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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 811-05062
ING GET Fund
(Exact name of registrant as specified in charter) |
7337 E. Doubletree Ranch Rd., Scottsdale, AZ | 85258 | |
(Address of principal executive offices) | (Zip code) |
CT Corporation System, 101 Federal Street, Boston, MA 02110
(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, 2007 to June 30, 2007
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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Funds
Semi-Annual Report
June 30, 2007
ING GET Fund
n | Series S |
n | Series T |
n | Series U |
n | Series V |
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.
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PROXY VOTING INFORMATION
A description of the policies and procedures that the Series use to determine how to vote proxies related to portfolio securities is available (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the ING Funds’ website at www.ingfunds.com; and (3) on the SEC’s website at www.sec.gov. Information regarding how the Series voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the ING Funds’ website at www.ingfunds.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Series files their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Series’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Series’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330; and is available upon request from the Series by calling Shareholder Services toll-free at (800) 992-0180.
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Dear Shareholder,
So far, it has been a volatile year in the markets. In February, we saw an unprecedented, single-day freefall in Chinese stocks that sent tremors throughout global markets. Closer to home, we witnessed a downturn in the U.S. sub-prime mortgage industry that continues to impact fixed income investments as well as real estate and equity markets worldwide.
When friends and colleagues in the industry voice concerns about the market’s recent volatility, I remind them that such ongoing events are fairly normal and that they underscore the importance of a well-diversified investment strategy. Studies have shown that an investment strategy allocated across a diverse group of asset classes and investment sectors can help provide an investor with solid footing for the long-term despite the short-term commotions.
We at ING Funds remain committed to providing our clients with a diverse and comprehensive line-up of innovative investment products — all designed to offer solutions to your investment needs. Whatever your investing goals, we look forward to continuing to serve you.
Shaun Mathews
President
ING Funds
August 10, 2007
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 does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.
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MARKET PERSPECTIVE: SIX MONTHS ENDED JUNE 30, 2007
Investors will remember early 2007 for the well-anticipated shocks and corrections that finally struck. But global equities markets soon recovered their poise and provided good gains through May 2007 before some nervousness returned in June 2007. For the six months ended June 30, 2007, the Morgan Stanley Capital International World IndexSM(1) (“MSCI World Index”) measured in local currencies, including net reinvested dividends (“MSCI” for regions discussed below) added 8.2%. In currencies, the dollar’s early strides were retraced on the (perceived) certainty that European interest rates were on the way up, while those in the U.S. were not. The euro made a new closing high and the pound reached the best level in 25 years against the dollar. The yen however buckled under the “carry trade”, in which speculators borrow in yen at low interest and buy higher yielding securities in other currencies. For the six months ended June 30, 2007, the dollar fell 2.5% against the euro and the pound, but gained 3.5% on the yen.
U.S. markets entered 2007 against a backdrop of a stable federal funds rate since June 2007. A slowing economy dragged by a slumping housing market seemed to be on the rebound in December 2006. The early reports in 2007 sustained this view, with unexpectedly strong employment, retail sales and confidence readings, as well as robust increases in housing starts and pending home sales. The first estimate of fourth quarter gross domestic product (“GDP”) growth was an impressive 3.5%.
But from February 2007, it soon became apparent that the improvement in housing figures only reflected the mild weather of early winter. New starts, sales and prices were now falling. GDP growth was sharply revised down to 2.5%. To make matters worse, the country’s largest sub-prime mortgage lenders were reporting major losses.
February 2007 was an unsettling month in other ways. The China stock market had practically doubled in 2006 and the long expected pull back eventually came on February 27th when the index fell 9%. The effect on sentiment was to shake relative risk strategies generally.
The housing gloom continued into the second quarter. Foreclosures in May 2007 were 90% higher than one year earlier. Existing housing prices fell in the first quarter year over year for the first time since 1991. The sub-prime dragon reared its head again in June 2007 when the investment bank, Bear Stearns, had to rescue two of its hedge funds in distress over holdings in mortgage bonds. The effect on GDP was clear. Growth
in the latest quarter was finalized at just 0.69% annualized, the lowest since 2003.
Yet the feeling persisted that while the sub-prime debacle was serious, the chance of it tripping the economy into recession was remote. Unemployment remained light at 4.5%. The consumer was still spending, although as June ended high gasoline prices were weighing on consumer confidence. And the chances of a rate cut had all but vanished as the Federal Open Market Committee (“FOMC”) in leaving the federal funds rate at 5.25%, made it clear that “…a sustained moderation in inflation pressures has yet to be convincingly demonstrated.”
In U.S. fixed income markets the yield curve became steeper, with the yield on the ten-year Treasury Note making a five-year high before slipping to 5.03%, up 32 basis points (0.32%) for the six months ended June 30, 2007, while that on the three-month Bill fell 22 basis points (0.22%) to 4.67%. This surely reflected the confidence-shaking events of February 2007, as well as the FOMC’s somewhat curious removal of its tightening bias on March 21, 2007, while still citing inflation as the predominant concern. For the six months ended June 30, 2007, the Lehman Brothers® Aggregate Bond Index(2) (“LBAB”) of investment grade bonds returned just 98 basis points (0.98%).
U.S. equities, represented by the Standard & Poor’s 500® Composite Stock Price Index(3) (“S&P 500® Index”) including dividends, rose 7.0%, finally breaching its March 2000 record. Investors might have been depressed in anticipation of the first quarter in fifteen with less than double-digit year-over-year percentage profits growth for companies that make up the S&P 500® Index. But the earnings growth rate of 8.6% that emerged was much better than had been feared. Sentiment was also boosted by takeover activity, much of it from private equity firms able to draw from an apparently bottomless well of liquidity. By early June 2007 however, nerves were getting frayed as 10-year bond yields pushed through 5% and on the Bear Stearns’ news, unlikely to be an isolated case. Led by financials and the interest sensitive utilities sectors, the S&P 500® Index gave back 1.7% in June.
Internationally, the MSCI Japan® Index(4) rose 6.6% for the six months ended June 30, 2007, amid the usual contradictory mix of economic statistics. GDP growth held up well after the fastest quarterly expansion in three years. Unemployment remained at a nine-year low. But consumer prices and wages started falling again, forcing the Bank of Japan, which raised interest
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MARKET PERSPECTIVE: SIX MONTHS ENDED JUNE 30, 2007
rates in February 2007 to a still wafer-thin 0.5%, to leave them there, keeping the carry trade in business. The MSCI Europe ex UK® Index(5) surged 11.2% on the basis of high consumer and business confidence, the lowest Eurozone unemployment since records began, the fastest GDP growth in years and continuing merger and acquisition activity. But June 2007 saw sentiment tail off somewhat as the ascending euro threatened exports and the European Central Bank raised rates for the eighth time since late 2005. In the UK, a housing boom and robust service sector had raised year over year GDP growth to 3.0% amid buoyant retail sales, confident consumers and record profits for non-financial companies. The MSCI UK® Index(6) advanced 8.1% for the six months ended June 30, 2007, although again slipping in June as home price inflation and retail sales cooled after the Bank of England raised rates to 5.5%, a six-year high.
(1) The MSCI World IndexSM is an unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
(2) The LBAB Index is a widely recognized, unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
(3) The S&P 500® Index is an unmanaged index that measures the performance of securities of approximately 500 of the largest companies in the United States.
(4) The MSCI Japan® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
(5) The MSCI Europe ex UK® Index is a free float rising adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
(6) The MSCI UK® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
All indices are unmanaged and investors cannot invest directly in an index.
Past performance does not guarantee future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Portfolios’ performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.ingfunds.com to obtain performance data current to the most recent month end.
Market Perspective reflects the views of ING’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.
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ING GET FUND SERIES S THROUGH V | INVESTMENT STRATEGY AND PRINCIPAL RISKS |
What is the Investment Strategy during the Guarantee Period?
ING GET Fund — Series S, ING GET Fund — Series T, ING GET Fund — Series U, and ING GET Fund — Series V (“Series“) do not implement an “investment strategy” in any conventional sense. Rather, the Series’ asset allocation strategy seeks to optimize the exposure of the Series to the equity component (“Equity Component”) (defined below) while protecting Series assets. Assets allocated to the Equity Component may be reduced or eliminated in order to conserve assets at a level equal to or above the present value of the Guarantee. The Series allocate their assets among the following asset classes:
During the guarantee period (“Guarantee Period”), the Series’ assets will be allocated between the:
• | Equity Component, consisting of common stocks included in the Standard & Poor’s 500® Composite Stock Price Index (“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, or to any investment returns generated by the Series.
With respect to ING GET Fund — Series S and ING GET Fund — Series T only, the minimum Targeted Return for each Series is 1.5% per year over the Guarantee Period (“Target Return”) before asset based contract charges and each Series’ cost of operations.
How does the Series’ asset Allocation work?
ING Investment Management Co. (“ING IM” 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” (at least a 30% 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. The allocation to the Equity Component or the Fixed Component may be zero under certain circumstances.
Equity Component: ING IM manages the Equity Component by overweighting those stocks in the S&P 500® Index that it believes will outperform the S&P 500® Index, and underweighting (or avoiding altogether) those stocks ING IM believes will underperform the S&P 500® Index (“Enhanced Index Strategy”). Stocks ING IM believes are likely to match the performance of the S&P 500® Index are invested in proportion to their representation in the Index. To determine which stocks to weight more or less heavily, ING IM uses internally developed quantitative computer models to evaluate various criteria, such as the financial strength of each company and its potential for strong, sustained earnings growth. ING IM expects that there will be a close correlation between the performance of the Equity Component and that of the S&P 500® Index in both rising and falling markets.
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
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INVESTMENT STRATEGY AND PRINCIPAL RISKS | ING GET FUND SERIES S THROUGH V |
costs. Futures contracts 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. 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, ING IM 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 restrictions 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. ING IM will not employ an enhanced index strategy when it invests in S&P 500® Index futures and ETFs.
Fixed Component: ING IM seeks to select investments for the Fixed Component with financial characteristics that will, at any point in time, closely resemble those of a portfolio of zero coupon bonds which mature within three months of the Maturity Date. Generally, at least 55% of the Fixed Component will consist of securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, including 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 issued or guaranteed. STRIPS are created by the Federal Reserve Bank by separating the interest and principal components of an outstanding U.S. Treasury or agency bond and selling them as individual securities. The Fixed Component may also consist of mortgage-backed securities (including commercial mortgage-backed securities) which are rated AAA or Aaa at the time of purchase by Moody’s Investors Service, Inc. (“Moody’s”) or Standard & Poor’s (“S&P”)®, 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. The GET Series may also invest in other investment companies to the extent permitted by the 1940 Act, and the rules and regulations thereunder.
What are the Principal Guarantee Period Risks?
Allocation Risk: If, at the inception of, or any time during, the Guarantee Period interest rates are low, the Series’ assets may be largely invested in the Fixed Component in order to decrease the likelihood that an insurance company would be required to make any payment under the Guarantee. The effect of low interest rates on the Series would likely be more pronounced at the inception of the Guarantee Period, as the initial allocation of assets would include more fixed-income securities. In addition, if during the Guarantee Period the equity markets experienced a material decline, the Series’ assets may become largely invested in the Fixed Component. In fact, if the value of the Equity Component were to decline by a significant amount, a complete reallocation to the Fixed Component would likely occur. In the event of a reallocation of 100% of the assets to the Fixed Component, the Series would not reallocate any assets into the Equity Component prior to the Maturity Date. Use of the Fixed Component reduces the Series’ ability to participate as fully in upward equity market movements, and therefore represents some loss of opportunity, or opportunity cost, compared to a portfolio that is fully invested in equities.
Asset Allocation May Underperform Static Strategies: The asset allocation process results in transaction costs. Volatile periods in the market may increase these costs. This process can have an adverse effect on the performance of the Series during periods of increased equity market volatility. In addition, a high portfolio turnover rate, which may also have an adverse effect on the performance of the Series, may increase the Series’ transaction costs.
Opportunity Costs: There are substantial opportunity costs associated with an investment in the Series. The Series may allocate a substantial portion, and under certain circumstances all, of the Series’ assets to the Fixed Component in order to conserve Series assets to a level equal to or above the present value of the Guarantee.
Initially, if interest rates are low, the allocation to the Fixed Component may be over 70% of the Series’ assets. If the market value of the Equity Component rises, the percentage of the Series’ assets allocated to the Equity Component generally will also rise. However, the relative volatility of these two Components as well as the past performance of the Series will affect these allocations. For example, if the Series incurs early losses, the Series may allocate 100% of the Series’ assets to the Fixed Component for the entire Guarantee Period, irrespective of the subsequent upward movements in the equity markets and/or the Equity Component.
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ING GET FUND SERIES STHROUGH V | INVESTMENT STRATEGY AND PRINCIPAL RISKS |
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.
When you hold your investment until the end of the 5-year Guarantee Period, on the Guarantee Maturity Date your account will be worth no less than your investment at the inception of the Guarantee Period, less any redemptions and distributions you have received in cash, and certain Series expenses, such as interest, taxes and extraordinary expenses. If you sell shares during the Guarantee Period, shares are redeemed at the current net asset value (“NAV”) which may be worth more or less than your original investment and/or the NAV at the inception of the Guarantee Period. The guarantee is based on the beginning NAV on the first day of the Guarantee Period, not the public offering price, and does not apply to any earnings realized during the Guarantee Period. The guarantee is backed by insurance companies offering the Series. As with the sale of any securities, a taxable event may occur if the Series liquidates fixed-income securities at the end of the Guarantee Period.
Worst Case Scenarios for the Series’ Equity Participation: The opportunity cost of not allocating assets to the Equity Component will be particularly high if early in the Guarantee Period: (a) the Series’ NAV decreases; or (b) the value of the Equity Component declines. In either case, all or substantially all of the Series’ assets could be allocated to the Fixed Component for the remainder of the Guarantee Period.
Impact of Annuity Charges and Other Expenses: Contract-holders and Participants with interests in the Series through separate accounts are not subject to identical separate account charges. In its proprietary computer model, the Sub-Adviser uses an expense factor designed to have the Series produce a return which may cover some portion of these charges. The expense factor will be determined at the inception of the Guarantee Period. If the expense factor is set to cover the higher charges, the initial asset allocation to the Equity Component will be lower. Accordingly, the level of the expense factor chosen by the Series may represent a greater opportunity cost to Contract-holders and Participants with lower separate account charges. Regardless of where the expense factor is set, it will not affect the Guarantee payable by the insurance company.
Stock and Bond Investments: The risks associated with investing in stocks include sudden and unpredictable drops in the value of the market as a whole and periods of lackluster or negative performance. The performance of the Equity Component also depends significantly on ING IM’s skill in determining which securities to overweight, underweight or avoid altogether.
The principal risk associated with investing in bonds is that interest rates may rise, which generally causes bond prices to fall. The market prices of STRIPS generally are more volatile than the market prices of other fixed income securities with similar maturities that pay interest periodically. With corporate bonds, there is a risk that the issuer will default on the payment of principal or interest.
With mortgage-backed securities, there is a risk of prepayment of the underlying mortgage. Because prepayments of principal generally occur when interest rates are declining, it is likely that the Series may have to reinvest the proceeds of prepayments at lower yields. In addition, with credit risk, the Series could lose money if the issuer of a debt security is unable to meet its financial obligations or goes bankrupt. This Series is subject to less credit risk than other funds because it principally invests in debt securities issued or guaranteed by the U.S. government or its agencies.
Declining Interest Rates: A decline in prevailing U.S. interest rates could materially increase the opportunity costs. Any such decline would increase the present value of the Guarantee, potentially causing the Series to allocate all or substantially all of the Series’ assets to the Fixed Component in order to assure that such assets do not fall below the Guarantee.
Futures Contracts: The Series may invest in futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a financial instrument or a specific stock market index for a
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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.
Other Investment Companies. The GET Series may invest in other investment companies to the extent permitted by the 1940 Act and the rules and regulations thereunder. These may include exchange-traded funds (“ETFs”) and Holding Company Depositary Receipts (“HOLDRs”), among others. ETFs are exchange-traded investment companies that are designed to provide investment results corresponding to an equity index and include, among others, Standard & Poor’s Depositary Receipts (“SPDRs”), PowerShares QQQ™ (“QQQ”), Dow Jones Industrial Average Tracking Stocks (“Diamonds”) and iShares exchange-traded funds (“iShares”). The main risk of investing in other investment companies (including ETFs) 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. Because the 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. Additional risks of investments in ETFs include: (i) an active trading market for an ETF’s shares may not develop or be maintained or (ii) trading may be halted if the listing exchange’s 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 stocks of a particular industry, trends in that industry may have a dramatic impact on their value.
To seek to achieve a return on uninvested cash or for other reasons, the Series may invest its assets in ING Institutional Prime Money Market Fund and/or one or more other money market funds advised by ING affiliates (“ING Money Market Funds”). The Series’ purchase of shares of an ING Money Market Fund will result in the Series paying a proportionate share of the expenses of the ING Money Market Fund. The Adviser will waive its fee in an amount equal to the advisory fee received by the adviser of the ING Money Market Fund in which the Series invests resulting from the Series’ investment into the ING Money Market Fund.
Risks of Using Derivatives: Certain securities in which the Series may invest, including futures contracts, are derivative instruments. In general terms, a derivative instrument is a financial contract whose value is derived, at least in part, from the performance of an underlying asset, interest rate, or index. If the issuer of a derivative does not pay the amount owed on the contract when due, the Series can lose money on the investment. The underlying investment on which the derivative is based, and the derivative itself, might not perform in the manner the Sub-Adviser expected, which could cause the Series’ share price to decline. Markets underlying securities may move in a direction not anticipated by the Sub-Adviser, which may result in the Series’ realizing a lower return than expected on an investment.
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SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2007 to June 30, 2007. The Funds’ expenses are shown without the imposition of any charges which are, or may be, imposed under your annuity contract. Expenses would have been higher if such charges were included.
Actual Expenses
The first section of the table shown, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second section of the table shown, “Hypothetical 5% Return,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical/examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the hypothetical lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
ING GET Fund | Beginning Account Value January 1, 2007 | Ending Account Value June 30, 2007 | Annualized Expense Ratio | Expenses Paid During the Period Ended June 30, 2007* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Series S | $ | 1,000.00 | $ | 1,040.00 | 0.80 | % | $ | 4.05 | ||||||||
Series T | 1,000.00 | 1,037.70 | 0.80 | 4.04 | ||||||||||||
Series U | 1,000.00 | 1,039.60 | 0.80 | 4.05 | ||||||||||||
Series V | 1,000.00 | 1,027.40 | 0.80 | 4.02 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Series S | $ | 1,000.00 | $ | 1,020.83 | 0.80 | % | $ | 4.01 | ||||||||
Series T | 1,000.00 | 1,020.83 | 0.80 | 4.01 | ||||||||||||
Series U | 1,000.00 | 1,020.83 | 0.80 | 4.01 | ||||||||||||
Series V | 1,000.00 | 1,020.83 | 0.80 | 4.01 | ||||||||||||
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year. |
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STATEMENTS OF ASSETS AND LIABILITIESASOF JUNE 30, 2007 (UNAUDITED)
ING GET Fund— Series S | ING GET Fund— Series T | ING GET Fund— Series U | ING GET Fund— Series V | ||||||||||
ASSETS: | |||||||||||||
Investments in securities at value* | $ | 107,636,998 | $ | 94,364,792 | $ | 96,580,048 | $ | 133,365,886 | |||||
Short-term investments in affiliates at amortized cost | 500,000 | 5,000 | 5,000 | 200,000 | |||||||||
Short-term investments at amortized cost | 178,000 | 151,000 | 193,000 | 307,000 | |||||||||
Cash | 18,725 | 16,942 | 18,274 | 23,208 | |||||||||
Receivables: | |||||||||||||
Investment Securities Sold | 25,662 | 21,996 | 23,829 | 10,998 | |||||||||
Dividends and interest | 57,658 | 49,522 | 250,493 | 24,327 | |||||||||
Prepaid expenses | 1,535 | 1,347 | 1,359 | 2,000 | |||||||||
Reimbursement due from manager | 12,145 | 13,402 | 12,129 | 18,225 | |||||||||
Total assets | 108,430,723 | 94,624,001 | 97,084,132 | 133,951,644 | |||||||||
LIABILITIES: | |||||||||||||
Payable for fund shares redeemed | 70,189 | 37,392 | 53,557 | 94,681 | |||||||||
Payable to affiliates | 81,444 | 71,054 | 73,042 | 100,810 | |||||||||
Payable for directors fees | 9,481 | 12,760 | 6,461 | 9,981 | |||||||||
Other accrued expenses and liabilities | 54,930 | 48,422 | 51,179 | 66,455 | |||||||||
Total liabilities | 216,044 | 169,628 | 184,239 | 271,927 | |||||||||
NET ASSETS | $ | 108,214,679 | $ | 94,454,373 | $ | 96,899,893 | $ | 133,679,717 | |||||
NET ASSETS WERE COMPRISED OF: | |||||||||||||
Paid-in capital | $ | 98,591,417 | $ | 87,782,056 | $ | 88,979,622 | $ | 136,073,352 | |||||
Undistributed net investment income | 1,185,259 | 995,892 | 894,144 | 1,175,657 | |||||||||
Accumulated net realized gain (loss) on investments | 3,136,707 | 1,875,061 | 2,367,007 | (3,123,513 | ) | ||||||||
Net unrealized appreciation or depreciation on investments | 5,301,296 | 3,801,364 | 4,659,120 | (445,779 | ) | ||||||||
NET ASSETS | $ | 108,214,679 | $ | 94,454,373 | $ | 96,899,893 | $ | 133,679,717 | |||||
* Cost of investments in securities | $ | 102,335,702 | $ | 90,563,428 | $ | 91,920,928 | $ | 133,811,665 | |||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | |||||||||
Par value | n/a | n/a | n/a | n/a | |||||||||
Shares outstanding | 10,609,826 | 9,410,869 | 9,673,254 | 13,222,614 | |||||||||
Net asset value and redemption price per share | $ | 10.20 | $ | 10.04 | $ | 10.02 | $ | 10.11 |
See Accompanying Notes to Financial Statements
9
Table of Contents
STATEMENTS OF OPERATIONSFORTHE SIX MONTHS ENDED JUNE 30, 2007 (UNAUDITED)
ING GET Fund— Series S | ING GET Fund— Series T | ING GET Fund— Series U | ING GET Fund— Series V | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 465,457 | $ | 391,149 | $ | 440,287 | $ | 196,261 | ||||||||
Interest(1) | 1,165,871 | 995,179 | 855,924 | 1,544,655 | ||||||||||||
Total investment income | 1,631,328 | 1,386,328 | 1,296,211 | 1,740,916 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 333,591 | 291,301 | 299,646 | 423,218 | ||||||||||||
Distribution and service fees | 138,996 | 121,375 | 124,852 | 176,340 | ||||||||||||
Transfer agent fees | 58 | 58 | 58 | 63 | ||||||||||||
Administrative service fees | 30,578 | 26,702 | 27,467 | 38,794 | ||||||||||||
Shareholder reporting expense | 8,110 | 6,516 | 6,870 | 5,611 | ||||||||||||
Professional fees | 14,417 | 15,549 | 14,920 | 22,755 | ||||||||||||
Custody and accounting expense | 10,725 | 10,186 | 11,087 | 12,670 | ||||||||||||
Directors fees | 4,862 | 4,986 | 4,525 | 7,240 | ||||||||||||
Miscellaneous expense | 6,091 | 5,363 | 6,085 | 7,842 | ||||||||||||
Total expenses | 547,428 | 482,036 | 495,510 | 694,533 | ||||||||||||
Net waived and reimbursed fees | (102,088 | ) | (93,018 | ) | (95,489 | ) | (129,515 | ) | ||||||||
Net expenses | 445,340 | 389,018 | 400,021 | 565,018 | ||||||||||||
Net investment income | 1,185,988 | 997,310 | 896,190 | 1,175,898 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||
Net realized gain on investments | 3,505,874 | 2,279,045 | 2,822,575 | 341,197 | ||||||||||||
Net change in unrealized appreciation or depreciation on investments | (302,710 | ) | 296,917 | 173,934 | 2,292,459 | |||||||||||
Net realized and unrealized gain on investments | 3,203,164 | 2,575,962 | 2,996,509 | �� | 2,633,656 | |||||||||||
Increase in net assets resulting from operations | $ | 4,389,152 | $ | 3,573,272 | $ | 3,892,699 | $ | 3,809,554 | ||||||||
* Foreign taxes withheld | $ | 1 | $ | 1 | $ | 1 | $ | — | ||||||||
(1) Affiliated income | $ | 4,946 | $ | 3,599 | $ | 3,458 | $ | 6,533 |
See Accompanying Notes to Financial Statements
10
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
ING GET Fund—Series S | ING GET Fund—Series T | |||||||||||||||
Six Months Ended June 30, 2007 | Year Ended December 31, 2006 | Six Months Ended June 30, 2007 | Year Ended December 31, 2006 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,185,988 | $ | 3,005,289 | $ | 997,310 | $ | 2,595,238 | ||||||||
Net realized gain on investments | 3,505,874 | 3,228,846 | 2,279,045 | 2,177,183 | ||||||||||||
Net change in unrealized appreciation or depreciation on investments | (302,710 | ) | 2,639,586 | 296,917 | 2,294,396 | |||||||||||
Net increase in net assets resulting from operations | 4,389,152 | 8,873,721 | 3,573,272 | 7,066,817 | ||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income | (2,998,496 | ) | (4,000,641 | ) | (2,589,379 | ) | (3,434,355 | ) | ||||||||
Net realized gains | (3,001,552 | ) | (1,496,049 | ) | (1,662,317 | ) | (2,380,367 | ) | ||||||||
Total distributions | (6,000,048 | ) | (5,496,690 | ) | (4,251,696 | ) | (5,814,722 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Dividends reinvested | 6,000,048 | 5,496,690 | 4,251,696 | 5,814,722 | ||||||||||||
Cost of shares redeemed | (12,602,004 | ) | (42,325,429 | ) | (11,393,327 | ) | (33,285,936 | ) | ||||||||
Net decrease in net assets resulting from capital share transactions | (6,601,956 | ) | (36,828,739 | ) | (7,141,631 | ) | (27,471,214 | ) | ||||||||
Net decrease in net assets | (8,212,852 | ) | (33,451,708 | ) | (7,820,055 | ) | (26,219,119 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 116,427,531 | 149,879,239 | 102,274,428 | 128,493,547 | ||||||||||||
End of period | $ | 108,214,679 | $ | 116,427,531 | $ | 94,454,373 | $ | 102,274,428 | ||||||||
Undistributed net investment income at end of period | $ | 1,185,259 | $ | 2,997,767 | $ | 995,892 | $ | 2,587,961 | ||||||||
See Accompanying Notes to Financial Statements
11
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
ING GET Fund—Series U | ING GET Fund—Series V | |||||||||||||||
Six Months Ended June 30, 2007 | Year Ended December 31, 2006 | Six Months Ended June 30, 2007 | Year Ended December 31, 2006 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 896,190 | $ | 2,274,448 | $ | 1,175,898 | $ | 3,138,287 | ||||||||
Net realized gain (loss) on investments | 2,822,575 | 2,160,424 | 341,197 | (1,268,852 | ) | |||||||||||
Net change in unrealized appreciation or depreciation on investments | 173,934 | 3,639,243 | 2,292,459 | 5,394,131 | ||||||||||||
Net increase in net assets resulting from operations | 3,892,699 | 8,074,115 | 3,809,554 | 7,263,566 | ||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income | (2,267,840 | ) | (3,021,672 | ) | (3,134,422 | ) | (4,210,584 | ) | ||||||||
Net realized gains | (1,806,905 | ) | (1,745,855 | ) | — | — | ||||||||||
Total distributions | (4,074,745 | ) | (4,767,527 | ) | (3,134,422 | ) | (4,210,584 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Dividends reinvested | 4,074,745 | 4,767,527 | 3,134,422 | 4,210,584 | ||||||||||||
Cost of shares redeemed | (11,702,855 | ) | (44,702,514 | ) | (19,744,758 | ) | (79,632,272 | ) | ||||||||
Net decrease in net assets resulting from capital share transactions | (7,628,110 | ) | (39,934,987 | ) | (16,610,336 | ) | (75,421,688 | ) | ||||||||
Net decrease in net assets | (7,810,156 | ) | (36,628,399 | ) | (15,935,204 | ) | (72,368,706 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 104,710,049 | 141,338,448 | 149,614,921 | 221,983,627 | ||||||||||||
End of period | $ | 96,899,893 | $ | 104,710,049 | $ | 133,679,717 | $ | 149,614,921 | ||||||||
Undistributed net investment income at end of period | $ | 894,144 | $ | 2,265,794 | $ | 1,175,657 | $ | 3,134,181 | ||||||||
See Accompanying Notes to Financial Statements
12
Table of Contents
ING GET FUND — SERIES S (UNAUDITED) | FINANCIAL HIGHLIGHTS |
Selected data for a share of beneficial interest outstanding throughout each period.
