Ing Variable Insurance Trust NCSR Certified 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: 811-09477

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, 2011 to December 31, 2011

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):

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Annual Report

December 31, 2011

ING GET U.S. Core Portfolio

Series 7

Series 8

Series 9

Series 10

Series 11

Series 12

Series 13

Series 14

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

MUTUAL FUNDS

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TABLE OF CONTENTS


President’s Letter			1

Market Perspective			2

Portfolio Managers’ Reports			4

Investment Strategy and Principal Risks			13

Shareholder Expense Examples			17

Report of Independent Registered Public Accounting Firm			18

Statements of Assets and Liabilities			19

Statements of Operations			21

Statements of Changes in Net Assets			23

Financial Highlights			27

Notes to Financial Statements			29

Portfolios of Investments			39

Tax Information			52

Trustee and Officer Information			53

Advisory Contract Approval Discussion			57

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

The Portfolios file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This report contains a summary portfolio of investments for certain Portfolios. The Portfolios’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Portfolios’ Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Portfolios by calling Shareholder Services toll-free at (800) 992-0180.

PRESIDENT’S LETTER

LOGO

Euro zone — continued uncertainty

Dear Shareholder,

Recent months have seen headlines and financial markets continue to focus on the ongoing euro zone debt crisis. Acknowledging that the status quo was untenable, in early December, Europe opted to move closer together rather than be torn apart. All 17 nations that use the euro and nine other European Union members agreed to a new fiscal compact that would invite closer scrutiny of individual country budgets. Ratings agencies were mostly unimpressed by these machinations; ultimately, Standard & Poor’s downgraded nine countries in the region, including formerly AAA-rated France.

With the stability of Italy and Spain now in question, the need for an effective policy response has become even more acute. The new governments in both countries will

have but a short grace period in which to demonstrate their resolve; both have been forced to pay yields at euro-era highs for newly issued bonds.

Across the Atlantic, the chasm between the two major political parties in the United States is as wide as ever, most recently evidenced by the failure of the Congressional “supercommittee” on deficit reduction. Notwithstanding the ongoing paralysis in Washington, the U.S. economy is showing new signs of momentum.

We expect the global economy to deliver positive, if uninspiring, growth into 2012 despite the euro zone’s debt problems. We believe interest rates should remain low in major advanced countries. Markets — and risk assets in general — are likely to remain vulnerable to uncertainty until there is confidence that Europe has adequately addressed its issues.

In times of uncertainty investors historically have turned to sovereign credits, especially U.S. Treasury securities. This spotlights the critical role that governments play in defining the parameters of the financial markets and serving as foundations for generating value within economies. The current trend toward fiscal austerity downplays this important function and may prolong the global economic doldrums.

How should you respond to uncertainty in your own investment program? Don’t try to time the markets. Keep your portfolio well diversified, and pay careful attention to the risks you are assuming. Talk to your financial advisor before you make any changes that might detour your portfolio from your long-term goals.

We appreciate your continued confidence in ING Funds, and we look forward to serving your investment needs in the future.

Sincerely,

LOGO

Shaun Mathews

President and Chief Executive Officer

ING Funds

January 3, 2012

The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such

views are subject to change at any time based upon market or other conditions and ING Funds disclaims any

responsibility to update such views. These views may not be relied on as investment advice and because investment

decisions for an ING Fund are based on numerous factors, may not be relied on as an indication of investment intent

on behalf of any ING Fund. Reference to specific company securities should not be construed as recommendations

or investment advice.

International investing poses special risks including currency fluctuation, economic and political risks not found in

investments that are solely domestic.

MARKET PERSPECTIVE

In our semi-annual report we described how investor sentiment was generally positive through April. Many of the developed world’s economies including the U.S., seemed to be returning to health, boosted by heavy, ongoing doses of stimulative and monetary medicine. This was despite natural disasters in Japan, the violent uncertainties of the “Arab Spring” in North Africa and the Middle East, not to mention a European sovereign debt crisis.

But the mood darkened in early May 2011. Global equities in the form of the MSCI World Index^SMmeasured in local currencies, including net reinvested dividends, slid from May through September, losing over 17%, before a remarkable October rally clawed back about half of this. For the whole fiscal year the Index lost 5.49%. (The MSCI World Index^SM returned (5.54)% for the year ended December 31, 2011, measured in U.S. dollars.)

A confluence of factors caused the deterioration in outlook after April. That month the latest unemployment rate was reported at 8.8%, the lowest in 24 months. New private sector jobs, well above 200,000, were added in each of January, February and March. But in May the unemployment rate rebounded to 9.1%. By September the employment report showed zero new jobs created in August. But more upbeat releases in later months revised this up, and by year end the three-month average of jobs created was back to 143,000 from just 35,000 in September.

In the housing market, home prices (based on the S&P/Case-Shiller 20-City Composite Home Price Index) fell every month in the year. Sales were depressed, despite improved affordability and record low mortgage interest rates, by tight credit with many homeowners in negative equity on their properties.

Gross Domestic Product (“GDP”) growth had been reported at 3.1% (quarter-over-quarter, annualized) for the fourth quarter of 2010. On July 29, this was scaled down to 2.3%, among other revisions that showed the recession had been deeper and started earlier than previously thought. Worse, growth in the first quarter of 2011 was a barely perceptible 0.4%. When the second quarter’s figure was finalized at just 1.3%, the common assessment was that the economy was operating at “stall-speed”. There was relief in October when the first estimate of third quarter GDP growth was a much-improved 2.5%, although this was subsequently revised down to 1.8%.

Political deadlock weighed on sentiment throughout. A stopgap agreement to raise the debt ceiling did not stop Standard & Poors from downgrading the country’s credit rating. A bipartisan “Debt Super Committee” appointed to negotiate a more lasting set of budget control measures, admitted defeat on November 21.

Other keenly watched figures like retail sales and wages & salaries were stagnant in the months up to October, improved in that month and were mixed thereafter. Purchasing managers’ indices indicated expansion but not by much. Taken together, the data were inconclusive as the year ended but the consensus was that the once-feared return to recession now looked unlikely.

The euro zone’s sovereign debt crisis continued to move markets. By early August it seemed to be veering out of control. When attention turned from Greece to the much bigger bond markets of Spain and especially Italy, the European Central Bank (“ECB”) stepped in, uneasily, to buy their bonds — and some time. The threat to the euro zone banking system, where vast quantities of Italian and Spanish bonds are held, was clear.

Finally, a baby step towards closer fiscal union among euro zone countries was agreed in December, including restrictions on budget deficits with near automatic disciplinary procedures for violators. Bilateral loans of up to €200 billion would be made to the International Monetary Fund, presumably to fund rescue packages for individual nations. But it provided no lender of last resort with unlimited firepower, nor measures to promote growth and liberalize markets. Investors were under no illusions as the year ended that the crisis had been solved.

In U.S. fixed income markets, the Barclays Capital U.S. Aggregate Bond Index of investment grade bonds rose 7.84% in the fiscal year, while the Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index gained 4.96%. Most notable within the Barclays Capital U.S. Aggregate Bond Index was the remarkable 29.93% return on long-dated Treasuries, reflecting both the overall decline in risk appetite and quantitative easing.

U.S. equities, represented by the S&P 500^® Index, including dividends, returned 2.11% for 2011, almost identical to the dividend yield. Sector returns ranged from (17.06)% for financials to 19.91% for utilities. The operating earnings per share of S&P 500^® companies made new records in the second and third quarters of 2011, but estimates for future quarters were coming down as December ended.

In currency markets, the euro zone’s problems finally took their toll, as the dollar gained 2.34% on the euro in 2011, which dropped sharply after October. The pound was barely changed despite late weakness: the dollar gained 0.10%. But the dollar fell back against the yen by 5.35% despite Bank of Japan intervention as that currency repeatedly breached post-war high levels.

In international markets, the MSCI Japan^® Index slumped 18.73% in 2011. The economy contracted for three straight quarters before finally recovering, as it struggled to recover from the earthquake and tsunami of March as well as a strong yen. The MSCI Europe ex UK^® Index sank 12.87%, weighed down by the recessionary threat of the sovereign debt crisis. Euro zone growth shrunk to 0.2% in the second and third quarters and unemployment stood at 10.3%, a euro-era high. The MSCI UK^® Index slipped just 1.83%. Weak euro zone demand and fiscal austerity at home depressed stocks, within which, however, the well-represented energy, staples and telecoms sectors managed positive average returns.

Parentheses denote a negative number.

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

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

BENCHMARK DESCRIPTIONS


Index		Description
MSCI World Index^SM		An unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
S&P/Case-Shiller 20-City Composite Home Price Index		A composite index of the home price index for the top 20 Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor’s.
Barclays Capital U.S. Aggregate Bond Index		An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index		An unmanaged index that includes all fixed income securities having a maximum rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
S&P 500^® Index		An unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
MSCI Japan^® Index		A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
MSCI Europe ex UK^® Index		A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
MSCI UK^® Index		A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
Barclays Capital 1-5 Year Government Bond Index		An unmanaged index of securities issued by the U.S. Government with a maturity from 1 up to (but not including) 5 years.


ING GET U.S. CORE PORTFOLIO SERIES 7-14		PORTFOLIO MANAGER’S REPORT

During the Guarantee Period, the ING GET U.S. Core Portfolio — Series 7, 8, 9, 10, 11, 12, 13, and 14 (each, a “Series” and collectively, “Series”) seek 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. The Series are managed by the following Portfolio Management Team with ING Investment Management Co., LLC — the Sub-Adviser.

Asset Allocation: Paul Zemsky, Portfolio Manager, serves as strategist for the Series and is responsible for overseeing the Series, strategy and the allocation of Series Assets between the Equity and Fixed components.

Equity Component: Vincent Costa, Portfolio Manager — the Equity Component.

Fixed Component: Michael Hyman and Christine Hurtsellers, Portfolio Managers — the Fixed Component.

Note: The Series are closed to new investments.

Performance: Total returns for the year ended December 31, 2011 for Series 7 to 14 are detailed below, along with the S&P 500^® Index, and the Barclays Capital U.S. 1-5 Year Government Bond (“Barclays Capital 1-5 Year”) Index.


Series 7			(0.07)%
Series 8			(0.48)%
Series 9			(0.25)%
Series 10			0.43%
Series 11			0.86%
Series 12			1.07%
Series 13			1.81%
Series 14			3.21%
S&P 500^® Index			2.11%
Barclays Capital 1-5 Year Index			3.21%

An investor cannot invest directly in an index.

Portfolio Specifics: Series performance results from a combination of returns on the equity and bond portfolios, and the asset allocation blend between the two components. The asset allocation process seeks to participate in rising equity markets and protect principal on the downside. Historically, stocks have proven to be more volatile than bonds, which was an important consideration in the asset allocation process. Other factors, such as the current level of interest rates, time remaining to maturity date and the ratio of current assets to the underlying guarantee amount are also important. The allocation to equities and fixed income depends on these factors and the paths they take over the guarantee period.

In general, when the time left to maturity is short, or the ratio of assets to the guarantee amount is low, asset allocation will tend to be conservative in order to protect principal from losses. All other factors being equal, a Series generally buys equities (and sells bonds) when the equity market rises and sells equities (and

buys bonds) as the equity market declines. The use of fixed-income reduces the Series’ ability to fully participate in rising equity markets. Series 10, 11, 13 and 14 have become and will remain all fixed income.

The equity component of each of the Series that has one consists of exchange-traded funds (“ETFs”) that closely track the stock market as measured by the S&P 500^® Index. Therefore, the equity component’s performance was in line with the index. By design, the mix of investments will change as the market changes. Due to the economic downturn that troughed in March 2009, the equity level in each of the Series remains low. The majority of the assets are in fixed income. The fixed income component of each of the Series invests in a mix of U.S. Treasury and U.S. agency Separate Trading of Registered Interest and Principal Securities (“STRIPs”).

In all cases, the equity component was under 6.5% as of December 31, 2011.

Outlook and Current Strategy: Allocations between equities and fixed income are dependent on our quantitative asset allocation model, which uses the factors previously mentioned and not on a qualitative evaluation of the bond versus the equity markets.

Asset Allocation

as of December 31, 2011

(as a percentage of net assets)


	Fixed Income			Equities			Other Assets and Liabilities
Series 7		83.7	%		3.1	%		13.2%
Series 8		98.7	%		1.2	%		0.1%
Series 9		96.9	%		3.0	%		0.1%
Series 10		99.8	%		0.0	%		0.2%
Series 11		99.1	%		0.0	%		0.9%
Series 12		92.1	%		6.2	%		1.7%
Series 13		98.5	%		0.0	%		1.5%
Series 14		98.6	%		0.0	%		1.4%


PORTFOLIO MANAGERS’ REPORT		ING GET U.S. CORE PORTFOLIO SERIES 7

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Average Annual Returns for the Periods Ended December 31, 2011
	1 Year			5 Year			Since Inception of Guarantee Period March 9, 2005
ING GET U.S. Core Portfolio Series 7		(0.07	)%		0.30	%		1.95	%
S&P 500^® Index		2.11	%		(0.25	)%		2.76	%⁽¹⁾
Barclays Capital 1-5 Year Government Index		3.21	%		4.76	%		4.35	%⁽¹⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING GET U.S. Core Portfolio Series 7 against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Series’ performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Series distributions or the redemption of Series shares.

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

The performance update illustrates performance for a variable investment option available through a variable annuity contract. The performance shown indicates past performance and is not a projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

The views expressed in this report reflect those of the Portfolio Managers, only through the end of the period as stated on the cover. The Portfolio Managers’ views are subject to change at any time based on market and other conditions.

Portfolio holdings are subject to change daily.

⁽¹⁾

Since inception performance for the index is shown from March 1, 2005.


ING GET U.S. CORE PORTFOLIO SERIES 8		PORTFOLIO MANAGERS’ REPORT

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Average Annual Returns for the Periods Ended December 31, 2011
��	1 Year			5 Year			Since Inception of Guarantee Period June 8, 2005
ING GET U.S. Core Portfolio Series 8		(0.48	)%		0.14	%		1.93	%
S&P 500^® Index		2.11	%		(0.25	)%		2.95	%⁽¹⁾
Barclays Capital 1-5 Year Government Index		3.21	%		4.76	%		4.32	%⁽¹⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING GET U.S. Core Portfolio Series 8 against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Series’ performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Series distributions or the redemption of Series shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

⁽¹⁾

Since inception performance for the index is shown from June 1, 2005.


PORTFOLIO MANAGERS’ REPORT		ING GET U.S. CORE PORTFOLIO SERIES 9

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Average Annual Returns for the Periods Ended December 31, 2011
	1 Year			5 Year			Since Inception of Guarantee Period September 7, 2005
ING GET U.S. Core Portfolio Series 9		(0.25	)%		0.71	%		2.11	%
S&P 500^® Index		2.11	%		(0.25	)%		2.60	%⁽¹⁾
Barclays Capital 1-5 Year Government Index		3.21	%		4.76	%		4.41	%⁽¹⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING GET U.S. Core Portfolio Series 9 against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Series’ performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Series distributions or the redemption of Series shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

⁽¹⁾

Since inception performance for the index is shown from September 1, 2005.


ING GET U.S. CORE PORTFOLIO SERIES 10		PORTFOLIO MANAGERS’ REPORT

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Average Annual Returns for the Periods Ended December 31, 2011
	1 Year			5 Year			Since Inception of Guarantee Period December 6, 2005
ING GET U.S. Core Portfolio Series 10		0.43	%		0.63	%		1.97	%
S&P 500^® Index		2.11	%		(0.25	)%		2.24	%⁽¹⁾
Barclays Capital 1-5 Year Government Index		3.21	%		4.76	%		4.65	%⁽¹⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING GET U.S. Core Portfolio Series 10 against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Series’ performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Series distributions or the redemption of Series shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

⁽¹⁾

Since inception performance for the index is shown from December 1, 2005.


PORTFOLIO MANAGERS’ REPORT		ING GET U.S. CORE PORTFOLIO SERIES 11

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Average Annual Returns for the Periods Ended December 31, 2011
	1 Year			5 Year			Since Inception of Guarantee Period March 2, 2006
ING GET U.S. Core Portfolio Series 11		0.86	%		1.48	%		2.46	%
S&P 500^® Index		2.11	%		(0.25	)%		1.82	%⁽¹⁾
Barclays Capital 1-5 Year Government Index		3.21	%		4.76	%		4.74	%⁽¹⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING GET U.S. Core Portfolio Series 11 against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Series’ performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Series distributions or the redemption of Series shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

⁽¹⁾

Since inception performance for the index is shown from March 1, 2006.


ING GET U.S. CORE PORTFOLIO SERIES 12		PORTFOLIO MANAGERS’ REPORT

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Average Annual Returns for the Periods Ended December 31, 2011
	1 Year			5 Year			Since Inception of Guarantee Period June 22, 2006
ING GET U.S. Core Portfolio Series 12		1.07	%		0.53	%		2.60	%
S&P 500^® Index		2.11	%		(0.25	)%		1.97	%⁽¹⁾
Barclays Capital 1-5 Year Government Index		3.21	%		4.76	%		4.94	%⁽¹⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING GET U.S. Core Portfolio Series 12 against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Series’ performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Series distributions or the redemption of Series shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

⁽¹⁾

Since inception performance for the index is shown from July 1, 2006.


