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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 811-5062
-------------------
ING GET Fund
------------------------------------------------
(Exact name of registrant as specified in charter)
7337 East Doubletree Ranch Road, Scottsdale, Arizona 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: December 31, 2002
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):
ANNUAL REPORT
(PHOTO OF COMPASS)
December 31, 2002
ING GET FUND
Series D
Series E
Series G
Series H
Series I
Series J
Series K
Series L
Series M
Series N
Series P
Series Q
Series R
Series S
Series T
Series U
[ING FUNDS LOGO]
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
<Table>
President's Letter..................................... 1
Portfolio Managers' Reports............................ 2
Index Descriptions..................................... 20
Independent Auditors' Report........................... 21
Statements of Assets and Liabilities................... 22
Statements of Operations............................... 25
Statements of Changes in Net Assets.................... 28
Financial Highlights................................... 35
Notes to Financial Statements.......................... 51
Portfolios of Investments.............................. 62
Tax Information........................................ 153
Trustee and Officer Information........................ 154
</Table>
(THIS PAGE INTENTIONALLY LEFT BLANK)
PRESIDENT'S LETTER
- --------------------------------------------------------------------------------
Dear Shareholder:
We are pleased to present the December 31, 2002 Annual Report for the ING GET
Fund.
The year ended December 31, 2002 proved to be a difficult year as a weak economy
and continued accounting scandals in the corporate sector took their toll on the
U.S. equity markets.
Amid the difficulties of the past year, we were successful in integrating the
operations of various mutual fund groups that have been acquired by ING Groep
N.V. over the past two years. The ING Funds family now offers more than 100
open- and closed-end funds and variable products with a wide range of investment
objectives and styles.
At ING Funds, we are dedicated to providing core investments for serious
investors. Our goal is to understand and anticipate your needs and objectives,
and manage our products accordingly. We greatly appreciate your continued
investment in the ING Funds.
Sincerely,
(-s- James M. Hennessy)
James M. Hennessy
President
ING Funds Services, LLC
January 15, 2003
1
ING GET FUND -- SERIES D THROUGH U
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT TEAM: Mary Ann Fernandez, Senior Vice President; Hugh T.M.
Whelan, Portfolio Manager; Douglas E. Cote, Portfolio Manager; team of fixed
income specialists, Aeltus Investment Management, Inc. ("Aeltus").
GOAL: ING GET Fund, Series D, E, G, H, I, J, K, L, M, N, P, Q, R, S and T (each
a "Series"; collectively the "GET Series") seeks to achieve maximum total return
without compromising a minimum targeted return by participating in favorable
equity market performance during the Guarantee period. ING GET Fund, Series U
seeks to achieve maximum total return and minimal exposure of the Series' assets
to a market value loss by participating, to the extent possible, in favorable
equity market performance during the Guarantee Period.
MARKET OVERVIEW: The Standard and Poor's 500 Index ("S&P 500") posted a loss of
22.10% in 2002, its worst calendar year performance since 1974. Concerns about
the integrity of corporate accounting, the strength of the U.S. economic
rebound, and international hostilities consistently weighed on the market all
year. Bonds, on the other hand, posted solid gains over the period. The Lehman
Brothers Aggregate Bond Index ("Lehman Aggregate") was up 10.25%.
The year ended with an equity rally in the fourth quarter, which was sustained
by the Federal Reserve's surprise 50 basis point rate cut on November 6th.
Evidencing a significant change in investor sentiment, the equity rally occurred
primarily in sectors like telecommunication services and information technology,
which had suffered the worst performance in the first nine months of the year.
Interest rates across the yield curve declined significantly over the
year -- overall making bonds the place to be in 2002.
PERFORMANCE: Listed below are the Series' total returns, excluding any charges,
and their benchmark indices for the year ended December 31, 2002.
<Table>
ING GET Fund -- Series D 0.66%
ING GET Fund -- Series E 4.09%
ING GET Fund -- Series G 4.97%
ING GET Fund -- Series H 4.77%
ING GET Fund -- Series I 5.35%
ING GET Fund -- Series J 6.07%
ING GET Fund -- Series K 5.73%
ING GET Fund -- Series L 2.69%
ING GET Fund -- Series M 3.60%
ING GET Fund -- Series N -0.37%
ING GET Fund -- Series P 1.27%
ING GET Fund -- Series Q(1) 2.11%
ING GET Fund -- Series R(2) 2.17%
ING GET Fund -- Series S(3) 1.15%
ING GET Fund -- Series T(4) 1.21%
S&P 500 Index -22.10%
Lehman Brothers Aggregate Bond Index 10.25%
</Table>
- ------------------
(1) Total return calculation is from the first day of Guarantee Period
(3/15/02).
(2) Total return calculation is from the first day of Guarantee Period
(6/14/02).
(3) Total return calculation is from the first day of Guarantee Period
(9/12/02).
(4) Total return calculation is from the first day of Guarantee Period
(12/12/02).
Since ING GET Fund, Series U had not entered the Guarantee Period as of December
31, 2002, it does not have performance information for that period that an
investor may find useful in evaluating the risks of investing in the Series. For
current performance, when available, please call ING Funds Distributor, LLC at
(800) 992-0180.
PORTFOLIO SPECIFICS: The GET Series performance is driven by three factors: the
asset allocation process, the underlying fixed income portfolio, invested
primarily in U.S. Treasury and agency securities, and the underlying equity
portfolio, invested in Aeltus' quantitative enhanced S&P 500 strategy. Asset
allocation was the main contributor to outperformance relative to the S&P 500 as
bonds outperformed stocks throughout 2002. Over the course of the year, our
allocation to equities was lowered while the fixed income allocation was
increased.
The asset allocation process is designed to participate in upwardly moving
equity markets and to focus on loss protection when markets are troubled. The
factors that determine the allocation include: market volatility, the current
level of interest rates, time left to the maturity of the Series, and the
current value of the Series' assets relative to the underlying guarantee amount.
In general, the Series buys equities (and sells fixed income securities) when
the equity market is rising and sells equities in favor of fixed income
securities as the equity market declines. Frequent asset re-allocations can
significantly impact performance, especially in rapidly moving or very volatile
markets by generating transaction costs such as brokerage commissions.
The Series' underlying equity component outperformed the S&P 500 for the period,
led by successful individual security selection, in particular, in the
industrials and information technology sectors. Effective individual security
selection was partially offset by the adverse impact of the Series' sector
allocation. This was due to our underweights in energy and healthcare, which
performed relatively well during the year.
The fixed income component delivered strong positive returns compared to
equities. Series I-R outperformed the Lehman Aggregate as longer duration U.S.
Treasuries
2
ING GET FUND -- SERIES D THROUGH U
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
and agencies outperformed other sectors in the benchmark over the period. Series
D-H's fixed income component underperformed the Lehman Aggregate over the period
mainly due to their shorter durations. Over the period, shorter duration
Treasuries and Agencies underperformed other sectors of the Lehman Aggregate.
Series S, which started its guarantee period on September 12, 2002, modestly
underperformed the Lehman Aggregate as Treasuries and agencies took a back seat
to credit sectors in the fourth quarter rally.
<Table>
<Caption>
ASSET ALLOCATION AS A
PERCENTAGE OF NET ASSETS AT
DECEMBER 31, 2002
----------------------------
EQUITY FIXED INCOME
COMPONENT COMPONENT
--------- ---------
ING GET Fund -- Series D 4.59% 94.75%
ING GET Fund -- Series E 5.29% 94.84%
ING GET Fund -- Series G 2.55% 97.59%
ING GET Fund -- Series H 5.36% 94.70%
ING GET Fund -- Series I 3.43% 96.67%
ING GET Fund -- Series J 0.73% 99.34%
ING GET Fund -- Series K 0.64% 99.47%
ING GET Fund -- Series L 3.64% 96.40%
ING GET Fund -- Series M 4.69% 95.43%
ING GET Fund -- Series N 12.23% 87.87%
ING GET Fund -- Series P 4.72% 95.34%
ING GET Fund -- Series Q 14.52% 85.61%
ING GET Fund -- Series R 10.05% 90.08%
ING GET Fund -- Series S 12.43% 87.67%
ING GET Fund -- Series T 14.28% 85.65%
ING GET Fund -- Series U -- 100.00%
</Table>
MARKET OUTLOOK: The cumulative losses of the recent three-year bear market in
U.S. large cap equities have only been exceeded by the four year bear market
from 1929-32. The depression era bear market was accompanied by a 50% decline in
nominal gross domestic product ("GDP") and double-digit unemployment --
conditions that do not exist today. All of the prior multi-year bear markets, in
1929-32, 1939-41, and 1973-74, were followed by a period of abnormally high
equity returns. Based on the historical relationship between expected earnings
and current interest rates, the U.S. large cap market may be significantly
undervalued now. While expected earnings may not materialize and the risks of
terrorism and war remain, valuations and the length of the recent bear market
suggest a positive outlook for U.S. equity returns.
Thus, in 2003 we expect a generally favorable economic and monetary climate for
investors. The U.S. should continue to be the growth leader among the world's
developed economies, with real GDP growth, on a year over year basis, expected
to be in the 2.8-3% range, and to have a gradual recovery. The U.S. continues to
have very accommodative monetary and fiscal policies and we expect inflation to
remain under control. We think the Federal Reserve may be reluctant to raise the
Fed Funds rate prematurely, waiting for growth and employment gains to be firmly
established before raising rates.
3
ING GET FUND -- SERIES D
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
[LINE GRAPH]
<Table>
<Caption>
LEHMAN BROTHERS
AGGREGATE BOND INDEX S&P 500 INDEX ING GET FUND - SERIES D
-------------------- ------------- -----------------------
01/16/1999 10000.00 10000.00 10000.00
12/31/1999 9848.00 11618.00 10801.00
12/31/2000 10992.00 10560.00 10413.00
12/31/2001 11921.00 9305.00 16621.00
12/31/2002 13143.00 7248.00 10692.00
</Table>
<Table>
<Caption>
AVERAGE ANNUAL TOTAL RETURNS
FOR THE PERIODS ENDED DECEMBER 31, 2002
-----------------------------------------
SINCE INCEPTION OF
GUARANTEE PERIOD
1 YEAR 1/16/99
------ -------
ING GET Fund -- Series D 0.66% 1.70%
S&P 500 Index -22.10% -7.89%(1)
Lehman Brothers Aggregate Bond Index 10.25% 7.23%(1)
</Table>
Based upon a $10,000 initial investment, the graph and table above illustrate
the total return of ING GET Fund -- Series D against the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The Indices are unmanaged and have an
inherent performance advantage over the Fund since they have no cash in their
portfolios, impose no sales charges and incur no operating expenses. An investor
cannot invest directly in an index. The Fund's performance is shown without the
imposition of any expenses or charges which are, or may be, imposed under your
annuity contract or life insurance policy. Total returns would have been lower
if such expenses or charges were included.
Performance graph and table do not reflect the deduction of taxes that a
shareholder will pay on Fund distributions or the redemption of Fund shares.
Total returns reflect the fact that the Investment Manager has waived certain
fees and operating expenses otherwise payable by the Fund, subject to possible
later reimbursement during a three-year period. Total returns would have been
lower had there been no waiver to the Fund.
PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
This report contains statements that may be "forward-looking" statements. Actual
results may differ materially from those projected in the "forward-looking"
statements.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
(1) Since inception performance for the index is shown from 02/01/99.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
See accompanying index descriptions on page 20.
4
ING GET FUND -- SERIES E
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
[LINE GRAPH]
<Table>
<Caption>
LEHMAN BROTHERS
ING GET FUND - SERIES E S&P 500 INDEX AGGREGATE BOND INDEX
----------------------- ------------- --------------------
9/15/1999 10000.00 10000.00 10000.00
12/31/1999 10714.00 11173.00 10104.00
12/31/2000 10247.00 10156.00 11278.00
12/31/2001 10330.00 8949.00 12231.00
12/31/2002 10752.00 6971.00 13485.00
</Table>
<Table>
<Caption>
AVERAGE ANNUAL TOTAL RETURNS
FOR THE PERIODS ENDED DECEMBER 31, 2002
-----------------------------------------
SINCE INCEPTION OF
GUARANTEE PERIOD
1 YEAR 09/15/99
------ --------
ING GET Fund -- Series E 4.09% 2.22%
S&P 500 Index -22.10% -10.26%(1)
Lehman Brothers Aggregate Bond Index 10.25% 9.38%(1)
</Table>
Based upon a $10,000 initial investment, the graph and table above illustrate
the total return of ING GET Fund -- Series E against the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The Indices are unmanaged and have an
inherent performance advantage over the Fund since they have no cash in their
portfolios, impose no sales charges and incur no operating expenses. An investor
cannot invest directly in an index. The Fund's performance is shown without the
imposition of any expenses or charges which are, or may be, imposed under your
annuity contract or life insurance policy. Total returns would have been lower
if such expenses or charges were included.
Performance graph and table do not reflect the deduction of taxes that a
shareholder will pay on Fund distributions or the redemption of Fund shares.
Total returns reflect the fact that the Investment Manager has waived certain
fees and operating expenses otherwise payable by the Fund, subject to possible
later reimbursement during a three-year period. Total returns would have been
lower had there been no waiver to the Fund.
PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
This report contains statements that may be "forward-looking" statements. Actual
results may differ materially from those projected in the "forward-looking"
statements.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
(1) Since inception performance for the index is shown from 09/01/99.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
See accompanying index descriptions on page 20.
5
ING GET FUND -- SERIES G
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
[LINE GRAPH]
<Table>
<Caption>
LEHMAN BROTHERS
AGGREGATE BOND INDEX S&P 500 INDEX ING GET FUND - SERIES G
-------------------- ------------- -----------------------
12/15/1999 10000.00 10000.00 10000.00
12/31/1999 9952.00 10589.00 10288.00
12/31/2000 11109.00 9625.00 9983.00
12/31/2001 12047.00 8481.00 10124.00
12/31/2002 13282.00 6606.00 10627.00
</Table>
<Table>
<Caption>
AVERAGE ANNUAL TOTAL RETURNS
FOR THE PERIODS ENDED DECEMBER 31, 2002
-----------------------------------------
SINCE INCEPTION OF
GUARANTEE PERIOD
1 YEAR 12/15/99
------ --------
ING GET Fund -- Series G 4.97% 2.01%
S&P 500 Index -22.10% -12.58%(1)
Lehman Brothers Aggregate Bond Index 10.25% 9.64%(1)
</Table>
Based upon a $10,000 initial investment, the graph and table above illustrate
the total return of ING GET Fund -- Series G against the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The Indices are unmanaged and have an
inherent performance advantage over the Fund since they have no cash in their
portfolios, impose no sales charges and incur no operating expenses. An investor
cannot invest directly in an index. The Fund's performance is shown without the
imposition of any expenses or charges which are, or may be, imposed under your
annuity contract or life insurance policy. Total returns would have been lower
if such expenses or charges were included.
Performance graph and table do not reflect the deduction of taxes that a
shareholder will pay on Fund distributions or the redemption of Fund shares.
Total returns reflect the fact that the Investment Manager has waived certain
fees and operating expenses otherwise payable by the Fund, subject to possible
later reimbursement during a three-year period. Total returns would have been
lower had there been no waiver to the Fund.
PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
This report contains statements that may be "forward-looking" statements. Actual
results may differ materially from those projected in the "forward-looking"
statements.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
(1) Since inception performance for the index is shown from 12/01/99.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
See accompanying index descriptions on page 20.
6
ING GET FUND -- SERIES H
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
[LINE GRAPH]
<Table>
<Caption>
LEHMAN BROTHERS
AGGREGATE BOND INDEX S&P 500 INDEX ING GET FUND - SERIES H
-------------------- ------------- -----------------------
5/15/2000 10000.00 10000.00 10000.00
12/31/2000 11065.00 9755.00 10089.00
12/31/2001 12000.00 8596.00 10158.00
12/31/2002 13230.00 6696.00 10642.00
</Table>
<Table>
<Caption>
AVERAGE ANNUAL TOTAL RETURNS
FOR THE PERIODS ENDED DECEMBER 31, 2002
-----------------------------------------
SINCE INCEPTION OF
GUARANTEE PERIOD
1 YEAR 3/15/00
------ -------
ING GET Fund -- Series H 4.77% 2.25%
S&P 500 Index -22.10% -13.20%(1)
Lehman Brothers Aggregate Bond Index 10.25% 10.38%(1)
</Table>
Based upon a $10,000 initial investment, the graph and table above illustrate
the total return of ING GET Fund -- Series H against the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The Indices are unmanaged and have an
inherent performance advantage over the Fund since they have no cash in their
portfolios, impose no sales charges and incur no operating expenses. An investor
cannot invest directly in an index. The Fund's performance is shown without the
imposition of any expenses or charges which are, or may be, imposed under your
annuity contract or life insurance policy. Total returns would have been lower
if such expenses or charges were included.
Performance graph and table do not reflect the deduction of taxes that a
shareholder will pay on Fund distributions or the redemption of Fund shares.
Total returns reflect the fact that the Investment Manager has waived certain
fees and operating expenses otherwise payable by the Fund, subject to possible
later reimbursement during a three-year period. Total returns would have been
lower had there been no waiver to the Fund.
PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
This report contains statements that may be "forward-looking" statements. Actual
results may differ materially from those projected in the "forward-looking"
statements.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
(1) Since inception performance for the index is shown from 03/01/00.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
See accompanying index descriptions on page 20.
7
ING GET FUND -- SERIES I
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
[LINE GRAPH]
<Table>
<Caption>
LEHMAN BROTHERS
AGGREGATE BOND INDEX S&P 500 INDEX ING GET FUND - SERIES I
-------------------- ------------- -----------------------
6/15/2000 10000 10000 10000
12/31/2000 10958 9353 9848
12/31/2001 11883 8242 9963
12/31/2002 13102 6420 10496
</Table>
<Table>
<Caption>
AVERAGE ANNUAL TOTAL RETURNS
FOR THE PERIODS ENDED DECEMBER 31, 2002
-----------------------------------------
SINCE INCEPTION OF
GUARANTEE PERIOD
1 YEAR 6/15/00
------ -------
ING GET Fund -- Series I 5.35% 1.92%
S&P 500 Index -22.10% -15.76%(1)
Lehman Brothers Aggregate Bond Index 10.25% 11.02%(1)
</Table>
Based upon a $10,000 initial investment, the graph and table above illustrate
the total return of ING GET Fund -- Series I against the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The Indices are unmanaged and have an
inherent performance advantage over the Fund since they have no cash in their
portfolios, impose no sales charges and incur no operating expenses. An investor
cannot invest directly in an index. The Fund's performance is shown without the
imposition of any expenses or charges which are, or may be, imposed under your
annuity contract or life insurance policy. Total returns would have been lower
if such expenses or charges were included.
Performance graph and table do not reflect the deduction of taxes that a
shareholder will pay on Fund distributions or the redemption of Fund shares.
Total returns reflect the fact that the Investment Manager has waived certain
fees and operating expenses otherwise payable by the Fund, subject to possible
later reimbursement during a three-year period. Total returns would have been
lower had there been no waiver to the Fund.
PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
This report contains statements that may be "forward-looking" statements. Actual
results may differ materially from those projected in the "forward-looking"
statements.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
(1) Since inception performance for the index is shown from 06/01/00.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
See accompanying index descriptions on page 20.
8
ING GET FUND -- SERIES J
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
[LINE GRAPH]
<Table>
<Caption>
LEHMAN BROTHERS
ING GET FUND - SERIES J S&P 500 INDEX AGGREGATE BOND INDEX
----------------------- ------------- --------------------
9/14/2000 10000.00 10000.00 10000.00
12/31/2000 9676.00 8731.00 10486.00
12/31/2001 9803.00 7693.00 11371.00
12/31/2002 10398.00 5993.00 12538.00
</Table>
<Table>
<Caption>
AVERAGE ANNUAL TOTAL RETURNS
FOR THE PERIODS ENDED DECEMBER 31, 2002
-----------------------------------------
SINCE INCEPTION OF
GUARANTEE PERIOD
1 YEAR 9/14/00
------ -------
ING GET Fund -- Series J 6.07% 1.71%
S&P 500 Index -22.10% -19.70%(1)
Lehman Brothers Aggregate Bond Index 10.25% 10.18%(1)
</Table>
Based upon a $10,000 initial investment, the graph and table above illustrate
the total return of ING GET Fund -- Series J against the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The Indices are unmanaged and have an
inherent performance advantage over the Fund since they have no cash in their
portfolios, impose no sales charges and incur no operating expenses. An investor
cannot invest directly in an index. The Fund's performance is shown without the
imposition of any expenses or charges which are, or may be, imposed under your
annuity contract or life insurance policy. Total returns would have been lower
if such expenses or charges were included.
Performance graph and table do not reflect the deduction of taxes that a
shareholder will pay on Fund distributions or the redemption of Fund shares.
Total returns reflect the fact that the Investment Manager has waived certain
fees and operating expenses otherwise payable by the Fund, subject to possible
later reimbursement during a three-year period. Total returns would have been
lower had there been no waiver to the Fund.
PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
This report contains statements that may be "forward-looking" statements. Actual
results may differ materially from those projected in the "forward-looking"
statements.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
(1) Since inception performance for the index is shown from 09/01/00.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
See accompanying index descriptions on page 20.
9
ING GET FUND -- SERIES K
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
[LINE GRAPH]
<Table>
<Caption>
LEHMAN BROTHERS
AGGREGATE BOND INDEX S&P 500 INDEX ING GET FUND - SERIES K
-------------------- ------------- -----------------------
12/14/2002 10000 10000 10000
12/31/2000 10186 10049 9910
12/31/2001 11046 8855 9832
12/31/2002 12178 6897 10395
</Table>
<Table>
<Caption>
AVERAGE ANNUAL TOTAL RETURNS
FOR THE PERIODS ENDED DECEMBER 31, 2002
----------------------------------------
SINCE INCEPTION OF
GUARANTEE PERIOD
1 YEAR 12/14/00
------ --------
ING GET Fund -- Series K 5.73% 1.91%
S&P 500 Index -22.10% -16.33%(1)
Lehman Brothers Aggregate Bond Index 10.25% 9.92%(1)
</Table>
Based upon a $10,000 initial investment, the graph and table above illustrate
the total return of ING GET Fund -- Series K against the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The Indices are unmanaged and have an
inherent performance advantage over the Fund since they have no cash in their
portfolios, impose no sales charges and incur no operating expenses. An investor
cannot invest directly in an index. The Fund's performance is shown without the
imposition of any expenses or charges which are, or may be, imposed under your
annuity contract or life insurance policy. Total returns would have been lower
if such expenses or charges were included.
Performance graph and table do not reflect the deduction of taxes that a
shareholder will pay on Fund distributions or the redemption of Fund shares.
Total returns reflect the fact that the Investment Manager has waived certain
fees and operating expenses otherwise payable by the Fund, subject to possible
later reimbursement during a three-year period. Total returns would have been
lower had there been no waiver to the Fund.
PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
This report contains statements that may be "forward-looking" statements. Actual
results may differ materially from those projected in the "forward-looking"
statements.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
(1) Since inception performance for the index is shown from 12/01/00.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
See accompanying index descriptions on page 20.
10
ING GET FUND -- SERIES L
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
[LINE GRAPH]
<Table>
<Caption>
LEHMAN BROTHERS
AGGREGATE BOND INDEX S&P 500 INDEX ING GET FUND - SERIES L
-------------------- ------------- -----------------------
03/15/2001 10000.00 10000.00 10000.00
12/31/2001 10578.00 9363.00 9986.00
12/31/2002 11663.00 7294.00 10255.00
</Table>
<Table>
<Caption>
AVERAGE ANNUAL TOTAL RETURNS
FOR THE PERIODS ENDED DECEMBER 31, 2002
----------------------------------------
SINCE INCEPTION OF
GUARANTEE PERIOD
1 YEAR 03/15/01
------ --------
ING GET Fund -- Series L 2.69% 1.41%
S&P 500 Index -22.10% -15.81%(1)
Lehman Brothers Aggregate Bond Index 10.25% 8.75%(1)
</Table>
Based upon a $10,000 initial investment, the graph and table above illustrate
the total return of ING GET Fund -- Series L against the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The Indices are unmanaged and have an
inherent performance advantage over the Fund since they have no cash in their
portfolios, impose no sales charges and incur no operating expenses. An investor
cannot invest directly in an index. The Fund's performance is shown without the
imposition of any expenses or charges which are, or may be, imposed under your
annuity contract or life insurance policy. Total returns would have been lower
if such expenses or charges were included.
Performance graph and table do not reflect the deduction of taxes that a
shareholder will pay on Fund distributions or the redemption of Fund shares.
Total returns reflect the fact that the Investment Manager has waived certain
fees and operating expenses otherwise payable by the Fund, subject to possible
later reimbursement during a three-year period. Total returns would have been
lower had there been no waiver to the Fund.
PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
This report contains statements that may be "forward-looking" statements. Actual
results may differ materially from those projected in the "forward-looking"
statements.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
(1) Since inception performance for the index is shown from 03/01/01.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
See accompanying index descriptions on page 20.
11
ING GET FUND -- SERIES M
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
[LINE GRAPH]
<Table>
<Caption>
LEHMAN BROTHERS
AGGREGATE BOND INDEX S&P 500 INDEX ING GET FUND - SERIES M
-------------------- ------------- -----------------------
06/14/2001 10000.00 10000.00 10000.00
12/31/2001 10505.00 9214.00 9866.00
12/31/2002 11583.00 7177.00 10222.00
</Table>
<Table>
<Caption>
AVERAGE ANNUAL TOTAL RETURNS
FOR THE PERIODS ENDED DECEMBER 31, 2002
-----------------------------------------
SINCE INCEPTION OF
GUARANTEE PERIOD
1 YEAR 06/14/01
------ --------
ING GET Fund -- Series M 3.60% 1.43%
S&P 500 Index -22.10% -18.90%(1)
Lehman Brothers Aggregate Bond Index 10.25% 9.72%(1)
</Table>
Based upon a $10,000 initial investment, the graph and table above illustrate
the total return of ING GET Fund -- Series M against the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The Indices are unmanaged and have an
inherent performance advantage over the Fund since they have no cash in their
portfolios, impose no sales charges and incur no operating expenses. An investor
cannot invest directly in an index. The Fund's performance is shown without the
imposition of any expenses or charges which are, or may be, imposed under your
annuity contract or life insurance policy. Total returns would have been lower
if such expenses or charges were included.
Performance graph and table do not reflect the deduction of taxes that a
shareholder will pay on Fund distributions or the redemption of Fund shares.
Total returns reflect the fact that the Investment Manager has waived certain
fees and operating expenses otherwise payable by the Fund, subject to possible
later reimbursement during a three-year period. Total returns would have been
lower had there been no waiver to the Fund.
PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
This report contains statements that may be "forward-looking" statements. Actual
results may differ materially from those projected in the "forward-looking"
statements.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
(1) Since inception performance for the index is shown from 06/01/01.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
See accompanying index descriptions on page 20.
12
ING GET FUND -- SERIES N
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
[LINE GRAPH]
<Table>
<Caption>
LEHMAN BROTHERS
AGGREGATE BOND INDEX S&P 500 INDEX ING GET FUND - SERIES N
-------------------- ------------- -----------------------
09/18/2001 10000.00 10000.00 10000.00
12/31/2001 10005.00 11069.00 10282.00
12/31/2002 11030.00 8622.00 10245.00
</Table>
<Table>
<Caption>
TOTAL RETURNS FOR THE
PERIODS ENDED DECEMBER 31, 2002
-------------------------------------------------
SINCE INCEPTION OF
GUARANTEE PERIOD
1 YEAR 09/18/01
------ --------
ING GET Fund -- Series N -0.37% 1.89%
S&P 500 Index -22.10% -11.19%(1)
Lehman Brothers Aggregate Bond Index 10.25% 8.16%(1)
</Table>
Based upon a $10,000 initial investment, the graph and table above illustrate
the total return of ING GET Fund -- Series N against the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The Indices are unmanaged and have an
inherent performance advantage over the Fund since they have no cash in their
portfolios, impose no sales charges and incur no operating expenses. An investor
cannot invest directly in an index. The Fund's performance is shown without the
imposition of any expenses or charges which are, or may be, imposed under your
annuity contract or life insurance policy. Total returns would have been lower
if such expenses or charges were included.
Performance graph and table do not reflect the deduction of taxes that a
shareholder will pay on Fund distributions or the redemption of Fund shares.
Total returns reflect the fact that the Investment Manager has waived certain
fees and operating expenses otherwise payable by the Fund, subject to possible
later reimbursement during a three-year period. Total returns would have been
lower had there been no waiver to the Fund.
PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
This report contains statements that may be "forward-looking" statements. Actual
results may differ materially from those projected in the "forward-looking"
statements.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
(1) Since inception performance for the index is shown from 10/01/01.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
See accompanying index descriptions on page 20.
13
ING GET FUND -- SERIES P
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
[LINE GRAPH]
<Table>
<Caption>
LEHMAN BROTHERS
ING GET FUND - SERIES P S&P 500 INDEX AGGREGATE BOND INDEX
----------------------- ------------- --------------------
12/13/2001 10000 10000 10000
12/31/2001 10026 10088 9936
12/31/2002 10153 7858 10955
</Table>
<Table>
<Caption>
TOTAL RETURNS FOR THE
PERIODS ENDED DECEMBER 31, 2002
-------------------------------------------------
SINCE INCEPTION OF
GUARANTEE PERIOD
1 YEAR 12/13/01
------ --------
ING GET Fund -- Series P 1.27% 1.46%
S&P 500 Index -22.10% -19.95%(1)
Lehman Brothers Aggregate Bond Index 10.25% 8.79%(1)
</Table>
Based upon a $10,000 initial investment, the graph and table above illustrate
the total return of ING GET Fund -- Series P against the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The Indices are unmanaged and have an
inherent performance advantage over the Fund since they have no cash in their
portfolios, impose no sales charges and incur no operating expenses. An investor
cannot invest directly in an index. The Fund's performance is shown without the
imposition of any expenses or charges which are, or may be, imposed under your
annuity contract or life insurance policy. Total returns would have been lower
if such expenses or charges were included.
Performance graph and table do not reflect the deduction of taxes that a
shareholder will pay on Fund distributions or the redemption of Fund shares.
Total returns reflect the fact that the Investment Manager has waived certain
fees and operating expenses otherwise payable by the Fund, subject to possible
later reimbursement during a three-year period. Total returns would have been
lower had there been no waiver to the Fund.
PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
This report contains statements that may be "forward-looking" statements. Actual
results may differ materially from those projected in the "forward-looking"
statements.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
(1) Since inception performance for the index is shown from 12/01/01.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
See accompanying index descriptions on page 20.
14
ING GET FUND -- SERIES Q
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
[LINE GRAPH]
<Table>
<Caption>
LEHMAN BROTHERS
AGGREGATE BOND INDEX S&P 500 INDEX ING GET FUND-SERIES Q
-------------------- ------------- ---------------------
03/15/2002 10000 10000 10000
12/31/2002 10832 8060 10211
</Table>
<Table>
<Caption>
TOTAL RETURNS FOR THE
PERIOD ENDED DECEMBER 31, 2002
------------------------------
SINCE INCEPTION OF
GUARANTEE PERIOD
03/15/02
--------
ING GET Fund -- Series Q 2.11%
S&P 500 Index -19.40%(1)
Lehman Brothers Aggregate Bond Index 8.32%(1)
</Table>
Based upon a $10,000 initial investment, the graph and table above illustrate
the total return of ING GET Fund -- Series Q against the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The Indices are unmanaged and have an
inherent performance advantage over the Fund since they have no cash in their
portfolios, impose no sales charges and incur no operating expenses. An investor
cannot invest directly in an index. The Fund's performance is shown without the
imposition of any expenses or charges which are, or may be, imposed under your
annuity contract or life insurance policy. Total returns would have been lower
if such expenses or charges were included.
Performance graph and table do not reflect the deduction of taxes that a
shareholder will pay on Fund distributions or the redemption of Fund shares.
Total returns reflect the fact that the Investment Manager has waived certain
fees and operating expenses otherwise payable by the Fund, subject to possible
later reimbursement during a three-year period. Total returns would have been
lower had there been no waiver to the Fund.
PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
This report contains statements that may be "forward-looking" statements. Actual
results may differ materially from those projected in the "forward-looking"
statements.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
(1) Since inception performance for the index is shown from 03/01/02.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
See accompanying index descriptions on page 20.
15
ING GET FUND -- SERIES R
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
[LINE GRAPH]
<Table>
<Caption>
LEHMAN BROTHERS
AGGREGATE BOND INDEX S&P 500 INDEX ING GET FUND - SERIES R
-------------------- ------------- -----------------------
06/14/2002 10000 10000 10000
12/31/2002 10715 8331 10217
</Table>
<Table>
<Caption>
TOTAL RETURNS FOR THE
PERIOD ENDED DECEMBER 31, 2002
------------------------------
SINCE INCEPTION OF
GUARANTEE PERIOD
06/14/02
--------
ING GET Fund -- Series R 2.17%
S&P 500 Index -16.69%(1)
Lehman Brothers Aggregate Bond Index 7.15%(1)
</Table>
Based upon a $10,000 initial investment, the graph and table above illustrate
the total return of ING GET Fund -- Series R against the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The Indices are unmanaged and have an
inherent performance advantage over the Fund since they have no cash in their
portfolios, impose no sales charges and incur no operating expenses. An investor
cannot invest directly in an index. The Fund's performance is shown without the
imposition of any expenses or charges which are, or may be, imposed under your
annuity contract or life insurance policy. Total returns would have been lower
if such expenses or charges were included.
Performance graph and table do not reflect the deduction of taxes that a
shareholder will pay on Fund distributions or the redemption of Fund shares.
Total returns reflect the fact that the Investment Manager has waived certain
fees and operating expenses otherwise payable by the Fund, subject to possible
later reimbursement during a three-year period. Total returns would have been
lower had there been no waiver to the Fund.
PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
This report contains statements that may be "forward-looking" statements. Actual
results may differ materially from those projected in the "forward-looking"
statements.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
(1) Since inception performance for the index is shown from 06/01/02.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
See accompanying index descriptions on page 20.
16
ING GET FUND -- SERIES S
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
[LINE GRAPH]
<Table>
<Caption>
LEHMAN BROTHERS
AGGREGATE BOND INDEX S&P 500 INDEX ING GET FUND - SERIES S
-------------------- ------------- -----------------------
09/12/2002 10000 10000 10000
12/31/2002 10322 9665 10115
</Table>
<Table>
<Caption>
TOTAL RETURNS FOR THE
PERIOD ENDED DECEMBER 31, 2002
------------------------------
SINCE INCEPTION OF
GUARANTEE PERIOD
09/12/02
--------
ING GET Fund -- Series S 1.15%
S&P 500 Index -3.35%(1)
Lehman Brothers Aggregate Bond Index 3.22%(1)
</Table>
Based upon a $10,000 initial investment, the graph and table above illustrate
the total return of ING GET Fund -- Series S against the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The Indices are unmanaged and have an
inherent performance advantage over the Fund since they have no cash in their
portfolios, impose no sales charges and incur no operating expenses. An investor
cannot invest directly in an index. The Fund's performance is shown without the
imposition of any expenses or charges which are, or may be, imposed under your
annuity contract or life insurance policy. Total returns would have been lower
if such expenses or charges were included.
Performance graph and table do not reflect the deduction of taxes that a
shareholder will pay on Fund distributions or the redemption of Fund shares.
Total returns reflect the fact that the Investment Manager has waived certain
fees and operating expenses otherwise payable by the Fund, subject to possible
later reimbursement during a three-year period. Total returns would have been
lower had there been no waiver to the Fund.
PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
This report contains statements that may be "forward-looking" statements. Actual
results may differ materially from those projected in the "forward-looking"
statements.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
(1) Since inception performance for the index is shown from 09/01/02.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
See accompanying index descriptions on page 20.
17
ING GET FUND -- SERIES T
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
[LINE GRAPH]
<Table>
<Caption>
LEHMAN BROTHERS
AGGREGATE BOND INDEX S&P 500 INDEX ING GET FUND - SERIES T
-------------------- ------------- -----------------------
12/12/2002 10000 10000 10000
12/31/2002 10207 9412 10121
</Table>
<Table>
<Caption>
TOTAL RETURNS FOR THE
PERIOD ENDED DECEMBER 31, 2002
------------------------------
SINCE INCEPTION OF
GUARANTEE PERIOD
12/12/02
--------
ING GET Fund -- Series T 1.21%
S&P 500 Index -5.88%(1)
Lehman Brothers Aggregate Bond Index 2.07%(1)
</Table>
Based upon a $10,000 initial investment, the graph and table above illustrate
the total return of ING GET Fund -- Series T against the S&P 500 Index and the
Lehman Brothers Aggregate Bond Index. The Indices are unmanaged and have an
inherent performance advantage over the Fund since they have no cash in their
portfolios, impose no sales charges and incur no operating expenses. An investor
cannot invest directly in an index. The Fund's performance is shown without the
imposition of any expenses or charges which are, or may be, imposed under your
annuity contract or life insurance policy. Total returns would have been lower
if such expenses or charges were included.
Performance graph and table do not reflect the deduction of taxes that a
shareholder will pay on Fund distributions or the redemption of Fund shares.
Total returns reflect the fact that the Investment Manager has waived certain
fees and operating expenses otherwise payable by the Fund, subject to possible
later reimbursement during a three-year period. Total returns would have been
lower had there been no waiver to the Fund.
PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
This report contains statements that may be "forward-looking" statements. Actual
results may differ materially from those projected in the "forward-looking"
statements.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
(1) Since inception performance for the index is shown from 12/01/02.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
See accompanying index descriptions on page 20.
18
ING GET FUND -- SERIES U
PORTFOLIO
MANAGERS' REPORT
- --------------------------------------------------------------------------------
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE FUND MANAGERS, ONLY
THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE FUND MANAGERS' VIEWS
ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS.