Six Months 2007 | Year Ended December 31, | June 14 2002(1) to December 31, | |||||||||||||||||
2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||
Net asset value, beginning of period | $ | 10.37 | 10.09 | 10.47 | 10.65 | 10.07 | 10.00 | ||||||||||||
Income (loss) from investment operations: | |||||||||||||||||||
Net investment income | $ | 0.11 | * | 0.23 | * | 0.23 | * | 0.22 | * | 0.25 | 0.07 | ||||||||
Net realized and unrealized gain (loss) on investments | $ | 0.30 | 0.48 | (0.04 | ) | 0.06 | 0.34 | 0.06 | |||||||||||
Total from investment operations | $ | 0.41 | 0.71 | 0.19 | 0.28 | 0.59 | 0.13 | ||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | $ | 0.29 | 0.31 | 0.27 | 0.29 | 0.01 | 0.06 | ||||||||||||
Net realized gains on investments | $ | 0.29 | 0.12 | 0.30 | 0.17 | — | — | ||||||||||||
Total distributions | $ | 0.58 | 0.43 | 0.57 | 0.46 | 0.01 | 0.06 | ||||||||||||
Net asset value, end of period | $ | 10.20 | 10.37 | 10.09 | 10.47 | 10.65 | 10.07 | ||||||||||||
Total Return(2) | % | 4.00 | 7.26 | 1.88 | 2.71 | 5.86 | 1.15 | †† | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (000’s) | $ | 108,215 | 116,428 | 149,879 | 204,092 | 250,292 | 325,041 | ||||||||||||
Ratios to average net assets: | |||||||||||||||||||
Gross expenses prior to expense reimbursement(3) | % | 0.98 | 0.98 | 0.97 | 0.96 | 0.97 | 0.97 | ||||||||||||
Net expenses after expense reimbursement(3)(4) | % | 0.80 | † | 0.80 | 0.80 | 0.96 | 0.97 | 0.97 | |||||||||||
Net investment income after expense reimbursement(3)(4) | % | 2.13 | † | 2.30 | 2.24 | 2.07 | 2.04 | 2.01 | |||||||||||
Portfolio turnover rate | % | 23 | 40 | 67 | 18 | 13 | 60 |
(1) | Commencement of operations. |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distribution at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
(3) | Annualized for periods less than one year. |
(4) | The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerages and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. |
* | Calculated using average number of shares outstanding throughout the period. |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio. |
†† | Total return calculation began on September 12, 2002, the first day of the Guarantee Period. Total return from commencement of operations was 1.35%. |
See Accompanying Notes to Financial Statements
13
Table of Contents
ING GET FUND — SERIES T (UNAUDITED) | FINANCIAL HIGHLIGHTS |
Selected data for a share of beneficial interest outstanding throughout each period.
Six Months 2007 | Year Ended December 31, | September 12, 2002(1) to December 31, | |||||||||||||||||
2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||
Net asset value, beginning of period | $ | 10.12 | 10.01 | 10.48 | 10.70 | 10.12 | 10.00 | ||||||||||||
Income (loss) from investment operations: | |||||||||||||||||||
Net investment income | $ | 0.10 | * | 0.23 | * | 0.23 | * | 0.24 | * | 0.28 | 0.01 | ||||||||
Net realized and unrealized gain (loss) on investments | $ | 0.29 | 0.40 | (0.07 | ) | 0.03 | 0.32 | 0.11 | |||||||||||
Total from investment operations | $ | 0.39 | 0.63 | 0.16 | 0.27 | 0.60 | 0.12 | ||||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | $ | 0.29 | 0.31 | 0.28 | 0.31 | 0.02 | 0.00 | ** | |||||||||||
Net realized gains from investments | $ | 0.18 | 0.21 | 0.35 | 0.18 | — | — | ||||||||||||
Total distributions | $ | 0.47 | 0.52 | 0.63 | 0.49 | 0.02 | 0.00 | ** | |||||||||||
Net asset value, end of period | $ | 10.04 | 10.12 | 10.01 | 10.48 | 10.70 | 10.12 | ||||||||||||
Total Return(2) | % | 3.77 | 6.63 | 1.58 | 2.62 | 5.88 | 1.21 | †† | |||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (000’s) | $ | 94,454 | 102,274 | 128,494 | 165,085 | 194,964 | 277,434 | ||||||||||||
Ratios to average net assets: | |||||||||||||||||||
Gross expenses prior to expense reimbursement(3) | % | 0.99 | 0.98 | 0.97 | 0.96 | 0.98 | 1.07 | ||||||||||||
Net expenses after expense reimbursement(3)(4) | % | 0.80 | † | 0.80 | 0.80 | 0.96 | 0.98 | 0.96 | |||||||||||
Net investment income after expense reimbursement(3)(4) | % | 2.05 | † | 2.30 | 2.30 | 2.26 | 2.14 | 1.91 | |||||||||||
Portfolio turnover rate | % | 26 | 39 | 53 | 36 | 24 | 4 |
(1) | Commencement of operations. |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distribution at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
(3) | Annualized for periods less than one year. |
(4) | The investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. |
* | Calculated using average number of shares outstanding throughout the period. |
** | Amount is less than $0.005 per share. |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio. |
†† | Total return calculation began on September 12, 2002, the first day of the Guarantee Period. Total return from commencement of operations was 1.21%. |
See Accompanying Notes to Financial Statements
14
Table of Contents
ING GET FUND — SERIES U (UNAUDITED) | FINANCIAL HIGHLIGHTS |
Selected data for a share of beneficial interest outstanding throughout each period.
Six Months 2007 | Year Ended December 31, | December 12, 2002(1) to December 31, | |||||||||||||||||
2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||
Net asset value, beginning of period | $ | 10.05 | 9.77 | 10.42 | 10.75 | 10.00 | 10.00 | ||||||||||||
Income (loss) from investment operations: | |||||||||||||||||||
Net investment income | $ | 0.09 | * | 0.19 | * | 0.20 | * | 0.23 | 0.18 | 0.00 | ** | ||||||||
Net realized and unrealized gain (loss) on investments | $ | 0.31 | 0.50 | (0.07 | ) | 0.11 | 0.57 | 0.00 | ** | ||||||||||
Total from investment operations | $ | 0.40 | 0.69 | 0.13 | 0.34 | 0.75 | 0.00 | ** | |||||||||||
Less distributions from: | |||||||||||||||||||
Net investment income | $ | 0.24 | 0.26 | 0.23 | 0.21 | — | — | ||||||||||||
Net realized gains from investments | $ | 0.19 | 0.15 | 0.55 | 0.46 | — | — | ||||||||||||
Total distributions | $ | 0.43 | 0.41 | 0.78 | 0.67 | — | — | ||||||||||||
Net asset value, end of period | $ | 10.02 | 10.05 | 9.77 | 10.42 | 10.75 | 10.00 | ||||||||||||
Total Return(2) | % | 3.96 | 7.36 | 1.43 | 3.40 | 7.29 | †† | — | † | ||||||||||
Ratios and Supplemental Data: | |||||||||||||||||||
Net assets, end of period (000’s) | $ | 96,900 | 104,710 | 141,338 | 170,744 | 199,099 | 1,550 | ||||||||||||
Ratios to average net assets: | |||||||||||||||||||
Gross expenses prior to expense reimbursement(3) | % | 0.99 | 0.99 | 0.97 | 0.95 | 0.98 | 17.95 | ||||||||||||
Net expenses after expense reimbursement(3)(4) | % | 0.80 | ††† | 0.80 | 0.80 | 0.95 | 0.98 | 0.65 | |||||||||||
Net investment income after expense reimbursement(3)(4) | % | 1.79 | ††† | 1.95 | 1.96 | 1.88 | 1.78 | 0.66 | |||||||||||
Portfolio turnover rate | % | 26 | 58 | 42 | 59 | 74 | — |
(1) | Commencement of operations. |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distribution at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
(3) | Annualized for periods less than one year. |
(4) | The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. |
* | Calculated using average number of shares outstanding throughout the period. |
** | Amount represents less than $0.005 per share. |
† | As of December 31, 2002, the Series was in its Offering Period. Total return from commencement of operations was 0.00%. |
†† | Total return calculation began on March 13, 2003, the first day of the Guarantee Period. Total return for the entire calendar year was 7.50%. |
††† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio. |
See Accompanying Notes to Financial Statements
15
Table of Contents
ING GET FUND — SERIES V (UNAUDITED) | FINANCIAL HIGHLIGHTS |
Selected data for a share of beneficial interest outstanding throughout each period.
Six Months 2007 | Year Ended December 31, | March 13, 2003(1) to December 31, | ||||||||||||||
2006 | 2005 | 2004 | ||||||||||||||
Per Share Operating Performance: | ||||||||||||||||
Net asset value, beginning of period | $ | 10.07 | 9.88 | 9.99 | 9.87 | 10.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income | $ | 0.08 | * | 0.17 | * | 0.17 | * | 0.19 | 0.08 | |||||||
Net realized and unrealized gain (loss) on investments | $ | 0.20 | 0.25 | (0.08 | ) | 0.04 | (0.21 | ) | ||||||||
Total from investment operations | $ | 0.28 | 0.42 | 0.09 | 0.23 | (0.13 | ) | |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | $ | 0.24 | 0.23 | 0.20 | 0.11 | — | ||||||||||
Total distributions | $ | 0.24 | 0.23 | 0.20 | 0.11 | — | ||||||||||
Net asset value, end of period | $ | 10.11 | 10.07 | 9.88 | 9.99 | 9.87 | ||||||||||
Total Return(2) | % | 2.74 | 4.37 | 0.88 | 2.34 | (1.50 | )** | |||||||||
Ratios and Supplemental Data: | ||||||||||||||||
Net assets, end of period (000’s) | $ | 133,680 | 149,615 | 221,984 | 286,706 | 401,085 | ||||||||||
Ratios to average net assets: | ||||||||||||||||
Gross expenses prior to expense reimbursement(3) | % | 0.98 | 0.98 | 0.96 | 0.96 | 0.94 | ||||||||||
Net expenses after expense reimbursement(3)(4) | % | 0.80 | † | 0.80 | 0.80 | 0.96 | 0.94 | |||||||||
Net investment income after expense reimbursement(3)(4) | % | 1.67 | † | 1.76 | 1.67 | 1.50 | 1.39 | |||||||||
Portfolio turnover rate | % | 13 | 49 | 32 | 37 | 29 |
(1) | Commencement of operations. |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distribution at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized. |
(3) | Annualized for periods less than one year. |
(4) | The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. |
* | Calculated using average number of shares outstanding throughout the period. |
** | Total return calculation began on June 13, 2003, the first day of the Guarantee Period. Total return from commencement of operations was (1.30)%. |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio. |
See Accompanying Notes to Financial Statements
16
Table of Contents
NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2007 (UNAUDITED)
NOTE 1 — ORGANIZATION
Organization. The ING GET Fund (the “Fund”) is registered under the 1940 Act as an open-end management investment company. It was organized under the laws of Massachusetts as a business trust on March 9, 1987. Currently there are four diversified series of the Fund, ING GET Fund — Series S (“GET S”), ING GET Fund — Series T (“GET T”), ING GET Fund — Series U (“GET U”) and ING GET Fund — Series V (“GET V”), each a Series.
Each Series seeks to achieve maximum total return and minimal exposure of series assets to a market value loss, by participating, to the extent possible, in favorable equity market performance without compromising a minimum targeted rate of return (“Targeted Return”) during a specified five-year period (“Guarantee Period”). If during the Guarantee Period the equity markets experience a major decline, the Series’ assets may become largely or entirely invested in the Fixed Component. Use of the Fixed Component reduces the Series’ ability to participate as fully in upward equity market movements, and therefore represents some loss of opportunity, or opportunity cost, compared to a portfolio that is more heavily invested in equities. The minimum Targeted Return for each Series is 1.5% per year over the Guarantee Period (except for GET U and GET V, which do not have a Targeted Return) before asset based contract charges and each Series’ cost of operations. Investors are guaranteed by ING Life Insurance & Annuity Company (“ILIAC”) their initial investment less certain maintenance charges only if an investor had remained in the Series from the beginning of the Guarantee Period to the end of the Guarantee Period. Investors receive a guarantee from ILIAC that on the maturity date they will receive no less than the value of their investment in a GET Series Fund as of the last day of the offering period, adjusted for certain charges. The value of dividends and distributions made by each Series throughout the Guarantee Period is taken into account 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. ILIAC does not guarantee that investors will earn the minimum target return.
Offering Period | Guarantee Period | Maturity Date | ||||
GET S* | 06/14/02 — 09/11/02 | 09/12/02 — 09/14/07 | 09/14/07 | |||
GET T* | 09/12/02 — 12/11/02 | 12/12/02 — 12/14/07 | 12/14/07 | |||
GET U* | 12/12/02 — 03/12/03 | 03/13/03 — 03/14/08 | 03/14/08 | |||
GET V* | 03/13/03 — 06/12/03 | 06/13/03 — 06/13/08 | 06/13/08 |
* | Closed to new investors. |
Shares of the Series are offered to insurance company separate accounts that fund both annuity and life insurance contracts and certain tax-qualified retirement plans. At June 30, 2007, separate accounts of ILIAC and its affiliates held all the shares outstanding of each Series.
In accordance with the original fund prospectuses, GET S, GET T, GET U and GET V will liquidate during the next fiscal year on the Maturity Dates listed above. Accounting rules require that financial statements for entities in liquidation, or for which liquidation appears imminent, be prepared on a liquidation basis of accounting. As the U.S. generally accepted accounting principles for investment companies are materially consistent with the liquidation basis of accounting, the financial statements for GET S, GET T, GET U and GET V have been prepared in conformity with both accounting methods.
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 for investment companies.
A. | Security Valuation. Investments in equity securities traded on a national securities exchange are valued at the last reported sale price. Securities reported by NASDAQ are valued at the NASDAQ official closing prices. Securities traded on an exchange or NASDAQ for which there has been no sale and equity securities traded in the over-the-counter-market are valued at the mean between the last reported bid and ask prices. All investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities are valued at prices obtained from independent services or from one or more dealers making markets in the securities and may be adjusted based on the Series’ valuation procedures. U.S. Government obligations are valued by using market quotations or independent pricing services that use prices provided by market- |
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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. |
Securities and assets for which market quotations are not readily available (which may include certain restricted securities which are subject to limitations as to their sale) are valued at their fair values as determined in good faith by or under the supervision of the 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 net asset value may also be valued at their fair values as determined in good faith by or under the supervision of the Board, in accordance with methods that are specifically authorized by the Board. The value of a foreign security traded on an exchange outside the United States is generally based on its price on the principal foreign exchange where it trades as of the time the Series’ determines its NAV or if the foreign exchange closes prior to the time the Portfolio determines its NAV, the most recent closing price of the foreign security on its principal exchange. Trading in certain non-U.S. securities may not take place on all days on which the New York Stock Exchange (“NYSE”) is open. Further, trading takes place in various foreign markets on days on which the NYSE is not open. Consequently, the calculation of the Series’ NAV may not take place contemporaneously with the determination of the prices of securities held by the 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 denominated in foreign currency are converted to U.S. dollar equivalents. If an event occurs after the time at which the market for foreign securities held by the Series closes but before the time that the Series’ NAV is calculated, such event may cause the closing price on the foreign exchange to not represent a readily available reliable market value quotation for such securities at the time the Series determines its NAV. In such a case, the Series will use the fair value of such securities as determined under the Series’ valuation procedures. Events
after the close of trading on a foreign market that could require the Series to fair value some or all of its foreign securities include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis in the determination of a security’s fair value, the Board has authorized the use of one or more independent research services to assist with such determinations. An independent research service may use statistical analyses and quantitative models to help determine fair value as of the time a Series calculates its NAV. There can be no assurance that such models accurately reflect the behavior of the applicable markets or the effect of the behavior of such markets on the fair value of securities, or that such markets will continue to behave in a fashion that is consistent with such models. Unlike the closing price of a security on an exchange, fair value determinations employ elements of judgment. Consequently, the fair value assigned to a security may not represent the actual value that the Series could obtain if it were to sell the security at the time of the close of the NYSE. Pursuant to procedures adopted by the Board, the Series is not obligated to use the fair valuations suggested by any research service, and valuation recommendations provided by such research services may be overridden if other events have occurred or if other fair valuations are determined in good faith to be more accurate. Unless an event is such that it causes the Series to determine that the closing prices for one or more securities do not represent readily available reliable market value quotations at the time the Series determines its NAV, events that occur between the time of the close of the foreign market on which they are traded and the close of regular trading on the NYSE will not be reflected in the Series’ NAV. Investments in securities maturing in 60 days or less from the date of valuation are valued at amortized cost, which, when combined with accrued interest, approximates market value.
B. | Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Series. Premium amortization and discount accretion are determined by the effective yield method. |
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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
C. | Foreign Currency Translation. The books and records of the Series are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis: |
(1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day. |
(2) | Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions. |
Although the net assets and the market values are presented at the foreign exchange rates at the end of the day, the Series 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. | Foreign Currency Transactions and Futures Contracts. Each Series may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. The Series either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar. |
Each Series may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. A futures contract obligates the seller of the contract to deliver and the purchaser of the contract to take delivery of the type of foreign currency, financial instrument or security called for in the contract at a specified future time for a specified price. Upon entering into such a contract, a Series is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is traded. Pursuant to the contract, a Series agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margins and are recorded as unrealized gains or losses by the Series. When the contract is closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. For the six months ended June 30, 2007, the Series did not invest in foreign currency transactions or futures.
E. | Distributions to Shareholders. The Series records distributions to their shareholders on the ex- dividend date. Dividends from net investment income and capital gains, if any, are declared and paid annually by the Series. The Series may make distributions on a more frequent basis to comply with the distribution requirements of the Internal |
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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principals for investment companies. |
F. | Federal Income Taxes. It is the policy of the Series 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. No federal income tax provision is required. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expire. |
G. | Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. |
H. | Repurchase Agreements. Each Series may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Series will receive as collateral cash or securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Series. The underlying collateral is valued daily on a mark to market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Series in the event the Series is delayed or prevented from |
exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral. |
I. | Illiquid and Restricted Securities. Each Series may not invest more than 15% of its net assets in illiquid securities. Illiquid securities are not readily marketable. Disposing of illiquid investments may involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for the Series to sell them promptly at an acceptable price. Restricted securities are those sold under Rule 144A of the Securities Act of 1933 (“1933 Act”) or are securities offered pursuant to Section 4(2) of the 1933 Act, and are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Certain restricted securities may be considered liquid pursuant to guidelines approved by the Board or may be deemed to be illiquid because they may not be readily marketable. Illiquid and restricted securities are valued using market quotations when readily available. |
J. | Delayed Delivery Transactions. A Series may purchase or sell securities on a when-issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The market value of such is identified in the Series’ Portfolio of Investments. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Series are required to hold liquid assets as collateral with the Series’ custodian sufficient to cover the purchase price. |
K. | Indemnifications. In the normal course of business, the Fund may enter into contracts that provide certain indemnifications. The Fund’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, the risk of loss from such claims is considered remote. |
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NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2007 (UNAUDITED) (CONTINUED)
NOTE 3 — INVESTMENT TRANSACTIONS
For the six months ended June 30, 2007, the cost of purchases and proceeds from sale of securities, excluding U.S. Government and short-term securities, were as follows:
Purchases | Sales | |||||
GET S | $ | 26,106,554 | $ | 23,392,306 | ||
GET T | 25,237,748 | 17,520,484 | ||||
GET U | 20,048,262 | 20,567,057 | ||||
GET V | 7,298,154 | 7,472,119 |
U.S. Government securities not included above were as follows:
Purchases | Sales | |||||
GET S | $ | — | $ | 17,612,086 | ||
GET T | — | 23,270,250 | ||||
GET U | 5,464,800 | 18,816,412 | ||||
GET V | 10,783,205 | 37,394,019 |
NOTE 4 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES
Each of the Series has entered into an investment management agreement with ING Investments, LLC (the “Investment Adviser”). The Investment Management Agreement compensates the Investment Adviser with a fee, computed daily and payable monthly, based on the average daily net assets of each Series. The fee for each Series is 0.25% during its Offering Period and 0.60% during its Guarantee Period.
The Investment Adviser has engaged ING Investment Management Co. (“ING IM”), an indirect, wholly-owned subsidiary of ING Groep, N.V. (“ING Groep”), to serve as Sub-Adviser to the Series. ING IM is responsible for managing the assets of the Series in accordance with their investment objective and policies, subject to oversight by the Investment Manager. ING Groep is one of the largest financial services organizations in the world, and offers an array of banking, insurance and asset management services to both individual and institutional investors.
Effective November 1, 2006, certain ING Funds sub-advised by ING IM are permitted to invest end-of-day cash balances into ING Institutional Prime Money Market Fund. Investment management fees paid by the funds will be reduced by an amount equal to the management fees paid indirectly to ING Institutional Prime Money Market Fund with respect to assets invested by the funds. These fees are not subject to recoupment. For the six months ended June 30, 2007, the Series waived no such fees.
ING Funds Services, LLC (“IFS”) acts as administrator and provides certain administrative and shareholder services necessary for the Series’ operations and is responsible for the supervision of other service providers. For its
services, IFS is entitled to receive from each Series a fee at an annual rate of 0.055% on the first $5 billion of average daily net assets and 0.030% thereafter.
NOTE 5 — DISTRIBUTION FEES
GET S, GET T, GET U and GET V have adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act (the “I2b-1 Plan”), whereby ING Funds Distributor, LLC (the “Distributor” or “IFD”) is compensated by the Series for expenses incurred in the distribution of each Series’ shares (“Distribution Fee”). Pursuant to the 12b-1 Plan, the Distributor is entitled to a payment each month to compensate expenses for the distribution and promotion of each 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 any distribution or shareholder servicing fees (“Service Fees”) paid to securities dealers who have executed a distribution agreement with the Distributor. Under the 12b-1 Plan, each Series pays the Distributor a Distribution Fee of 0.25% based on average daily net assets.
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES
At June 30, 2007, the Series had the following amounts recorded in payable to affiliates on the accompanying Statements of Assets and Liabilities (see Notes 4 and 5):
Accrued Investment Management Fees | Accrued Administrative Fees | Accrued Shareholder Service and Distribution Fees | Total | |||||||||
GET S | $ | 53,989 | $ | 4,951 | $ | 22,504 | $ | 81,444 | ||||
GET T | 47,104 | 4,319 | 19,631 | 71,054 | ||||||||
GET U | 48,421 | 4,440 | 20,181 | 73,042 | ||||||||
GET V | 66,831 | 6,127 | 27,852 | 100,810 |
The Fund has adopted a Deferred Compensation Plan (the “Policy”) which allows eligible non-affiliated Trustees as described in the Policy to defer the receipt of all or a portion of the trustees’ fees payable. The deferred fees are invested in various funds advised by ING Investments until distribution in accordance with the Policy.
