.		42,343
	15,990		PepsiCo, Inc.		862,340

					2,021,548

			Biotechnology: 0.2%
	7,000	@	Amgen, Inc.		423,219
	1,450	@	Genzyme Corp.		87,131
	250	@	Millipore Corp.		14,183

					524,533

			Building Materials: 0.1%
	1,130		American Standard Cos., Inc.		47,370
	2,520		Masco Corp.		80,035
	700		Vulcan Materials Co.		45,493

					172,898

			Chemicals: 0.5%
	1,350		Air Products & Chemicals, Inc.		81,405
	5,980		Dow Chemical Co.		266,289
	6,500		E.I. du Pont de Nemours & Co.		279,564
	350		Eastman Chemical Co.		19,303
	350		Engelhard Corp.		9,993
	650	@	Hercules, Inc.		9,198
	730		International Flavors & Fragrances, Inc.		26,441
	1,770		PPG Industries, Inc.		111,085
	1,880		Praxair, Inc.		87,608
	1,260		Rohm & Haas Co.		58,388
	900		Sherwin-Williams Co.		42,381
	400		Sigma-Aldrich Corp.		22,416

					1,014,071

			Commercial Services: 0.3%
	6,611		Cendant Corp.		147,888
	1,470		Equifax, Inc.		52,494
	840		H&R Block, Inc.		49,014

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 3

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Commercial Services (continued)
	3,360		McKesson Corp.	$	150,495
	1,300		Moody’s Corp.		58,448
	3,510		Paychex, Inc.		114,215
	1,500		R.R. Donnelley & Sons Co.		51,765
	890		Robert Half Intl., Inc.		22,223

					646,542

			Computers: 1.6%
	9,350	@	Apple Computer, Inc.		344,174
	1,150	@	Computer Sciences Corp.		50,255
	27,970	@	Dell, Inc.		1,105,094
	1,500		Electronic Data Systems Corp.		28,875
	24,390	@	EMC Corp.		334,387
	17,280		Hewlett-Packard Co.		406,253
	9,070		International Business Machines Corp.		672,993
	920	@	Lexmark Intl., Inc.		59,644
	1,800	@	NCR Corp.		63,216
	4,210	@	Network Appliance, Inc.		119,017
	38,440	@	Sun Microsystems, Inc.		143,381
	1,470	@	Sungard Data Systems, Inc.		51,700
	1,920	@	Unisys Corp.		12,154

					3,391,143

			Cosmetics/Personal Care: 0.6%
	830		Alberto-Culver Co.		35,964
	1,300		Avon Products, Inc.		49,205
	3,430		Colgate-Palmolive Co.		171,191
	5,910		Gillette Co.		299,223
	15,310		Procter & Gamble Co.		807,603

					1,363,186

			Distribution/ Wholesale: 0.0%
	850		Genuine Parts Co.		34,927
	400		W.W. Grainger, Inc.		21,916

					56,843

			Diversified Financial Services: 1.8%
	7,490		American Express Co.		398,692
	650		Bear Stearns Cos., Inc.		67,561
	1,430		Capital One Financial Corp.		114,414
	1,600		Charles Schwab Corp.		18,048
	2,050		CIT Group, Inc.		88,089
	15,140		Citigroup, Inc.		699,921
	5,560		Countrywide Financial Corp.		214,672
	2,140	@	E*TRADE Financial Corp.		29,939
	5,790		Fannie Mae		338,136
	260		Federated Investors, Inc.		7,803
	1,170		Franklin Resources, Inc.		90,067
	4,090		Freddie Mac		266,791
	2,560		Goldman Sachs Group, Inc.		261,171
	2,000		JPMorgan Chase & Co.		70,640
	3,130		Lehman Brothers Holdings, Inc.		310,746
	720		MBNA Corp.		18,835
	5,580		Merrill Lynch & Co., Inc.		306,956
	6,940		Morgan Stanley		364,142
	3,350	@	Providian Financial Corp.		59,061
	2,550		SLM Corp.		129,540
	300		T. Rowe Price Group, Inc.		18,780

					3,874,004

			Electric: 1.0%
	4,330	@	AES Corp.		70,925
	900	@	Allegheny Energy, Inc.		22,698
	1,300		Ameren Corp.		71,890
	2,530		American Electric Power Co., Inc.		93,281
	1,650		CenterPoint Energy, Inc.		21,797
	500		Cinergy Corp.		22,410
	2,450	@	CMS Energy Corp.		36,897
	1,550		Consolidated Edison, Inc.		72,602
	1,230		Constellation Energy Group, Inc.		70,959
	1,100		Dominion Resources, Inc.		80,729
	6,850		Duke Energy Corp.		203,651
	2,190		Edison Intl.		88,805
	1,400		Entergy Corp.		105,770
	2,260		Exelon Corp.		116,006
	1,930		FirstEnergy Corp.		92,852
	2,840		FPL Group, Inc.		119,450
	900		NiSource, Inc.		22,257
	2,420		PG&E Corp.		90,847
	1,330		PPL Corp.		78,975
	350		Progress Energy, Inc.		15,834
	1,400		Public Service Enterprise Group, Inc.		85,148
	4,980		Southern Co.		172,657
	1,500		TECO Energy, Inc.		28,365
	2,700		TXU Corp.		224,342
	570		Xcel Energy, Inc.		11,126

					2,020,273

			Electrical Components and Equipment: 0.1%
	2,360		Emerson Electric Co.		147,807

					147,807

			Electronics: 0.1%
	2,970	@	Agilent Technologies, Inc.		68,370
	1,420		Applera Corp. — Applied Biosystems Group		27,931
	150	@	Fisher Scientific Intl., Inc.		9,735
	1,480	@	Jabil Circuit, Inc.		45,480
	660		Parker Hannifin Corp.		40,927
	960		PerkinElmer, Inc.		18,144
	6,000	@	Solectron Corp.		22,740
	650		Tektronix, Inc.		15,126
	1,560	@	Thermo Electron Corp.		41,917
	700	@	Waters Corp.		26,019

					316,389

			Engineering and Construction: 0.0%
	500		Fluor Corp.		28,795

					28,795

			Entertainment: 0.0%
	1,950		International Game Technology		54,893

					54,893

			Environmental Control: 0.0%
	3,300		Waste Management, Inc.		93,522

					93,522

			Food: 0.4%
	550		Albertson’s, Inc.		11,374
	1,900		Campbell Soup Co.		58,463
	270		ConAgra Foods, Inc.		6,253
	3,500		General Mills, Inc.		163,765
	2,070		H.J. Heinz Co.		73,319
	1,450		Hershey Co.		90,045
	2,120		Kellogg Co.		94,213
	1,700	@	Kroger Co.		32,351
	900		McCormick & Co., Inc.		29,412
	2,550		Safeway, Inc.		57,605
	4,730		Sara Lee Corp.		93,701
	1,530		SUPERVALU, Inc.		49,893
	1,940		Wm. Wrigley Jr. Co.		133,550

					893,944

			Forest Products and Paper: 0.1%
	1,530		Georgia-Pacific Corp.		48,654
	310		International Paper Co.		9,365
	920		Louisiana-Pacific Corp.		22,614
	550		MeadWestvaco Corp.		15,422

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 3

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Forest Products and Paper (continued)
	1,400		Plum Creek Timber Co., Inc.	$	50,820
	900		Temple-Inland, Inc.		33,435

					180,310

			Gas: 0.1%
	950		KeySpan Corp.		38,665
	200		Nicor, Inc.		8,234
	1,680		Sempra Energy		69,401

					116,300

			Hand/Machine Tools: 0.1%
	900		Black & Decker Corp.		80,865
	590		Snap-On, Inc.		20,237
	670		Stanley Works		30,512

					131,614

			Healthcare — Products: 1.2%
	470		Bausch & Lomb, Inc.		39,010
	3,590		Baxter Intl., Inc.		133,189
	2,470		Becton Dickinson & Co.		129,601
	1,470		Biomet, Inc.		50,921
	4,530	@	Boston Scientific Corp.		122,310
	530		C.R. Bard, Inc.		35,250
	3,660		Guidant Corp.		246,318
	18,610		Johnson & Johnson		1,209,650
	7,200		Medtronic, Inc.		372,888
	1,850	@	St. Jude Medical, Inc.		80,679
	630	@	Zimmer Holdings, Inc.		47,987

					2,467,803

			Healthcare — Services: 0.8%
	3,350		Aetna, Inc.		277,447
	2,400		HCA, Inc.		136,008
	1,600	@	Humana, Inc.		63,584
	800	@	Laboratory Corp. of America Holdings		39,920
	420		Quest Diagnostics, Inc.		22,373
	14,620		UnitedHealth Group, Inc.		762,288
	5,810	@	WellPoint, Inc.		404,608

					1,706,228

			Home Furnishings: 0.0%
	1,570		Leggett & Platt, Inc.		41,731
	390		Whirlpool Corp.		27,343

					69,074

			Household Products/ Wares: 0.2%
	50		Avery Dennison Corp.		2,648
	950		Clorox Co.		52,934
	900		Fortune Brands, Inc.		79,920
	3,150		Kimberly-Clark Corp.		197,159

					332,661

			Housewares: 0.0%
	1,700		Newell Rubbermaid, Inc.		40,528

					40,528

			Insurance: 1.8%
	2,890	@@	ACE Ltd.		129,617
	2,920		AFLAC, Inc.		126,378
	7,710		Allstate Corp.		460,672
	640		AMBAC Financial Group, Inc.		44,646
	14,590		American Intl. Group, Inc.		847,678
	1,900		Aon Corp.		47,576
	2,180		Chubb Corp.		186,630
	1,480		CIGNA Corp.		158,404
	1,076		Cincinnati Financial Corp.		42,567
	1,900		Hartford Financial Services Group, Inc.		142,082
	780		Jefferson-Pilot Corp.		39,328
	1,010		Lincoln National Corp.		47,389
	1,000		Loews Corp.		77,500
	880		MBIA, Inc.		52,193
	8,380		MetLife, Inc.		376,597
	880		MGIC Investment Corp.		57,394
	1,790		Principal Financial Group		75,001
	1,920		Progressive Corp.		189,715
	5,150		Prudential Financial, Inc.		338,149
	1,470		Safeco Corp.		79,880
	3,800		St. Paul Travelers Cos., Inc.		150,214
	680		Torchmark Corp.		35,496
	1,600		UnumProvident Corp.		29,312
	1,580	@@	XL Capital Ltd.		117,584

					3,852,002

			Internet: 0.3%
	3,450	@	eBay, Inc.		113,885
	850	@	Monster Worldwide, Inc.		24,378
	8,120	@	Symantec Corp.		176,529
	7,800	@	Yahoo!, Inc.		270,269

					585,061

			Iron/Steel: 0.1%
	1,620		Nucor Corp.		73,904
	1,280		United States Steel Corp.		43,994

					117,898

			Leisure Time: 0.1%
	740		Brunswick Corp.		32,057
	3,000		Carnival Corp.		163,650
	1,750		Harley-Davidson, Inc.		86,800
	1,300		Sabre Holdings Corp.		25,935

					308,442

			Lodging: 0.1%
	1,020		Harrah’s Entertainment, Inc.		73,511
	2,090		Hilton Hotels Corp.		49,847
	1,250		Marriott Intl., Inc.		85,275
	1,370		Starwood Hotels & Resorts Worldwide, Inc.		80,241

					288,874

			Machinery — Diversified: 0.1%
	450		Cummins, Inc.		33,575
	1,410		Deere & Co.		92,341
	1,030		Rockwell Automation, Inc.		50,171

					176,087

			Media: 0.9%
	13,000	@	Comcast Corp.		399,100
	740		Gannett Co., Inc.		52,636
	3,660		McGraw-Hill Cos., Inc.		161,955
	370		Meredith Corp.		18,152
	830		New York Times Co.		25,855
	16,350		News Corp. Class A		264,543
	26,940	@	Time Warner, Inc.		450,167
	150		Tribune Co.		5,277
	850	@	Univision Communications, Inc.		23,418
	9,160		Viacom, Inc.		293,303
	12,040		Walt Disney Co.		303,167

					1,997,573

			Mining: 0.0%
	1,050		Freeport-McMoRan Copper & Gold, Inc.		39,312
	670		Phelps Dodge Corp.		61,975

					101,287

			Miscellaneous Manufacturing: 1.6%
	4,470		3M Co.		323,180
	540	@@	Cooper Industries Ltd.		34,506
	2,720		Danaher Corp.		142,365
	1,260		Dover Corp.		45,839
	2,040		Eastman Kodak Co.		54,774
	730		Eaton Corp.		43,727

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 3

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Miscellaneous Manufacturing (continued)
	61,770		General Electric Co.	$	2,140,330
	8,630		Honeywell Intl., Inc.		316,117
	1,660		Illinois Tool Works, Inc.		132,269
	1,030	@@	Ingersoll-Rand Co. Ltd.		73,491
	530		ITT Industries, Inc.		51,744
	360		Pall Corp.		10,930
	840		Textron, Inc.		63,714
	1,050	@@	Tyco Intl., Ltd.		30,660

					3,463,646

			Office/ Business Equipment: 0.1%
	1,510		Pitney Bowes, Inc.		65,761
	5,720	@	Xerox Corp.		78,878

					144,639

			Oil and Gas: 3.2%
	420		Amerada Hess Corp.		44,734
	1,130		Anadarko Petroleum Corp.		92,830
	1,440		Apache Corp.		93,024
	3,740		Burlington Resources, Inc.		206,598
	19,330		ChevronTexaco Corp.		1,080,933
	10,150		ConocoPhillips		583,523
	4,660		Devon Energy Corp.		236,168
	820		EOG Resources, Inc.		46,576
	58,700		Exxon Mobil Corp.		3,373,488
	570		Kerr-McGee Corp.		43,497
	2,610		Marathon Oil Corp.		139,296
	150	@	Noble Corp.		9,227
	2,960		Occidental Petroleum Corp.		227,712
	650		Sunoco, Inc.		73,892
	1,400	@,@@	Transocean, Inc.		75,558
	2,040		Unocal Corp.		132,702
	2,450		Valero Energy Corp.		193,820

					6,653,578

			Oil and Gas Services: 0.1%
	180		BJ Services Co.		9,446
	2,200		Halliburton Co.		105,204
	350	@	National-Oilwell Varco, Inc.		16,639

					131,289

			Packaging and Containers: 0.0%
	740		Ball Corp.		26,611
	450	@	Pactiv Corp.		9,711
	480	@	Sealed Air Corp.		23,899

					60,221

			Pharmaceuticals: 1.9%
	970		Allergan, Inc.		82,683
	1,050		AmerisourceBergen Corp.		72,608
	5,470		Bristol-Myers Squibb Co.		136,641
	4,950		Cardinal Health, Inc.		285,021
	5,240	@	Caremark Rx, Inc.		233,285
	650		Eli Lilly & Co.		36,212
	940	@	Express Scripts, Inc.		46,981
	200	@	Forest Laboratories, Inc.		7,770
	2,400	@	Gilead Sciences, Inc.		105,576
	850	@	Hospira, Inc.		33,150
	1,450	@	King Pharmaceuticals, Inc.		15,109
	1,550	@	Medco Health Solutions, Inc.		82,708
	12,540		Merck & Co., Inc.		386,232
	71,080		Pfizer, Inc.		1,960,385
	14,050		Schering-Plough Corp.		267,793
	700	@	Watson Pharmaceuticals, Inc.		20,692
	7,980		Wyeth		355,110

					4,127,956

			Pipelines: 0.0%
	250		El Paso Corp.		2,880
	260		Kinder Morgan, Inc.		21,632
	2,970		Williams Cos., Inc.		56,430

					80,942

			Real Estate Investment Trusts: 0.1%
	700		Apartment Investment & Management Co.		28,644
	2,350		Equity Office Properties Trust		77,785
	1,650		Equity Residential		60,753
	500		ProLogis		20,120
	1,270		Simon Property Group, Inc.		92,062

					279,364

			Retail: 2.2%
	100	@	Autonation, Inc.		2,052
	1,690	@	Bed Bath & Beyond, Inc.		70,608
	3,400		Best Buy Co., Inc.		233,070
	1,550		Circuit City Stores, Inc.		26,800
	3,080		Costco Wholesale Corp.		138,046
	500		CVS Corp.		14,535
	1,520		Darden Restaurants, Inc.		50,130
	810		Dillard’s, Inc.		18,970
	400		Family Dollar Stores, Inc.		10,440
	1,700		Federated Department Stores, Inc.		124,576
	4,720		Gap, Inc.		93,220
	21,260		Home Depot, Inc.		827,013
	2,800		J.C. Penney Co., Inc. Holding Co.		147,224
	200	@	Kohl’s Corp.		11,182
	230		Limited Brands, Inc.		4,927
	2,290		Lowe’s Cos., Inc.		133,324
	710		May Department Stores Co.		28,514
	7,530		McDonald’s Corp.		208,958
	800		Nordstrom, Inc.		54,376
	170	@	Office Depot, Inc.		3,883
	1,090	@	Sears Holdings Corp.		163,358
	7,205		Staples, Inc.		153,611
	2,590	@	Starbucks Corp.		133,799
	5,060		Target Corp.		275,314
	2,870		TJX Cos., Inc.		69,885
	1,730	@	Toys “R” Us, Inc.		45,810
	18,970		Wal-Mart Stores, Inc.		914,353
	11,650		Walgreen Co.		535,783
	700		Wendy’s Intl., Inc.		33,355
	1,630		Yum! Brands, Inc.		84,890

					4,612,006

			Savings and Loans: 0.2%
	1,710		Golden West Financial Corp.		110,090
	5,210		Washington Mutual, Inc.		211,995

					322,085

			Semiconductors: 1.2%
	1,840	@	Altera Corp.		36,469
	2,170		Analog Devices, Inc.		80,963
	9,510		Applied Materials, Inc.		153,872
	1,700	@	Broadcom Corp.		60,367
	2,009	@	Freescale Semiconductor, Inc.		42,551
	59,340		Intel Corp.		1,546,399
	1,080		KLA-Tencor Corp.		47,196
	1,580		Linear Technology Corp.		57,970
	1,840		Maxim Integrated Products, Inc.		70,306
	1,550		National Semiconductor Corp.		34,147
	950	@	Novellus Systems, Inc.		23,475
	1,150	@	Nvidia Corp.		30,728
	650	@	QLogic Corp.		20,066
	10,280		Texas Instruments, Inc.		288,559

					2,493,068

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 3

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Software: 1.5%
	5,540		Adobe Systems, Inc.	$	158,555
	2,350		Autodesk, Inc.		80,770
	3,460		Automatic Data Processing, Inc.		145,216
	1,870	@	BMC Software, Inc.		33,567
	1,140	@	Citrix Systems, Inc.		24,692
	1,540		Computer Associates Intl., Inc.		42,319
	2,670	@	Compuware Corp.		19,197
	1,770	@	Electronic Arts, Inc.		100,200
	4,640		First Data Corp.		186,250
	1,210	@	Fiserv, Inc.		51,970
	1,560		IMS Health, Inc.		38,641
	1,780	@	Intuit, Inc.		80,296
	650	@	Mercury Interactive Corp.		24,934
	56,770		Microsoft Corp.		1,410,166
	3,850	@	Novell, Inc.		23,870
	50,870	@	Oracle Corp.		671,483
	3,060	@	Parametric Technology Corp.		19,523
	2,460		Siebel Systems, Inc.		21,894
	1,910	@	Veritas Software Corp.		46,604

					3,180,147

			Telecommunications: 1.8%
	1,850		Alltel Corp.		115,218
	5,780		AT&T Corp.		110,051
	1,950	@	Avaya, Inc.		16,224
	10,270		BellSouth Corp.		272,874
	1,360		CenturyTel, Inc.		47,097
	40,640	@	Cisco Systems, Inc.		776,630
	1,850		Citizens Communications Co.		24,864
	1,520	@	Comverse Technology, Inc.		35,948
	4,070	@	Corning, Inc.		67,643
	23,090		Motorola, Inc.		421,623
	6,320	@	Nextel Communications, Inc.		204,199
	9,840		QUALCOMM, Inc.		324,818
	18,520		SBC Communications, Inc.		439,850
	1,440		Scientific-Atlanta, Inc.		47,909
	950		Sprint Corp.		23,836
	1,540	@	Tellabs, Inc.		13,398
	26,400		Verizon Communications, Inc.		912,121

					3,854,303

			Textiles: 0.0%
	1,020		Cintas Corp.		39,372

					39,372

			Toys/Games/Hobbies: 0.0%
	1,340		Hasbro, Inc.		27,859
	2,450		Mattel, Inc.		44,835

					72,694

			Transportation: 0.5%
	2,470		Burlington Northern Santa Fe Corp.		116,288
	2,460		CSX Corp.		104,944
	1,900		FedEx Corp.		153,919
	2,370		Norfolk Southern Corp.		73,375
	1,600		Union Pacific Corp.		103,680
	6,700		United Parcel Service, Inc.		463,371

					1,015,577

			Total Common Stock (Cost $65,426,932)		67,992,248

U.S. GOVERNMENT AGENCY OBLIGATIONS: 56.8%
			Federal Home Loan Mortgage Corporation: 29.6%
$	2,875,000		4.040%, due 03/15/09		2,482,724
	70,000,000		4.200%, due 03/15/09		60,448,920

					62,931,644

			Federal National Mortgage Association: 27.2%
	2,091,000		4.030%, due 06/15/09		1,787,947
	65,600,000		4.080%, due 06/15/09		55,993,667

					57,781,614

			Total U.S. Government Agency Obligations (Cost $125,226,895)		120,713,258

U.S. TREASURY OBLIGATIONS: 11.0%
			U.S. Treasury STRIP: 11.0%
	26,479,000		3.700%, due 11/15/08		23,422,873

			Total U.S. Treasury Obligations (Cost $23,357,766)		23,422,873

			Total Long-Term Investments (Cost $214,011,593)		212,128,379

SHORT-TERM INVESTMENTS: 0.3%
			Repurchase Agreement: 0.3%
	620,000		Morgan Stanley Repurchase Agreement dated 06/30/05, 3.350%, due 07/01/05, $620,058 to be received upon repurchase (Collateralized by $2,010,000 Federal National Mortgage Association, 7.250%, Market Value plus accrued interest $632,889, due 05/15/30)		620,000

			Total Short-Term Investments (Cost $620,000)		620,000

Total Investments In Securities
(Cost $214,631,593)*

100.1

212,748,379

Other Assets and
Liabilities-Net

(0.1

)

(118,272

)

Net Assets

100.0

212,630,107


@		Non-income producing security
@@		Foreign issuer
STRIP		Separate Trading of Registered Interest and Principal of Securities
*		Cost for federal income tax purposes is $216,738,230. Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	2,017,975
Gross Unrealized Depreciation		(6,007,826	)

Net Unrealized Depreciation	$	(3,989,851	)

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 4

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited)

Investment Type*

as of June 30, 2005

(as a percent of net assets)


Shares				Value

COMMON STOCK: 37.8%
			Advertising: 0.1%
	1,050	@	Interpublic Group of Cos., Inc.	$	12,789
	800		Omnicom Group, Inc.		63,888

					76,677

			Aerospace/Defense: 0.8%
	2,050		Boeing Co.		135,300
	850		General Dynamics Corp.		93,109
	50		Goodrich Corp.		2,048
	150		L-3 Communications Holdings, Inc.		11,487
	1,960		Lockheed Martin Corp.		127,145
	970		Northrop Grumman Corp.		53,593
	1,150		Raytheon Co.		44,988
	600		Rockwell Collins, Inc.		28,608
	2,500		United Technologies Corp.		128,375