PORTFOLIO MANAGERS’ REPORT		ING GET U.S. CORE PORTFOLIO SERIES 13

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Average Annual Returns for the Periods Ended December 31, 2011
	1 Year			5 Year			Since Inception of Guarantee Period December 21, 2006
ING GET U.S. Core Portfolio Series 13		1.81	%		2.68	%		2.55	%
S&P 500^® Index		2.11	%		(0.25	)%		(0.25	)%⁽¹⁾
Barclays Capital 1-5 Year Government Index		3.21	%		4.76	%		4.76	%⁽¹⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING GET U.S. Core Portfolio Series 13 against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Series’ performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Series distributions or the redemption of Series shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

⁽¹⁾

Since inception performance for the indices is shown from January 1, 2007.


ING GET U.S. CORE PORTFOLIO SERIES 14		PORTFOLIO MANAGERS’ REPORT

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Average Annual Returns for the Periods Ended December 31, 2011
	1 Year			Since Inception of Guarantee Period June 21, 2007
ING GET U.S. Core Portfolio Series 14		3.21	%		3.10	%
S&P 500^® Index		2.11	%		(1.76	)%⁽¹⁾
Barclays Capital 1-5 Year Government Index		3.21	%		4.85	%⁽¹⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING GET U.S. Core Portfolio Series 14 against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Series’ performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract. Total returns would have been lower if such expenses or charges were included.

The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Series distributions or the redemption of Series shares.

The performance update illustrates performance for a variable investment option available through a variable annuity contract. The performance shown indicates past performance and is not a

projection or prediction of future results. Actual investment returns and principal value will fluctuate so that shares and/or units, at redemption, may be worth more or less than their original cost. Please call (800) 992-0180 to get performance through the most recent month end.

It is important to note that the Portfolio has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Portfolio holdings are subject to change daily.

⁽¹⁾

Since inception performance for the indices is shown from July 1, 2007.


INVESTMENT STRATEGYAND PRINCIPAL RISKS		ING GET U.S. CORE PORTFOLIO

What is the Investment Strategy During the Guarantee Period?

ING GET U.S. Core Portfolio — Series 7, 8, 9, 10, 11, 12, 13, 14 (“Series”) invest at least 80% of their net assets in equities and fixed-income securities issued by U.S. companies or the U.S. government or its agencies. The Series do not implement an “investment strategy” in a conventional sense. Rather, the Series’ asset allocation strategy seeks to optimize the exposure of the Series to the equity component (“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 (“Guarantee”). The Series allocate their assets among the following asset classes:

During the Guarantee Period, the Series’ assets are allocated between the:

•

Equity Component, consisting of common stocks included in the 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; and the

•

Fixed component (“Fixed Component”) consisting primarily of short- to intermediate-duration U.S. government securities.

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, even when the equity market is doing well, or to any investment returns generated by the Series.

How does the Series’ Asset Allocation work?

ING Investment Management Co. LLC (“IIM” or “Sub-Adviser”), the 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 (“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 defined a “material decline” in value as a decline in the value of the Equity Component of at least 20% but no more than 30%. If a Series defined the “material decline” at 20%, fewer assets will likely be allocated to the Equity Component than if the “material decline” was defined at 30%. The allocation to the Equity Component or the Fixed Component may be zero under certain circumstances.

Equity Component: IIM 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 it believes will underperform the S&P 500^® Index (“Enhanced Index Strategy”). Stocks IIM believes are likely to match the performance of the S&P 500^® Index are invested in proportion to their representation in the S&P 500^® Index. To determine which stocks to weight more or less heavily, IIM 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. IIM 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.

Under normal market conditions, up to 20% of the Equity Component’s net assets may be invested in futures contracts for hedging purposes or to maintain liquidity to meet shareholder redemptions and minimize trading costs. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a


ING GET U.S. CORE PORTFOLIO		INVESTMENT STRATEGYAND PRINCIPAL RISKS

financial instrument or a specific stock market index for a specified price on a designated date. During the Guarantee Period, the Series may only invest in futures contracts on the S&P 500^® Index and futures contracts on U.S. Treasury securities.

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, IIM may invest the entire amount of the Equity Component’s assets in S&P 500^® Index futures, in ETFs, or in a combination of S&P 500^® Index futures and ETFs, subject to any limitation on the Series’ investment in such securities (subject to the rules, regulations and exemptive orders imposed by the Investment Company Act of 1940, as amended “1940 Act”). ETFs are passively managed investment companies traded on a securities exchange whose goal is to track or replicate a desired index. IIM will not employ an Enhanced Index Strategy when it invests in S&P 500^® Index futures and ETFs.

Fixed Component: IIM 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 Separate Trading of Registered Interest and Principal of Securities (“STRIPS”). Although the Series invest in securities insured or guaranteed by the U.S. government, the Series shares are not themselves issued or guaranteed by the U.S. government. 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 Standard & Poor’s (“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. The Series may also invest in other investment companies to the extent permitted under the 1940 Act.

What are the Principal Guarantee Period Risks?

Asset Allocation: 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: An active asset allocation strategy may underperform a more static strategy due to the impact of transaction costs. The asset allocation process results in transaction costs from the purchase and sale of securities. Volatile periods in the market may increase these costs. High transaction costs may have an adverse effect on the performance of the Series.

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.


INVESTMENT STRATEGYAND PRINCIPAL RISKS		ING GET U.S. CORE PORTFOLIO

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 the separate account under the variable annuity 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, as well as the Equity Component, has had significant positive performance during the Guarantee Period.

The opportunity cost of not allocating assets to the Equity Component will be particularly high if early in the Guarantee Period: (a) the Series’ net asset value (“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.

Company: The price of a given company’s stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.

Credit: Prices of bonds and other debt securities can fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In severe cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.

Interest Rate: With bonds and other fixed rate debt securities, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the security, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk.

Investment Model: The Sub-Adviser’s proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors. The proprietary models used by a Sub-Adviser to evaluate securities or securities markets are based on the Sub-Adviser’s understanding of the interplay of market factors and do not assure successful investment. The markets, or the price of individual securities, may be affected by factors not foreseen in developing the models.

Liquidity: If a security is illiquid, the adviser or Sub-Adviser might be unable to sell the security at a time when the Series’ Sub-Adviser might wish to sell, and the security could have the effect of decreasing the overall level of the Series’ liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount a Series could realize upon disposition. A Series may make investments that become less liquid in response to market developments or adverse investor perception. A Series could lose money if it cannot sell a security at the time and price that would be most beneficial to the Series.

Other Investment Companies: The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because a Series may invest in other investment companies, you will pay a proportionate share of the expenses of that other investment company (including management fees, administration fees and custodial fees) in addition to the expenses of the Series. Other investment companies include exchange-traded funds (“ETFs”) and Holding Company Depositary Receipts (“HOLDRs”), among others. ETFs are exchange-traded investment companies that are, in many cases, designed to provide investment results corresponding to an equity index. The main risk of investing in other investment companies is that the value of the underlying securities held by the investment company might decrease. The value of the underlying securities can fluctuate in response to activities of individual companies or in response to general market and/or economic conditions. Additional risks of investments in ETFs include: (i) the market price of an ETF’s shares may trade at a discount to its net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading may be halted if the listing exchanges’ officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts trading generally. Because HOLDRs concentrate in the stock of a particular industry, trends in that industry may have a dramatic impact on their value.

U.S. Government Securities and Obligations: U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies or government-sponsored enterprises. U.S. government securities are subject to market


ING GET U.S. CORE PORTFOLIO		INVESTMENT STRATEGYAND PRINCIPAL RISKS

and interest rate risk, and may be subject to varying degrees of credit risk. Some U.S. government securities are backed by the full faith and credit of the U.S. government and are guaranteed as to both principal and interest by the U.S. Treasury. These include direct obligations of the U.S. Treasury such as U.S. Treasury notes, bills and bonds, as well as indirect obligations including certain securities of the Government National Mortgage Association, the Small Business Administration and the Farmers Home Administration, among others. Other U.S. government securities are not direct obligations of the U.S. Treasury, but rather are backed by the ability to borrow directly from the U.S. Treasury, including certain securities of the Federal Financing Bank, the Federal Home Loan Bank and the U.S. Postal Service. Still other agencies and instrumentalities are supported solely by the credit of the agency or instrumentality itself and are neither guaranteed nor insured by the U.S. government. These include securities issued by the Federal Home Loan Bank and the Federal Farm Credit Bank, among others. Consequently, the investor must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment. No assurance can be given that the U.S. government would provide financial support to such agencies if it is not obligated to do so by law. U.S. government securities may be subject to varying degrees of credit risk and all U.S. government securities may be subject to price declines due to changing interest rates. Securities directly supported by the full faith and credit of the U.S. government have less credit risk. The discussion below includes risks that are not described in the Series’ summary but which, nevertheless, are a risk to the Series.

Counterparty: The entity with whom a Series conducts Series-related business (such as trading or securities lending), or that underwrites, distributes or guarantees investments or agreements that the Series owns or is otherwise exposed to, may refuse or may become unable to honor its obligations under the terms of a transaction or agreement. As a result, that Series may sustain losses and be less likely to achieve its investment objective. These risks may be greater when engaging in over-the-counter transactions.

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.

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. Some derivatives are also subject to the risk that counterparties will not perform their duties.

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

As a shareholder of a Series, you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees (if applicable); and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Series expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Series 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 July 1, 2011 to December 31, 2011, unless otherwise indicated. The Series’ expenses are shown without the imposition of any charges which are, or may be, imposed under your variable annuity contract, variable life insurance policy, qualified pension or retirement plan. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The right section of the table shown below, “Hypothetical (5% return before expenses)”, provides information about hypothetical account values and hypothetical expenses based on a Series’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Series’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Series and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other 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, redemption fees or exchange fees. Therefore, the hypothetical lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.


	Actual Series Return									Hypothetical (5% return before expenses)
ING GET U.S. Core Portfolio	Beginning Account Value July 1, 2011		Ending Account Value December 31, 2011		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2011*		Beginning Account Value July 1, 2011		Ending Account Value December 31, 2011		Annualized Expense Ratio			Expenses Paid During the Period Ended December 31, 2011*
Series 7	$	1,000.00	$	997.40		1.00	%	$	5.03	$	1,000.00	$	1,020.16		1.00	%	$	5.09
Series 8	$	1,000.00	$	992.30		1.00	%	$	5.02	$	1,000.00	$	1,020.16		1.00	%	$	5.09
Series 9	$	1,000.00	$	991.10		1.00	%	$	5.02	$	1,000.00	$	1,020.16		1.00	%	$	5.09
Series 10	$	1,000.00	$	1,000.00		1.00	%	$	5.04	$	1,000.00	$	1,020.16		1.00	%	$	5.09
Series 11	$	1,000.00	$	1,001.30		1.00	%	$	5.04	$	1,000.00	$	1,020.16		1.00	%	$	5.09
Series 12	$	1,000.00	$	1,000.00		1.00	%	$	5.04	$	1,000.00	$	1,020.16		1.00	%	$	5.09
Series 13	$	1,000.00	$	1,006.20		1.00	%	$	5.06	$	1,000.00	$	1,020.16		1.00	%	$	5.09
Series 14	$	1,000.00	$	1,013.90		1.00	%	$	5.08	$	1,000.00	$	1,020.16		1.00	%	$	5.09

Expenses are equal to each Series’ respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Shareholders and Board of Trustees

ING Variable Insurance Trust

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of ING GET U.S. Core Portfolio – Series 7, 8, 9, 10, 11, 12, 13, and 14, each a series of ING Variable Insurance Trust (the Series), as of December 31, 2011, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned Series as of December 31, 2011, and the results of their operations, the changes in their net assets, and the financial highlights for the periods specified in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

February 17, 2012

STATEMENTS OF ASSETS AND LIABILITIESASOF DECEMBER 31, 2011


	ING GET U.S. Core Portfolio
	Series 7			Series 8			Series 9			Series 10
ASSETS:
Investments in securities at value*	$	13,507,026		$	9,655,162		$	7,872,375		$	6,076,773
Short-term investments at value***		2,014,000			33,000			23,000			22,000
Cash		909			613			453			800
Receivables:
Fund shares		64,209			—			—			—
Dividends		3,144			701			1,469			3
Reimbursement due from manager		1,590			1,479			1,297			1,133

Total assets		15,590,878			9,690,955			7,898,594			6,100,709

LIABILITIES:
Payable for fund shares redeemed		492			560			718			292
Payable to affiliates		12,031			7,468			6,081			4,688
Payable for trustee fees		77			48			39			30
Other accrued expenses and liabilities		14,590			10,543			9,559			7,574

Total liabilities		27,190			18,619			16,397			12,584

NET ASSETS	$	15,563,688		$	9,672,336		$	7,882,197		$	6,088,125

NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	19,616,528		$	12,475,437		$	9,777,534		$	7,745,569
Undistributed net investment income		276,157			131,408			133,773			130,633
Accumulated net realized loss		(4,587,285	)		(3,019,717	)		(2,210,361	)		(1,944,074	)
Net unrealized appreciation		258,288			85,208			181,251			155,997

NET ASSETS	$	15,563,688		$	9,672,336		$	7,882,197		$	6,088,125


* Cost of investments in securities	$	13,248,738		$	9,569,954		$	7,691,124		$	5,920,776
*** Cost of short-term investments	$	2,014,000		$	33,000		$	23,000		$	22,000

Net assets	$	15,563,688		$	9,672,336		$	7,882,197		$	6,088,125
Shares authorized		unlimited			unlimited			unlimited			unlimited
Par value	$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding		2,009,311			1,243,999			1,009,772			764,853
Net asset value and redemption price per share	$	7.75		$	7.78		$	7.81		$	7.96

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIESASOF DECEMBER 31, 2011 (CONTINUED)


	ING GET U.S. Core Portfolio
	Series 11			Series 12			Series 13			Series 14
ASSETS:
Investments in securities at value*	$	7,995,968		$	11,282,084		$	19,515,739		$	43,398,474
Short-term investments at value***		156,000			209,000			346,000			688,000
Cash		788			746			188			—
Receivables:
Dividends		5			4,399			19			—
Interest		—			—			—			3
Reimbursement due from manager		1,183			1,638			2,254			3,498

Total assets		8,153,944			11,497,867			19,864,200			44,089,975

LIABILITIES:
Payable for fund shares redeemed		69,980			540			914			8,386
Payable to affiliates		6,737			8,858			15,456			34,205
Payable for trustee fees		41			57			99			219
Other accrued expenses and liabilities		7,948			9,635			16,202			29,252

Total liabilities		84,706			19,090			32,671			72,062

NET ASSETS	$	8,069,238		$	11,478,777		$	19,831,529		$	44,017,913

NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	9,961,580		$	16,445,233		$	21,211,099		$	43,581,737
Undistributed net investment income		153,302			241,907			382,079			1,101,646
Accumulated net realized loss		(2,254,308	)		(5,833,785	)		(3,117,098	)		(3,455,716	)
Net unrealized appreciation		208,664			625,422			1,355,449			2,790,246

NET ASSETS	$	8,069,238		$	11,478,777		$	19,831,529		$	44,017,913


* Cost of investments in securities	$	7,787,304		$	10,656,662		$	18,160,290		$	40,608,228
*** Cost of short-term investments	$	156,000		$	209,000		$	346,000		$	688,000

Net assets	$	8,069,238		$	11,478,777		$	19,831,529		$	44,017,913
Shares authorized		unlimited			unlimited			unlimited			unlimited
Par value	$	0.001		$	0.001		$	0.001		$	0.001
Shares outstanding		1,020,538			1,473,729			2,028,955			4,312,613
Net asset value and redemption price per share	$	7.91		$	7.79		$	9.77		$	10.21

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONSFORTHEYEARENDED DECEMBER 31, 2011


	ING GET U.S. Core Portfolio
	Series 7			Series 8			Series 9			Series 10
INVESTMENT INCOME:
Dividends	$	13,676		$	6,815		$	9,493		$	80
Interest		438,971			234,553			217,103			199,377

Total investment income		452,647			241,368			226,596			199,457

EXPENSES:
Investment management fees		104,512			64,684			54,335			39,969
Distribution and service fees:		43,546			26,952			22,639			16,653
Transfer agent fees		73			69			66			44
Administrative service fees		9,580			5,929			4,980			3,664
Shareholder reporting expense		2,266			1,707			1,947			806
Professional fees		25,938			18,211			16,361			13,604
Custody and accounting expense		2,281			1,812			1,246			1,460
Trustee fees		546			337			289			208
Miscellaneous expense		1,300			2,265			2,503			2,342
Interest expense		19			—			—			—

Total expenses		190,061			121,966			104,366			78,750
Net waived and reimbursed fees		(15,640	)		(13,943	)		(13,589	)		(11,934	)

Net expenses		174,421			108,023			90,777			66,816

Net investment income		278,226			133,345			135,819			132,641

REALIZED AND UNREALIZED GAIN (LOSS) :
Net realized gain (loss) on:
Investments		340,156			163,816			194,877			58,004

Net realized gain		340,156			163,816			194,877			58,004

Net change in unrealized appreciation (depreciation) on:
Investments		(631,165	)		(344,674	)		(354,073	)		(157,666	)

Net change in unrealized appreciation (depreciation)		(631,165	)		(344,674	)		(354,073	)		(157,666	)

Net realized and unrealized loss		(291,009	)		(180,858	)		(159,196	)		(99,662	)

Increase (decrease) in net assets resulting from operations	$	(12,783	)	$	(47,513	)	$	(23,377	)	$	32,979

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONSFORTHEYEARENDED DECEMBER 31, 2011 (CONTINUED)


	ING GET U.S. Core Portfolio
	Series 11			Series 12			Series 13			Series 14
INVESTMENT INCOME:
Dividends	$	104		$	14,814		$	220		$	—
Interest		245,546			357,491			613,413			1,593,872