At June 30, 2007, the following indirect, wholly-owned subsidiaries of ING Groep owned more than 5% of the following Series:
ING Life Insurance and Annuity Company — GET S (33.42%); GET T (20.50%); GET U (19.39); GET V (20.94%).
ING USA Annuity and Life Insurance Company — Series S (66.58%); GET T (79.50%); GET U (80.61%); GET V (79.06%).
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NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2007 (UNAUDITED) (CONTINUED)
NOTE 7 — OTHER ACCRUED EXPENSES AND LIABILITIES
At June 30, 2007, the Series had the following payables included in Other Accrued Expenses and Liabilities on the Statements of Assets and Liabilities that exceeded 5% of total liabilities.
Payable for Custody Fees | Payable for Professional Fees | Payable for Shareholder Reporting Expense | |||||||
GET S | $ | 12,584 | �� | $ | 15,975 | $ | 17,228 | ||
GET T | 13,778 | 14,952 | 11,470 | ||||||
GET U | 13,252 | 16,562 | 10,673 | ||||||
GET V | 14,112 | 26,168 | 14,889 |
NOTE 8 — EXPENSE LIMITATIONS
ING Investments entered into a written expense limitation agreement with each Series whereby, the Investment Adviser has agreed to limit expenses, excluding interest, taxes, brokerage and extraordinary expenses (and “Acquired Fund Fees and Expenses” stemming from investment in other investment companies) during the Guarantee Period to 0.80% as a percentage of average daily net assets.
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 reimbursement, 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 due from the
Investment Adviser are reflected in the Statements of Assets and Liabilities for each Series.
The Series’ had no recoupment balance as of June 30, 2007.
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.
NOTE 9 — LINE OF CREDIT
The Series in addition to certain other funds managed by the Investment Adviser, have entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with Citibank, N.A. for an aggregate amount of $100,000,000. The proceeds may be used to: (1) temporarily finance the purchase and sale of securities; (2) finance the redemption of shares of an investor in the funds; and (3) enable the funds to meet other emergency expenses as defined in the Credit Agreement. The funds to which the line of credit is available pay a commitment fee equal to 0.09% per annum on the daily unused portion of the committed line amount. Each of the Series will pay its pro rata share of both the agent and commitment fee. Generally, borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 30 days after the date of a revolving credit advance. For the Six months ended June 30, 2007, the Series did not utilize the line of Credit.
NOTE 10 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
GET S | GET T | |||||||||||||||
Six Months Ended June 30, 2007 | Year Ended December 31, 2006 | Six Months Ended June 30, 2007 | Year Ended December 31, 2006 | |||||||||||||
(Number of Shares) | ||||||||||||||||
Dividends reinvested | 583,662 | 562,609 | 420,128 | 608,234 | ||||||||||||
Shares redeemed | (1,202,433 | ) | (4,188,261 | ) | (1,114,052 | ) | (3,339,958 | ) | ||||||||
Net decrease in shares outstanding | (618,771 | ) | (3,625,652 | ) | (693,924 | ) | (2,731,724 | ) | ||||||||
($) | ||||||||||||||||
Dividends reinvested | $ | 6,000,048 | $ | 5,496,690 | $ | 4,251,696 | $ | 5,814,722 | ||||||||
Shares redeemed | (12,602,004 | ) | (42,325,429 | ) | (11,393,327 | ) | (33,285,936 | ) | ||||||||
Net decrease | $ | (6,601,956 | ) | $ | (36,828,739 | ) | $ | (7,141,631 | ) | $ | (27,471,214 | ) | ||||
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NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2007 (UNAUDITED) (CONTINUED)
NOTE 10 — CAPITAL SHARES (continued)
GET U | GET V | |||||||||||||||
Six Months Ended June 30, 2007 | Year Ended December 31, 2006 | Six Months Ended June 30, 2007 | Year Ended December 31, 2006 | |||||||||||||
(Number of Shares) | ||||||||||||||||
Dividends reinvested | 403,440 | 505,570 | 310,032 | 434,529 | ||||||||||||
Shares redeemed | (1,151,069 | ) | (4,552,517 | ) | (1,939,852 | ) | (8,050,876 | ) | ||||||||
Net decrease in shares outstanding | (747,629 | ) | (4,046,947 | ) | (1,629,820 | ) | (7,616,347 | ) | ||||||||
($) | ||||||||||||||||
Dividends reinvested | $ | 4,074,745 | $ | 4,767,527 | $ | 3,134,422 | $ | 4,210,584 | ||||||||
Shares redeemed | (11,702,855 | ) | (44,702,514 | ) | (19,744,758 | ) | (79,632,272 | ) | ||||||||
Net decrease | $ | (7,628,110 | ) | $ | (39,934,987 | ) | $ | (16,610,336 | ) | $ | (75,421,688 | ) | ||||
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 distributions of paid-in capital.
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:
Six Months Ended June 30, 2007 | Year Ended December 31, 2006 | |||||||||||
Ordinary Income | Long-Term Capital Gains | Ordinary Income | Long-Term Capital Gains | |||||||||
GET S | $ | 3,089,144 | $ | 2,910,904 | $ | 4,368,205 | $ | 1,128,485 | ||||
GET T | 2,780,271 | 1,471,425 | 3,795,691 | 2,019,031 | ||||||||
GET U | 2,588,039 | 1,486,706 | 3,476,659 | 1,290,868 | ||||||||
GET V | 3,134,422 | — | 4,210,584 | — |
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, 2006 were:
Undistributed Ordinary Income | Undistributed Long Term Capital Gains | Unrealized Appreciation/ (Depreciation) | Capital Loss Carryforwards | Expiration Dates | ||||||||||||
GET S | $ | 3,087,731 | $ | 2,910,651 | $ | 5,236,609 | $ | — | — | |||||||
GET T | 2,779,311 | 1,471,217 | 3,101,544 | — | — | |||||||||||
GET U | 2,586,789 | 1,486,585 | 4,030,775 | — | — | |||||||||||
GET V | 3,134,005 | — | (2,955,653 | ) | $ | (944,787 | ) | 2011 | ||||||||
(135,661 | ) | 2012 | ||||||||||||||
(598,643 | ) | 2013 | ||||||||||||||
(1,568,029 | ) | 2014 | ||||||||||||||
$ | (3,247,120 | ) | ||||||||||||||
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NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2007 (UNAUDITED) (CONTINUED)
NOTE 12 — OTHER ACCOUNTING PRONOUNCEMENTS
In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes.” This standard defines the threshold for recognizing the benefits of tax-return positions in the financial statements as “more-likely-than-not” to be sustained upon challenge by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50 percent likely to be realized. FIN 48 is effective for fiscal years beginning after December 15, 2006, with early application permitted if no interim financial statements have been issued. However, acknowledging the unique issues that FIN 48 presents for investment companies that calculate NAVs, the U.S. Securities and Exchange Commission (the “SEC”) has indicated that they would not object if a fund implements FIN 48 in its NAV calculation as late as its last NAV calculation in the first required financial statement reporting period for its fiscal year beginning after December 15, 2006. For calendar year-end funds, this would be no later than their June 29, 2007 NAV and the effects of FIN 48 would be reflected in the funds’ semi-annual financial statements contained in their Form N-CSR filing. At adoption, companies must adjust their financial statements to reflect only those tax positions that are more likely-than-not to be sustained as of the adoption date. Management of the Portfolios has analyzed the tax positions of the Portfolio’s. To date, this analysis reflects no uncertain tax positions that have not met the more likely-than-not standard.
On September 15, 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (“SFAS No. 157”), “Fair Value Measurements.” The new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. SFAS No. 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). SFAS No. 157 also stipulates that, as a market-based measurement, fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability, and establishes a fair value hierarchy that distinguishes between (a) market participant assumptions developed based on market data obtained from sources independent of the
reporting entity (observable inputs) and (b) the reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. As of June 30, 2007, management of the Portfolios is currently assessing the impact, if any, that will result from adopting SFAS No. 157.
NOTE 13 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS
In 2004, ING Investments reported to the Boards of Directors/ Trustees (the “Boards”) of the ING Funds that, like many U.S. financial services companies, ING Investments and certain of its U.S. affiliates have received informal and formal requests for information since September 2003 from various governmental and self-regulatory agencies in connection with investigations related to mutual funds and variable insurance products. ING Investments has advised the Boards that it and its affiliates have cooperated fully with each request.
In addition to responding to regulatory and governmental requests, ING Investments reported that management of U.S. affiliates of ING Groep, including ING Investments (collectively, “ING”), on their own initiative, have conducted, through independent special counsel and a national accounting firm, an extensive internal review of trading in ING insurance, retirement, and mutual fund products. The goal of this review was to identify any instances of inappropriate trading in those products by third parties or by ING investment professionals and other ING personnel. ING’s internal review related to mutual fund trading is now substantially completed. ING has reported that, of the millions of customer relationships that ING maintains, the internal review identified several isolated arrangements allowing third parties to engage in frequent trading of mutual funds within ING’s variable insurance and mutual fund products, and identified other circumstances where frequent trading occurred, despite measures taken by ING intended to combat market timing. ING further reported that each of these arrangements has been terminated and fully disclosed to regulators. The results of the internal review were also reported to the independent members of the Boards.
ING Investments has advised the Boards that most of the identified arrangements were initiated prior to
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NOTE 13 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS (continued)
ING’s acquisition of the businesses in question in the U.S. ING Investments further reported that the companies in question did not receive special benefits in return for any of these arrangements, which have all been terminated.
Based on the internal review, ING Investments has advised the Boards that the identified arrangements do not represent a systemic problem in any of the companies that were involved.
In September 2005, IFD, the distributor of certain ING Funds, settled an administrative proceeding with the NASD regarding three arrangements, dating from 1995, 1996 and 1998, under which the administrator to the then-Pilgrim Funds, which subsequently became part of the ING Funds, entered into formal and informal arrangements that permitted frequent trading. Under the terms of the Letter of Acceptance, Waiver and Consent (“AWC”) with the NASD, under which IFD neither admitted nor denied the allegations or findings, IFD consented to the following sanctions: (i) a censure; (ii) a fine of $1.5 million; (iii) restitution of approximately $1.44 million to certain ING Funds for losses attributable to excessive trading described in the AWC; and (iv) agreement to make certification to NASD regarding the review and establishment of certain procedures.
In addition to the arrangements discussed above, in 2004 ING Investments reported to the Boards that, at that time, these instances include the following, in addition to the arrangements subject to the AWC discussed above:
• | Aeltus Investment Management, Inc. (a predecessor entity to ING IM) identified two investment professionals who engaged in extensive frequent trading in certain ING Funds. One was subsequently terminated for cause and incurred substantial financial penalties in connection with this conduct and the second has been disciplined. |
• | ReliaStar Life Insurance Company (“ReliaStar”) entered into agreements seven years ago permitting the owner of policies issued by the insurer to engage in frequent trading and to submit orders until 4pm Central Time. In 2001 ReliaStar also entered into a selling agreement with a broker-dealer that engaged in frequent trading. Employees of ING affiliates were terminated and/or disciplined in connection with these matters. |
• | In 1998, Golden American Life Insurance Company entered into arrangements permitting a broker- dealer to frequently trade up to certain specific limits in a fund available in an ING variable annuity product. No employee responsible for this arrangement remains at the company. |
For additional information regarding these matters, you may consult the Form 8-K and Form 8-K/A for each of four life insurance companies, ING USA Annuity and Life Insurance Company, ING Life Insurance and Annuity Company, ING Insurance Company of America, and ReliaStar Life Insurance Company of New York, each filed with the SEC on October 29, 2004 and September 8, 2004. These Forms 8-K and Forms 8-K/A can be accessed through the SEC’s web site at http://www.sec.gov. Despite the extensive internal review conducted through independent special counsel and a national accounting firm, there can be no assurance that the instances of inappropriate trading reported to the Boards are the only instances of such trading respecting the ING Funds.
ING Investments reported to the Boards that ING is committed to conducting its business with the highest standards of ethical conduct with zero tolerance for noncompliance. Accordingly, ING Investments advised the Boards that ING management was disappointed that its voluntary internal review identified these situations. Viewed in the context of the breadth and magnitude of its U.S. business as a whole, ING management does not believe that ING’s acquired companies had systemic ethical or compliance issues in these areas. Nonetheless, ING Investments reported that given ING’s refusal to tolerate any lapses, it has taken the steps noted below, and will continue to seek opportunities to further strengthen the internal controls of its affiliates.
• | ING has agreed with the ING Funds to indemnify and hold harmless the ING Funds from all damages resulting from wrongful conduct by ING or its employees or from ING’s internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the SEC. ING Investments reported to the Board that ING management believes that the total amount of any indemnification obligations will not be material to ING or its U.S. business. |
• | ING updated its Code of Conduct for employees reinforcing its employees’ obligation to conduct personal trading activity consistent with the law, disclosed limits, and other requirements. |
25
Table of Contents
NOTES TO FINANCIAL STATEMENTSASOF JUNE 30, 2007 (UNAUDITED) (CONTINUED)
NOTE 13 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS (continued)
• | The ING Funds, upon a recommendation from ING, updated their respective Codes of Ethics applicable to investment professionals with ING entities and certain other fund personnel, requiring such personnel to pre-clear any purchases or sales of ING Funds that are not systematic in nature (i.e., dividend reinvestment), and imposing minimum holding periods for shares of ING Funds. |
• | ING instituted excessive trading policies for all customers in its variable insurance and retirement products and for shareholders of the ING Funds sold to the public through financial intermediaries. ING does not make exceptions to these policies. |
• | ING reorganized and expanded its U.S. Compliance Department, and created an Enterprise Compliance team to enhance controls and consistency in regulatory compliance. |
Other Regulatory Matters
The New York Attorney General (the “NYAG”) and other federal and state regulators are also conducting broad inquiries and investigations involving the insurance industry. These initiatives currently focus on, among other things, compensation and other sales incentives; potential conflicts of interest; potential anti-competitive activity; reinsurance; marketing practices (including suitability); specific product types (including group annuities and indexed annuities); fund selection for investment products and brokerage sales; and disclosure. It is likely that the scope of these industry investigations will further broaden before they conclude. ING has received formal and informal requests in connection with such investigations, and is cooperating fully with each request. In connection with one such investigation, affiliates of ING Investments were named in a petition for relief and cease and desist order filed by the New Hampshire Bureau of Securities Regulation (the “NH Bureau”) concerning their administration of the New Hampshire state employees deferred compensation plan.
On October 10, 2006, an affiliate of ING Investments entered into an assurance of discontinuance with the NYAG (the “NYAG Agreement”) regarding the
endorsement of its products by the New York State United Teachers Union Member Benefits Trust (“NYSUT”) and the sale of their products to NYSUT members. Under the terms of the NYAG Agreement, the affiliate of ING Investments, without admitting or denying the NYAG’s findings, will distribute $30 million to NYSUT members, and/or former NYSUT members, who participated in the NYSUT-endorsed products at any point between January 1, 2001 and June 30, 2006. The affiliate also agreed with the NYAG’s office to develop a one-page disclosure that will further improve transparency and disclosure regarding retirement product fees (the “One-Page Disclosure”). Pursuant to the terms of the NYAG Agreement, the affiliate has agreed for a five year period to provide its retirement product customers with the One-Page Disclosure.
In addition, on the same date, these affiliates of ING Investments entered into a consent agreement with the NH Bureau (the “NH Agreement”) to resolve this petition for relief and cease and desist order. Under the terms of the NH Agreement, these affiliates of ING Investments, without admitting or denying the NH Bureau’s claims, have agreed to pay $3 million to resolve the matter, and for a five year period to provide their retirement product customers with the One-Page Disclosure described above.
Other federal and state regulators could initiate similar actions in this or other areas of ING’s businesses.
These regulatory initiatives may result in new legislation and regulation that could significantly affect the financial services industry, including businesses in which ING is engaged.
In light of these and other developments, ING continuously reviews whether modifications to its business practices are appropriate.
At this time, in light of the current regulatory factors, ING U.S. is actively engaged in reviewing whether any modifications in our practices are appropriate for the future.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares, or other adverse consequences to ING Funds.
26
Table of Contents
ING GET FUND — SERIES S | PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2007 (UNAUDITED) |
* | Includes short-term investments related to ING Institutional Prime Money Market Fund and repurchase agreement. |
(1) | Includes seven industries, which each represents 1.2% - 1.7% of net assets. |
(2) | Includes forty three industries, which each represents less than 1.2% of net assets. |
Shares | Value | ||||||
COMMON STOCK: 48.0% | |||||||
Advertising: 0.1% | |||||||
2,200 | Omnicom Group | $ | 116,424 | ||||
116,424 | |||||||
Aerospace/Defense: 1.2% | |||||||
2,950 | Boeing Co. | 283,672 | |||||
2,000 | General Dynamics Corp. | 156,440 | |||||
500 | Goodrich Corp. | 29,780 | |||||
650 | L-3 Communications Holdings, Inc. | 63,304 | |||||
1,900 | Lockheed Martin Corp. | 178,847 | |||||
1,112 | Northrop Grumman Corp. | 86,591 | |||||
2,874 | Raytheon Co. | 154,880 | |||||
4,300 | United Technologies Corp. | 304,999 | |||||
1,258,513 | |||||||
Agriculture: 0.7% | |||||||
8,150 | Altria Group, Inc. | 571,641 | |||||
2,300 | Archer-Daniels-Midland Co. | 76,107 | |||||
1,060 | Reynolds American, Inc. | 69,112 | |||||
1,200 | UST, Inc. | 64,452 | |||||
781,312 | |||||||
Apparel: 0.2% | |||||||
1,970 | @ | Coach, Inc. | 93,358 | ||||