					624,653

			Agriculture: 0.7%
	5,500		Altria Group, Inc.		355,630
	3,120		Archer-Daniels-Midland Co.		66,706
	1,270		Monsanto Co.		79,845
	500		Reynolds American, Inc.		39,400
	700		UST, Inc.		31,962

					573,543

			Apparel: 0.3%
	1,860	@	Coach, Inc.		62,440
	350		Jones Apparel Group, Inc.		10,864
	400		Liz Claiborne, Inc.		15,904
	1,130		Nike, Inc.		97,858
	200		Reebok Intl., Ltd.		8,366
	480		VF Corp.		27,466

					222,898

			Auto Manufacturers: 0.1%
	5,200		Ford Motor Co.		53,248
	250	@	Navistar Intl. Corp.		8,000
	200		PACCAR, Inc.		13,600

					74,848

			Auto Parts and Equipment: 0.1%
	840	@	Goodyear Tire & Rubber Co.		12,516
	500		Johnson Controls, Inc.		28,165

					40,681

			Banks: 2.5%
	1,150		AmSouth Bancorporation		29,900
	20,100		Bank of America Corp.		916,760
	700		BB&T Corp.		27,979
	750		Comerica, Inc.		43,350
	50		Compass Bancshares, Inc.		2,250
	150		First Horizon National Corp.		6,330
	150		Huntington Bancshares, Inc.		3,621
	1,750		KeyCorp		58,013
	250		M & T Bank Corp.		26,290
	700		Marshall & Ilsley Corp.		31,115
	500		Mellon Financial Corp.		14,345
	1,600		National City Corp.		54,592
	1,075		North Fork Bancorporation, Inc.		30,197
	500		Northern Trust Corp.		22,795
	700		PNC Financial Services Group, Inc.		38,122
	850		State Street Corp.		41,013
	850		SunTrust Banks, Inc.		61,404
	200		The Bank of New York Co., Inc.		5,756
	4,550		U.S. Bancorp		132,860
	3,951		Wachovia Corp.		195,969
	4,150		Wells Fargo & Co.		255,556
	300		Zions Bancorporation		22,059

					2,020,276

			Beverages: 1.1%
	950		Anheuser-Busch Cos., Inc.		43,463
	430		Brown-Forman Corp.		25,998
	9,300		Coca-Cola Co.		388,274
	450		Coca-Cola Enterprises, Inc.		9,905
	150		Molson Coors Brewing Co.		9,300
	600		Pepsi Bottling Group, Inc.		17,166
	7,100		PepsiCo, Inc.		382,903

					877,009

			Biotechnology: 0.3%
	3,100	@	Amgen, Inc.		187,426
	750	@	Genzyme Corp.		45,068
	100	@	Millipore Corp.		5,673

					238,167

			Building Materials: 0.1%
	490		American Standard Cos., Inc.		20,541
	1,150		Masco Corp.		36,524
	300		Vulcan Materials Co.		19,497

					76,562

			Chemicals: 0.6%
	550		Air Products & Chemicals, Inc.		33,165
	2,750		Dow Chemical Co.		122,457
	2,850		E.I. du Pont de Nemours & Co.		122,578
	200		Eastman Chemical Co.		11,030
	50		Engelhard Corp.		1,428
	400		International Flavors & Fragrances, Inc.		14,488
	750		PPG Industries, Inc.		47,070
	800		Praxair, Inc.		37,280
	550		Rohm & Haas Co.		25,487

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 4

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Chemicals (continued)
	350		Sherwin-Williams Co.	$	16,482
	100		Sigma-Aldrich Corp.		5,604

					437,069

			Commercial Services: 0.3%
	2,851		Cendant Corp.		63,777
	620		Equifax, Inc.		22,140
	200		H&R Block, Inc.		11,670
	1,450		McKesson Corp.		64,945
	700		Moody’s Corp.		31,472
	1,500		Paychex, Inc.		48,810
	550		R.R. Donnelley & Sons Co.		18,981
	400		Robert Half Intl., Inc.		9,988

					271,783

			Computers: 1.9%
	4,010	@	Apple Computer, Inc.		147,608
	500	@	Computer Sciences Corp.		21,850
	12,030	@	Dell, Inc.		475,304
	650		Electronic Data Systems Corp.		12,513
	10,350	@	EMC Corp.		141,899
	7,350		Hewlett-Packard Co.		172,799
	4,050		International Business Machines Corp.		300,509
	300	@	Lexmark Intl., Inc.		19,449
	700	@	NCR Corp.		24,584
	1,650	@	Network Appliance, Inc.		46,646
	16,490	@	Sun Microsystems, Inc.		61,508
	750	@	Sungard Data Systems, Inc.		26,378
	1,100	@	Unisys Corp.		6,963

					1,458,010

			Cosmetics/Personal Care: 0.8%
	300		Alberto-Culver Co.		12,999
	550		Avon Products, Inc.		20,818
	1,350		Colgate-Palmolive Co.		67,379
	2,500		Gillette Co.		126,575
	6,800		Procter & Gamble Co.		358,699

					586,470

			Distribution/ Wholesale: 0.1%
	550		Genuine Parts Co.		22,599
	350		W.W. Grainger, Inc.		19,177

					41,776

			Diversified Financial Services: 2.1%
	3,200		American Express Co.		170,335
	280		Bear Stearns Cos., Inc.		29,103
	600		Capital One Financial Corp.		48,006
	700		Charles Schwab Corp.		7,896
	900		CIT Group, Inc.		38,673
	6,500		Citigroup, Inc.		300,494
	2,350		Countrywide Financial Corp.		90,734
	100	@	E*TRADE Financial Corp.		1,399
	2,350		Fannie Mae		137,240
	150		Federated Investors, Inc.		4,502
	500		Franklin Resources, Inc.		38,490
	1,700		Freddie Mac		110,891
	1,200		Goldman Sachs Group, Inc.		122,424
	850		JPMorgan Chase & Co.		30,022
	1,340		Lehman Brothers Holdings, Inc.		133,035
	300		MBNA Corp.		7,848
	2,250		Merrill Lynch & Co., Inc.		123,773
	3,000		Morgan Stanley		157,410
	1,100	@	Providian Financial Corp.		19,393
	1,050		SLM Corp.		53,340
	150		T. Rowe Price Group, Inc.		9,390

					1,634,398

			Electric: 1.2%
	2,150	@	AES Corp.		35,217
	500	@	Allegheny Energy, Inc.		12,610
	550		Ameren Corp.		30,415
	1,150		American Electric Power Co., Inc.		42,401
	1,000		CenterPoint Energy, Inc.		13,210
	250		Cinergy Corp.		11,205
	1,050	@	CMS Energy Corp.		15,813
	800		Consolidated Edison, Inc.		37,472
	500		Constellation Energy Group, Inc.		28,845
	450		Dominion Resources, Inc.		33,026
	2,900		Duke Energy Corp.		86,216
	1,000		Edison Intl.		40,550
	600		Entergy Corp.		45,330
	950		Exelon Corp.		48,764
	1,000		FirstEnergy Corp.		48,110
	1,100		FPL Group, Inc.		46,266
	400		NiSource, Inc.		9,892
	1,050		PG&E Corp.		39,417
	700		PPL Corp.		41,566
	150		Progress Energy, Inc.		6,786
	600		Public Service Enterprise Group, Inc.		36,492
	2,150		Southern Co.		74,541
	700		TECO Energy, Inc.		13,237
	1,150		TXU Corp.		95,553
	250		Xcel Energy, Inc.		4,880

					897,814

			Electrical Components and Equipment: 0.1%
	1,150		Emerson Electric Co.		72,025

					72,025

			Electronics: 0.2%
	1,000	@	Agilent Technologies, Inc.		23,019
	500		Applera Corp. — Applied Biosystems Group		9,835
	50	@	Fisher Scientific Intl., Inc.		3,245
	450	@	Jabil Circuit, Inc.		13,829
	300		Parker Hannifin Corp.		18,603
	400		PerkinElmer, Inc.		7,560
	2,450	@	Solectron Corp.		9,286
	400		Tektronix, Inc.		9,308
	400	@	Thermo Electron Corp.		10,748
	350	@	Waters Corp.		13,010

					118,443

			Engineering and Construction: 0.0%
	200		Fluor Corp.		11,518

					11,518

			Entertainment: 0.0%
	850		International Game Technology		23,928

					23,928

			Environmental Control: 0.1%
	1,400		Waste Management, Inc.		39,676

					39,676

			Food: 0.5%
	250		Albertson’s, Inc.		5,170
	800		Campbell Soup Co.		24,616
	150		ConAgra Foods, Inc.		3,474
	1,500		General Mills, Inc.		70,185
	1,000		H.J. Heinz Co.		35,420
	550		Hershey Co.		34,155
	1,000		Kellogg Co.		44,440
	200	@	Kroger Co.		3,806
	350		McCormick & Co., Inc.		11,438
	1,100		Safeway, Inc.		24,849
	1,800		Sara Lee Corp.		35,658
	550		SUPERVALU, Inc.		17,936
	850		Wm. Wrigley Jr. Co.		58,514

					369,661

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 4

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Forest Products and Paper: 0.1%
	650		Georgia-Pacific Corp.	$	20,670
	150		International Paper Co.		4,532
	500		Louisiana-Pacific Corp.		12,290
	500		MeadWestvaco Corp.		14,020
	600		Plum Creek Timber Co., Inc.		21,780
	400		Temple-Inland, Inc.		14,860

					88,152

			Gas: 0.1%
	500		KeySpan Corp.		20,350
	750		Sempra Energy		30,983

					51,333

			Hand/ Machine Tools: 0.1%
	380		Black & Decker Corp.		34,143
	100		Snap-On, Inc.		3,430
	300		Stanley Works		13,662

					51,235

			Healthcare — Products: 1.4%
	200		Bausch & Lomb, Inc.		16,600
	1,550		Baxter Intl., Inc.		57,505
	1,240		Becton Dickinson & Co.		65,063
	700		Biomet, Inc.		24,248
	2,100	@	Boston Scientific Corp.		56,700
	350		C.R. Bard, Inc.		23,279
	1,580		Guidant Corp.		106,334
	7,900		Johnson & Johnson		513,499
	2,900		Medtronic, Inc.		150,191
	1,000	@	St. Jude Medical, Inc.		43,610
	250	@	Zimmer Holdings, Inc.		19,043

					1,076,072

			Healthcare — Services: 1.0%
	1,440		Aetna, Inc.		119,261
	1,000		HCA, Inc.		56,670
	750	@	Humana, Inc.		29,805
	400	@	Laboratory Corp. of America Holdings		19,960
	200		Quest Diagnostics, Inc.		10,654
	6,290		UnitedHealth Group, Inc.		327,961
	2,530	@	WellPoint, Inc.		176,189

					740,500

			Home Furnishings: 0.0%
	500		Leggett & Platt, Inc.		13,290
	100		Whirlpool Corp.		7,011

					20,301

			Household Products/ Wares: 0.2%
	150		Avery Dennison Corp.		7,944
	400		Clorox Co.		22,288
	400		Fortune Brands, Inc.		35,520
	1,350		Kimberly-Clark Corp.		84,497

					150,249

			Housewares: 0.0%
	950		Newell Rubbermaid, Inc.		22,648

					22,648

			Insurance: 2.1%
	1,100	@@	ACE Ltd.		49,335
	1,250		AFLAC, Inc.		54,100
	3,320		Allstate Corp.		198,369
	300		AMBAC Financial Group, Inc.		20,928
	6,500		American Intl. Group, Inc.		377,649
	1,000		Aon Corp.		25,040
	930		Chubb Corp.		79,617
	620		CIGNA Corp.		66,359
	185		Cincinnati Financial Corp.		7,319
	800		Hartford Financial Services Group, Inc.		59,824
	350		Jefferson-Pilot Corp.		17,647
	450		Lincoln National Corp.		21,114
	450		Loews Corp.		34,875
	350		MBIA, Inc.		20,759
	3,590		MetLife, Inc.		161,334
	400		MGIC Investment Corp.		26,088
	750		Principal Financial Group		31,425
	830		Progressive Corp.		82,012
	2,240		Prudential Financial, Inc.		147,078
	600		Safeco Corp.		32,604
	1,650		St. Paul Travelers Cos., Inc.		65,225
	400		Torchmark Corp.		20,880
	1,050		UnumProvident Corp.		19,236
	680	@@	XL Capital Ltd.		50,606

					1,669,423

			Internet: 0.3%
	1,500	@	eBay, Inc.		49,515
	3,480	@	Symantec Corp.		75,655
	3,400	@	Yahoo!, Inc.		117,810

					242,980

			Iron/Steel: 0.1%
	700		Nucor Corp.		31,934
	500		United States Steel Corp.		17,185

					49,119

			Leisure Time: 0.2%
	300		Brunswick Corp.		12,996
	1,350		Carnival Corp.		73,642
	700		Harley-Davidson, Inc.		34,720
	350		Sabre Holdings Corp.		6,983

					128,341

			Lodging: 0.2%
	400		Harrah’s Entertainment, Inc.		28,828
	1,250		Hilton Hotels Corp.		29,813
	520		Marriott Intl., Inc.		35,473
	550		Starwood Hotels & Resorts Worldwide, Inc.		32,214

					126,328

			Machinery — Diversified: 0.1%
	150		Cummins, Inc.		11,192
	600		Deere & Co.		39,293
	450		Rockwell Automation, Inc.		21,920

					72,405

			Media: 1.1%
	5,600	@	Comcast Corp.		171,920
	300		Gannett Co., Inc.		21,339
	1,600		McGraw-Hill Cos., Inc.		70,800
	150		Meredith Corp.		7,359
	350		New York Times Co.		10,903
	7,050		News Corp. Class A		114,069
	11,600	@	Time Warner, Inc.		193,835
	100		Tribune Co.		3,518
	350	@	Univision Communications, Inc.		9,643
	3,950		Viacom, Inc.		126,479
	5,150		Walt Disney Co.		129,677

					859,542

			Mining: 0.1%
	450		Freeport-McMoRan Copper & Gold, Inc.		16,848
	400		Phelps Dodge Corp.		37,000

					53,848

			Miscellaneous Manufacturing: 2.0%
	2,100		3M Co.		151,829
	300	@@	Cooper Industries Ltd.		19,170
	1,150		Danaher Corp.		60,191
	550		Dover Corp.		20,009

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 4

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Miscellaneous Manufacturing (continued)
	750		Eastman Kodak Co.	$	20,138
	450		Eaton Corp.		26,955
	26,650		General Electric Co.		923,422
	3,650		Honeywell Intl., Inc.		133,699
	700		Illinois Tool Works, Inc.		55,776
	450	@@	Ingersoll-Rand Co. Ltd.		32,108
	300		ITT Industries, Inc.		29,289
	150		Pall Corp.		4,554
	350		Textron, Inc.		26,548
	450	@@	Tyco Intl., Ltd.		13,140

					1,516,828

			Office/Business Equipment: 0.1%
	600		Pitney Bowes, Inc.		26,130
	2,900	@	Xerox Corp.		39,991

					66,121

			Oil and Gas: 3.6%
	250		Amerada Hess Corp.		26,628
	500		Anadarko Petroleum Corp.		41,075
	600		Apache Corp.		38,760
	1,550		Burlington Resources, Inc.		85,622
	8,350		ChevronTexaco Corp.		466,931
	4,350		ConocoPhillips		250,081
	2,000		Devon Energy Corp.		101,360
	450		EOG Resources, Inc.		25,560
	25,350		Exxon Mobil Corp.		1,456,864
	300		Kerr-McGee Corp.		22,893
	1,100		Marathon Oil Corp.		58,707
	50	@@	Noble Corp.		3,076
	1,300		Occidental Petroleum Corp.		100,009
	300		Sunoco, Inc.		34,104
	600	@,@@	Transocean, Inc.		32,382
	800		Unocal Corp.		52,040
	1,000		Valero Energy Corp.		79,110

					2,875,202

			Oil and Gas Services: 0.1%
	100		BJ Services Co.		5,248
	950		Halliburton Co.		45,429
	150	@	National-Oilwell Varco, Inc.		7,131

					57,808

			Packaging and Containers: 0.0%
	400		Ball Corp.		14,384
	200	@	Pactiv Corp.		4,316
	200	@	Sealed Air Corp.		9,958

					28,658

			Pharmaceuticals: 2.2%
	400		Allergan, Inc.		34,096
	490		AmerisourceBergen Corp.		33,884
	2,350		Bristol-Myers Squibb Co.		58,703
	2,120		Cardinal Health, Inc.		122,070
	2,260	@	Caremark Rx, Inc.		100,615
	300		Eli Lilly & Co.		16,713
	400	@	Express Scripts, Inc.		19,992
	100	@	Forest Laboratories, Inc.		3,885
	1,000	@	Gilead Sciences, Inc.		43,990
	400	@	Hospira, Inc.		15,600
	600	@	King Pharmaceuticals, Inc.		6,252
	700	@	Medco Health Solutions, Inc.		37,352
	5,400		Merck & Co., Inc.		166,319
	30,700		Pfizer, Inc.		846,705
	6,050		Schering-Plough Corp.		115,313
	300	@	Watson Pharmaceuticals, Inc.		8,868
	3,400		Wyeth		151,300

					1,781,657

			Pipelines: 0.1%
	100		El Paso Corp.		1,152
	200		Kinder Morgan, Inc.		16,640
	1,150		Williams Cos., Inc.		21,850

					39,642

			Real Estate Investment Trusts: 0.2%
	300		Apartment Investment & Management Co.		12,276
	1,000		Equity Office Properties Trust		33,100
	700		Equity Residential		25,774
	250		ProLogis		10,060
	550		Simon Property Group, Inc.		39,870

					121,080

			Retail: 2.4%
	50	@	Autonation, Inc.		1,026
	800	@	Bed Bath & Beyond, Inc.		33,424
	1,460		Best Buy Co., Inc.		100,083
	750		Circuit City Stores, Inc.		12,968
	1,200		Costco Wholesale Corp.		53,784
	200		CVS Corp.		5,814
	650		Darden Restaurants, Inc.		21,437
	340		Dillard’s, Inc.		7,963
	200		Family Dollar Stores, Inc.		5,220
	750		Federated Department Stores, Inc.		54,960
	2,050		Gap, Inc.		40,488
	9,150		Home Depot, Inc.		355,934
	1,100		J.C. Penney Co., Inc. Holding Co.		57,838
	100	@	Kohl’s Corp.		5,591
	100		Limited Brands, Inc.		2,142
	1,000		Lowe’s Cos., Inc.		58,220
	50		May Department Stores Co.		2,008
	3,250		McDonald’s Corp.		90,188
	350		Nordstrom, Inc.		23,790
	100	@	Office Depot, Inc.		2,284
	460	@	Sears Holdings Corp.		68,940
	3,100		Staples, Inc.		66,092
	1,100	@	Starbucks Corp.		56,826
	2,200		Target Corp.		119,702
	1,100		TJX Cos., Inc.		26,785
	900	@	Toys “R” Us, Inc.		23,832
	8,200		Wal-Mart Stores, Inc.		395,239
	5,030		Walgreen Co.		231,329
	300		Wendy’s Intl., Inc.		14,295
	700		Yum! Brands, Inc.		36,456

					1,974,658

			Savings and Loans: 0.2%
	700		Golden West Financial Corp.		45,066
	2,200		Washington Mutual, Inc.		89,518

					134,584

			Semiconductors: 1.4%
	1,100	@	Altera Corp.		21,802
	1,050		Analog Devices, Inc.		39,176
	4,050		Applied Materials, Inc.		65,529
	700	@	Broadcom Corp.		24,857
	856	@	Freescale Semiconductor, Inc.		18,130
	25,600		Intel Corp.		667,135
	450		KLA-Tencor Corp.		19,665
	800		Linear Technology Corp.		29,352
	800		Maxim Integrated Products, Inc.		30,568
	950		National Semiconductor Corp.		20,929
	400	@	Novellus Systems, Inc.		9,884
	500	@	Nvidia Corp.		13,360
	300	@	QLogic Corp.		9,261
	4,350		Texas Instruments, Inc.		122,105

					1,091,753

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 4

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Software: 1.8%
	2,360		Adobe Systems, Inc.	$	67,543
	1,000		Autodesk, Inc.		34,370
	1,450		Automatic Data Processing, Inc.		60,857
	950	@	BMC Software, Inc.		17,053
	400	@	Citrix Systems, Inc.		8,664
	650		Computer Associates Intl., Inc.		17,862
	1,300	@	Compuware Corp.		9,347
	900	@	Electronic Arts, Inc.		50,949
	2,000		First Data Corp.		80,280
	500	@	Fiserv, Inc.		21,475
	600		IMS Health, Inc.		14,862
	750	@	Intuit, Inc.		33,833
	250	@	Mercury Interactive Corp.		9,590
	24,500		Microsoft Corp.		608,579
	1,250	@	Novell, Inc.		7,750
	22,000	@	Oracle Corp.		290,400
	1,330	@	Parametric Technology Corp.		8,485
	1,050		Siebel Systems, Inc.		9,345
	1,150	@	Veritas Software Corp.		28,060
		��
					1,379,304

			Telecommunications: 2.1%
	800		Alltel Corp.		49,824
	2,500		AT&T Corp.		47,600
	1,400	@	Avaya, Inc.		11,648
	4,450		BellSouth Corp.		118,237
	350		CenturyTel, Inc.		12,121
	17,400	@	Cisco Systems, Inc.		332,513
	800		Citizens Communications Co.		10,752
	500	@	Comverse Technology, Inc.		11,825
	1,750	@	Corning, Inc.		29,085
	10,600		Motorola, Inc.		193,556
	2,750	@	Nextel Communications, Inc.		88,853
	4,000		QUALCOMM, Inc.		132,040
	8,000		SBC Communications, Inc.		190,000
	700		Scientific-Atlanta, Inc.		23,289
	400		Sprint Corp.		10,036
	1,250	@	Tellabs, Inc.		10,875
	11,400		Verizon Communications, Inc.		393,869

					1,666,123

			Textiles: 0.0%
	500		Cintas Corp.		19,300

					19,300

			Toys/Games/Hobbies: 0.0%
	450		Hasbro, Inc.		9,356
	1,050		Mattel, Inc.		19,215

					28,571

			Transportation: 0.5%
	1,050		Burlington Northern Santa Fe Corp.		49,434
	1,040		CSX Corp.		44,366
	850		FedEx Corp.		68,859
	1,000		Norfolk Southern Corp.		30,960
	650		Union Pacific Corp.		42,120
	2,750		United Parcel Service, Inc.		190,190

					425,929

			Total Common Stock (Cost $28,181,904)		29,397,579


Principal
Amount			Value

U.S. GOVERNMENT AGENCY OBLIGATIONS: 32.9%
		Federal National Mortgage Association: 32.9%
$	30,000,000	4.080%, due 06/15/09	$	25,606,860

		Total U.S. Government Agency Obligations (Cost $25,093,097)		25,606,860

U.S. TREASURY OBLIGATIONS: 28.6%
		U.S. Treasury STRIP: 28.6%
	18,630,000	3.670%, due 05/15/09		16,182,838
	7,000,000	3.680%, due 08/15/09		6,023,031

		Total U.S. Treasury Obligations (Cost $22,106,354)		22,205,869

		Total Long-Term Investments (Cost $75,381,355)		77,210,308

SHORT-TERM INVESTMENTS: 0.8%
		Repurchase Agreement: 0.8%
	584,000	Morgan Stanley Repurchase Agreement dated 06/30/05, 3.350%, due 07/01/05, $584,054 to be received upon repurchase (Collateralized by $1,895,000 Federal National Mortgage Association, 7.250%, Market Value plus accrued interest $596,679, due 05/15/30)		584,000

		Total Short-Term Investments (Cost $584,000)		584,000

Total Investments In Securities
(Cost $75,965,355)*

100.1

77,794,308

Other Assets and
Liabilities-Net

(0.1

)

(60,741

)

Net Assets

100.0

77,733,567


@		Non-income producing security
@@		Foreign issuer
STRIP		Separate Trading of Registered Interest and Principal of Securities
*		Cost for federal income tax purposes is $76,577,798.


Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	7,076,282
Gross Unrealized Depreciation		(859,772	)

Net Unrealized Appreciation	$	1,216,510

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 5

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited)

Investment Type*

as of June 30, 2005

(as a percent of net assets)


Shares				Value

COMMON STOCK: 67.2%
			Advertising: 0.2%
	580	@	Interpublic Group of Cos., Inc.	$	7,064
	880		Omnicom Group, Inc.		70,277

					77,341

			Aerospace/ Defense: 1.4%
	2,330		Boeing Co.		153,780
	950		General Dynamics Corp.		104,063
	40		Goodrich Corp.		1,638
	50		L-3 Communications Holdings, Inc.		3,829
	2,190		Lockheed Martin Corp.		142,065
	1,130		Northrop Grumman Corp.		62,433
	1,490		Raytheon Co.		58,289
	510		Rockwell Collins, Inc.		24,317
	2,780		United Technologies Corp.		142,753

					693,167

			Agriculture: 1.3%
	6,180		Altria Group, Inc.		399,599
	3,380		Archer-Daniels-Midland Co.		72,264
	1,440		Monsanto Co.		90,533
	550		Reynolds American, Inc.		43,340
	740		UST, Inc.		33,788

					639,524

			Apparel: 0.5%
	2,060	@	Coach, Inc.		69,154
	440		Jones Apparel Group, Inc.		13,658
	440		Liz Claiborne, Inc.		17,494
	1,220		Nike, Inc.		105,653
	240		Reebok Intl., Ltd.		10,039
	520		VF Corp.		29,754

					245,752

			Auto Manufacturers: 0.2%
	6,070		Ford Motor Co.		62,157
	300	@	Navistar Intl. Corp.		9,600
	230		PACCAR, Inc.		15,640

					87,397

			Auto Parts and Equipment: 0.1%
	800	@	Goodyear Tire & Rubber Co.		11,920
	640		Johnson Controls, Inc.		36,051

					47,971

			Banks: 4.5%
	1,090		AmSouth Bancorporation		28,340
	22,560		Bank of America Corp.		1,028,961
	740		BB&T Corp.		29,578
	790		Comerica, Inc.		45,662
	50		Compass Bancshares, Inc.		2,250
	150		First Horizon National Corp.		6,330
	150		Huntington Bancshares, Inc.		3,621
	1,980		KeyCorp		65,637
	260		M & T Bank Corp.		27,342
	780		Marshall & Ilsley Corp.		34,671
	590		Mellon Financial Corp.		16,927
	1,780		National City Corp.		60,734
	1,470		North Fork Bancorporation, Inc.		41,292
	530		Northern Trust Corp.		24,163
	750		PNC Financial Services Group, Inc.		40,845
	940		State Street Corp.		45,355
	1,040		SunTrust Banks, Inc.		75,130
	230		The Bank of New York Co., Inc.		6,619
	5,070		U.S. Bancorp		148,044
	4,397		Wachovia Corp.		218,090
	4,620		Wells Fargo & Co.		284,499
	230		Zions Bancorporation		16,912

					2,251,002

			Beverages: 2.0%
	1,090		Anheuser-Busch Cos., Inc.		49,868
	480		Brown-Forman Corp.		29,021
	10,650		Coca-Cola Co.		444,637
	940		Coca-Cola Enterprises, Inc.		20,689
	200		Molson Coors Brewing Co.		12,400
	840		Pepsi Bottling Group, Inc.		24,032
	7,890		PepsiCo, Inc.		425,508

					1,006,155

			Biotechnology: 0.5%
	3,580	@	Amgen, Inc.		216,447
	710	@	Genzyme Corp.		42,664

					259,111

			Building Materials: 0.2%
	530		American Standard Cos., Inc.		22,218
	1,450		Masco Corp.		46,052
	390		Vulcan Materials Co.		25,346

					93,616

			Chemicals: 1.1%
	780		Air Products & Chemicals, Inc.		47,034
	2,880		Dow Chemical Co.		128,245
	2,970		E.I. du Pont de Nemours & Co.		127,739
	290		Eastman Chemical Co.		15,994
	390		Engelhard Corp.		11,135
	230		International Flavors & Fragrances, Inc.		8,331
	910		PPG Industries, Inc.		57,112
	1,100		Praxair, Inc.		51,260
	800		Rohm & Haas Co.		37,072
	440		Sherwin-Williams Co.		20,720
	310		Sigma-Aldrich Corp.		17,372

					522,014

			Commercial Services: 0.6%
	3,171		Cendant Corp.		70,935
	710		Equifax, Inc.		25,354
	230		H&R Block, Inc.		13,421
	1,460		McKesson Corp.		65,393
	720		Moody’s Corp.		32,371

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 5

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Commercial Services (continued)
	1,660		Paychex, Inc.	$	54,016
	780		R.R. Donnelley & Sons Co.		26,918
	810		Robert Half Intl., Inc.		20,226

					308,634

			Computers: 3.3%
	4,370	@	Apple Computer, Inc.		160,860
	740	@	Computer Sciences Corp.		32,338
	13,500	@	Dell, Inc.		533,385
	700		Electronic Data Systems Corp.		13,475
	11,070	@	EMC Corp.		151,770
	7,830		Hewlett-Packard Co.		184,083
	4,410		International Business Machines Corp.		327,222
	350	@	Lexmark Intl., Inc.		22,691
	760	@	NCR Corp.		26,691
	1,690	@	Network Appliance, Inc.		47,776
	17,120	@	Sun Microsystems, Inc.		63,858
	760	@	Sungard Data Systems, Inc.		26,729
	1,300	@	Unisys Corp.		8,229

					1,599,107

			Cosmetics/ Personal Care: 1.3%
	360		Alberto-Culver Co.		15,599
	630		Avon Products, Inc.		23,846
	1,550		Colgate-Palmolive Co.		77,361
	2,700		Gillette Co.		136,700
	7,410		Procter & Gamble Co.		390,877

					644,383

			Distribution/ Wholesale: 0.1%
	480		Genuine Parts Co.		19,724
	260		W.W. Grainger, Inc.		14,245

					33,969

			Diversified Financial Services: 3.7%
	3,520		American Express Co.		187,369
	310		Bear Stearns Cos., Inc.		32,221
	690		Capital One Financial Corp.		55,207
	750		Charles Schwab Corp.		8,460
	850		CIT Group, Inc.		36,525
	7,250		Citigroup, Inc.		335,167
	2,650		Countrywide Financial Corp.		102,317
	80	@	E*TRADE Financial Corp.		1,119
	2,630		Fannie Mae		153,592
	150		Federated Investors, Inc.		4,502
	650		Franklin Resources, Inc.		50,037
	1,850		Freddie Mac		120,676
	1,210		Goldman Sachs Group, Inc.		123,444
	950		JPMorgan Chase & Co.		33,554
	1,480		Lehman Brothers Holdings, Inc.		146,934
	350		MBNA Corp.		9,156
	2,540		Merrill Lynch & Co., Inc.		139,725
	3,370		Morgan Stanley		176,824
	1,590	@	Providian Financial Corp.		28,032
	1,400		SLM Corp.		71,120
	150		T. Rowe Price Group, Inc.		9,390

					1,825,371

			Electric: 2.0%
	2,150	@	AES Corp.		35,217
	500	@	Allegheny Energy, Inc.		12,610
	610		Ameren Corp.		33,733
	1,330		American Electric Power Co., Inc.		49,037
	1,000		CenterPoint Energy, Inc.		13,210
	310		Cinergy Corp.		13,894
	1,150	@	CMS Energy Corp.		17,319
	750		Consolidated Edison, Inc.		35,130
	510		Constellation Energy Group, Inc.		29,422
	550		Dominion Resources, Inc.		40,365
	3,130		Duke Energy Corp.		93,054
	980		Edison Intl		39,739
	650		Entergy Corp.		49,108
	1,090		Exelon Corp.		55,950
	1,150		FirstEnergy Corp.		55,327
	1,200		FPL Group, Inc.		50,472
	400		NiSource, Inc.		9,892
	1,340		PG&E Corp.		50,304
	740		PPL Corp.		43,941
	150		Progress Energy, Inc.		6,786
	650		Public Service Enterprise Group, Inc.		39,533
	2,400		Southern Co.		83,208
	750		TECO Energy, Inc.		14,183
	1,310		TXU Corp.		108,847
	110		Xcel Energy, Inc.		2,147

					982,428

			Electrical Components and Equipment: 0.1%
	1,150		Emerson Electric Co.		72,025

					72,025

			Electronics: 0.3%
	1,530	@	Agilent Technologies, Inc.		35,220
	850		Applera Corp. — Applied Biosystems Group		16,720
	80	@	Fisher Scientific Intl., Inc.		5,192
	840	@	Jabil Circuit, Inc.		25,813
	350		Parker Hannifin Corp.		21,704
	440		PerkinElmer, Inc.		8,316
	3,550	@	Solectron Corp.		13,455
	130		Tektronix, Inc.		3,025
	830	@	Thermo Electron Corp.		22,302
	390	@	Waters Corp.		14,496

					166,243

			Engineering and Construction: 0.0%
	110		Fluor Corp.		6,335

					6,335

			Entertainment: 0.1%
	950		International Game Technology		26,743

					26,743

			Environmental Control: 0.1%
	1,580		Waste Management, Inc.		44,777

					44,777

			Food: 0.9%
	250		Albertson’s, Inc.		5,170
	900		Campbell Soup Co.		27,693
	150		ConAgra Foods, Inc.		3,474
	1,680		General Mills, Inc.		78,607
	1,150		H.J. Heinz Co.		40,733
	600		Hershey Co.		37,260
	1,290		Kellogg Co.		57,328
	210	@	Kroger Co.		3,996
	500		McCormick & Co., Inc.		16,340
	1,500		Safeway, Inc.		33,885
	2,490		Sara Lee Corp.		49,327
	710		SUPERVALU, Inc.		23,153
	930		Wm. Wrigley Jr. Co.		64,021

					440,987

			Forest Products and Paper: 0.1%
	730		Georgia-Pacific Corp.		23,214
	160		International Paper Co.		4,834
	290		Louisiana-Pacific Corp.		7,128
	280		MeadWestvaco Corp.		7,851
	500		Plum Creek Timber Co., Inc.		18,150
	310		Temple-Inland, Inc.		11,517

					72,694

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 5

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Gas: 0.1%
	690		KeySpan Corp.	$	28,083
	150		Nicor, Inc.		6,176
	830		Sempra Energy		34,287

					68,546

			Hand/ Machine Tools: 0.1%
	400		Black & Decker Corp.		35,940
	160		Snap-On, Inc.		5,488
	310		Stanley Works		14,117

					55,545

			Healthcare — Products: 2.5%
	160		Bausch & Lomb, Inc.		13,280
	1,700		Baxter Intl., Inc.		63,070
	1,360		Becton Dickinson & Co.		71,359
	860		Biomet, Inc.		29,790
	2,270	@	Boston Scientific Corp.		61,290
	380		C.R. Bard, Inc.		25,274
	1,750		Guidant Corp.		117,775
	9,000		Johnson & Johnson		585,000
	3,270		Medtronic, Inc.		169,353
	1,080	@	St. Jude Medical, Inc.		47,099
	310	@	Zimmer Holdings, Inc.		23,613

					1,206,903

			Healthcare — Services: 1.7%
	1,560		Aetna, Inc.		129,199
	1,150		HCA, Inc.		65,171
	850	@	Humana, Inc.		33,779
	350	@	Laboratory Corp. of America Holdings		17,465
	220		Quest Diagnostics, Inc.		11,719
	7,020		UnitedHealth Group, Inc.		366,023
	2,820	@	WellPoint, Inc.		196,385

					819,741

			Home Furnishings: 0.1%
	790		Leggett & Platt, Inc.		20,998
	100		Whirlpool Corp.		7,011

					28,009

			Household Products/ Wares: 0.3%
	140		Avery Dennison Corp.		7,414
	480		Clorox Co.		26,746
	400		Fortune Brands, Inc.		35,520
	1,600		Kimberly-Clark Corp.		100,144

					169,824

			Housewares: 0.0%
	900		Newell Rubbermaid, Inc.		21,456

					21,456

			Insurance: 3.9%
	1,400	@@	ACE Ltd.		62,790
	1,450		AFLAC, Inc.		62,756
	3,720		Allstate Corp.		222,269
	400		AMBAC Financial Group, Inc.		27,904
	7,220		American Intl. Group, Inc.		419,481
	1,150		Aon Corp.		28,796
	1,010		Chubb Corp.		86,466
	690		CIGNA Corp.		73,851
	487		Cincinnati Financial Corp.		19,266
	910		Hartford Financial Services Group, Inc.		68,050
	490		Jefferson-Pilot Corp.		24,706
	490		Lincoln National Corp.		22,991
	510		Loews Corp.		39,525
	450		MBIA, Inc.		26,690
	4,030		MetLife, Inc.		181,108
	440		MGIC Investment Corp.		28,697
	1,110		Principal Financial Group		46,509
	910		Progressive Corp.		89,917
	2,440		Prudential Financial, Inc.		160,210
	670		Safeco Corp.		36,408
	1,850		St. Paul Travelers Cos., Inc.		73,131
	480		Torchmark Corp.		25,056
	1,110		UnumProvident Corp.		20,335
	730	@@	XL Capital Ltd.		54,327

					1,901,239

			Internet: 0.6%
	1,680	@	eBay, Inc.		55,457
	400	@	Monster Worldwide, Inc.		11,472
	3,850	@	Symantec Corp.		83,699
	3,530	@	Yahoo!, Inc.		122,314

					272,942

			Iron/ Steel: 0.1%
	850		Nucor Corp.		38,777
	600		United States Steel Corp.		20,622

					59,399

			Leisure Time: 0.3%
	360		Brunswick Corp.		15,595
	1,560		Carnival Corp.		85,098
	990		Harley-Davidson, Inc.		49,104
	360		Sabre Holdings Corp.		7,182

					156,979

			Lodging: 0.3%
	400		Harrah’s Entertainment, Inc.		28,828
	1,560		Hilton Hotels Corp.		37,206
	590		Marriott Intl., Inc.		40,250
	560		Starwood Hotels & Resorts Worldwide, Inc.		32,799

					139,083

			Machinery — Diversified: 0.2%
	200		Cummins, Inc.		14,922
	680		Deere & Co.		44,533
	480		Rockwell Automation, Inc.		23,381

					82,836

			Media: 2.0%
	6,220	@	Comcast Corp.		190,954
	360		Gannett Co., Inc.		25,607
	1,750		McGraw-Hill Cos., Inc.		77,438
	160		Meredith Corp.		7,850
	380		New York Times Co.		11,837
	7,900		News Corp. — Class A		127,822
	12,910	@	Time Warner, Inc.		215,726
	100		Tribune Co.		3,518
	400	@	Univision Communications, Inc.		11,020
	4,420		Viacom, Inc.		141,528
	5,780		Walt Disney Co.		145,540

					958,840

			Mining: 0.1%
	500		Freeport-McMoRan Copper & Gold, Inc.		18,720
	360		Phelps Dodge Corp.		33,300

					52,020

			Miscellaneous Manufacturing: 3.4%
	2,140		3M Co.		154,722
	310	@@	Cooper Industries Ltd.		19,809
	1,330		Danaher Corp.		69,612
	280		Dover Corp.		10,186
	910		Eastman Kodak Co.		24,434
	510		Eaton Corp.		30,549
	29,930		General Electric Co.		1,037,074
	3,940		Honeywell Intl., Inc.		144,322
	760		Illinois Tool Works, Inc.		60,557
	460	@@	Ingersoll-Rand Co. Ltd.		32,821
	300		ITT Industries, Inc.		29,289

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 5

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Miscellaneous Manufacturing (continued)
	150		Pall Corp.	$	4,554
	390		Textron, Inc.		29,582
	500	@@	Tyco Intl., Ltd.		14,600

					1,662,111

			Office/ Business Equipment: 0.2%
	780		Pitney Bowes, Inc.		33,969
	3,150	@	Xerox Corp.		43,439

					77,408

			Oil and Gas: 6.5%
	290		Amerada Hess Corp.		30,888
	530		Anadarko Petroleum Corp.		43,540
	740		Apache Corp.		47,804
	1,850		Burlington Resources, Inc.		102,194
	9,370		ChevronTexaco Corp.		523,970
	4,880		ConocoPhillips		280,551
	2,210		Devon Energy Corp.		112,003
	500		EOG Resources, Inc.		28,400
	28,440		Exxon Mobil Corp.		1,634,446
	340		Kerr-McGee Corp.		25,945
	1,230		Marathon Oil Corp.		65,645
	110	@@	Noble Corp.		6,766
	1,500		Occidental Petroleum Corp.		115,395
	300		Sunoco, Inc.		34,104
	750	@,@@	Transocean, Inc.		40,478
	990		Unocal Corp.		64,400
	1,130		Valero Energy Corp.		89,394

					3,245,923

			Oil and Gas Services: 0.1%
	80		BJ Services Co.		4,198
	1,000		Halliburton Co.		47,820
	50	@	National-Oilwell Varco, Inc.		2,377

					54,395

			Packaging and Containers: 0.1%
	480		Ball Corp.		17,261
	200	@	Pactiv Corp.		4,316
	310	@	Sealed Air Corp.		15,435

					37,012

			Pharmaceuticals: 4.0%
	480		Allergan, Inc.		40,915
	510		AmerisourceBergen Corp.		35,267
	2,680		Bristol-Myers Squibb Co.		66,946
	2,360		Cardinal Health, Inc.		135,889
	2,340	@	Caremark Rx, Inc.		104,177
	300		Eli Lilly & Co.		16,713
	520	@	Express Scripts, Inc.		25,990
	100	@	Forest Laboratories, Inc.		3,885
	1,190	@	Gilead Sciences, Inc.		52,348
	410	@	Hospira, Inc.		15,990
	340	@	King Pharmaceuticals, Inc.		3,543
	810	@	Medco Health Solutions, Inc.		43,222
	6,010		Merck & Co., Inc.		185,108
	34,430		Pfizer, Inc.		949,578
	6,800		Schering-Plough Corp.		129,608
	350	@	Watson Pharmaceuticals, Inc.		10,346
	3,640		Wyeth		161,980

					1,981,505

			Pipelines: 0.1%
	650		El Paso Corp.		7,488
	200		Kinder Morgan, Inc.		16,640
	1,140		Williams Cos., Inc.		21,660

					45,788

			Real Estate Investment Trusts: 0.3%
	350		Apartment Investment & Management Co.		14,322
	1,100		Equity Office Properties Trust		36,410
	800		Equity Residential		29,456
	250		ProLogis		10,060
	610		Simon Property Group, Inc.		44,219

					134,467

			Retail: 4.6%
	50	@	Autonation, Inc.		1,026
	1,050	@	Bed Bath & Beyond, Inc.		43,869
	1,570		Best Buy Co., Inc.		107,624
	980		Circuit City Stores, Inc.		16,944
	1,540		Costco Wholesale Corp.		69,023
	200		CVS Corp.		5,814
	790		Darden Restaurants, Inc.		26,054
	380		Dillard’s, Inc.		8,900
	250		Family Dollar Stores, Inc.		6,525
	740		Federated Department Stores, Inc.		54,227
	2,290		Gap, Inc.		45,228
	10,030		Home Depot, Inc.		390,167
	1,360		J.C. Penney Co., Inc. Holding Co.		71,509
	100	@	Kohl’s Corp.		5,591
	110		Limited Brands, Inc.		2,356
	1,070		Lowe’s Cos., Inc.		62,295
	400		May Department Stores Co.		16,064
	3,580		McDonald’s Corp.		99,345
	500		Nordstrom, Inc.		33,985
	90	@	Office Depot, Inc.		2,056
	490	@	Sears Holdings Corp.		73,436
	3,995		Staples, Inc.		85,173
	1,240	@	Starbucks Corp.		64,058
	2,430		Target Corp.		132,216
	1,590		TJX Cos., Inc.		38,717
	710	@	Toys “R” Us, Inc.		18,801
	9,130		Wal-Mart Stores, Inc.		440,066
	5,730		Walgreen Co.		263,523
	440		Wendy’s Intl., Inc.		20,966
	790		Yum! Brands, Inc.		41,143

					2,246,701

			Savings and Loans: 0.3%
	750		Golden West Financial Corp.		48,285
	2,370		Washington Mutual, Inc.		96,435

					144,720

			Semiconductors: 2.5%
	1,490	@	Altera Corp.		29,532
	1,230		Analog Devices, Inc.		45,891
	4,560		Applied Materials, Inc.		73,781
	800	@	Broadcom Corp.		28,408
	961	@	Freescale Semiconductor, Inc.		20,354
	29,020		Intel Corp.		756,260
	550		KLA-Tencor Corp.		24,035
	1,130		Linear Technology Corp.		41,460
	900		Maxim Integrated Products, Inc.		34,389
	1,050		National Semiconductor Corp.		23,132
	450	@	Novellus Systems, Inc.		11,120
	550	@	Nvidia Corp.		14,696
	400	@	QLogic Corp.		12,348
	4,700		Texas Instruments, Inc.		131,929

					1,247,335

			Software: 3.2%
	2,600		Adobe Systems, Inc.		74,412
	1,230		Autodesk, Inc.		42,275
	1,560		Automatic Data Processing, Inc.		65,473
	1,130	@	BMC Software, Inc.		20,284
	680	@	Citrix Systems, Inc.		14,729
	740		Computer Associates Intl., Inc.		20,335
	1,980	@	Compuware Corp.		14,236

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 5

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Software (continued)
	830	@	Electronic Arts, Inc.	$	46,986
	2,200		First Data Corp.		88,308
	790	@	Fiserv, Inc.		33,931
	800		IMS Health, Inc.		19,816
	710	@	Intuit, Inc.		32,028
	300	@	Mercury Interactive Corp.		11,508
	27,860		Microsoft Corp.		692,042
	1,940	@	Novell, Inc.		12,028
	24,340	@	Oracle Corp.		321,288
	1,500	@	Parametric Technology Corp.		9,570
	1,580		Siebel Systems, Inc.		14,062
	1,440	@	Veritas Software Corp.		35,136

					1,568,447

			Telecommunications: 3.8%
	910		Alltel Corp.		56,675
	2,650		AT&T Corp.		50,456
	1,530	@	Avaya, Inc.		12,730
	4,990		BellSouth Corp.		132,584
	460		CenturyTel, Inc.		15,930
	19,600	@	Cisco Systems, Inc.		374,555
	900		Citizens Communications Co.		12,096
	710	@	Comverse Technology, Inc.		16,792
	1,990	@	Corning, Inc.		33,074
	11,300		Motorola, Inc.		206,338
	3,050	@	Nextel Communications, Inc.		98,546
	4,520		QUALCOMM, Inc.		149,205
	8,950		SBC Communications, Inc.		212,562
	810		Scientific-Atlanta, Inc.		26,949
	450		Sprint Corp.		11,291
	1,630	@	Tellabs, Inc.		14,181
	12,800		Verizon Communications, Inc.		442,239

					1,866,203

			Textiles: 0.1%
	640		Cintas Corp.		24,704

					24,704

			Toys/ Games/ Hobbies: 0.1%
	850		Hasbro, Inc.		17,672
	1,190		Mattel, Inc.		21,777

					39,449

			Transportation: 1.0%
	1,210		Burlington Northern Santa Fe Corp.		56,967
	1,010		CSX Corp.		43,087
	910		FedEx Corp.		73,719
	1,190		Norfolk Southern Corp.		36,842
	700		Union Pacific Corp.		45,360
	3,070		United Parcel Service, Inc.		212,321