Total investment income		245,650			372,305			613,633			1,593,872

EXPENSES:
Investment management fees		54,079			76,906			137,478			293,842
Distribution and service fees:		22,533			32,044			57,282			122,434
Transfer agent fees		29			41			39			72
Administrative service fees		4,957			7,050			12,602			26,935
Shareholder reporting expense		419			994			3,244			6,709
Professional fees		17,009			22,066			33,424			61,604
Custody and accounting expense		1,639			1,799			2,648			5,116
Trustee fees		281			404			723			1,539
Miscellaneous expense		2,107			2,230			2,605			2,738
Interest expense		—			—			51			—

Total expenses		103,053			143,534			250,096			520,989
Net waived and reimbursed fees		(12,737	)		(15,149	)		(20,578	)		(30,539	)

Net expenses		90,316			128,385			229,518			490,450

Net investment income		155,334			243,920			384,115			1,103,422

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		88,026			137,477			482,938			823,927

Net realized gain		88,026			137,477			482,938			823,927

Net change in unrealized appreciation (depreciation) on:
Investments		(168,144	)		(237,337	)		(436,726	)		(356,066	)

Net change in unrealized appreciation (depreciation)		(168,144	)		(237,337	)		(436,726	)		(356,066	)

Net realized and unrealized gain (loss)		(80,118	)		(99,860	)		46,212			467,861

Increase in net assets resulting from operations	$	75,216		$	144,060		$	430,327		$	1,571,283

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS


	ING GET U.S. Core Portfolio Series 7						ING GET U.S. Core Portfolio Series 8
	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2011			Year Ended December 31, 2010
FROM OPERATIONS:
Net investment income	$	278,226		$	387,644		$	133,345		$	175,734
Net realized gain		340,156			188,968			163,816			189,761
Net change in unrealized appreciation (depreciation)		(631,165	)		1,011			(344,674	)		(37,357	)

Increase (decrease) in net assets resulting from operations		(12,783	)		577,623			(47,513	)		328,138

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:		(389,546	)		(481,929	)		(177,625	)		(301,849	)

Total distributions		(389,546	)		(481,929	)		(177,625	)		(301,849	)

FROM CAPITAL SHARE TRANSACTIONS:
Reinvestment of distributions		389,546			481,929			177,625			301,849

Cost of shares redeemed		(4,343,572	)		(5,826,781	)		(2,692,114	)		(2,876,613	)

Net decrease in net assets resulting from capital share transactions		(3,954,026	)		(5,344,852	)		(2,514,489	)		(2,574,764	)

Net decrease in net assets		(4,356,355	)		(5,249,158	)		(2,739,627	)		(2,548,475	)

NET ASSETS:
Beginning of year or period		19,920,043			25,169,201			12,411,963			14,960,438

End of year or period	$	15,563,688		$	19,920,043		$	9,672,336		$	12,411,963

Undistributed net investment income at end of year or period	$	276,157		$	387,462		$	131,408		$	175,672

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)


	ING GET U.S. Core Portfolio Series 9						ING GET U.S. Core Portfolio Series 10
	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2011			Year Ended December 31, 2010
FROM OPERATIONS:
Net investment income	$	135,819		$	190,368		$	132,641		$	169,578
Net realized gain		194,877			77,030			58,004			86,527
Net change in unrealized appreciation (depreciation)		(354,073	)		182,082			(157,666	)		91,591

Increase (decrease) in net assets resulting from operations		(23,377	)		449,480			32,979			347,696

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:		(192,372	)		(241,112	)		(171,580	)		(223,531	)

Total distributions		(192,372	)		(241,112	)		(171,580	)		(223,531	)

FROM CAPITAL SHARE TRANSACTIONS:
Reinvestment of distributions		192,372			241,112			171,580			223,531

Cost of shares redeemed		(2,639,691	)		(2,456,982	)		(1,566,539	)		(1,854,324	)

Net decrease in net assets resulting from capital share transactions		(2,447,319	)		(2,215,870	)		(1,394,959	)		(1,630,793	)

Net decrease in net assets		(2,663,068	)		(2,007,502	)		(1,533,560	)		(1,506,628	)

NET ASSETS:
Beginning of year or period		10,545,265			12,552,767			7,621,685			9,128,313

End of year or period	$	7,882,197		$	10,545,265		$	6,088,125		$	7,621,685

Undistributed net investment income at end of year or period	$	133,773		$	190,317		$	130,633		$	169,572

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)


	ING GET U.S. Core Portfolio Series 11						ING GET U.S. Core Portfolio Series 12
	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2011			Year Ended December 31, 2010
FROM OPERATIONS:
Net investment income	$	155,334		$	196,822		$	243,920		$	330,138
Net realized gain		88,026			109,003			137,477			172,529
Net change in unrealized appreciation (depreciation)		(168,144	)		215,721			(237,337	)		442,488

Increase in net assets resulting from operations		75,216			521,546			144,060			945,155

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:		(198,791	)		(273,966	)		(332,101	)		(455,837	)

Total distributions		(198,791	)		(273,966	)		(332,101	)		(455,837	)

FROM CAPITAL SHARE TRANSACTIONS:
Reinvestment of distributions		198,791			273,966			332,101			455,837

Cost of shares redeemed		(2,077,663	)		(2,458,558	)		(3,463,075	)		(4,009,472	)

Net decrease in net assets resulting from capital share transactions		(1,878,872	)		(2,184,592	)		(3,130,974	)		(3,553,635	)

Net decrease in net assets		(2,002,447	)		(1,937,012	)		(3,319,015	)		(3,064,317	)

NET ASSETS:
Beginning of year or period		10,071,685			12,008,697			14,797,792			17,862,109

End of year or period	$	8,069,238		$	10,071,685		$	11,478,777		$	14,797,792

Undistributed net investment income at end of year or period	$	153,302		$	196,759		$	241,907		$	330,079

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)


	ING GET U.S. Core Portfolio Series 13						ING GET U.S. Core Portfolio Series 14
	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2011			Year Ended December 31, 2010
FROM OPERATIONS:
Net investment income	$	384,115		$	504,884		$	1,103,422		$	1,505,251
Net realized gain		482,938			368,802			823,927			981,987
Net change in unrealized appreciation (depreciation)		(436,726	)		994,502			(356,066	)		1,641,352

Increase in net assets resulting from operations		430,327			1,868,188			1,571,283			4,128,590

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:		(506,846	)		(716,888	)		(1,506,924	)		(2,345,501	)

Total distributions		(506,846	)		(716,888	)		(1,506,924	)		(2,345,501	)

FROM CAPITAL SHARE TRANSACTIONS:
Reinvestment of distributions		506,846			716,888			1,506,924			2,345,501

Cost of shares redeemed		(6,802,350	)		(6,566,410	)		(12,101,780	)		(16,454,198	)

Net decrease in net assets resulting from capital share transactions		(6,295,504	)		(5,849,522	)		(10,594,856	)		(14,108,697	)

Net decrease in net assets		(6,372,023	)		(4,698,222	)		(10,530,497	)		(12,325,608	)

NET ASSETS:
Beginning of year or period		26,203,552			30,901,774			54,548,410			66,874,018

End of year or period	$	19,831,529		$	26,203,552		$	44,017,913		$	54,548,410

Undistributed net investment income at end of year or period	$	382,079		$	504,810		$	1,101,646		$	1,505,148

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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


			Income (loss) from investment operations									Less distributions																Ratios to average net assets											Supplemental data

	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains			From return of capital		Total distributions		Payment by affiliate		Net asset value, end of year or period		Total return(1)			Expenses before reductions(2)(3)		Expenses net of fee waivers, if any(2)(3)			Expenses net of all reductions(2)(3)			Net investment income (loss) (2)(3)			Net assets, end of year or period		Portfolio turnover rate

Year or period ended	($)		($)			($)			($)			($)		($)			($)		($)		($)		($)		(%)			(%)		(%)			(%)			(%)			($000's)		(%)
ING GET U.S. Core Portfolio Series 7
12-31-11		7.93		0.13	•		(0.14	)		(0.01	)		0.17		—			—		0.17		—		7.75		(0.07	)		1.09		1.00			1.00			1.60			15,564		—
12-31-10		7.90		0.14	•		0.06			0.20			0.17		—			—		0.17		—		7.93		2.52			1.07		1.00	^†		1.00	^†		1.73	^†		19,920		—
12-31-09		8.01		0.14	•		(0.07	)		0.07			0.18		—			—		0.18		—		7.90		0.97			1.02		1.00	^†		1.00	^†		1.80	^†		25,169		3
12-31-08		10.74		0.20			(0.70	)		(0.50	)		0.21		2.02			—		2.23		—		8.01		(4.99	)		1.07		1.00	^†		1.00	^†		1.84	^†		29,253		219
12-31-07		11.01		0.16	•		0.22			0.38			0.28		0.37			—		0.65		—		10.74		3.29			1.03		1.00	^†		1.00	^†		1.41	^†		41,286		208
ING GET U.S. Core Portfolio Series 8
12-31-11		7.95		0.10	•		(0.14	)		(0.04	)		0.13		—			—		0.13		—		7.78		(0.48	)		1.13		1.00			1.00			1.24			9,672		4
12-31-10		7.94		0.10	•		0.09			0.19			0.18		—			—		0.18		—		7.95		2.42			1.09		1.00	^†		1.00	^†		1.31	^†		12,412		4
12-31-09		7.97		0.14	•		0.01			0.15			0.18		—			—		0.18		—		7.94		1.91			1.04		1.00	^†		1.00	^†		1.77	^†		14,960		16
12-31-08		10.74		0.18			(0.82	)		(0.64	)		0.20		1.93			—		2.13		—		7.97		(6.47	)		1.08		1.00	^†		1.00	^†		1.77	^†		19,483		235
12-31-07		11.06		0.15	•		0.27			0.42			0.25		0.49			—		0.74		—		10.74		3.64			1.05		1.00	^†		1.00	^†		1.36	^†		26,821		215
ING GET U.S. Core Portfolio Series 9
12-31-11		8.00		0.12	•		(0.14	)		(0.02	)		0.17		—			—		0.17		—		7.81		(0.25	)		1.15		1.00			1.00			1.50			7,882		5
12-31-10		7.87		0.13	•		0.16			0.29			0.16		—			—		0.16		—		8.00		3.76			1.08		1.00	^†		1.00	^†		1.63	^†		10,545		—
12-31-09		7.93		0.14	•		(0.02	)		0.12			0.18		—			—		0.18		—		7.87		1.56			1.06		1.00	^†		1.00	^†		1.81	^†		12,553		4
12-31-08		10.81		0.19			(0.71	)		(0.52	)		0.23		2.13			—		2.36		—		7.93		(5.16	)		1.12		1.00	^†		1.00	^†		1.86	^†		14,582		301
12-31-07		10.93		0.16	•		0.29			0.45			0.28		0.29			—		0.57		—		10.81		3.93			1.06		1.00	^†		1.00	^†		1.45	^†		19,806		233
ING GET U.S. Core Portfolio Series 10
12-31-11		8.13		0.16	•		(0.13	)		0.03			0.20		—			—		0.20		—		7.96		0.43			1.18		1.00			1.00			1.99			6,088		—
12-31-10		8.02		0.16	•		0.17			0.33			0.22		—			—		0.22		—		8.13		4.10			1.08		1.00	^†		1.00	^†		2.00	^†		7,622		—
12-31-09		8.32		0.16	•		(0.24	)		(0.08	)		0.22		—			—		0.22		—		8.02		(0.89	)		1.06		1.00	^†		1.00	^†		2.03	^†		9,128		31
12-31-08		10.89		0.23			(0.63	)		(0.40	)		0.27		1.90			—		2.17		—		8.32		(3.91	)		1.12		1.00	^†		1.00	^†		2.13	^†		12,645		302
12-31-07		10.91		0.18	•		0.23			0.41			0.21		0.22			—		0.43		—		10.89		3.63			1.07		1.00	^†		1.00	^†		1.62	^†		17,127		194
ING GET U.S. Core Portfolio Series 11
12-31-11		8.02		0.14	•		(0.07	)		0.07			0.18		—			—		0.18		—		7.91		0.86			1.14		1.00			1.00			1.72			8,069		—
12-31-10		7.85		0.15	•		0.23			0.38			0.21		—			—		0.21		—		8.02		4.85			1.07		1.00	^†		1.00	^†		1.82	^†		10,072		4
12-31-09		8.23		0.17			(0.24	)		(0.07	)		0.31		—			—		0.31		—		7.85		(0.78	)		1.04		1.00	^†		1.00	^†		1.97	^†		12,009		—
12-31-08		10.47		0.20			(0.27	)		(0.07	)		0.25		1.92			—		2.17		—		8.23		0.53	^††		1.06		1.01	^†		1.01	^†		1.92	^†		16,119		198
12-31-07		10.79		0.16	•		0.08			0.24			0.36		0.20			—		0.56		—		10.47		2.05			1.10		1.00	^†		1.00	^†		1.49	^†		20,564		267
ING GET U.S. Core Portfolio Series 12
12-31-11		7.91		0.15	•		(0.07	)		0.08			0.20		—			—		0.20		—		7.79		1.07			1.12		1.00			1.00			1.90			11,479		—
12-31-10		7.69		0.16	•		0.28			0.44			0.22		—			—		0.22		—		7.91		5.78			1.04		1.00	^†		1.00	^†		2.02	^†		14,798		—
12-31-09		7.99		0.18	•		(0.24	)		(0.06	)		0.24		—			—		0.24		—		7.69		(0.59	)		1.03		1.00	^†		1.00	^†		2.29	^†		17,862		13
12-31-08		11.29		0.26			(0.90	)		(0.64	)		0.18		2.48			—		2.66		—		7.99		(6.20	)		1.12		1.00	^†		1.00	^†		1.99	^†		23,245		280
12-31-07		11.36		0.13	•		0.23			0.36			0.15		0.28			—		0.43		—		11.29		3.02			1.09		1.00	^†		1.00	^†		1.11	^†		46,154		231
ING GET U.S. Core Portfolio Series 13
12-31-11		9.81		0.16	•		0.02			0.18			0.22		—			—		0.22		—		9.77		1.81			1.09		1.00			1.00			1.68			19,832		—
12-31-10		9.44		0.17	•		0.45			0.62			0.25		—			—		0.25		—		9.81		6.59			1.02		1.00	^†		1.00	^†		1.77	^†		26,204		—
12-31-09		10.00		0.19	•		(0.41	)		(0.22	)		0.34		—			—		0.34		—		9.44		(2.06	)		1.03		1.00	^†		1.00	^†		2.00	^†		30,902		13
12-31-08		10.60		0.21	•		(0.00	)		0.21			0.20		0.61			—		0.81		—		10.00		2.33			1.05		1.00	^†		1.00	^†		2.14	^†		43,240		386
12-31-07		10.16		0.15	•		0.35			0.50			0.06		0.00	*		—		0.06		—		10.60		4.95			1.00		1.00	^†		1.00	^†		1.44	^†		70,238		168
ING GET U.S. Core Portfolio Series 14
12-31-11		10.20		0.23	•		0.09			0.32			0.31		—			—		0.31		—		10.21		3.21			1.06		1.00			1.00			2.25			44,018		—
12-31-10		9.93		0.25	•		0.42			0.67			0.40		—			—		0.40		—		10.20		6.88			1.03		1.00			1.00			2.48			54,548		—
12-31-09		10.46		0.29	•		(0.39	)		(0.10	)		0.43		—			—		0.43		—		9.93		(0.83	)		1.03		1.00			1.00			2.85			66,874		12
12-31-08		10.41		0.31	•		(0.01	)		0.30			0.19		0.06			—		0.25		—		10.46		3.04			1.02		1.00			1.00			3.05			107,043		293
12-31-07		10.00		0.26	•		0.15			0.41			—		—			—		—		—		10.41		1.86	^(a)		0.95		0.93			0.93			2.52			124,490		120

Net asset value, beginning of
year or period

Net investment income (loss)

Net realized and unrealized gain
(loss)

Total from investment operations

From net investment income

From net realized gains

From return of capital

Total distributions

Payment by affiliate

Net asset value,
end of year or period

Total Return⁽¹⁾

Expenses before reductions/
additions⁽²⁾⁽³⁾

Expenses net of fee waivers and/
or recoupments if any⁽²⁾⁽³⁾

Expense net of all reductions/
additions⁽²⁾⁽³⁾

Net investment income (loss)⁽²⁾⁽³⁾

Net assets, end of year or period

Portfolio turnover rate

See Accompanying Notes to Financial Statements


		FINANCIAL HIGHLIGHTS (CONTINUED)

⁽¹⁾

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

⁽²⁾

Annualized for periods less than one year.

⁽³⁾

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

^(a)

For ING GET U.S.Core Portfolio Series 14 , the total return calculation began on June 21, 2007, the first day of the Guarantee Period. The total return for the year ended December 31, 2007 was 4.10%.

•

Calculated using average number of shares outstanding throughout the period.

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

†

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

††

In August 2008, an affiliate of the Investment adviser and IIM fully reimbursed ING GET U.S. Core Portfolio Series 11 for a loss on certain investment transactions, which otherwise would have had a 1.39% impact on the Portfolio’s total return. Excluding the reimbursement, total return would have been (0.86)%.

NOTES TO FINANCIAL STATEMENTSASOF DECEMBER 31, 2011

NOTE 1 — ORGANIZATION

Organization. ING Variable Insurance Trust (the “Trust”) was organized as a Delaware statutory trust on July 15, 1999 and is registered with the SEC under the Investment Company Act of 1940, as amended (“1940 Act” or “Act”) as a diversified open-end management investment company. There are eight separate investment Series which comprise the Trust. The eight Series are as follows: ING GET U.S. Core Portfolio Series 7 (“Series 7”), ING GET U.S. Core Portfolio Series 8 (“Series 8”), ING GET U.S. Core Portfolio Series 9 (“Series 9”), ING GET U.S. Core Portfolio Series 10 (“Series 10”), ING GET U.S. Core Portfolio Series 11 (“Series 11”), ING GET U.S. Core Portfolio Series 12 (“Series 12”), ING GET U.S. Core Portfolio Series 13 (“Series 13”) and ING GET U.S. Core Portfolio Series 14 (“Series 14”) (each, a “Series” and collectively, “Series”).