1,680 | Nike, Inc. | 97,927 |
Shares | Value | ||||||
300 | Polo Ralph Lauren Corp. | $ | 29,433 | ||||
220,718 | |||||||
Auto Manufacturers: 0.2% | |||||||
10,100 | Ford Motor Co. | 95,142 | |||||
1,800 | General Motors Corp. | 68,040 | |||||
1,200 | Paccar, Inc. | 104,448 | |||||
267,630 | |||||||
Auto Parts & Equipment: 0.1% | |||||||
700 | @ | Goodyear Tire & Rubber Co. | 24,332 | ||||
650 | Johnson Controls, Inc. | 75,251 | |||||
99,583 | |||||||
Banks: 3.0% | |||||||
17,993 | Bank of America Corp. | 879,678 | |||||
2,750 | @ | Bank of New York Co., Inc. | 113,960 | ||||
1,994 | BB&T Corp. | 81,116 | |||||
1,460 | Capital One Financial Corp. | 114,522 | |||||
1,000 | Comerica, Inc. | 59,470 | |||||
600 | Compass Bancshares, Inc. | 41,388 | |||||
1,000 | Fifth Third Bancorp. | 39,770 | |||||
4,000 | Huntington Bancshares, Inc. | 90,960 | |||||
3,350 | Keycorp. | 115,006 | |||||
1,100 | Marshall & Ilsley Corp. | 52,393 | |||||
2,100 | Mellon Financial Corp. | 92,400 | |||||
2,310 | National City Corp. | 76,969 | |||||
400 | Northern Trust Corp. | 25,696 | |||||
950 | PNC Financial Services Group, Inc. | 68,001 | |||||
3,975 | Regions Financial Corp. | 131,573 | |||||
1,250 | State Street Corp. | 85,500 | |||||
950 | SunTrust Banks, Inc. | 81,453 | |||||
4,550 | US Bancorp. | 149,923 | |||||
7,985 | Wachovia Corp. | 409,231 | |||||
14,300 | Wells Fargo & Co. | 502,931 | |||||
3,211,940 | |||||||
Beverages: 0.9% | |||||||
2,500 | Anheuser-Busch Cos., Inc. | 130,400 | |||||
7,700 | Coca-Cola Co. | 402,787 | |||||
1,850 | Pepsi Bottling Group, Inc. | 62,308 | |||||
6,590 | PepsiCo, Inc. | 427,362 | |||||
1,022,857 | |||||||
Biotechnology: 0.4% | |||||||
4,450 | @ | Amgen, Inc. | 246,041 | ||||
1,100 | @ | Biogen Idec, Inc. | 58,850 | ||||
1,160 | @ | Celgene Corp. | 66,503 | ||||
1,200 | @ | Genzyme Corp. | 77,280 | ||||
448,674 | |||||||
Building Materials: 0.1% | |||||||
500 | American Standard Cos., Inc. | 29,490 | |||||
2,800 | Masco Corp. | 79,716 | |||||
109,206 | |||||||
Chemicals: 0.8% | |||||||
300 | Air Products & Chemicals, Inc. | 24,111 | |||||
700 | Ashland, Inc. | 44,765 | |||||
3,450 | Dow Chemical Co. | 152,559 | |||||
700 | Ecolab, Inc. | 29,890 | |||||
2,800 | EI DuPont de Nemours & Co. | 142,352 | |||||
1,100 | International Flavors & Fragrances, Inc. | 57,354 | |||||
2,280 | Monsanto Co. | 153,991 | |||||
1,200 | PPG Industries, Inc. | 91,332 |
See Accompanying Notes to Financial Statements
27
Table of Contents
ING GET FUND — SERIES S | PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Shares | Value | ||||||
Chemicals (continued) | |||||||
700 | Praxair, Inc. | $ | 50,393 | ||||
650 | Sherwin-Williams Co. | 43,206 | |||||
1,700 | Sigma-Aldrich Corp. | 72,539 | |||||
862,492 | |||||||
Coal: 0.1% | |||||||
600 | Consol Energy, Inc. | 27,666 | |||||
1,050 | Peabody Energy Corp. | 50,799 | |||||
78,465 | |||||||
Commercial Services: 0.3% | |||||||
700 | @ | Apollo Group, Inc. | 40,901 | ||||
1,100 | @ | Convergys Corp. | 26,664 | ||||
700 | Equifax, Inc. | 31,094 | |||||
1,300 | McKesson Corp. | 77,532 | |||||
900 | Moody's Corp. | 55,980 | |||||
850 | Robert Half International, Inc. | 31,025 | |||||
1,000 | RR Donnelley & Sons Co. | 43,510 | |||||
2,778 | Western Union Co. | 57,866 | |||||
364,572 | |||||||
Computers: 2.2% | |||||||
400 | @ | Affiliated Computer Services, Inc. | 22,688 | ||||
3,400 | @ | Apple, Inc. | 414,936 | ||||
300 | @ | Cognizant Technology Solutions Corp. | 22,527 | ||||
850 | @ | Computer Sciences Corp. | 50,278 | ||||
9,730 | @ | Dell, Inc. | 277,792 | ||||
2,700 | Electronic Data Systems Corp. | 74,871 | |||||
10,050 | @ | EMC Corp. | 181,905 | ||||
10,600 | Hewlett-Packard Co. | 472,972 | |||||
5,650 | International Business Machines Corp. | 594,663 | |||||
740 | @ | Lexmark International, Inc. | 36,489 | ||||
550 | @ | NCR Corp. | 28,897 | ||||
1,800 | @ | Network Appliance, Inc. | 52,560 | ||||
900 | @ | Sandisk Corp. | 44,046 | ||||
13,200 | @ | Sun Microsystems, Inc. | 69,432 | ||||
2,344,056 | |||||||
Cosmetics/Personal Care: 0.9% | |||||||
1,100 | Avon Products, Inc. | 40,425 | |||||
1,950 | Colgate-Palmolive Co. | 126,458 | |||||
700 | Estee Lauder Cos., Inc. | 31,857 | |||||
13,037 | Procter & Gamble Co. | 797,734 | |||||
996,474 | |||||||
Distribution/Wholesale: 0.1% | |||||||
600 | WW Grainger, Inc. | 55,830 | |||||
55,830 | |||||||
Diversified Financial Services: 3.9% | |||||||
4,750 | American Express Co. | 290,605 | |||||
1,090 | Ameriprise Financial, Inc. | 69,291 | |||||
460 | Bear Stearns Cos., Inc. | 64,400 | |||||
3,750 | Charles Schwab Corp. | 76,950 | |||||
130 | Chicago Mercantile Exchange Holdings, Inc. | 69,467 | |||||
850 | CIT Group, Inc. | 46,606 | |||||
18,750 | Citigroup, Inc. | 961,688 | |||||
2,258 | Countrywide Financial Corp. | 82,078 | |||||
1,100 | @ | E*Trade Financial Corp. | 24,299 | ||||
3,390 | Fannie Mae | 221,469 | |||||
650 | Franklin Resources, Inc. | 86,106 | |||||
2,600 | Freddie Mac | 157,820 | |||||
1,750 | Goldman Sachs Group, Inc. | 379,313 | |||||
1,100 | Janus Capital Group, Inc. | 30,624 |
Shares | Value | ||||||
14,300 | JP Morgan Chase & Co. | $ | 692,835 | ||||
300 | Legg Mason, Inc. | 29,514 | |||||
2,160 | Lehman Brothers Holdings, Inc. | 160,963 | |||||
3,850 | Merrill Lynch & Co., Inc. | 321,783 | |||||
4,500 | Morgan Stanley | 377,460 | |||||
1,600 | SLM Corp. | 92,128 | |||||
500 | T. Rowe Price Group, Inc. | 25,945 | |||||
4,261,344 | |||||||
Electric: 1.5% | |||||||
1,550 | @ | AES Corp. | 33,914 | ||||
1,100 | American Electric Power Co., Inc. | 49,544 | |||||
1,500 | CMS Energy Corp. | 25,800 | |||||
950 | Constellation Energy Group, Inc. | 82,812 | |||||
1,600 | Dominion Resources, Inc. | 138,096 | |||||
1,900 | DTE Energy Co. | 91,618 | |||||
1,500 | Duke Energy Corp. | 27,450 | |||||
2,640 | Edison International | 148,157 | |||||
1,700 | Entergy Corp. | 182,495 | |||||
2,700 | Exelon Corp. | 196,020 | |||||
2,100 | FirstEnergy Corp. | 135,933 | |||||
2,700 | FPL Group, Inc. | 153,198 | |||||
2,350 | PG&E Corp. | 106,455 | |||||
600 | PPL Corp. | 28,074 | |||||
1,450 | Public Service Enterprise Group, Inc. | 127,281 | |||||
1,500 | TECO Energy, Inc. | 25,770 | |||||
1,800 | TXU Corp. | 121,140 | |||||
1,673,757 | |||||||
Electrical Components & Equipment: 0.1% | |||||||
2,400 | Emerson Electric Co. | 112,320 | |||||
112,320 | |||||||
Electronics: 0.2% | |||||||
1,350 | @ | Agilent Technologies, Inc. | 51,894 | ||||
1,100 | Tektronix, Inc. | 37,114 | |||||
1,900 | @ | Thermo Electron Corp. | 98,268 | ||||
350 | @ | Waters Corp. | 20,776 | ||||
208,052 | |||||||
Engineering & Construction: 0.0% | |||||||
300 | Fluor Corp. | 33,411 | |||||
33,411 | |||||||
Entertainment: 0.0% | |||||||
950 | International Game Technology | 37,715 | |||||
37,715 | |||||||
Environmental Control: 0.1% | |||||||
1,900 | @ | Allied Waste Industries, Inc. | 25,574 | ||||
2,750 | Waste Management, Inc. | 107,388 | |||||
132,962 | |||||||
Food: 0.8% | |||||||
1,300 | Campbell Soup Co. | 50,453 | |||||
700 | @ | Dean Foods Co. | 22,309 | ||||
2,500 | General Mills, Inc. | 146,050 | |||||
500 | Hershey Co. | 25,310 | |||||
3,050 | HJ Heinz Co. | 144,784 | |||||
900 | Kellogg Co. | 46,611 | |||||
4,686 | Kraft Foods, Inc. | 165,182 | |||||
2,900 | Kroger Co. | 81,577 | |||||
1,950 | Safeway, Inc. | 66,359 | |||||
600 | Supervalu, Inc. | 27,792 | |||||
700 | Sysco Corp. | 23,093 |
See Accompanying Notes to Financial Statements
28
Table of Contents
ING GET FUND — SERIES S | PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Shares | Value | ||||||
Food (continued) | |||||||
500 | Whole Foods Market, Inc. | $ | 19,150 | ||||
500 | WM Wrigley Jr. Co. | 27,655 | |||||
846,325 | |||||||
Forest Products & Paper: 0.2% | |||||||
1,900 | International Paper Co. | 74,195 | |||||
880 | Temple-Inland, Inc. | 54,146 | |||||
600 | Weyerhaeuser Co. | 47,358 | |||||
175,699 | |||||||
Gas: 0.1% | |||||||
600 | KeySpan Corp. | 25,188 | |||||
1,240 | Sempra Energy | 73,445 | |||||
98,633 | |||||||
Hand/Machine Tools: 0.1% | |||||||
620 | Black & Decker Corp. | 54,752 | |||||
800 | Snap-On, Inc. | 40,408 | |||||
700 | Stanley Works | 42,490 | |||||
137,650 | |||||||
Healthcare — Products: 1.4% | |||||||
2,750 | Baxter International, Inc. | 154,935 | |||||
1,070 | Becton Dickinson & Co. | 79,715 | |||||
900 | Biomet, Inc. | 41,148 | |||||
4,300 | @ | Boston Scientific Corp. | 65,962 | ||||
500 | CR Bard, Inc. | 41,315 | |||||
12,100 | Johnson & Johnson | 745,602 | |||||
4,100 | Medtronic, Inc. | 212,626 | |||||
900 | @ | St. Jude Medical, Inc. | 37,341 | ||||
1,000 | Stryker Corp. | 63,090 | |||||
600 | @ | Varian Medical Systems, Inc. | 25,506 | ||||
900 | @ | Zimmer Holdings, Inc. | 76,401 | ||||
1,543,641 | |||||||
Healthcare — Services: 0.6% | |||||||
1,980 | Aetna, Inc. | 97,812 | |||||
780 | @ | Coventry Health Care, Inc. | 44,967 | ||||
790 | @ | Humana, Inc. | 48,119 | ||||
400 | @ | Laboratory Corp. of America Holdings | 31,304 | ||||
5,520 | UnitedHealth Group, Inc. | 282,293 | |||||
2,480 | @ | WellPoint, Inc. | 197,978 | ||||
702,473 | |||||||
Home Builders: 0.1% | |||||||
900 | Centex Corp. | 36,090 | |||||
900 | KB Home | 35,433 | |||||
500 | Lennar Corp. | 18,280 | |||||
89,803 | |||||||
Home Furnishings: 0.1% | |||||||
300 | Harman International Industries, Inc. | 35,040 | |||||
200 | Whirlpool Corp. | 22,240 | |||||
57,280 | |||||||
Household Products/Wares: 0.2% | |||||||
400 | Clorox Co. | 24,840 | |||||
2,350 | Kimberly-Clark Corp. | 157,192 | |||||
182,032 | |||||||
Housewares: 0.0% | |||||||
1,100 | Newell Rubbermaid, Inc. | 32,373 | |||||
32,373 | |||||||
Shares | Value | ||||||
Insurance: 2.6% | |||||||
1,700 | @@ | ACE Ltd. | $ | 106,284 | |||
2,000 | Aflac, Inc. | 102,800 | |||||
3,210 | Allstate Corp. | 197,447 | |||||
250 | AMBAC Financial Group, Inc. | 21,798 | |||||
10,350 | American International Group, Inc. | 724,811 | |||||
1,450 | AON Corp. | 61,785 | |||||
600 | Assurant, Inc. | 35,352 | |||||
2,440 | Chubb Corp. | 132,102 | |||||
1,350 | Cigna Corp. | 70,497 | |||||
2,500 | Genworth Financial, Inc. | 86,000 | |||||
1,500 | Hartford Financial Services Group, Inc. | 147,765 | |||||
933 | Lincoln National Corp. | 66,196 | |||||
1,480 | Loews Corp. | 75,450 | |||||
1,900 | Marsh & McLennan Cos., Inc. | 58,672 | |||||
400 | MBIA, Inc. | 24,888 | |||||
3,310 | Metlife, Inc. | 213,429 | |||||
310 | MGIC Investment Corp. | 17,627 | |||||
1,600 | Principal Financial Group | 93,264 | |||||
3,780 | Progressive Corp. | 90,455 | |||||
2,280 | Prudential Financial, Inc. | 221,684 | |||||
500 | Safeco Corp. | 31,130 | |||||
400 | Torchmark Corp. | 26,800 | |||||
2,830 | Travelers Cos., Inc. | 151,405 | |||||
900 | UnumProvident Corp. | 23,499 | |||||
800 | @@ | XL Capital Ltd. | 67,432 | ||||
2,848,572 | |||||||
Internet: 0.9% | |||||||
1,300 | @ | Amazon.com, Inc. | 88,933 | ||||
4,450 | @ | eBay, Inc. | 143,201 | ||||
800 | @ | Google, Inc. | 418,704 | ||||
1,000 | @ | IAC/InterActiveCorp. | 34,610 | ||||
4,310 | @ | Symantec Corp. | 87,062 | ||||
1,100 | @ | VeriSign, Inc. | 34,903 | ||||
4,700 | @ | Yahoo!, Inc. | 127,511 | ||||
934,924 | |||||||
Iron/Steel: 0.2% | |||||||
400 | Allegheny Technologies, Inc. | 41,952 | |||||
1,600 | Nucor Corp. | 93,840 | |||||
650 | United States Steel Corp. | 70,688 | |||||
206,480 | |||||||
Leisure Time: 0.2% | |||||||
1,750 | Carnival Corp. | 85,348 | |||||
1,300 | Harley-Davidson, Inc. | 77,493 | |||||
162,841 | |||||||
Lodging: 0.1% | |||||||
700 | Harrah’s Entertainment, Inc. | 59,682 | |||||
700 | Hilton Hotels Corp. | 23,429 | |||||
900 | Marriott International, Inc. | 38,916 | |||||
400 | Starwood Hotels & Resorts Worldwide, Inc. | 26,828 | |||||
148,855 | |||||||
Machinery — Construction & Mining: 0.2% | |||||||
2,800 | Caterpillar, Inc. | 219,240 | |||||
400 | @ | Terex Corp. | 32,520 | ||||
251,760 | |||||||
See Accompanying Notes to Financial Statements
29
Table of Contents
ING GET FUND — SERIES S | PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Shares | Value | ||||||
Machinery — Diversified: 0.2% | |||||||
800 | Cummins, Inc. | $ | 80,968 | ||||
1,100 | Deere & Co. | 132,814 | |||||
450 | Rockwell Automation, Inc. | 31,248 | |||||
245,030 | |||||||
Media: 1.4% | |||||||
2,275 | CBS Corp. - Class B | 75,803 | |||||
2,000 | Clear Channel Communications, Inc. | 75,640 | |||||
9,600 | @ | Comcast Corp. – Class A | 269,952 | ||||
3,800 | @ | DIRECTV Group, Inc. | 87,818 | ||||
1,100 | Gannett Co., Inc. | 60,445 | |||||
2,050 | McGraw-Hill Cos., Inc. | 139,564 | |||||
9,700 | News Corp., Inc. - Class A | 205,737 | |||||
11,000 | Time Warner, Inc. | 231,440 | |||||
2,200 | @ | Viacom - Class B | 91,586 | ||||
8,050 | Walt Disney Co. | 274,827 | |||||
1,512,812 | |||||||
Metal Fabricate/Hardware: 0.0% | |||||||
300 | Precision Castparts Corp. | 36,408 | |||||
36,408 | |||||||
Mining: 0.3% | |||||||
3,400 | Alcoa, Inc. | 137,802 | |||||
1,455 | Freeport-McMoRan Copper & Gold, Inc. | 120,503 | |||||
1,100 | Newmont Mining Corp. | 42,966 | |||||
301,271 | |||||||
Miscellaneous Manufacturing: 2.6% | |||||||
3,050 | 3M Co. | 264,710 | |||||
1,000 | Cooper Industries Ltd. | 57,090 | |||||
1,100 | Danaher Corp. | 83,050 | |||||
2,000 | Eastman Kodak Co. | 55,660 | |||||
1,350 | Eaton Corp. | 125,550 | |||||
37,650 | General Electric Co. | 1,441,225 | |||||
2,950 | Honeywell International, Inc. | 166,026 | |||||
2,000 | Illinois Tool Works, Inc. | 108,380 | |||||
1,200 | ITT Corp. | 81,936 | |||||
600 | Pall Corp. | 27,594 | |||||
1,000 | Parker Hannifin Corp. | 97,910 | |||||
200 | Textron, Inc. | 22,022 | |||||
7,900 | Tyco International Ltd. | 266,941 | |||||
2,798,094 | |||||||
Office/Business Equipment: 0.1% | |||||||
3,600 | @ | Xerox Corp. | 66,528 | ||||
66,528 | |||||||
Oil & Gas: 4.4% | |||||||
2,100 | Anadarko Petroleum Corp. | 109,179 | |||||
800 | Apache Corp. | 65,272 | |||||
1,300 | Chesapeake Energy Corp. | 44,980 | |||||
9,262 | Chevron Corp. | 780,231 | |||||
6,918 | ConocoPhillips | 543,063 | |||||
1,950 | Devon Energy Corp. | 152,666 | |||||
1,000 | ENSCO International, Inc. | 61,010 | |||||
400 | EOG Resources, Inc. | 29,224 | |||||
23,050 | ExxonMobil Corp. | 1,933,434 | |||||
700 | Hess Corp. | 41,272 | |||||
3,700 | Marathon Oil Corp. | 221,852 | |||||
400 | Murphy Oil Corp. | 23,776 | |||||
1,100 | @, @@ | Nabors Industries Ltd. | 36,718 | ||||
600 | Noble Corp. | 58,512 | |||||
3,620 | Occidental Petroleum Corp. | 209,526 |
Shares | Value | ||||||
700 | Sunoco, Inc. | $ | 55,776 | ||||
1,200 | @ | Transocean, Inc. | 127,176 | ||||
2,300 | Valero Energy Corp. | 169,878 | |||||
1,100 | XTO Energy, Inc. | 66,110 | |||||
4,729,655 | |||||||
Oil & Gas Services: 0.7% | |||||||
1,000 | Baker Hughes, Inc. | 84,130 | |||||
4,500 | Halliburton Co. | 155,250 | |||||
800 | @ | National Oilwell Varco, Inc. | 83,392 | ||||
4,500 | Schlumberger Ltd. | 382,230 | |||||
800 | @ | Weatherford International Ltd. | 44,192 | ||||
749,194 | |||||||
Packaging & Containers: 0.2% | |||||||
610 | Ball Corp. | 32,434 | |||||
700 | Bemis Co. | 23,226 | |||||
2,000 | @ | Pactiv Corp. | 63,780 | ||||
1,400 | Sealed Air Corp. | 43,428 | |||||
162,868 | |||||||
Pharmaceuticals: 2.7% | |||||||
5,100 | Abbott Laboratories | 273,105 | |||||
1,160 | AmerisourceBergen Corp. | 57,385 | |||||
700 | @ | Barr Pharmaceuticals, Inc. | 35,161 | ||||
7,500 | Bristol-Myers Squibb Co. | 236,700 | |||||
1,420 | Cardinal Health, Inc. | 100,309 | |||||
3,300 | Eli Lilly & Co. | 184,404 | |||||
620 | @ | Express Scripts, Inc. | 31,006 | ||||
1,650 | @ | Forest Laboratories, Inc. | 75,323 | ||||
3,400 | @ | Gilead Sciences, Inc. | 131,818 | ||||
1,300 | @ | King Pharmaceuticals, Inc. | 26,598 | ||||
1,100 | @ | Medco Health Solutions, Inc. | 85,789 | ||||
8,650 | Merck & Co., Inc. | 430,770 | |||||
1,550 | Mylan Laboratories | 28,195 | |||||
27,340 | Pfizer, Inc. | 699,084 | |||||
6,500 | Schering-Plough Corp. | 197,860 | |||||
800 | @ | Watson Pharmaceuticals, Inc. | 26,024 | ||||
5,100 | Wyeth | 292,434 | |||||
2,911,965 | |||||||
Pipelines: 0.2% | |||||||
2,300 | El Paso Corp. | 39,629 | |||||
800 | Questar Corp. | 42,280 | |||||
2,200 | Spectra Energy Corp. | 57,112 | |||||
1,950 | Williams Cos., Inc. | 61,659 | |||||
200,680 | |||||||
Real Estate Investment Trusts: 0.4% | |||||||
400 | Apartment Investment & Management Co. | 20,168 | |||||
720 | Archstone-Smith Trust | 42,559 | |||||
700 | Boston Properties, Inc. | 71,491 | |||||
630 | Developers Diversified Realty Corp. | 33,207 | |||||
600 | Equity Residential | 27,378 | |||||
1,400 | Host Hotels & Resorts, Inc. | 32,368 | |||||
800 | Kimco Realty Corp. | 30,456 | |||||
1,100 | Prologis | 62,590 | |||||
600 | Simon Property Group, Inc. | 55,824 | |||||
400 | Vornado Realty Trust | 43,936 | |||||
419,977 | |||||||
Retail: 2.7% | |||||||
400 | @ | Autozone, Inc. | 54,648 | ||||
600 | @ | Bed Bath & Beyond, Inc. | 21,594 |
See Accompanying Notes to Financial Statements
30
Table of Contents
ING GET FUND — SERIES S | PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Shares | Value | ||||||
Retail (continued) | |||||||
1,985 | Best Buy Co., Inc. | $ | 92,640 | ||||
800 | @ | Big Lots, Inc. | 23,536 | ||||
2,050 | Costco Wholesale Corp. | 119,966 | |||||
4,721 | CVS Corp. | 172,080 | |||||
700 | Darden Restaurants, Inc. | 30,793 | |||||
1,100 | Dollar General Corp. | 24,112 | |||||
1,300 | Family Dollar Stores, Inc. | 44,616 | |||||
2,730 | Gap, Inc. | 52,143 | |||||
6,810 | Home Depot, Inc. | 267,974 | |||||
1,000 | JC Penney Co., Inc. | 72,380 | |||||
1,150 | @ | Kohl’s Corp. | 81,685 | ||||
5,940 | Lowe’s Cos., Inc. | 182,299 | |||||
2,708 | Macy’s, Inc. | 107,724 | |||||
5,400 | McDonald’s Corp. | 274,104 | |||||
1,000 | Nordstrom, Inc. | 51,120 | |||||
790 | @ | Office Depot, Inc. | 23,937 | ||||
1,100 | RadioShack Corp. | 36,454 | |||||
380 | @ | Sears Holding Corp. | 64,410 | ||||
2,245 | Staples, Inc. | 53,274 | |||||
2,800 | @ | Starbucks Corp. | 73,472 | ||||
3,550 | Target Corp. | 225,780 | |||||
2,150 | TJX Cos., Inc. | 59,125 | |||||
3,910 | Walgreen Co. | 170,241 | |||||
8,950 | Wal-Mart Stores, Inc. | 430,585 | |||||
1,000 | Wendy’s International, Inc. | 36,750 | |||||
2,100 | Yum! Brands, Inc. | 68,712 | |||||
2,916,154 | |||||||
Savings & Loans: 0.2% | |||||||
2,100 | Hudson City Bancorp., Inc. | 25,662 | |||||
1,200 | Sovereign Bancorp., Inc. | 25,368 | |||||
4,191 | Washington Mutual, Inc. | 178,704 | |||||
229,734 | |||||||
Semiconductors: 1.2% | |||||||
1,800 | @ | Advanced Micro Devices, Inc. | 25,740 | ||||
1,900 | Altera Corp. | 42,047 | |||||
1,000 | Analog Devices, Inc. | 37,640 | |||||
3,200 | Applied Materials, Inc. | 63,584 | |||||
1,300 | @ | Broadcom Corp. | 38,025 | ||||
22,740 | Intel Corp. | 540,302 | |||||
1,200 | KLA-Tencor Corp. | 65,940 | |||||
1,200 | Linear Technology Corp. | 43,416 | |||||
2,300 | @ | LSI Logic Corp. | 17,273 | ||||
1,050 | Maxim Integrated Products | 35,081 | |||||
900 | @ | MEMC Electronic Materials, Inc. | 55,008 | ||||
2,450 | @ | Micron Technology, Inc. | 30,699 | ||||
1,000 | National Semiconductor Corp. | 28,270 | |||||
1,050 | @ | Novellus Systems, Inc. | 29,789 | ||||
1,100 | @ | Nvidia Corp. | 45,441 | ||||
1,500 | @ | Teradyne, Inc. | 26,370 | ||||
5,000 | Texas Instruments, Inc. | 188,150 | |||||
1,100 | Xilinx, Inc. | 29,447 | |||||
1,342,222 | |||||||
Software: 1.9% | |||||||
2,040 | @ | Adobe Systems, Inc. | 81,906 | ||||
1,020 | @ | Autodesk, Inc. | 48,022 | ||||
2,400 | Automatic Data Processing, Inc. | 116,328 | |||||
1,060 | @ | BMC Software, Inc. | 32,118 | ||||
3,050 | CA, Inc. | 78,782 | |||||
1,200 | @ | Citrix Systems, Inc. | 40,404 | ||||
3,050 | @ | Compuware Corp. | 36,173 | ||||
1,070 | @ | Electronic Arts, Inc. | 50,632 |
Shares | Value | ||||||
2,978 | First Data Corp. | $ | 97,291 | ||||
1,100 | @ | Fiserv, Inc. | 62,480 | ||||
2,200 | @ | Intuit, Inc. | 66,176 | ||||
31,550 | Microsoft Corp. | 929,779 | |||||
3,200 | @ | Novell, Inc. | 24,928 | ||||
14,540 | @ | Oracle Corp. | 286,583 | ||||
1,300 | Paychex, Inc. | 50,856 | |||||
2,002,458 | |||||||
Telecommunications: 3.1% | |||||||
800 | @@ | Allergan, Inc. | 46,112 | ||||
1,200 | Alltel Corp. | 81,060 | |||||
23,853 | AT&T, Inc. | 989,900 | |||||
1,750 | @ | Avaya, Inc. | 29,470 | ||||
1,100 | CenturyTel, Inc. | 53,955 | |||||
24,300 | @ | Cisco Systems, Inc. | 676,755 | ||||
2,800 | Citizens Communications Co. | 42,756 | |||||
6,350 | @ | Corning, Inc. | 162,243 | ||||