					468,296

			Total Common Stock (Cost $31,792,215)		32,984,572

U.S. GOVERNMENT AGENCY OBLIGATIONS: 14.6%
			Federal National Mortgage Association: 9.1%
$	5,836,000		4.650%, due 11/15/11	$	4,487,289

					4,487,289

			Other U.S. Agency Obligations: 5.5%
	3,470,000		FICO STRIP, 4.540%, due 10/06/11		2,692,141

					2,692,141

			Total U.S. Government Agency Obligations (Cost $7,100,697)		7,179,430

U.S. TREASURY OBLIGATIONS: 17.4%
			U.S. Treasury STRIP: 17.4%
	10,760,000		3.810%, due 08/15/11		8,540,104

			Total U.S. Treasury Obligations (Cost $8,376,583)		8,540,104

			Total Long-Term Investments (Cost $47,269,495)		48,704,106

SHORT-TERM INVESTMENTS: 0.9%
			Repurchase Agreement: 0.9%
	424,000		Morgan Stanley Repurchase Agreement dated 06/30/05, 3.350%, due 07/01/05, $424,039 to be received upon repurchase (Collateralized by $450,000 Federal National Mortgage Association, 2.875%, Market Value plus accrued interest $438,675 due 05/19/08)		424,000

			Total Short-Term Investments (Cost $424,000)		424,000

Total Investments In Securities
(Cost $47,693,495)*

100.1

49,128,106

Other Assets and
Liabilities-Net

(0.1

)

(25,962

)

Net Assets

100.0

49,102,144


@		Non-income producing security
@@		Foreign issuer
STRIP		Separate Trading of Registered Interest and Principal of Securities
*		Cost for federal income tax purposes is $48,247,424. Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	1,639,585
Gross Unrealized Depreciation		(758,903	)

Net Unrealized Appreciation	$	880,682

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 6

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited)

Investment Type

as of June 30, 2005

(as a percent of net assets)


Shares				Value

COMMON STOCK: 61.6%
			Advertising: 0.1%
	1,558	@	Interpublic Group of Cos., Inc.	$	18,976
	2,336		Omnicom Group, Inc.		186,553

					205,529

			Aerospace/Defense: 1.3%
	5,979		Boeing Co.		394,613
	2,470		General Dynamics Corp.		270,564
	82		Goodrich Corp.		3,359
	399		L-3 Communications Holdings, Inc.		30,555
	5,695		Lockheed Martin Corp.		369,435
	2,879		Northrop Grumman Corp.		159,065
	3,628		Raytheon Co.		141,927
	1,270		Rockwell Collins, Inc.		60,554
	7,210		United Technologies Corp.		370,234

					1,800,306

			Agriculture: 1.2%
	15,900		Altria Group, Inc.		1,028,094
	8,653		Archer-Daniels-Midland Co.		185,001
	3,769		Monsanto Co.		236,957
	1,418		Reynolds American, Inc.		111,738
	1,974		UST, Inc.		90,133

					1,651,923

			Apparel: 0.5%
	4,918	@	Coach, Inc.		165,097
	1,250		Jones Apparel Group, Inc.		38,800
	1,127		Liz Claiborne, Inc.		44,810
	3,294		Nike, Inc.		285,259
	514		Reebok Intl., Ltd.		21,501
	1,403		VF Corp.		80,280

					635,747

			Auto Manufacturers: 0.1%
	14,861		Ford Motor Co.		152,177
	629		PACCAR, Inc.		42,772

					194,949

			Auto Parts and Equipment: 0.1%
	1,954	@	Goodyear Tire & Rubber Co.		29,115
	1,397		Johnson Controls, Inc.		78,693

					107,808

			Banks: 4.2%
	2,979		AmSouth Bancorporation		77,454
	57,731		Bank of America Corp.		2,633,110
	1,975		BB&T Corp.		78,941
	1,991		Comerica, Inc.		115,080
	100		Compass Bancshares, Inc.		4,500
	926		First Horizon National Corp.		39,077
	401		Huntington Bancshares, Inc.		9,680
	4,604		KeyCorp		152,623
	699		M & T Bank Corp.		73,507
	1,899		Marshall & Ilsley Corp.		84,411
	1,455		Mellon Financial Corp.		41,744
	4,562		National City Corp.		155,655
	3,681		North Fork Bancorporation, Inc.		103,399
	1,451		Northern Trust Corp.		66,151
	2,255		PNC Financial Services Group, Inc.		122,807
	2,378		State Street Corp.		114,739
	2,371		SunTrust Banks, Inc.		171,281
	528		The Bank of New York Co., Inc.		15,196
	13,059		U.S. Bancorp		381,323
	11,348		Wachovia Corp.		562,861
	11,967		Wells Fargo & Co.		736,928
	908		Zions Bancorporation		66,765

					5,807,232

			Beverages: 1.9%
	2,785		Anheuser-Busch Cos., Inc.		127,414
	1,198		Brown-Forman Corp.		72,431
	27,583		Coca-Cola Co.		1,151,590
	2,554		Coca-Cola Enterprises, Inc.		56,214
	729		Molson Coors Brewing Co.		45,198
	1,987		Pepsi Bottling Group, Inc.		56,848
	20,467		PepsiCo, Inc.		1,103,785

					2,613,480

			Biotechnology: 0.5%
	8,838	@	Amgen, Inc.		534,345
	1,992	@	Genzyme Corp.		119,699
	279	@	Millipore Corp.		15,828

					669,872

			Building Materials: 0.2%
	1,405		American Standard Cos., Inc.		58,898
	3,563		Masco Corp.		113,161
	782		Vulcan Materials Co.		50,822

					222,881

			Chemicals: 0.9%
	1,842		Air Products & Chemicals, Inc.		111,073
	7,392		Dow Chemical Co.		329,166
	7,717		E.I. du Pont de Nemours & Co.		331,908
	1,005		Eastman Chemical Co.		55,426
	384		Engelhard Corp.		10,963
	726	@	Hercules, Inc.		10,273
	815		International Flavors & Fragrances, Inc.		29,519
	2,113		PPG Industries, Inc.		132,612
	2,237		Praxair, Inc.		104,244
	2,086		Rohm & Haas Co.		96,665
	1,033		Sherwin-Williams Co.		48,644
	746		Sigma-Aldrich Corp.		41,806

					1,302,299

			Commercial Services: 0.6%
	8,211		Cendant Corp.		183,680
	1,783		Equifax, Inc.		63,671

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 6

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Commercial Services (continued)
	595		H&R Block, Inc.	$	34,718
	4,104		McKesson Corp.		183,818
	1,956		Moody’s Corp.		87,942
	4,326		Paychex, Inc.		140,768
	2,009		R.R. Donnelley & Sons Co.		69,331
	1,794		Robert Half Intl., Inc.		44,796

					808,724

			Computers: 3.0%
	11,576	@	Apple Computer, Inc.		426,113
	1,436	@	Computer Sciences Corp.		62,753
	34,663	@	Dell, Inc.		1,369,535
	1,843		Electronic Data Systems Corp.		35,478
	29,473	@	EMC Corp.		404,075
	20,453		Hewlett-Packard Co.		480,850
	11,670		International Business Machines Corp.		865,914
	927	@	Lexmark Intl., Inc.		60,097
	1,828	@	NCR Corp.		64,199
	5,082	@	Network Appliance, Inc.		143,668
	46,831	@	Sun Microsystems, Inc.		174,680
	2,377	@	Sungard Data Systems, Inc.		83,599
	2,681	@	Unisys Corp.		16,971

					4,187,932

			Cosmetics/Personal Care: 1.2%
	926		Alberto-Culver Co.		40,124
	1,625		Avon Products, Inc.		61,506
	4,288		Colgate-Palmolive Co.		214,014
	7,002		Gillette Co.		354,511
	19,137		Procter & Gamble Co.		1,009,477

					1,679,632

			Distribution/Wholesale: 0.1%
	1,272		Genuine Parts Co.		52,266
	1,005		W.W. Grainger, Inc.		55,064

					107,330

			Diversified Financial Services: 3.4%
	9,178		American Express Co.		488,545
	806		Bear Stearns Cos., Inc.		83,776
	1,781		Capital One Financial Corp.		142,498
	2,000		Charles Schwab Corp.		22,560
	2,126		CIT Group, Inc.		91,354
	18,725		Citigroup, Inc.		865,658
	6,830		Countrywide Financial Corp.		263,706
	251	@	E*TRADE Financial Corp.		3,511
	6,798		Fannie Mae		397,003
	90		Federated Investors, Inc.		2,701
	1,556		Franklin Resources, Inc.		119,781
	5,136		Freddie Mac		335,021
	3,166		Goldman Sachs Group, Inc.		322,995
	2,500		JPMorgan Chase & Co.		88,300
	3,907		Lehman Brothers Holdings, Inc.		387,887
	899		MBNA Corp.		23,518
	6,602		Merrill Lynch & Co., Inc.		363,176
	8,615		Morgan Stanley		452,029
	3,016	@	Providian Financial Corp.		53,172
	3,118		SLM Corp.		158,394
	441		T. Rowe Price Group, Inc.		27,607

					4,693,192

			Electric: 1.8%
	4,626	@	AES Corp.		75,774
	1,050	@	Allegheny Energy, Inc.		26,481
	1,602		Ameren Corp.		88,591
	2,915		American Electric Power Co., Inc.		107,476
	2,350		CenterPoint Energy, Inc.		31,044
	769		Cinergy Corp.		34,467
	1,850	@	CMS Energy Corp.		27,861
	1,866		Consolidated Edison, Inc.		87,403
	1,405		Constellation Energy Group, Inc.		81,054
	1,350		Dominion Resources, Inc.		99,077
	8,285		Duke Energy Corp.		246,312
	2,350		Edison Intl.		95,293
	1,836		Entergy Corp.		138,710
	2,779		Exelon Corp.		142,646
	2,642		FirstEnergy Corp.		127,107
	3,448		FPL Group, Inc.		145,023
	1,100		NiSource, Inc.		27,203
	3,442		PG&E Corp.		129,213
	1,572		PPL Corp.		93,345
	450		Progress Energy, Inc.		20,358
	1,698		Public Service Enterprise Group, Inc.		103,272
	6,157		Southern Co.		213,463
	1,675		TECO Energy, Inc.		31,674
	3,396		TXU Corp.		282,173
	719		Xcel Energy, Inc.		14,035

					2,469,055

			Electrical Components and Equipment: 0.1%
	3,141		Emerson Electric Co.		196,721

					196,721

			Electronics: 0.3%
	4,016	@	Agilent Technologies, Inc.		92,447
	1,921		Applera Corp. — Applied Biosystems Group		37,786
	182	@	Fisher Scientific Intl., Inc.		11,812
	1,987	@	Jabil Circuit, Inc.		61,061
	866		Parker Hannifin Corp.		53,701
	1,521		PerkinElmer, Inc.		28,747
	8,250	@	Solectron Corp.		31,268
	726		Tektronix, Inc.		16,894
	1,147	@	Thermo Electron Corp.		30,820
	1,182	@	Waters Corp.		43,935

					408,471

			Engineering and Construction: 0.0%
	282		Fluor Corp.		16,240

					16,240

			Entertainment: 0.1%
	2,450		International Game Technology		68,968

					68,968

			Environmental Control: 0.1%
	4,059		Waste Management, Inc.		115,032

					115,032

			Food: 0.8%
	664		Albertson’s, Inc.		13,732
	2,341		Campbell Soup Co.		72,033
	365		ConAgra Foods, Inc.		8,453
	4,326		General Mills, Inc.		202,413
	2,848		H.J. Heinz Co.		100,876
	1,583		Hershey Co.		98,304
	2,472		Kellogg Co.		109,856
	492	@	Kroger Co.		9,363
	1,005		McCormick & Co., Inc.		32,843
	3,140		Safeway, Inc.		70,933
	5,692		Sara Lee Corp.		112,759
	1,910		SUPERVALU, Inc.		62,285
	2,394		Wm. Wrigley Jr. Co.		164,803

					1,058,653

			Forest Products and Paper: 0.2%
	1,890		Georgia-Pacific Corp.		60,101
	410		International Paper Co.		12,386
	877		Louisiana-Pacific Corp.		21,557
	1,451		MeadWestvaco Corp.		40,686

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 6

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Forest Products and Paper (continued)
	1,563		Plum Creek Timber Co., Inc.	$	56,737
	1,004		Temple-Inland, Inc.		37,299

					228,766

			Gas: 0.1%
	1,611		KeySpan Corp.		65,568
	502		Nicor, Inc.		20,667
	2,090		Sempra Energy		86,338

					172,573

			Hand/Machine Tools: 0.1%
	1,136		Black & Decker Corp.		102,069
	659		Snap-On, Inc.		22,604
	748		Stanley Works		34,064

					158,737

			Healthcare — Products: 2.3%
	525		Bausch & Lomb, Inc.		43,575
	4,463		Baxter Intl., Inc.		165,577
	3,604		Becton Dickinson & Co.		189,102
	2,227		Biomet, Inc.		77,143
	5,364	@	Boston Scientific Corp.		144,828
	1,095		C.R. Bard, Inc.		72,828
	4,575		Guidant Corp.		307,898
	23,119		Johnson & Johnson		1,502,735
	8,586		Medtronic, Inc.		444,669
	3,003	@	St. Jude Medical, Inc.		130,961
	781	@	Zimmer Holdings, Inc.		59,489

					3,138,805

			Healthcare — Services: 1.6%
	4,162		Aetna, Inc.		344,697
	2,950		HCA, Inc.		167,177
	2,236	@	Humana, Inc.		88,859
	1,294	@	Laboratory Corp. of America Holdings		64,571
	704		Quest Diagnostics, Inc.		37,502
	18,190		UnitedHealth Group, Inc.		948,426
	7,238	@	WellPoint, Inc.		504,054

					2,155,286

			Home Furnishings: 0.1%
	1,752		Leggett & Platt, Inc.		46,568
	436		Whirlpool Corp.		30,568

					77,136

			Household Products/Wares: 0.3%
	382		Avery Dennison Corp.		20,231
	1,166		Clorox Co.		64,970
	1,228		Fortune Brands, Inc.		109,046
	3,804		Kimberly-Clark Corp.		238,092

					432,339

			Housewares: 0.0%
	2,145		Newell Rubbermaid, Inc.		51,137

					51,137

			Insurance: 3.5%
	3,489	@@	ACE Ltd.		156,482
	4,156		AFLAC, Inc.		179,872
	9,624		Allstate Corp.		575,034
	1,015		AMBAC Financial Group, Inc.		70,806
	18,663		American Intl. Group, Inc.		1,084,321
	2,600		Aon Corp.		65,104
	2,702		Chubb Corp.		231,318
	1,753		CIGNA Corp.		187,624
	579		Cincinnati Financial Corp.		22,905
	2,362		Hartford Financial Services Group, Inc.		176,630
	1,220		Jefferson-Pilot Corp.		61,512
	1,244		Lincoln National Corp.		58,368
	1,247		Loews Corp.		96,643
	1,333		MBIA, Inc.		79,060
	10,422		MetLife, Inc.		468,365
	1,373		MGIC Investment Corp.		89,547
	2,536		Principal Financial Group		106,258
	2,383		Progressive Corp.		235,464
	6,343		Prudential Financial, Inc.		416,481
	1,409		Safeco Corp.		76,565
	4,707		St. Paul Travelers Cos., Inc.		186,068
	1,259		Torchmark Corp.		65,720
	1,922		UnumProvident Corp.		35,211
	1,900	@@	XL Capital Ltd.		141,398

					4,866,756

			Internet: 0.5%
	4,284	@	eBay, Inc.		141,415
	1,000	@	Monster Worldwide, Inc.		28,680
	10,047	@	Symantec Corp.		218,422
	9,226	@	Yahoo!, Inc.		319,681

					708,198

			Iron/Steel: 0.1%
	2,287		Nucor Corp.		104,333
	1,533		United States Steel Corp.		52,689

					157,022

			Leisure Time: 0.3%
	826		Brunswick Corp.		35,782
	3,744		Carnival Corp.		204,236
	2,436		Harley-Davidson, Inc.		120,826
	1,451		Sabre Holdings Corp.		28,947

					389,791

			Lodging: 0.3%
	1,298		Harrah’s Entertainment, Inc.		93,547
	3,039		Hilton Hotels Corp.		72,480
	1,541		Marriott Intl., Inc.		105,127
	1,865		Starwood Hotels & Resorts Worldwide, Inc.		109,233

					380,387

			Machinery — Diversified: 0.2%
	604		Cummins, Inc.		45,064
	1,738		Deere & Co.		113,822
	1,258		Rockwell Automation, Inc.		61,277

					220,163

			Media: 1.8%
	16,086	@	Comcast Corp.		493,840
	916		Gannett Co., Inc.		65,155
	4,550		McGraw-Hill Cos., Inc.		201,338
	414		Meredith Corp.		20,311
	926		New York Times Co.		28,845
	20,400		News Corp. — Class A		330,072
	33,398	@	Time Warner, Inc.		558,080
	211		Tribune Co.		7,423
	1,000	@	Univision Communications, Inc.		27,550
	11,381		Viacom, Inc.		364,420
	14,894		Walt Disney Co.		375,031

					2,472,065

			Mining: 0.1%
	1,300		Freeport-McMoRan Copper & Gold, Inc.		48,672
	1,195		Phelps Dodge Corp.		110,538

					159,210

			Miscellaneous Manufacturing: 3.1%
	5,550		3M Co.		401,265
	603	@@	Cooper Industries Ltd.		38,532
	3,352		Danaher Corp.		175,444
	1,407		Dover Corp.		51,187
	2,133		Eastman Kodak Co.		57,271
	1,318		Eaton Corp.		78,948

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 6

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Miscellaneous Manufacturing (continued)
	77,043		General Electric Co.	$	2,669,541
	10,426		Honeywell Intl., Inc.		381,904
	1,941		Illinois Tool Works, Inc.		154,659
	1,491	@@	Ingersoll-Rand Co. Ltd.		106,383
	642		ITT Industries, Inc.		62,678
	451		Pall Corp.		13,692
	1,064		Textron, Inc.		80,704
	1,265	@@	Tyco Intl., Ltd.		36,938

					4,309,146

			Office/Business Equipment: 0.1%
	1,821		Pitney Bowes, Inc.		79,305
	7,727	@	Xerox Corp.		106,555

					185,860

			Oil and Gas: 6.0%
	454		Amerada Hess Corp.		48,356
	1,431		Anadarko Petroleum Corp.		117,557
	1,986		Apache Corp.		128,296
	4,407		Burlington Resources, Inc.		243,443
	24,120		ChevronTexaco Corp.		1,348,790
	12,616		ConocoPhillips		725,294
	5,780		Devon Energy Corp.		292,930
	1,292		EOG Resources, Inc.		73,386
	73,155		Exxon Mobil Corp.		4,204,218
	877		Kerr-McGee Corp.		66,924
	3,247		Marathon Oil Corp.		173,292
	228	@@	Noble Corp.		14,024
	3,622		Occidental Petroleum Corp.		278,640
	1,005		Sunoco, Inc.		114,248
	1,686	@,@@	Transocean, Inc.		90,993
	2,477		Unocal Corp.		161,129
	2,793		Valero Energy Corp.		220,954

					8,302,474

			Oil and Gas Services: 0.1%
	229		BJ Services Co.		12,018
	2,682		Halliburton Co.		128,253
	450	@	National-Oilwell Varco, Inc.		21,393

					161,664

			Packaging and Containers: 0.1%
	876		Ball Corp.		31,501
	557	@	Pactiv Corp.		12,020
	536	@	Sealed Air Corp.		26,687

					70,208

			Pharmaceuticals: 3.7%
	1,083		Allergan, Inc.		92,315
	1,173		AmerisourceBergen Corp.		81,113
	6,852		Bristol-Myers Squibb Co.		171,163
	6,153		Cardinal Health, Inc.		354,290
	6,522	@	Caremark Rx, Inc.		290,359
	800		Eli Lilly & Co.		44,568
	1,050	@	Express Scripts, Inc.		52,479
	243	@	Forest Laboratories, Inc.		9,441
	3,341	@	Gilead Sciences, Inc.		146,971
	1,599	@	Hospira, Inc.		62,361
	1,619	@	King Pharmaceuticals, Inc.		16,870
	2,328	@	Medco Health Solutions, Inc.		124,222
	15,581		Merck & Co., Inc.		479,895
	88,645		Pfizer, Inc.		2,444,828
	17,500		Schering-Plough Corp.		333,550
	850	@	Watson Pharmaceuticals, Inc.		25,126
	9,474		Wyeth		421,593

					5,151,144

			Pipelines: 0.1%
	1,710		El Paso Corp.		19,699
	296		Kinder Morgan, Inc.		24,627
	4,268		Williams Cos., Inc.		81,092

					125,418

			Real Estate Investment Trusts: 0.2%
	782		Apartment Investment & Management Co.		31,999
	2,890		Equity Office Properties Trust		95,659
	2,000		Equity Residential		73,640
	650		ProLogis		26,156
	1,532		Simon Property Group, Inc.		111,055

					338,509

			Retail: 4.2%
	150	@	Autonation, Inc.		3,078
	50	@	Autozone, Inc.		4,623
	2,368	@	Bed Bath & Beyond, Inc.		98,935
	4,217		Best Buy Co., Inc.		289,075
	1,978		Circuit City Stores, Inc.		34,200
	3,774		Costco Wholesale Corp.		169,151
	586		CVS Corp.		17,035
	1,697		Darden Restaurants, Inc.		55,967
	800		Dillard’s, Inc.		18,736
	600		Family Dollar Stores, Inc.		15,660
	2,096		Federated Department Stores, Inc.		153,595
	5,923		Gap, Inc.		116,979
	26,351		Home Depot, Inc.		1,025,054
	3,364		J.C. Penney Co., Inc. Holding Co.		176,879
	250	@	Kohl’s Corp.		13,978
	307		Limited Brands, Inc.		6,576
	2,823		Lowe’s Cos., Inc.		164,355
	197		May Department Stores Co.		7,912
	9,295		McDonald’s Corp.		257,936
	951		Nordstrom, Inc.		64,639
	229	@	Office Depot, Inc.		5,230
	1,340	@	Sears Holdings Corp.		200,826
	10,212		Staples, Inc.		217,720
	3,202	@	Starbucks Corp.		165,415
	6,294		Target Corp.		342,457
	4,088		TJX Cos., Inc.		99,543
	2,163	@	Toys “R” Us, Inc.		57,276
	23,940		Wal-Mart Stores, Inc.		1,153,907
	14,489		Walgreen Co.		666,349
	840		Wendy’s Intl., Inc.		40,026
	2,046		Yum! Brands, Inc.		106,556

					5,749,668

			Savings and Loans: 0.3%
	2,048		Golden West Financial Corp.		131,850
	6,482		Washington Mutual, Inc.		263,753

					395,603

			Semiconductors: 2.3%
	2,592	@	Altera Corp.		51,373
	3,162		Analog Devices, Inc.		117,974
	12,685		Applied Materials, Inc.		205,243
	2,050	@	Broadcom Corp.		72,796
	2,498	@	Freescale Semiconductor, Inc.		52,908
	73,984		Intel Corp.		1,928,022
	1,362		KLA-Tencor Corp.		59,519
	2,246		Linear Technology Corp.		82,406
	2,282		Maxim Integrated Products, Inc.		87,195
	3,151		National Semiconductor Corp.		69,417
	1,250	@	Novellus Systems, Inc.		30,888
	1,450	@	Nvidia Corp.		38,744