During the Guarantee Period, 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.

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 companies offering these Series guarantee 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 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 is related to the Series:

Offering Period

Guarantee Period

Maturity Date

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

Series 10*

09/07/05 — 12/05/05

12/06/05 — 12/05/12

12/05/12

Series 11*

12/06/05 — 03/01/06

03/02/06 — 02/28/13

02/28/13

Series 12*

03/02/06 — 06/21/06

06/22/06 — 06/20/13

06/20/13

Series 13*

06/22/06 — 12/20/06

12/21/06 — 12/19/13

12/19/13

Series 14*

12/21/06 — 06/20/07

06/21/07 — 06/19/14

06/19/14

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 December 31, 2011 separate accounts of ILIAC and ING USA and their affiliates held all the shares outstanding of the Series.

ING Investments, LLC serves as the investment adviser (“ING Investments” or the “Investment Adviser”) to the Series. ING Investment Management Co. LLC serves as the sub-adviser (“IIM” or the “Sub-Adviser”) to the Series. ING Funds Services, LLC serves as the administrator (“IFS” or the “Administrator”) for the Series. ING Investments Distributor, LLC (“IID” or the “Distributor”) serves as the principal underwriter to the Series.

The Investment Adviser, the Sub-Adviser, IFS and IID are indirect, wholly-owned subsidiaries of ING Groep N.V. (“ING Groep”). ING Groep is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services.

ING Groep has adopted a formal restructuring plan that was approved by the European Commission in November 2009 under which the ING life insurance businesses, including the retirement services and investment management businesses, which include the Investment Adviser and its affiliates, would be separated from ING Groep by the end of 2013. To achieve this goal, ING Groep announced in November 2010 that it plans to pursue two separate initial public offerings: one a U.S. focused offering that would include U.S. based insurance, retirement services, and investment management operations; and the other a European based offering for European and Asian based insurance and investment management operations. ING Groep recently announced that it will explore options other than an initial public offering for its Asian insurance and investment management businesses. There can be no assurance that the restructuring plan will be carried out through two offerings or at all.

NOTES TO FINANCIAL STATEMENTSASOF DECEMBER 31, 2011 (CONTINUED)

NOTE 1 — ORGANIZATION (continued)

The restructuring plan and the uncertainty about its implementation, whether implemented through the planned public offerings or through other means, in whole or in part, may be disruptive to the businesses of ING entities, including the ING entities that service the Series, and may cause, among other things, interruption or reduction of business and services, diversion of management’s attention from day-to-day operations, and loss of key employees or customers. A failure to complete the offerings or other means of implementation on favorable terms could have a material adverse impact on the operations of the businesses subject to the restructuring plan. The restructuring plan may result in the Investment Adviser’s loss of access to services and resources of ING Groep, which could adversely affect their businesses and profitability. In addition, the divestment of ING businesses, including the Investment Adviser, may potentially be deemed a “change of control” of each entity. A change of control would result in the termination of the Series’ advisory and sub-advisory agreements, which would trigger the necessity for new agreements that would require approval of the board, and may trigger the need for shareholder approval. Currently, the Investment Adviser does not anticipate that the restructuring will have a material adverse impact on the Series or their operations and administration.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Series in the preparation of their financial statements, and such policies are in conformity with U.S. generally accepted accounting principles (“GAAP”) for investment companies.

A. Security Valuation. All investments in securities are recorded at their estimated fair value, as described below. 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 with more than 60 days to maturity are valued using matrix pricing methods determined by an independent

pricing service which takes into consideration such factors as yields, maturities, liquidity, ratings and traded prices in similar or identical securities. Investments of sufficient credit quality maturing in 60 days or less are valued at amortized cost which approximates fair value.

Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of fair market value obtained from yield data relating to investments or securities with similar characteristics. U.S. government obligations are valued by using market quotations or independent pricing services that use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. Investments in open-end mutual funds are valued at net asset value.

Securities and assets for which market quotations are not readily available (which may include certain restricted securities which are subject to limitations as to their sale) are valued at their fair values, as defined by the 1940 Act, and as determined in good faith by or under the supervision of the Series’ Board of Trustees (the “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 NAV may also be valued at their fair values as defined by the 1940 Act, and as determined in good faith by or under the supervision of the Board, in accordance with methods that are specifically authorized by the Board. All such fair valuations are made in accordance with valuation procedures of the Series (the “Valuation Procedures”) which have been approved by the Board. The valuation techniques applied in any specific instance are set forth in the Valuation Procedures and may vary from case to case. With respect to a restricted security, for example, consideration is generally given to the cost of the investment, the market value of any unrestricted securities of the same class at the time of valuation, the potential expiration of restrictions on the security, the existence of any registration rights, the costs to the Series related to registration of the security, as well as factors relevant to the issuer itself. Consideration may also be given to the price and extent of any public trading in similar securities of the issuer or comparable companies’ securities. The value of a foreign security traded on an exchange outside the United States is generally based on the price of a foreign security on the principal foreign exchange

NOTES TO FINANCIAL STATEMENTSASOF DECEMBER 31, 2011 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING

POLICIES (continued)

where it trades as of the time the Series determines its NAV or if the foreign exchange closes prior to the time the Series determines its NAV, the most recent closing price of the foreign security on its principal exchange. Trading in certain non-U.S. securities may not take place on all days on which the New York Stock Exchange (“NYSE”) is open. Further, trading takes place in various foreign markets on days on which the NYSE is not open. Consequently, the calculation of the Series’ NAV may not take place contemporaneously with the determination of the prices of securities held by a Series in foreign securities markets. Further, the value of the Series’ assets may be significantly affected by foreign trading on days when a shareholder cannot purchase or redeem shares of the Series. In calculating the Series’ NAV, foreign securities in foreign currency are converted to U.S. dollar equivalents. If an event occurs after the time at which the market for foreign securities held by the Series closes but before the time that the Series’ NAV in 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 a 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, a 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 a Series to determine that the closing prices for one or more securities do not represent readily available reliable market value quotations at the time a 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 a Series’ NAV.

Fair value is defined as the price that the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each investment asset or liability of the Series is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and unobservable inputs, including the adviser’s or sub-adviser’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality which are valued at amortized cost, which approximates fair value, are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Series’ investments under these levels of classification is included following the Portfolios of Investments.

For the year ended December 31, 2011, there have been no significant changes to the fair valuation methodologies.

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

NOTES TO FINANCIAL STATEMENTSASOF DECEMBER 31, 2011 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING

POLICIES (continued)

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

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on 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.

D. 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 U.S. generally accepted

accounting principles 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 for investment companies.

E. 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. Management has considered the sustainability of the Series’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expired.

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

G. Risk Exposures and the use of Derivative Instruments. Each Series’ investment strategies permit them to enter into futures contracts. In doing so, the Series will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to market risk factors. This may allow the Series to pursue its objectives more quickly, and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

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

Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due.

NOTES TO FINANCIAL STATEMENTSASOF DECEMBER 31, 2011 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING

POLICIES (continued)

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

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

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

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

the risk that the counterparty will not fulfill its

obligation to a Series. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.

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

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

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

NOTES TO FINANCIAL STATEMENTSASOF DECEMBER 31, 2011 (CONTINUED)

NOTE 3 — INVESTMENT TRANSACTIONS

For the year ended December 31, 2011, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities, were as follows:


	Purchases		Sales
Series 7	$	—	$	726,586
Series 8		—		427,531
Series 9		—		437,639
Series 13		—		3,170,292

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


	Purchases		Sales
Series 7	$	—	$	6,386,279
Series 8		399,656		2,636,973
Series 9		432,649		2,600,080
Series 10		—		1,504,428
Series 11		—		2,172,550
Series 12		—		3,577,700
Series 13		—		4,010,743
Series 14		—		12,836,272

NOTE 4 — INVESTMENT MANAGEMENT AND ADMINISTRATION FEES

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

The Investment Adviser has engaged IIM, to serve as sub-adviser to each Series. IIM is responsible for managing the assets of each Series in accordance with its investment objective and policies, subject to such policies as the Board or the Investment Adviser may determine.

IFS 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 from each Series a fee at an annual rate of 0.055% of average daily net assets.

NOTE 5 — DISTRIBUTION FEES

The Series have adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plan”), whereby IID is compensated by the Series for expenses incurred in the distribution of each Series’ shares (“Distribution Fees”). Pursuant to the 12b-1 Plan, the Distributor is entitled to a payment each month to 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 (“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 December 31, 2011, the Series had the following amounts recorded as payable to affiliates on the accompanying Statements of Assets and Liabilities:


Portfolio	Accrued Investment Management Fees		Accrued Administrative Fees		Accrued Shareholder Service and Distribution Fees		Total
Series 7	$	7,977	$	731	$	3,323	$	12,031
Series 8		4,951		454		2,063		7,468
Series 9		4,032		369		1,680		6,081
Series 10		3,108		285		1,295		4,688
Series 11		4,622		381		1,734		6,737
Series 12		5,873		538		2,447		8,858
Series 13		10,247		939		4,270		15,456
Series 14		22,677		2,079		9,449		34,205

The Trust has adopted a Deferred Compensation Plan (the “Plan”), which allows eligible non-affiliated trustees as described in the Plan to defer the receipt of all or a portion of the trustees’ fees payable. Amounts deferred are treated as though invested in various “notional” funds advised by ING Investments until distribution in accordance with the Plan.

NOTES TO FINANCIAL STATEMENTSASOF DECEMBER 31, 2011 (CONTINUED)

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

At December 31, 2011, the following indirect, wholly owned subsidiaries of ING Groep owned more than 5% of the following Series:


Subsidiary	Portfolios		Percentage
ING Life Insurance and Annuity Company		Series 7		52.75	%
		Series 8		69.20	%
		Series 9		62.82	%
		Series 10		63.08	%
		Series 11		48.24	%
		Series 12		83.98	%
		Series 13		51.50	%
		Series 14		17.62	%
ING USA Annuity and Life Insurance Company		Series 7		34.48	%
		Series 8		27.07	%
		Series 9		34.69	%
		Series 10		36.83	%
		Series 11		49.14	%
		Series 12		15.83	%
		Series 13		45.93	%
		Series 14		66.26	%

Reliastar Life Insurance Company		Series 7		12.77	%
		Series 14		16.12	%

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

NOTE 7 — OTHER ACCRUED EXPENSES AND LIABILITIES

At December 31, 2011, each applicable 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.


Series	Accrued Expenses	Amount
Series 7	Professional	$	9,411
	Postage		4,110
	Shareholder Reporting		1,547
Series 8	Professional		5,890
	Postage		2,036
	Shareholder Reporting		1,785
Series 9	Professional		5,392
	Custody		872
	Postage		2,108
	Shareholder Reporting		872
Series 10	Professional		3,906
	Postage		1,534
	Shareholder Reporting		1,638


Series	Accrued Expenses	Amount
Series 11	Professional	$	4,368
Series 12	Professional		5,668
	Postage		1,714
	Shareholder Reporting		1,542
Series 13	Professional		12,326
	Postage		2,187
	Shareholder Reporting		2,171
Series 14	Professional		19,643
	Postage		5,243

NOTE 8 — EXPENSE LIMITATION AGREEMENT

ING Investments has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with each Series whereby the Investment Adviser has agreed to limit expenses, excluding interest, taxes, brokerage commissions and extraordinary expenses (and acquired fund fees and expenses stemming from investments in other investment companies) to 0.65% during the Offering Period and 1.00% during the Guarantee Period.

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

As of December 31, 2011, the amounts of waived and reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:


	December 31,
	2012		2013		2014		Total
Series 7	$	5,426	$	15,472	$	15,640	$	36,538
Series 8		6,928		11,464		13,943		32,335
Series 9		8,055		9,641		13,589		31,285
Series 10		6,857		6,704		11,934		25,495
Series 11		5,972		7,473		12,737		26,182
Series 12		5,821		5,427		15,149		26,397
Series 13		9,006		5,149		20,578		34,733
Series 14		24,404		17,990		30,539		72,933

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 STATEMENTSASOF DECEMBER 31, 2011 (CONTINUED)

NOTE 9 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:


	Shares sold		Shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#		#			#			($)		($)		($)		($)			($)
Series 7
12/31/2011		—		—		50,070		(552,905	)		(502,835	)		—		—		389,546		(4,343,572	)		(3,954,026	)
12/31/2010		—		—		61,628		(736,718	)		(675,090	)		—		—		481,929		(5,826,781	)		(5,344,852	)
Series 8
12/31/2011		—		—		22,656		(340,260	)		(317,604	)		—		—		177,625		(2,692,114	)		(2,514,489	)
12/31/2010		—		—		38,452		(360,947	)		(322,495	)		—		—		301,849		(2,876,613	)		(2,574,764	)
Series 9
12/31/2011		—		—		24,381		(332,199	)		(307,818	)		—		—		192,372		(2,639,691	)		(2,447,319	)
12/31/2010		—		—		30,754		(309,105	)		(278,351	)		—		—		241,112		(2,456,982	)		(2,215,870	)
Series 10
12/31/2011		—		—		21,528		(194,576	)		(173,048	)		—		—		171,580		(1,566,539	)		(1,394,959	)
12/31/2010		—		—		27,907		(227,814	)		(199,907	)		—		—		223,531		(1,854,324	)		(1,630,793	)
Series 11
12/31/2011		—		—		25,163		(260,296	)		(235,133	)		—		—		198,791		(2,077,663	)		(1,878,872	)
12/31/2010		—		—		34,767		(308,138	)		(273,371	)		—		—		273,966		(2,458,558	)		(2,184,592	)
Series 12
12/31/2011		—		—		42,632		(440,400	)		(397,768	)		—		—		332,101		(3,463,075	)		(3,130,974	)
12/31/2010		—		—		59,277		(511,874	)		(452,597	)		—		—		455,837		(4,009,472	)		(3,553,635	)
Series 13
12/31/2011		—		—		52,145		(694,710	)		(642,565	)		—		—		506,846		(6,802,350	)		(6,295,504	)
12/31/2010		—		—		75,067		(676,070	)		(601,003	)		—		—		716,888		(6,566,410	)		(5,849,522	)
Series 14
12/31/2011		—		—		149,497		(1,187,362	)		(1,037,865	)		—		—		1,506,924		(12,101,780	)		(10,594,856	)
12/31/2010		—		—		236,680		(1,619,762	)		(1,383,082	)		—		—		2,345,501		(16,454,198	)		(14,108,697	)

NOTE 10 — LINE OF CREDIT

Each of the Series included in this report, in addition to certain other funds managed by the Investment Adviser, have entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNYM”) for an aggregate amount of $125,000,000. The proceeds may be used to: (1) temporarily finance the purchase or sale of securities; and (2) finance the redemption of shares of an investor in the funds. Effective May 27, 2011, the funds to which the line of credit is available pay a commitment fee equal to 0.08% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 27, 2011, the funds to which the line of credit is available paid a commitment fee equal to

0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Generally, borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The Series utilized the line of credit during the year ended December 31, 2011 as follows:


Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized		Approximate Weighted Average Interest Rate For Days Utilized
Series 7		1	$	500,000		1.40	%
Series 13		3		500,000		1.24

NOTES TO FINANCIAL STATEMENTSASOF DECEMBER 31, 2011 (CONTINUED)

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

The following permanent tax differences have been reclassified as of December 31, 2011:


	Undistributed Net Investment Income		Accumulated Net Realized Gains / (Losses)
Series 7	$	15	$	(15	)
Series 8		16		(16	)
Series 9		9		(9	)
Series 12		9		(9	)

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

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


	Year Ended December 31, 2011 Ordinary Income		Year Ended December 31, 2010 Ordinary Income
Series 7	$	389,546	$	481,929
Series 8		177,625		301,849
Series 9		192,372		241,112
Series 10		171,580		223,531
Series 11		198,791		273,966
Series 12		332,101		455,837
Series 13		506,846		716,888
Series 14		1,506,924		2,345,501

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, 2011 were:


	Undistributed Ordinary Income		Unrealized Appreciation/ (Depreciation)		Short-term Capital Loss Carryforwards			Expiration Dates
Series 7		$276,656		$258,288	$	(4,085,266	)		2016
						(502,019	)		2017

					$	(4,587,285	)

Series 8		131,721		85,208		(2,673,643	)		2016
						(346,074	)		2017

					$	(3,019,717	)

Series 9		134,020		177,875		(1,960,400	)		2016
						(246,585	)		2017

					$	(2,206,985	)

Series 10		130,848		155,997		(1,723,532	)		2016
						(220,542	)		2017

					$	(1,944,074	)

Series 11		153,560		208,664		(2,202,221	)		2016
						(52,087	)		2017

					$	(2,254,308	)

Series 12		242,290		625,422		(5,196,548	)		2016
						(637,237	)		2017

					$	(5,833,785	)

Series 13		382,614		1,355,449		(3,092,579	)		2016
						(24,519	)		2017

					$	(3,117,098	)

Series 14		1,102,523		2,790,246		(3,455,716	)		2016

The Series’ major tax jurisdictions are federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2007.