702 | Embarq Corp. | 44,486 | |||||
1,900 | @ | Juniper Networks, Inc. | 47,823 | ||||
8,930 | Motorola, Inc. | 158,061 | |||||
6,300 | Qualcomm, Inc. | 273,357 | |||||
5,900 | @ | Qwest Communications International, Inc. | 57,230 | ||||
10,351 | Sprint Nextel Corp. | 214,369 | |||||
2,300 | @ | Tellabs, Inc. | 24,748 | ||||
9,950 | Verizon Communications, Inc. | 409,642 | |||||
3,311,967 | |||||||
Toys/Games/Hobbies: 0.1% | |||||||
1,100 | Hasbro, Inc. | 34,551 | |||||
2,350 | Mattel, Inc. | 59,432 | |||||
93,983 | |||||||
Transportation: 0.7% | |||||||
1,000 | Burlington Northern Santa Fe Corp. | 85,140 | |||||
600 | CH Robinson Worldwide, Inc. | 31,512 | |||||
1,540 | CSX Corp. | 69,423 | |||||
1,250 | FedEx Corp. | 138,713 | |||||
1,650 | Norfolk Southern Corp. | 86,741 | |||||
1,000 | Union Pacific Corp. | 115,150 | |||||
3,400 | United Parcel Service, Inc. | 248,200 | |||||
774,879 | |||||||
Total Common Stock | 51,923,527 | ||||||
See Accompanying Notes to Financial Statements
31
Table of Contents
ING GET FUND — SERIES S | PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Principal Amount | Value | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 48.5% | ||||||||
Federal Home Loan Mortgage Corporation: 24.3% | ||||||||
$ | 26,500,000 | Z | 4.790%, due 09/14/07 | $ | 26,234,947 | |||
26,234,947 | ||||||||
Federal National Mortgage Corporation: 24.2% | ||||||||
26,528,000 | Z | 5.020%, due 10/05/07 | 26,184,913 | |||||
26,184,913 | ||||||||
Total U.S. Government Agency Obligations | 52,419,860 | |||||||
U.S. TREASURY OBLIGATIONS: 1.7% | ||||||||
U.S. Treasury STRIP: 1.7% | ||||||||
1,880,000 | ^^, Z | 4.630%, due 08/15/07 | 1,869,306 | |||||
Total U.S. Treasury Obligations | 1,869,306 | |||||||
OTHER BONDS: 1.3% | ||||||||
Foreign Government Bonds: 1.3% | ||||||||
1,450,000 | Z | Turkey Trust, | 1,424,305 | |||||
Total Other Bonds | 1,424,305 | |||||||
Total Long-Term Investments | 107,636,998 | |||||||
SHORT-TERM INVESTMENTS: 0.6% | ||||||||
Mutual Fund: 0.4% | ||||||||
500,000 | ** | ING Institutional Prime Money Market Fund | 500,000 | |||||
Total Mutual Fund | 500,000 | |||||||
Principal Amount | Value | |||||||||
Repurchase Agreement: 0.2% | ||||||||||
$ | 178,000 | Goldman Sachs Repurchase Agreement dated 06/29/07, 5.300%, due 07/02/07, $178,079 to be received upon repurchase (Collateralized by $181,000 Federal National Mortgage Association, 5.600%, Market Value plus accrued interest $181,773, due 02/01/17) | $ | 178,000 | ||||||
Total Repurchase Agreement (Cost $178,000) | 178,000 | |||||||||
Total Short-Term Investments | 678,000 | |||||||||
Total Investments in Securities | 100.1 | % | $ | 108,314,998 | ||||||
Other Assets and | (0.1 | ) | (100,319 | ) | ||||||
Net Assets | 100.0 | % | $ | 108,214,679 | ||||||
@ | Non-income producing security |
@@ | Foreign Issuer |
STRIP | Separate Trading of Registered Interest and Principal of Securities |
** | Investment in affiliate |
^^ | Principal Only (PO) Security |
Z | Indicates Zero Coupon Bond; rate shown reflects effective yield on the date of purchase |
* | Cost for federal income tax purposes is $103,373,722. |
Net unrealized appreciation consists of: | ||||
Gross Unrealized Appreciation | $ | 5,835,315 | ||
Gross Unrealized Depreciation | (894,039 | ) | ||
Net Unrealized Appreciation | $ | 4,941,276 | ||
See Accompanying Notes to Financial Statements
32
Table of Contents
ING GET FUND — SERIES T | PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2007 (UNAUDITED) |
* | Includes short-term investments related to ING Institutional Prime Money Market Fund and repurchase agreement |
(1) | Includes seven industries, which each represents 1.2% - 2.1% of net assets. |
(2) | Includes forty three industries, which each represents less than 1.2% of net assets. |
Shares | Value | ||||||
COMMON STOCK: 47.9% | |||||||
Advertising: 0.1% | |||||||
1,900 | Omnicom Group | $ | 100,548 | ||||
100,548 | |||||||
Aerospace/Defense: 1.2% | |||||||
2,550 | Boeing Co. | 245,208 | |||||
1,700 | General Dynamics Corp. | 132,974 | |||||
400 | Goodrich Corp. | 23,824 | |||||
550 | L-3 Communications Holdings, Inc. | 53,565 | |||||
1,590 | Lockheed Martin Corp. | 149,667 | |||||
1,009 | Northrop Grumman Corp. | 78,571 | |||||
2,604 | Raytheon Co. | 140,330 | |||||
3,950 | United Technologies Corp. | 280,174 | |||||
1,104,313 | |||||||
Agriculture: 0.7% | |||||||
7,300 | Altria Group, Inc. | 512,022 | |||||
1,900 | Archer-Daniels-Midland Co. | 62,871 | |||||
880 | Reynolds American, Inc. | 57,376 | |||||
1,100 | UST, Inc. | 59,081 | |||||
691,350 | |||||||
Apparel: 0.2% | |||||||
1,900 | @ | Coach, Inc. | 90,041 | ||||
1,500 | Nike, Inc. | 87,435 |
Shares | Value | ||||||
500 | Polo Ralph Lauren Corp. | $ | 49,055 | ||||
226,531 | |||||||
Auto Manufacturers: 0.2% | |||||||
7,340 | Ford Motor Co. | 69,143 | |||||
1,700 | General Motors Corp. | 64,260 | |||||
1,000 | Paccar, Inc. | 87,040 | |||||
220,443 | |||||||
Auto Parts & Equipment: 0.1% | |||||||
700 | @ | Goodyear Tire & Rubber Co. | 24,332 | ||||
600 | Johnson Controls, Inc. | 69,462 | |||||
93,794 | |||||||
Banks: 3.0% | |||||||
15,764 | Bank of America Corp. | 770,702 | |||||
2,550 | @ | Bank of New York Co., Inc. | 105,672 | ||||
1,711 | BB&T Corp. | 69,603 | |||||
1,343 | Capital One Financial Corp. | 105,345 | |||||
950 | Comerica, Inc. | 56,497 | |||||
400 | Compass Bancshares, Inc. | 27,592 | |||||
900 | Fifth Third Bancorp. | 35,793 | |||||
3,750 | Huntington Bancshares, Inc. | 85,275 | |||||
2,900 | Keycorp. | 99,557 | |||||
1,000 | Marshall & Ilsley Corp. | 47,630 | |||||
1,900 | Mellon Financial Corp. | 83,600 | |||||
1,990 | National City Corp. | 66,307 | |||||
400 | Northern Trust Corp. | 25,696 | |||||
900 | PNC Financial Services Group, Inc. | 64,422 | |||||
4,017 | Regions Financial Corp. | 132,963 | |||||
1,150 | State Street Corp. | 78,660 | |||||
800 | SunTrust Banks, Inc. | 68,592 | |||||
3,950 | US Bancorp. | 130,153 | |||||
7,097 | Wachovia Corp. | 363,721 | |||||
12,600 | Wells Fargo & Co. | 443,142 | |||||
2,860,922 | |||||||
Beverages: 0.9% | |||||||
2,150 | Anheuser-Busch Cos., Inc. | 112,144 | |||||
6,700 | Coca-Cola Co. | 350,477 | |||||
1,350 | Pepsi Bottling Group, Inc. | 45,468 | |||||
5,810 | PepsiCo, Inc. | 376,779 | |||||
884,868 | |||||||
Biotechnology: 0.4% | |||||||
3,850 | @ | Amgen, Inc. | 212,867 | ||||
1,000 | @ | Biogen Idec, Inc. | 53,500 | ||||
1,050 | @ | Celgene Corp. | 60,197 | ||||
1,050 | @ | Genzyme Corp. | 67,620 | ||||
394,184 | |||||||
Building Materials: 0.1% | |||||||
500 | American Standard Cos., Inc. | 29,490 | |||||
2,400 | Masco Corp. | 68,328 | |||||
97,818 | |||||||
Chemicals: 0.8% | |||||||
300 | Air Products & Chemicals, Inc. | 24,111 | |||||
700 | Ashland, Inc. | 44,765 | |||||
3,000 | Dow Chemical Co. | 132,660 | |||||
600 | Ecolab, Inc. | 25,620 | |||||
2,500 | EI DuPont de Nemours & Co. | 127,100 | |||||
1,000 | International Flavors & Fragrances, Inc. | 52,140 | |||||
1,820 | Monsanto Co. | 122,923 | |||||
1,100 | PPG Industries, Inc. | 83,721 |
See Accompanying Notes to Financial Statements
33
Table of Contents
ING GET FUND — SERIES T | PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Shares | Value | ||||||
Chemicals (continued) | |||||||
500 | Praxair, Inc. | $ | 35,995 | ||||
700 | Sherwin-Williams Co. | 46,529 | |||||
1,300 | Sigma-Aldrich Corp. | 55,471 | |||||
751,035 | |||||||
Coal: 0.1% | |||||||
500 | Consol Energy, Inc. | 23,055 | |||||
820 | Peabody Energy Corp. | 39,672 | |||||
62,727 | |||||||
Commercial Services: 0.3% | |||||||
700 | @ | Apollo Group, Inc. | 40,901 | ||||
1,400 | @ | Convergys Corp. | 33,936 | ||||
550 | Equifax, Inc. | 24,431 | |||||
1,100 | McKesson Corp. | 65,604 | |||||
800 | Moody's Corp. | 49,760 | |||||
500 | Robert Half International, Inc. | 18,250 | |||||
900 | RR Donnelley & Sons Co. | 39,159 | |||||
2,260 | Western Union Co. | 47,076 | |||||
319,117 | |||||||
Computers: 2.1% | |||||||
300 | @ | Affiliated Computer Services, Inc. | 17,016 | ||||
3,000 | @ | Apple, Inc. | 366,120 | ||||
300 | @ | Cognizant Technology Solutions Corp. | 22,527 | ||||
700 | @ | Computer Sciences Corp. | 41,405 | ||||
8,480 | @ | Dell, Inc. | 242,104 | ||||
2,050 | Electronic Data Systems Corp. | 56,847 | |||||
8,850 | @ | EMC Corp. | 160,185 | ||||
9,350 | Hewlett-Packard Co. | 417,197 | |||||
4,900 | International Business Machines Corp. | 515,725 | |||||
630 | @ | Lexmark International, Inc. | 31,065 | ||||
450 | @ | NCR Corp. | 23,643 | ||||
1,400 | @ | Network Appliance, Inc. | 40,880 | ||||
700 | @ | Sandisk Corp. | 34,258 | ||||
10,400 | @ | Sun Microsystems, Inc. | 54,704 | ||||
2,023,676 | |||||||
Cosmetics/Personal Care: 0.9% | |||||||
1,000 | Avon Products, Inc. | 36,750 | |||||
1,750 | Colgate-Palmolive Co. | 113,488 | |||||
600 | Estee Lauder Cos., Inc. | 27,306 | |||||
11,461 | Procter & Gamble Co. | 701,299 | |||||
878,843 | |||||||
Distribution/Wholesale: 0.1% | |||||||
450 | WW Grainger, Inc. | 41,873 | |||||
41,873 | |||||||
Diversified Financial Services: 4.0% | |||||||
4,100 | American Express Co. | 250,838 | |||||
940 | Ameriprise Financial, Inc. | 59,756 | |||||
390 | Bear Stearns Cos., Inc. | 54,600 | |||||
3,500 | Charles Schwab Corp. | 71,820 | |||||
100 | Chicago Mercantile Exchange Holdings, Inc. | 53,436 | |||||
900 | CIT Group, Inc. | 49,347 | |||||
16,400 | Citigroup, Inc. | 841,156 | |||||
1,818 | Countrywide Financial Corp. | 66,084 | |||||
1,000 | @ | E*Trade Financial Corp. | 22,090 | ||||
3,000 | Fannie Mae | 195,990 | |||||
600 | Franklin Resources, Inc. | 79,482 | |||||
2,300 | Freddie Mac | 139,610 | |||||
1,550 | Goldman Sachs Group, Inc. | 335,963 | |||||
900 | Janus Capital Group, Inc. | 25,056 |
Shares | Value | ||||||
12,600 | JP Morgan Chase & Co. | $ | 610,470 | ||||
300 | Legg Mason, Inc. | 29,514 | |||||
1,980 | Lehman Brothers Holdings, Inc. | 147,550 | |||||
3,400 | Merrill Lynch & Co., Inc. | 284,172 | |||||
4,000 | Morgan Stanley | 335,520 | |||||
1,400 | SLM Corp. | 80,612 | |||||
500 | T. Rowe Price Group, Inc. | 25,945 | |||||
3,759,011 | |||||||
Electric: 1.6% | |||||||
2,050 | @ | AES Corp. | 44,854 | ||||
950 | American Electric Power Co., Inc. | 42,788 | |||||
1,300 | CMS Energy Corp. | 22,360 | |||||
850 | Constellation Energy Group, Inc. | 74,095 | |||||
1,400 | Dominion Resources, Inc. | 120,834 | |||||
1,700 | DTE Energy Co. | 81,974 | |||||
1,300 | Duke Energy Corp. | 23,790 | |||||
2,340 | Edison International | 131,321 | |||||
1,600 | Entergy Corp. | 171,760 | |||||
2,500 | Exelon Corp. | 181,500 | |||||
1,800 | FirstEnergy Corp. | 116,514 | |||||
2,400 | FPL Group, Inc. | 136,176 | |||||
2,150 | PG&E Corp. | 97,395 | |||||
500 | PPL Corp. | 23,395 | |||||
1,200 | Public Service Enterprise Group, Inc. | 105,336 | |||||
1,400 | TECO Energy, Inc. | 24,052 | |||||
1,580 | TXU Corp. | 106,334 | |||||
1,504,478 | |||||||
Electrical Components & Equipment: 0.1% | |||||||
2,100 | Emerson Electric Co. | 98,280 | |||||
98,280 | |||||||
Electronics: 0.2% | |||||||
1,050 | @ | Agilent Technologies, Inc. | 40,362 | ||||
1,000 | Tektronix, Inc. | 33,740 | |||||
1,650 | @ | Thermo Electron Corp. | 85,338 | ||||
350 | @ | Waters Corp. | 20,776 | ||||
180,216 | |||||||
Engineering & Construction: 0.0% | |||||||
200 | Fluor Corp. | 22,274 | |||||
22,274 | |||||||
Entertainment: 0.0% | |||||||
850 | International Game Technology | 33,745 | |||||
33,745 | |||||||
Environmental Control: 0.1% | |||||||
1,700 | @ | Allied Waste Industries, Inc. | 22,882 | ||||
2,550 | Waste Management, Inc. | 99,578 | |||||
122,460 | |||||||
Food: 0.7% | |||||||
1,000 | Campbell Soup Co. | 38,810 | |||||
600 | @ | Dean Foods Co. | 19,122 | ||||
2,150 | General Mills, Inc. | 125,603 | |||||
400 | Hershey Co. | 20,248 | |||||
2,600 | HJ Heinz Co. | 123,422 | |||||
800 | Kellogg Co. | 41,432 | |||||
3,528 | Kraft Foods, Inc. | 124,362 | |||||
2,350 | Kroger Co. | 66,106 | |||||
1,700 | Safeway, Inc. | 57,851 | |||||
500 | Supervalu, Inc. | 23,160 | |||||
600 | Sysco Corp. | 19,794 |
See Accompanying Notes to Financial Statements
34
Table of Contents
ING GET FUND — SERIES T | PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Shares | Value | ||||||
Food (continued) | |||||||
400 | Whole Foods Market, Inc. | $ | 15,320 | ||||
400 | WM Wrigley Jr. Co. | 22,124 | |||||
697,354 | |||||||
Forest Products & Paper: 0.1% | |||||||
1,600 | International Paper Co. | 62,480 | |||||
500 | Temple-Inland, Inc. | 30,765 | |||||
300 | Weyerhaeuser Co. | 23,679 | |||||
116,924 | |||||||
Gas: 0.1% | |||||||
500 | KeySpan Corp. | 20,990 | |||||
1,400 | Sempra Energy | 82,922 | |||||
103,912 | |||||||
Hand/Machine Tools: 0.1% | |||||||
390 | Black & Decker Corp. | 34,441 | |||||
600 | Snap-On, Inc. | 30,306 | |||||
600 | Stanley Works | 36,420 | |||||
101,167 | |||||||
Healthcare — Products: 1.4% | |||||||
2,400 | Baxter International, Inc. | 135,216 | |||||
950 | Becton Dickinson & Co. | 70,775 | |||||
800 | Biomet, Inc. | 36,576 | |||||
3,400 | @ | Boston Scientific Corp. | 52,156 | ||||
500 | CR Bard, Inc. | 41,315 | |||||
10,550 | Johnson & Johnson | 650,091 | |||||
3,500 | Medtronic, Inc. | 181,510 | |||||
800 | @ | St. Jude Medical, Inc. | 33,192 | ||||
800 | Stryker Corp. | 50,472 | |||||
400 | @ | Varian Medical Systems, Inc. | 17,004 | ||||
700 | @ | Zimmer Holdings, Inc. | 59,423 | ||||
1,327,730 | |||||||
Healthcare — Services: 0.6% | |||||||
1,820 | Aetna, Inc. | 89,908 | |||||
765 | @ | Coventry Health Care, Inc. | 44,102 | ||||
780 | @ | Humana, Inc. | 47,510 | ||||
300 | @ | Laboratory Corp. of America Holdings | 23,478 | ||||
4,750 | UnitedHealth Group, Inc. | 242,915 | |||||
2,000 | @ | WellPoint, Inc. | 159,660 | ||||
607,573 | |||||||
Home Builders: 0.1% | |||||||
800 | Centex Corp. | 32,080 | |||||
800 | KB Home | 31,496 | |||||
500 | Lennar Corp. | 18,280 | |||||
81,856 | |||||||
Home Furnishings: 0.1% | |||||||
200 | Harman International Industries, Inc. | 23,360 | |||||
200 | Whirlpool Corp. | 22,240 | |||||
45,600 | |||||||
Household Products/Wares: 0.2% | |||||||
300 | Clorox Co. | 18,630 | |||||
2,000 | Kimberly-Clark Corp. | 133,780 | |||||
152,410 | |||||||
Housewares: 0.0% | |||||||
900 | Newell Rubbermaid, Inc. | 26,487 | |||||
26,487 | |||||||
Shares | Value | ||||||
Insurance: 2.7% | |||||||
1,390 | @@ | ACE Ltd. | $ | 86,903 | |||
1,800 | Aflac, Inc. | 92,520 | |||||
2,850 | Allstate Corp. | 175,304 | |||||
250 | AMBAC Financial Group, Inc. | 21,798 | |||||
9,100 | American International Group, Inc. | 637,273 | |||||
1,250 | AON Corp. | 53,263 | |||||
500 | Assurant, Inc. | 29,460 | |||||
2,140 | Chubb Corp. | 115,860 | |||||
1,260 | Cigna Corp. | 65,797 | |||||
2,300 | Genworth Financial, Inc. | 79,120 | |||||
1,500 | Hartford Financial Services Group, Inc. | 147,765 | |||||
854 | Lincoln National Corp. | 60,591 | |||||
1,250 | Loews Corp. | 63,725 | |||||
1,500 | Marsh & McLennan Cos., Inc. | 46,320 | |||||
350 | MBIA, Inc. | 21,777 | |||||
3,000 | Metlife, Inc. | 193,440 | |||||
350 | MGIC Investment Corp. | 19,901 | |||||
1,350 | Principal Financial Group | 78,692 | |||||
3,380 | Progressive Corp. | 80,883 | |||||
1,970 | Prudential Financial, Inc. | 191,543 | |||||
530 | Safeco Corp. | 32,998 | |||||
350 | Torchmark Corp. | 23,450 | |||||
2,590 | Travelers Cos., Inc. | 138,565 | |||||
800 | UnumProvident Corp. | 20,888 | |||||
800 | @@ | XL Capital Ltd. | 67,432 | ||||
2,545,268 | |||||||
Internet: 0.9% | |||||||
1,100 | @ | Amazon.com, Inc. | 75,251 | ||||
3,850 | @ | eBay, Inc. | 123,893 | ||||
700 | @ | Google, Inc. | 366,366 | ||||
900 | @ | IAC/InterActiveCorp. | 31,149 | ||||
3,763 | @ | Symantec Corp. | 76,013 | ||||
1,000 | @ | VeriSign, Inc. | 31,730 | ||||
4,100 | @ | Yahoo!, Inc. | 111,233 | ||||
815,635 | |||||||
Iron/Steel: 0.2% | |||||||
300 | Allegheny Technologies, Inc. | 31,464 | |||||
1,400 | Nucor Corp. | 82,110 | |||||
550 | United States Steel Corp. | 59,813 | |||||
173,387 | |||||||
Leisure Time: 0.1% | |||||||
1,500 | Carnival Corp. | 73,155 | |||||
850 | Harley-Davidson, Inc. | 50,669 | |||||
123,824 | |||||||
Lodging: 0.2% | |||||||
600 | Harrah’s Entertainment, Inc. | 51,156 | |||||
700 | Hilton Hotels Corp. | 23,429 | |||||
780 | Marriott International, Inc. | 33,727 | |||||
500 | Starwood Hotels & Resorts Worldwide, Inc. | 33,535 | |||||
141,847 | |||||||
Machinery — Construction & Mining: 0.2% | |||||||
2,500 | Caterpillar, Inc. | 195,750 | |||||
400 | @ | Terex Corp. | 32,520 | ||||
228,270 | |||||||
Machinery — Diversified: 0.2% | |||||||
600 | Cummins, Inc. | 60,726 | |||||
900 | Deere & Co. | 108,666 |
See Accompanying Notes to Financial Statements
35
Table of Contents
ING GET FUND — SERIES T | PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Shares | Value | ||||||
Machinery — Diversified (continued) | |||||||
400 | Rockwell Automation, Inc. | $ | 27,776 | ||||
197,168 | |||||||
Media: 1.4% | |||||||
2,525 | CBS Corp. - Class B | 84,133 | |||||
1,500 | Clear Channel Communications, Inc. | 56,730 | |||||
8,200 | @ | Comcast Corp. - Class A | 230,584 | ||||
2,600 | @ | DIRECTV Group, Inc. | 60,086 | ||||
1,000 | Gannett Co., Inc. | 54,950 | |||||
1,830 | McGraw-Hill Cos., Inc. | 124,586 | |||||
8,500 | News Corp., Inc. - Class A | 180,285 | |||||
9,700 | Time Warner, Inc. | 204,088 | |||||
1,800 | @ | Viacom - Class B | 74,934 | ||||
7,050 | Walt Disney Co. | 240,687 | |||||
1,311,063 | |||||||
Metal Fabricate/Hardware: 0.0% | |||||||
300 | Precision Castparts Corp. | 36,408 | |||||
36,408 | |||||||
Mining: 0.3% | |||||||
3,000 | Alcoa, Inc. | 121,590 | |||||
1,185 | Freeport-McMoRan Copper & Gold, Inc. | 98,142 | |||||
1,000 | Newmont Mining Corp. | 39,060 | |||||
258,792 | |||||||
Miscellaneous Manufacturing: 2.6% | |||||||
2,650 | 3M Co. | 229,994 | |||||
900 | Cooper Industries Ltd. | 51,381 | |||||
800 | Danaher Corp. | 60,400 | |||||
1,900 | Eastman Kodak Co. | 52,877 | |||||
1,150 | Eaton Corp. | 106,950 | |||||
32,850 | General Electric Co. | 1,257,482 | |||||
2,650 | Honeywell International, Inc. | 149,142 | |||||
1,600 | Illinois Tool Works, Inc. | 86,704 | |||||
1,060 | ITT Corp. | 72,377 | |||||
500 | Pall Corp. | 22,995 | |||||
800 | Parker Hannifin Corp. | 78,328 | |||||
200 | Textron, Inc. | 22,022 | |||||
7,100 | Tyco International Ltd. | 239,909 | |||||
2,430,561 | |||||||
Office/Business Equipment: 0.1% | |||||||
4,000 | @ | Xerox Corp. | 73,920 | ||||
73,920 | |||||||
Oil & Gas: 4.4% | |||||||
1,700 | Anadarko Petroleum Corp. | 88,383 | |||||
700 | Apache Corp. | 57,113 | |||||
1,300 | Chesapeake Energy Corp. | 44,980 | |||||
8,327 | Chevron Corp. | 701,466 | |||||
5,993 | ConocoPhillips | 470,451 | |||||
1,550 | Devon Energy Corp. | 121,350 | |||||
800 | ENSCO International, Inc. | 48,808 | |||||
400 | EOG Resources, Inc. | 29,224 | |||||
19,950 | ExxonMobil Corp. | 1,673,406 | |||||
600 | Hess Corp. | 35,376 | |||||
3,300 | Marathon Oil Corp. | 197,868 | |||||
400 | Murphy Oil Corp. | 23,776 | |||||
1,000 | @, @@ | Nabors Industries Ltd. | 33,380 |
Shares | Value | ||||||
500 | Noble Corp. | $ | 48,760 | ||||
3,200 | Occidental Petroleum Corp. | 185,216 | |||||
600 | Sunoco, Inc. | 47,808 | |||||
1,000 | @ | Transocean, Inc. | 105,980 | ||||
2,000 | Valero Energy Corp. | 147,720 | |||||
900 | XTO Energy, Inc. | 54,090 | |||||
4,115,155 | |||||||
Oil & Gas Services: 0.7% | |||||||
900 | Baker Hughes, Inc. | 75,717 | |||||
3,900 | Halliburton Co. | 134,550 | |||||
700 | @ | National Oilwell Varco, Inc. | 72,968 | ||||
4,000 | Schlumberger Ltd. | 339,760 | |||||
800 | @ | Weatherford International Ltd. | 44,192 | ||||
667,187 | |||||||
Packaging & Containers: 0.1% | |||||||
400 | Ball Corp. | 21,268 | |||||
800 | Bemis Co. | 26,544 | |||||
1,400 | @ | Pactiv Corp. | 44,646 | ||||
1,200 | Sealed Air Corp. | 37,224 | |||||
129,682 | |||||||
Pharmaceuticals: 2.7% | |||||||
4,500 | Abbott Laboratories | 240,975 | |||||
1,180 | AmerisourceBergen Corp. | 58,375 | |||||
400 | @ | Barr Pharmaceuticals, Inc. | 20,092 | ||||
6,600 | Bristol-Myers Squibb Co. | 208,296 | |||||
1,240 | Cardinal Health, Inc. | 87,594 | |||||
3,000 | Eli Lilly & Co. | 167,640 | |||||
820 | @ | Express Scripts, Inc. | 41,008 | ||||
1,300 | @ | Forest Laboratories, Inc. | 59,345 | ||||
2,900 | @ | Gilead Sciences, Inc. | 112,433 | ||||
1,090 | @ | King Pharmaceuticals, Inc. | 22,301 | ||||
800 | @ | Medco Health Solutions, Inc. | 62,392 | ||||
7,400 | Merck & Co., Inc. | 368,520 | |||||
1,300 | Mylan Laboratories | 23,647 | |||||