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 6

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Semiconductors (continued)
	726	@	QLogic Corp.	$	22,412
	12,236		Texas Instruments, Inc.		343,465

					3,162,362

			Software: 2.9%
	6,876		Adobe Systems, Inc.		196,791
	2,822		Autodesk, Inc.		96,992
	4,101		Automatic Data Processing, Inc.		172,119
	2,445	@	BMC Software, Inc.		43,888
	1,273	@	Citrix Systems, Inc.		27,573
	1,911		Computer Associates Intl., Inc.		52,514
	3,809	@	Compuware Corp.		27,387
	2,371	@	Electronic Arts, Inc.		134,222
	5,737		First Data Corp.		230,283
	1,851	@	Fiserv, Inc.		79,500
	2,211		IMS Health, Inc.		54,766
	1,656	@	Intuit, Inc.		74,702
	800	@	Mercury Interactive Corp.		30,688
	71,684		Microsoft Corp.		1,780,632
	1,866	@	Novell, Inc.		11,569
	63,535	@	Oracle Corp.		838,662
	2,750	@	Parametric Technology Corp.		17,545
	5,831		Siebel Systems, Inc.		51,896
	3,420	@	Veritas Software Corp.		83,448

					4,005,177

			Telecommunications: 3.5%
	2,305		Alltel Corp.		143,555
	5,584		AT&T Corp.		106,319
	3,864	@	Avaya, Inc.		32,148
	12,779		BellSouth Corp.		339,538
	1,648		CenturyTel, Inc.		57,070
	49,405	@	Cisco Systems, Inc.		944,130
	2,350		Citizens Communications Co.		31,584
	1,697	@	Comverse Technology, Inc.		40,134
	5,110	@	Corning, Inc.		84,928
	30,083		Motorola, Inc.		549,316
	7,872	@	Nextel Communications, Inc.		254,344
	11,654		QUALCOMM, Inc.		384,699
	23,105		SBC Communications, Inc.		548,744
	1,988		Scientific-Atlanta, Inc.		66,141
	1,170		Sprint Corp.		29,355
	2,301	@	Tellabs, Inc.		20,019
	32,923		Verizon Communications, Inc.		1,137,490

					4,769,514

			Textiles: 0.0%
	1,089		Cintas Corp.		42,035

					42,035

			Toys/Games/Hobbies: 0.1%
	1,496		Hasbro, Inc.		31,102
	3,030		Mattel, Inc.		55,449

					86,551

			Transportation: 0.9%
	3,187		Burlington Northern Santa Fe Corp.		150,044
	3,042		CSX Corp.		129,772
	2,366		FedEx Corp.		191,670
	3,264		Norfolk Southern Corp.		101,053
	1,900		Union Pacific Corp.		123,120
	7,904		United Parcel Service, Inc.		546,640

					1,242,299

			Total Common Stock (Cost $86,813,895)		84,887,979

U.S. GOVERNMENT AGENCY OBLIGATIONS: 19.9%
			Federal National Mortgage Association: 16.9%
$	23,452,000		4.650%, due 11/15/11	$	18,032,196
	4,032,000		4.690%, due 01/15/12		3,074,908
	2,840,000		4.710%, due 02/12/12		2,157,787

					23,264,891

	3,205,000		Federal Home Loan Mortgage Corporation: 1.8% 4.700%, due 01/15/12		2,442,989

					2,442,989

			Other U.S. Agency Obligations: 1.2%
	2,135,000		FICO STRIP, 4.580%, due 12/06/11		1,643,854

					1,643,854

			Total U.S. Government Agency Obligations (Cost $27,156,260)		27,351,734

U.S. TREASURY OBLIGATIONS: 17.5%
			U.S. Treasury STRIP: 17.5%
	20,040,000		3.820%, due 11/15/11		15,746,329
	10,800,000		3.850%, due 02/15/12		8,389,775

			Total U.S. Treasury Obligations (Cost $23,529,196)		24,136,104

			Total Long-Term Investments (Cost $134,499,351)		136,375,817

SHORT-TERM INVESTMENTS: 1.0%
			Repurchase Agreement: 1.0%
	1,390,000		Morgan Stanley Repurchase Agreement dated 06/30/05, 3.350%, due 07/01/05, $1,390,129 to be received upon repurchase (Collateralized by $4,505,000 Federal National Mortgage Association, 7.250%, Market Value plus accrued interest $1,418,489, due 02/01/10)		1,390,000

			Total Short-Term Investments (Cost $1,390,000)		1,390,000

Total Investments In Securities
(Cost $135,889,351)*

100.0

137,765,817

Other Assets and
Liabilities-Net

(0.0

)

(55,285

)

Net Assets

100.0

137,710,532


@		Non-income producing security
@@		Foreign issuer
STRIP		Separate Trading of Registered Interest and Principal of Securities
*		Cost for federal income tax purposes is $136,956,078. Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	3,603,716
Gross Unrealized Depreciation		(2,793,977	)

Net Unrealized Appreciation	$	809,739

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 7

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited)

Investment Type

as of June 30, 2005

(as a percent of net assets)


Shares				Value

COMMON STOCK: 58.2%
			Advertising: 0.1%
	1,130	@	Interpublic Group of Cos., Inc.	$	13,763
	1,660		Omnicom Group, Inc.		132,568

					146,331

			Aerospace/Defense: 1.2%
	4,250		Boeing Co.		280,499
	1,750		General Dynamics Corp.		191,695
	60		Goodrich Corp.		2,458
	310		L-3 Communications Holdings, Inc.		23,740
	4,050		Lockheed Martin Corp.		262,724
	2,036		Northrop Grumman Corp.		112,489
	2,640		Raytheon Co.		103,277
	1,210		Rockwell Collins, Inc.		57,693
	5,200		United Technologies Corp.		267,020

					1,301,595

			Agriculture: 1.1%
	11,350		Altria Group, Inc.		733,891
	6,210		Archer-Daniels-Midland Co.		132,770
	2,690		Monsanto Co.		169,120
	1,000		Reynolds American, Inc.		78,800
	1,400		UST, Inc.		63,924

					1,178,505

			Apparel: 0.4%
	3,850	@	Coach, Inc.		129,245
	770		Jones Apparel Group, Inc.		23,901
	770		Liz Claiborne, Inc.		30,615
	2,340		Nike, Inc.		202,644
	440		Reebok Intl., Ltd.		18,405
	990		VF Corp.		56,648

					461,458

			Auto Manufacturers: 0.1%
	10,560		Ford Motor Co.		108,134
	450		PACCAR, Inc.		30,600

					138,734

			Auto Parts and Equipment: 0.1%
	1,770	@	Goodyear Tire & Rubber Co.		26,373
	1,000		Johnson Controls, Inc.		56,330

					82,703

			Banks: 4.0%
	1,900		AmSouth Bancorporation		49,400
	41,400		Bank of America Corp.		1,888,253
	1,420		BB&T Corp.		56,757
	1,330		Comerica, Inc.		76,874
	70		Compass Bancshares, Inc.		3,150
	340		First Horizon National Corp.		14,348
	310		Huntington Bancshares, Inc.		7,483
	3,390		KeyCorp		112,379
	510		M & T Bank Corp.		53,632
	1,050		Marshall & Ilsley Corp.		46,673
	1,070		Mellon Financial Corp.		30,698
	3,240		National City Corp.		110,549
	2,490		North Fork Bancorporation, Inc.		69,944
	1,010		Northern Trust Corp.		46,046
	1,430		PNC Financial Services Group, Inc.		77,878
	1,710		State Street Corp.		82,508
	1,730		SunTrust Banks, Inc.		124,975
	400		The Bank of New York Co., Inc.		11,512
	9,330		U.S. Bancorp		272,436
	8,150		Wachovia Corp.		404,240
	8,570		Wells Fargo & Co.		527,740
	660		Zions Bancorporation		48,530

					4,116,005

			Beverages: 1.8%
	1,980		Anheuser-Busch Cos., Inc.		90,585
	890		Brown-Forman Corp.		53,809
	19,760		Coca-Cola Co.		824,981
	920		Coca-Cola Enterprises, Inc.		20,249
	440		Molson Coors Brewing Co.		27,280
	1,000		Pepsi Bottling Group, Inc.		28,610
	14,630		PepsiCo, Inc.		788,996

					1,834,510

			Biotechnology: 0.4%
	6,420	@	Amgen, Inc.		388,154
	1,260	@	Genzyme Corp.		75,713

					463,867

			Building Materials: 0.2%
	1,010		American Standard Cos., Inc.		42,339
	2,620		Masco Corp.		83,212
	660		Vulcan Materials Co.		42,893

					168,444

			Chemicals: 0.9%
	1,150		Air Products & Chemicals, Inc.		69,345
	5,290		Dow Chemical Co.		235,564
	5,530		E.I. du Pont de Nemours & Co.		237,845
	770		Eastman Chemical Co.		42,466
	660		Engelhard Corp.		18,843
	770		International Flavors & Fragrances, Inc.		27,889
	1,520		PPG Industries, Inc.		95,395
	1,640		Praxair, Inc.		76,424
	1,550		Rohm & Haas Co.		71,827
	820		Sherwin-Williams Co.		38,614
	550		Sigma-Aldrich Corp.		30,822

					945,034

			Commercial Services: 0.5%
	5,861		Cendant Corp.		131,111
	1,330		Equifax, Inc.		47,494
	400		H&R Block, Inc.		23,340
	2,970		McKesson Corp.		133,025

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 7

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares					Value

				Commercial Services (continued)
	1,380			Moody’s Corp.	$	62,045
	3,090			Paychex, Inc.		100,549
	1,120			R.R. Donnelley & Sons Co.		38,651
	1,210			Robert Half Intl., Inc.		30,214

						566,429

				Computers: 2.9%
	8,450	@		Apple Computer, Inc.		311,045
	1,550	@		Computer Sciences Corp.		67,735
	24,790	@		Dell, Inc.		979,452
	1,330			Electronic Data Systems Corp.		25,603
	21,010	@		EMC Corp.		288,047
	14,890			Hewlett-Packard Co.		350,064
	8,320			International Business Machines Corp.		617,343
	770	@		Lexmark Intl., Inc.		49,919
	1,210	@		NCR Corp.		42,495
	3,700	@		Network Appliance, Inc.		104,599
	33,750	@		Sun Microsystems, Inc.		125,888
	1,470	@		Sungard Data Systems, Inc.		51,700
	2,250	@		Unisys Corp.		14,243

						3,028,133

				Cosmetics/Personal Care: 1.1%
	660			Alberto-Culver Co.		28,598
	1,160			Avon Products, Inc.		43,906
	2,960			Colgate-Palmolive Co.		147,734
	5,080			Gillette Co.		257,200
	13,650			Procter & Gamble Co.		720,037

						1,197,475

				Distribution/Wholesale: 0.1%
	1,210			Genuine Parts Co.		49,719
	490			W.W. Grainger, Inc.		26,847

						76,566

				Diversified Financial Services: 3.2%
	6,570			American Express Co.		349,721
	560			Bear Stearns Cos., Inc.		58,206
	1,260			Capital One Financial Corp.		100,813
	1,480			Charles Schwab Corp.		16,694
	1,550			CIT Group, Inc.		66,604
	13,420			Citigroup, Inc.		620,407
	4,880			Countrywide Financial Corp.		188,417
	180	@		E*TRADE Financial Corp.		2,518
	4,980			Fannie Mae		290,832
	220			Federated Investors, Inc.		6,602
	1,170			Franklin Resources, Inc.		90,067
	3,520			Freddie Mac		229,610
	2,280			Goldman Sachs Group, Inc.		232,606
	1,800			JPMorgan Chase & Co.		63,576
	2,790			Lehman Brothers Holdings, Inc.		276,991
	620			MBNA Corp.		16,219
	4,800			Merrill Lynch & Co., Inc.		264,048
	6,160			Morgan Stanley		323,215
	2,010	@		Providian Financial Corp.		35,436
	2,360			SLM Corp.		119,888
	340			T. Rowe Price Group, Inc.		21,284

						3,373,754

				Electric: 1.8%
	3,680	@		AES Corp.		60,278
	800	@		Allegheny Energy, Inc.		20,176
	1,180			Ameren Corp.		65,254
	2,030			American Electric Power Co., Inc.		74,846
	1,880			CenterPoint Energy, Inc.		24,835
	570			Cinergy Corp.		25,547
	2,100	@		CMS Energy Corp.		31,626
	1,660			Consolidated Edison, Inc.		77,754
	1,170			Constellation Energy Group, Inc.		67,497
	970			Dominion Resources, Inc.		71,188
	5,920			Duke Energy Corp.		176,002
	1,900			Edison Intl.		77,045
	1,260			Entergy Corp.		95,193
	2,000			Exelon Corp.		102,660
	2,120			FirstEnergy Corp.		101,993
	2,260			FPL Group, Inc.		95,056
	750			NiSource, Inc.		18,548
	2,480			PG&E Corp.		93,099
	1,200			PPL Corp.		71,256
	320			Progress Energy, Inc.		14,477
	1,240			Public Service Enterprise Group, Inc.		75,417
	4,400			Southern Co.		152,548
	1,550			TECO Energy, Inc.		29,311
	2,430			TXU Corp.		201,909
	520			Xcel Energy, Inc.		10,150

						1,833,665

				Electrical Components and Equipment: 0.1%
	2,170			Emerson Electric Co.		135,907

						135,907

				Electronics: 0.3%
	2,360	@		Agilent Technologies, Inc.		54,327
	1,660			Applera Corp. — Applied Biosystems Group		32,652
	110	@		Fisher Scientific Intl., Inc.		7,139
	950	@		Jabil Circuit, Inc.		29,194
	620			Parker Hannifin Corp.		38,446
	770			PerkinElmer, Inc.		14,553
	6,100	@		Solectron Corp.		23,119
	770			Tektronix, Inc.		17,918
	820	@		Thermo Electron Corp.		22,033
	600	@		Waters Corp.		22,302

						261,683

				Engineering and Construction: 0.0%
	460			Fluor Corp.		26,491

						26,491

				Entertainment: 0.0%
	1,750			International Game Technology		49,263

						49,263

				Environmental Control: 0.1%
	2,880			Waste Management, Inc.		81,619

						81,619

				Food: 0.7%
	550			Albertson’s, Inc.		11,374
	1,670			Campbell Soup Co.		51,386
	280		��	ConAgra Foods, Inc.		6,485
	3,070			General Mills, Inc.		143,646
	1,900			H.J. Heinz Co.		67,298
	1,110			Hershey Co.		68,931
	2,030			Kellogg Co.		90,213
	380	@		Kroger Co.		7,231
	780			McCormick & Co., Inc.		25,490
	2,600			Safeway, Inc.		58,734
	3,950			Sara Lee Corp.		78,250
	1,100			SUPERVALU, Inc.		35,871
	1,710			Wm. Wrigley Jr. Co.		117,716

						762,625

				Forest Products and Paper: 0.2%
	1,380			Georgia-Pacific Corp.		43,884
	310			International Paper Co.		9,365
	990			Louisiana-Pacific Corp.		24,334
	550			MeadWestvaco Corp.		15,422

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 7

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares					Value

				Forest Products and Paper (continued)
	1,330			Plum Creek Timber Co., Inc.	$	48,279
	1,100			Temple-Inland, Inc.		40,865

						182,149

				Gas: 0.1%
	990			KeySpan Corp.		40,293
	1,470			Sempra Energy		60,726

						101,019

				Hand/Machine Tools: 0.1%
	770			Black & Decker Corp.		69,185
	220			Snap-On, Inc.		7,546
	550			Stanley Works		25,047

						101,778

				Healthcare — Products: 2.1%
	300			Bausch & Lomb, Inc.		24,900
	3,160			Baxter Intl., Inc.		117,236
	2,480			Becton Dickinson & Co.		130,126
	1,280			Biomet, Inc.		44,339
	3,920		@	Boston Scientific Corp.		105,840
	660			C.R. Bard, Inc.		43,897
	3,260			Guidant Corp.		219,398
	16,340			Johnson & Johnson		1,062,099
	6,220			Medtronic, Inc.		322,133
	1,860		@	St. Jude Medical, Inc.		81,115
	550		@	Zimmer Holdings, Inc.		41,894

						2,192,977

				Healthcare — Services: 1.5%
	2,940			Aetna, Inc.		243,491
	2,100			HCA, Inc.		119,007
	1,600		@	Humana, Inc.		63,584
	770		@	Laboratory Corp. of America Holdings		38,423
	440			Quest Diagnostics, Inc.		23,439
	12,880			UnitedHealth Group, Inc.		671,562
	5,190		@	WellPoint, Inc.		361,432

						1,520,938

				Home Furnishings: 0.0%
	1,330			Leggett & Platt, Inc.		35,351
	160			Whirlpool Corp.		11,218

						46,569

				Household Products/Wares: 0.3%
	270			Avery Dennison Corp.		14,299
	850			Clorox Co.		47,362
	750			Fortune Brands, Inc.		66,600
	2,820	��		Kimberly-Clark Corp.		176,504

						304,765

				Housewares: 0.0%
	1,880			Newell Rubbermaid, Inc.		44,819

						44,819

				Insurance: 3.3%
	2,120		@@	ACE Ltd.		95,082
	2,820			AFLAC, Inc.		122,050
	6,870			Allstate Corp.		410,482
	660			AMBAC Financial Group, Inc.		46,042
	13,370			American Intl. Group, Inc.		776,796
	2,120			Aon Corp.		53,085
	1,910			Chubb Corp.		163,515
	1,310			CIGNA Corp.		140,209
	946			Cincinnati Financial Corp.		37,424
	1,650			Hartford Financial Services Group, Inc.		123,387
	990			Jefferson-Pilot Corp.		49,916
	1,330			Lincoln National Corp.		62,404
	920			Loews Corp.		71,300
	700			MBIA, Inc.		41,517
	7,440			MetLife, Inc.		334,354
	770			MGIC Investment Corp.		50,219
	1,560			Principal Financial Group		65,364
	1,710			Progressive Corp.		168,965
	4,550			Prudential Financial, Inc.		298,753
	1,100			Safeco Corp.		59,774
	3,380			St. Paul Travelers Cos., Inc.		133,611
	770			Torchmark Corp.		40,194
	2,010			UnumProvident Corp.		36,823
	1,330		@@	XL Capital Ltd.		98,979

						3,480,245

				Internet: 0.5%
	3,070		@	eBay, Inc.		101,341
	800		@	Monster Worldwide, Inc.		22,944
	6,550		@	Symantec Corp.		142,397
	6,680		@	Yahoo!, Inc.		231,462

						498,144

				Iron/Steel: 0.1%
	1,430			Nucor Corp.		65,237
	1,100			United States Steel Corp.		37,807

						103,044

				Leisure Time: 0.3%
	550			Brunswick Corp.		23,826
	2,790			Carnival Corp.		152,194
	1,900			Harley-Davidson, Inc.		94,240
	1,210			Sabre Holdings Corp.		24,140

						294,400

				Lodging: 0.3%
	910			Harrah’s Entertainment, Inc.		65,584
	2,370			Hilton Hotels Corp.		56,525
	1,100			Marriott Intl., Inc.		75,041
	1,110			Starwood Hotels & Resorts Worldwide, Inc.		65,013

						262,163

				Machinery — Diversified: 0.2%
	420			Cummins, Inc.		31,336
	1,240			Deere & Co.		81,208
	910			Rockwell Automation, Inc.		44,326

						156,870

				Media: 1.7%
	11,510		@	Comcast Corp.		353,357
	440			Gannett Co., Inc.		31,297
	2,960			McGraw-Hill Cos., Inc.		130,980
	220			Meredith Corp.		10,793
	190			New York Times Co.		5,919
	14,550			News Corp. — Class A		235,419
	23,870		@	Time Warner, Inc.		398,867
	140			Tribune Co.		4,925
	750		@	Univision Communications, Inc.		20,663
	8,130			Viacom, Inc.		260,323
	10,660			Walt Disney Co.		268,419

						1,720,962

				Mining: 0.1%
	900			Freeport-McMoRan Copper & Gold, Inc.		33,696
	610			Phelps Dodge Corp.		56,425

						90,121

				Miscellaneous Manufacturing: 2.9%
	3,990			3M Co.		288,477
	550		@@	Cooper Industries Ltd.		35,145
	2,380			Danaher Corp.		124,569
	510			Dover Corp.		18,554
	1,900			Eastman Kodak Co.		51,015
	990			Eaton Corp.		59,301
	54,500			General Electric Co.		1,888,424

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 7

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Miscellaneous Manufacturing (continued)
	7,430		Honeywell Intl., Inc.	$	272,161
	1,410		Illinois Tool Works, Inc.		112,349
	910	@@	Ingersoll-Rand Co. Ltd.		64,929
	460		ITT Industries, Inc.		44,910
	300		Pall Corp.		9,108
	750		Textron, Inc.		56,888
	930	@@	Tyco Intl., Ltd.		27,156

					3,052,986

			Office/Business Equipment: 0.1%
	1,200		Pitney Bowes, Inc.		52,260
	5,540	@	Xerox Corp.		76,397

					128,657

			Oil and Gas: 5.8%
	320		Amerada Hess Corp.		34,083
	1,030		Anadarko Petroleum Corp.		84,615
	1,240		Apache Corp.		80,104
	3,150		Burlington Resources, Inc.		174,006
	17,240		ChevronTexaco Corp.		964,061
	9,040		ConocoPhillips		519,710
	4,140		Devon Energy Corp.		209,815
	1,210		EOG Resources, Inc.		68,728
	52,240		Exxon Mobil Corp.		3,002,232
	420		Kerr-McGee Corp.		32,050
	2,330		Marathon Oil Corp.		124,352
	160	@@	Noble Corp.		9,842
	2,670		Occidental Petroleum Corp.		205,403
	660		Sunoco, Inc.		75,029
	1,230	@,@@	Transocean, Inc.		66,383
	2,000		Unocal Corp.		130,100
	2,030		Valero Energy Corp.		160,593

					5,941,106

			Oil and Gas Services: 0.1%
	220		BJ Services Co.		11,546
	1,920		Halliburton Co.		91,814
	300	@	National-Oilwell Varco, Inc.		14,262

					117,622

			Packaging and Containers: 0.1%
	770		Ball Corp.		27,689
	400	@	Pactiv Corp.		8,632
	440	@	Sealed Air Corp.		21,908

					58,229

			Pharmaceuticals: 3.5%
	770		Allergan, Inc.		65,635
	990		AmerisourceBergen Corp.		68,459
	4,900		Bristol-Myers Squibb Co.		122,402
	4,280		Cardinal Health, Inc.		246,442
	4,650	@	Caremark Rx, Inc.		207,018
	550		Eli Lilly & Co.		30,641
	820	@	Express Scripts, Inc.		40,984
	200	@	Forest Laboratories, Inc.		7,770
	2,480	@	Gilead Sciences, Inc.		109,095
	1,210	@	Hospira, Inc.		47,190
	660	@	King Pharmaceuticals, Inc.		6,877
	1,430	@	Medco Health Solutions, Inc.		76,305
	11,120		Merck & Co., Inc.		342,496
	63,290		Pfizer, Inc.		1,745,537
	12,500		Schering-Plough Corp.		238,250
	600	@	Watson Pharmaceuticals, Inc.		17,736
	6,860		Wyeth		305,270

					3,678,107

			Pipelines: 0.1%
	1,210		El Paso Corp.		13,939
	420		Kinder Morgan, Inc.		34,944
	2,370		Williams Cos., Inc.		45,030

					93,913

			Real Estate Investment Trusts: 0.2%
	660		Apartment Investment & Management Co.		27,007
	2,050		Equity Office Properties Trust		67,855
	1,430		Equity Residential		52,653
	450		ProLogis		18,108
	1,100		Simon Property Group, Inc.		79,739