Fund holdings are subject to change daily.
Since ING GET Fund -- Series U had not entered the Guarantee Period as of
December 31, 2002, it does not have performance information for that period that
an investor may find useful in evaluating the risks of investing in the Series.
For current performance, when available, please call ING Funds Distributor, LLC
at (800) 992-0180.
PRINCIPAL RISK(S): During the Guarantee Period there are substantial opportunity
costs. 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. 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. 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. As with any investment in stocks and bonds, the
Series is subject to market risks.
When you hold your investment until the end of the 5-year Guarantee Period, on
the Guarantee Maturity Date your account will be worth no less than your
investment at the inception of the Guarantee Period, less any redemptions and
distributions you have received in cash, and certain Series expenses, such as
interest, taxes and extraordinary expenses. If you sell shares during the
Guarantee Period, shares are redeemed at the current NAV which may be worth more
or less than your original investment and/or the NAV at the inception of the
Guarantee Period. The guarantee is based on the beginning NAV on the first day
of the Guarantee Period, not Public Offering Price (POP), and does not apply to
any earnings realized during the Guarantee Period. The guarantee is backed by
ING Life Insurance & Annuity Company. 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.
19
INDEX DESCRIPTIONS
- --------------------------------------------------------------------------------
The S&P 500 INDEX is a capitalization-weighted index of 500 stocks chosen for
market size, liquidity, and industry group representation.
The LEHMAN BROTHERS AGGREGATE BOND INDEX is a widely recognized index of
publicly issued fixed-rate U.S. government, investment grade mortgage-backed and
corporate debt securities.
All indices are unmanaged.
An investor cannot invest directly in an index.
20
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
The Shareholders and Board of Trustees
ING GET Fund:
We have audited the accompanying statements of assets and liabilities of ING GET
Fund, Series D, Series E, Series G, Series H, Series I, Series J, Series K,
Series L, Series M, Series N, Series P, Series Q, Series R, Series S, Series T
and Series U (collectively, the "Fund"), including the portfolios of
investments, as of December 31, 2002, and the related statements of operations
for the year or period then ended, statements of changes in net assets for each
of the years or periods in the two-year period then ended and financial
highlights for each of the years or periods in the five-year period then ended.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 2002 by correspondence with the custodians
and brokers, and other appropriate audit procedures. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of ING
GET Fund, Series D, Series E, Series G, Series H, Series I, Series J, Series K,
Series L, Series M, Series N, Series P, Series Q, Series R, Series S, Series T
and Series U as of December 31, 2002, the results of their operations, changes
in their net assets and financial highlights for each of the years or periods
specified in the first paragraph above, in conformity with accounting principles
generally accepted in the United States of America.
[KPMG LLP]
Boston, Massachusetts
February 7, 2003
21
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
ING ING ING ING ING ING
GET FUND - GET FUND - GET FUND - GET FUND - GET FUND - GET FUND -
SERIES D SERIES E SERIES G SERIES H SERIES I SERIES J
-------- -------- -------- -------- -------- --------
ASSETS:
Investments in securities, at
value* $376,522,365 $402,398,674 $197,605,643 $145,897,874 $84,994,151 $72,079,535
Short-term investments, at
amortized cost 2,401,000 2,162,000 724,000 1,232,000 395,000 240,000
Cash 795 108 104 773 566 760
Receivables:
Dividends and interest 3,103,068 29,509 7,086 69,385 4,065 29,087
Investment securities sold 639,163 780,507 183,159 283,849 111,614 21,956
Prepaid expenses 9,484 9,630 4,663 3,516 1,993 1,691
Reimbursement due from manager -- -- 782 -- 5,867 5,866
------------ ------------ ------------ ------------ ----------- -----------
Total assets 382,675,875 405,380,428 198,525,437 147,487,397 85,513,256 72,378,895
------------ ------------ ------------ ------------ ----------- -----------
LIABILITIES:
Payable for investment securities
purchased 675,983 825,383 193,557 300,037 117,521 23,010
Payable for fund shares redeemed 256,508 203,066 108,567 17,452 4,031 6,042
Payable to affiliates 220,120 232,399 113,648 84,302 48,827 41,242
Other accrued expenses and
liabilities 70,632 71,780 52,208 43,639 42,387 42,408
------------ ------------ ------------ ------------ ----------- -----------
Total liabilities 1,223,243 1,332,628 467,980 445,430 212,766 112,702
------------ ------------ ------------ ------------ ----------- -----------
NET ASSETS $381,452,632 $404,047,800 $198,057,457 $147,041,967 $85,300,490 $72,266,193
============ ============ ============ ============ =========== ===========
NET ASSETS WERE COMPRISED OF:
Paid-in capital $406,073,454 $413,745,672 $199,990,118 $146,758,573 $85,637,336 $72,958,656
Undistributed net investment
income 13,851,506 15,756,499 7,432,335 5,628,242 2,770,594 2,417,158
Accumulated net realized loss on
investments and futures (42,997,714) (43,710,073) (19,643,656) (12,330,792) (7,377,417) (7,090,386)
Net unrealized appreciation of
investments 4,525,386 18,255,702 10,278,660 6,985,944 4,269,977 3,980,765
------------ ------------ ------------ ------------ ----------- -----------
NET ASSETS $381,452,632 $404,047,800 $198,057,457 $147,041,967 $85,300,490 $72,266,193
============ ============ ============ ============ =========== ===========
* Cost of securities $371,996,979 $384,142,972 $187,326,983 $138,911,930 $80,724,174 $68,098,770
CLASS R:
Net assets $381,452,632 $404,047,800 $198,057,457 $147,041,967 $85,300,490 $72,266,193
Shares authorized unlimited unlimited unlimited unlimited unlimited unlimited
Par value $ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.001
Shares outstanding 40,610,435 41,062,602 19,798,477 14,506,074 8,434,236 7,166,626
Net asset value and redemption
price per share $ 9.39 $ 9.84 $ 10.00 $ 10.14 $ 10.11 $ 10.08
<Caption>
ING
GET FUND -
SERIES K
--------
ASSETS:
Investments in securities, at
value* $83,043,040
Short-term investments, at
amortized cost 363,000
Cash 841
Receivables:
Dividends and interest 803
Investment securities sold 22,975
Prepaid expenses 2,034
Reimbursement due from manager 5,086
-----------
Total assets 83,437,779
-----------
LIABILITIES:
Payable for investment securities
purchased 24,102
Payable for fund shares redeemed 11,116
Payable to affiliates 48,891
Other accrued expenses and
liabilities 38,349
-----------
Total liabilities 122,458
-----------
NET ASSETS $83,315,321
===========
NET ASSETS WERE COMPRISED OF:
Paid-in capital $82,544,780
Undistributed net investment
income 2,485,628
Accumulated net realized loss on
investments and futures (5,535,853)
Net unrealized appreciation of
investments 3,820,766
-----------
NET ASSETS $83,315,321
===========
* Cost of securities $79,222,274
CLASS R:
Net assets $83,315,321
Shares authorized unlimited
Par value $ 0.001
Shares outstanding 8,111,771
Net asset value and redemption
price per share $ 10.27
</Table>
See Accompanying Notes to Financial Statements
22
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
ING ING ING ING ING ING
GET FUND - GET FUND - GET FUND - GET FUND - GET FUND - GET FUND -
SERIES L SERIES M SERIES N SERIES P SERIES Q SERIES R
-------- -------- -------- -------- -------- --------
ASSETS:
Investments in securities, at
value* $76,091,311 $114,894,955 $118,072,394 $217,201,732 $227,957,401 $213,298,787
Short-term investments, at
amortized cost 375,000 668,000 856,000 1,587,000 1,259,000 1,054,000
Cash 885 192 396 809 879 732
Receivables:
Dividends and interest 60,030 7,616 29,561 38,555 59,516 46,023
Investment securities sold 105,424 194,200 571,364 2,451,483 1,330,063 850,785
Prepaid expenses 1,802 2,716 2,827 4,901 4,818 13,188
Reimbursement due from manager 8,588 5,448 3,626 -- -- 814
----------- ------------ ------------ ------------ ------------ ------------
Total assets 76,643,040 115,773,127 119,536,168 221,284,480 230,611,677 215,264,329
----------- ------------ ------------ ------------ ------------ ------------
LIABILITIES:
Payable for investment
securities purchased 111,068 205,444 602,409 2,371,762 1,401,976 830,205
Payable for fund shares
redeemed 13,147 31,328 6,521 21,907 55,469 85,194
Payable to affiliates 43,638 65,921 67,950 172,362 180,907 169,465
Other accrued expenses and
liabilities 42,611 43,733 44,697 53,191 53,305 101,019
----------- ------------ ------------ ------------ ------------ ------------
Total liabilities 210,464 346,426 721,577 2,619,222 1,691,657 1,185,883
----------- ------------ ------------ ------------ ------------ ------------
NET ASSETS $76,432,576 $115,426,701 $118,814,591 $218,665,258 $228,920,020 $214,078,446
=========== ============ ============ ============ ============ ============
NET ASSETS WERE COMPRISED OF:
Paid-in capital $76,334,109 $114,942,497 $117,946,332 $215,830,977 $228,570,234 $212,354,242
Undistributed net investment
income 2,509,246 3,718,519 2,917,584 4,993,423 -- 17,174
Accumulated net realized loss
on investments and futures (6,347,480) (10,470,716) (6,781,675) (13,088,533) (11,532,234) (5,647,678)
Net unrealized appreciation of
investments 3,936,701 7,236,401 4,732,350 10,929,391 11,882,020 7,354,708
----------- ------------ ------------ ------------ ------------ ------------
NET ASSETS $76,432,576 $115,426,701 $118,814,591 $218,665,258 $228,920,020 $214,078,446
=========== ============ ============ ============ ============ ============
* Cost of securities $72,154,610 $107,658,554 $113,340,044 $206,272,341 $216,075,381 $205,944,079
CLASS R:
Net assets $76,432,576 $115,426,701 $118,814,591 $218,665,258 $228,920,020 $214,078,446
Shares authorized unlimited unlimited unlimited unlimited unlimited unlimited
Par value $ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.001
Shares outstanding 7,553,465 11,356,408 11,739,730 21,489,438 22,800,593 21,199,698
Net asset value and redemption
price per share $ 10.12 $ 10.16 $ 10.12 $ 10.18 $ 10.04 $ 10.10
<Caption>
ING
GET FUND -
SERIES S
--------
ASSETS:
Investments in securities, at
value* $324,076,743
Short-term investments, at
amortized cost 1,294,000
Cash 591
Receivables:
Dividends and interest 68,236
Investment securities sold 2,026,430
Prepaid expenses 17,864
Reimbursement due from manager --
------------
Total assets 327,483,864
------------
LIABILITIES:
Payable for investment
securities purchased 1,989,771
Payable for fund shares
redeemed 142,733
Payable to affiliates 257,155
Other accrued expenses and
liabilities 53,005
------------
Total liabilities 2,442,664
------------
NET ASSETS $325,041,200
============
NET ASSETS WERE COMPRISED OF:
Paid-in capital $323,320,518
Undistributed net investment
income 42,551
Accumulated net realized loss
on investments and futures (1,154,638)
Net unrealized appreciation of
investments 2,832,769
------------
NET ASSETS $325,041,200
============
* Cost of securities $321,243,974
CLASS R:
Net assets $325,041,200
Shares authorized unlimited
Par value $ 0.001
Shares outstanding 32,262,247
Net asset value and redemption
price per share $ 10.07
</Table>
See Accompanying Notes to Financial Statements
23
STATEMENTS OF ASSETS AND LIABILITIES as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
ING ING
GET FUND - GET FUND -
SERIES T SERIES U
-------- --------
ASSETS:
Investments in securities, at value* $269,998,426 $1,535,633
Short-term investments, at amortized cost 7,231,000 --
Cash 893 493
Cash (collateral for futures) 356,250 --
Receivables:
Dividends and interest 32,763 22
Fund shares sold 23,854 --
Investment securities sold 1,452,454 --
Futures variation margin 8,750 --
Prepaid expenses 20,025 20,001
Reimbursement due from manager 19,000 10,000
------------ ----------
Total assets 279,143,415 1,566,149
------------ ----------
LIABILITIES:
Payable for investment securities purchased 1,497,955 --
Payable for fund shares redeemed 42,022 5,658
Payable to affiliates 140,106 293
Other accrued expenses and liabilities 29,121 10,041
------------ ----------
Total liabilities 1,709,204 15,992
------------ ----------
NET ASSETS $277,434,211 $1,550,157
============ ==========
NET ASSETS WERE COMPRISED OF:
Paid-in capital $274,641,160 $1,549,610
Undistributed net investment income 302,417 379
Accumulated net realized loss on investments (168,922) --
Net unrealized appreciation of investments 2,659,556 168
------------ ----------
NET ASSETS $277,434,211 $1,550,157
============ ==========
* Cost of securities $267,287,395 $1,535,465
CLASS R:
Net assets $277,434,211 $1,550,157
Shares authorized unlimited unlimited
Par value $ 0.001 $ 0.001
Shares outstanding 27,405,369 154,944
Net asset value and redemption price per share $ 10.12 $ 10.00
</Table>
See Accompanying Notes to Financial Statements
24
STATEMENTS OF OPERATIONS for the year ended December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
ING ING ING ING ING ING ING
GET FUND - GET FUND - GET FUND - GET FUND - GET FUND - GET FUND - GET FUND -
SERIES D SERIES E SERIES G SERIES H SERIES I SERIES J SERIES K
-------- -------- -------- -------- -------- -------- --------
INVESTMENT INCOME:
Dividends, net of foreign
taxes* $ 603,562 $ 542,959 $ 207,758 $ 246,487 $ 111,936 $ 84,082 $ 105,088
Interest 16,252,713 18,240,722 8,712,389 6,519,249 3,307,191 2,882,753 3,037,585
------------ ----------- ----------- ---------- ----------- ---------- ----------
Total investment income 16,856,275 18,783,681 8,920,147 6,765,736 3,419,127 2,966,835 3,142,673
------------ ----------- ----------- ---------- ----------- ---------- ----------
EXPENSES:
Investment management
fees 2,529,417 2,541,585 1,219,611 920,989 519,673 439,808 528,459
Transfer agent fees 3,262 3,196 3,206 3,223 3,255 3,251 3,249
Administrative and
service fees 253,867 254,427 121,941 92,172 51,933 43,956 52,825
Shareholder reporting
expense 28,384 29,840 20,662 17,641 14,985 12,036 10,098
Professional fees 31,874 34,939 22,158 21,627 20,557 20,807 21,473
Custody and accounting
expense 121,206 124,011 79,563 63,576 57,846 64,205 63,274
Directors' expense 15,751 15,629 10,412 9,716 6,540 6,057 3,788
Miscellaneous expense 19,338 18,779 10,017 7,329 4,664 1,834 2,283
------------ ----------- ----------- ---------- ----------- ---------- ----------
Total expenses 3,003,099 3,022,406 1,487,570 1,136,273 679,453 591,954 685,449
Less:
Net waived and reimbursed
fees -- -- 782 -- 33,540 44,548 30,557
------------ ----------- ----------- ---------- ----------- ---------- ----------
Net expenses 3,003,099 3,022,406 1,486,788 1,136,273 645,913 547,406 654,892
------------ ----------- ----------- ---------- ----------- ---------- ----------
Net investment income 13,853,176 15,761,275 7,433,359 5,629,463 2,773,214 2,419,429 2,487,781
------------ ----------- ----------- ---------- ----------- ---------- ----------
REALIZED AND UNREALIZED
GAIN (LOSS) ON
INVESTMENTS AND FUTURES:
Net realized gain (loss)
on:
Investments (7,392,868) (2,577,811) (2,183,313) 448,330 (1,013,210) (787,960) 574,276
Futures contracts 85,844 (72,019) -- -- -- -- --
------------ ----------- ----------- ---------- ----------- ---------- ----------
Net realized gain
(loss) (7,307,024) (2,649,830) (2,183,313) 448,330 (1,013,210) (787,960) 574,276
------------ ----------- ----------- ---------- ----------- ---------- ----------
Net change in unrealized
appreciation
(depreciation) on:
Investments (3,687,358) 3,817,333 4,588,597 988,313 2,756,641 2,692,008 1,809,157
Futures contracts (55,411) (44,879) -- -- -- -- --
------------ ----------- ----------- ---------- ----------- ---------- ----------
Net change in
unrealized
appreciation
(depreciation) (3,742,769) 3,772,454 4,588,597 988,313 2,756,641 2,692,008 1,809,157
------------ ----------- ----------- ---------- ----------- ---------- ----------
Net realized and
unrealized gain (loss)
on investments and
futures (11,049,793) 1,122,624 2,405,284 1,436,643 1,743,431 1,904,048 2,383,433
------------ ----------- ----------- ---------- ----------- ---------- ----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 2,803,383 $16,883,899 $ 9,838,643 $7,066,106 $ 4,516,645 $4,323,477 $4,871,214
============ =========== =========== ========== =========== ========== ==========
* Foreign taxes $ 2,153 $ 2,273 $ 715 $ 836 $ 394 $ 356 $ 469
</Table>
See Accompanying Notes to Financial Statements
25
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
<Table>
<Caption>
ING ING ING ING ING ING
GET FUND GET FUND GET FUND GET FUND GET FUND GET FUND
SERIES L SERIES M SERIES N SERIES P SERIES Q SERIES R
-------- -------- -------- -------- -------- --------
YEAR YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2002 2002 2002 2002 2002 2002(1)
---- ---- ---- ---- ---- -------
INVESTMENT INCOME:
Dividends, net of foreign taxes* $ 212,451 $ 290,460 $ 501,039 $ 727,444 $ 572,561 $ 306,294
Interest 2,891,990 4,304,016 3,349,023 6,489,112 5,712,498 3,969,571
----------- ----------- ----------- ------------ ------------ -----------
Total investment income 3,104,441 4,594,476 3,850,062 7,216,556 6,285,059 4,275,865
----------- ----------- ----------- ------------ ------------ -----------
EXPENSES:
Investment management fees 470,977 711,304 743,033 1,354,081 1,123,717 711,487
Distribution and service fees -- -- -- 564,219 467,318 297,665
Transfer agent fees 3,355 3,277 3,369 4,000 3,241 11,836
Administrative and service fees 47,115 71,157 74,568 135,535 106,541 65,487
Shareholder reporting expense 15,171 13,557 17,508 22,400 16,087 20,372
Professional fees 22,621 27,257 27,128 29,476 24,874 22,880
Custody and accounting expense 65,143 74,338 82,915 96,793 87,601 61,448
Directors' expense 6,388 7,753 7,803 10,959 9,622 11,063
Miscellaneous expense 2,003 3,381 3,468 2,184 1,345 3,214
Organization expense -- -- -- -- -- 21,068
----------- ----------- ----------- ------------ ------------ -----------
Total expenses 632,773 912,024 959,792 2,219,647 1,840,346 1,226,520
Less:
Net waived and reimbursed fees 40,605 38,713 30,286 -- 19,477 36,677
----------- ----------- ----------- ------------ ------------ -----------
Net expenses 592,168 873,311 929,506 2,219,647 1,820,869 1,189,843
----------- ----------- ----------- ------------ ------------ -----------
Net investment income 2,512,273 3,721,165 2,920,556 4,996,909 4,464,190 3,086,022
----------- ----------- ----------- ------------ ------------ -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS AND
FUTURES:
Net realized gain (loss) on:
Investments (3,573,423) (5,921,127) (6,071,246) (13,064,516) (11,533,266) (5,648,298)
Futures contracts 34,144 25,850 72,919 (10,812) -- --
----------- ----------- ----------- ------------ ------------ -----------
Net realized loss (3,539,279) (5,895,277) (5,998,327) (13,075,328) (11,533,266) (5,648,298)
----------- ----------- ----------- ------------ ------------ -----------
Net change in unrealized
appreciation (depreciation)
on:
Investments 3,082,755 6,413,844 2,449,331 10,551,383 11,881,953 7,354,708
Futures contracts (22,439) (16,486) (47,168) -- -- --
----------- ----------- ----------- ------------ ------------ -----------
Net change in unrealized
appreciation 3,060,316 6,397,358 2,402,163 10,551,383 11,881,953 7,354,708
----------- ----------- ----------- ------------ ------------ -----------
Net realized and unrealized gain
(loss) on investments (478,963) 502,081 (3,596,164) (2,523,945) 348,687 1,706,410
----------- ----------- ----------- ------------ ------------ -----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS: $ 2,033,310 $ 4,223,246 $ (675,608) $ 2,472,964 $ 4,812,877 $ 4,792,432
=========== =========== =========== ============ ============ ===========
- ------------------
* Foreign taxes $ 781 $ 896 $ 1,631 $ 2,667 $ 2,566 $ --
<Caption>
ING
GET FUND
SERIES S
--------
PERIOD
ENDED
DECEMBER 31,
2002(2)
-------
INVESTMENT INCOME:
Dividends, net of foreign taxes* $ 243,395
Interest 2,862,969
-----------
Total investment income 3,106,364
-----------
EXPENSES:
Investment management fees 613,572
Distribution and service fees 264,783
Transfer agent fees 4,805
Administrative and service fees 58,254
Shareholder reporting expense 9,734
Professional fees 16,488
Custody and accounting expense 19,149
Directors' expense 5,918
Miscellaneous expense 1,783
Organization expense 16,137
-----------
Total expenses 1,010,623
Less:
Net waived and reimbursed fees --
-----------
Net expenses 1,010,623
-----------
Net investment income 2,095,741
-----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS AND
FUTURES:
Net realized gain (loss) on:
Investments (1,155,212)
Futures contracts --
-----------
Net realized loss (1,155,212)
-----------
Net change in unrealized
appreciation (depreciation)
on:
Investments 2,832,769
Futures contracts --
-----------
Net change in unrealized
appreciation 2,832,769
-----------
Net realized and unrealized gain
(loss) on investments 1,677,557
-----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS: $ 3,773,298
===========
- ------------------
* Foreign taxes $ --
</Table>
(1) Commenced operations on March 18, 2002
(2) Commenced operations on June 17, 2002
See Accompanying Notes to Financial Statements
26
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
<Table>
<Caption>
ING ING
GET FUND - GET FUND -
SERIES T SERIES U
-------- --------
PERIOD PERIOD
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2002(1) 2002(2)
------- -------
INVESTMENT INCOME:
Dividends, net of foreign taxes $ 32,340 $ --
Interest 459,431 721
---------- -------
Total investment income 491,771 721
---------- -------
EXPENSES:
Investment management fees 96,009 132
Distribution and service fees 42,813 132
Transfer agent fees 1,725 5
Administrative and service fees 9,418 29
Shareholder reporting expense 4,255 9
Registration and filing expense -- 2
Professional fees 11,170 17
Custody and accounting expense 4,094 11
Directors' expense 3,085 3
Miscellaneous expense 319 2
Organization expense 10,000 10,000
---------- -------
Total expenses 182,888 10,342
Less:
Net waived and reimbursed fees 19,000 10,000
---------- -------
Net expenses 163,888 342
---------- -------
Net investment income 327,883 379
---------- -------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FUTURES:
Net realized gain (loss) on:
Investments (86,931) --
Futures contracts (82,037) --
---------- -------
Net realized loss (168,968) --
---------- -------
Net change in unrealized appreciation (depreciation) on:
Investments 2,711,031 168
Futures contracts (51,475) --
---------- -------
Net change in unrealized appreciation 2,659,556 168
---------- -------
Net realized and unrealized gain on investments 2,490,588 168
---------- -------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS: $2,818,471 $ 547
========== =======
- ------------------
</Table>
(1) Commenced operations on September 12, 2002.