24,270 | Pfizer, Inc. | 620,584 | |||||
5,500 | Schering-Plough Corp. | 167,420 | |||||
700 | @ | Watson Pharmaceuticals, Inc. | 22,771 | ||||
4,200 | Wyeth | 240,828 | |||||
2,524,221 | |||||||
Pipelines: 0.2% | |||||||
2,000 | El Paso Corp. | 34,460 | |||||
800 | Questar Corp. | 42,280 | |||||
1,800 | Spectra Energy Corp. | 46,728 | |||||
1,800 | Williams Cos., Inc. | 56,916 | |||||
180,384 | |||||||
Real Estate Investment Trusts: 0.4% | |||||||
350 | Apartment Investment & Management Co. | 17,647 | |||||
630 | Archstone-Smith Trust | 37,239 | |||||
500 | Boston Properties, Inc. | 51,065 | |||||
580 | Developers Diversified Realty Corp. | 30,572 | |||||
500 | Equity Residential | 22,815 | |||||
1,200 | Host Hotels & Resorts, Inc. | 27,744 | |||||
600 | Kimco Realty Corp. | 22,842 | |||||
1,000 | Prologis | 56,900 | |||||
600 | Simon Property Group, Inc. | 55,824 | |||||
300 | Vornado Realty Trust | 32,952 | |||||
355,600 | |||||||
See Accompanying Notes to Financial Statements
36
Table of Contents
ING GET FUND — SERIES T | PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Shares | Value | ||||||
Retail: 2.7% | |||||||
400 | @ | Autozone, Inc. | $ | 54,648 | |||
600 | @ | Bed Bath & Beyond, Inc. | 21,594 | ||||
1,585 | Best Buy Co., Inc. | 73,972 | |||||
700 | @ | Big Lots, Inc. | 20,594 | ||||
1,800 | Costco Wholesale Corp. | 105,336 | |||||
4,204 | CVS Corp. | 153,236 | |||||
550 | Darden Restaurants, Inc. | 24,195 | |||||
1,000 | Dollar General Corp. | 21,920 | |||||
1,200 | Family Dollar Stores, Inc. | 41,184 | |||||
2,090 | Gap, Inc. | 39,919 | |||||
5,950 | Home Depot, Inc. | 234,133 | |||||
1,000 | JC Penney Co., Inc. | 72,380 | |||||
1,000 | @ | Kohl’s Corp. | 71,030 | ||||
5,280 | Lowe’s Cos., Inc. | 162,043 | |||||
2,122 | Macy’s, Inc. | 84,413 | |||||
4,700 | McDonald’s Corp. | 238,572 | |||||
900 | Nordstrom, Inc. | 46,008 | |||||
700 | @ | Office Depot, Inc. | 21,210 | ||||
1,000 | RadioShack Corp. | 33,140 | |||||
320 | @ | Sears Holding Corp. | 54,240 | ||||
1,765 | Staples, Inc. | 41,883 | |||||
2,200 | @ | Starbucks Corp. | 57,728 | ||||
3,000 | Target Corp. | 190,800 | |||||
1,750 | TJX Cos., Inc. | 48,125 | |||||
3,440 | Walgreen Co. | 149,778 | |||||
7,800 | Wal-Mart Stores, Inc. | 375,258 | |||||
800 | Wendy’s International, Inc. | 29,400 | |||||
1,900 | Yum! Brands, Inc. | 62,168 | |||||
2,528,907 | |||||||
Savings & Loans: 0.2% | |||||||
1,800 | Hudson City Bancorp., Inc. | 21,996 | |||||
1,000 | Sovereign Bancorp., Inc. | 21,140 | |||||
3,380 | Washington Mutual, Inc. | 144,123 | |||||
187,259 | |||||||
Semiconductors: 1.3% | |||||||
1,500 | @ | Advanced Micro Devices, Inc. | 21,450 | ||||
1,700 | Altera Corp. | 37,621 | |||||
850 | Analog Devices, Inc. | 31,994 | |||||
2,850 | Applied Materials, Inc. | 56,630 | |||||
1,200 | @ | Broadcom Corp. | 35,100 | ||||
19,870 | Intel Corp. | 472,111 | |||||
1,000 | KLA-Tencor Corp. | 54,950 | |||||
1,100 | Linear Technology Corp. | 39,798 | |||||
2,000 | @ | LSI Logic Corp. | 15,020 | ||||
900 | Maxim Integrated Products | 30,069 | |||||
800 | @ | MEMC Electronic Materials, Inc. | 48,896 | ||||
2,100 | @ | Micron Technology, Inc. | 26,313 | ||||
900 | National Semiconductor Corp. | 25,443 | |||||
900 | @ | Novellus Systems, Inc. | 25,533 | ||||
1,000 | @ | Nvidia Corp. | 41,310 | ||||
1,300 | @ | Teradyne, Inc. | 22,854 | ||||
4,400 | Texas Instruments, Inc. | 165,572 | |||||
1,000 | Xilinx, Inc. | 26,770 | |||||
1,177,434 | |||||||
Software: 1.8% | |||||||
1,880 | @ | Adobe Systems, Inc. | 75,482 | ||||
900 | @ | Autodesk, Inc. | 42,372 | ||||
2,050 | Automatic Data Processing, Inc. | 99,364 | |||||
950 | @ | BMC Software, Inc. | 28,785 | ||||
2,400 | CA, Inc. | 61,992 |
Shares | Value | ||||||
1,100 | @ | Citrix Systems, Inc. | $ | 37,037 | |||
2,590 | @ | Compuware Corp. | 30,717 | ||||
850 | @ | Electronic Arts, Inc. | 40,222 | ||||
2,360 | First Data Corp. | 77,101 | |||||
900 | @ | Fiserv, Inc. | 51,120 | ||||
1,700 | @ | Intuit, Inc. | 51,136 | ||||
27,700 | Microsoft Corp. | 816,319 | |||||
2,800 | @ | Novell, Inc. | 21,812 | ||||
12,440 | @ | Oracle Corp. | 245,192 | ||||
1,150 | Paychex, Inc. | 44,988 | |||||
1,723,639 | |||||||
Telecommunications: 3.1% | |||||||
800 | @@ | Allergan, Inc. | 46,112 | ||||
1,000 | Alltel Corp. | 67,550 | |||||
20,554 | AT&T, Inc. | 852,991 | |||||
1,550 | @ | Avaya, Inc. | 26,102 | ||||
1,000 | CenturyTel, Inc. | 49,050 | |||||
21,300 | @ | Cisco Systems, Inc. | 593,205 | ||||
2,800 | Citizens Communications Co. | 42,756 | |||||
5,500 | @ | Corning, Inc. | 140,525 | ||||
668 | Embarq Corp. | 42,331 | |||||
1,700 | @ | Juniper Networks, Inc. | 42,789 | ||||
7,520 | Motorola, Inc. | 133,104 | |||||
5,350 | Qualcomm, Inc. | 232,137 | |||||
5,700 | @ | Qwest Communications International, Inc. | 55,290 | ||||
8,767 | Sprint Nextel Corp. | 181,565 | |||||
2,100 | @ | Tellabs, Inc. | 22,596 | ||||
8,650 | Verizon Communications, Inc. | 356,121 | |||||
2,884,224 | |||||||
Toys/Games/Hobbies: 0.1% | |||||||
1,000 | Hasbro, Inc. | 31,410 | |||||
1,850 | Mattel, Inc. | 46,787 | |||||
78,197 | |||||||
Transportation: 0.7% | |||||||
800 | Burlington Northern Santa Fe Corp. | 68,112 | |||||
400 | CH Robinson Worldwide, Inc. | 21,008 | |||||
1,340 | CSX Corp. | 60,407 | |||||
1,150 | FedEx Corp. | 127,616 | |||||
1,500 | Norfolk Southern Corp. | 78,855 | |||||
800 | Union Pacific Corp. | 92,120 | |||||
2,900 | United Parcel Service, Inc. | 211,700 | |||||
659,818 | |||||||
Total Common Stock | 45,281,369 | ||||||
See Accompanying Notes to Financial Statements
37
Table of Contents
ING GET FUND — SERIES T | PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Principal Amount | Value | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 18.1% | ||||||||
Federal Home Loan Mortgage Corporation: 6.3% | ||||||||
$ | 6,063,000 | Z | 4.900%, due 01/15/08 | $ | 5,902,949 | |||
5,902,949 | ||||||||
Federal National Mortgage Corporation: 11.8% | ||||||||
11,526,000 | Z | 5.180%, due 02/15/08 | 11,156,488 | |||||
11,156,488 | ||||||||
Total U.S. Government Agency Obligations | 17,059,437 | |||||||
U.S. TREASURY OBLIGATIONS: 4.7% | ||||||||
U.S. Treasury STRIP: 4.7% | ||||||||
4,565,000 | ^^, Z | 4.860%, due 11/15/07 | 4,483,830 | |||||
Total U.S. Treasury Obligations | 4,483,830 | |||||||
OTHER BONDS: 29.2% | ||||||||
Foreign Government Bonds: 29.2% | ||||||||
28,037,000 | Z | Turkey Trust, | 27,540,156 | |||||
Total Other Bonds | 27,540,156 | |||||||
Total Long-Term Investments | 94,364,792 | |||||||
SHORT-TERM INVESTMENTS: 0.2% | ||||||||
Mutual Fund: 0.0% | ||||||||
5,000 | ** | ING Institutional Prime Money Market Fund | 5,000 | |||||
Total Mutual Fund | 5,000 | |||||||
Principal Amount | Value | |||||||||
Repurchase Agreement: 0.2% | ||||||||||
$ | 151,000 | Goldman Sachs Repurchase Agreement dated 06/29/07, 5.300%, due 07/02/07, $151,067 to be received upon repurchase (Collateralized by $154,000 Federal National Mortgage Association, 5.600%, Market Value plus accrued interest $154,658, due 02/01/17) | $ | 151,000 | ||||||
Total Repurchase Agreement | 151,000 | |||||||||
Total Short-Term Investments | 156,000 | |||||||||
Total Investments in Securities | 100.1 | % | $ | 94,520,792 | ||||||
Other Assets and Liabilities - Net | (0.1 | ) | (66,419 | ) | ||||||
Net Assets | 100.0 | % | $ | 94,454,373 | ||||||
@ | Non-income producing security |
@@ | Foreign Issuer |
STRIP | Separate Trading of Registered Interest and Principal of Securities |
** | Investment in affiliate |
^^ | Principal Only (PO) Security |
Z | Indicates Zero Coupon Bond; rate shown reflects effective yield on the date of purchase |
* | Cost for federal income tax purposes is $91,173,450. |
Net unrealized appreciation consists of: | ||||
Gross Unrealized Appreciation | $ | 4,360,178 | ||
Gross Unrealized Depreciation | (1,012,836 | ) | ||
Net Unrealized Appreciation | $ | 3,347,342 | ||
See Accompanying Notes to Financial Statements
38
Table of Contents
ING GET FUND — SERIES U | PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2007 (UNAUDITED) |
* | Includes short-term investments related to ING Institutional Prime Money Market Fund and repurchase agreement. |
(1) | Includes seven industries, which each represents 1.0% - 2.0% of net assets. |
(2) | Includes forty one industries, which each represents less than 1.0% of net assets. |
Shares | Value | ||||||
COMMON STOCK: 51.2% | |||||||
Advertising: 0.1% | |||||||
2,100 | Omnicom Group | $ | 111,132 | ||||
111,132 | |||||||
Aerospace/Defense: 1.3% | |||||||
2,850 | Boeing Co. | 274,056 | |||||
1,900 | General Dynamics Corp. | 148,618 | |||||
400 | Goodrich Corp. | 23,824 | |||||
650 | L-3 Communications Holdings, Inc. | 63,304 | |||||
1,810 | Lockheed Martin Corp. | 170,375 | |||||
1,069 | Northrop Grumman Corp. | 83,243 | |||||
2,774 | Raytheon Co. | 149,491 | |||||
4,300 | United Technologies Corp. | 304,999 | |||||
1,217,910 | |||||||
Agriculture: 0.8% | |||||||
7,900 | Altria Group, Inc. | 554,106 | |||||
2,240 | Archer-Daniels-Midland Co. | 74,122 | |||||
1,000 | Reynolds American, Inc. | 65,200 | |||||
1,100 | UST, Inc. | 59,081 | |||||
752,509 | |||||||
Apparel: 0.2% | |||||||
1,930 | @ | Coach, Inc. | 91,463 | ||||
1,560 | Nike, Inc. | 90,932 |
Shares | Value | ||||||
300 | Polo Ralph Lauren Corp. | $ | 29,433 | ||||
211,828 | |||||||
Auto Manufacturers: 0.3% | |||||||
9,720 | Ford Motor Co. | 91,562 | |||||
1,800 | General Motors Corp. | 68,040 | |||||
1,200 | Paccar, Inc. | 104,448 | |||||
264,050 | |||||||
Auto Parts & Equipment: 0.1% | |||||||
700 | @ | Goodyear Tire & Rubber Co. | 24,332 | ||||
650 | Johnson Controls, Inc. | 75,251 | |||||
99,583 | |||||||
Banks: 3.2% | |||||||
17,201 | Bank of America Corp. | 840,957 | |||||
2,900 | @ | Bank of New York Co., Inc. | 120,176 | ||||
1,944 | BB&T Corp. | 79,082 | |||||
1,477 | Capital One Financial Corp. | 115,856 | |||||
950 | Comerica, Inc. | 56,497 | |||||
400 | Compass Bancshares, Inc. | 27,592 | |||||
950 | Fifth Third Bancorp. | 37,782 | |||||
3,900 | Huntington Bancshares, Inc. | 88,686 | |||||
3,200 | Keycorp. | 109,856 | |||||
1,000 | Marshall & Ilsley Corp. | 47,630 | |||||
2,050 | Mellon Financial Corp. | 90,200 | |||||
2,620 | National City Corp. | 87,298 | |||||
400 | Northern Trust Corp. | 25,696 | |||||
900 | PNC Financial Services Group, Inc. | 64,422 | |||||
4,336 | Regions Financial Corp. | 143,522 | |||||
1,200 | State Street Corp. | 82,080 | |||||
950 | SunTrust Banks, Inc. | 81,453 | |||||
4,250 | US Bancorp. | 140,038 | |||||
7,597 | Wachovia Corp. | 389,346 | |||||
13,600 | Wells Fargo & Co. | 478,312 | |||||
3,106,481 | |||||||
Beverages: 1.0% | |||||||
2,350 | Anheuser-Busch Cos., Inc. | 122,576 | |||||
7,350 | Coca-Cola Co. | 384,479 | |||||
1,450 | Pepsi Bottling Group, Inc. | 48,836 | |||||
6,240 | PepsiCo, Inc. | 404,664 | |||||
960,555 | |||||||
Biotechnology: 0.4% | |||||||
4,100 | @ | Amgen, Inc. | 226,689 | ||||
1,100 | @ | Biogen Idec, Inc. | 58,850 | ||||
1,310 | @ | Celgene Corp. | 75,102 | ||||
1,150 | @ | Genzyme Corp. | 74,060 | ||||
434,701 | |||||||
Building Materials: 0.1% | |||||||
500 | American Standard Cos., Inc. | 29,490 | |||||
2,650 | Masco Corp. | 75,446 | |||||
104,936 | |||||||
Chemicals: 0.8% | |||||||
300 | Air Products & Chemicals, Inc. | 24,111 | |||||
800 | Ashland, Inc. | 51,160 | |||||
3,300 | Dow Chemical Co. | 145,926 | |||||
700 | Ecolab, Inc. | 29,890 | |||||
2,600 | EI DuPont de Nemours & Co. | 132,184 | |||||
1,100 | International Flavors & Fragrances, Inc. | 57,354 | |||||
2,140 | Monsanto Co. | 144,536 | |||||
1,110 | PPG Industries, Inc. | 84,482 |
See Accompanying Notes to Financial Statements
39
Table of Contents
ING GET FUND — SERIES U | PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Shares | Value | ||||||
Chemicals (continued) | |||||||
600 | Praxair, Inc. | $ | 43,194 | ||||
650 | Sherwin-Williams Co. | 43,206 | |||||
1,400 | Sigma-Aldrich Corp. | 59,738 | |||||
815,781 | |||||||
Coal: 0.1% | |||||||
700 | Consol Energy, Inc. | 32,277 | |||||
1,070 | Peabody Energy Corp. | 51,767 | |||||
84,044 | |||||||
Commercial Services: 0.4% | |||||||
800 | @ | Apollo Group, Inc. | 46,744 | ||||
1,500 | @ | Convergys Corp. | 36,360 | ||||
800 | Equifax, Inc. | 35,536 | |||||
1,320 | McKesson Corp. | 78,725 | |||||
800 | Moody's Corp. | 49,760 | |||||
600 | Robert Half International, Inc. | 21,900 | |||||
900 | RR Donnelley & Sons Co. | 39,159 | |||||
2,433 | Western Union Co. | 50,679 | |||||
358,863 | |||||||
Computers: 2.3% | |||||||
300 | @ | Affiliated Computer Services, Inc. | 17,016 | ||||
3,200 | @ | Apple, Inc. | 390,528 | ||||
310 | @ | Cognizant Technology Solutions Corp. | 23,278 | ||||
750 | @ | Computer Sciences Corp. | 44,363 | ||||
9,320 | @ | Dell, Inc. | 266,086 | ||||
2,450 | Electronic Data Systems Corp. | 67,939 | |||||
9,600 | @ | EMC Corp. | 173,760 | ||||
10,100 | Hewlett-Packard Co. | 450,662 | |||||
5,400 | International Business Machines Corp. | 568,350 | |||||
650 | @ | Lexmark International, Inc. | 32,052 | ||||
500 | @ | NCR Corp. | 26,270 | ||||
1,800 | @ | Network Appliance, Inc. | 52,560 | ||||
900 | @ | Sandisk Corp. | 44,046 | ||||
12,300 | @ | Sun Microsystems, Inc. | 64,698 | ||||
2,221,608 | |||||||
Cosmetics/Personal Care: 1.0% | |||||||
1,300 | Avon Products, Inc. | 47,775 | |||||
1,750 | Colgate-Palmolive Co. | 113,488 | |||||
600 | Estee Lauder Cos., Inc. | 27,306 | |||||
12,295 | Procter & Gamble Co. | 752,331 | |||||
940,900 | |||||||
Distribution/Wholesale: 0.1% | |||||||
550 | WW Grainger, Inc. | 51,178 | |||||
51,178 | |||||||
Diversified Financial Services: 4.2% | |||||||
4,450 | American Express Co. | 272,251 | |||||
1,050 | Ameriprise Financial, Inc. | 66,749 | |||||
600 | Bear Stearns Cos., Inc. | 84,000 | |||||
3,500 | Charles Schwab Corp. | 71,820 | |||||
120 | Chicago Mercantile Exchange Holdings, Inc. | 64,123 | |||||
800 | CIT Group, Inc. | 43,864 | |||||
17,900 | Citigroup, Inc. | 918,091 | |||||
2,180 | Countrywide Financial Corp. | 79,243 | |||||
1,200 | @ | E*Trade Financial Corp. | 26,508 | ||||
3,200 | Fannie Mae | 209,056 | |||||
650 | Franklin Resources, Inc. | 86,106 | |||||
2,500 | Freddie Mac | 151,750 | |||||
1,650 | Goldman Sachs Group, Inc. | 357,638 |
Shares | Value | ||||||
1,100 | Janus Capital Group, Inc. | $ | 30,624 | ||||
13,700 | JP Morgan Chase & Co. | 663,765 | |||||
300 | Legg Mason, Inc. | 29,514 | |||||
2,020 | Lehman Brothers Holdings, Inc. | 150,530 | |||||
3,550 | Merrill Lynch & Co., Inc. | 296,709 | |||||
4,350 | Morgan Stanley | 364,878 | |||||
1,550 | SLM Corp. | 89,249 | |||||
500 | T. Rowe Price Group, Inc. | 25,945 | |||||
4,082,413 | |||||||
Electric: 1.6% | |||||||
1,450 | @ | AES Corp. | 31,726 | ||||
1,000 | American Electric Power Co., Inc. | 45,040 | |||||
1,400 | CMS Energy Corp. | 24,080 | |||||
950 | Constellation Energy Group, Inc. | 82,812 | |||||
1,500 | Dominion Resources, Inc. | 129,465 | |||||
1,900 | DTE Energy Co. | 91,618 | |||||
1,500 | Duke Energy Corp. | 27,450 | |||||
2,520 | Edison International | 141,422 | |||||
1,600 | Entergy Corp. | 171,760 | |||||
2,600 | Exelon Corp. | 188,760 | |||||
1,950 | FirstEnergy Corp. | 126,224 | |||||
2,600 | FPL Group, Inc. | 147,524 | |||||
2,200 | PG&E Corp. | 99,660 | |||||
700 | PPL Corp. | 32,753 | |||||
1,300 | Public Service Enterprise Group, Inc. | 114,114 | |||||
1,500 | TECO Energy, Inc. | 25,770 | |||||
1,700 | TXU Corp. | 114,410 | |||||
1,594,588 | |||||||
Electrical Components & Equipment: 0.1% | |||||||
2,300 | Emerson Electric Co. | 107,640 | |||||
107,640 | |||||||
Electronics: 0.2% | |||||||
1,300 | @ | Agilent Technologies, Inc. | 49,972 | ||||
1,000 | Tektronix, Inc. | 33,740 | |||||
1,800 | @ | Thermo Electron Corp. | 93,096 | ||||
450 | @ | Waters Corp. | 26,712 | ||||
203,520 | |||||||
Engineering & Construction: 0.0% | |||||||
200 | Fluor Corp. | 22,274 | |||||
22,274 | |||||||
Entertainment: 0.0% | |||||||
900 | International Game Technology | 35,730 | |||||
35,730 | |||||||
Environmental Control: 0.1% | |||||||
1,800 | @ | Allied Waste Industries, Inc. | 24,228 | ||||
2,550 | Waste Management, Inc. | 99,578 | |||||
123,806 | |||||||
Food: 0.8% | |||||||
1,250 | Campbell Soup Co. | 48,513 | |||||
600 | @ | Dean Foods Co. | 19,122 | ||||
2,550 | General Mills, Inc. | 148,971 | |||||
500 | Hershey Co. | 25,310 | |||||
2,900 | HJ Heinz Co. | 137,663 | |||||
900 | Kellogg Co. | 46,611 | |||||
3,874 | Kraft Foods, Inc. | 136,559 | |||||
2,800 | Kroger Co. | 78,764 | |||||
1,900 | Safeway, Inc. | 64,657 | |||||
500 | Supervalu, Inc. | 23,160 |
See Accompanying Notes to Financial Statements
40
Table of Contents
ING GET FUND — SERIES U | PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Shares | Value | ||||||
Food (continued) | |||||||
900 | Sysco Corp. | $ | 29,691 | ||||
600 | Whole Foods Market, Inc. | 22,980 | |||||
400 | WM Wrigley Jr. Co. | 22,124 | |||||
804,125 | |||||||
Forest Products & Paper: 0.2% | |||||||
1,800 | International Paper Co. | 70,290 | |||||
500 | Temple-Inland, Inc. | 30,765 | |||||
600 | Weyerhaeuser Co. | 47,358 | |||||
148,413 | |||||||
Gas: 0.1% | |||||||
700 | KeySpan Corp. | 29,386 | |||||
1,550 | Sempra Energy | 91,807 | |||||
121,193 | |||||||
Hand/Machine Tools: 0.1% | |||||||
350 | Black & Decker Corp. | 30,909 | |||||
700 | Snap-On, Inc. | 35,357 | |||||
700 | Stanley Works | 42,490 | |||||
108,756 | |||||||
Healthcare — Products: 1.5% | |||||||
2,700 | Baxter International, Inc. | 152,118 | |||||
980 | Becton Dickinson & Co. | 73,010 | |||||
900 | Biomet, Inc. | 41,148 | |||||
3,800 | @ | Boston Scientific Corp. | 58,292 | ||||
500 | CR Bard, Inc. | 41,315 | |||||
11,600 | Johnson & Johnson | 714,792 | |||||
3,900 | Medtronic, Inc. | 202,254 | |||||
900 | @ | St. Jude Medical, Inc. | 37,341 | ||||
1,000 | Stryker Corp. | 63,090 | |||||
400 | @ | Varian Medical Systems, Inc. | 17,004 | ||||
900 | @ | Zimmer Holdings, Inc. | 76,401 | ||||
1,476,765 | |||||||
Healthcare — Services: 0.7% | |||||||
1,920 | Aetna, Inc. | 94,848 | |||||
920 | @ | Coventry Health Care, Inc. | 53,038 | ||||
800 | @ | Humana, Inc. | 48,728 | ||||
300 | @ | Laboratory Corp. of America Holdings | 23,478 | ||||
5,180 | UnitedHealth Group, Inc. | 264,905 | |||||
2,340 | @ | WellPoint, Inc. | 186,802 | ||||
671,799 | |||||||
Home Builders: 0.1% | |||||||
800 | Centex Corp. | 32,080 | |||||
900 | KB Home | 35,433 | |||||
500 | Lennar Corp. | 18,280 | |||||
85,793 | |||||||
Home Furnishings: 0.0% | |||||||
200 | Harman International Industries, Inc. | 23,360 | |||||
200 | Whirlpool Corp. | 22,240 | |||||
45,600 | |||||||
Household Products/Wares: 0.2% | |||||||
300 | Clorox Co. | 18,630 | |||||
2,250 | Kimberly-Clark Corp. | 150,503 | |||||
169,133 | |||||||
Housewares: 0.0% | |||||||
1,000 | Newell Rubbermaid, Inc. | 29,430 | |||||
29,430 | |||||||
Shares | Value | ||||||
Insurance: 2.8% | |||||||
1,450 | @@ | ACE Ltd. | $ | 90,654 | |||
2,100 | Aflac, Inc. | 107,940 | |||||
3,060 | Allstate Corp. | 188,221 | |||||
400 | AMBAC Financial Group, Inc. | 34,876 | |||||
9,900 | American International Group, Inc. | 693,297 | |||||
1,250 | AON Corp. | 53,263 | |||||
600 | Assurant, Inc. | 35,352 | |||||
2,340 | Chubb Corp. | 126,688 | |||||
1,230 | Cigna Corp. | 64,231 | |||||
2,400 | Genworth Financial, Inc. | 82,560 | |||||
1,450 | Hartford Financial Services Group, Inc. | 142,840 | |||||
988 | Lincoln National Corp. | 70,099 | |||||
1,420 | Loews Corp. | 72,392 | |||||
1,900 | Marsh & McLennan Cos., Inc. | 58,672 | |||||
350 | MBIA, Inc. | 21,777 | |||||
3,240 | Metlife, Inc. | 208,915 | |||||
400 | MGIC Investment Corp. | 22,744 | |||||
1,550 | Principal Financial Group | 90,350 | |||||
3,580 | Progressive Corp. | 85,669 | |||||
2,100 | Prudential Financial, Inc. | 204,183 | |||||
440 | Safeco Corp. | 27,394 | |||||
400 | Torchmark Corp. | 26,800 | |||||
2,830 | Travelers Cos., Inc. | 151,405 | |||||
900 | UnumProvident Corp. | 23,499 | |||||
800 | @@ | XL Capital Ltd. | 67,432 | ||||
2,751,253 | |||||||
Internet: 0.9% | |||||||
1,200 | @ | Amazon.com, Inc. | 82,092 | ||||
4,300 | @ | eBay, Inc. | 138,374 | ||||
800 | @ | Google, Inc. | 418,704 | ||||
800 | @ | IAC/InterActiveCorp. | 27,688 | ||||
4,129 | @ | Symantec Corp. | 83,406 | ||||
1,200 | @ | VeriSign, Inc. | 38,076 | ||||
4,500 | @ | Yahoo!, Inc. | 122,085 | ||||
910,425 | |||||||
Iron/Steel: 0.2% | |||||||
400 | Allegheny Technologies, Inc. | 41,952 | |||||
1,420 | Nucor Corp. | 83,283 | |||||
600 | United States Steel Corp. | 65,250 | |||||