					245,362

			Retail: 4.1%
	140	@	Autonation, Inc.		2,873
	1,590	@	Bed Bath & Beyond, Inc.		66,430
	2,990		Best Buy Co., Inc.		204,965
	1,880		Circuit City Stores, Inc.		32,505
	2,770		Costco Wholesale Corp.		124,151
	360		CVS Corp.		10,465
	1,480		Darden Restaurants, Inc.		48,810
	710		Dillard’s, Inc.		16,628
	460		Family Dollar Stores, Inc.		12,006
	1,500		Federated Department Stores, Inc.		109,920
	4,200		Gap, Inc.		82,950
	18,840		Home Depot, Inc.		732,876
	2,480		J.C. Penney Co., Inc. Holding Co.		130,398
	150	@	Kohl’s Corp.		8,387
	200		Limited Brands, Inc.		4,284
	2,030		Lowe’s Cos., Inc.		118,187
	140		May Department Stores Co.		5,622
	6,680		McDonald’s Corp.		185,370
	990		Nordstrom, Inc.		67,290
	800	@	Office Depot, Inc.		18,272
	950	@	Sears Holdings Corp.		142,377
	7,275		Staples, Inc.		155,103
	2,310	@	Starbucks Corp.		119,335
	4,470		Target Corp.		243,213
	2,370		TJX Cos., Inc.		57,710
	1,860	@	Toys “R” Us, Inc.		49,253
	16,780		Wal-Mart Stores, Inc.		808,795
	10,350		Walgreen Co.		475,997
	580		Wendy’s Intl., Inc.		27,637
	1,450		Yum! Brands, Inc.		75,516

					4,137,325

			Savings and Loans: 0.3%
	1,430		Golden West Financial Corp.		92,063
	4,500		Washington Mutual, Inc.		183,105

					275,168

			Semiconductors: 2.2%
	2,360	@	Altera Corp.		46,775
	1,910		Analog Devices, Inc.		71,262
	8,590		Applied Materials, Inc.		138,986
	1,490	@	Broadcom Corp.		52,910
	1,820	@	Freescale Semiconductor, Inc.		38,548
	52,820		Intel Corp.		1,376,490
	980		KLA-Tencor Corp.		42,826
	1,560		Linear Technology Corp.		57,236
	1,620		Maxim Integrated Products, Inc.		61,900
	2,140		National Semiconductor Corp.		47,144
	900	@	Novellus Systems, Inc.		22,239
	1,100	@	Nvidia Corp.		29,392
	660	@	QLogic Corp.		20,374
	8,840		Texas Instruments, Inc.		248,139

					2,254,221

			Software: 2.7%
	4,880		Adobe Systems, Inc.		139,666
	2,030		Autodesk, Inc.		69,771
	3,000		Automatic Data Processing, Inc.		125,910
	2,010	@	BMC Software, Inc.		36,080
	870	@	Citrix Systems, Inc.		18,844

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 7

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Software (continued)
	1,390		Computer Associates Intl., Inc.	$	38,197
	3,260	@	Compuware Corp.		23,439
	1,560	@	Electronic Arts, Inc.		88,312
	4,080		First Data Corp.		163,771
	1,330	@	Fiserv, Inc.		57,124
	1,550		IMS Health, Inc.		38,394
	1,550	@	Intuit, Inc.		69,921
	660	@	Mercury Interactive Corp.		25,318
	51,030		Microsoft Corp.		1,267,584
	2,820	@	Novell, Inc.		17,484
	44,800	@	Oracle Corp.		591,359
	2,750	@	Parametric Technology Corp.		17,545
	2,360		Siebel Systems, Inc.		21,004
	2,140	@	Veritas Software Corp.		52,216

					2,861,939

			Telecommunications: 3.3%
	1,650		Alltel Corp.		102,762
	3,980		AT&T Corp.		75,779
	3,260	@	Avaya, Inc.		27,123
	9,150		BellSouth Corp.		243,116
	1,210		CenturyTel, Inc.		41,902
	35,240	@	Cisco Systems, Inc.		673,436
	1,650		Citizens Communications Co.		22,176
	1,210	@	Comverse Technology, Inc.		28,617
	3,650	@	Corning, Inc.		60,663
	21,410		Motorola, Inc.		390,947
	5,640	@	Nextel Communications, Inc.		182,228
	8,440		QUALCOMM, Inc.		278,604
	16,510		SBC Communications, Inc.		392,113
	1,520		Scientific-Atlanta, Inc.		50,570
	820		Sprint Corp.		20,574
	2,600	@	Tellabs, Inc.		22,620
	23,520		Verizon Communications, Inc.		812,616

					3,425,846

			Textiles: 0.0%
	780		Cintas Corp.		30,108

					30,108

			Toys/Games/Hobbies: 0.1%
	1,660		Hasbro, Inc.		34,511
	2,160		Mattel, Inc.		39,528

					74,039

			Transportation: 0.8%
	2,250		Burlington Northern Santa Fe Corp.		105,930
	2,170		CSX Corp.		92,572
	1,670		FedEx Corp.		135,287
	2,080		Norfolk Southern Corp.		64,397
	1,320		Union Pacific Corp.		85,536
	5,760		United Parcel Service, Inc.		398,361

					882,083

			Total Common Stock (Cost $61,285,212)		60,588,470

U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.1%
			Other U.S. Agency Obligations: 6.1%
$	1,814,000		FICO STRIP, 4.640%, due 03/07/12	$	1,379,794
	4,591,000		FICO STRIP, 4.650%, due 03/26/12		3,483,894
	2,000,000		FICO STRIP, 4.670%, due 05/11/12		1,509,256

			Total U.S. Government Agency Obligations (Cost $6,151,711)		6,372,944

U.S. TREASURY OBLIGATIONS: 24.9%
			U.S. Treasury STRIP: 24.9%
	33,460,000		3.850%, due 02/15/12		25,992,765

			Total U.S. Treasury Obligations (Cost $25,153,876)		25,992,765

OTHER BONDS: 10.2%
			Sovereign: 10.2%
	14,000,000		Israel Government AID Bond, 4.550%, due 05/15/12		10,625,538

			Total Other Bonds (Cost $10,324,032)		10,625,538

			Total Long-Term Investments (Cost $102,914,831)		103,579,717

SHORT-TERM INVESTMENTS: 0.6%
			Repurchase Agreement: 0.6%
	646,000		Morgan Stanley Repurchase Agreement dated 06/30/05, 3.350%, due 07/01/05, $646,060 to be received upon repurchase (Collateralized by $665,000 Federal National Mortgage Association, 5.750%, Market Value plus accrued interest $682,539, due 02/24/25)		646,000

			Total Short-Term Investments (Cost $646,000)		646,000

Total Investments In Securities
(Cost $103,560,831)*

100.0

104,225,717

Other Assets and
Liabilities-Net

(0.0

)

(27,398

)

Net Assets

100.0

104,198,319


@		Non-income producing security
@@		Foreign issuer
STRIP		Separate Trading of Registered Interest and Principal of Securities
*		Cost for federal income tax purposes is $104,161,380. Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	2,302,996
Gross Unrealized Depreciation		(2,238,659	)

Net Unrealized Appreciation	$	64,337

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 8

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited)

Investment Type*

as of June 30, 2005

(as a percent of net assets)

(ING GET U.S. CORE PORTFOLIO SERIES 8 PIE CHART)


Shares				Value

COMMON STOCK: 63.5%
			Advertising: 0.1%
	600	@	Interpublic Group of Cos., Inc.	$	7,308
	1,000		Omnicom Group, Inc.		79,860

					87,168

			Aerospace/Defense: 1.4%
	2,600		Boeing Co.		171,599
	1,050		General Dynamics Corp.		115,017
	100		Goodrich Corp.		4,096
	200		L-3 Communications Holdings, Inc.		15,316
	2,400		Lockheed Martin Corp.		155,688
	1,250		Northrop Grumman Corp.		69,063
	1,600		Raytheon Co.		62,592
	600		Rockwell Collins, Inc.		28,608
	3,250		United Technologies Corp.		166,888

					788,867

			Agriculture: 1.1%
	6,950		Altria Group, Inc.		449,387
	1,500		Monsanto Co.		94,305
	600		Reynolds American, Inc.		47,280
	850		UST, Inc.		38,811

					629,783

			Apparel: 0.5%
	2,300	@	Coach, Inc.		77,211
	600		Jones Apparel Group, Inc.		18,624
	600		Liz Claiborne, Inc.		23,856
	1,440		Nike, Inc.		124,704
	150		Reebok Intl., Ltd.		6,275
	620		VF Corp.		35,476

					286,146

			Auto Manufacturers: 0.2%
	6,700		Ford Motor Co.		68,608
	300	@	Navistar Intl. Corp.		9,600
	250		PACCAR, Inc.		17,000

					95,208

			Auto Parts and Equipment: 0.1%
	900	@	Goodyear Tire & Rubber Co.		13,410
	800		Johnson Controls, Inc.		45,064

					58,474

			Banks: 4.4%
	1,200		AmSouth Bancorp		31,200
	25,420		Bank of America Corp.		1,159,405
	900		BB&T Corp.		35,973
	900		Comerica, Inc.		52,020
	200		Compass Bancshares, Inc.		9,000
	300		First Horizon National Corp		12,660
	300		Huntington Bancshares, Inc.		7,242
	2,200		KeyCorp		72,930
	200		M & T Bank Corp.		21,032
	900		Marshall & Ilsley Corp.		40,005
	650		Mellon Financial Corp.		18,649
	2,000		National City Corp.		68,240
	1,600		North Fork Bancorporation, Inc.		44,944
	700		Northern Trust Corp.		31,913
	900		PNC Financial Services Group, Inc.		49,014
	1,100		State Street Corp.		53,075
	1,200		SunTrust Banks, Inc.		86,688
	250		The Bank of New York Co., Inc.		7,195
	5,600		U.S. Bancorp		163,520
	4,900		Wachovia Corp.		243,040
	5,300		Wells Fargo & Co.		326,374
	400		Zions Bancorporation		29,412

					2,563,531

			Beverages: 1.9%
	1,200		Anheuser-Busch Cos., Inc.		54,900
	500		Brown-Forman Corp.		30,230
	12,100		Coca-Cola Co.		505,175
	1,100		Coca-Cola Enterprises, Inc.		24,211
	200		Molson Coors Brewing Co.		12,400
	1,000		Pepsi Bottling Group, Inc.		28,610
	8,800		PepsiCo, Inc.		474,584

					1,130,110

			Biotechnology: 0.5%
	4,000	@	Amgen, Inc.		241,840
	800	@	Genzyme Corp.		48,072

					289,912

			Building Materials: 0.2%
	700		American Standard Cos., Inc.		29,344
	1,700		Masco Corp.		53,992
	400		Vulcan Materials Co.		25,996

					109,332

			Chemicals: 1.0%
	900		Air Products & Chemicals, Inc.		54,270
	3,450		Dow Chemical Co.		153,628
	3,550		E.I. du Pont EI de Nemours & Co.		152,686
	300		Eastman Chemical Co.		16,545
	400		Engelhard Corp.		11,420
	400		International Flavors & Fragrances, Inc.		14,488
	1,000		PPG Industries, Inc.		62,760
	1,200		Praxair, Inc.		55,920
	900		Rohm & Haas Co.		41,706
	600		Sherwin-Williams Co.		28,254
	300		Sigma-Aldrich Corp.		16,812

					608,489

			Commercial Services: 0.6%
	3,500		Cendant Corp.		78,295
	800		Equifax, Inc.		28,568
	500		H&R Block, Inc.		29,175
	1,600		McKesson Corp.		71,664
	900		Moody’s Corp.		40,464
	1,800		Paychex, Inc.		58,572

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 8

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Commercial Services (continued)
	900		R.R. Donnelley & Sons Co.	$	31,059
	900		Robert Half Intl., Inc.		22,473

					360,270

			Computers: 3.1%
	4,900	@	Apple Computer, Inc.		180,369
	900	@	Computer Sciences Corp.		39,330
	15,200	@	Dell, Inc.		600,552
	800		Electronic Data Systems Corp.		15,400
	12,400	@	EMC Corp.		170,004
	8,900		Hewlett-Packard Co.		209,239
	4,950		International Business Machines Corp.		367,290
	500	@	Lexmark Intl., Inc.		32,415
	700	@	NCR Corp.		24,584
	1,800	@	Network Appliance, Inc.		50,886
	19,300	@	Sun Microsystems, Inc.		71,989
	700	@	Sungard Data Systems, Inc.		24,619
	1,400	@	Unisys Corp.		8,862

					1,795,539

			Cosmetics/ Personal Care: 1.2%
	300		Alberto-Culver Co.		12,999
	700		Avon Products, Inc.		26,495
	1,800		Colgate-Palmolive Co.		89,838
	3,100		Gillette Co.		156,953
	8,350		Procter & Gamble Co.		440,463

					726,748

			Distribution/ Wholesale: 0.1%
	500		Genuine Parts Co.		20,545
	200		W.W. Grainger, Inc.		10,958

					31,503

			Diversified Financial Services: 3.5%
	4,000		American Express Co.		212,920
	300		Bear Stearns Cos., Inc.		31,182
	800		Capital One Financial Corp.		64,008
	900		Charles Schwab Corp.		10,152
	1,000		CIT Group, Inc.		42,970
	8,200		Citigroup, Inc.		379,086
	3,000		Countrywide Financial Corp.		115,830
	100	@	E*TRADE Financial Corp.		1,399
	3,000		Fannie Mae		175,200
	300		Federated Investors, Inc.		9,003
	800		Franklin Resources, Inc.		61,584
	2,200		Freddie Mac		143,506
	1,400		Goldman Sachs Group, Inc.		142,828
	1,100		JPMorgan Chase & Co.		38,852
	1,720		Lehman Brothers Holdings, Inc.		170,762
	400		MBNA Corp.		10,464
	3,000		Merrill Lynch & Co., Inc.		165,030
	3,700		Morgan Stanley		194,139
	1,700	@,W	Providian Financial Corp.		29,971
	1,500		SLM Corp.		76,200
	50		T. Rowe Price Group, Inc.		3,130

					2,078,216

			Electric: 1.9%
	2,600	@	AES Corp.		42,588
	500	@	Allegheny Energy, Inc.		12,610
	700		Ameren Corp.		38,710
	1,600		American Electric Power Co., Inc.		58,992
	1,100		CenterPoint Energy, Inc.		14,531
	300		Cinergy Corp.		13,446
	1,400	@	CMS Energy Corp.		21,084
	900		Consolidated Edison, Inc.		42,156
	600		Constellation Energy Group, Inc.		34,614
	700		Dominion Resources, Inc.		51,373
	3,600		Duke Energy Corp.		107,028
	1,100		Edison Intl		44,605
	800		Entergy Corp.		60,440
	1,200		Exelon Corp.		61,596
	1,400		FirstEnergy Corp.		67,354
	1,300		FPL Group, Inc.		54,678
	400		NiSource, Inc.		9,892
	1,600		PG&E Corp.		60,064
	900		PPL Corp.		53,442
	300		Progress Energy, Inc.		13,572
	800		Public Service Enterprise Group, Inc.		48,656
	2,400		Southern Co.		83,208
	900		TECO Energy, Inc.		17,019
	1,500		TXU Corp.		124,635
	100		Xcel Energy, Inc.		1,952

					1,138,245

			Electrical Components and Equipment: 0.1%
	1,400		Emerson Electric Co.		87,682

					87,682

			Electronics: 0.3%
	1,800	@	Agilent Technologies, Inc.		41,436
	1,000		Applera Corp. — Applied Biosystems Group		19,670
	100	@	Fisher Scientific Intl., Inc.		6,490
	1,000	@	Jabil Circuit, Inc.		30,730
	500		Parker Hannifin Corp.		31,005
	600		PerkinElmer, Inc.		11,340
	4,100	@	Solectron Corp.		15,539
	200		Tektronix, Inc.		4,654
	1,000	@	Thermo Electron Corp.		26,870
	400	@	Waters Corp.		14,868

					202,602

			Engineering and Construction: 0.0%
	100		Fluor Corp.		5,759

					5,759

			Entertainment: 0.1%
	1,050		International Game Technology		29,558

					29,558

			Environmental Control: 0.1%
	1,700		Waste Management, Inc.		48,178

					48,178

			Food: 1.0%
	400		Albertson’s, Inc.		8,272
	3,800		Archer-Daniels-Midland Co.		81,244
	1,000		Campbell Soup Co.		30,770
	150		ConAgra Foods, Inc.		3,474
	1,900		General Mills, Inc.		88,901
	1,400		H.J. Heinz Co.		49,588
	700		Hershey Co.		43,470
	1,400		Kellogg Co.		62,216
	1,000	@	Kroger Co.		19,030
	500		McCormick & Co., Inc.		16,340
	1,600		Safeway, Inc.		36,144
	2,800		Sara Lee Corp.		55,468
	800		SUPERVALU, Inc.		26,088
	1,100		Wm. Wrigley Jr. Co.		75,724

					596,729

			Forest Products and Paper: 0.1%
	900		Georgia-Pacific Corp.		28,620
	200		International Paper Co.		6,042
	300		Louisiana-Pacific Corp.		7,374
	300		MeadWestvaco Corp.		8,412
	300		Temple-Inland, Inc.		11,145

					61,593

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 8

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Gas: 0.1%
	800		KeySpan Corp.	$	32,560
	100		Nicor, Inc.		4,117
	1,000		Sempra Energy		41,310

					77,987

			Hand/Machine Tools: 0.1%
	400		Black & Decker Corp.		35,940
	100		Snap-On, Inc.		3,430
	300		Stanley Works		13,662

					53,032

			Healthcare — Products: 2.3%
	100		Bausch & Lomb, Inc.		8,300
	2,000		Baxter Intl., Inc.		74,200
	1,500		Becton Dickinson & Co.		78,705
	800		Biomet, Inc.		27,712
	2,500	@	Boston Scientific Corp.		67,500
	400		C.R. Bard, Inc.		26,604
	1,980		Guidant Corp.		133,254
	10,100		Johnson & Johnson		656,500
	3,600		Medtronic, Inc.		186,444
	1,200	@	St. Jude Medical, Inc.		52,332
	350	@	Zimmer Holdings, Inc.		26,660

					1,338,211

			Healthcare — Services: 1.6%
	1,850		Aetna, Inc.		153,217
	1,400		HCA, Inc.		79,338
	980	@	Humana, Inc.		38,945
	500	@	Laboratory Corp. of America Holdings		24,950
	200		Quest Diagnostics, Inc.		10,654
	7,940		UnitedHealth Group, Inc.		413,992
	3,150	@	WellPoint, Inc.		219,366

					940,462

			Home Furnishings: 0.1%
	900		Leggett & Platt, Inc.		23,922
	100		Whirlpool Corp.		7,011

					30,933

			Household Products/ Wares: 0.3%
	300		Avery Dennison Corp.		15,888
	500		Clorox Co.		27,860
	400		Fortune Brands, Inc.		35,520
	1,800		Kimberly-Clark Corp.		112,662

					191,930

			Housewares: 0.0%
	1,000		Newell Rubbermaid, Inc.		23,840

					23,840

			Insurance: 3.7%
	1,500	@@	ACE Ltd.		67,275
	1,700		AFLAC, Inc.		73,576
	4,200		Allstate Corp.		250,950
	400		Ambac Financial Group, Inc.		27,904
	8,200		American Intl. Group, Inc.		476,420
	1,400		Aon Corp.		35,056
	1,190		Chubb Corp.		101,876
	800		CIGNA Corp.		85,624
	500		Cincinnati Financial Corp.		19,780
	1,000		Hartford Financial Services Group, Inc.		74,780
	500		Jefferson-Pilot Corp.		25,210
	500		Lincoln National Corp.		23,460
	600		Loews Corp.		46,500
	600		MBIA, Inc.		35,586
	4,560		MetLife, Inc.		204,926
	590		MGIC Investment Corp.		38,480
	900		Principal Financial Group, Inc.		37,710
	1,000		Progressive Corp.		98,810
	2,900		Prudential Financial, Inc.		190,414
	700		Safeco Corp.		38,038
	2,200		St. Paul Travelers Cos., Inc.		86,966
	550		Torchmark Corp.		28,710
	1,300		UnumProvident Corp.		23,816
	860	@@	XL Capital Ltd.		64,001

					2,155,868

			Internet: 0.5%
	1,800	@	eBay, Inc.		59,418
	400	@	Monster Worldwide, Inc.		11,472
	4,380	@	Symantec Corp.		95,221
	4,100	@	Yahoo!, Inc.		142,065

					308,176

			Iron/Steel: 0.1%
	800		Nucor Corp.		36,496
	700		United States Steel Corp.		24,059

					60,555

			Leisure Time: 0.3%
	300		Brunswick Corp.		12,996
	1,700		Carnival Corp.		92,735
	1,100		Harley-Davidson, Inc.		54,560
	300		Sabre Holdings Corp. — Class A		5,985

					166,276

			Lodging: 0.2%
	400		Harrah’s Entertainment, Inc.		28,828
	1,700		Hilton Hotels Corp.		40,545
	700		Marriott Intl., Inc.		47,754
	500		Starwood Hotels & Resorts Worldwide, Inc.		29,285

					146,412

			Machinery — Diversified: 0.1%
	200		Cummins, Inc.		14,922
	700		Deere & Co.		45,843
	550		Rockwell Automation, Inc.		26,791

					87,556

			Media: 1.8%
	7,000	@	Comcast Corp.		214,900
	300		Gannett Co., Inc.		21,339
	2,000		McGraw-Hill Cos., Inc.		88,500
	100		Meredith Corp.		4,906
	100		New York Times Co.		3,115
	8,900		News Corp. — Class A		144,002
	14,500	@	Time Warner, Inc.		242,295
	100		Tribune Co.		3,518
	400	@	Univision Communications, Inc.		11,020
	5,000		Viacom, Inc.		160,100
	6,400		Walt Disney Co.		161,152

					1,054,847

			Mining: 0.1%
	500		Freeport-McMoRan Copper & Gold, Inc.		18,720
	400		Phelps Dodge Corp.		37,000

					55,720

			Miscellaneous Manufacturing: 3.2%
	2,600		3M Co.		187,980
	300	@@	Cooper Industries Ltd.		19,170
	1,450		Danaher Corp.		75,893
	300		Dover Corp.		10,914
	1,000		Eastman Kodak Co.		26,850
	600		Eaton Corp.		35,940
	33,400		General Electric Co.		1,157,310
	4,500		Honeywell Intl., Inc.		164,835
	850		Illinois Tool Works, Inc.		67,728
	550	@@	Ingersoll-Rand Co.		39,243
	300		ITT Industries, Inc.		29,289

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 8

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Miscellaneous Manufacturing (continued)
	300		Pall Corp.	$	9,108
	400		Textron, Inc.		30,340
	600	@@	Tyco Intl. Ltd.		17,520

					1,872,120

			Office/ Business Equipment: 0.2%
	900		Pitney Bowes, Inc.		39,195
	3,600	@	Xerox Corp.		49,644

					88,839

			Oil and Gas: 6.2%
	300		Amerada Hess Corp.		31,953
	700		Anadarko Petroleum Corp.		57,505
	900		Apache Corp.		58,140
	2,200		Burlington Resources, Inc.		121,528
	10,600		ChevronTexaco Corp.		592,752
	5,500		ConocoPhillips		316,195
	2,500		Devon Energy Corp.		126,700
	500		EOG Resources, Inc.		28,400
	32,000		Exxon Mobil Corp.		1,839,039
	250		Kerr-McGee Corp.		19,078
	1,400		Marathon Oil Corp.		74,718
	100	@@	Noble Corp.		6,151
	1,600		Occidental Petroleum Corp.		123,088
	300		Sunoco, Inc.		34,104
	900	@,@@	Transocean, Inc.		48,573
	1,100		Unocal Corp.		71,555
	1,300		Valero Energy Corp.		102,843