(2) Commenced operations on December 12, 2002.
See Accompanying Notes to Financial Statements
27
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
ING GET FUND - SERIES D ING GET FUND - SERIES E
---------------------------- ----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2002 2001 2002 2001
---- ---- ---- ----
FROM OPERATIONS:
Net investment income $ 13,853,176 $ 18,073,409 $ 15,761,275 $ 17,040,587
Net realized loss on investments and futures (7,307,024) (23,170,211) (2,649,830) (30,400,656)
Net change in unrealized appreciation (depreciation) on
investments and futures (3,742,769) 14,551,256 3,772,454 16,680,654
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 2,803,383 9,454,454 16,883,899 3,320,585
------------ ------------ ------------ ------------
FROM DIVIDENDS TO SHAREHOLDERS:
Net investment income (18,062,001) (2,230,315) (17,041,241) (1,707,866)
Net realized gain from investments -- (4,755,385) -- (1,957,913)
------------ ------------ ------------ ------------
Total distributions (18,062,001) (6,985,700) (17,041,241) (3,665,779)
------------ ------------ ------------ ------------
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale/exchange of shares* -- -- -- 1,232,966
Shares resulting from dividend reinvestments 18,062,001 6,985,700 17,041,241 3,665,779
------------ ------------ ------------ ------------
18,062,001 6,985,700 17,041,241 4,898,745
Cost of shares redeemed (79,269,433) (60,865,967) (57,588,649) (50,905,670)
------------ ------------ ------------ ------------
Net decrease in net assets resulting from capital share
transactions (61,207,432) (53,880,267) (40,547,408) (46,006,925)
------------ ------------ ------------ ------------
Net decrease in net assets (76,466,050) (51,411,513) (40,704,750) (46,352,119)
NET ASSETS:
Beginning of year 457,918,682 509,330,195 444,752,550 491,104,669
------------ ------------ ------------ ------------
End of year $381,452,632 $457,918,682 $404,047,800 $444,752,550
============ ============ ============ ============
Undistributed net investment income at end of year $ 13,851,506 $ 18,069,279 $ 15,756,499 $ 17,037,356
============ ============ ============ ============
</Table>
- ------------------
* Exchange into the Series are from initial shareholders who have exchange
privileges.
See Accompanying Notes to Financial Statements
28
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
ING GET FUND - SERIES G ING GET FUND - SERIES H
---------------------------- ----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2002 2001 2002 2001
---- ---- ---- ----
FROM OPERATIONS:
Net investment income $ 7,433,359 $ 7,833,894 $ 5,629,463 $ 5,523,588
Net realized gain (loss) on investments (2,183,313) (7,698,865) 448,330 (8,898,652)
Net change in unrealized appreciation on investments 4,588,597 2,906,457 988,313 4,373,999
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 9,838,643 3,041,486 7,066,106 998,935
------------ ------------ ------------ ------------
FROM DIVIDENDS TO SHAREHOLDERS:
Net investment income (7,832,473) (842,785) (5,522,471) (498,672)
Net realized gain from investments -- -- -- (284,955)
------------ ------------ ------------ ------------
Total distributions (7,832,473) (842,785) (5,522,471) (783,627)
------------ ------------ ------------ ------------
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale/exchange of shares* -- 279,589 -- 39,538
Shares resulting from dividend reinvestments 7,832,473 842,785 5,522,471 783,627
------------ ------------ ------------ ------------
7,832,473 1,122,374 5,522,471 823,165
Cost of shares redeemed (21,602,141) (22,192,943) (20,262,727) (14,070,440)
------------ ------------ ------------ ------------
Net decrease in net assets resulting from capital share
transactions (13,769,668) (21,070,569) (14,740,256) (13,247,275)
------------ ------------ ------------ ------------
Net decrease in net assets (11,763,498) (18,871,868) (13,196,621) (13,031,967)
NET ASSETS:
Beginning of year 209,820,955 228,692,823 160,238,588 173,270,555
------------ ------------ ------------ ------------
End of year $198,057,457 $209,820,955 $147,041,967 $160,238,588
============ ============ ============ ============
Undistributed net investment income at end of year $ 7,432,335 $ 7,831,782 $ 5,628,242 $ 5,521,635
============ ============ ============ ============
</Table>
- ------------------
* Exchange into the Series are from initial shareholders who have exchange
privileges.
See Accompanying Notes to Financial Statements
29
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
ING GET FUND -- SERIES I ING GET FUND -- SERIES J
------------------------------ ------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2002 2001 2002 2001
---- ---- ---- ----
FROM OPERATIONS:
Net investment income $ 2,773,214 $ 3,073,312 $ 2,419,429 $ 2,567,548
Net realized loss on investments (1,013,210) (3,280,109) (787,960) (3,283,726)
Net change in unrealized appreciation on investments 2,756,641 1,177,201 2,692,008 1,659,921
----------- ----------- ----------- -----------
Net increase in net assets resulting from operations 4,516,645 970,404 4,323,477 943,743
----------- ----------- ----------- -----------
FROM DIVIDENDS TO SHAREHOLDERS:
Net investment income (3,075,631) (228,771) (2,569,531) (137,325)
----------- ----------- ----------- -----------
Total distributions (3,075,631) (228,771) (2,569,531) (137,325)
----------- ----------- ----------- -----------
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale/exchange of shares* -- 392,838 -- 348,279
Shares resulting from dividend reinvestments 3,075,631 228,771 2,569,531 137,325
----------- ----------- ----------- -----------
3,075,631 621,609 2,569,531 485,604
Cost of shares redeemed (7,875,752) (7,039,221) (7,239,206) (6,450,707)
----------- ----------- ----------- -----------
Net decrease in net assets resulting from capital share
transactions (4,800,121) (6,417,612) (4,669,675) (5,965,103)
----------- ----------- ----------- -----------
Net decrease in net assets (3,359,107) (5,675,979) (2,915,729) (5,158,685)
NET ASSETS:
Beginning of year 88,659,597 94,335,576 75,181,922 80,340,607
----------- ----------- ----------- -----------
End of year $85,300,490 $88,659,597 $72,266,193 $75,181,922
=========== =========== =========== ===========
Undistributed net investment income at end of year $ 2,770,594 $ 3,073,171 $ 2,417,158 $ 2,567,367
=========== =========== =========== ===========
</Table>
- ------------------
* Exchange into the Series are from initial shareholders who have exchange
privileges.
See Accompanying Notes to Financial Statements
30
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
ING GET FUND -- SERIES K ING GET FUND -- SERIES L
------------------------------ ------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2002 2001 2002 2001
---- ---- ---- ----
FROM OPERATIONS:
Net investment income $ 2,487,781 $ 2,329,510 $ 2,512,273 $ 1,940,634
Net realized gain (loss) on investments and futures 574,276 (5,722,586) (3,539,279) (2,808,444)
Net change in unrealized appreciation on investments and
futures 1,809,157 2,616,325 3,060,316 876,393
------------ ----------- ----------- -----------
Net increase (decrease) in net assets resulting from
operations 4,871,214 (776,751) 2,033,310 8,583
------------ ----------- ----------- -----------
FROM DIVIDENDS TO SHAREHOLDERS:
Net investment income (2,331,254) (3,761) (39,125) (1,904,729)
------------ ----------- ----------- -----------
Total distributions (2,331,254) (3,761) (39,125) (1,904,729)
------------ ----------- ----------- -----------
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale/exchange of shares* -- 1,342,918 -- 88,776,235
Shares resulting from dividend reinvestments 2,331,254 3,761 39,125 1,904,729
------------ ----------- ----------- -----------
2,331,254 1,346,679 39,125 90,680,964
Cost of shares redeemed (12,372,929) (6,357,060) (7,236,957) (8,351,135)
------------ ----------- ----------- -----------
Net increase (decrease) in net assets resulting from
capital share transactions (10,041,675) (5,010,381) (7,197,832) 82,329,829
------------ ----------- ----------- -----------
Net increase (decrease) in net assets (7,501,715) (5,790,893) (5,203,647) 80,433,683
NET ASSETS:
Beginning of year 90,817,036 96,607,929 81,636,223 1,202,540
------------ ----------- ----------- -----------
End of year $83,315,321 $90,817,036 $76,432,576 $81,636,223
============ =========== =========== ===========
Undistributed net investment income at end of year $ 2,485,628 $ 2,329,248 $ 2,509,246 $ 36,413
============ =========== =========== ===========
</Table>
- ------------------
* Exchange into the Series are from initial shareholders who have exchange
privileges.
See Accompanying Notes to Financial Statements
31
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
ING GET FUND -- SERIES M ING GET FUND -- SERIES N
------------------------------ ------------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2002 2001(1) 2002 2001(2)
------------ ------------ ------------ ------------
FROM OPERATIONS:
Net investment income $ 3,721,165 $ 2,067,006 $ 2,920,556 $ 896,826
Net realized gain (loss) on investments and futures (5,895,277) (4,575,767) (5,998,327) 959,932
Net change in unrealized appreciation on investments and
futures 6,397,358 839,043 2,402,163 2,330,187
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from
operations 4,223,246 (1,669,718) (675,608) 4,186,945
------------ ------------ ------------ ------------
FROM DIVIDENDS TO SHAREHOLDERS:
Net investment income (41,036) (2,028,202) (21,792) (871,982)
Net realized gain from investments -- -- (1,640,462) (103,278)
------------ ------------ ------------ ------------
Total distributions (41,036) (2,028,202) (1,662,254) (975,260)
------------ ------------ ------------ ------------
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale/exchange of shares* -- 129,961,229 -- 144,014,557
Shares resulting from dividend reinvestments 41,036 2,028,202 1,662,254 975,260
------------ ------------ ------------ ------------
41,036 131,989,431 1,662,254 144,989,817
Cost of shares redeemed (11,899,717) (5,188,339) (16,042,246) (12,669,057)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from
capital share transactions (11,858,681) 126,801,092 (14,379,992) 132,320,760
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (7,676,471) 123,103,172 (16,717,854) 135,532,445
NET ASSETS:
Beginning of period 123,103,172 -- 135,532,445 --
------------ ------------ ------------ ------------
End of period $115,426,701 $123,103,172 $118,814,591 $135,532,445
============ ============ ============ ============
Undistributed net investment income at end of period $ 3,718,519 $ 38,804 $ 2,917,584 $ 19,444
============ ============ ============ ============
</Table>
- ------------------
* Exchange into the Series are from initial shareholders who have exchange
privileges.
(1) Commenced operations on March 15, 2001.
(2) Commenced operations on June 14, 2001.
See Accompanying Notes to Financial Statements
32
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
ING GET FUND -- SERIES P ING GET FUND -- SERIES Q
------------------------------ ------------------------------
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2002 2001(1) 2002 2001(2)
------------ ------------ ------------ ------------
FROM OPERATIONS:
Net investment income $ 4,996,909 $ 227,288 $ 4,464,190 $ 2,921
Net realized gain (loss) on investments and futures (13,075,328) 58,902 (11,533,266) --
Net change in unrealized appreciation on investments 10,551,383 378,008 11,881,953 67
------------ ------------ ------------ ----------
Net increase in net assets resulting from operations 2,472,964 664,198 4,812,877 2,988
------------ ------------ ------------ ----------
FROM DIVIDENDS TO SHAREHOLDERS:
Net investment income (92,793) (136,938) (4,495,181) --
Net realized gain from investments (74,687) -- -- --
------------ ------------ ------------ ----------
Total distributions (167,480) (136,938) (4,495,181) --
------------ ------------ ------------ ----------
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale/exchange of shares* -- 238,251,992 238,882,677 8,681,784
Shares resulting from dividend reinvestments 167,480 136,938 4,495,181 --
------------ ------------ ------------ ----------
167,480 238,388,930 243,377,858 8,681,784
Cost of shares redeemed (19,903,476) (2,820,420) (22,542,374) (917,932)
------------ ------------ ------------ ----------
Net increase (decrease) in net assets resulting from
capital share transactions (19,735,996) 235,568,510 220,835,484 7,763,852
------------ ------------ ------------ ----------
Net increase (decrease) in net assets (17,430,512) 236,095,770 221,153,180 7,766,840
NET ASSETS:
Beginning of period 236,095,770 -- 7,766,840 --
------------ ------------ ------------ ----------
End of period $218,665,258 $236,095,770 $228,920,020 $7,766,840
============ ============ ============ ==========
Undistributed net investment income at end of period $ 4,993,423 $ 90,350 $ -- $ 2,921
============ ============ ============ ==========
</Table>
- ------------------
* Exchange into the Series are from initial shareholders who have exchange
privileges.
(1) Commenced operations on September 18, 2001.
(2) Commenced operations on December 13, 2001.
See Accompanying Notes to Financial Statements
33
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<Table>
<Caption>
ING GET FUND ING GET FUND ING GET FUND ING GET FUND
SERIES R SERIES S SERIES T SERIES U
------------ ------------ ------------ ------------
PERIOD ENDED PERIOD ENDED PERIOD ENDED PERIOD ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2002(1) 2002(2) 2002(3) 2002(4)
------------ ------------ ------------ ------------
FROM OPERATIONS:
Net investment income $ 3,086,022 $ 2,095,741 $ 327,883 $ 379
Net realized loss on investments (5,648,298) (1,155,212) (168,968) --
Net change in unrealized appreciation on investments 7,354,708 2,832,769 2,659,556 168
------------ ------------ ------------ ----------
Net increase in net assets resulting from operations 4,792,432 3,773,298 2,818,471 547
------------ ------------ ------------ ----------
FROM DIVIDENDS TO SHAREHOLDERS:
Net investment income (3,081,221) (2,074,754) (30,235) --
------------ ------------ ------------ ----------
Total distributions (3,081,221) (2,074,754) (30,235) --
------------ ------------ ------------ ----------
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale/exchange of shares* 215,273,125 332,785,580 276,698,561 1,555,548
Shares resulting from dividend reinvestments 3,081,221 2,074,754 30,235 --
------------ ------------ ------------ ----------
218,354,346 334,860,334 276,728,796 1,555,548
Cost of shares redeemed (5,987,111) (11,517,678) (2,082,821) (5,938)
------------ ------------ ------------ ----------
Net increase in net assets resulting from capital share
transactions 212,367,235 323,342,656 274,645,975 1,549,610
------------ ------------ ------------ ----------
Net increase in net assets 214,078,446 325,041,200 277,434,211 1,550,157
NET ASSETS:
Beginning of period -- -- -- --
------------ ------------ ------------ ----------
End of period $214,078,446 $325,041,200 $277,434,211 $1,550,157
============ ============ ============ ==========
Undistributed net investment income at end of period $ 17,174 $ 42,551 $ 302,417 $ 379
============ ============ ============ ==========
</Table>
- ------------------
* Exchange into the Series are from initial shareholders who have exchange
privileges.