As of December 31, 2011, no provisions for income tax would be required in the Series’ financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Series’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted on December 22, 2010. The Act makes changes to several tax rules impacting the Series. In general, the provisions of the Act will be effective for the Series’ tax year ending December 31, 2011. Although the Act provides several benefits, including the unlimited carryforward of future capital losses, there may be a greater likelihood that all or a portion of the Series’ pre-enactment capital loss carryforwards may expire without being utilized due to

NOTES TO FINANCIAL STATEMENTSASOF DECEMBER 31, 2011 (CONTINUED)

NOTE 11 — FEDERAL INCOME TAXES (continued)

the fact that post-enactment capital losses are required to be utilized before pre-enactment capital loss carryforwards.

NOTE 12 — OTHER ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP and the International

Financial Reporting Standards (“IFRSs”). The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. As of December 31, 2011, management of the Portfolios is currently assessing the potential impact to financial statement disclosure that may result from adopting this ASU.

NOTE 13 — SUBSEQUENT EVENTS

The Series have evaluated events occurring after the Statements of Assets and Liabilities date (subsequent events) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. No such subsequent events were identified.

ING GET U.S. CORE PORTFOLIO SERIES 7

PORTFOLIO OF INVESTMENTS

ASOF DECEMBER 31, 2011

Principal
Amount^†

Value

Percentage
of Net
Assets

FOREIGN GOVERNMENT BONDS: 21.2%

3,300,000

Israel Government International Bond, 0.330%, 05/15/12

3,296,000

21.2

Total Foreign Government Bonds (Cost $3,246,077)

3,296,000

21.2

U.S. GOVERNMENT AGENCY OBLIGATIONS: 40.5%

Federal Home Loan Mortgage
Corporation: 19.2%##STRIP

3,000,000

0.710%, due 07/15/12

2,990,796

19.2

Federal National Mortgage
Association: 21.3%##STRIP

3,313,000

0.670%, due 03/15/12

3,309,389

21.3

Total U.S. Government Agency Obligations (Cost $6,264,611)

6,300,185

40.5

U.S. TREASURY OBLIGATIONS: 22.0%

U.S. Treasury STRIP: 22.0%STRIP

3,434,000

0.110%, due 02/15/12

3,433,941

22.0

Total U.S. Treasury Obligations
(Cost $3,425,727)

3,433,941

22.0

Shares

Value

Percentage
of Net
Assets

EXCHANGE-TRADED FUNDS: 3.1%

3,800

SPDR Trust Series 1

476,900

3.1

Total Exchange-Traded Funds
(Cost $312,323)

476,900

3.1

Total Long-Term Investments
(Cost $13,248,738)

13,507,026

86.8

Shares

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 12.9%

Mutual Funds: 12.9%

2,014,000

BlackRock Liquidity Funds, TempFund, Institutional Class
(Cost $2,014,000)

2,014,000

12.9

Total Short-Term Investments
(Cost $2,014,000)

2,014,000

12.9

Total Investments in Securities
(Cost $15,262,738)

15,521,026

99.7

Assets in Excess of Other Liabilities

42,662

0.3

Net Assets

15,563,688

100.0

†	Unless otherwise indicated, principal amount is shown in USD.

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

STRIP

Separate Trading of Registered Interest and Principal of Securities

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

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


Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	258,288
Gross Unrealized Depreciation		—

Net Unrealized appreciation	$	258,288

See Accompanying Notes to Financial Statements

ING GET U.S. CORE PORTFOLIO SERIES 7

PORTFOLIO OF INVESTMENTS

ASOF DECEMBER 31, 2011 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2011 in valuing the assets and liabilities:


	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 12/31/2011
Asset Table
Investments, at value
Exchange-Traded Funds	$	476,900	$	—	$	—	$	476,900
U.S. Treasury Obligations		—		3,433,941		—		3,433,941
Foreign Government Bonds		—		3,296,000		—		3,296,000
Short-Term Investments		2,014,000		—		—		2,014,000
U.S. Government Agency Obligations		—		6,300,185		—		6,300,185

Total Investments, at value	$	2,490,900	$	13,030,126	$	—	$	15,521,026

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

There were no significant transfers between Level 1 and 2 during the year ending December 31, 2011.

See Accompanying Notes to Financial Statements

ING GET U.S. CORE PORTFOLIO SERIES 8

PORTFOLIO OF INVESTMENTS

ASOF DECEMBER 31, 2011

Principal
Amount^†

Value

Percentage
of Net
Assets

U.S. TREASURY OBLIGATIONS: 18.1%

U.S. Treasury STRIP: 18.1%STRIP

1,753,000

0.220%, due 08/15/12

1,752,164

18.1

Total U.S. Treasury Obligations
(Cost $1,745,690)

1,752,164

18.1

U.S. GOVERNMENT AGENCY OBLIGATIONS: 80.6%

Federal Home Loan Mortgage
Corporation: 22.0%##STRIP

2,125,000

0.630%, due 03/15/12

2,122,777

22.0

Federal National Mortgage
Association: 18.1%##STRIP

1,750,000

0.670%, due 03/15/12

1,748,092

18.1

Other U.S. Agency Obligations: 40.5%STRIP

2,118,000

0.540%, due 03/26/12

2,115,910

21.9

1,805,000

0.470%, due 04/15/12

1,803,269

18.6

3,919,179

40.5

Total U.S. Government Agency Obligations (Cost $7,750,293)

7,790,048

80.6

Shares

Value

Percentage
of Net
Assets

EXCHANGE-TRADED FUNDS: 1.2%

900

SPDR Trust Series 1

112,950

1.2

Total Exchange-
Traded Funds
(Cost $73,971)

112,950

1.2

Total Long-Term Investments
(Cost $9,569,954)

9,655,162

99.9

Shares

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 0.3%

Mutual Funds: 0.3%

33,000

BlackRock Liquidity Funds, TempFund, Institutional Class
(Cost $33,000)

33,000

0.3

Total Short-Term Investments
(Cost $33,000)

33,000

0.3

Total Investments
in Securities
(Cost $9,602,954)

9,688,162

100.2

Liabilities in Excess of Other Assets

(15,826

)

(0.2

)

Net Assets

$9,672,336

100.0

†	Unless otherwise indicated, principal amount is shown in USD.

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

STRIP

Separate Trading of Registered Interest and Principal of Securities

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

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


Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	85,208
Gross Unrealized Depreciation		—

Net Unrealized appreciation	$	85,208

See Accompanying Notes to Financial Statements

ING GET U.S. CORE PORTFOLIO SERIES 8

PORTFOLIO OF INVESTMENTS

ASOF DECEMBER 31, 2011 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2011 in valuing the assets and liabilities:


	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 12/31/2011
Asset Table
Investments, at value
Exchange-Traded Funds	$	112,950	$	—	$	—	$	112,950
U.S. Treasury Obligations		—		1,752,164		—		1,752,164
Short-Term Investments		33,000		—		—		33,000
U.S. Government Agency Obligations		—		7,790,048		—		7,790,048

Total Investments, at value	$	145,950	$	9,542,212	$	—	$	9,688,162

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

There were no significant transfers between Level 1 and 2 during the year ending December 31, 2011.

See Accompanying Notes to Financial Statements

ING GET U.S. CORE PORTFOLIO SERIES 9

PORTFOLIO OF INVESTMENTS

ASOF DECEMBER 31, 2011

Principal
Amount^†

Value

Percentage
of Net
Assets

U.S. TREASURY OBLIGATIONS: 16.7%

U.S. Treasury STRIP: 16.7%STRIP

1,313,000

0.220%, due 08/15/12

1,312,374

16.7

Total U.S. Treasury Obligations
(Cost $1,298,478)

1,312,374

16.7

U.S. GOVERNMENT AGENCY OBLIGATIONS: 80.2%

Federal Home Loan Mortgage
Corporation: 17.8%##STRIP

1,405,000

0.730%, due 09/15/12

1,399,123

17.8

Federal National Mortgage
Association: 21.0%##STRIP

1,662,000

0.710%, due 07/15/12

1,656,909

21.0

Other U.S. Agency Obligations: 41.4%STRIP

1,600,000

0.570%, due 10/06/12

1,593,960

20.2

1,675,000

0.530%, due 07/15/12

1,671,559

21.2

3,265,519

41.4

Total U.S. Government Agency Obligations

(Cost $6,236,484)

6,321,551

80.2

Shares

Value

Percentage
of Net
Assets

EXCHANGE-TRADED FUNDS: 3.0%

1,900

SPDR Trust Series 1

238,450

3.0

Total Exchange-Traded Funds
(Cost $156,162)

238,450

3.0

Total Long-Term Investments
(Cost $7,691,124)

7,872,375

99.9

Shares

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 0.3%

Mutual Funds: 0.3%

23,000

BlackRock Liquidity Funds, TempFund, Institutional Class
(Cost $23,000)

23,000

0.3

Total Short-Term Investments
(Cost $23,000)

23,000

0.3

Total Investments
in Securities
(Cost $7,714,124)

7,895,375

100.2

Liabilities in Excess of Other Assets

(13,178

)

(0.2

)

Net Assets

7,882,197

100.0

†	Unless otherwise indicated, principal amount is shown in USD.

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

STRIP

Separate Trading of Registered Interest and Principal of Securities

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

Cost for federal income tax purposes is $7,717,500.


Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	181,251
Gross Unrealized Depreciation		(3,376	)

Net Unrealized appreciation	$	177,875

See Accompanying Notes to Financial Statements

ING GET U.S. CORE PORTFOLIO SERIES 9

PORTFOLIO OF INVESTMENTS

ASOF DECEMBER 31, 2011 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2011 in valuing the assets and liabilities:


	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 12/31/2011
Asset Table
Investments, at value
Exchange-Traded Funds	$	238,450	$	—	$	—	$	238,450
U.S. Treasury Obligations		—		1,312,374		—		1,312,374
Short-Term Investments		23,000		—		—		23,000
U.S. Government Agency Obligations		—		6,321,551		—		6,321,551

Total Investments, at value	$	261,450	$	7,633,925	$	—	$	7,895,375

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

There were no significant transfers between Level 1 and 2 during the year ending December 31, 2011.

See Accompanying Notes to Financial Statements

ING GET U.S. CORE PORTFOLIO SERIES 10

PORTFOLIO OF INVESTMENTS

ASOF DECEMBER 31, 2011

Principal
Amount^†

Value

Percentage
of Net
Assets

U.S. TREASURY OBLIGATIONS: 16.5%

U.S. Treasury STRIP: 16.5%STRIP

1,003,000

0.220%, due 11/15/12

1,002,050

16.5

Total U.S. Treasury Obligations
(Cost $990,601)

1,002,050

16.5

U.S. GOVERNMENT AGENCY OBLIGATIONS: 83.3%

Federal Home Loan Mortgage
Corporation: 20.9%##STRIP

1,281,000

0.810%, due 01/15/13

1,272,444

20.9

Federal National Mortgage
Association: 22.4%##STRIP

1,372,000

0.810%, due 01/15/13

1,362,844

22.4

Other U.S. Agency Obligations: 40.0%STRIP

1,100,000

0.570%, due 10/06/12

1,095,848

18.0

1,350,000

0.640%, due 01/15/13

1,343,587

22.0

2,439,435

40.0

Total U.S. Government Agency Obligations (Cost $4,930,175)

5,074,723

83.3

Total Long-Term Investments
(Cost $5,920,776)

6,076,773

99.8

Principal
Amount†

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 0.4%

Mutual Funds: 0.4%

22,000

BlackRock Liquidity Funds, TempFund, Institutional Class
(Cost $22,000)

22,000

0.4

Total Short-Term Investments
(Cost $22,000)

22,000

0.4

Total Investments
in Securities
(Cost $5,942,776)

6,098,773

100.2

Liabilities in Excess of Other Assets

(10,648

)

(0.2

)

Net Assets

6,088,125

100.0

†	Unless otherwise indicated, principal amount is shown in USD.

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

STRIP

Separate Trading of Registered Interest and Principal of Securities

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

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


Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	155,997
Gross Unrealized Depreciation		—

Net Unrealized appreciation	$	155,997

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2011 in valuing the assets and liabilities:


	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 12/31/2011
Asset Table
Investments, at value
U.S. Treasury Obligations	$	—	$	1,002,050	$	—	$	1,002,050
U.S. Government Agency Obligations		—		5,074,723		—		5,074,723
Short-Term Investments		22,000		—		—		22,000

Total Investments, at value	$	22,000	$	6,076,773	$	—	$	6,098,773

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

There were no significant transfers between Level 1 and 2 during the year ending December 31, 2011.

See Accompanying Notes to Financial Statements

ING GET U.S. CORE PORTFOLIO SERIES 11

PORTFOLIO OF INVESTMENTS

ASOF DECEMBER 31, 2011

Principal
Amount^†

Value

Percentage
of Net
Assets

U.S. TREASURY OBLIGATIONS: 11.3%

U.S. Treasury STRIP: 11.3%STRIP

915,000

0.350%, due 02/15/13

913,399

11.3

Total U.S. Treasury

Obligations
(Cost $895,356)

913,399

11.3

U.S. GOVERNMENT AGENCY OBLIGATIONS: 87.8%

Federal Home Loan Mortgage
Corporation: 21.6%##STRIP

1,756,000

0.810%, due 01/15/13

1,744,271

21.6

Federal National Mortgage
Association: 20.9%##STRIP

1,700,000

0.880%, due 02/21/13

1,687,206

20.9

Other U.S. Agency Obligations: 45.3%STRIP

153,000

0.690%, due 05/11/13

152,033

1.9

1,533,000

0.920%, due 09/26/13

1,517,040

18.8

1,573,000

0.640%, due 01/15/13

1,565,528

19.4

419,000

0.660%, due 04/15/13

416,491

5.2

3,651,092

45.3

Total U.S. Government Agency Obligations
(Cost $6,891,948)

7,082,569

87.8

Total Long-Term

Investments
(Cost $7,787,304)

7,995,968

99.1

Shares

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.9%

Mutual Funds: 1.9%

156,000

BlackRock Liquidity

Funds, TempFund,

Institutional Class

(Cost $156,000)

156,000

1.9

Total Short-Term

Investments

(Cost $156,000)

156,000

1.9

Total Investments
in Securities

(Cost $7,943,304)

8,151,968

101.0

Liabilities in Excess of Other Assets

(82,730

)

(1.0

)

Net Assets

8,069,238

100.0

†	Unless otherwise indicated, principal amount is shown in USD.

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

STRIP

Separate Trading of Registered Interest and Principal of Securities

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

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


Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	208,664
Gross Unrealized Depreciation		—

Net Unrealized appreciation	$	208,664

See Accompanying Notes to Financial Statements

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2011 in valuing the assets and liabilities:


	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 12/31/2011
Asset Table
Investments, at value
U.S. Treasury Obligations	$	—	$	913,399	$	—	$	913,399
U.S. Government Agency Obligations		—		7,082,569		—		7,082,569
Short-Term Investments		156,000		—		—		156,000

Total Investments, at value	$	156,000	$	7,995,968	$	—	$	8,151,968

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

There were no significant transfers between Level 1 and 2 during the year ending December 31, 2011.

ING GET U.S. CORE PORTFOLIO SERIES 12

PORTFOLIO OF INVESTMENTS

ASOF DECEMBER 31, 2011

Principal
Amount^†

Value

Percentage
of Net
Assets

U.S. TREASURY OBLIGATIONS: 10.6%

U.S. Treasury STRIP: 10.6%STRIP

1,217,000

0.220%, due 05/15/13

1,213,698

10.6

Total U.S. Treasury

Obligations

(Cost $1,191,112)

1,213,698

10.6

U.S. GOVERNMENT AGENCY OBLIGATIONS: 81.5%

Federal Home Loan Mortgage
Corporation: 19.7%##STRIP

2,291,000

0.730%, due 09/15/13

2,262,839

19.7

Federal National Mortgage
Association: 19.8%##STRIP

2,290,000

0.710%, due 07/15/13

2,265,866

19.8

Other U.S. Agency Obligations: 42.0%STRIP

2,475,000

0.570%, due 06/06/13

2,457,591

21.4

2,381,000

0.530%, due 04/15/13

2,366,740

20.6

4,824,331

42.0

Total U.S. Government

Agency Obligations

(Cost $8,997,065)

9,353,036

81.5

Shares

Value

Percentage
of Net
Assets

EXCHANGE-TRADED FUNDS: 6.2%

5,700

SPDR Trust Series 1

715,350

6.2

Total Exchange-Traded Funds

(Cost $468,485)

715,350

6.2

Total Long-Term Investments

(Cost $10,656,662)

11,282,084

98.3

Shares

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.8%

Mutual Funds: 1.8%

209,000

BlackRock Liquidity Funds, TempFund, Institutional Class
(Cost $209,000)

209,000

1.8

Total Short-Term Investments
(Cost $209,000)

209,000

1.8

Total Investments in Securities

(Cost $10,865,662)

11,491,084

100.1

Liabilities in Excess of Other Assets

(12,307

)

(0.1

)

Net Assets

11,478,777

100.0

†	Unless otherwise indicated, principal amount is shown in USD.

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

STRIP

Separate Trading of Registered Interest and Principal of Securities

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

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


Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	625,422
Gross Unrealized Depreciation		—

Net Unrealized appreciation	$	625,422

See Accompanying Notes to Financial Statements

ING GET U.S. CORE PORTFOLIO SERIES 12

PORTFOLIO OF INVESTMENTS

ASOF DECEMBER 31, 2011 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2011 in valuing the assets and liabilities:


	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 12/31/2011
Asset Table
Investments, at value
Exchange-Traded Funds	$	715,350	$	—	$	—	$	715,350
U.S. Treasury Obligations		—		1,213,698		—		1,213,698
Short-Term Investments		209,000		—		—		209,000
U.S. Government Agency Obligations		—		9,353,036		—		9,353,036

Total Investments, at value	$	924,350	$	10,566,734	$	—	$	11,491,084

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

There were no significant transfers between Level 1 and 2 during the year ending December 31, 2011.