190,485 | |||||||
Leisure Time: 0.1% | |||||||
1,450 | Carnival Corp. | 70,717 | |||||
1,000 | Harley-Davidson, Inc. | 59,610 | |||||
130,327 | |||||||
Lodging: 0.2% | |||||||
700 | Harrah's Entertainment, Inc. | 59,682 | |||||
700 | Hilton Hotels Corp. | 23,429 | |||||
800 | Marriott International, Inc. | 34,592 | |||||
550 | Starwood Hotels & Resorts Worldwide, Inc. | 36,889 | |||||
154,592 | |||||||
Machinery — Construction & Mining: 0.3% | |||||||
2,700 | Caterpillar, Inc. | 211,410 | |||||
400 | @ | Terex Corp. | 32,520 | ||||
243,930 | |||||||
Machinery — Diversified: 0.2% | |||||||
700 | Cummins, Inc. | 70,847 | |||||
1,000 | Deere & Co. | 120,740 | |||||
450 | Rockwell Automation, Inc. | 31,248 | |||||
222,835 | |||||||
See Accompanying Notes to Financial Statements
41
Table of Contents
ING GET FUND — SERIES U | PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Shares | Value | ||||||
Media: 1.5% | |||||||
2,175 | CBS Corp. — Class B | $ | 72,471 | ||||
1,800 | Clear Channel Communications, Inc. | 68,076 | |||||
9,150 | @ | Comcast Corp. — Class A | 257,298 | ||||
3,000 | @ | DIRECTV Group, Inc. | 69,330 | ||||
1,100 | Gannett Co., Inc. | 60,445 | |||||
2,010 | McGraw-Hill Cos., Inc. | 136,841 | |||||
9,300 | News Corp., Inc. — Class A | 197,253 | |||||
10,500 | Time Warner, Inc. | 220,920 | |||||
2,200 | @ | Viacom - Class B | 91,586 | ||||
7,700 | Walt Disney Co. | 262,878 | |||||
1,437,098 | |||||||
Metal Fabricate/Hardware: 0.0% | |||||||
300 | Precision Castparts Corp. | 36,408 | |||||
36,408 | |||||||
Mining: 0.3% | |||||||
3,200 | Alcoa, Inc. | 129,696 | |||||
1,412 | Freeport-McMoRan Copper & Gold, Inc. | 116,942 | |||||
1,200 | Newmont Mining Corp. | 46,872 | |||||
293,510 | |||||||
Miscellaneous Manufacturing: 2.8% | |||||||
2,950 | 3M Co. | 256,031 | |||||
1,000 | Cooper Industries Ltd. | 57,090 | |||||
1,050 | Danaher Corp. | 79,275 | |||||
1,950 | Eastman Kodak Co. | 54,269 | |||||
1,350 | Eaton Corp. | 125,550 | |||||
36,500 | General Electric Co. | 1,397,193 | |||||
2,800 | Honeywell International, Inc. | 157,584 | |||||
1,900 | Illinois Tool Works, Inc. | 102,961 | |||||
1,100 | ITT Corp. | 75,108 | |||||
500 | Pall Corp. | 22,995 | |||||
900 | Parker Hannifin Corp. | 88,119 | |||||
200 | Textron, Inc. | 22,022 | |||||
7,500 | Tyco International Ltd. | 253,425 | |||||
2,691,622 | |||||||
Office/Business Equipment: 0.1% | |||||||
3,450 | @ | Xerox Corp. | 63,756 | ||||
63,756 | |||||||
Oil & Gas: 4.7% | |||||||
2,000 | Anadarko Petroleum Corp. | 103,980 | |||||
700 | Apache Corp. | 57,113 | |||||
1,300 | Chesapeake Energy Corp. | 44,980 | |||||
9,083 | Chevron Corp. | 765,152 | |||||
6,554 | ConocoPhillips | 514,489 | |||||
1,900 | Devon Energy Corp. | 148,751 | |||||
1,000 | ENSCO International, Inc. | 61,010 | |||||
400 | EOG Resources, Inc. | 29,224 | |||||
21,950 | ExxonMobil Corp. | 1,841,166 | |||||
600 | Hess Corp. | 35,376 | |||||
3,400 | Marathon Oil Corp. | 203,864 | |||||
400 | Murphy Oil Corp. | 23,776 | |||||
1,100 | @, @@ | Nabors Industries Ltd. | 36,718 | ||||
400 | Noble Corp. | 39,008 | |||||
3,520 | Occidental Petroleum Corp. | 203,738 | |||||
700 | Sunoco, Inc. | 55,776 | |||||
1,300 | @ | Transocean, Inc. | 137,774 | ||||
2,200 | Valero Energy Corp. | 162,492 | |||||
1,000 | XTO Energy, Inc. | 60,100 | |||||
4,524,487 | |||||||
Shares | Value | ||||||
Oil & Gas Services: 0.8% | |||||||
1,000 | Baker Hughes, Inc. | $ | 84,130 | ||||
4,350 | Halliburton Co. | 150,075 | |||||
800 | @ | National Oilwell Varco, Inc. | 83,392 | ||||
4,300 | Schlumberger Ltd. | 365,242 | |||||
800 | @ | Weatherford International Ltd. | 44,192 | ||||
727,031 | |||||||
Packaging & Containers: 0.2% | |||||||
600 | Ball Corp. | 31,902 | |||||
700 | Bemis Co. | 23,226 | |||||
1,700 | @ | Pactiv Corp. | 54,213 | ||||
1,300 | Sealed Air Corp. | 40,326 | |||||
149,667 | |||||||
Pharmaceuticals: 2.8% | |||||||
4,900 | Abbott Laboratories | 262,395 | |||||
1,100 | AmerisourceBergen Corp. | 54,417 | |||||
500 | @ | Barr Pharmaceuticals, Inc. | 25,115 | ||||
7,100 | Bristol-Myers Squibb Co. | 224,076 | |||||
1,320 | Cardinal Health, Inc. | 93,245 | |||||
3,100 | Eli Lilly & Co. | 173,228 | |||||
620 | @ | Express Scripts, Inc. | 31,006 | ||||
1,450 | @ | Forest Laboratories, Inc. | 66,193 | ||||
3,500 | @ | Gilead Sciences, Inc. | 135,695 | ||||
1,250 | @ | King Pharmaceuticals, Inc. | 25,575 | ||||
1,000 | @ | Medco Health Solutions, Inc. | 77,990 | ||||
8,100 | Merck & Co., Inc. | 403,380 | |||||
1,600 | Mylan Laboratories | 29,104 | |||||
26,130 | Pfizer, Inc. | 668,144 | |||||
5,550 | Schering-Plough Corp. | 168,942 | |||||
800 | @ | Watson Pharmaceuticals, Inc. | 26,024 | ||||
4,550 | Wyeth | 260,897 | |||||
2,725,426 | |||||||
Pipelines: 0.2% | |||||||
2,400 | El Paso Corp. | 41,352 | |||||
800 | Questar Corp. | 42,280 | |||||
1,900 | Spectra Energy Corp. | 49,324 | |||||
1,950 | Williams Cos., Inc. | 61,659 | |||||
194,615 | |||||||
Real Estate Investment Trusts: 0.4% | |||||||
350 | Apartment Investment & Management Co. | 17,647 | |||||
690 | Archstone-Smith Trust | 40,786 | |||||
500 | Boston Properties, Inc. | 51,065 | |||||
610 | Developers Diversified Realty Corp. | 32,153 | |||||
500 | Equity Residential | 22,815 | |||||
1,400 | Host Hotels & Resorts, Inc. | 32,368 | |||||
700 | Kimco Realty Corp. | 26,649 | |||||
1,000 | Prologis | 56,900 | |||||
600 | Simon Property Group, Inc. | 55,824 | |||||
400 | Vornado Realty Trust | 43,936 | |||||
380,143 | |||||||
Retail: 2.9% | |||||||
400 | @ | Autozone, Inc. | 54,648 | ||||
600 | @ | Bed Bath & Beyond, Inc. | 21,594 | ||||
1,900 | Best Buy Co., Inc. | 88,673 | |||||
700 | @ | Big Lots, Inc. | 20,594 | ||||
1,950 | Costco Wholesale Corp. | 114,114 | |||||
4,538 | CVS Corp. | 165,410 | |||||
750 | Darden Restaurants, Inc. | 32,993 | |||||
1,100 | Dollar General Corp. | 24,112 | |||||
1,250 | Family Dollar Stores, Inc. | 42,900 |
See Accompanying Notes to Financial Statements
42
Table of Contents
ING GET FUND — SERIES U | PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Value | |||||||
Retail (continued) | |||||||
2,250 | Gap, Inc. | $ | 42,975 | ||||
6,500 | Home Depot, Inc. | 255,775 | |||||
950 | JC Penney Co., Inc. | 68,761 | |||||
1,150 | @ | Kohl's Corp. | 81,685 | ||||
5,640 | Lowe's Cos., Inc. | 173,092 | |||||
2,508 | Macy's, Inc. | 99,768 | |||||
5,150 | McDonald's Corp. | 261,414 | |||||
900 | Nordstrom, Inc. | 46,008 | |||||
750 | @ | Office Depot, Inc. | 22,725 | ||||
1,000 | RadioShack Corp. | 33,140 | |||||
360 | @ | Sears Holding Corp. | 61,020 | ||||
2,020 | Staples, Inc. | 47,935 | |||||
2,500 | @ | Starbucks Corp. | 65,600 | ||||
3,400 | Target Corp. | 216,240 | |||||
2,050 | TJX Cos., Inc. | 56,375 | |||||
3,660 | Walgreen Co. | 159,356 | |||||
8,550 | Wal-Mart Stores, Inc. | 411,341 | |||||
900 | Wendy's International, Inc. | 33,075 | |||||
2,200 | Yum! Brands, Inc. | 71,984 | |||||
2,773,307 | |||||||
Savings & Loans: 0.2% | |||||||
2,000 | Hudson City Bancorp., Inc. | 24,440 | |||||
1,100 | Sovereign Bancorp., Inc. | 23,254 | |||||
4,065 | Washington Mutual, Inc. | 173,332 | |||||
221,026 | |||||||
Semiconductors: 1.3% | |||||||
1,800 | @ | Advanced Micro Devices, Inc. | 25,740 | ||||
1,850 | Altera Corp. | 40,941 | |||||
850 | Analog Devices, Inc. | 31,994 | |||||
3,050 | Applied Materials, Inc. | 60,604 | |||||
1,300 | @ | Broadcom Corp. | 38,025 | ||||
21,770 | Intel Corp. | 517,255 | |||||
1,100 | KLA-Tencor Corp. | 60,445 | |||||
1,200 | Linear Technology Corp. | 43,416 | |||||
2,200 | @ | LSI Logic Corp. | 16,522 | ||||
1,050 | Maxim Integrated Products | 35,081 | |||||
800 | @ | MEMC Electronic Materials, Inc. | 48,896 | ||||
2,350 | @ | Micron Technology, Inc. | 29,446 | ||||
1,050 | National Semiconductor Corp. | 29,684 | |||||
1,100 | @ | Novellus Systems, Inc. | 31,207 | ||||
1,200 | @ | Nvidia Corp. | 49,572 | ||||
1,500 | @ | Teradyne, Inc. | 26,370 | ||||
4,800 | Texas Instruments, Inc. | 180,624 | |||||
1,200 | Xilinx, Inc. | 32,124 | |||||
1,297,946 | |||||||
Software: 2.0% | |||||||
1,880 | @ | Adobe Systems, Inc. | 75,482 | ||||
1,100 | @ | Autodesk, Inc. | 51,788 | ||||
2,250 | Automatic Data Processing, Inc. | 109,058 | |||||
1,050 | @ | BMC Software, Inc. | 31,815 | ||||
2,950 | CA, Inc. | 76,199 | |||||
1,200 | @ | Citrix Systems, Inc. | 40,404 | ||||
2,200 | @ | Compuware Corp. | 26,092 | ||||
1,100 | @ | Electronic Arts, Inc. | 52,052 | ||||
2,833 | First Data Corp. | 92,554 | |||||
900 | @ | Fiserv, Inc. | 51,120 | ||||
2,100 | @ | Intuit, Inc. | 63,168 | ||||
30,050 | Microsoft Corp. | 885,574 | |||||
3,000 | @ | Novell, Inc. | 23,370 | ||||
13,800 | @ | Oracle Corp. | 271,998 | ||||
1,300 | Paychex, Inc. | 50,856 | |||||
1,901,530 | |||||||
Value | |||||||
Telecommunications: 3.3% | |||||||
800 | @@ | Allergan, Inc. | $ | 46,112 | |||
1,100 | Alltel Corp. | 74,305 | |||||
22,631 | AT&T, Inc. | 939,187 | |||||
1,900 | @ | Avaya, Inc. | 31,996 | ||||
900 | CenturyTel, Inc. | 44,145 | |||||
22,850 | @ | Cisco Systems, Inc. | 636,373 | ||||
3,100 | Citizens Communications Co. | 47,337 | |||||
5,900 | @ | Corning, Inc. | 150,745 | ||||
699 | Embarq Corp. | 44,296 | |||||
2,000 | @ | Juniper Networks, Inc. | 50,340 | ||||
9,080 | Motorola, Inc. | 160,716 | |||||
6,050 | Qualcomm, Inc. | 262,510 | |||||
6,200 | @ | Qwest Communications International, Inc. | 60,140 | ||||
9,698 | Sprint Nextel Corp. | 200,846 | |||||
2,200 | @ | Tellabs, Inc. | 23,672 | ||||
9,450 | Verizon Communications, Inc. | 389,057 | |||||
3,161,777 | |||||||
Toys/Games/Hobbies: 0.1% | |||||||
1,100 | Hasbro, Inc. | 34,551 | |||||
2,250 | Mattel, Inc. | 56,903 | |||||
91,454 | |||||||
Transportation: 0.8% | |||||||
1,000 | Burlington Northern Santa Fe Corp. | 85,140 | |||||
400 | CH Robinson Worldwide, Inc. | 21,008 | |||||
1,540 | CSX Corp. | 69,423 | |||||
1,200 | FedEx Corp. | 133,164 | |||||
1,600 | Norfolk Southern Corp. | 84,112 | |||||
950 | Union Pacific Corp. | 109,393 | |||||
3,300 | United Parcel Service, Inc. | 240,900 | |||||
743,140 | |||||||
Total Common Stock | 49,584,827 | ||||||
See Accompanying Notes to Financial Statements
43
Table of Contents
ING GET FUND — SERIES U | PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Principal Amount | Value | ||||||||
CORPORATE BONDS/NOTES: 10.3% | |||||||||
Diversified Financial Services: 10.3% | |||||||||
$ | 10,000,000 | General Electric Capital Corp., 4.250%, due 01/15/08 | $ | 9,944,340 | |||||
Total Corporate Bonds/Notes (Cost $10,047,473) | 9,944,340 | ||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 24.5% | |||||||||
Federal National Mortgage Corporation: 24.5% | |||||||||
24,840,000 | ^^, Z | 5.260%, due 05/15/08 | 23,729,528 | ||||||
Total U.S. Government Agency Obligations | 23,729,528 | ||||||||
U.S. TREASURY OBLIGATIONS: 3.3% | |||||||||
U.S. Treasury STRIP: 3.3% | |||||||||
3,350,000 | ^^, Z | 4.890%, due 02/15/08 | 3,248,482 | ||||||
Total U.S. Treasury Obligations | 3,248,482 | ||||||||
OTHER BONDS: 10.4% | |||||||||
Foreign Government Bonds: 10.4% | |||||||||
10,429,000 | @@, Z | Israel Government AID Bond, 4.910%, due 03/15/08 | 10,072,871 | ||||||
Total Other Bonds | 10,072,871 | ||||||||
Total Long-Term Investments | 96,580,048 | ||||||||
SHORT-TERM INVESTMENTS: 0.2% | |||||||||
Mutual Fund: 0.0% | |||||||||
5,000 | * | * | ING Institutional Prime Money Market Fund | 5,000 | |||||
Total Mutual Fund | 5,000 | ||||||||
Principal Amount | Value | ||||||||
Repurchase Agreement: 0.2% | |||||||||
$ | 193,000 | Morgan Stanley Repurchase Agreement dated 06/29/07, 5.300%, due 07/02/07, $193,085 to be received upon repurchase (Collateralized by $415,000 Resolution Funding Corporation, Discount Note, Market Value $197,793, due 01/15/21) | $ | 193,000 | |||||
Total Repurchase Agreement | 193,000 | ||||||||
Total Short-Term Investments | 198,000 | ||||||||
Total Investments in Securities | 99.9 | % | $ | 96,778,048 | |||||
Other Assets and | 0.1 | 121,845 | |||||||
Net Assets | 100.0 | % | $ | 96,899,893 | |||||
@ | Non-income producing security |
@@ | Foreign Issuer |
STRIP | Separate Trading of Registered Interest and Principal of Securities |
** | Investment in affiliate |
^^ | Principal Only (PO) Security |
Z | Indicates Zero Coupon Bond; rate shown reflects effective yield on the date of purchase |
* | Cost for federal income tax purposes is $92,547,403. |
Net unrealized appreciation consists of: | ||||
Gross Unrealized Appreciation | $ | 5,687,790 | ||
Gross Unrealized Depreciation | (1,457,145 | ) | ||
Net Unrealized Appreciation | $ | 4,230,645 | ||
See Accompanying Notes to Financial Statements
44
Table of Contents
ING GET FUND — SERIES V | PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2007 (UNAUDITED) |
* | Includes short-term investments related to ING Institutional Prime Money Market Fund and repurchase agreement. |
(1) | Includes seven industries, which each represents 1.2% - 1.7% of net assets. |
(2) | Includes forty three industries, which each represents less than 1.2% of net assets. |
Shares | Value | ||||||
COMMON STOCK: 16.2% | |||||||
Advertising: 0.0% | |||||||
900 | Omnicom Group | $ | 47,628 | ||||
47,628 | |||||||
Aerospace/Defense: 0.4% | |||||||
1,200 | Boeing Co. | 115,392 | |||||
850 | General Dynamics Corp. | 66,487 | |||||
200 | Goodrich Corp. | 11,912 | |||||
200 | L-3 Communications Holdings, Inc. | 19,478 | |||||
720 | Lockheed Martin Corp. | 67,774 | |||||
484 | Northrop Grumman Corp. | 37,689 | |||||
1,183 | Raytheon Co. | 63,752 | |||||
1,900 | United Technologies Corp. | 134,767 | |||||
517,251 | |||||||
Agriculture: 0.3% | |||||||
3,450 | Altria Group, Inc. | 241,983 | |||||
910 | Archer-Daniels-Midland Co. | 30,112 | |||||
500 | Reynolds American, Inc. | 32,600 | |||||
500 | UST, Inc. | 26,855 | |||||
331,550 | |||||||
Shares | Value | ||||||
Apparel: 0.1% | |||||||
890 | @ | Coach, Inc. | $ | 42,177 | |||
680 | Nike, Inc. | 39,637 | |||||
200 | Polo Ralph Lauren Corp. | 19,622 | |||||
101,436 | |||||||
Auto Manufacturers: 0.1% | |||||||
4,200 | Ford Motor Co. | 39,564 | |||||
850 | General Motors Corp. | 32,130 | |||||
550 | Paccar, Inc. | 47,872 | |||||
119,566 | |||||||
Auto Parts & Equipment: 0.0% | |||||||
300 | @ | Goodyear Tire & Rubber Co. | 10,428 | ||||
350 | Johnson Controls, Inc. | 40,520 | |||||
50,948 | |||||||
Banks: 1.0% | |||||||
7,503 | Bank of America Corp. | 366,822 | |||||
1,100 | @ | Bank of New York Co., Inc. | 45,584 | ||||
822 | BB&T Corp. | 33,439 | |||||
608 | Capital One Financial Corp. | 47,692 | |||||
450 | Comerica, Inc. | 26,762 | |||||
200 | Compass Bancshares, Inc. | 13,796 | |||||
400 | Fifth Third Bancorp. | 15,908 | |||||
1,700 | Huntington Bancshares, Inc. | 38,658 | |||||
1,400 | Keycorp. | 48,062 | |||||
300 | Marshall & Ilsley Corp. | 14,289 | |||||
900 | Mellon Financial Corp. | 39,600 | |||||
1,120 | National City Corp. | 37,318 | |||||
200 | Northern Trust Corp. | 12,848 | |||||
350 | PNC Financial Services Group, Inc. | 25,053 | |||||
1,668 | Regions Financial Corp. | 55,211 | |||||
550 | State Street Corp. | 37,620 | |||||
300 | SunTrust Banks, Inc. | 25,722 | |||||
1,850 | US Bancorp. | 60,958 | |||||
3,388 | Wachovia Corp. | 173,635 | |||||
6,000 | Wells Fargo & Co. | 211,020 | |||||
1,329,997 | |||||||
Beverages: 0.3% | |||||||
1,000 | Anheuser-Busch Cos., Inc. | 52,160 | |||||
3,250 | Coca-Cola Co. | 170,008 | |||||
750 | Pepsi Bottling Group, Inc. | 25,260 | |||||
2,730 | PepsiCo, Inc. | 177,041 | |||||
424,469 | |||||||
Biotechnology: 0.1% | |||||||
1,800 | @ | Amgen, Inc. | 99,522 | ||||
500 | @ | Biogen Idec, Inc. | 26,750 | ||||
550 | @ | Celgene Corp. | 31,532 | ||||
450 | @ | Genzyme Corp. | 28,980 | ||||
186,784 | |||||||
Building Materials: 0.0% | |||||||
200 | American Standard Cos., Inc. | 11,796 | |||||
1,200 | Masco Corp. | 34,164 | |||||
45,960 | |||||||
Chemicals: 0.3% | |||||||
150 | Air Products & Chemicals, Inc. | 12,056 | |||||
300 | Ashland, Inc. | 19,185 |
See Accompanying Notes to Financial Statements
45
Table of Contents
ING GET FUND — SERIES V | PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Shares | Value | ||||||
Chemicals (continued) | |||||||
1,400 | Dow Chemical Co. | $ | 61,908 | ||||
300 | Ecolab, Inc. | 12,810 | |||||
1,200 | EI DuPont de Nemours & Co. | 61,008 | |||||
500 | International Flavors & Fragrances, Inc. | 26,070 | |||||
930 | Monsanto Co. | 62,812 | |||||
500 | PPG Industries, Inc. | 38,055 | |||||
300 | Praxair, Inc. | 21,597 | |||||
300 | Sherwin-Williams Co. | 19,941 | |||||
700 | Sigma-Aldrich Corp. | 29,869 | |||||
365,311 | |||||||
Coal: 0.0% | |||||||
300 | Consol Energy, Inc. | 13,833 | |||||
320 | Peabody Energy Corp. | 15,482 | |||||
29,315 | |||||||
Commercial Services: 0.1% | |||||||
350 | @ | Apollo Group, Inc. | 20,451 | ||||
500 | @ | Convergys Corp. | 12,120 | ||||
300 | Equifax, Inc. | 13,326 | |||||
520 | McKesson Corp. | 31,013 | |||||
400 | Moody's Corp. | 24,880 | |||||
250 | Robert Half International, Inc. | 9,125 | |||||
500 | RR Donnelley & Sons Co. | 21,755 | |||||
1,172 | Western Union Co. | 24,413 | |||||
157,083 | |||||||
Computers: 0.7% | |||||||
200 | @ | Affiliated Computer Services, Inc. | 11,344 | ||||
1,400 | @ | Apple, Inc. | 170,856 | ||||
120 | @ | Cognizant Technology Solutions Corp. | 9,011 | ||||
350 | @ | Computer Sciences Corp. | 20,703 | ||||
4,030 | @ | Dell, Inc. | 115,057 | ||||
1,050 | Electronic Data Systems Corp. | 29,117 | |||||
4,250 | @ | EMC Corp. | 76,925 | ||||
4,400 | Hewlett-Packard Co. | 196,328 | |||||
2,350 | International Business Machines Corp. | 247,338 | |||||
300 | @ | Lexmark International, Inc. | 14,793 | ||||
200 | @ | NCR Corp. | 10,508 | ||||
600 | @ | Network Appliance, Inc. | 17,520 | ||||
400 | @ | Sandisk Corp. | 19,576 | ||||
5,500 | @ | Sun Microsystems, Inc. | 28,930 | ||||
968,006 | |||||||
Cosmetics/Personal Care: 0.3% | |||||||
500 | Avon Products, Inc. | 18,375 | |||||
800 | Colgate-Palmolive Co. | 51,880 | |||||
300 | Estee Lauder Cos., Inc. | 13,653 | |||||
5,477 | Procter & Gamble Co. | 335,138 | |||||
419,046 | |||||||
Distribution/Wholesale: 0.0% | |||||||
250 | WW Grainger, Inc. | 23,263 | |||||
23,263 | |||||||
Diversified Financial Services: 1.4% | |||||||
1,950 | American Express Co. | 119,301 | |||||
390 | Ameriprise Financial, Inc. | 24,792 | |||||
200 | Bear Stearns Cos., Inc. | 28,000 | |||||
1,550 | Charles Schwab Corp. | 31,806 | |||||
60 | Chicago Mercantile Exchange Holdings, Inc. | 32,062 | |||||
350 | CIT Group, Inc. | 19,191 | |||||
7,850 | Citigroup, Inc. | 402,627 |
Shares | Value | ||||||
1,098 | Countrywide Financial Corp. | $ | 39,912 | ||||
500 | @ | E*Trade Financial Corp. | 11,045 | ||||
1,450 | Fannie Mae | 94,729 | |||||
250 | Franklin Resources, Inc. | 33,118 | |||||
1,100 | Freddie Mac | 66,770 | |||||
750 | Goldman Sachs Group, Inc. | 162,563 | |||||
500 | Janus Capital Group, Inc. | 13,920 | |||||
6,150 | JP Morgan Chase & Co. | 297,968 | |||||
200 | Legg Mason, Inc. | 19,676 | |||||
910 | Lehman Brothers Holdings, Inc. | 67,813 | |||||
1,650 | Merrill Lynch & Co., Inc. | 137,907 | |||||
1,850 | Morgan Stanley | 155,178 | |||||
700 | SLM Corp. | 40,306 | |||||
200 | T. Rowe Price Group, Inc. | 10,378 | |||||
1,809,062 | |||||||
Electric: 0.5% | |||||||
1,080 | @ | AES Corp. | 23,630 | ||||
450 | American Electric Power Co., Inc. | 20,268 | |||||
600 | CMS Energy Corp. | 10,320 | |||||
350 | Constellation Energy Group, Inc. | 30,510 | |||||
700 | Dominion Resources, Inc. | 60,417 | |||||
850 | DTE Energy Co. | 40,987 | |||||
800 | Duke Energy Corp. | 14,640 | |||||
1,150 | Edison International | 64,538 | |||||
750 | Entergy Corp. | 80,513 | |||||
1,150 | Exelon Corp. | 83,490 | |||||
910 | FirstEnergy Corp. | 58,904 | |||||
1,100 | FPL Group, Inc. | 62,414 | |||||
1,000 | PG&E Corp. | 45,300 | |||||
300 | PPL Corp. | 14,037 | |||||
600 | Public Service Enterprise Group, Inc. | 52,668 | |||||
600 | TECO Energy, Inc. | 10,308 | |||||
700 | TXU Corp. | 47,110 | |||||
720,054 | |||||||
Electrical Components & Equipment: 0.0% | |||||||
1,000 | Emerson Electric Co. | 46,800 | |||||
46,800 | |||||||
Electronics: 0.1% | |||||||
550 | @ | Agilent Technologies, Inc. | 21,142 | ||||
500 | Tektronix, Inc. | 16,870 | |||||
750 | @ | Thermo Electron Corp. | 38,790 | ||||
150 | @ | Waters Corp. | 8,904 | ||||
85,706 | |||||||
Engineering & Construction: 0.0% | |||||||
100 | Fluor Corp. | 11,137 | |||||
11,137 | |||||||
Entertainment: 0.0% | |||||||
450 | International Game Technology | 17,865 | |||||