(1) Commenced operations on March 18, 2002.
(2) Commenced operations on June 17, 2002.
(3) Commenced operations on September 12, 2002.
(4) Commenced operations on December 12, 2002.
See Accompanying Notes to Financial Statements
34
ING GET FUND -- SERIES D
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
YEAR ENDED DECEMBER 31, OCTOBER 15, 1998(1)
---------------------------------------------- TO
2002 2001 2000 1999 DECEMBER 31, 1998
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 9.74 9.69 10.65 10.05 10.00
Income from investment operations:
Net investment income $ 0.37 0.39 0.35 0.31 0.10
Net realized and unrealized gain (loss) on
investments $ (0.31) (0.19) (0.73) 0.51 --
Total from investment operations $ 0.06 0.20 (0.38) 0.82 0.10
Less distributions from:
Net investment income $ 0.41 0.05 0.40 0.22 0.05
Net realized gains on investments $ -- 0.10 0.18 -- --
Total distributions $ 0.41 0.15 0.58 0.22 0.05
Net asset value, end of period $ 9.39 9.74 9.69 10.65 10.05
TOTAL RETURN(2): % 0.66 2.00 (3.59) 8.01* --+
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 381,453 457,919 509,330 716,085 385,294
Ratios to average net assets:
Net expenses after expense reimbursement(3)(4) % 0.71 0.70 0.70 0.68 0.36
Gross expenses prior to expense
reimbursement(3) % 0.71 0.70 0.70 0.68 0.38
Net investment income after expense
reimbursement(3)(4) % 3.29 3.76 2.90 2.84 4.59
Portfolio turnover rate % 147 62 177 224 --
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
(4) The Investment Manager has agreed to limit expenses; (excluding interest,
taxes, brokerage and extraordinary expenses) subject to possible recoupment
by ING Investments, LLC within three years.
+ As of December 31, 1998, the Series was in its Offering Period. Total return
from commencement of operations was 1.00%.
* Total return calculation began on January 16, 1999, the first day of the
Guarantee Period. Total return for year ended December 31, 1999 was 8.22%.
See Accompanying Notes to Financial Statements
35
ING GET FUND -- SERIES E
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
YEAR ENDED DECEMBER 31, JUNE 15, 1999(1)
--------------------------------- TO
2002 2001 2000 DECEMBER 31, 1999
- -------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 9.85 9.85 10.77 10.00
Income from investment operations:
Net investment income $ 0.41 0.38 0.26 0.10
Net realized and unrealized gain (loss) on investments $ (0.02) (0.30) (0.73) 0.74
Total from investment operations $ 0.39 0.08 (0.47) 0.84
Less distributions from:
Net investment income $ 0.40 0.04 0.25 0.07
Net realized gains on investments $ -- 0.04 0.20 --
Total distributions $ 0.40 0.08 0.45 0.07
Net asset value, end of period $ 9.84 9.85 9.85 10.77
TOTAL RETURN(2): % 4.09 0.80 (4.35) 7.14*
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 404,048 444,753 491,105 567,679
Ratios to average net assets:
Net expenses after expense reimbursement(3)(4) % 0.71 0.70 0.70 0.63
Gross expenses prior to expense reimbursement(3) % 0.71 0.70 0.70 0.64
Net investment income after expense reimbursement(3)(4) % 3.72 3.69 2.35 2.68
Portfolio turnover rate % 46 70 162 52
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
(4) The Investment Manager has agreed to limit expenses; (excluding interest,
taxes, brokerage and extraordinary expenses) subject to possible recoupment
by ING Investments, LLC within three years.
* Total return calculation began on September 15, 1999, the first day of the
Guarantee Period. Total return from commencement of operations was 8.42%.
See Accompanying Notes to Financial Statements
36
ING GET FUND -- SERIES G
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
YEAR ENDED DECEMBER 31, SEPTEMBER 15, 1999(1)
--------------------------------- TO
2002 2001 2000 DECEMBER 31, 1999
- -----------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 9.91 9.81 10.37 10.00
Income from investment operations:
Net investment income $ 0.40 0.37 0.27 0.06
Net realized and unrealized gain (loss) on investments $ 0.08 (0.23) (0.58) 0.35
Total from investment operations $ 0.48 0.14 (0.31) 0.41
Less distributions from:
Net investment income $ 0.39 0.04 0.25 0.04
Total distributions $ 0.39 0.04 0.25 0.04
Net asset value, end of period $ 10.00 9.91 9.81 10.37
TOTAL RETURN(2): % 4.97 1.41 (2.96) 2.86*
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 198,057 209,821 228,693 262,557
Ratios to average net assets:
Net expenses after expense reimbursement(3)(4) % 0.73 0.72 0.71 0.61
Gross expenses prior to expense reimbursement(3) % 0.73 0.72 0.71 0.69
Net investment income after expense reimbursement(3)(4) % 3.66 3.61 2.52 3.45
Portfolio turnover rate % 18 87 169 22
- -----------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
(4) The Investment Manager has agreed to limit expenses; (excluding interest,
taxes, brokerage and extraordinary expenses) subject to possible recoupment
by ING Investments, LLC within three years.
* Total return calculation began on December 15, 1999, the first day of the
Guarantee Period. Total return from commencement of operations was 4.11%.
See Accompanying Notes to Financial Statements
37
ING GET FUND -- SERIES H
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
YEAR ENDED DECEMBER 31, DECEMBER 15, 1999(1)
--------------------------------- TO
2002 2001 2000 DECEMBER 31, 1999
- -------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 10.04 10.02 10.03 10.00
Income from investment operations:
Net investment income $ 0.41 0.35 0.20 0.01
Net realized and unrealized gain (loss) on
investments $ 0.05 (0.28) (0.01) 0.02
Total from investment operations $ 0.46 0.07 0.19 0.03
Less distributions from:
Net investment income $ 0.36 0.03 0.18 --
Net realized gains on investments $ -- 0.02 0.02 --
Total distributions $ 0.36 0.05 0.20 --
Net asset value, end of period $ 10.14 10.04 10.02 10.03
TOTAL RETURN(2): % 4.77 0.68 0.89* --+
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 147,042 160,239 173,271 3,733
Ratios to average net assets:
Net expenses after expense
reimbursement(3)(4) % 0.74 0.72 0.70 0.37
Gross expenses prior to expense
reimbursement(3) % 0.74 0.72 0.72 10.60
Net investment income after expense
reimbursement(3)(4) % 3.67 3.35 2.37 4.65
Portfolio turnover rate % 69 71 163 --
- -------------------------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
(4) The Investment Manager has agreed to limit expenses; (excluding interest,
taxes, brokerage and extraordinary expenses) subject to possible recoupment
by ING Investments, LLC within three years.
+ As of December 31, 1999, the Series was in its Offering Period. Total return
from commencement of operations was 0.30%
* Total return calculation began on March 15, 2000, the first day of the
Guarantee Period. Total return for year ended December 31, 2000 was 1.90%.
See Accompanying Notes to Financial Statements
38
ING GET FUND -- SERIES I
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
YEAR ENDED
DECEMBER 31, MARCH 15, 2000(1)
------------------ TO
2002 2001 DECEMBER 31, 2000
- ----------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 9.95 9.86 10.00
Income from investment operations:
Net investment income $ 0.34 0.37 0.15
Net realized and unrealized gain (loss) on investments $ 0.18 (0.26) (0.16)
Total from investment operations $ 0.52 0.11 (0.01)
Less distributions from:
Net investment income $ 0.36 0.02 0.13
Total distributions $ 0.36 0.02 0.13
Net asset value, end of period $ 10.11 9.95 9.86
TOTAL RETURN(2): % 5.35 1.17 (1.15)*
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 85,300 88,660 94,336
Ratios to average net assets:
Net expenses after expense reimbursement(3)(4) % 0.75 0.75 0.73
Gross expenses prior to expense reimbursement(3) % 0.78 0.75 0.76
Net investment income after expense reimbursement(3)(4) % 3.20 3.38 2.64
Portfolio turnover rate % 58 103 70
- ----------------------------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
(4) The Investment Manager has agreed to limit expenses; (excluding interest,
taxes, brokerage and extraordinary expenses) subject to possible recoupment
by ING Investments, LLC within three years.
* Total return calculation began on June 15, 2000, the first day of the
Guarantee Period. Total return from commencement of operations was (0.14%).
See Accompanying Notes to Financial Statements
39
ING GET FUND -- SERIES J
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
YEAR ENDED
DECEMBER 31, JUNE 15, 2000(1)
------------------ TO
2002 2001 DECEMBER 31, 2000
- ----------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 9.85 9.74 10.00
Income from investment operations:
Net investment income $ 0.35 0.35 0.09
Net realized and unrealized gain (loss) on investments $ 0.23 (0.22) (0.28)
Total from investment operations $ 0.58 0.13 (0.19)
Less distributions from:
Net investment income $ 0.35 0.02 0.07
Total distributions $ 0.35 0.02 0.07
Net asset value, end of period $ 10.08 9.85 9.74
TOTAL RETURN(2): % 6.07 1.31 (3.24)*
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 72,266 75,182 80,341
Ratios to average net assets:
Net expenses after expense reimbursement(3)(4) % 0.75 0.75 0.72
Gross expenses prior to expense reimbursement(3) % 0.81 0.76 0.81
Net investment income after expense reimbursement(3)(4) % 3.30 3.34 2.97
Portfolio turnover rate % 42 97 35
- ----------------------------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
(4) The Investment Manager has agreed to limit expenses; (excluding interest,
taxes, brokerage and extraordinary expenses) subject to possible recoupment
by ING Investments, LLC within three years.
* Total return calculation began on September 14, 2000, the first day of the
Guarantee Period. Total return from commencement of operations was (1.89%).
See Accompanying Notes to Financial Statements
40
ING GET FUND -- SERIES K
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
YEAR ENDED
DECEMBER 31, SEPTEMBER 14, 2000(1)
------------------ TO
2002 2001 DECEMBER 31, 2000
- --------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 9.98 10.06 10.00
Income from investment operations:
Net investment income $ 0.32 0.26 0.02
Net realized and unrealized gain (loss) on investments $ 0.24 (0.34) 0.06
Total from investment operations $ 0.56 (0.08) 0.08
Less distributions from:
Net investment income $ 0.27 -- 0.02
Total distributions $ 0.27 -- 0.02
Net asset value, end of period $ 10.27 9.98 10.06
TOTAL RETURN(2): % 5.73 (0.79) (0.85)*
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 83,315 90,817 96,608
Ratios to average net assets:
Net expenses after expense reimbursement(3)(4) % 0.74 0.75 0.68
Gross expenses prior to expense reimbursement(3) % 0.78 0.75 1.01
Net investment income after expense reimbursement(3)(4) % 2.82 2.50 3.15
Portfolio turnover rate % 131 106 9
- --------------------------------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
(4) The Investment Manager has agreed to limit expenses; (excluding interest,
taxes, brokerage and extraordinary expenses) subject to possible recoupment
by ING Investments, LLC within three years.
* Total return calculation began on December 14, 2000, the first day of the
Guarantee Period. Total return from commencement of operations was 0.79%.
See Accompanying Notes to Financial Statements
41
ING GET FUND -- SERIES L
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
YEAR ENDED
DECEMBER 31, DECEMBER 14, 2000(1)
------------------ TO
2002 2001 DECEMBER 31, 2000
- -------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 9.86 10.01 10.00
Income from investment operations:
Net investment income $ 0.33 0.24 0.03
Net realized and unrealized loss on investments $ (0.07) (0.15) --
Total from investment operations $ 0.26 0.09 0.03
Less distributions from:
Net investment income $ 0.00(5) 0.24 0.02
Total distributions $ 0.00(5) 0.24 0.02
Net asset value, end of period $ 10.12 9.86 10.01
TOTAL RETURN(2): % 2.69 (0.14)* --+
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 76,433 81,636 1,203
Ratios to average net assets:
Net expenses after expense reimbursement(3)(4) % 0.75 0.74 0.08
Gross expenses prior to expense reimbursement(3) % 0.81 0.76 5.94
Net investment income after expense reimbursement(3)(4) % 3.20 2.80 1.17
Portfolio turnover rate % 91 126 --
- -------------------------------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
(4) The Investment Manager has agreed to limit expenses; (excluding interest,
taxes, brokerage and extraordinary expenses) subject to possible recoupment
by ING Investments, LLC within three years.
(5) Amount is less than $0.01 per share.
+ As of December 31, 2000, the Series was in its Offering Period. Total return
from commencement of operations was 0.30%.
* Total return calculation began on March 15, 2001, the first day of the
Guarantee Period. Total return for year ended December 31, 2001 was 0.86%.
See Accompanying Notes to Financial Statements
42
ING GET FUND -- SERIES M
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
MARCH 15, 2001(1)
YEAR ENDED TO
DECEMBER 31, 2002 DECEMBER 31, 2001
- ---------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 9.81 10.00
Income from investment operations:
Net investment income $ 0.33 0.16
Net realized and unrealized gain (loss) on investments $ 0.02 (0.19)
Total from investment operations $ 0.35 (0.03)
Less distributions from:
Net investment income $ 0.00(5) 0.16
Total distributions $ 0.00(5) 0.16
Net asset value, end of period $ 10.16 9.81
TOTAL RETURN(2): % 3.60 (1.24)*
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 115,427 123,103
Ratios to average net assets:
Net expenses after expense reimbursement(3)(4) % 0.74 0.72
Gross expenses prior to expense reimbursement(3) % 0.77 0.73
Net investment income after expense reimbursement(3)(4) % 3.14 2.95
Portfolio turnover rate % 65 55
- ---------------------------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
(4) The Investment Manager has agreed to limit expenses; (excluding interest,
taxes, brokerage and extraordinary expenses) subject to possible recoupment
by ING Investments, LLC within three years.
(5) Amount is less than $0.01 per share.
* Total return calculation began on June 14, 2001, the first day of the
Guarantee Period. Total return from commencement of operations was (0.25%).
See Accompanying Notes to Financial Statements
43
ING GET FUND -- SERIES N
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
JUNE 14, 2001(1)
YEAR ENDED TO
DECEMBER 31, 2002 DECEMBER 31, 2001
- ---------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 10.30 10.00
Income from investment operations:
Net investment income $ 0.25 0.07
Net realized and unrealized gain (loss) on investments $ (0.29) 0.31
Total from investment operations $ (0.04) 0.38
Less distributions from:
Net investment income $ 0.00(5) 0.07
Net realized gains on investments $ 0.14 0.01
Total distributions $ 0.14 0.08
Net asset value, end of period $ 10.12 10.30
TOTAL RETURN(2): % (0.37) 2.82*
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 118,815 135,532
Ratios to average net assets:
Net expenses after expense reimbursement(3)(4) % 0.75 0.72
Gross expenses prior to expense reimbursement(3) % 0.77 0.73
Net investment income after expense reimbursement(3)(4) % 2.36 2.11
Portfolio turnover rate % 124 48
- ---------------------------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
(4) The Investment Manager has agreed to limit expenses; (excluding interest,
taxes, brokerage and extraordinary expenses) subject to possible recoupment
by ING Investments, LLC within three years.
(5) Amount is less than $0.01 per share.
* Total return calculation began on September 18, 2001, the first day of the
Guarantee Period. Total return from commencement of operations was 3.75%.
See Accompanying Notes to Financial Statements
44
ING GET FUND -- SERIES P
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
SEPTEMBER 18, 2001(1)
YEAR ENDED TO
DECEMBER 31, 2002 DECEMBER 31, 2001
- -------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 10.06 10.00
Income from investment operations:
Net investment income $ 0.23 0.01
Net realized and unrealized gain (loss) on investments $ (0.10) 0.06
Total from investment operations $ 0.13 0.07
Less distributions from:
Net investment income $ 0.00(5) 0.01
Net realized gains on investments $ 0.00(5) --
Total distributions $ 0.01 0.01
Net asset value, end of period $ 10.18 10.06
TOTAL RETURN(2): % 1.27 0.26*
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 218,665 236,096
Ratios to average net assets:
Net expenses after expense reimbursement(3)(4) % 0.98 0.88
Gross expenses prior to expense reimbursement(3) % 0.98 0.98
Net investment income after expense reimbursement(3)(4) % 2.21 1.51
Portfolio turnover rate % 123 2
- -------------------------------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
(4) The Investment Manager has agreed to limit expenses; (excluding interest,
taxes, brokerage and extraordinary expenses) subject to possible recoupment
by ING Investments, LLC within three years.
(5) Amount is less than $0.01 per share.
* Total return calculation began on December 13, 2001, the first day of the
Guarantee Period. Total return from commencement of operations was 0.66%.
See Accompanying Notes to Financial Statements
45
ING GET FUND -- SERIES Q
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
DECEMBER 13, 2001(1)
YEAR ENDED TO
DECEMBER 31, 2002 DECEMBER 31, 2001
- ------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 10.01 10.00
Income from investment operations:
Net investment income $ 0.20 0.01
Net realized and unrealized gain on investments $ 0.03 --
Total from investment operations $ 0.23 0.01
LESS DISTRIBUTIONS FROM:
Net investment income $ 0.20 --
Total distributions $ 0.20 --
Net asset value, end of period $ 10.04 10.01
TOTAL RETURN(2): % 2.11* --+
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 228,920 7,767
Ratios to average net assets:
Net expenses after expense reimbursement(3)(4) % 0.97 0.82
Gross expenses prior to expense reimbursement(3) % 0.98 7.74
Net investment income after expense reimbursement(3)(4) % 2.37 0.90
Portfolio turnover rate % 95 --
- ------------------------------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
(4) The Investment Manager has agreed to limit expenses; (excluding interest,
taxes, brokerage and extraordinary expenses) subject to possible recoupment
by ING Investments, LLC within three years.
+ As of December 31, 2001, the Series was in its Offering Period. Total return
from commencement of operations was 0.10%.
* Total return calculation began on March 15, 2002, the first day of the
Guarantee Period. Total return for year ended December 31, 2002 was 2.31%.
See Accompanying Notes to Financial Statements
46
ING GET FUND -- SERIES R
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
MARCH 15, 2002(1)
TO
DECEMBER 31, 2002
- -------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 10.00
Income from investment operations:
Net investment income $ 0.15
Net realized and unrealized gain on investments $ 0.10
Total from investment operations $ 0.25
LESS DISTRIBUTIONS FROM:
Net investment income $ 0.15
Total distributions $ 0.15
Net asset value, end of period $ 10.10
TOTAL RETURN(2): % 2.17*
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 214,078
Ratios to average net assets:
Net expenses after expense reimbursement(3)(4) % 0.99
Gross expenses prior to expense reimbursement(3) % 1.02
Net investment income after expense reimbursement(3)(4) % 2.57
Portfolio turnover rate % 76
- -------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
(4) The Investment Manager has agreed to limit expenses; (excluding interest,
taxes, brokerage and extraordinary expenses) subject to possible recoupment
by ING Investments, LLC within three years.