					3,652,322

			Oil and Gas Services: 0.1%
	100		BJ Services Co.		5,248
	1,100		Halliburton Co.		52,602
	200	@	National-Oilwell, Inc.		9,508

					67,358

			Packaging and Containers: 0.1%
	500		Ball Corp.		17,980
	200	@	Pactiv Corp.		4,316
	300	@	Sealed Air Corp.		14,937

					37,233

			Pharmaceuticals: 3.8%
	500		Allergan, Inc.		42,620
	600		Amerisourcebergen Corp.		41,490
	3,000		Bristol-Myers Squibb Co.		74,940
	2,600		Cardinal Health, Inc.		149,708
	2,830	@	Caremark Rx, Inc.		125,992
	300		Eli Lilly & Co.		16,713
	400	@	Express Scripts, Inc.		19,992
	100	@	Forest Laboratories, Inc.		3,885
	1,300	@	Gilead Sciences, Inc.		57,187
	400	@	Hospira, Inc.		15,600
	500	@	King Pharmaceuticals, Inc.		5,210
	900	@	Medco Health Solutions, Inc.		48,024
	6,800		Merck & Co., Inc.		209,440
	38,800		Pfizer, Inc.		1,070,103
	7,650		Schering-Plough Corp.		145,809
	4,200		Wyeth		186,900

					2,213,613

			Pipelines: 0.1%
	800		El Paso Corp.		9,216
	200		Kinder Morgan, Inc.		16,640
	1,300		Williams Cos., Inc.		24,700

					50,556

			Real Estate Investment Trusts: 0.3%
	500		Apartment Investment & Management Co.		20,460
	1,200		Equity Office Properties Trust		39,720
	900		Equity Residential		33,138
	500		Plum Creek Timber Co., Inc.		18,150
	300		ProLogis		12,072
	700		Simon Property Group, Inc.		50,743

					174,283

			Retail: 4.3%
	200	@	Autonation, Inc.		4,104
	1,200	@	Bed Bath & Beyond, Inc.		50,136
	1,700		Best Buy Co., Inc.		116,535
	1,100		Circuit City Stores, Inc.		19,019
	1,450		Costco Wholesale Corp.		64,989
	200		CVS Corp.		5,814
	900		Darden Restaurants, Inc.		29,682
	400		Dillard’s, Inc.		9,368
	400		Family Dollar Stores		10,440
	900		Federated Department Stores, Inc.		65,952
	2,600		Gap, Inc.		51,350
	11,300		Home Depot, Inc.		439,570
	1,500		J.C. Penney Co., Inc. Holding Co.		78,870
	100	@	Kohl’s Corp.		5,591
	100		Limited Brands, Inc.		2,142
	1,200		Lowe’s Cos., Inc.		69,864
	400		May Department Stores Co.		16,064
	4,000		McDonald’s Corp.		111,000
	500		Nordstrom, Inc.		33,985
	100	@	Office Depot, Inc.		2,284
	590	@	Sears Holdings Corp.		88,423
	4,500		Staples, Inc.		95,940
	1,500	@	Starbucks Corp.		77,490
	2,750		Target Corp.		149,628
	1,700		TJX Cos., Inc.		41,395
	800	@	Toys “R” Us, Inc.		21,184
	10,600		Wal-Mart Stores, Inc.		510,919
	6,370		Walgreen Co.		292,956
	600		Wendy’s Intl., Inc.		28,590
	900		Yum! Brands, Inc.		46,872

					2,540,156

			Savings and Loans: 0.3%
	900		Golden West Financial Corp.		57,942
	2,600		Washington Mutual, Inc.		105,794

					163,736

			Semiconductors: 2.4%
	1,600	@	Altera Corp.		31,712
	1,400		Analog Devices, Inc.		52,234
	5,100		Applied Materials, Inc.		82,518
	900	@	Broadcom Corp.		31,959
	1,100	@	Freescale Semiconductor, Inc.		23,298
	32,700		Intel Corp.		852,162
	600		KLA-Tencor Corp.		26,220
	1,300		Linear Technology Corp.		47,697
	1,000		Maxim Integrated Products, Inc.		38,210
	1,200		National Semiconductor Corp.		26,436
	50	@	Novellus Systems, Inc.		1,236
	700	@	Nvidia Corp.		18,704
	400	@	QLogic Corp.		12,348
	5,200		Texas Instruments, Inc.		145,964

					1,390,698

			Software: 3.0%
	2,900		Adobe Systems, Inc.		82,998
	1,400		Autodesk, Inc.		48,118
	1,700		Automatic Data Processing, Inc.		71,349
	1,300	@	BMC Software, Inc.		23,335
	700	@	Citrix Systems, Inc.		15,162
	850		Computer Associates Intl., Inc.		23,358
	2,200	@	Compuware Corp.		15,818
	1,000	@	Electronic Arts, Inc.		56,610
	2,500		First Data Corp.		100,350
	900	@	Fiserv, Inc.		38,655
	900		IMS Health, Inc.		22,293

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 8

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited) (continued)


Shares				Value

			Software (continued)
	800	@	Intuit, Inc.	$	36,088
	300	@	Mercury Interactive Corp.		11,508
	31,300		Microsoft Corp.		777,492
	2,200	@	Novell, Inc.		13,640
	27,400	@	Oracle Corp.		361,680
	600	@	Parametric Technology Corp.		3,828
	1,700		Siebel Systems, Inc.		15,130
	1,700	@	Veritas Software Corp.		41,480

					1,758,892

			Telecommunications: 3.6%
	1,000		Alltel Corp.		62,280
	3,000		AT&T Corp.		57,120
	1,800	@	Avaya, Inc.		14,976
	5,600		BellSouth Corp.		148,792
	400		CenturyTel, Inc.		13,852
	22,000	@	Cisco Systems, Inc.		420,420
	1,000		Citizens Communications Co.		13,440
	800	@	Comverse Technology, Inc.		18,920
	2,250	@	Corning, Inc.		37,395
	12,700		Motorola, Inc.		231,902
	3,900	@	Nextel Communications, Inc.		126,009
	5,100		QUALCOMM, Inc.		168,351
	10,100		SBC Communications, Inc.		239,875
	900		Scientific-Atlanta, Inc.		29,943
	600		Sprint Corp.		15,054
	1,900	@	Tellabs, Inc.		16,530
	14,400		Verizon Communications, Inc.		497,520

					2,112,379

			Textiles: 0.1%
	800		Cintas Corp.		30,880

					30,880

			Toys/Games/Hobbies: 0.1%
	1,000		Hasbro, Inc.		20,790
	1,300		Mattel, Inc.		23,790

					44,580

			Transportation: 0.9%
	1,400		Burlington Northern Santa Fe Corp.		65,912
	1,200		CSX Corp.		51,192
	1,000		FedEx Corp.		81,010
	1,300		Norfolk Southern Corp.		40,248
	800		Union Pacific Corp.		51,840
	3,400		United Parcel Service, Inc.		235,144

					525,346

			Total Common Stock (Cost $37,456,045)		37,224,438

U.S. GOVERNMENT AGENCY OBLIGATIONS: 19.2%
			Federal National Mortgage Association: 5.6%
$	4,417,000		4.750%, due 05/15/12	$	3,317,406

					3,317,406

			Other U.S. Agency Obligations: 13.6%
	4,630,000		FICO STRIP, 4.650%, due 03/26/12		3,513,489
	1,158,000		FICO STRIP, 4.660%, due 05/02/12		874,834
	3,331,000		FICO STRIP, 4.670%, due 05/11/12		2,513,666
	1,400,000		FICO STRIP, 4.680%, due 06/06/12		1,053,028

					7,955,017

			Total U.S. Government Agency Obligations (Cost $11,287,644)		11,272,423

U.S. TREASURY OBLIGATIONS: 17.7%
			U.S. Treasury STRIP: 17.7%
	9,800,000		3.880%, due 08/15/12		7,453,517
	3,800,000		4.310%, due 05/15/12		2,921,976

			Total U.S. Treasury Obligations (Cost $10,392,204)		10,375,493

			Total Long-Term Investments (Cost $59,135,893)		58,872,354

SHORT-TERM INVESTMENTS: 0.2%
			Repurchase Agreement: 0.2%
	112,000		Morgan Stanley Repurchase Agreement dated 06/30/05, 3.350%, due 07/01/05, $112,010 to be received upon repurchase (Collateralized by $115,000 Federal Home Loan Bank, 6.000%, Market Value plus accrued interest $116,166, due 11/15/24)	$	112,000

			Total Short-Term Investments (Cost $112,000)		112,000

Total Investments In Securities
(Cost $59,247,893)*

100.6

58,984,354

Other Assets and
Liabilities-Net

(0.6

)

(373,254

)

Net Assets

100.0

58,611,100


@		Non-income producing security
@@		Foreign issuer
STRIP		Separate Trading of Registered Interest and Principal of Securities
W		When-issued or delayed delivery security
*		Cost for federal income tax purposes is $59,251,089. Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	454,938
Gross Unrealized Depreciation		(721,673	)

Net Unrealized Depreciation	$	(266,735	)

See Accompanying Notes to Financial Statements

ING GET U.S. Core Portfolio Series 9

PORTFOLIO OF INVESTMENTS

as of June 30, 2005 (Unaudited)

Industry Type*

as of June 30, 2005

(as a percent of net assets)


Principal
Amount			Value

U.S. GOVERNMENT AGENCY OBLIGATION: 3.4%
		Federal Home Loan Bank: 3.4%
$	1,000,000	3.224%, due 07/26/05	$	999,968

		Total U.S. Government Agency Obligations (Cost $999,969)		999,968

SHORT-TERM INVESTMENTS: 96.5%
		Certificate of Deposit: 3.1
	900,000	Washington Mutual Bank FA, 0.230%, due 07/05/05		899,954

		Total Certificate of Deposit (Cost $899,963)		899,954

		Commercial Paper: 76.6%
	800,000	Alliance & Leicester PLC, 3.230%, due 07/07/05		799,498
	1,100,000	Barton Capital Corp., 3.250%, due 07/08/05		1,099,206
	1,000,000	CBA Finance, 3.240%, due 08/08/05		996,501
	1,100,000	Ceisco, 3.200%, due 07/01/05		1,099,902
	1,000,000	Concord Minutemen Cap Co., 3.250%, due 08/10/05		996,310
	1,100,000	Credit Suisse First Boston, 3.250%, due 07/05/05		1,099,503
	1,000,000	Crown Point Capital Co. LLC, 3.250%, due 07/15/05		998,646
	1,100,000	Eddison Asset Securitization, 3.220%, due 07/05/05		1,099,508
	1,000,000	Ixis Commercial, 3.250%, due 07/11/05		999,007
	1,000,000	Jupiter Securities, 3.200%, due 07/15/05		998,667
	1,100,000	Merrill Lynch & Co., 3.230%, due 07/05/05		1,099,507
	1,000,000	Morgan Stanley, 3.260%, due 08/09/05		996,389
	1,000,000	Old Line Funding Corp., 3.210%, due 07/26/05		997,689
	730,000	Park Avenue Receivables, 3.200%, due 07/15/05		729,027
	1,100,000	RaboBank USA Finance, 3.170%, due 07/01/05		1,099,903
	1,000,000	Saint German Holdings, Ltd., 3.260%, due 07/13/05		998,823
	1,000,000	Thunder Bay Funding, 3.210%, due 07/18/05		998,400
	1,100,000	Total Capital, 3.130%, due 07/01/05		1,099,903
	1,100,000	UBS Finance, 3.150%, due 07/01/05		1,099,903
	1,000,000	Verizon Global Funding Corp., 3.180%, due 07/11/05		999,028
	900,000	Westpac Trust Securities, Ltd., 3.270%, due 07/11/05		899,101
	1,000,000	Windmill Funding Corp., 3.210%, due 07/26/05		997,689

		Total Commercial Paper (Cost $22,204,096)		22,202,110

		Repurchase Agreement: 16.1%
	4,686,000	Goldman Sachs Repurchase Agreement dated 06/30/05, 3.340%, due 07/01/05, $4,686,435 to be received upon repurchase (Collateralized by $4,494,000 United States Treasury, 4.750%, Market Value plus accrued interest $4,779,987, due 05/15/14)		4,686,000

		Total Repurchase Agreement (Cost $4,686,000)		4,686,000

Total Investments In Securities
(Cost $28,790,028)*

99.2

28,788,032

Other Assets and
Liabilities-Net

0.8

242,522

Net Assets

100.0

29,030,554


*		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		(1,996	)

Net Unrealized Depreciation	$	(1,996	)

See Accompanying Notes to Financial Statements

Investment Manager

ING Investments, LLC

7337 E. Doubletree Ranch Road

Scottsdale, Arizona 85258

Administrator

ING Funds Services, LLC

7337 E. Doubletree Ranch Road

Scottsdale, Arizona 85258

Distributor

ING Funds Distributor, LLC

7337 E. Doubletree Ranch Road

Scottsdale, Arizona 85258

1-800-334-3444

Transfer Agent

DST Systems, Inc.

P.O. Box 219368

Kansas City, Missouri 64141

Custodian

The Bank of New York

100 Colonial Center Parkway, Suite 300

Lake Mary, Florida 32746

Legal Counsel

Dechert LLP

30 Rockefeller Plaza

New York, New York 10112

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-UGCORE (0605-081505)


	Funds


	Semi-Annual Report

	June 30, 2005

	ING VP Global Equity Dividend Portfolio

	(Formerly, ING VP Worldwide Growth Portfolio)


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

TABLE OF CONTENTS






President’s Letter		1




Market Perspective		2




Shareholder Expense Example		4




Statement of Assets and Liabilities		5




Statement of Operations		6




Statement of Changes in Net Assets		7




Financial Highlights		8




Notes to Financial Statements		9




Portfolio of Investments		16


	PROXY VOTING INFORMATION
	A description of the policies and procedures that the Registrant uses 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 Registrant’s website at www.ingfunds.com and (3) on the SEC’s website at www.sec.gov. Information regarding how the Registrant voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Registrant’s website at www.ingfunds.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

(THIS PAGE INTENTIONALLY LEFT BLANK)

PRESIDENT’S LETTER

(PHOTO OF JAMES M. HENNESSY)

JAMES M. HENNESSY

Dear Shareholder:

On behalf of everyone here at ING Funds, I thank you for your continued support and loyalty. We look forward to serving you in the future.

Sincerely,

(-s- James M. Hennessy)

James M. Hennessy

President

ING Funds

July 27, 2005

⁽¹⁾ Morgan Stanley Capital International

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

MARKET PERSPECTIVE: SIX MONTHS ENDED JUNE 30, 2005

The UK market gained 8.1% in sterling, based on the MSCI UK Index⁽⁷⁾ including net dividends, making new four-year highs, but only 0.9% in dollars. It was then

MARKET PERSPECTIVE: SIX MONTHS ENDED JUNE 30, 2005

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

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

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

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

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

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

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, 2005 to June 30, 2005.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning		Ending		Expenses Paid
	Account		Account		During the
	Value		Value		Six Months Ended
	January 1, 2005		June 30, 2005		June 30, 2005*

Actual	$	1,000.00	$	969.30	$	5.62
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76


*	Expenses are equal to the Portfolio’s annualized expense ratios of 1.15%; multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

STATEMENT OF ASSETS AND LIABILITIES AS OF JUNE 30, 2005 (UNAUDITED)






ASSETS:
Investments in securities at value*			$	55,259,191
Cash				1,685,973
Foreign currencies at value**				30,538




Receivables:
	Investment securities sold			68,189
	Dividends and interest			226,409
Prepaid expenses				3,182
Reimbursement due from manager				10,804

		Total assets		57,284,286





LIABILITIES:
Payable for investment securities purchased				1,435,724
Payable to affiliates				45,960
Payable for trustee fees				7,687
Other accrued expenses and liabilities				54,903

		Total liabilities		1,544,274

NET ASSETS (equivalent to $7.28 per share on 7,655,580 shares outstanding)			$	55,740,012





NET ASSETS WERE COMPRISED OF:
Paid-in capital — shares of beneficial interest at $0.001 par value (unlimited shares authorized)			$	55,980,802
Undistributed net investment income				705,426
Accumulated net realized loss on investments and foreign currency related transactions				(1,784,637	)
Net unrealized appreciation on investments and foreign currency related transactions				838,421

NET ASSETS			$	55,740,012


* Cost of investments in securities			$	54,417,753
** Cost of foreign currencies			$	30,940

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)






INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*		$	975,435
Interest			109,321

	Total investment income		1,084,756





EXPENSES:
Investment management fees			279,365
Shareholder reporting expense			24,415
Registration fees			1,200
Professional fees			10,455
Custody and accounting expense			21,996
Trustee fees			2,722
Miscellaneous expense			4,698

	Total expenses		344,851
	Net waived and reimbursed fees		(23,336	)

	Net expenses		321,515

Net investment income			763,241





REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS:




Net realized gain (loss) on:
	Investments		2,741,601
	Foreign currency related transactions		(59,733	)

Net realized gain on investments and foreign currency related transactions			2,681,868

Net change in unrealized appreciation or depreciation on:
	Investments		(5,236,087	)
	Foreign currency related transactions		(9,157	)

Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions			(5,245,244	)

Net realized and unrealized loss on investments and foreign currency related transactions			(2,563,376	)

Decrease in net assets resulting from operations		$	(1,800,135	)


* Foreign taxes withheld		$	94,515

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)


	Six Months			Year Ended
	Ended June 30,			December 31,
	2005			2004

FROM OPERATIONS:
Net investment income	$	763,241		$	336,893
Net realized gain on investments and foreign currency related transactions		2,681,868			5,975,571
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		(5,245,244	)		(1,581,160	)

Net increase (decrease) in net assets resulting from operations		(1,800,135	)		4,731,304





FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(373,866	)		(415,809	)

Total distributions		(373,866	)		(415,809	)





FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		6,304,366			10,448,919
Dividends reinvested		373,866			415,809

		6,678,232			10,864,728
Cost of shares redeemed		(5,705,572	)		(8,990,591	)

Net increase in net assets resulting from capital share transactions		972,660			1,874,137

Net increase (decrease) in net assets		(1,201,341	)		6,189,632




NET ASSETS:
Beginning of period		56,941,353			50,751,721

End of period	$	55,740,012		$	56,941,353

Undistributed net investment income at end of period	$	705,426		$	316,051

See Accompanying Notes to Financial Statements

ING VP GLOBAL EQUITY DIVIDEND PORTFOLIO (UNAUDITED)

FINANCIAL HIGHLIGHTS

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


		Six Months													April 28,
		Ended			Year Ended December 31,										2000⁽¹⁾to
		June 30,													December 31,
		2005			2004		2003		2002			2001			2000

Per Share Operating Performance:
Net asset value, beginning of period	$		7.56			6.96		5.39		7.18			8.81			10.00




Income (loss) from investment operations:
Net investment income (loss)	$		0.10			0.04		0.01		0.00	*		(0.01	)		0.00	*
Net realized and unrealized gain (loss) on investments and foreign currencies	$		(0.33	)		0.61		1.56		(1.79	)		(1.62	)		(1.16	)
Total from investment operations	$		(0.23	)		0.65		1.57		(1.79	)		(1.63	)		(1.16	)




Less distributions from:
Net investment income	$		0.05			0.05		—		0.00	*		—			—
Net realized gains on investments	$		—			—		—		—			—			0.02
In excess of net realized gains on investments	$		—			—		—		—			—			0.01
Total distributions	$		0.05			0.05		—		0.00	*		—			0.03
Net asset value, end of the period	$		7.28			7.56		6.96		5.39			7.18			8.81




Total Return⁽²⁾	%		(3.07	)		9.44		29.13		(24.92	)		(18.50	)		(11.62	)





Ratios and Supplemental Data:
Net assets, end of the period (000’s)	$		55,740			56,941		50,752		27,745			23,983			10,257




Ratios to average net assets:
Net expenses after expense reimbursement/recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		1.15			1.23		1.23		1.23			1.23			1.23
Net expenses after expense reimbursement/ recoupment prior to brokerage commission recapture ⁽³⁾⁽⁴⁾	%		1.15			1.23		1.23		1.23			1.23			1.23
Gross expenses prior to expense reimbursement/ recoupment and brokerage commission recapture⁽⁴⁾	%		1.23			1.20		1.75		2.07			2.97			2.97
Net investment income (loss) after expense reimbursement/ recoupment and brokerage commission recapture⁽³⁾⁽⁴⁾	%		2.73			0.62		0.23		(0.01	)		(0.15	)		(0.11	)
Portfolio turnover rate	%		140			122		111		279			252			11

⁽¹⁾ Commencement of operations.

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

⁽³⁾ The Investment Manager has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by ING Investment, LLC within three years.

⁽⁴⁾ Annualized for periods less than one year.

* Per share amount is less than $0.01.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2005 (UNAUDITED)

NOTE 1 — ORGANIZATION

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Portfolio in the preparation of its financial statements, and such policies are in conformity with accounting principles generally accepted in the United States of America 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 equity 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 Portfolio’s valuation procedures. U.S. Government obligations are valued by using market quotations or independent pricing services which use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics.

	Securities and assets for which market quotations are not readily available (which may include certain restricted securities which are subject to limitations as to their sale) are valued at their fair values as determined in good faith by or under the supervision of the Portfolio’s Board of 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 the Portfolio calculates its net asset value may also be valued at their fair values as determined in good faith by or under the supervision of the Portfolio’s Board, in accordance with methods that are specifically authorized by the Board. If an event occurs after the time at which the market for foreign securities held by the Portfolio closes but before the time that the Portfolio’s NAV is calculated, such event may cause the closing price on the foreign exchange to not represent a readily available reliable market value quotation for such securities at the time the Portfolio determines its NAV. In such a case, the Portfolio will use the fair value of such securities as determined under the Portfolio’s valuation procedures. Events after the close of trading on a foreign market that could require the Portfolio to fair value some or all of its foreign securities include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis in the determination of a security’s fair value, the Board has authorized the use of one or more independent research services to assist with such determinations. An independent research service may use statistical analyses and quantitative models to help determine fair value as of the time a Portfolio calculates its NAV. There can be no assurance that such models accurately reflect the behavior of the applicable markets or the effect of the behavior of such markets on the fair value of securities, or that such markets will continue to behave in a fashion that is consistent with such models. Unlike the closing price of a security on an exchange, fair value determinations employ elements of judgment. Consequently, the fair value assigned to a security may not represent the actual value that the 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, the Portfolio is not obligated to use the fair valuations suggested by any research service, and

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2005 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)


	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 the 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 the Portfolio’s NAV. Investments in securities maturing in 60 days or less are valued at amortized cost, which, when combined with accrued interest, approximates market value.

B.	Security Transactions and Revenue Recognition. Security transactions are recorded on the trade date. Realized gains or losses on sales of investments are calculated on the identified cost basis. Interest income is recorded on the accrual basis. Premium amortization and discount accretion are determined using the effective yield method. Dividend income is recorded on the ex-dividend date.

C.	Foreign Currency Translation. The books and records of the Portfolio 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 Portfolio does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

	Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the 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 period 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 the 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.	Forward Foreign Currency Contracts. The Portfolio 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 currency forward contract, the 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 the 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 statement of assets and liabilities. Realized and unrealized gains and losses are included on the Statement of Operations. These instruments involve market

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2005 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)


	and/or credit risk in excess of the amount recognized in the statement of assets and liabilities. Risks arise from the possible inability of counterparties to meet in terms of their contracts and from movement in currency and securities values and interest rates.