See Accompanying Notes to Financial Statements

ING GET U.S. CORE PORTFOLIO SERIES 13

PORTFOLIO OF INVESTMENTS

ASOF DECEMBER 31, 2011

Principal
Amount^†

Value

Percentage
of Net
Assets

U.S. TREASURY OBLIGATIONS: 15.6%

U.S. Treasury STRIP: 15.6%STRIP

3,107,000

0.480%, due 11/15/13

3,091,175

15.6

Total U.S. Treasury
Obligations
(Cost $2,931,922)

3,091,175

15.6

U.S. GOVERNMENT AGENCY OBLIGATIONS: 82.9%

Federal Home Loan Mortgage
Corporation: 19.8%##STRIP

3,986,000

1.060%, due 11/15/13

3,931,328

19.8

Federal National Mortgage
Association: 20.6%##STRIP

4,128,000

0.950%, due 01/15/14

4,079,313

20.6

Other U.S. Agency Obligations: 42.5%STRIP

4,350,000

0.950%, due 11/11/13

4,299,770

21.7

4,164,000

0.990%, due 01/15/14

4,114,153

20.8

8,413,923

42.5

Total U.S. Government
Agency Obligations
(Cost $15,228,368)

16,424,564

82.9

Total Long-Term
Investments
(Cost $18,160,290)

19,515,739

98.5

Shares

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.7%

Mutual Funds: 1.7%

346,000

BlackRock Liquidity
Funds, TempFund,
Institutional Class
(Cost $346,000)

346,000

1.7

Total Short-Term
Investments
(Cost $346,000)

346,000

1.7

Total Investments in Securities
(Cost $18,506,290)

19,861,739

100.2

Liabilities in Excess of Other Assets

(30,210

)

(0.2

)

Net Assets

19,831,529

100.0

†	Unless otherwise indicated, principal amount is shown in USD.

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

STRIP

Separate Trading of Registered Interest and Principal of Securities

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

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


Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	1,355,449
Gross Unrealized Depreciation		—

Net Unrealized appreciation	$	1,355,449

See Accompanying Notes to Financial Statements

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2011 in valuing the assets and liabilities:


	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 12/31/2011
Asset Table
Investments, at value
U.S. Treasury Obligations	$	—	$	3,091,175	$	—	$	3,091,175
U.S. Government Agency Obligations		—		16,424,564		—		16,424,564
Short-Term Investments		346,000		—		—		346,000

Total Investments, at value	$	346,000	$	19,515,739	$	—	$	19,861,739

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

There were no significant transfers between Level 1 and 2 during the year ending December 31, 2011.

ING GET U.S. CORE PORTFOLIO SERIES 14

PORTFOLIO OF INVESTMENTS

ASOF DECEMBER 31, 2011

Principal
Amount^†

Value

Percentage
of Net
Assets

U.S. TREASURY OBLIGATIONS: 19.3%

U.S. Treasury STRIP: 19.3%STRIP

8,559,000

0.780%, due 05/15/14

8,501,843

19.3

Total U.S. Treasury Obligations
(Cost $8,109,390)

8,501,843

19.3

U.S. GOVERNMENT AGENCY OBLIGATIONS: 58.9%

Federal Home Loan Mortgage
Corporation: 19.4%##STRIP

8,713,000

1.320%, due 07/15/14

8,542,339

19.4

Federal National Mortgage
Association: 20.4%##STRIP

9,125,000

1.210%, due 05/15/14

8,967,968

20.4

Other U.S. Agency Obligations: 19.1%STRIP

8,551,000

1.170%, due 07/15/14

8,413,226

19.1

Total U.S. Government
Agency Obligations
(Cost $24,028,504)

25,923,533

58.9

FOREIGN GOVERNMENT BONDS: 20.4%

9,124,000

Israel Government
International Bond,
0.630%, 08/15/14

8,973,098

20.4

Total Foreign Government Bonds
(Cost $8,470,334)

8,973,098

20.4

Total Long-Term
Investments
(Cost $40,608,228)

43,398,474

98.6

Shares

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.6%

Repurchase Agreement: 1.6%

688,000

Deutsche Bank Repurchase Agreement dated 12/30/11, 0.050%, due 01/03/12, $688,004 to be received upon repurchase (Collateralized by $697,000, FMNT, 1.000%, Market Value plus accrued interest $701,952 due 10/28/20)
(Cost $688,000)

688,000

1.6

Total Short-Term
Investments
(Cost $688,000)

688,000

1.6

Total Investments
in Securities
(Cost $41,296,228)

44,086,474

100.2

Liabilities in Excess of Other Assets

(68,561

)

(0.2

)

Net Assets

44,017,913

100.0

†	Unless otherwise indicated, principal amount is shown in USD.

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

STRIP

Separate Trading of Registered Interest and Principal of Securities

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

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


Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	2,790,246
Gross Unrealized Depreciation		—

Net Unrealized appreciation	$	2,790,246

See Accompanying Notes to Financial Statements

ING GET U.S. CORE PORTFOLIO SERIES 14

PORTFOLIO OF INVESTMENTS

ASOF DECEMBER 31, 2011 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2011 in valuing the assets and liabilities:


	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 12/31/2011
Asset Table
Investments, at value
U.S. Treasury Obligations	$	—	$	8,501,843	$	—	$	8,501,843
Short-Term Investments		—		688,000		—		688,000
U.S. Government Agency Obligations		—		25,923,533		—		25,923,533
Foreign Government Bonds		—		8,973,098		—		8,973,098

Total Investments, at value	$	—	$	44,086,474	$	—	$	44,086,474

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

There were no significant transfers between Level 1 and 2 during the year ending December 31, 2011.

See Accompanying Notes to Financial Statements

TAX INFORMATION (UNAUDITED)

Dividends paid during the year ended December 31, 2011 were as follows:


Portfolio Name	Type		Per Share Amount

ING GET U.S. Core Portfolio - Series 7		NII	$	0.1749

ING GET U.S. Core Portfolio - Series 8		NII	$	0.1329

ING GET U.S. Core Portfolio - Series 9		NII	$	0.1714

ING GET U.S. Core Portfolio - Series 10		NII	$	0.2048

ING GET U.S. Core Portfolio - Series 11		NII	$	0.1784

ING GET U.S. Core Portfolio - Series 12		NII	$	0.2047

ING GET U.S. Core Portfolio - Series 13		NII	$	0.2166

ING GET U.S. Core Portfolio - Series 14		NII	$	0.3137

NII - Net investment income

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Portfolios. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

TRUSTEE AND OFFICER INFORMATION (UNAUDITED)

The business and affairs of the Trust are managed under the direction of the Trust’s Board. A Trustee who is not an interested person of the Trust, as defined in the 1940 Act, is an independent trustee (“Independent Trustee”). The Trustees and Officers of the Trust are listed below. The Statement of Additional Information includes additional information about trustees of the Trust and is available, without charge, upon request at (800) 992-0180.


Name, Address and Age	Position(s) held with the Trust	Term of Office and Length of Time Served⁽¹⁾	Principal Occupation(s) – during the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee⁽²⁾	Other Board Positions held by Trustee
Independent Trustees:

Colleen D. Baldwin 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51	Trustee	November 2007 -Present	President, Glantuam Partners, LLC, a business consulting firm (January 2009 - Present) and Consultant (January 2005 - Present).	140	None.

John V. Boyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58	Trustee	January 2005 - Present	President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 - Present). Formerly, Consultant (July 2007 - February 2008) and President and Chief Executive Officer, Franklin and Eleanor Roosevelt Institute, a public policy foundation (March 2006 - July 2007).	140	None.

Patricia W. Chadwick 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63	Trustee	January 2006 - Present	Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 - Present).	140	Wisconsin Energy Corporation (June 2006 - Present) and The Royce Fund, 35 Funds (December 2009 - Present).

Peter S. Drotch 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 70	Trustee	November 2007 - Present	Retired.	140	First Marblehead Corporation (September 2003 - Present).

J. Michael Earley 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 66	Trustee	February 2002 - Present	Retired. Formerly, Banking President and Chief Executive Officer, Bankers Trust Company, N.A., Des Moines (June 1992 - December 2008).	140	None.

Patrick W. Kenny 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 69	Trustee	January 2005 - Present	Retired. Formerly, President and Chief Executive Officer, International Insurance Society (June 2001 - June 2009).	140	Assured Guaranty Ltd. (April 2004 - Present).

Sheryl K. Pressler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61	Trustee	January 2006 - Present	Consultant (May 2001 - Present).	140	Stillwater Mining Company (May 2002 - Present).

Roger B. Vincent 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 66	Chairperson/Trustee	February 2002 - Present	President, Springwell Corporation, a corporate finance firm (March 1989 - Present).	140	UGI Corporation (February 2006 - Present) and UGI Utilities, Inc. (February 2006 - Present).

TRUSTEE AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)


Name, Address and Age	Position(s) held with the Trust	Term of Office and Length of Time Served⁽¹⁾	Principal Occupation(s) – during the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee⁽²⁾	Other Board Positions held by Trustee
Trustees who are “Interested Persons”:

Robert W. Crispin⁽³⁾ 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 65	Trustee	November 2007 - Present	Retired. Formerly, Chairman and Chief Executive Officer, ING Investment Management Co. (July 2001 - December 2007).	140	Intact Financial Corporation (December 2004 - Present) and PFM Group (November 2010 - Present).

Shaun P. Mathews⁽³⁾ 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56	Trustee	November 2007 - Present	President and Chief Executive Officer, ING Investments, LLC (November 2006 - Present).	177	ING Capital Corporation, LLC (December 2005 - Present).

⁽¹⁾

Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee is subject to the Board’s retirement policy which states that each duly elected or appointed Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act, as amended (“Independent Trustees”), shall retire from service as a Trustee at the conclusion of the first regularly scheduled quarterly meeting of the Board that is held after the Trustee reaches the age of 72. A unanimous vote of the Board may extend the retirement date of a Trustee for up to one year. An extension may be permitted if the retirement would trigger a requirement to hold a meeting of shareholders of the Trust under applicable law, whether for purposes of appointing a successor to the Trustee or if otherwise necessary under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer needed.

⁽²⁾

Except for Mr. Mathews and for the purposes of this table “ING Fund Complex” means the following investment companies: ING Asia Pacific High Dividend Equity Income Fund; ING Emerging Markets High Dividend Equity Fund; ING Emerging Markets Local Bond Fund; ING Equity Trust; ING Funds Trust; ING Global Equity Dividend and Premium Opportunity Fund; ING Global Advantage and Premium Opportunity Fund; ING Infrastructure, Industrials and Materials Fund; ING International High Dividend Equity Income Fund; ING Investors Trust; ING Mayflower Trust; ING Mutual Funds; ING Partners, Inc.; ING Prime Rate Trust; ING Risk Managed Natural Resources Fund; ING Senior Income Fund; ING Separate Portfolios Trust; ING Variable Insurance Trust; and ING Variable Products Trust. For Mr. Mathews, the ING Fund Complex also includes the following investment companies: ING Balanced Portfolio, Inc.; ING Intermediate Bond Portfolio; ING Money Market Portfolio; ING Series Fund, Inc.; ING Strategic Allocation Portfolios, Inc.; ING Variable Funds; and ING Variable Portfolios, Inc. Therefore, for the purposes of this table with reference to Mr. Mathews, “Fund Complex” includes these investment companies. The number of funds in the ING Fund Complex is as of January 31, 2012.

⁽³⁾

Messrs. Crispin and Matthews are deemed “Interested Persons” of the Trust because of their current or prior affiliation with ING Groep, N.V., the parent corporation of the Investment Adviser(s) and the Distributor.

TRUSTEE AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)


Name, Address and Age	Position(s) Held with the Trust	Term of Office and Length of Time Served⁽¹⁾	Principal Occupation(s) – during the Past 5 Years

Shaun P. Mathews 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56	President and Chief Executive Officer	November 2006 - Present	President and Chief Executive Officer, ING Investments, LLC (November 2006 - Present).

Michael J. Roland 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53	Executive Vice President	February 2002 - Present	Chief Compliance Officer, Directed Services LLC and ING Investments, LLC (March 2011 - Present) and Executive Vice President and Chief Operating Officer, ING Investments, LLC and ING Funds Services, LLC (January 2007 - Present). Formerly, Chief Compliance Officer, ING Funds (March 2011 - February 2012).

Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 61	Executive Vice President Chief Investment Risk Officer	October 2000 - Present September 2009 - Present	Executive Vice President, ING Investments, LLC (July 2000 - Present) and Chief Investment Risk Officer, ING Investments, LLC (January 2003 - Present).

Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45	Chief Compliance Officer	February 2012 - Present	Chief Compliance Officer, ING Funds (February 2012 - Present). Formerly, Assistant General Counsel and Assistant Secretary, The Northwestern Mutual Life Insurance Company, (June 2004 - January 2012).

Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47	Senior Vice President	November 2003 - Present	Senior Vice President, ING Investments, LLC (October 2003 - Present).

Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 - Present	Senior Vice President, ING Funds Services, LLC (March 2005 - Present).

Robert Terris 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 41	Senior Vice President	May 2006 - Present	Senior Vice President, Head of Division Operations, ING Funds Services, LLC (May 2006 - Present).

Gregory K. Wilson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52	Senior Vice President	September 2011 - Present	Vice President - Fund Compliance, ING Funds Services, LLC (October 2009 - Present). Formerly, Finance Director, ING Funds Services, LLC (September 2006 - October 2009).

Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44	Vice President and Treasurer	October 2000 - Present March 2001 - Present	Vice President and Treasurer, ING Funds Services, LLC (November 1995 - Present) and ING Investments, LLC (August 1997 - Present).

Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53	Vice President	September 2004 - Present	Vice President, ING Funds Services, LLC (September 2004 - Present).

Lauren D. Bensinger 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58	Vice President	February 2003 - Present	Vice President, ING Investments, LLC and ING Funds Services, LLC (February 1996 - Present); Director of Compliance, ING Investments, LLC (October 2004 - Present); and Vice President and Money Laundering Reporting Officer, ING Investments Distributor, LLC ( April 2010 - Present). Formerly, Chief Compliance Officer, ING Investments Distributor, LLC (August 1995 - April 2010)

William Evans One Orange Way Windsor, Connecticut 06095 Age: 39	Vice President	September 2007 - Present	Senior Vice President (March 2010 - Present) and Head of Manager Research and Selection Group, ING Investment Management (April 2007 - Present). Formerly, Vice President, U.S. Mutual Funds and Investment Products (May 2005 - April 2007).

TRUSTEE AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)


Name, Address and Age	Position(s) Held with the Trust	Term of Office and Length of Time Served⁽¹⁾	Principal Occupation(s) – during the Past 5 Years

Denise Lewis 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48	Vice President	January 2007 - Present	Vice President, ING Funds Services, LLC (December 2006 - Present).

Kimberly K. Springer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 54	Vice President	March 2006 - Present	Vice President, ING Investment Management -ING Funds (March 2010 - Present); Vice President, ING Funds Services, LLC (March 2006 - Present) and Managing Paralegal, Registration Statements (June 2003 - Present).

Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42	Assistant Vice President	May 2008 - Present	Assistant Vice President - Director of Tax, ING Funds Services, LLC (March 2008 - Present). Formerly, Tax Manager, ING Funds Services, LLC (March 2005 - March 2008).

Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48	Secretary	August 2003 - Present	Senior Vice President and Chief Counsel, ING Investment Management - ING Funds (March 2010 - Present). Formerly, Chief Counsel, ING Americas, U.S. Legal Services (October 2003 - March 2010).

Paul Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60	Assistant Secretary	June 2010 - Present	Vice President and Senior Counsel, ING Investment Management - ING Funds (March 2010-Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008 - March 2010) and Counsel, ING Americas, U.S. Legal Services (May 2005 - April 2008).

Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	Assistant Secretary	August 2003 - Present	Vice President and Senior Counsel, ING Investment Management - ING Funds (March 2010 - Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008 - March 2010) and Counsel, ING Americas, U.S. Legal Services (April 2003 - April 2008).

Kathleen Nichols 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 36	Assistant Secretary	May 2008 - Present	Vice President and Counsel, ING Investment Management - ING Funds (March 2010 – Present). Formerly, Counsel, ING Americas, U.S. Legal Services (February 2008 - March 2010) and Associate, Ropes & Gray LLP (September 2005 - February 2008)

⁽¹⁾

The Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified.

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)

BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”) provides that, after an initial period, the Portfolios’ existing investment advisory and sub-advisory contracts will remain in effect only if the Board of Trustees (the “Board”) of ING Variable Insurance Trust (the “Trust”), including a majority of Board members who have no direct or indirect interest in the advisory and sub-advisory contracts, and who are not “interested persons” of the Portfolios, as such term is defined under the 1940 Act (the “Independent Trustees”), annually review and approve them. Thus, at a meeting held on November 17, 2011, the Board, including a majority of the Independent Trustees, considered whether to renew the investment advisory contracts (the “Advisory Contracts”) between ING Investments, LLC (the “Adviser”) and the Portfolios and the sub-advisory contracts (“Sub-Advisory Contracts”) with ING Investment Management Co., the sub-adviser to each Portfolio (the “Sub-Adviser”).

The Independent Trustees also held separate meetings on October 12 and November 15, 2011 to consider the renewal of the Advisory Contracts and Sub-Advisory Contracts. As a result, subsequent references herein to factors considered and determinations made by the Independent Trustees include, as applicable, factors considered and determinations made on those earlier dates by the Independent Trustees.