* Total return calculation began on June 14, 2002, the first day of the
Guarantee Period. Total return from commencement of operations was 2.47%.
See Accompanying Notes to Financial Statements
47
ING GET FUND -- SERIES S
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
JUNE 17, 2002(1)
TO
DECEMBER 31, 2002
- -------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 10.00
Income from investment operations:
Net investment income $ 0.07
Net realized and unrealized gain on investments $ 0.06
Total from investment operations $ 0.13
LESS DISTRIBUTIONS FROM:
Net investment income $ 0.06
Total distributions $ 0.06
Net asset value, end of period $ 10.07
TOTAL RETURN(2): % 1.15*
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 325,041
Ratios to average net assets:
Expenses(3) % 0.97
Net investment income(3) % 2.01
Portfolio turnover rate % 60
- -------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
* 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
48
ING GET FUND -- SERIES T
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
SEPTEMBER 12, 2002(1)
TO
DECEMBER 31, 2002
- --------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 10.00
Income from investment operations:
Net investment income $ 0.01
Net realized and unrealized gain on investments $ 0.11
Total from investment operations $ 0.12
Less distributions from:
Net investment income 0.00(5)
Total distributions 0.00(5)
Net asset value, end of period $ 10.12
TOTAL RETURN(2): % 1.21*
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 277,434
Ratios to average net assets:
Net expenses after expense reimbursement(3)(4) % 0.96
Gross expenses prior to expense reimbursement(3) % 1.07
Net investment income after expense reimbursement(3)(4) % 1.91
Portfolio turnover rate % 4
- --------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
(4) The Investment Manager has agreed to limit expenses; (excluding interest,
taxes, brokerage and extraordinary expenses) subject to possible recoupment
by ING Investments, LLC within three years.
(5) Amount is less than $0.01 per share.
* Total return calculation began on December 12, 2002, the first day of the
Guarantee Period. Total return from commencement of operations was 1.21%.
See Accompanying Notes to Financial Statements
49
ING GET FUND -- SERIES U
FINANCIAL
HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected data for a share of beneficial interest outstanding throughout each
period.
<Table>
<Caption>
DECEMBER 12, 2002(1)
TO
DECEMBER 31, 2002
- -------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 10.00
Income from investment operations:
Net investment income $ 0.00*
Net realized and unrealized gain on investments $ 0.00*
Total from investment operations $ 0.00*
Net asset value, end of period $ 10.00
TOTAL RETURN(2): % --+
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's) $ 1,550
Ratios to average net assets:
Net expenses after expense reimbursement(3)(4) % 0.65
Gross expenses prior to expense reimbursement(3) % 17.95
Net investment income after expense reimbursement(3)(4) % 0.66
Portfolio turnover rate % --
- -------------------------------------------------------------------------------------------
</Table>
(1) Commencement of operations.
(2) Total return is calculated assuming reinvestment of all dividends and
capital gain distribution at net asset value. Total return for less than one
year is not annualized.
(3) Annualized for periods less than one year.
(4) The Investment Manager has agreed to limit expenses; (excluding interest,
taxes, brokerage and extraordinary expenses) subject to possible recoupment
by ING Investments, LLC within three years.
* Amount represents less than $0.01 per share.
+ As of December 31, 2002, the Series was in its Offering Period. Total return
from commencement of operations was 0.00%.
See Accompanying Notes to Financial Statements
50
NOTES TO FINANCIAL STATEMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
NOTE 1 -- ORGANIZATION
Organization. The ING GET Fund is registered under the Investment Company Act of
1940 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
sixteen diversified Series of the Fund, ING GET Fund-Series D ("GET D"), ING GET
Fund-Series E ("GET E"), ING GET Fund-Series G ("GET G"), ING GET Fund-Series H
("GET H"), ING GET Fund-Series I ("GET I"), ING GET Fund-Series J ("GET J"), ING
GET Fund-Series K ("GET K"), ING GET Fund-Series L ("GET L"), ING GET
Fund-Series M ("GET M"), ING GET Fund-Series N ("GET N"), ING GET Fund-Series P
("GET P"), ING GET Fund-Series Q ("GET Q"), ING GET Fund-Series R ("GET R"), ING
GET Fund-Series S ("GET S"), ING GET Fund-Series T ("GET T") and ING GET
Fund-Series U ("GET U").
Each Series seeks to achieve maximum total return by participating in favorable
equity market performance while without compromising a minimum targeted rate of
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 during the
Guarantee Period is 1.5% (except for GET D which is 2.5% and GET U which does
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", formerly Aetna Life Insurance & Annuity Company) 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 from 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 a GET Series Fund
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.
<Table>
<Caption>
ACCUMULATION GUARANTEE MATURITY
PERIOD PERIOD DATE
----------------- ----------------- --------
GET D* 10/15/98-01/15/99 01/16/99-01/15/04 01/15/04
GET E* 06/15/99-09/14/99 09/15/99-09/14/04 09/14/04
GET G* 09/15/99-12/14/99 12/15/99-12/14/04 12/14/04
GET H* 12/15/99-03/14/00 03/15/00-03/14/05 03/14/05
GET I* 03/15/00-06/14/00 06/15/00-06/14/05 06/14/05
GET J* 06/15/00-09/13/00 09/14/00-09/13/05 09/13/05
GET K* 09/14/00-12/13/00 12/14/00-12/13/05 12/13/05
GET L* 12/14/00-03/14/01 03/15/01-03/14/06 03/14/06
GET M* 03/15/01-06/13/01 06/14/01-06/13/06 06/13/06
GET N* 06/14/01-09/17/01 09/18/01-09/15/06 09/15/06
GET P* 09/18/01-12/12/01 12/13/01-12/15/06 12/15/06
GET Q* 12/13/01-03/14/02 03/15/02-03/16/07 03/16/07
GET R* 03/15/02-06/13/02 06/14/02-06/15/07 06/15/07
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
</Table>
- ------------------
* Closed to new investors.
Shares of the Series are offered to insurance company separate accounts that
fund both annuity and life insurance contracts and certain tax-qualified
retirement plans. At December 31, 2002, separate accounts of ILIAC and its
affiliates held all the shares outstanding of each Series.
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 accounting principles generally accepted in the United States
of America for investment companies.
A. Security Valuation. Investments in equity securities
traded on a national securities exchange or included on the NASDAQ
National Market System are valued at the last reported sale price.
Securities traded on an exchange or NASDAQ for which there has been no
sale and securities traded in the over-the-counter-market are valued at
the mean between the last reported bid and ask prices. All investments
quoted in foreign currencies will be valued daily in U.S. dollars on the
basis of the foreign currency exchange rates prevailing at that time. Debt
securities are valued at bid prices obtained from independent services or
from one or more dealers making markets in the securities. U.S. Government
obligations are valued by using market quotations or independent pricing
services which use prices provided by market-makers or estimates of market
51
NOTES TO FINANCIAL STATEMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
values obtained from yield data relating to instruments or securities with
similar characteristics. Securities for which market quotations are not
readily available are valued at their respective fair values as determined
in good faith and in accordance with policies set by the Board of
Directors. Investments in securities maturing in less than 60 days from
the date of acquisition 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 delivered. 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.
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 statement of assets and liabilities for
the estimated tax withholding based on the securities current market
value. Upon disposition, realized gains or losses on such securities are
recorded net of foreign withholding tax. Reported net realized foreign
exchange gains or losses arise from sales and maturities of short-term
securities, 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 the U.S.
Government. These risks include but are not limited to re-evaluation 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 the U.S. Government.
D. Foreign Currency Transactions and Futures Contracts.
Certain 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, for hedging purposes
only. 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
52
NOTES TO FINANCIAL STATEMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
the contract at the time it was opened and the value at the time it was
closed.
E. Distributions to Shareholders. The Series record
distributions to their shareholders on ex-date. Each series pays dividends
and capital gains, if any, semi-annually.
F. Federal Income Taxes. It is the policy of the Series,
to comply with the requirements of the Internal Revenue Code that are
applicable to regulated investment companies and to distribute
substantially all of their net investment income and any net realized
capital gains to their shareholders. Therefore, a federal income tax or
excise tax provision is not required. The Board of Directors intends to
offset any net capital gains with any available capital loss carryforward
until each carryforward has been fully utilized or expires. In addition,
no capital gain distribution shall be made until the capital loss
carryforward has been fully utilized or expires.
G. Use of Estimates. Management of the Series has
made certain estimates and assumptions relating to the reporting of
assets, liabilities, income, and expenses to prepare these financial
statements in conformity with accounting principles generally accepted in
the United States of America. Actual results could differ from these
estimates.
H. Repurchase Agreements. Each Series may invest in
repurchase agreements only with government securities dealers recognized
by the Board of Governors of the Federal Reserve System or with member
banks 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 always receive as collateral
securities acceptable to it whose market value is equal to at least 100%
of the amount 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. If the seller
defaults, a Series might incur a loss or delay in the realization of
proceeds if the value of the collateral securing the repurchase agreement
declines, and it might incur disposition costs in liquidating the
collateral.
I. Securities Lending. Each Series had the option to
temporarily loan up to 33 1/3% of its total assets to brokers, dealers or
other financial institutions in exchange for a negotiated lender's fee.
The borrower is required to fully collateralize the loans with cash,
letters of credit or U.S. Government securities.
J. Illiquid and Restricted 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. Each Series may invest up to 15% of its net assets in illiquid
securities. Illiquid and restricted securities are valued using market
quotations when readily available. In the absence of market quotations,
the securities are valued based upon their fair value determined under
procedures approved by the Board. The Series will not pay the costs of
disposition of restricted securities other than ordinary brokerage fees,
if any.
K. 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.
L. Organization Expenses and Offering Costs. Costs
incurred with the organization of the Series were expensed as incurred.
Costs incurred with the offering of shares of the Series are deferred and
amortized over a twelve-month period on a straight-line basis starting at
the Guarantee Period.
NOTE 3 -- INVESTMENT TRANSACTIONS
For the periods ended December 31, 2002, the cost of purchases and sales of
securities, excluding
53
NOTES TO FINANCIAL STATEMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
U.S. Government and short-term securities, were as follows:
<Table>
<Caption>
PURCHASES SALES
------------ ------------
GET D $549,685,156 $578,419,340
GET E 65,727,113 80,354,399
GET G 18,589,791 34,614,768
GET H 42,133,972 42,188,218
GET I 17,844,509 17,924,828
GET J 21,193,864 19,757,691
GET K 12,817,175 23,147,357
GET L 31,427,826 48,344,627
GET M 37,749,496 58,483,262
GET N 83,244,732 137,924,914
GET P 138,508,343 188,999,222
GET Q 261,333,460 132,561,955
GET R 122,071,588 83,557,355
GET S 98,898,443 54,140,527
GET T 84,887,449 3,534,023
GET U -- --
</Table>
U.S. Government Securities not included above were as follows:
<Table>
<Caption>
PURCHASES SALES
------------ ------------
GET D $ 62,409,455 $101,199,855
GET E 129,453,423 173,374,174
GET G 17,502,689 24,639,279
GET H 62,930,370 84,600,869
GET I 31,982,403 40,565,762
GET J 9,837,420 18,845,724
GET K 102,447,596 105,117,855
GET L 39,363,718 27,729,569
GET M 38,782,181 29,337,033
GET N 68,829,320 27,182,607
GET P 136,770,829 106,905,068
GET Q 179,983,726 86,654,521
GET R 248,064,225 78,785,671
GET S 417,323,642 142,360,851
GET T 193,681,099 8,068,350
GET U -- --
</Table>
NOTE 4 -- INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES
Each of the Series has entered into an Investment Management Agreement with ING
Investments, LLC. ("the Manager"), a wholly-owned subsidiary of ING Groep N.V.
The investment management agreements compensate the Manager with a fee, computed
daily and payable monthly, based on the average daily net assets of each Series.
The fee for each Series is 0.25% during its Offering Period and 0.60% during its
Guarantee Period.
The Manager has engaged Aeltus Investment Management, Inc., (Aeltus), a
wholly-owned subsidiary of ING Groep N.V., to serve as sub-adviser to the
Series. Aeltus is responsible for managing the assets of the Series in
accordance with its investment objective and policies, subject to oversight by
the Manager.
Pursuant to the Administrative Services Agreement effective April 1, 2002 ING
Funds Services, LLC ("IFS") acts as administrator and provides certain
administrative and shareholder services necessary for 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. Prior to
April 1, 2002, Aeltus provided the Administrative Services and received 0.075%
on first $5 billion in assets and 0.050% on assets over $5 billion.
NOTE 5 -- DISTRIBUTION AND SERVICE FEES
GET P, Q, R, S, T and U have adopted a Plan pursuant to Rule 12b-1 under the
1940 Act (the "12b-1 Plans"), whereby ING Funds Distributor, LLC (the
"Distributor") is reimbursed or compensated by the Series for expenses incurred
in the distribution of each Series' shares ("Distribution Fees"). Pursuant to
the 12b-1 Plans, the Distributor is entitled to a payment each month to
reimburse or compensate expenses incurred in 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 Plans, each Series pays the Distributor a Distribution Fee based on
average daily net assets at the following rates:
<Table>
GET P 0.25%
GET Q 0.25
GET R 0.25
GET S 0.25
GET T 0.25
GET U 0.25
</Table>
Prior to January 1, 2002, the Distribution fees were paid to Aeltus Capital,
Inc. ("ACI").
NOTE 6 -- OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES
At December 31, 2002 the Series had the following amounts recorded in payable to
affiliates on the
54
NOTES TO FINANCIAL STATEMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
accompanying Statements of Assets and Liabilities (see Notes 4 and 5):
<Table>
<Caption>
ACCRUED
ACCRUED SHAREHOLDER
INVESTMENT ACCRUED SERVICES AND
MANAGEMENT ADMINISTRATIVE DISTRIBUTION
FEES FEES FEES TOTAL
---------- -------------- ------------ --------
GET D $201,637 $18,483 $ -- $220,120
GET E 212,885 19,514 -- 232,399
GET G 104,105 9,543 -- 113,648
GET H 77,223 7,079 -- 84,302
GET I 44,727 4,100 -- 48,827
GET J 37,779 3,463 -- 41,242
GET K 44,786 4,105 -- 48,891
GET L 39,974 3,664 -- 43,638
GET M 60,386 5,535 -- 65,921
GET N 62,244 5,706 -- 67,950
GET P 114,273 10,475 47,614 172,362
GET Q 119,939 10,994 49,974 180,907
GET R 112,352 10,299 46,814 169,465
GET S 170,490 15,628 71,037 257,155
GET T 92,345 8,613 39,148 140,106
GET U 132 29 132 293
</Table>
The GET Series have adopted a Deferred Compensation Plan (the "Plan") which
allows eligible non-affiliated Trustees as described in the Plan to defer the
receipt of all or a portion of the trustees' fees payable. The deferred fees are
invested in various funds advised by ING Investments, LLC until distribution in
accordance with the Plan.
NOTE 7 -- EXPENSE LIMITATIONS
Prior to March 1, 2002, Aeltus, as investment adviser, agreed to reimburse each
Series for some or all operating expenses or to waive fees in order to maintain
a certain expense ratio. Effective March 1, 2002, ING Investments, LLC entered
into written expense limitation agreements with each Series whereby, the Manager
has voluntarily agreed to limit expenses, excluding interest, taxes, brokerage
and extraordinary expenses to the levels listed below:
<Table>
<Caption>
MAXIMUM OPERATING EXPENSE LIMIT
(AS A PERCENTAGE OF AVERAGE NET ASSETS)
---------------------------------------
GET D 0.75%
GET E 0.75
GET G 0.75
GET H 0.75
GET I 0.75
GET J 0.75
GET K 0.75
GET L 0.75
GET M 0.75
GET N 0.75
GET P 1.00*
GET Q 1.00*
GET R 1.00*
GET S 1.00*
GET T 1.00*
GET U** 0.65*
</Table>
- ------------------
* Including 0.25% distribution and service fee.
** GET U is currently in its offering period. Maximum operating expense limit
will be 1.00% during its Guarantee Period, which begins March 13, 2003.
The Investment Manager will at a later date, recoup from each Series, expenses
waived during the previous 36 months, but only if, after such recoupment, the
Series' expense ratio does not exceed the percentage described above. Waived and
reimbursed fees and any recoupment by the Investment Manager of such waived and
reimbursed fees are reflected on the accompanying Statements of Operations for
each Series.
As of December 31, 2002, the cumulative amounts of reimbursed fees that are
subject to possible recoupment by the Manager are as follows:
<Table>
GET I $26,174
GET J 37,635
GET K 23,872
GET L 36,185
GET M 32,495
GET N 29,220
GET R 36,677
GET T 19,000
GET U 10,000
</Table>
NOTE 8 -- LINE OF CREDIT
All of the Series included in this report, in addition to certain other funds
managed by the Adviser, have entered into an unsecured committed revolving line
of credit agreement (the "Credit Agreement") with a syndicate of banks led by
Citibank, N.A. for an aggregate amount of $200,000,000. The proceeds may be used
only to: (1) temporarily finance the purchase and sale of securities; (2)
finance the redemption of shares of an investor in the Funds; and (3) enable the
Funds to meet other emergency expenses as defined in the Credit Agreement. The
Funds to which the line of credit is available pay a commitment fee equal to
0.09% per annum on the daily unused portion of the committed line amount. Each
of the Funds will pay its pro rata share of both the agent and commitment fee.
Generally, borrowings under the Credit Agreement accrue interest at the Federal
Funds Rate plus a specified margin. Repayments generally must be made within 30
days after the date of a revolving credit advance. At December 31, 2002, the
Series did not have any loans outstanding under the line of credit.
55
NOTES TO FINANCIAL STATEMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
NOTE 9 -- CAPITAL SHARES
Transaction in capital shares and dollars were as follows:
<Table>
<Caption>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
2002 2001
---- ----
ING GET FUND -- SERIES D (NUMBER OF SHARES)
Shares issued as reinvestment of dividends 1,923,536 723,907
Shares redeemed (8,315,347) (6,265,927)
------------ ------------
Net decrease in shares outstanding (6,391,811) (5,542,020)
============ ============
ING GET FUND -- SERIES D ($)
Shares issued as reinvestment of dividends $18,062,001 $ 6,985,700
Shares redeemed (79,269,433) (60,865,967)
------------ ------------
Net decrease $(61,207,432) $(53,880,267)
============ ============
</Table>
<Table>
<Caption>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
2002 2001
---- ----
ING GET FUND -- SERIES E (NUMBER OF SHARES)
Shares sold/exchanged* -- 126,315
Shares issued as reinvestment of dividends 1,780,694 378,696
Shares redeemed (5,875,589) (5,209,449)
------------ ------------
Net decrease in shares outstanding (4,094,895) (4,704,438)
============ ============
ING GET FUND -- SERIES E ($)
Shares sold/exchanged* $ -- $ 1,232,966
Shares issued as reinvestment of dividends 17,041,241 3,665,779
Shares redeemed (57,588,649) (50,905,670)
------------ ------------
Net decrease $(40,547,408) $(46,006,925)
============ ============
</Table>
<Table>
<Caption>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
2002 2001
---- ----
ING GET FUND -- SERIES G (NUMBER OF SHARES)
Shares sold/exchanged* -- 28,424
Shares issued as reinvestment of dividends 806,640 86,617
Shares redeemed (2,176,290) (2,265,822)
------------ ------------
Net decrease in shares outstanding (1,369,650) (2,150,781)
============ ============
ING GET FUND -- SERIES G ($)
Shares sold/exchanged* $ -- $ 279,589
Shares issued as reinvestment of dividends 7,832,473 842,785
Shares redeemed (21,602,141) (22,192,943)
------------ ------------
Net decrease $(13,769,668) $(21,070,569)
============ ============
</Table>
- ------------------
* Exchanges into the Series are from initial shareholders who have exchange
privileges.