17,865 | |||||||
Environmental Control: 0.0% | |||||||
800 | @ | Allied Waste Industries, Inc. | 10,768 | ||||
1,200 | Waste Management, Inc. | 46,860 | |||||
57,628 | |||||||
Food: 0.3% | |||||||
450 | Campbell Soup Co. | 17,465 | |||||
300 | @ | Dean Foods Co. | 9,561 | ||||
1,050 | General Mills, Inc. | 61,341 | |||||
200 | Hershey Co. | 10,124 |
See Accompanying Notes to Financial Statements
46
Table of Contents
ING GET FUND — SERIES V | PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Shares | Value | ||||||
Food (continued) | |||||||
1,300 | HJ Heinz Co. | $ | 61,711 | ||||
400 | Kellogg Co. | 20,716 | |||||
1,918 | Kraft Foods, Inc. | 67,610 | |||||
1,200 | Kroger Co. | 33,756 | |||||
650 | Safeway, Inc. | 22,120 | |||||
200 | Supervalu, Inc. | 9,264 | |||||
300 | Sysco Corp. | 9,897 | |||||
200 | Whole Foods Market, Inc. | 7,660 | |||||
200 | WM Wrigley Jr. Co. | 11,062 | |||||
342,287 | |||||||
Forest Products & Paper: 0.0% | |||||||
1,000 | International Paper Co. | 39,050 | |||||
200 | Temple-Inland, Inc. | 12,306 | |||||
100 | Weyerhaeuser Co. | 7,893 | |||||
59,249 | |||||||
Gas: 0.0% | |||||||
250 | KeySpan Corp. | 10,495 | |||||
560 | Sempra Energy | 33,169 | |||||
43,664 | |||||||
Hand/Machine Tools: 0.0% | |||||||
220 | Black & Decker Corp. | 19,428 | |||||
300 | Snap-On, Inc. | 15,153 | |||||
250 | Stanley Works | 15,175 | |||||
49,756 | |||||||
Healthcare — Products: 0.5% | |||||||
1,150 | Baxter International, Inc. | 64,791 | |||||
290 | Becton Dickinson & Co. | 21,605 | |||||
400 | Biomet, Inc. | 18,288 | |||||
1,800 | @ | Boston Scientific Corp. | 27,612 | ||||
200 | CR Bard, Inc. | 16,526 | |||||
5,050 | Johnson & Johnson | 311,181 | |||||
1,650 | Medtronic, Inc. | 85,569 | |||||
400 | @ | St. Jude Medical, Inc. | 16,596 | ||||
400 | Stryker Corp. | 25,236 | |||||
200 | @ | Varian Medical Systems, Inc. | 8,502 | ||||
400 | @ | Zimmer Holdings, Inc. | 33,956 | ||||
629,862 | |||||||
Healthcare — Services: 0.2% | |||||||
920 | Aetna, Inc. | 45,448 | |||||
315 | @ | Coventry Health Care, Inc. | 18,160 | ||||
300 | @ | Humana, Inc. | 18,273 | ||||
150 | @ | Laboratory Corp. of America Holdings | 11,739 | ||||
2,260 | UnitedHealth Group, Inc. | 115,576 | |||||
1,010 | @ | WellPoint, Inc. | 80,628 | ||||
289,824 | |||||||
Home Builders: 0.0% | |||||||
400 | Centex Corp. | 16,040 | |||||
400 | KB Home | 15,748 | |||||
200 | Lennar Corp. | 7,312 | |||||
39,100 | |||||||
Home Furnishings: 0.0% | |||||||
100 | Harman International Industries, Inc. | 11,680 | |||||
100 | Whirlpool Corp. | 11,120 | |||||
22,800 | |||||||
Household Products/Wares: 0.1% | |||||||
200 | Clorox Co. | 12,420 | |||||
1,000 | Kimberly-Clark Corp. | 66,890 | |||||
79,310 | |||||||
Shares | Value | ||||||
Housewares: 0.0% | |||||||
700 | Newell Rubbermaid, Inc. | $ | 20,601 | ||||
20,601 | |||||||
Insurance: 0.9% | |||||||
690 | @@ | ACE Ltd. | 43,139 | ||||
900 | Aflac, Inc. | 46,260 | |||||
1,320 | Allstate Corp. | 81,193 | |||||
200 | AMBAC Financial Group, Inc. | 17,438 | |||||
4,300 | American International Group, Inc. | 301,129 | |||||
500 | AON Corp. | 21,305 | |||||
300 | Assurant, Inc. | 17,676 | |||||
1,020 | Chubb Corp. | 55,223 | |||||
600 | Cigna Corp. | 31,332 | |||||
900 | Genworth Financial, Inc. | 30,960 | |||||
650 | Hartford Financial Services Group, Inc. | 64,032 | |||||
435 | Lincoln National Corp. | 30,863 | |||||
590 | Loews Corp. | 30,078 | |||||
800 | Marsh & McLennan Cos., Inc. | 24,704 | |||||
200 | MBIA, Inc. | 12,444 | |||||
1,400 | Metlife, Inc. | 90,272 | |||||
130 | MGIC Investment Corp. | 7,392 | |||||
600 | Principal Financial Group | 34,974 | |||||
1,610 | Progressive Corp. | 38,527 | |||||
940 | Prudential Financial, Inc. | 91,396 | |||||
200 | Safeco Corp. | 12,452 | |||||
250 | Torchmark Corp. | 16,750 | |||||
1,250 | Travelers Cos., Inc. | 66,875 | |||||
400 | UnumProvident Corp. | 10,444 | |||||
350 | @@ | XL Capital Ltd. | 29,502 | ||||
1,206,360 | |||||||
Internet: 0.3% | |||||||
500 | @ | Amazon.com, Inc. | 34,205 | ||||
1,800 | @ | eBay, Inc. | 57,924 | ||||
350 | @ | Google, Inc. | 183,183 | ||||
500 | @ | IAC/InterActiveCorp. | 17,305 | ||||
1,846 | @ | Symantec Corp. | 37,289 | ||||
500 | @ | VeriSign, Inc. | 15,865 | ||||
2,000 | @ | Yahoo!, Inc. | 54,260 | ||||
400,031 | |||||||
Iron/Steel: 0.1% | |||||||
200 | Allegheny Technologies, Inc. | 20,976 | |||||
670 | Nucor Corp. | 39,296 | |||||
270 | United States Steel Corp. | 29,363 | |||||
89,635 | |||||||
Leisure Time: 0.1% | |||||||
700 | Carnival Corp. | 34,139 | |||||
550 | Harley-Davidson, Inc. | 32,786 | |||||
66,925 | |||||||
Lodging: 0.1% | |||||||
300 | Harrah's Entertainment, Inc. | 25,578 | |||||
300 | Hilton Hotels Corp. | 10,041 | |||||
360 | Marriott International, Inc. | 15,566 | |||||
250 | Starwood Hotels & Resorts Worldwide, Inc. | 16,768 | |||||
67,953 | |||||||
Machinery — Construction & Mining: 0.1% | |||||||
1,200 | Caterpillar, Inc. | 93,960 | |||||
200 | @ | Terex Corp. | 16,260 | ||||
110,220 | |||||||
See Accompanying Notes to Financial Statements
47
Table of Contents
ING GET FUND — SERIES V | PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Shares | Value | ||||||
Machinery — Diversified: 0.1% | |||||||
300 | Cummins, Inc. | $ | 30,363 | ||||
450 | Deere & Co. | 54,333 | |||||
200 | Rockwell Automation, Inc. | 13,888 | |||||
98,584 | |||||||
Media: 0.5% | |||||||
1,000 | CBS Corp. — Class B | 33,320 | |||||
750 | Clear Channel Communications, Inc. | 28,365 | |||||
4,000 | @ | Comcast Corp. — Class A | 112,480 | ||||
1,300 | @ | DIRECTV Group, Inc. | 30,043 | ||||
450 | Gannett Co., Inc. | 24,728 | |||||
820 | McGraw-Hill Cos., Inc. | 55,826 | |||||
4,050 | News Corp., Inc. — Class A | 85,901 | |||||
4,500 | Time Warner, Inc. | 94,680 | |||||
900 | @ | Viacom - Class B | 37,467 | ||||
3,350 | Walt Disney Co. | 114,369 | |||||
617,179 | |||||||
Metal Fabricate/Hardware: 0.0% | |||||||
100 | Precision Castparts Corp. | 12,136 | |||||
12,136 | |||||||
Mining: 0.1% | |||||||
1,400 | Alcoa, Inc. | 56,742 | |||||
577 | Freeport-McMoRan Copper & Gold, Inc. | 47,787 | |||||
500 | Newmont Mining Corp. | 19,530 | |||||
124,059 | |||||||
Miscellaneous Manufacturing: 0.9% | |||||||
1,300 | 3M Co. | 112,827 | |||||
400 | Cooper Industries Ltd. | 22,836 | |||||
350 | Danaher Corp. | 26,425 | |||||
800 | Eastman Kodak Co. | 22,264 | |||||
500 | Eaton Corp. | 46,500 | |||||
15,950 | General Electric Co. | 610,566 | |||||
1,200 | Honeywell International, Inc. | 67,536 | |||||
800 | Illinois Tool Works, Inc. | 43,352 | |||||
500 | ITT Corp. | 34,140 | |||||
200 | Pall Corp. | 9,198 | |||||
400 | Parker Hannifin Corp. | 39,164 | |||||
100 | Textron, Inc. | 11,011 | |||||
3,350 | Tyco International Ltd. | 113,197 | |||||
1,159,016 | |||||||
Office/Business Equipment: 0.0% | |||||||
1,550 | @ | Xerox Corp. | 28,644 | ||||
28,644 | |||||||
Oil & Gas: 1.5% | |||||||
900 | Anadarko Petroleum Corp. | 46,791 | |||||
200 | Apache Corp. | 16,318 | |||||
400 | Chesapeake Energy Corp. | 13,840 | |||||
3,981 | Chevron Corp. | 335,359 | |||||
2,841 | ConocoPhillips | 223,019 | |||||
800 | Devon Energy Corp. | 62,632 | |||||
400 | ENSCO International, Inc. | 24,404 | |||||
200 | EOG Resources, Inc. | 14,612 | |||||
9,600 | ExxonMobil Corp. | 805,248 | |||||
300 | Hess Corp. | 17,688 | |||||
1,500 | Marathon Oil Corp. | 89,940 | |||||
200 | Murphy Oil Corp. | 11,888 | |||||
500 | @, @@ | Nabors Industries Ltd. | 16,690 | ||||
200 | Noble Corp. | 19,504 |
Shares | Value | ||||||
1,500 | Occidental Petroleum Corp. | $ | 86,820 | ||||
300 | Sunoco, Inc. | 23,904 | |||||
500 | @ | Transocean, Inc. | 52,990 | ||||
1,100 | Valero Energy Corp. | 81,246 | |||||
400 | XTO Energy, Inc. | 24,040 | |||||
1,966,933 | |||||||
Oil & Gas Services: 0.2% | |||||||
400 | Baker Hughes, Inc. | 33,652 | |||||
1,900 | Halliburton Co. | 65,550 | |||||
350 | @ | National Oilwell Varco, Inc. | 36,484 | ||||
1,900 | Schlumberger Ltd. | 161,386 | |||||
200 | @ | Weatherford International Ltd. | 11,048 | ||||
308,120 | |||||||
Packaging & Containers: 0.1% | |||||||
250 | Ball Corp. | 13,293 | |||||
300 | Bemis Co. | 9,954 | |||||
750 | @ | Pactiv Corp. | 23,918 | ||||
600 | Sealed Air Corp. | 18,612 | |||||
65,777 | |||||||
Pharmaceuticals: 0.9% | |||||||
2,100 | Abbott Laboratories | 112,455 | |||||
500 | AmerisourceBergen Corp. | 24,735 | |||||
200 | @ | Barr Pharmaceuticals, Inc. | 10,046 | ||||
3,100 | Bristol-Myers Squibb Co. | 97,836 | |||||
600 | Cardinal Health, Inc. | 42,384 | |||||
1,400 | Eli Lilly & Co. | 78,232 | |||||
420 | @ | Express Scripts, Inc. | 21,004 | ||||
700 | @ | Forest Laboratories, Inc. | 31,955 | ||||
1,400 | @ | Gilead Sciences, Inc. | 54,278 | ||||
550 | @ | King Pharmaceuticals, Inc. | 11,253 | ||||
400 | @ | Medco Health Solutions, Inc. | 31,196 | ||||
3,550 | Merck & Co., Inc. | 176,790 | |||||
700 | Mylan Laboratories | 12,733 | |||||
11,500 | Pfizer, Inc. | 294,055 | |||||
2,450 | Schering-Plough Corp. | 74,578 | |||||
400 | @ | Watson Pharmaceuticals, Inc. | 13,012 | ||||
2,150 | Wyeth | 123,281 | |||||
1,209,823 | |||||||
Pipelines: 0.1% | |||||||
1,050 | El Paso Corp. | 18,092 | |||||
400 | Questar Corp. | 21,140 | |||||
800 | Spectra Energy Corp. | 20,768 | |||||
1,000 | Williams Cos., Inc. | 31,620 | |||||
91,620 | |||||||
Real Estate Investment Trusts: 0.1% | |||||||
200 | Apartment Investment & Management Co. | 10,084 | |||||
330 | Archstone-Smith Trust | 19,506 | |||||
300 | Boston Properties, Inc. | 30,639 | |||||
300 | Developers Diversified Realty Corp. | 15,813 | |||||
200 | Equity Residential | 9,126 | |||||
600 | Host Hotels & Resorts, Inc. | 13,872 | |||||
300 | Kimco Realty Corp. | 11,421 | |||||
450 | Prologis | 25,605 | |||||
300 | Simon Property Group, Inc. | 27,912 | |||||
200 | Vornado Realty Trust | 21,968 | |||||
185,946 | |||||||
See Accompanying Notes to Financial Statements
48
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ING GET FUND — SERIES V | PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Shares | Value | ||||||
Retail: 0.9% | |||||||
200 | @ | Autozone, Inc. | $ | 27,324 | |||
300 | @ | Bed Bath & Beyond, Inc. | 10,797 | ||||
810 | Best Buy Co., Inc. | 37,803 | |||||
400 | @ | Big Lots, Inc. | 11,768 | ||||
800 | Costco Wholesale Corp. | 46,816 | |||||
2,218 | CVS Corp. | 80,846 | |||||
350 | Darden Restaurants, Inc. | 15,397 | |||||
500 | Dollar General Corp. | 10,960 | |||||
600 | Family Dollar Stores, Inc. | 20,592 | |||||
1,100 | Gap, Inc. | 21,010 | |||||
2,820 | Home Depot, Inc. | 110,967 | |||||
450 | JC Penney Co., Inc. | 32,571 | |||||
500 | @ | Kohl's Corp. | 35,515 | ||||
2,500 | Lowe's Cos., Inc. | 76,725 | |||||
1,048 | Macy's, Inc. | 41,689 | |||||
2,250 | McDonald's Corp. | 114,210 | |||||
400 | Nordstrom, Inc. | 20,448 | |||||
400 | @ | Office Depot, Inc. | 12,120 | ||||
500 | RadioShack Corp. | 16,570 | |||||
130 | @ | Sears Holding Corp. | 22,035 | ||||
900 | Staples, Inc. | 21,357 | |||||
1,150 | @ | Starbucks Corp. | 30,176 | ||||
1,300 | Target Corp. | 82,680 | |||||
950 | TJX Cos., Inc. | 26,125 | |||||
1,590 | Walgreen Co. | 69,229 | |||||
3,750 | Wal-Mart Stores, Inc. | 180,413 | |||||
400 | Wendy's International, Inc. | 14,700 | |||||
1,000 | Yum! Brands, Inc. | 32,720 | |||||
1,223,563 | |||||||
Savings & Loans: 0.1% | |||||||
900 | Hudson City Bancorp., Inc. | 10,998 | |||||
500 | Sovereign Bancorp., Inc. | 10,570 | |||||
1,702 | Washington Mutual, Inc. | 72,573 | |||||
94,141 | |||||||
Semiconductors: 0.4% | |||||||
750 | @ | Advanced Micro Devices, Inc. | 10,725 | ||||
750 | Altera Corp. | 16,598 | |||||
350 | Analog Devices, Inc. | 13,174 | |||||
1,350 | Applied Materials, Inc. | 26,825 | |||||
600 | @ | Broadcom Corp. | 17,550 | ||||
9,540 | Intel Corp. | 226,670 | |||||
500 | KLA-Tencor Corp. | 27,475 | |||||
400 | Linear Technology Corp. | 14,472 | |||||
1,100 | @ | LSI Logic Corp. | 8,261 | ||||
500 | Maxim Integrated Products | 16,705 | |||||
400 | @ | MEMC Electronic Materials, Inc. | 24,448 | ||||
1,150 | @ | Micron Technology, Inc. | 14,410 | ||||
450 | National Semiconductor Corp. | 12,722 | |||||
450 | @ | Novellus Systems, Inc. | 12,767 | ||||
500 | @ | Nvidia Corp. | 20,655 | ||||
650 | @ | Teradyne, Inc. | 11,427 | ||||
2,100 | Texas Instruments, Inc. | 79,023 | |||||
500 | Xilinx, Inc. | 13,385 | |||||
567,292 | |||||||
Software: 0.6% | |||||||
920 | @ | Adobe Systems, Inc. | 36,938 | ||||
470 | @ | Autodesk, Inc. | 22,128 | ||||
950 | Automatic Data Processing, Inc. | 46,047 | |||||
500 | @ | BMC Software, Inc. | 15,150 |
Shares | Value | ||||||
1,250 | CA, Inc. | $ | 32,288 | ||||
500 | @ | Citrix Systems, Inc. | 16,835 | ||||
1,350 | @ | Compuware Corp. | 16,011 | ||||
450 | @ | Electronic Arts, Inc. | 21,294 | ||||
1,172 | First Data Corp. | 38,289 | |||||
400 | @ | Fiserv, Inc. | 22,720 | ||||
900 | @ | Intuit, Inc. | 27,072 | ||||
13,150 | Microsoft Corp. | 387,531 | |||||
1,300 | @ | Novell, Inc. | 10,127 | ||||
6,100 | @ | Oracle Corp. | 120,231 | ||||
600 | Paychex, Inc. | 23,472 | |||||
836,133 | |||||||
Telecommunications: 1.0% | |||||||
400 | @@ | Allergan, Inc. | 23,056 | ||||
500 | Alltel Corp. | 33,775 | |||||
9,910 | AT&T, Inc. | 411,265 | |||||
800 | @ | Avaya, Inc. | 13,472 | ||||
500 | CenturyTel, Inc. | 24,525 | |||||
10,150 | @ | Cisco Systems, Inc. | 282,678 | ||||
1,200 | Citizens Communications Co. | 18,324 | |||||
2,600 | @ | Corning, Inc. | 66,430 | ||||
328 | Embarq Corp. | 20,785 | |||||
850 | @ | Juniper Networks, Inc. | 21,395 | ||||
3,920 | Motorola, Inc. | 69,384 | |||||
2,600 | Qualcomm, Inc. | 112,814 | |||||
2,400 | @ | Qwest Communications International, Inc. | 23,280 | ||||
4,266 | Sprint Nextel Corp. | 88,349 | |||||
1,100 | @ | Tellabs, Inc. | 11,836 | ||||
4,100 | Verizon Communications, Inc. | 168,797 | |||||
1,390,165 | |||||||
Toys/Games/Hobbies: 0.0% | |||||||
500 | Hasbro, Inc. | 15,705 | |||||
1,000 | Mattel, Inc. | 25,290 | |||||
40,995 | |||||||
Transportation: 0.3% | |||||||
500 | Burlington Northern Santa Fe Corp. | 42,570 | |||||
200 | CH Robinson Worldwide, Inc. | 10,504 | |||||
700 | CSX Corp. | 31,556 | |||||
550 | FedEx Corp. | 61,034 | |||||
650 | Norfolk Southern Corp. | 34,171 | |||||
500 | Union Pacific Corp. | 57,575 | |||||
1,400 | United Parcel Service, Inc. | 102,200 | |||||
339,610 | |||||||
Total Common Stock | 21,743,178 | ||||||
See Accompanying Notes to Financial Statements
49
Table of Contents
ING GET FUND — SERIES V | PORTFOLIO OF INVESTMENTS ASOF JUNE 30, 2007 (UNAUDITED) (CONTINUED) |
Principal Amount | Value | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 78.0% | ||||||||
Federal Home Loan Mortgage Corporation: 21.7% | ||||||||
$ | 5,375,000 | ^, Z | 5.070%, due 07/15/08 | $ | 5,101,359 | |||
25,500,000 | ^^, Z | 5.200%, due 10/15/08 | 23,882,918 | |||||
28,984,277 | ||||||||
Federal National Mortgage Corporation: 28.2% | ||||||||
39,500,000 | ^^, Z | 5.260%, due 05/15/08 | 37,734,130 | |||||
37,734,130 | ||||||||
Other U.S. Agency Obligations: 28.1% | ||||||||
14,205,000 | Z | Financing Corp., | 13,512,307 | |||||
5,763,000 | Z | Financing Corp., | 5,405,394 | |||||
15,000,000 | ^, Z | Resolution Funding Corp., | 14,263,710 | |||||
4,604,000 | ^, Z | Tennessee Valley Authority, | 4,371,378 | |||||
37,552,789 | ||||||||
Total U.S. Government Agency Obligations | 104,271,196 | |||||||
U.S. TREASURY OBLIGATIONS: 5.5% | ||||||||
U.S. Treasury STRIP: 5.5% | ||||||||
7,676,000 | ^^, Z | 5.060%, due 05/15/08 | 7,351,512 | |||||
Total U.S. Treasury Obligations | 7,351,512 | |||||||
Total Long-Term Investments | 133,365,886 | |||||||
SHORT-TERM INVESTMENTS: 0.4% | ||||||||
Mutual Fund: 0.2% | ||||||||
200,000 | ** | ING Institutional Prime Money Market Fund | 200,000 | |||||
Total Mutual Fund | 200,000 | |||||||
Principal Amount | Value | |||||||||
Repurchase Agreement: 0.2% | ||||||||||
$ | 307,000 | Morgan Stanley Repurchase Agreement dated 06/29/07, 5.300%, due 07/02/07, $307,136 to be received upon repurchase (Collateralized by $660,000 Resolution Funding Corporation, Discount Note, Market Value $314,563, due 01/15/21) | 307,000 | |||||||
Total Repurchase Agreement | 307,000 | |||||||||
Total Short-Term Investments | 507,000 | |||||||||
Total Investments in Securities | 100.1 | % | $ | 133,872,886 | ||||||
Other Assets and Liabilities - Net | (0.1 | ) | (193,169 | ) | ||||||
Net Assets | 100.0 | % | $ | 133,679,717 | ||||||
@ | Non-income producing security |
@@ | Foreign Issuer |
STRIP | Separate Trading of Registered Interest and Principal of Securities |
** | Investment in affiliate |
^ | Interest Only (IO) Security |
^^ | Principal Only (PO) Security |
Z | Indicates Zero Coupon Bond; rate shown reflects effective yield on the date of purchase |
* | Cost for federal income tax purposes is $134,486,343. |
Net unrealized depreciation consists of: | ||||
Gross Unrealized Appreciation | $ | 2,805,561 | ||
Gross Unrealized Depreciation | (3,419,018 | ) | ||
Net Unrealized Depreciation | $ | (613,457 | ) | |
See Accompanying Notes to Financial Statements
50
Table of Contents
Investment Adviser
ING Investments, LLC
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258
Administrator
ING Funds Services, LLC
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258
Transfer Agent
DST Systems, Inc.
P.O. Box 419368
Kansas City, Missouri 64141
Custodian
The Bank of New York Mellon Corporation
One Wall Street
New York, New York 10236
Legal Counsel
Goodwin Procter LLP
Exchange Place
53 State Street
Boston, Massachusetts 02109
Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.
VSAR-AGET | (0607-082107) |
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ITEM 2. | CODE OF ETHICS. |
Not required for semi-annual filing.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not required for semi-annual filing.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not required for semi-annual filing.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not required for semi-annual filing.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
Schedule is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
The Board has a Nominating Committee for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board. The Committee currently consists of all Independent Trustees of the Board (6 individuals). The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider and present to the Board the candidates it proposes for nomination to fill vacancies on the Board. In evaluating candidates, the Nominating Committee may consider a variety of factors, but it has not at this time set any specific minimum qualifications that must be met. Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.
The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews its own nominees. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include at a minimum the following information as to each individual proposed for nomination as trustee: such individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a trustee (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of trustees, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.
The Secretary shall submit all nominations received in a timely manner to the Nominating Committee. To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90th day prior to such meeting and not later than the close of business on the later of the 60th day prior to such meeting or the 10th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the Securities and Exchange Commission.
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ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR. |
(b) | There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | EXHIBITS. |
(a)(1) | The Code of Ethics is not required for the semi-annual filing. | |
(a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT. | |
(a)(3) | Not required for semi-annual filing. | |
(b) | The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT. |
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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 GET Fund | ||
By | /s/ Shaun P. Mathews | |
Shaun P. Mathews | ||
President and Chief Executive Officer | ||
Date: | September 5, 2007 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | /s/ Shaun P. Mathews | |
Shaun P. Mathews | ||
President and Chief Executive Officer | ||
Date: | September 5, 2007 | |
By | /s/ Todd Modic | |
Todd Modic | ||
Senior Vice President and Chief Financial Officer | ||
Date: | September 5, 2007 |