At its November 17, 2011 meeting, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolios. In reaching these decisions, the Board took into account information furnished to it throughout the year at regular meetings of the Board and the Board’s committees, as well as information prepared specifically in connection with the annual renewal process. Determinations by the Independent Trustees also took into account various factors that they believed, in light of the legal advice furnished to them by K&L Gates LLP (“K&L Gates”), their independent legal counsel, and their own business judgment, to be relevant. Further, while the Board considered at the same meeting the advisory contracts and sub-advisory contracts that were subject to renewal for the funds under the its jurisdiction, the Trustees considered each Portfolio’s advisory and sub-advisory relationships separately.

Provided below is an overview of the Board’s contract approval process in general, as well as a discussion of

certain specific factors that the Board considered at its renewal meeting. While the Board gave its attention to the information furnished at the request of the Independent Trustees that was most relevant to its considerations, discussed below are a number of the primary factors relevant to the Board’s consideration as to whether to renew the Advisory and Sub-Advisory Contracts for the one-year period ending November 30, 2012. Each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Portfolio’s advisory and sub-advisory arrangements.

Overview of the Contract Renewal and Approval Process

The Board follows a structured process pursuant to which it seeks and considers relevant information when it decides whether to approve new or existing advisory and sub-advisory arrangements for the investment companies in the ING Fund complex under its jurisdiction, including the Portfolios’ existing Advisory and Sub-Advisory Contracts. Among other actions, the Independent Trustees of the Board: retain the services of independent consultants with experience in the mutual fund industry to assist the Independent Trustees in working with the personnel employed by the Adviser or its affiliates who administer the Portfolios (“Management”) to identify the types of information presented to the Board to inform its deliberations with respect to advisory and sub-advisory relationships and to help evaluate that information; evaluate industry best practices in regards to the consideration of investment advisory and sub-advisory contracts; established a specific format in which certain requested information is provided to the Board; and determine the process for reviewing such information in connection with advisory and sub-advisory contract renewals and approvals. The result is a process (the “Contract Review Process”) employed by the Board and its Independent Trustees to review and analyze information in connection with the annual renewal of the ING Funds’ advisory and sub-advisory contracts, as well as the review and approval of new advisory and sub-advisory relationships.

Since the Contract Review Process was first implemented, the Board’s membership has changed substantially through periodic retirements of some Trustees and the appointment and election of new Trustees. In addition, the Independent Trustees have reviewed and refined the renewal and approval process at least annually in order to request additional

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information from Management and address certain unique characteristics related to the introduction of new Portfolios.

The Board has established two Investment Review Committees (each, an “IRC”), which meet independently and, at times, jointly, and a Contracts Committee. Among other matters, the Contracts Committee provides oversight with respect to the contracts renewal and approval process, and each Portfolio is assigned to an IRC which provides oversight regarding, among other matters, the investment performance of the Adviser and Sub-Adviser, as well as the oversight by the Adviser of the performance of the Sub-Adviser. The IRCs may apply a heightened level of scrutiny in cases where performance has lagged a Portfolio’s relevant benchmark and/or selected peer group of investment companies (“Selected Peer Groups”).

The type and format of the information provided to the Board or to legal counsel for the Independent Trustees in connection with the contract approval and renewal process has been codified in the ING Funds’ 15(c) Methodology Guide. This Guide was developed under the direction of the Independent Trustees and sets out a blueprint pursuant to which the Independent Trustees request certain information that they deem important to facilitate an informed review in connection with initial and annual approvals of advisory and sub-advisory contracts.

Management provides certain of the information requested by the 15(c) Methodology Guide in Fund Analysis and Comparison Tables (“FACT sheets”) prior to the Independent Trustees’ review of advisory and sub-advisory arrangements (including the Portfolios’ Advisory and Sub-Advisory Contracts). The Independent Trustees previously retained an independent firm to verify and test the accuracy of certain FACT sheet data for a representative sample of funds in the ING Fund complex. In addition, the Contracts Committee routinely employs the services of an independent consultant to assist in its review and analysis of, among other matters, the 15(c) Methodology Guide, the content and format of the FACT sheets, and Selected Peer Groups to be used by the Portfolios for certain comparison purposes during the renewal process. As part of an ongoing process, the Contracts Committee recommends or considers recommendations from Management for refinements to the 15(c) Methodology Guide and other aspects of the review process, and the Board’s IRCs review benchmarks used to assess the performance of funds in the ING Fund complex.

The Board employed its process for reviewing contracts when considering the renewals of the Portfolios’ Advisory and Sub-Advisory Contracts that would be effective through November 30, 2012. Set forth below is a discussion of many of the Board’s primary considerations and conclusions resulting from this process.

Nature, Extent and Quality of Service

In determining whether to approve the Advisory and Sub-Advisory Contracts for the Portfolios for the year ended November 30, 2012, the Independent Trustees received and evaluated such information as they deemed necessary regarding the nature, extent and quality of services provided to the Portfolios by the Adviser and Sub-Adviser. This included information regarding the Adviser and Sub-Adviser provided throughout the year at regular meetings of the Board and its committees, as well as information furnished in connection with the contract renewal meetings.

The materials requested by the Independent Trustees and provided to the Board, K&L Gates and/or independent consultants that assist the Independent Trustees prior to the November 17, 2011 Board meeting included, among other information, the following items for each Portfolio: (1) FACT sheets that provided information regarding the performance and expenses of the Portfolio and other similarly managed funds in its Selected Peer Group, as well as information regarding the Portfolio’s investment portfolio, objective and strategies; (2) reports providing risk and attribution analyses of the Portfolio; (3) the 15(c) Methodology Guide, which describes how the FACT sheets were prepared, including the manner in which each Portfolio’s benchmark and Selected Peer Group were selected and how profitability was determined; (4) responses from the Adviser and Sub-Adviser to a series of questions posed by K&L Gates on behalf of the Independent Trustees; (5) copies of the forms of Advisory and Sub-Advisory Contracts; (6) copies of the Forms ADV for the Adviser and Sub-Adviser; (7) financial statements for the Adviser and Sub-Adviser; (8) a draft of a narrative summary addressing key factors the Board customarily considers in evaluating the renewals of the ING Funds’ (including the Portfolio’s) advisory contracts and sub-advisory contracts, including a written analysis for the Portfolio of how performance, fees and expenses compare to its Selected Peer Group and/or designated benchmark(s); (9) independent analyses of Portfolio performance by the Trust’s Chief Investment Risk Officer; (10) for

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open-end Portfolios, information regarding net asset flows into and out of the Portfolio; and (11) other information relevant to the Board’s evaluations.

The Board also noted that ING Groep, N.V. the ultimate parent company of the Adviser, has announced plans for the separation of its U.S.-based insurance, retirement services and investment management operations, which include the Adviser, into an independent, standalone company by the end of 2013. The Board further noted that this separation may result in the Adviser’s loss of access to the services and resources of its current ultimate parent company, which could adversely affect its businesses and profitability. The Board recognized that, if the separation plans are deemed to be a change of control, the investment advisory and subadvisory agreements for the Portfolios would terminate and trigger the necessity for new agreements, which would require the approval of the Board and, potentially, the shareholders of a Portfolio. The Board also recognized that there can be no assurance that the separation plan will be carried out. The Board considered the potential effects of the separation on the Portfolios and the Adviser, including its ability prior to, during and after the separation to perform the same level of service to the Portfolios as the Adviser currently provides. In this regard, the Board noted that the Adviser did not currently anticipate that the separation would have a material adverse impact on the Portfolios or their operations and administration.

Each Portfolio currently has only one class of shares, which was compared to the analogous class of shares for each fund in its Selected Peer Group. The mutual funds included in the Portfolios’ Selected Peer Groups were selected based upon criteria designed to mirror the Portfolio’s share class being compared to the Selected Peer Group.

In arriving at its conclusions with respect to the Advisory Contracts, the Board was mindful of the “manager-of-managers” platform of the ING Funds that has been developed by the Adviser. The Board recognized that the Adviser is responsible for monitoring the investment program and performance of the Sub-Adviser under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Adviser has developed to provide ongoing oversight of the nature and quality of the services the Sub-Adviser provide to the applicable Portfolios and the Sub-Adviser’s compliance with applicable laws and regulations. The Board noted that to assist in the selection and monitoring of Sub-Adviser,

the Adviser has developed an oversight process formulated by its Manager Research & Selection Group (“MRSG”), which analyzes both qualitative (such as in-person meetings and telephonic meetings with the Sub-Adviser and research on sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about the Sub-Adviser and the Portfolios that it manages. The Board recognized that the MRSG also typically provides in-person reports to the IRCs at their meetings prior to any Sub-Adviser presentations. In addition, the Board noted that the MRSG prepares periodic due diligence reports regarding the Sub-Adviser based on on-site visits and information and analysis which team members use to attempt to gain and maintain an in-depth understanding of the Sub-Adviser’s investment process and to try to identify issues that may be relevant to the Sub-Adviser’s services to a Portfolio and/or its performance. The Board also noted that the MRSG provides written reports on these due diligence analyses to the pertinent IRC. The Board noted the resources that the Adviser and Management has committed to its services as a manager-of-managers, including resources for reporting to the Board and the IRCs to assist them with their assessment of the investment performance of the Portfolios on an on-going basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the IRCs to analyze the key factors underlying investment performance for the funds in the ING Fund complex.

The Board also considered the techniques that the Adviser has developed to screen and perform due diligence on new sub-advisers if and when the Adviser recommends to the Board a new sub-adviser to manage a Portfolio in the ING Fund complex. The Board noted that, for new non-ING-affiliated sub-advisers, the MSRG is responsible for: identifying qualified candidates; analyzing their investment process, personnel and resources; conducting due diligence on the candidates; and selecting the firm to propose as a new sub-adviser, as well as preparing written materials and reports to the Committees and the Board as part of the process of approving any new sub-adviser for a Portfolio.

The Board also considered that in the course of monitoring performance of the Sub-Adviser, the MRSG has developed, based on guidance from the IRCs, a methodology for comparing performance of each Portfolio to a Selected Peer Group. The Board also

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recognized that the MRSG provides the IRCs with regular updates on the Portfolios and alerts the IRCs to potential issues as they arise. The Board noted that another service provided by the MSRG is the preparation of the Fund Dispersion Report. This report seeks to monitor any dispersion between Portfolios managed by non-ING-affiliated Sub-Advisers and their similarly managed retail counterparts and again assists the Board in carrying out its general oversight duties. The Board also noted that the Adviser regularly monitors performance, personnel, compliance and myriad other issues that may arise on a day-to-day basis with regards to the Sub-Adviser and noted that, if issues are identified either through formal or informal processes, they are brought before the IRCs and the Board for consideration and action and the Adviser consistently makes its resources available to the Board and the Committees to assist with addressing any issues that arise.

The Board noted that the Portfolios also benefit from the services of the Adviser’s Investment Risk Management Department (the “IRMD”), under the leadership of the Chief Investment Risk Officer, the costs of which are shared by the Portfolios and the Adviser. The Board noted that the IRMD regularly presents written materials and reports to the IRCs that focus on the investment risks of the Portfolios. The Board also noted that the IRMD provides the IRCs with analyses that are developed to assist the IRCs in identifying trends in Portfolio performance and other areas over consecutive periods. The Board noted that the services provided by the IRMD are meant to provide an additional perspective for the benefit of the Committees, which may vary from the perspective of the MRSG.

The Board also noted the techniques used by the Adviser to monitor the performance of the Sub-Adviser and the proactive approach that the Adviser, working in cooperation with the IRCs, has taken to advocate or recommend, when it believed appropriate, changes designed to assist in improving the Portfolios’ performance.

In considering the Portfolios’ Advisory Contracts, the Board also considered the extent of benefits provided to the Portfolios’ shareholders, beyond advisory services, from being part of the ING family of funds. This includes, in most cases, the right to exchange or transfer investments, without a sales charge, between the same class of shares of such funds or among ING Funds available on a product platform, and the wide range of ING Funds available for exchange or transfer.

The Board also took into account the Adviser’s ongoing efforts to reduce the expenses of the ING Funds through renegotiated arrangements with the ING Funds’ service providers. In addition, the Board considered the efforts of the Adviser and the expenses that it incurred in recent years to help make the ING Fund complex more balanced and efficient by the launch of new investment products and the combinations of similar funds.

Further, the Board received periodic reports showing that the investment policies and restrictions for each Portfolio were consistently complied with and other periodic reports covering matters such as compliance by Adviser and Sub-Adviser personnel with codes of ethics. The Board considered reports from the Trust’s Chief Compliance Officer (“CCO”) evaluating whether the regulatory compliance systems and procedures of the Adviser and each Sub-Adviser are reasonably designed to assure compliance with the federal securities laws, including those related to, among others, late trading and market timing, best execution, fair value pricing, proxy voting and trade allocation practices. The Board also took into account the CCO’s annual and periodic reports and recommendations with respect to service provider compliance programs. In this regard, the Board also considered the policies and procedures developed by the CCO in consultation with the Board’s Compliance Committee that guide the CCO’s compliance oversight function.

The Board reviewed the level of staffing, quality and experience of each Portfolio’s portfolio management team. The Board took into account the respective resources and reputations of the Adviser and Sub-Adviser, and evaluated the ability of the Adviser and the Sub-Adviser to attract and retain qualified investment advisory personnel. The Board also considered the adequacy of the resources committed to the Portfolios (and other relevant funds in the ING Fund complex) by the Adviser and Sub-Adviser, and whether those resources are commensurate with the needs of the Portfolios and are sufficient to sustain appropriate levels of performance and compliance needs. In this regard, the Board considered the financial stability of the Adviser and the Sub-Adviser.

Based on their deliberations and the materials presented to them, the Board concluded that the advisory and related services provided by the Adviser and each Sub-Adviser are appropriate in light of the Portfolios’ operations, the competitive landscape of the investment company business, and investor needs, and

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that the nature and quality of the overall services provided by the Adviser and the Sub-Adviser were appropriate.

Portfolio Performance

In assessing advisory and sub-advisory relationships, the Board placed emphasis on the investment returns of each Portfolio. While the Board considered the performance reports and discussions with portfolio managers at Board and committee meetings during the year, particular attention in assessing performance was given to the FACT sheets furnished in connection with the renewal process. The FACT sheet prepared for each Portfolio included its investment performance compared to the Portfolio’s Morningstar category median and/or Lipper category median, Selected Peer Group and primary benchmark. The FACT sheet performance data was as of June 30, 2011. In addition, the Board also considered at its November 17, 2011 meeting certain additional data regarding performance and Portfolio asset levels as of October 31, 2011. The Board’s findings specific to each Portfolio’s performance are discussed under “Portfolio-by-Portfolio Analysis” below.

Economies of Scale

When evaluating the reasonableness of advisory fee rates, the Board also considered whether economies of scale likely will be realized by the Adviser and Sub-Adviser as a Portfolio grows larger and the extent to which any such economies are reflected in contractual fee rates. In this regard, the Board noted any breakpoints in advisory fee schedules that will result in a lower advisory fee rate when a Portfolio achieves sufficient asset levels to receive a breakpoint discount. In the case of sub-advisory fees, the Board considered that breakpoints would inure to the benefit of the Adviser, except to the extent that there are corresponding advisory fee breakpoints or waivers. The Board also considered that some of the Portfolios that do not have advisory fee breakpoints do have fee waiver or expense reimbursement arrangements. In evaluating fee breakpoint arrangements and economies of scale, the Independent Trustees also considered prior periodic management reports, industry information on this topic and the Portfolios’ investment performance.

Information Regarding Services to Other Clients

The Board requested and considered information regarding the nature of services and fee rates offered by the Adviser and Sub-Adviser to other clients,

including other registered investment companies and relevant institutional accounts. When fee rates offered to other clients differed materially from those charged to a Portfolio, the Board considered any underlying rationale provided by the Adviser or the Sub-Adviser for these differences. The Board also noted that the fee rates charged to the Portfolios and other institutional clients of the Adviser or Sub-Adviser (including other investment companies) may differ materially due to, among other reasons: differences in services; different regulatory requirements associated with registered investment companies, such as the Portfolios, as compared to non-registered investment company clients; market differences in fee rates that existed when a Portfolio first was organized; differences in the original sponsors of Portfolios that now are managed by the Adviser; investment capacity constraints that existed when certain contracts were first agreed upon or that might exist at present; and different pricing structures that are necessary to be competitive in different marketing channels.

Fee Rates and Profitability

The Board reviewed and considered each contractual investment advisory fee rate, combined with the administrative fee rate, payable by each Portfolio to the Adviser. The Board also considered the contractual sub-advisory fee rate payable by the Adviser to each Sub-Adviser for sub-advisory services for each Portfolio, including the portion of the contractual advisory fees that are paid to each Sub-Adviser, as compared to the portion retained by the Adviser. In addition, the Board considered fee waivers and expense limitations applicable to the fees payable by the Portfolios.

The Board considered: (1) the fee structure of each Portfolio as it relates to the services provided under the contracts; and (2) the potential fall-out benefits to the Adviser and the Sub-Adviser and their respective affiliates from their association with the Portfolios. For each Portfolio, the Board separately determined that the fees payable to the Adviser and the fees payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature and quality of the services that each has performed and is expected to perform.

For each Portfolio, the Board considered information on revenues, costs and profits realized by the Adviser and the Sub-Adviser, which was prepared by Management in accordance with the allocation methodology (including related assumptions) specified in the 15(c) Methodology Guide. In analyzing the

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profitability of the Adviser in connection with its services to a Portfolio, the Board took into account the sub-advisory fee rate payable by the Adviser to each Sub-Adviser. In addition, the Board considered information that it requested and was provided by Management with respect to the profitability of service providers affiliated with the Adviser.