56
NOTE 9 -- CAPITAL SHARES (CONTINUED)
NOTES TO FINANCIAL STATEMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
2002 2001
---- ----
ING GET FUND -- SERIES H (NUMBER OF SHARES)
Shares sold/exchanged* -- 3,992
Shares issued as reinvestment of dividends 566,989 79,556
Shares redeemed (2,025,821) (1,415,078)
------------ ------------
Net decrease in shares outstanding (1,458,832) (1,331,530)
============ ============
ING GET FUND -- SERIES H ($)
Shares sold/exchanged* $ -- $ 39,538
Shares issued as reinvestment of dividends 5,522,471 783,627
Shares redeemed (20,262,727) (14,070,440)
------------ ------------
Net decrease $(14,740,256) $(13,247,275)
============ ============
</Table>
<Table>
<Caption>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
2002 2001
---- ----
ING GET FUND -- SERIES I (NUMBER OF SHARES)
Shares sold/exchanged* -- 39,587
Shares issued as reinvestment of dividends 314,804 23,488
Shares redeemed (790,670) (716,284)
----------- ------------
Net decrease in shares outstanding (475,866) (653,209)
=========== ============
ING GET FUND -- SERIES I ($)
Shares sold/exchanged* $ -- $ 392,838
Shares issued as reinvestment of dividends 3,075,631 228,771
Shares redeemed (7,875,752) (7,039,221)
----------- ------------
Net decrease $(4,800,121) $ (6,417,612)
=========== ============
</Table>
<Table>
<Caption>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
2002 2001
---- ----
ING GET FUND -- SERIES J (NUMBER OF SHARES)
Shares sold/exchanged* -- 35,835
Shares issued as reinvestment of dividends 265,447 14,245
Shares redeemed (731,598) (664,666)
----------- ------------
Net decrease in shares outstanding (466,151) (614,586)
=========== ============
ING GET FUND -- SERIES J ($)
Shares sold/exchanged* $ -- $ 348,279
Shares issued as reinvestment of dividends 2,569,531 137,325
Shares redeemed (7,239,206) (6,450,707)
----------- ------------
Net decrease $(4,669,675) $ (5,965,103)
=========== ============
</Table>
<Table>
<Caption>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
2002 2001
---- ----
ING GET FUND -- SERIES K (NUMBER OF SHARES)
Shares sold/exchanged* -- 133,624
Shares issued as reinvestment of dividends 236,916 383
Shares redeemed (1,226,656) (640,108)
------------ ------------
Net decrease in shares outstanding (989,740) (506,101)
============ ============
ING GET FUND -- SERIES K ($)
Shares sold/exchanged* $ -- $ 1,342,918
Shares issued as reinvestment of dividends 2,331,254 3,761
Shares redeemed (12,372,929) (6,357,060)
------------ ------------
Net decrease $(10,041,675) $ (5,010,381)
============ ============
</Table>
- ------------------
* Exchanges into the Series are from initial shareholders who have exchange
privileges.
57
NOTE 9 -- CAPITAL SHARES (CONTINUED)
NOTES TO FINANCIAL STATEMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
2002 2001
---- ----
ING GET FUND -- SERIES L (NUMBER OF SHARES)
Shares sold/exchanged* -- 8,785,473
Shares issued as reinvestment of dividends 4,009 193,879
Shares redeemed (731,411) (818,679)
------------ ------------
Net increase (decrease) in shares outstanding (727,402) 8,160,673
============ ============
ING GET FUND -- SERIES L ($)
Shares sold/exchanged* $ -- $ 88,776,235
Shares issued as reinvestment of dividends 39,125 1,904,729
Shares redeemed (7,236,957) (8,351,135)
------------ ------------
Net increase (decrease) $(7,197,832) $ 82,329,829
============ ============
</Table>
<Table>
<Caption>
YEAR ENDED MARCH 15, 2001(1)
DECEMBER 31, TO DECEMBER 31,
2002 2001
---- ----
ING GET FUND -- SERIES M (NUMBER OF SHARES)
Shares sold/exchanged* -- 12,868,704
Shares issued as reinvestment of dividends 4,205 207,808
Shares redeemed (1,202,851) (521,458)
------------ ------------
Net increase (decrease) in shares outstanding (1,198,646) 12,555,054
============ ============
ING GET FUND -- SERIES M ($)
Shares sold/exchanged* $ -- $129,961,229
Shares issued as reinvestment of dividends 41,036 2,028,202
Shares redeemed (11,899,717) (5,188,339)
------------ ------------
Net increase (decrease) $(11,858,681) $126,801,092
============ ============
</Table>
<Table>
<Caption>
YEAR ENDED JUNE 14, 2001(1)
DECEMBER 31, TO DECEMBER 31,
2002 2001
---- ----
ING GET FUND -- SERIES N (NUMBER OF SHARES)
Shares sold/exchanged* -- 14,289,581
Shares issued as reinvestment of dividends 168,756 95,147
Shares redeemed (1,581,827) (1,231,927)
------------ ------------
Net increase (decrease) in shares outstanding (1,413,071) 13,152,801
============ ============
ING GET FUND -- SERIES N ($)
Shares sold/exchanged* $ -- $144,014,557
Shares issued as reinvestment of dividends 1,662,254 975,260
Shares redeemed (16,042,246) (12,669,057)
------------ ------------
Net increase (decrease) $(14,379,992) $132,320,760
============ ============
</Table>
<Table>
<Caption>
YEAR ENDED SEPTEMBER 18, 2001(1)
DECEMBER 31, TO DECEMBER 31,
2002 2001
---- ----
ING GET FUND -- SERIES P (NUMBER OF SHARES)
Shares sold/exchanged* -- 23,733,316
Shares issued as reinvestment of dividends 17,038 13,680
Shares redeemed (1,992,508) (282,088)
------------ ------------
Net increase (decrease) in shares outstanding (1,975,470) 23,464,908
============ ============
ING GET FUND -- SERIES P ($)
Shares sold/exchanged* $ -- $238,251,992
Shares issued as reinvestment of dividends 167,480 136,938
Shares redeemed (19,903,476) (2,820,420)
------------ ------------
Net increase (decrease) $(19,735,996) $235,568,510
============ ============
</Table>
- ------------------
(1) Commencement of operations
* Exchanges into the Series are from initial shareholders who have exchange
privileges.
58
NOTE 9 -- CAPITAL SHARES (CONTINUED)
NOTES TO FINANCIAL STATEMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
YEAR ENDED DECEMBER 13, 2001(1)
DECEMBER 31, TO DECEMBER 31,
2002 2001
---- ----
ING GET FUND -- SERIES Q (NUMBER OF SHARES)
Shares sold/exchanged* 23,827,439 867,921
Shares issued as reinvestment of dividends 449,078 --
Shares redeemed (2,252,085) (91,760)
------------ ------------
Net increase in shares outstanding 22,024,432 776,161
============ ============
ING GET FUND -- SERIES Q ($)
Shares sold/exchanged* $238,882,677 $ 8,681,784
Shares issued as reinvestment of dividends 4,495,181 --
Shares redeemed (22,542,374) (917,932)
------------ ------------
Net increase $220,835,484 $ 7,763,852
============ ============
</Table>
<Table>
<Caption>
MARCH 18, 2002(1)
TO DECEMBER 31,
2002
----
ING GET FUND -- SERIES R (NUMBER OF SHARES)
Shares sold/exchanged* 21,475,028
Shares issued as reinvestment of dividends 306,589
Shares redeemed (581,919)
------------
Net increase in shares outstanding 21,199,698
============
ING GET FUND -- SERIES R ($)
Shares sold/exchanged* $215,273,125
Shares issued as reinvestment of dividends 3,081,221
Shares redeemed (5,987,111)
------------
Net increase $212,367,235
============
</Table>
<Table>
<Caption>
JUNE 17, 2002(1)
TO DECEMBER 31,
2002
----
ING GET FUND -- SERIES S (NUMBER OF SHARES)
Shares sold/exchanged* 33,206,890
Shares issued as reinvestment of dividends 207,061
Shares redeemed (1,151,704)
------------
Net increase in shares outstanding 32,262,247
============
ING GET FUND -- SERIES S ($)
Shares sold/exchanged* $332,785,580
Shares issued as reinvestment of dividends 2,074,754
Shares redeemed (11,517,678)
------------
Net increase $323,342,656
============
</Table>
<Table>
<Caption>
SEPTEMBER 12, 2002(1)
TO DECEMBER 31,
2002
----
ING GET FUND -- SERIES T (NUMBER OF SHARES)
Shares sold/exchanged* 27,609,619
Shares issued as reinvestment of dividends 3,000
Shares redeemed (207,250)
------------
Net increase in shares outstanding 27,405,369
============
ING GET FUND -- SERIES T ($)
Shares sold/exchanged* $276,698,561
Shares issued as reinvestment of dividends 30,235
Shares redeemed (2,082,821)
------------
Net increase $274,645,975
============
</Table>
- ------------------
(1) Commencement of operations
* Exchanges into the Series are from initial shareholders who have exchange
privileges.
59
NOTE 9 -- CAPITAL SHARES (CONTINUED)
NOTES TO FINANCIAL STATEMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
DECEMBER 12, 2002(1)
TO DECEMBER 31,
2002
----
ING GET FUND -- SERIES U (NUMBER OF SHARES)
Shares sold/exchanged* 155,538
Shares redeemed (594)
------------
Net increase in shares outstanding 154,944
============
ING GET FUND -- SERIES U ($)
Shares sold/exchanged* $ 1,555,548
Shares redeemed (5,938)
------------
Net increase $ 1,549,610
============
</Table>
- ------------------
(1) Commencement of operations.
* Exchanges into the Series are from initial shareholders who have exchange
privileges.
NOTE 10 -- FEDERAL INCOME TAXES
During the year ended December 31, 2002, the foreign taxes paid or withheld were
$2,153, $2,273, $715, $836, $394, $356, $469, $781, $896, $1,631, $2,667, $2,566
by GET D, GET E, GET G, GET H, GET I, GET J, GET K, GET L, GET M, GET N, GET P
and GET Q, respectively.
Foreign taxes paid or withheld should be included in taxable income with an
offsetting deduction from gross income or as a credit for taxes paid to foreign
governments. You should consult your tax advisor regarding the appropriate
treatment of foreign taxes paid.
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 for year ended December 31, 2002 were as follow:
<Table>
<Caption>
ORDINARY
INCOME
-----------
GET D $18,062,001
GET E 17,041,241
GET G 7,832,473
GET H 5,522,471
GET I 3,075,631
GET J 2,569,531
GET K 2,331,254
GET L 39,125
GET M 41,036
GET N 1,662,254
GET P 167,480
GET Q 4,495,181
GET R 3,081,221
GET S 2,074,754
GET T 30,235
GET U --
</Table>
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 generally accepted accounting principles. These "book/tax"
differences are either considered temporary or permanent in nature. Key
differences are the treatment of short-term capital gains, foreign currency
transactions, organization costs and other temporary differences. To the extend
that these differences are permanent in nature, such amounts are reclassified
within the capital accounts based on their federal tax-basis treatment;
temporary differences do not require reclassifications. To the extent
distributions exceed net investment income and/or net realized capital gains for
tax purposes, they are reported as distributions of paid-in capital.
Accordingly, the following amounts represent current year permanent tax
differences that have been reclassified as of December 31, 2002:
<Table>
<Caption>
ACCUMULATED NET
PAID-IN UNDISTRIBUTED NET REALIZED GAINS (LOSSES)
CAPITAL INVESTMENT INCOME ON INVESTMENTS
-------- ----------------- -----------------------
GET D $ 8,203 $(8,948) $ 745
GET E 183 (891) 708
GET G 71 (333) 262
GET H 78 (385) 307
GET I 35 (160) 125
GET J 21 (107) 86
GET K 37 (147) 110
GET L 72 (315) 243
GET M 86 (414) 328
GET N 164 (624) 460
GET P (1,537) (1,043) 2,580
GET Q (29,102) 28,070 1,032
GET R (12,993) 12,373 620
GET S (22,138) 21,564 574
GET T (4,815) 4,769 46
GET U -- -- --
</Table>
60
NOTE 10 -- FEDERAL INCOME TAXES (CONTINUED)
NOTES TO FINANCIAL STATEMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
Capital loss carryforwards, which may be used to offset future realized capital
gains for federal income tax purposes were as follows at December 31, 2002:
<Table>
<Caption>
EXPIRATION
AMOUNT DATES
----------- ----------
GET D $34,679,037 2009-2010
GET E 39,428,798 2009-2010
GET G 17,064,813 2008-2010
GET H 10,426,259 2009-2010
GET I 6,720,762 2009-2010
GET J 6,720,942 2008-2010
GET K 5,292,597 2009-2010
GET L 5,639,404 2009-2011
GET M 8,860,223 2009-2011
GET N 4,392,425 2010-2011
GET P 10,480,767 2010-2011
GET Q 6,131,720 2009-2010
GET R 3,055,626 2010-2011
GET S -- --
GET T 204,815 2011
GET U -- --
</Table>
The following represents the tax-basis components of distributable earnings as
of December 31, 2002:
<Table>
<Caption>
UNDISTRIBUTED CAPITAL
UNDISTRIBUTED LONG-TERM UNREALIZED LOSS
ORDINARY INCOME CAPITAL GAINS APPRECIATION CARRYFORWARDS
--------------- ------------- ------------ -------------
GET D $13,851,505 -- $(3,793,291) $(34,679,037)
GET E 15,756,499 -- 13,974,426 (39,428,798)
GET G 7,432,335 -- 7,699,817 (17,064,813)
GET H 5,628,242 -- 5,081,411 (10,426,259)
GET I 2,770,593 -- 3,613,322 (6,720,762)
GET J 2,417,158 -- 3,611,321 (6,720,942)
GET K 2,485,628 -- 3,577,510 (5,292,597)
GET L 2,509,246 -- 3,228,625 (5,639,404)
GET M 3,718,519 -- 5,625,908 (8,860,223)
GET N 2,917,583 -- 2,343,100 (4,392,425)
GET P 4,993,422 -- 8,321,625 (10,480,767)
GET Q -- -- 6,481,506 (6,131,720)
GET R 25,507 -- 4,762,656 (3,055,626)
GET S 273,891 -- 1,455,624 --
GET T 311,750 -- 2,695,449 (204,815)
GET U 10,213 -- 168 --
</Table>
61
ING
GET
FUND --
SERIES D
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMMON STOCK: 4.59%
ADVERTISING: 0.00%
1,050 Interpublic Group Cos., Inc. $ 14,784
------------
14,784
------------
AEROSPACE/DEFENSE: 0.09%
2,200 Boeing Co. 72,578
520 General Dynamics Corp. 41,272
200 Goodrich Corp. 3,664
1,200 Lockheed Martin Corp. 69,300
442 Northrop Grumman Corp. 42,922
400 Raytheon Co. 12,300
660 Rockwell Collins, Inc. 15,352
1,590 United Technologies Corp. 98,485
------------
355,873
------------
AGRICULTURE: 0.00%
410 UST, Inc. 13,706
------------
13,706
------------
APPAREL: 0.02%
490 @ Jones Apparel Group, Inc. 17,366
420 Liz Claiborne, Inc. 12,453
670 Nike, Inc. 29,795
230 @ Reebok Intl. Ltd. 6,762
440 VF Corp. 15,862
------------
82,238
------------
AUTO MANUFACTURERS: 0.04%
7,580 Ford Motor Co. 70,494
1,360 General Motors Corp. 50,130
290 Paccar, Inc. 13,378
------------
134,002
------------
AUTO PARTS & EQUIPMENT: 0.01%
210 Cooper Tire & Rubber Co. 3,221
390 Dana Corp. 4,586
1,290 Delphi Corp. 10,384
470 Goodyear Tire & Rubber Co. 3,201
220 Johnson Controls, Inc. 17,637
------------
39,029
------------
BANKS: 0.34%
880 AmSouth Bancorp 16,896
4,850 Bank of America Corp. 337,414
2,870 Bank One Corp. 104,898
460 BB&T Corp. 17,015
590 Charter One Financial, Inc. 16,951
600 Comerica, Inc. 25,944
330 First Tennessee National Corp. 11,860
2,560 FleetBoston Financial Corp. 62,208
640 Huntington Bancshares, Inc. 11,974
1,030 Keycorp 25,894
660 Marshall & Ilsley Corp. 18,071
410 Mellon Financial Corp. 10,705
1,460 National City Corp. 39,887
410 North Fork Bancorporation, Inc. 13,833
670 PNC Financial Services Group, Inc. 28,073
750 Regions Financial Corp. 25,020
830 SouthTrust Corp. 20,626
800 State Street Corp. 31,200
710 SunTrust Banks, Inc. 40,413
720 Synovus Financial Corp. 13,968
815 Union Planters Corp. 22,934
4,600 US Bancorp 97,612
3,260 Wachovia Corp. 118,794
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
4,100 Wells Fargo & Co. $ 192,167
250 Zions Bancorporation 9,837
------------
1,314,194