E.	Distributions to Shareholders. Dividends from net investment income and net realized gains, if any are declared and paid quarterly by the Portfolio. Distributions are determined annually in accordance with federal tax principles which may differ from accounting principles generally accepted in the United States of America for investment companies. The Portfolio may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. Distributions are recorded on the ex-dividend date.

F.	Federal Income Taxes. It is the policy of the 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 its shareholders. Therefore, no federal income tax provision is required. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expired.

G	Use of Estimates. Management of the Portfolio has made certain estimates and assumptions relating to the reporting of assets, liabilities, income, and expenses to prepare these financial statements in conformity with accounting principles generally accepted in the United States of America for investment companies. Actual results could differ from these estimates.

H.	Repurchase Agreements. The 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. The 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.

I.	Securities Lending. The Portfolio has the option to temporarily loan up to 30% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. Government securities. Generally, in the event of counterparty default, the Portfolio has the right to use collateral to offset losses incurred. 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. The 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. No securities were on loan at June 30, 2005.

NOTE 3 — INVESTMENT MANAGEMENT FEE

ING Investments, LLC (the “Investment Manager”) is the Investment Manager of the Portfolio. The Portfolio pays the Investment Manager for its services under the Management Agreement, a fee, payable monthly, based on an annual rate of 1.00% of the average daily net assets of the Portfolio.

The Investment Manager has entered into an Expense Limitation Agreement with the Portfolio, under which it will limit expenses of the Portfolio to the extent of 1.23% of the value of the Portfolio’s average daily net assets, excluding interest, taxes, brokerage and extraordinary expenses. Fee waivers and/or reimbursements by the Investment Manager may vary in order to achieve such contractually obligated expense limit.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2005 (UNAUDITED) (CONTINUED)

NOTE 3 — INVESTMENT MANAGEMENT FEE (continued)

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

Effective January 1, 2005, pursuant to a side agreement the Investment Manager has lowered the expense limit for the Portfolio to 1.15% through at least December 31, 2005. There is no guarantee that this side agreement will continue after that date. If after December 31, 2005, the Investment Manager elects not to renew the side agreement, the expense limit will revert to the limitation under the Portfolio’s expense limitation agreement of 1.23%. Any fees waived pursuant to the side agreement shall not be eligible for recoupment.

As of June 30, 2005, the amounts of waived and reimbursed fees that are subject to possible recoupment by the Investment Manager, and the related expiration dates are as follows:



June 30,

2006		2007		2008		Total

$	246,394	$	95,727	$	—	$	342,121

Effective April 29, 2005 ING Investment Management Advisors B.V. (“IIM BV”) became sub-adviser to the Portfolio. Prior to April 29, 2005, the Portfolio was sub-advised by ING Investment Management Co.

The Investment Manager entered into a Sub-Advisory Agreement with IIM BV for the Portfolio.

ING Funds Services, LLC (the “Administrator”) serves as Administrator to the Portfolio. There is no fee paid to the Administrator.

The Investment Manager, IIM BV, and the Administrator are indirect, wholly-owned subsidiaries of ING Groep N.V. (“ING Groep”). ING Groep is one of the largest financial services organizations in the world, and offers an array of banking, insurance and asset management services to both individuals and institutional investors.

NOTE 4 — OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES

The Investment Manager may direct the Portfolio’s portfolio managers to use their best efforts (subject to obtaining best execution of each transaction) to allocate the Portfolio’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of the Portfolio. Any amount credited to the Portfolio is reflected as brokerage commission recapture in the Statement of Operations.

At June 30, 2005, the Portfolio had $45,960 recorded in payable to affiliates on the accompanying Statement of Assets and Liabilities for accrued investment management fees.

The Portfolio has adopted a Retirement Policy covering all Independent Trustees of the Portfolio who will have served as an Independent Trustee for at least five years at the time of retirement. Benefits under this plan are based on an annual rate as defined in the plan agreement.

NOTE 5 — PURCHASES AND SALES OF INVESTMENT SECURITIES

The cost of purchases and proceeds from sales of investments for the six months ended June 30, 2005, excluding short-term securities, were $77,829,024 and $76,282,239, respectively.

NOTE 6 — LINE OF CREDIT

The Portfolio, in addition to certain other funds managed by the Investment Manager, has entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York for an aggregate amount of $125,000,000. The proceeds may be used to: (1) temporarily finance the purchase and sale of securities; (2) finance the redemption of shares of an investor in the funds; and (3) enable the funds to meet other emergency expenses as defined in the Credit Agreement. The funds to which the line of credit is available pay a commitment fee equal to 0.09% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. The Portfolio utilized the line of credit for nine days

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2005 (UNAUDITED) (CONTINUED)

NOTE 6 — LINE OF CREDIT (continued)

with an approximate average daily balance of $2,812,000 at an approximate weighted average interest rate of 3.50% during the six months ended June 30, 2005.

NOTE 7 — CAPITAL SHARE TRANSACTIONS

Transactions in capital shares and dollars, were as follows:



	Six Months Ended
	June 30, 2005

	Shares			Amount

Shares sold		856,779		$	6,304,366
Dividends reinvested		51,285			373,866
Shares redeemed		(783,021	)		(5,705,572	)

Net increase		125,043		$	972,660



	Year Ended
	December 31, 2004

	Shares			Amount

Shares sold		1,476,514		$	10,448,919
Dividends reinvested		57,709			415,809
Shares redeemed		(1,299,185	)		(8,990,591	)

Net increase		235,038		$	1,874,137

NOTE 8 — CONCENTRATION OF INVESTMENT RISKS

Foreign Securities. The Portfolio makes significant investments in foreign securities. Investments in foreign securities may entail risks not present in domestic investments. Since investments in securities 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 Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, as well as from movements in currency, security value and interest rate, all of which could affect the market and/or credit risk of the investments.

Non-Diversified. The Portfolio is classified as a non-diversified investment company under the Investment Company Act, which means that the Portfolio is not limited in the proportion of its assets in a single issuer. The investment of a large percentage of a Portfolio’s assets in the securities of a small number of issuers may cause the Portfolio’s share price to fluctuate more than that of a diversified investment company.

NOTE 9 — FEDERAL INCOME TAXES

Key differences include the treatment of short-term capital gains, foreign currency transactions, and wash sale deferrals. Distributions in excess of available earnings and profits, current and accumulated, for tax purposes are reported as distributions of paid-in capital.

Dividends to shareholders from ordinary income for the six months ended June 30, 2005 and the year ended December 31, 2004, were $373,866 and $415,809, respectively.

Dividends paid by the Portfolio 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.


Undistributed		Unrealized		Capital
Ordinary		Appreciation		Loss			Expiration
Income		(Depreciation)		Carryforwards			Dates

$	$320,321	$	5,411,206	$	(3,793,860	)		2010

NOTE 10 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS

ING Investments, LLC (“Investments”), the adviser to the ING Funds, has reported to the Boards of Directors/Trustees (the “Board”) of the ING Funds that, like many U.S. financial services companies, investments and certain of its U.S. affiliates have received informal and formal requests for information since September 2003 from various governmental and self-regulatory agencies in connection with investigations related to mutual funds and variable insurance products. Investments has advised the Board that it and its affiliates have cooperated fully with each request.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2005 (UNAUDITED) (CONTINUED)

NOTE 10 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS (continued)

In addition to responding to regulatory and governmental requests, Investments reported that management of U.S. affiliates of ING Groep N.V., including Investments (collectively, “ING”), on their own initiative, have conducted, through independent special counsel and a national accounting firm, an extensive internal review of trading in ING insurance, retirement, and mutual fund products. The goal of this review was to identify any instances of inappropriate trading in those products by third parties or by ING investment professionals and other ING personnel. ING’s internal review related to mutual fund trading is now substantially completed. ING has reported that, of the millions of customer relationships that ING maintains, the internal review identified several isolated arrangements allowing third parties to engage in frequent trading of mutual funds within ING’s variable insurance and mutual fund products, and identified other circumstances where frequent trading occurred, despite measures taken by ING intended to combat market timing. ING further reported that each of these arrangements has been terminated and fully disclosed to regulators. The results of the internal review were also reported to the independent members of the Board.

More specifically, Investments reported to the Board that, at this time, these instances include the following:


•	ING has identified three arrangements, dating from 1995, 1996 and 1998, under which the administrator to the then-Pilgrim Funds, which subsequently became part of the ING Funds, entered formal and informal arrangements that permitted frequent trading. ING Funds Distributor, LLC (“IFD”) has received a notice from the staff of the NASD informing IFD that it has made a preliminary determination to recommend that disciplinary action be brought against IFD and one of its registered persons for violations of the NASD Conduct Rules and certain provisions of the federal securities laws in connection with these arrangements.

•	Aeltus Investment Management, Inc. (a predecessor entity to ING Investment Management Co.) has identified two investment professionals who engaged in extensive frequent trading in certain ING Funds. One was subsequently terminated for cause and incurred substantial financial penalties in connection with this conduct and the second has been disciplined.

•	ReliaStar Life Insurance Company (“ReliaStar”) entered into agreements seven years ago permitting the owner of policies issued by the insurer to engage in frequent trading and to submit orders until 4pm Central Time. In 2001 ReliaStar also entered into a selling agreement with a broker-dealer that engaged in frequent trading. Employees of ING affiliates were terminated and/or disciplined in connection with these matters.

•	In 1998, Golden American Life Insurance Company entered into arrangements permitting a broker-dealer to frequently trade up to certain specific limits in a fund available in an ING variable annuity product. No employee responsible for this arrangement remains at the company.

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2005 (UNAUDITED) (CONTINUED)

NOTE 10 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS (continued)

U.S. business as a whole, ING management does not believe that ING’s acquired companies had systemic ethical or compliance issues in these areas. Nonetheless, Investments reported that given ING’s refusal to tolerate any lapses, it has taken the steps noted below, and will continue to seek opportunities to further strengthen the internal controls of its affiliates.


•	ING has agreed with the ING Funds to indemnify and hold harmless the ING Funds from all damages resulting from wrongful conduct by ING or its employees or from ING’s internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the Securities and Exchange Commission. Investments reported to the Board that ING management believes that the total amount of any indemnification obligations will not be material to ING or its U.S. business

•	ING updated its Code of Conduct for employees reinforcing its employees’ obligation to conduct personal trading activity consistent with the law, disclosed limits, and other requirements.

•	The ING Funds, upon a recommendation from ING, updated their respective Codes of Ethics applicable to investment professionals with ING entities and certain other fund personnel, requiring such personnel to pre-clear any purchases or sales of ING Funds that are not systematic in nature (i.e., dividend reinvestment), and imposing minimum holding periods for shares of ING Funds.

•	ING instituted excessive trading policies for all customers in its variable insurance and retirement products and for shareholders of the ING Funds sold to the public through financial intermediaries. ING does not make exceptions to these policies.

•	ING reorganized and expanded its U.S. Compliance Department, and created an Enterprise Compliance team to enhance controls and consistency in regulatory compliance.

NOTE 11 — SUBSEQUENT EVENT

Dividends: Subsequent to June 30, 2005, the Portfolio declared dividends and distributions of $0.0779 per share from net investment income payable July 6, 2005, and recorded June 30, 2005.

ING VP GLOBAL EQUITY DIVIDEND PORTFOLIO

PORTFOLIO OF INVESTMENTS

AS OF JUNE 30, 2005 (UNAUDITED)

Country Allocation*

as of June 30, 2005

(as a percent of net assets)



Shares			Value






COMMON STOCK: 95.8%
		Australia: 7.1%
	32,160	Australia & New Zealand Banking Group Ltd.	$	531,786
	43,940	Coca-Cola Amatil Ltd.		263,828
	144,658	Foster’s Group Ltd.		585,445
	41,754	Santos Ltd.		358,716
	21,185	St. George Bank Ltd.		422,170
	65,902	Stockland		276,639
	17,598	Suncorp-Metway Ltd.		269,122
	26,398	TABCorp. Holdings Ltd.		329,189
	11,272	Wesfarmers Ltd.		341,905
	41,063	Westfield Group		553,988

				3,932,788

		Belgium: 1.9%
	15,148	Belgacom SA		516,483
	19,315	Fortis		534,508

				1,050,991

		Bermuda: 0.4%
	6,000	Frontline Ltd.		238,124

				238,124

		Brazil: 1.5%
	15,089	Cia Siderurgica Nacional SA ADR		243,687
	12,300	Petroleo Brasileiro SA ADR		566,292

				809,979

		Canada: 2.6%
	7,317	Enerplus Resources Fund		279,509
	3,586	Fording Canadian Coal Trust		330,630
	297	Fording Canadian Coal Trust		27,202
	7,000	Manitoba Telecom Services, Inc.		266,901
	21,343	TransCanada Corp.		561,805

				1,466,047

		China: 1.8%
	584,000	Huaneng Power Intl., Inc.		428,119
	814,000	PetroChina Co., Ltd.		598,009

				1,026,128

		Denmark: 2.0%
	18,000	Danske Bank A/S ADR		540,831
	13,300	TDC A/S		569,631

				1,110,462

		Finland: 0.9%
	27,400	UPM-Kymmene Oyj		524,636

				524,636

		France: 1.4%
	11,189	PagesJaunes SA		261,572
	5,262	Societe Generale		533,804

				795,376

		Germany: 0.9%
	27,982	Deutsche Telekom AG		515,756

				515,756

		Greece: 0.6%
	11,000	Greek Organization of Footbal Prognostics SA		317,929

				317,929

		Hong Kong: 1.8%
	97,000	Citic Pacific Ltd.		282,958
	72,500	CLP Holdings Ltd.		415,275
	110,000	Hong Kong Exchanges and Clearing Ltd.		283,647

				981,880

		Indonesia: 0.5%
	1,932,500	Bank Mandiri Persero Tbk PT		296,162

				296,162

		Ireland: 1.0%
	24,770	Allied Irish Banks PLC		532,970

				532,970

		Israel: 0.5%
	96,393	Bank Hapoalim Ltd.		302,649

				302,649

		Italy: 6.3%
	65,603	Enel S.p.A.		572,735
	33,149	ENI S.p.A.		852,104
	27,556	Riunione Adriatica di Sicurta S.p.A.		535,761
	98,075	Snam Rete Gas S.p.A.		524,396
	197,937	Telecom Italia SpA		512,197
	101,195	UniCredito Italiano S.p.A.		533,745

				3,530,938

		Netherlands: 3.5%
	22,185	ABN AMRO Holding NV		545,260
	13,385	Akzo Nobel NV		526,564
	3,371	Rodamco Europe NV		276,209
	8,896	Royal Dutch Petroleum Co.		578,558

				1,926,591

		New Zealand: 2.8%
	378,103	Telecom Corp. of New Zealand Ltd.		1,581,767

				1,581,767

		Norway: 1.0%
	53,600	DNB NOR ASA		557,143

				557,143

See Accompanying Notes to Financial Statements

ING VP GLOBAL EQUITY DIVIDEND PORTFOLIO

PORTFOLIO OF INVESTMENTS

AS OF JUNE 30, 2005 (UNAUDITED) (CONTINUED)



Shares				Value


			Panama: 0.3%
	8,800		Banco Latinoamericano de Exportaciones SA	$	157,960

					157,960

			Singapore: 1.0%
	68,000		United Overseas Bank Ltd.		571,384
	6,000		United Overseas Land Ltd		8,094

					579,478

			South Africa: 1.4%
	127,677		FirstRand Ltd.		264,864
	6,064		Impala Platinum Holdings Ltd.		540,611

					805,475

			South Korea: 2.5%
	17,620		Korea Electric Power Corp.		538,222
	12,400		KT Corp. ADR		266,600
	7,280		KT&G Corp.		284,008
	3,520		S-Oil Corp.		280,591

					1,369,421

			Spain: 1.0%
	23,835		Endesa SA		554,261

					554,261

			Sweden: 3.5%
	26,200		ForeningsSparbanken AB		574,609
	612	@	Sandvik AB		31,976
	13,288		Sandvik AB		492,881
	25,000		Skanska AB		308,165
	12,800		Volvo AB		519,710

					1,927,341

			Taiwan: 1.0%
	59,418		Taiwan Semiconductor Manufacturing Co. Ltd. ADR		541,895

					541,895

			Thailand: 0.9%
	108,300		Advanced Info Service PCL		255,889
	44,100		Siam Cement PCL		257,789

					513,678

			United Kingdom: 11.8%
	33,481		Alliance & Leicester PLC		523,208
	43,318		Barratt Developments PLC		555,572
	28,534		BOC Group PLC		512,204
	47,089		Boots Group PLC		513,010
	122,420		Centrica PLC		507,151
	36,072		Diageo PLC		530,877
	190,229		Dixons Group PLC		533,479
	38,548		Gallaher Group PLC		572,227
	21,210		GlaxoSmithKline PLC		512,723
	35,294		Kelda Group PLC		441,228
	21,337		Provident Financial PLC		274,380
	107,808		Rank Group PLC		518,063
	31,945		Severn Trent PLC		580,955

					6,575,077

			United States: 33.9%
	12,625		Altria Group, Inc.		816,332
	9,610		Ameren Corp.		531,433
	15,000		American Capital Strategies Ltd.		541,650
	9,394		Arthur J Gallagher & Co.		254,859
	16,758		Bank of America Corp.		764,331
	26,691		Bristol-Myers Squibb Co.		666,741
	8,648		ChevronTexaco Corp.		483,596
	16,535		Citigroup, Inc.		764,412
	47,365		Citizens Communications Co.		636,585
	25,511		ConAgra Foods, Inc.		590,835
	6,452		Deluxe Corp.		261,951
	5,800		Developers Diversified Realty Corp.		266,568
	10,300		Duke Realty Corp.		326,098
	12,358		First Horizon National Corp.		521,508
	6,267		General Maritime Corp.		265,721
	10,000		Health Care Property Investors, Inc.		270,400
	6,100		Hospitality Properties Trust		268,827
	13,653		IMPAC Mortgage Holdings, Inc.		254,628
	6,249		iStar Financial, Inc.		259,896
	15,889		KeyCorp		526,720
	5,400		Kinder Morgan Energy Partners LP		274,968
	6,707		Kinder Morgan, Inc.		558,022
	6,600		Liberty Property Trust		292,446
	23,126		Merck & Co., Inc.		712,281
	14,077		New York Community Bancorp, Inc.		255,075
	9,100		Oneok, Inc.		297,115
	12,321		Packaging Corp. of America		259,357
	11,778		Progress Energy, Inc.		532,837
	9,394		Public Service Enterprise Group, Inc.		571,342
	4,930		Rayonier, Inc.		261,438
	25,400		Regal Entertainment Group		479,552
	7,160		Reynolds American, Inc.		564,208
	28,785		Sara Lee Corp.		570,231
	26,422		SBC Communications Inc.		627,523
	7,600		Simon Property Group, Inc.		550,924
	15,265		Southern Co.		529,238
	9,154		Thornburg Mortgage, Inc.		266,656
	17,648		U.S. Bancorp		515,322
	11,500		United Dominion Realty Trust, Inc.		276,575
	15,585		UST, Inc.		711,611
	12,498		Washington Mutual, Inc.		508,544

					18,888,356

			Total Common Stock (Cost $52,608,206)		53,411,258





EQUITY LINKED SECURITIES: 2.4%
			Luxembourg: 0.8%
	16,599		Hero Honda Motors Ltd.		220,435
	34,500		Hindustan Petroleum Corp.		242,880

					463,315

			Taiwan: 1.6%
	159,700		Acer, Inc.		316,206
	517,000		China Steel Corp.		540,294

					856,500

			Total Equity Linked Securities (Cost $1,301,486)		1,319,815





WARRANTS: 0.9%
			Luxembourg: 0.9%
	124,000		Formosa Chemicals & Fibre Corp., expires 11/04/05		279,298
	377,000		Mega Financial Holding Co. Ltd., expires 01/26/07		248,820

					528,118

			Total Warrants (Cost $508,061)		528,118

Total Investments In Securities
(Cost $54,417,753)*

99.1

55,259,191

Other Assets and
Liabilities-Net

0.9

480,821

Net Assets

100.0

55,740,012

See Accompanying Notes to Financial Statements

ING VP GLOBAL EQUITY DIVIDEND PORTFOLIO

PORTFOLIO OF INVESTMENTS

AS OF JUNE 30, 2005 (UNAUDITED) (CONTINUED)


		Certain foreign securities have been fair valued in accordance with procedures approved by the Board of Directors/Trustees (Note 2A).
@		Non-income producing security
ADR		American Depositary Receipt
*		Cost for federal income tax purposes is $54,524,471. Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	1,845,801
Gross Unrealized Depreciation		(1,111,081	)

Net Unrealized Appreciation	$	734,720


	Percentage of
Industry	Net Assets


Advertising		0.5	%
Agriculture		5.2
Auto Manufacturers		0.9
Auto Parts and Equipment		0.4
Banks		17.9
Beverages		2.5
Building Materials		0.5
Chemicals		2.4
Coal		0.6
Commercial Services		1.4
Computers		0.6
Diversified Financial Services		2.8
Electric		8.2
Engineering and Construction		0.6
Entertainment		2.1
Food		2.1
Forest Products and Paper		1.4
Gas		2.4
Hand/ Machine Tools		0.9
Holding Companies — Diversified		0.5
Home Builders		1.0
Insurance		1.5
Investment Companies		1.0
Iron/Steel		1.4
Mining		1.0
Miscellaneous Manufacturing		0.6
Oil and Gas		7.6
Packaging and Containers		0.5
Pharmaceuticals		3.4
Pipelines		2.5
Real Estate		1.5
Real Estate Investment Trusts		5.9
Retail		1.9
Savings and Loans		1.4
Semiconductors		1.0
Telecommunications		10.3
Transportation		0.9
Water		1.8
Other Assets and Liabilities, Net		0.9

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

Investment Manager

ING Investments, LLC

7337 E. Doubletree Ranch Road

Scottsdale, Arizona 85258

Administrator

ING Funds Services, LLC

7337 E. Doubletree Ranch Road

Scottsdale, Arizona 85258

Distributor

ING Funds Distributor, LLC

7337 E. Doubletree Ranch Road

Scottsdale, Arizona 85258

1-800-334-3444

Transfer Agent

DST Systems, Inc.

P.O. Box 419368

Kansas City, Missouri 64141

Custodian

The Bank of New York

100 Colonial Center Parkway, Suite 300

Lake Mary, Florida 32746

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006


	VPSAR-UGED (0605-081505)

Item 2. Code of Ethics.

Not required for semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not required for semi-annual filing.

Item 6. Schedule of Investments.

Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Board has a Nominating Committee for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board. The Committee currently consists of all Independent Trustees of the Board (6 individuals). The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider and present to the Board the candidates it proposes for nomination to fill vacancies on the Board. In evaluating candidates, the Nominating Committee may consider a variety of factors, but it has not at this time set any specific minimum qualifications that must be met. Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.

The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews its own nominees. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include at a minimum the following information as to each individual proposed for nomination as trustee: such individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a trustee (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of trustees, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.

The Secretary shall submit all nominations received in a timely manner to the Nominating Committee. To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90th day prior to such meeting and not later than the close of business on the later of the 60th day prior to such meeting or the 10th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the Securities and Exchange Commission.

Item 11. Controls and Procedures.

(a)	Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b)	There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	The Code of Ethics is not required for the semi-annual filing.

(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(a)(3)	Not required for semi-annual filing.

(b)	The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): ING Variable Insurance Trust


By		/s/ James M. Hennessy

		James M. Hennessy President and Chief Executive Officer

Date:		August 25, 2005

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/ James M. Hennessy

		James M. Hennessy President and Chief Executive Officer

Date:		August 25, 2005


By		/s/ Todd Modic

		Todd Modic Senior Vice President and Chief Financial Officer

Date:		August 25, 2005

Ing Variable Insurance Trust N-CSRSCertified semi-annual shareholder report (management investment company)