Although the 15(c) Methodology Guide establishes certain standards for profit calculation, the Board recognized that profitability analysis on a client-by-client basis is not an exact science and there is no uniform methodology within the asset management industry for determining profitability for this purpose. In this context, the Board realized that Management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Portfolios’ operations may not be fully reflected in the expenses allocated to each Portfolio in determining profitability, and that the information presented may not portray all of the costs borne by the Adviser and Management or capture their entrepreneurial risk associated with offering and managing a mutual fund complex in the current regulatory and market environment. In addition, the Board recognized that the use of different methodologies for purposes of calculating profit data can give rise to dramatically different profit and loss results.

In making its determinations, the Board based its conclusions as to the reasonableness of the advisory and sub-advisory fees of the Adviser and Sub-Adviser primarily on the factors described for each Portfolio below. At the request of the Board, the Adviser has from time to time agreed to implement remedial actions regarding certain Portfolios. These remedial actions have included, among others: reductions in fee rates; changes in Sub-Adviser or portfolio managers; and strategy modifications.

Portfolio-by-Portfolio Analysis

The following paragraphs outline certain of the specific factors that the Board considered, and the conclusions reached, at its November 17, 2011 meeting in relation to renewing each Portfolio’s current Advisory and Sub-Advisory Contracts. These specific factors are in addition to those considerations discussed above. In each case, the Portfolio’s performance was compared to its Morningstar category median and average, as well as its primary benchmark, a broad-based securities market index that appears in the Portfolio’s prospectus. With respect to Morningstar quintile rankings, the first quintile represents the highest (best) performance and

the fifth quintile represents the lowest performance. Each Portfolio’s management fee and expense ratio were compared to the fees and expense ratios of the funds in its Selected Peer Group.

ING GET U.S. Core Portfolio Series 7

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING GET U.S. Core Portfolio — Series 7, the Board considered that, based on performance data, gross of expenses, for the periods ended June 30, 2011: (1) the Portfolio’s fixed-income component underperformed its fixed-income benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it outperformed; and (2) the Portfolio’s equity component underperformed its equity benchmark for all periods presented.

In analyzing the Portfolio’s performance, the Board noted Management’s representations that, unlike more conventional mutual funds, during its Guarantee Period the Portfolio’s primary focus is preserving at least the principal amount of the Portfolio at the inception of the Guarantee Period while at the same time participating in equity markets to the extent consistent with that focus, and this can cause its performance to differ from the performance it may have attained had the Portfolio invested solely in equities or solely in fixed income instruments without regard to principal protection. The Board also considered that the extent to which the Portfolio is able to participate in upward movements of the equity markets is affected by a number of factors, including interest rates and the performance of its equity component.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Portfolio, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of an administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is above the median and the average expense ratios of the funds in its Selected Peer Group.

In analyzing the Portfolio’s management fee rate and expense ratio, the Board took into account Management’s representations that the ING-affiliated

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insurance companies offering the Portfolio have undertaken the expense of providing a Guarantee, at the variable contract level, that the contract holder will receive no less than the amount invested at the end of the Offering Period, less certain expenses, and the fees paid to those insurance companies for the Guarantee are attractive. The Board also considered that the Adviser bears the risk of reduced fee revenue resulting from redemptions during the Guarantee Period, a period of time during which there are no sales of Portfolio shares.

After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending November 30, 2012. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING GET U.S. Core Portfolio Series 8

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING GET U.S. Core Portfolio — Series 8, the Board considered that, based on performance data, gross of expenses, for the periods ended June 30, 2011: (1) the Portfolio’s fixed-income component underperformed its fixed-income benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it outperformed; and (2) the Portfolio’s equity component underperformed its equity benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it outperformed.

income instruments without regard to principal protection. The Board also considered that the extent to which the Portfolio is able to participate in upward movements of the equity markets is affected by a number of factors, including interest rates and the performance of its equity component.

In analyzing the Portfolio’s management fee rate and expense ratio, the Board took into account Management’s representations that the ING-affiliated insurance companies offering the Portfolio have undertaken the expense of providing a Guarantee, at the variable contract level, that the contract holder will receive no less than the amount invested at the end of the Offering Period, less certain expenses, and the fees paid to those insurance companies for the Guarantee are attractive. The Board also considered that the Adviser bears the risk of reduced fee revenue resulting from redemptions during the Guarantee Period, a period of time during which there are no sales of Portfolio shares.

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ING GET U.S. Core Portfolio Series 9

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING GET U.S. Core Portfolio — Series 9, the Board considered that, based on performance data, gross of expenses, for the periods ended June 30, 2011: (1) the Portfolio’s fixed-income component underperformed its fixed-income benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it outperformed; and (2) the Portfolio’s equity component underperformed its equity benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it outperformed.

receive no less than the amount invested at the end of the Offering Period, less certain expenses, and the fees paid to those insurance companies for the Guarantee are attractive. The Board also considered that the Adviser bears the risk of reduced fee revenue resulting from redemptions during the Guarantee Period, a period of time during which there are no sales of Portfolio shares.

ING GET U.S. Core Portfolio Series 10

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING GET U.S. Core Portfolio — Series 10, the Board considered that, based on performance data, gross of expenses, for the periods ended June 30, 2011, the Portfolio’s fixed-income component outperformed its fixed-income benchmark for all periods presented, with the exception of the most recent calendar quarter and the year-to-date periods, during which it underperformed.

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ING GET U.S. Core Portfolio Series 11

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING GET U.S. Core Portfolio — Series 11, the Board considered that, based on performance data, gross of expenses, for the

periods ended June 30, 2011, the Portfolio’s fixed-income component outperformed its fixed-income benchmark for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during which it underperformed.

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ING GET U.S. Core Portfolio Series 12

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING GET U.S. Core Portfolio — Series 12, the Board considered that, based on performance data, gross of expenses, for the periods ended June 30, 2011: (1) the Portfolio’s fixed-income component outperformed its fixed-income benchmark for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods; and (2) the Portfolio’s equity component underperformed its equity benchmark for all periods presented.

(including the expense ratio to be borne by shareholders) of the Portfolio, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of an administration fee) for the Portfolio is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Portfolio is above the median and the average expense ratios of the funds in its Selected Peer Group.

ING GET U.S. Core Portfolio Series 13

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING GET U.S. Core Portfolio — Series 13, the Board considered that, based on performance data, gross of expenses, for the periods ended June 30, 2011, the Portfolio’s fixed-income component outperformed its fixed-income benchmark for all periods presented.

In analyzing the Portfolio’s performance, the Board noted Management’s representations that, unlike more conventional mutual funds, during its Guarantee Period

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the Portfolio’s primary focus is preserving at least the principal amount of the Portfolio at the inception of the Guarantee Period while at the same time participating in equity markets to the extent consistent with that focus, and this can cause its performance to differ from the performance it may have attained had the Portfolio invested solely in equities or solely in fixed income instruments without regard to principal protection. The Board also considered that the extent to which the Portfolio is able to participate in upward movements of the equity markets is affected by a number of factors, including interest rates and the performance of its equity component.

factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending November 30, 2012. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING GET U.S. Core Portfolio Series 14

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING GET U.S. Core Portfolio — Series 14, the Board considered that, based on performance data, gross of expenses, for the periods ended June 30, 2011, the Portfolio’s fixed-income component outperformed its fixed-income benchmark for all periods presented.

In analyzing this performance data, the Board noted Management’s representations that, unlike more conventional mutual funds, during its Guarantee Period the Portfolio’s primary focus is preserving at least the principal amount of the Portfolio at the inception of the Guarantee Period while at the same time participating in equity markets to the extent consistent with that focus, and this can cause its performance to differ from the performance it may have attained had the Portfolio invested solely in equities or solely in fixed income instruments without regard to principal protection. The Board also considered that the extent to which the Portfolio is able to participate in upward movements of the equity markets is affected by a number of factors, including interest rates and the performance of its equity component.

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

undertaken the expense of providing a Guarantee, at the variable contract level, that the contract holder will receive no less than the amount invested at the end of the Offering Period, less certain expenses, and the fees paid to those insurance companies for the Guarantee are attractive. The Board also considered that the Adviser bears the risk of reduced fee revenue resulting from redemptions during the Guarantee Period, a period of time during which there are no sales of Portfolio shares.

After its deliberation, the Board reached the following conclusions: (1) the Portfolio’s management fee rate is reasonable in the context of all factors considered by

the Board; (2) the Portfolio’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Portfolio’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Portfolio for the year ending November 30, 2012. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Investment Adviser

ING Investments, LLC

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258

Administrator

ING Funds Services, LLC

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258

Distributor

ING Investments Distributor, LLC

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258

Transfer Agent

BNY Mellon Investment Servicing (U.S.) Inc.

301 Bellevue Parkway

Willmington, Delaware 19809

Independent Registered Public Accounting Firm

KPMG LLP

Two Financial Center

60 South Street

Boston, Massachusetts 02111

Custodian

The Bank of New York Mellon

One Wall Street

New York, New York 10286

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable universal life insurance policy or variable annuity contract and the underlying variable investment options. This and other information is contained in the prospectus for the variable universal life policy or variable annuity contract and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.


		VPAR-UGCORE		(1210-021711)

Item 2.

Code of Ethics.

As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 10(a)(1), Exhibit 99.CODE ETH.

Item 3.

Audit Committee Financial Expert.

The Board of Trustees has determined that J. Michael Earley and Peter Drotch are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Earley and Mr. Drotch are “independent” for purposes of Item 3 of Form N-CSR.

Item 4.

Principal Accountant Fees and Services.

(a)

Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP (“KPMG”), the principal accountant for the audit of the registrant’s annual financial statements, for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $151,200 for year ended December 31, 2011 and $189,000 for year ended December 31, 2010.

(b)

Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by KPMG that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $19,200 for year ended December 31, 2011 and $21,500 for year ended December 31, 2010.

(c)

Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were $30,417 in the year ended December 31, 2011 and $37,965 in the year ended December 31, 2010. Such services included review of excise distribution calculations (if applicable), preparation of the Funds’ federal, state and excise tax returns, tax services related to mergers and routine consulting.

(d)	All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item.

None


(e)(1)		Audit Committee Pre-Approval Policies and Procedures

AUDIT AND NON-AUDIT SERVICES

PRE-APPROVAL POLICY

I.	Statement of Principles

Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Directors or Trustees (the “Committee”) of the ING Funds (each a “Fund,” collectively, the “Funds”) set out on Exhibit A to this Audit and Non-Audit Services Pre-Approval Policy (“Policy”) is responsible for the oversight of the work of the Funds’ independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors’ independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission (“SEC”) rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services (“general pre-approval”) or it may pre-approve specific services (“specific pre-approval”). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds’ independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee’s specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC’s rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors’ familiarity with the Funds’ business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds’ ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee’s general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee’s duty to pre-approve services performed by the Funds’ independent auditors.

II.

Audit Services

The annual audit services engagement terms and fees are subject to the Committee’s specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds’ annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds’ financial statements (e.g., information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

III.

Audit-related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds’ financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors’ independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-SAR or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

IV.

Tax Services

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors’ independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds’ independent auditors that do not, in the Committee’s view, impair auditor independence and that are consistent with the SEC’s rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

V.	Other Services

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC’s prohibited non-audit services is attached to this Policy as Appendix E. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC’s prohibitions.

VI.

Pre-approval of Fee levels and Budgeted Amounts

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee’s specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund’s audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

VII.

Procedures

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

VIII.

Delegation

The Committee may delegate pre-approval authority to one or more of the Committee’s members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

IX.

Additional Requirements

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors’ independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Effective April 23, 2008, the KPMG LLP (“KPMG”) audit team for the ING Funds accepted the global responsibility for monitoring the auditor independence for KPMG relative to the ING Funds. Using a proprietary system called Sentinel, the audit team is able to identify and manage potential conflicts of interest across the member firms of the KPMG International Network and prevent the provision of prohibited services to the ING entities that would impair KPMG independence with the respect to the ING Funds. In addition to receiving pre-approval from the ING Funds Audit Committee for services provided to the ING Funds and for services for ING entities in the Investment Company Complex, the audit team has developed a process for periodic notification via email to the ING Funds’ Audit Committee Chairpersons regarding requests to provide services to ING Groep NV and its affiliates from KPMG offices worldwide. Additionally, KPMG provides a quarterly summary of the fees for services that have commenced for ING Groep NV and Affiliates at each Audit Committee Meeting.

Last Approved: September 29, 2010

Appendix A

Pre-Approved Audit Services for the Pre-Approval Period September 29, 2010 through December 31, 2011


Service	The Fund(s)	Fee Range
Statutory audits or financial audits (including tax services associated with audit services)	ü	As presented to Audit Committee¹

Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., consents), and assistance in responding to SEC comment letters.	ü	Not to exceed $9,750 per filing

Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies.	ü	Not to exceed $8,000 during the Pre- Approval Period

Seed capital audit and related review and issuance of consent on the N-2 registration statement	ü	Not to exceed $13,000 per audit

For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix B

Pre-Approved Audit-Related Services for the Pre-Approval Period September 29, 2010 through December 31, 2011


Service	The Fund(s)	Fund Affiliates	Fee Range
Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers)	ü	ü	Not to exceed $10,000 per merger
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [Note: Under SEC rules some consultations may be “audit” services and others may be “audit-related” services.]	ü		Not to exceed $5,000 per occurrence during the Pre-Approval Period

Review of the Funds’ semi-annual and quarterly financial statements	ü		Not to exceed $2,400 per set of financial statements per fund

Reports to regulatory or government agencies related to the annual engagement	ü		Up to $5,000 per occurrence during the Pre-Approval Period

Regulatory compliance assistance	ü	ü	Not to exceed $5,000 per quarter

Training courses		ü	Not to exceed $2,000 per course

For Prime Rate Trust, agreed upon procedures for quarterly reports to rating agencies	ü		Not to exceed $9,450 per quarter

Appendix C

Pre-Approved Tax Services for the Pre-Approval Period September 29, 2010 through December 31, 2011


Service	The Fund(s)	Fund Affiliates	Fee Range
Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions	ü		As presented to Audit Committee²

Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis	ü		As presented to Audit Committee²

Assistance and advice regarding year-end reporting for 1099’s	ü		As presented to Audit Committee²

Tax assistance and advice regarding statutory, regulatory or administrative developments	ü	ü	Not to exceed $5,000 for the Funds or for the Funds’ investment adviser during the Pre-Approval Period

Appendix C, continued


Service	The Fund(s)	Fund Affiliates	Fee Range
Tax training courses		ü	Not to exceed $2,000 per course during the Pre- Approval Period

Tax services associated with Fund mergers	ü	ü	Not to exceed $4,000 per fund per merger during the Pre-Approval Period

Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, and similar routine tax consultations.	ü		Not to exceed $120,000 during the Pre-Approval Period

Appendix D

Pre-Approved Other Services for the Pre-Approval Period September 29 , 2010 through December 31, 2011


Service	The Fund(s)	Fund Affiliates	Fee Range
Agreed-upon procedures for Class B share 12b-1 programs		ü	Not to exceed $60,000 during the Pre-Approval Period

Security counts performed pursuant to Rule 17f-2 of the 1940 Act (i.e., counts for Funds holding securities with affiliated sub-custodians) Cost to be borne 50% by the Funds and 50% by ING Investments, LLC.	ü	ü	Not to exceed $5,000 per Fund during the Pre- Approval Period

Agreed upon procedures for 15 (c) FACT Books	ü		Not to exceed $35,000 during the Pre-Approval Period

Appendix E

Prohibited Non-Audit Services

Dated: September 29. 2010 to December 31, 2011

•

Bookkeeping or other services related to the accounting records or financial statements of the Funds

•

Financial information systems design and implementation

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

•

Actuarial services

•

Internal audit outsourcing services

•

Management functions

•

Human resources

•

Broker-dealer, investment adviser, or investment banking services

•

Legal services

•

Expert services unrelated to the audit

•

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible

EXHIBIT A

ING EQUITY TRUST

ING FUNDS TRUST

ING ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

ING GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

ING GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

ING INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND

ING INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

ING RISK MANAGED NATURAL RESOURCES FUNDING INVESTORS TRUST

ING EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

ING INVESTORS TRUST

ING MAYFLOWER TRUST

ING MUTUAL FUNDS

ING PARTNERS, INC.

ING PRIME RATE TRUST

ING SENIOR INCOME FUND

ING SEPARATE PORTFOLIOS TRUST

ING VARIABLE INSURANCE TRUST

ING VARIABLE PRODUCTS TRUST

(e) (2)

Percentage of services referred to in 4(b) — (4)(d) that were approved by the audit committee

100% of the services were approved by the audit committee.

(f)	Percentage of hours expended attributable to work performed by other than full time employees of KPMG if greater than 50%.

Not applicable.

(g)

Non-Audit Fees: The non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $1,122,245 for year ended December 31, 2011 and $1,220,728 for year ended December 31, 2010.

(h)

Principal Accountants Independence: The Registrant’s Audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining KPMG’s independence.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments

Schedule is included as part of the report to shareholders filed under Item 1 of this Form, if applicable.

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 90^th day prior to such meeting and not later than the close of business on the later of the 60^th day prior to such meeting or the 10^th 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)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(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.

(b)	The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

(3)	Not applicable.

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/ Shaun P. Mathews
		Shaun P. Mathews
		President and Chief Executive Officer

Date:		March 2, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By		/s/ Shaun P. Mathews
		Shaun P. Mathews
		President and Chief Executive Officer

Date:		March 2, 2012



By		/s/ Todd Modic
		Todd Modic
		Senior Vice President and Chief Financial Officer

Date:		March 2, 2012

Ing Variable Insurance Trust N-CSRCertified annual shareholder report (management investment company)