------------
BEVERAGES: 0.15%
1,970 Anheuser-Busch Cos., Inc. 95,348
180 Brown-Forman Corp. 11,765
5,650 Coca-Cola Co. 247,583
1,100 Coca-Cola Enterprises, Inc. 23,892
100 Coors (Adolph) 6,125
670 Pepsi Bottling Group, Inc. 17,219
4,050 PepsiCo, Inc. 170,991
------------
572,923
------------
BIOTECHNOLOGY: 0.05%
3,108 @ Amgen, Inc. 150,241
340 @ Biogen, Inc. 13,620
470 @ Chiron Corp. 17,672
------------
181,533
------------
BUILDING MATERIALS: 0.01%
170 @ American Standard Cos., Inc. 12,094
1,310 Masco Corp. 27,576
------------
39,670
------------
CHEMICALS: 0.07%
580 Air Products & Chemicals, Inc. 24,795
140 Ashland, Inc. 3,994
2,570 Du Pont EI de Nemours & Co. 108,968
190 Eastman Chemical Co. 6,986
340 Ecolab, Inc. 16,830
430 Engelhard Corp. 9,610
110 Great Lakes Chemical Corp. 2,627
210 International Flavors & Fragrances, Inc. 7,371
400 PPG Industries, Inc. 20,060
400 Praxair, Inc. 23,108
530 Rohm & Haas Co. 17,214
350 Sherwin-Williams Co. 9,888
180 Sigma-Aldrich Corp. 8,766
------------
260,217
------------
COMMERCIAL SERVICES: 0.04%
430 @ Apollo Group, Inc. 18,920
1,250 @ Concord EFS, Inc. 19,675
400 @ Convergys Corp. 6,060
220 Deluxe Corp. 9,262
360 Equifax, Inc. 8,330
680 H&R Block, Inc. 27,336
730 McKesson Corp. 19,732
410 Moody's Corp. 16,929
350 Paychex, Inc. 9,765
210 @ Quintiles Transnational Corp. 2,541
640 @ Robert Half Intl., Inc. 10,310
------------
148,860
------------
COMPUTERS: 0.18%
820 @ Apple Computer, Inc. 11,751
410 @ Computer Sciences Corp. 14,124
8,370 @ Dell Computer Corp. 223,814
6,890 @ EMC Corp.-Mass. 42,305
9,924 Hewlett-Packard Co. 172,281
1,630 International Business Machines Corp. 126,325
470 @ Lexmark Intl., Inc. 28,435
8,200 @ Sun Microsystems, Inc. 25,502
750 @ Sungard Data Systems, Inc. 17,670
</Table>
See Accompanying Notes to Financial Statements
62
ING
GET
FUND --
SERIES D
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMPUTERS (CONTINUED)
860 @ Unisys Corp. $ 8,514
920 @ Veritas Software Corp. 14,370
------------
685,091
------------
COSMETICS/PERSONAL CARE: 0.18%
120 Alberto-Culver Co. 6,048
220 Avon Products, Inc. 11,851
1,260 Colgate-Palmolive Co. 66,062
3,260 Gillette Co. 98,974
1,200 Kimberly-Clark Corp. 56,964
5,020 Procter & Gamble Co. 431,419
------------
671,318
------------
DISTRIBUTION/WHOLESALE: 0.00%
220 WW Grainger, Inc. 11,341
------------
11,341
------------
DIVERSIFIED FINANCIAL SERVICES: 0.40%
3,110 American Express Co. 109,938
370 Bear Stearns Cos., Inc. 21,978
870 Capital One Financial Corp. 25,856
1,380 Charles Schwab Corp. 14,973
12,123 Citigroup, Inc. 426,608
430 Countrywide Financial Corp. 22,209
3,170 Fannie Mae 203,926
660 Franklin Resources, Inc. 22,493
2,810 Freddie Mac 165,930
460 Goldman Sachs Group, Inc. 31,326
1,090 Household Intl., Inc. 30,313
5,020 JP Morgan Chase & Co. 120,480
610 Lehman Brothers Holdings, Inc. 32,507
4,165 MBNA Corp. 79,218
2,080 Merrill Lynch & Co., Inc. 78,936
2,740 Morgan Stanley 109,381
970 @ Providian Financial Corp. 6,295
400 SLM Corp. 41,544
------------
1,543,911
------------
ELECTRIC: 0.13%
360 Ameren Corp. 14,965
850 American Electric Power Co., Inc. 23,230
670 Centerpoint Energy, Inc. 5,695
420 Cinergy Corp. 14,162
390 CMS Energy Corp. 3,682
540 Consolidated Edison, Inc. 23,123
420 Constellation Energy Group, Inc. 11,684
731 Dominion Resources, Inc. 40,132
420 DTE Energy Co. 19,488
2,200 Duke Energy Corp. 42,988
1,130 @ Edison Intl. 13,390
570 Entergy Corp. 25,986
1,060 Exelon Corp. 55,936
760 FirstEnergy Corp. 25,057
420 FPL Group, Inc. 25,255
510 NiSource, Inc. 10,200
1,490 @ PG&E Corp. 20,711
190 Pinnacle West Capital Corp. 6,477
370 PPL Corp. 12,832
520 Progress Energy, Inc. 22,542
480 Public Service Enterprise Group, Inc. 15,408
1,730 Southern Co. 49,115
380 TECO Energy, Inc. 5,879
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
900 TXU Corp. $ 16,812
955 Xcel Energy, Inc. 10,505
------------
515,254
------------
ELECTRICAL COMPONENTS & EQUIPMENT: 0.02%
720 @ American Power Conversion 10,908
1,030 Emerson Electric Co. 52,375
510 Molex, Inc. 11,750
------------
75,033
------------
ELECTRONICS: 0.02%
1,040 @ Agilent Technologies, Inc. 18,678
700 Applera Corp. -- Applied Biosystems Group 12,278
740 @ Jabil Circuit, Inc. 13,261
280 Parker Hannifin Corp. 12,916
1,920 @ Sanmina-SCI Corp. 8,621
350 @ Thermo Electron Corp. 7,042
320 @ Waters Corp. 6,970
------------
79,766
------------
ENGINEERING & CONSTRUCTION: 0.00%
270 Fluor Corp. 7,560
------------
7,560
------------
ENTERTAINMENT: 0.00%
200 @ International Game Technology 15,184
------------
15,184
------------
ENVIRONMENTAL CONTROL: 0.01%
320 @ Allied Waste Industries, Inc. 3,200
1,550 Waste Management, Inc. 35,526
------------
38,726
------------
FOOD: 0.08%
1,080 Albertson's, Inc. 24,041
1,621 Archer-Daniels-Midland Co. 20,100
970 Campbell Soup Co. 22,766
1,330 ConAgra Foods, Inc. 33,263
1 @ Del Monte Foods Co. 7
380 General Mills, Inc. 17,841
330 Hershey Foods Corp. 22,255
900 HJ Heinz Co. 29,583
1,010 Kellogg Co. 34,613
2,020 @ Kroger Co. 31,209
1,760 Sara Lee Corp. 39,618
290 Supervalu, Inc. 4,788
400 Winn-Dixie Stores, Inc. 6,112
500 WM Wrigley Jr. Co. 27,440
------------
313,636
------------
FOREST PRODUCTS & PAPER: 0.02%
130 Boise Cascade Corp. 3,279
580 Georgia-Pacific Corp. 9,373
1,210 International Paper Co. 42,314
210 MeadWestvaco Corp. 5,189
420 Plum Creek Timber Co., Inc. 9,912
110 Temple-Inland, Inc. 4,929
220 Weyerhaeuser Co. 10,826
------------
85,822
------------
GAS: 0.01%
340 KeySpan Corp. 11,982
130 Nicor, Inc. 4,424
</Table>
See Accompanying Notes to Financial Statements
63
ING
GET
FUND --
SERIES D
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
GAS (CONTINUED)
70 Peoples Energy Corp. $ 2,706
710 Sempra Energy 16,792
------------
35,904
------------
HAND/MACHINE TOOLS: 0.01%
290 Black & Decker Corp. 12,438
230 Snap-On, Inc. 6,465
210 Stanley Works 7,262
------------
26,165
------------
HEALTHCARE -- PRODUCTS: 0.15%
140 Bausch & Lomb, Inc. 5,040
1,020 Becton Dickinson & Co. 31,304
1,020 @ Boston Scientific Corp. 43,370
120 CR Bard, Inc. 6,960
1,160 @ Guidant Corp. 35,786
7,198 Johnson & Johnson 386,605
630 @ St. Jude Medical, Inc. 25,024
500 Stryker Corp. 33,560
200 @ Zimmer Holdings, Inc. 8,304
------------
575,953
------------
HEALTHCARE -- SERVICES: 0.07%
530 @ Anthem, Inc. 33,337
1,360 HCA, Inc. 56,440
640 Health Management Associates, Inc. 11,456
440 @ Humana, Inc. 4,400
200 @ Manor Care, Inc. 3,722
260 @ Quest Diagnostics 14,794
1,210 @ Tenet Healthcare Corp. 19,844
820 UnitedHealth Group, Inc. 68,470
550 @ WellPoint Health Networks 39,138
------------
251,601
------------
HOME BUILDERS: 0.01%
210 Centex Corp. 10,542
150 KB Home 6,428
140 Pulte Homes, Inc. 6,702
------------
23,672
------------
HOME FURNISHINGS: 0.01%
450 Leggett & Platt, Inc. 10,098
180 Maytag Corp. 5,130
170 Whirlpool Corp. 8,877
------------
24,105
------------
HOUSEHOLD PRODUCTS/WARES: 0.02%
370 Avery Dennison Corp. 22,600
660 Clorox Co. 27,225
380 Fortune Brands, Inc. 17,674
------------
67,499
------------
HOUSEWARES: 0.01%
670 Newell Rubbermaid, Inc. 20,321
------------
20,321
------------
INSURANCE: 0.21%
640 @@ ACE Ltd. 18,778
1,240 Aflac, Inc. 37,349
1,690 Allstate Corp. 62,513
270 AMBAC Financial Group, Inc. 15,185
2,500 American Intl. Group 144,625
800 AON Corp. 15,112
180 Chubb Corp. 9,396
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
540 Cigna Corp. $ 22,205
400 Cincinnati Financial Corp. 15,020
600 Hartford Financial Services Group, Inc. 27,258
370 Jefferson-Pilot Corp. 14,101
720 John Hancock Financial Services, Inc. 20,088
170 Lincoln National Corp. 5,369
490 Loews Corp. 21,785
1,340 Marsh & McLennan Cos., Inc. 61,921
380 MBIA, Inc. 16,667
1,840 Metlife, Inc. 49,754
270 MGIC Investment Corp. 11,151
890 Principal Financial Group 26,816
730 Progressive Corp. 36,230
1,450 Prudential Financial, Inc. 46,023
340 Safeco Corp. 11,788
220 St. Paul Cos. 7,491
290 Torchmark Corp. 10,594
3,453 @ Travelers Property Casualty Corp. 50,586
860 UnumProvident Corp. 15,084
360 @@ XL Capital Ltd. 27,810
------------
800,699
------------
INTERNET: 0.01%
300 @ eBay, Inc. 20,346
1,390 @ Yahoo, Inc. 22,727
------------
43,073
------------
IRON/STEEL: 0.00%
290 Nucor Corp. 11,977
300 United States Steel Corp. 3,936
------------
15,913
------------
LEISURE TIME: 0.01%
300 Brunswick Corp. 5,958
580 Carnival Corp. 14,471
290 Harley-Davidson, Inc. 13,398
440 @ Sabre Holdings Corp. 7,968
------------
41,795
------------
LODGING: 0.01%
410 @ Harrah's Entertainment, Inc. 16,236
980 Hilton Hotels Corp. 12,456
480 Starwood Hotels & Resorts Worldwide, Inc. 11,395
------------
40,087
------------
MACHINERY -- DIVERSIFIED: 0.01%
580 Deere & Co. 26,593
510 Dover Corp. 14,872
450 Rockwell Automation, Inc. 9,320
------------
50,785
------------
MEDIA: 0.15%
4,640 @ AOL Time Warner, Inc. 60,784
1,520 @ Clear Channel Communications, Inc. 56,681
2,336 @ Comcast Corp. 55,059
660 Gannett Co., Inc. 47,388
200 Knight-Ridder, Inc. 12,650
490 McGraw-Hill Cos., Inc. 29,616
120 Meredith Corp. 4,933
140 New York Times Co. 6,402
740 Tribune Co. 33,640
4,248 @ Viacom, Inc. 173,148
4,860 Walt Disney Co. 79,267
------------
559,568
------------
</Table>
See Accompanying Notes to Financial Statements
64
ING
GET
FUND --
SERIES D
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
METAL FABRICATE/HARDWARE: 0.00%
220 Worthington Industries $ 3,353
------------
3,353
------------
MINING: 0.01%
420 @ Freeport-McMoRan Copper & Gold, Inc. 7,048
1,000 Newmont Mining Corp. 29,030
210 @ Phelps Dodge Corp. 6,647
------------
42,725
------------
MISCELLANEOUS MANUFACTURING: 0.26%
930 3M Co. 114,669
210 Cooper Industries Ltd. 7,654
100 Crane Co. 1,993
380 Danaher Corp. 24,966
960 Eastman Kodak Co. 33,638
170 Eaton Corp. 13,279
23,890 General Electric Co. 581,722
2,130 Honeywell Intl., Inc. 51,120
710 Illinois Tool Works, Inc. 46,051
400 @@ Ingersoll-Rand Co. 17,224
340 ITT Industries, Inc. 20,635
320 Pall Corp. 5,338
550 Textron, Inc. 23,645
1,920 @@ Tyco Intl. Ltd. 32,794
------------
974,728
------------
OFFICE/BUSINESS EQUIPMENT: 0.01%
570 Pitney Bowes, Inc. 18,616
1,720 @ Xerox Corp. 13,846
------------
32,462
------------
OIL & GAS: 0.25%
290 Amerada Hess Corp. 15,964
620 Anadarko Petroleum Corp. 29,698
470 Apache Corp. 26,785
480 Burlington Resources, Inc. 20,472
1,020 ChevronTexaco Corp. 67,810
1,653 ConocoPhillips 79,989
390 Devon Energy Corp. 17,901
15,990 Exxon Mobil Corp. 558,691
760 Marathon Oil Corp. 16,180
430 @,@@ Nabors Industries Ltd. 15,166
420 @ Noble Corp. 14,763
920 Occidental Petroleum Corp. 26,174
300 Rowan Cos, Inc. 6,810
1,270 Transocean, Inc. 29,464
660 Unocal Corp. 20,183
------------
946,050
------------
OIL & GAS SERVICES: 0.01%
510 Baker Hughes, Inc. 16,417
1,020 Halliburton Co. 19,084
------------
35,501
------------
PACKAGING & CONTAINERS: 0.01%
200 Ball Corp. 10,238
170 Bemis Co. 8,437
550 @ Pactiv Corp. 12,023
------------
30,698
------------
PHARMACEUTICALS: 0.33%
120 Allergan, Inc. 6,914
250 AmerisourceBergen Corp. 13,577
1,200 Cardinal Health, Inc. 71,028
440 @ Forest Laboratories, Inc. 43,217
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
590 @ King Pharmaceuticals, Inc. $ 10,142
5,440 Merck & Co., Inc. 307,958
14,920 Pfizer, Inc. 456,104
3,124 Pharmacia Corp. 130,583
3,510 Schering-Plough Corp. 77,922
290 @ Watson Pharmaceuticals, Inc. 8,198
3,210 Wyeth 120,054
------------
1,245,697
------------
PIPELINES: 0.00%
100 Kinder Morgan, Inc. 4,227
------------
4,227
------------
REITS: 0.01%
1,010 Equity Office Properties Trust 25,230
470 Simon Property Group, Inc. 16,013
------------
41,243
------------
RETAIL: 0.28%
260 @ Autozone, Inc. 18,369
750 @ Bed Bath & Beyond, Inc. 25,897
810 @ Best Buy Co., Inc. 19,561
250 @ Big Lots, Inc. 3,307
1,000 CVS Corp. 24,970
525 Darden Restaurants, Inc. 10,736
280 Dillard's, Inc. 4,441
820 Dollar General Corp. 9,799
430 Family Dollar Stores 13,420
540 @ Federated Department Stores 15,530
3,610 Gap, Inc. (The) 56,027
5,630 Home Depot, Inc. 134,895
1,050 JC Penney Co., Inc. 24,161
810 @ Kohl's Corp. 45,320
2,560 Lowe's Cos., Inc. 96,000
1,770 Ltd. Brands 24,656
680 May Department Stores Co. 15,626
3,110 McDonald's Corp. 50,009
310 Nordstrom, Inc. 5,881
920 @ Office Depot, Inc. 13,579
530 RadioShack Corp. 9,932
1,810 @ Staples, Inc. 33,123
960 @ Starbucks Corp. 19,565
2,260 Target Corp. 67,800
340 Tiffany & Co. 8,129
1,360 TJX Cos, Inc. 26,547
2,360 Walgreen Co. 68,888
4,270 Wal-Mart Stores, Inc. 215,678
260 Wendy's Intl., Inc. 7,038
740 @ Yum! Brands, Inc. 17,923
------------
1,086,807
------------
SAVINGS & LOANS: 0.04%
590 Golden West Financial Corp. 42,368
3,250 Washington Mutual, Inc. 112,223
------------
154,591
------------
SEMICONDUCTORS: 0.14%
830 @ Advanced Micro Devices, Inc. 5,362
870 @ Altera Corp. 10,736
350 @ Analog Devices, Inc. 8,354
4,170 @ Applied Materials, Inc. 54,335
16,060 Intel Corp. 250,054
460 @ Kla-Tencor Corp. 16,270
770 Linear Technology Corp. 19,804
760 @ LSI Logic Corp. 4,385
</Table>
See Accompanying Notes to Financial Statements
65
ING
GET
FUND --
SERIES D
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
SEMICONDUCTORS (CONTINUED)
760 Maxim Integrated Products $ 25,110
600 @ Micron Technology, Inc. 5,844
450 @ National Semiconductor Corp. 6,755
490 @ Novellus Systems, Inc. 13,759
320 @ Nvidia Corp. 3,683
360 @ QLogic Corp. 12,424
450 @ Teradyne, Inc. 5,855
4,310 Texas Instruments, Inc. 64,693
800 @ Xilinx, Inc. 16,480
------------
523,903
------------
SOFTWARE: 0.28%
580 Adobe Systems, Inc. 14,385
320 Autodesk, Inc. 4,576
1,590 Automatic Data Processing 62,407
840 @ BMC Software, Inc. 14,372
360 @ Citrix Systems, Inc. 4,435
1,300 Computer Associates Intl., Inc. 17,550
1,220 @ Compuware Corp. 5,856
480 @ Electronic Arts, Inc. 23,890
1,780 First Data Corp. 63,030
470 @ Fiserv, Inc. 15,957
530 @ Intuit, Inc. 24,868
180 @ Mercury Interactive Corp. 5,337
12,710 @ Microsoft Corp. 657,107
12,980 @ Oracle Corp. 140,184
780 @ Peoplesoft, Inc. 14,274
570 @ Rational Software Corp. 5,922
1,730 @ Siebel Systems, Inc. 12,940
------------
1,087,090
------------
TELECOMMUNICATIONS: 0.29%
800 Alltel Corp. 40,800
190 @ Andrew Corp. 1,953
1,976 AT&T Corp. 51,593
4,570 BellSouth Corp. 118,226
310 CenturyTel, Inc. 9,108
1,280 @ CIENA Corp. 6,579
17,600 @ Cisco Systems, Inc. 230,560
810 @ Citizens Communications Co. 8,545
480 @ Comverse Technology, Inc. 4,810
5,830 Motorola, Inc. 50,430
2,220 @ Nextel Communications, Inc. 25,641
740 @ Qualcomm, Inc. 26,929
8,100 SBC Communications, Inc. 219,591
510 Scientific-Atlanta, Inc. 6,049
3,060 Sprint Corp.-FON Group 44,309
880 @ Tellabs, Inc. 6,398
6,560 Verizon Communications, Inc. 254,200
------------
1,105,721
------------
TEXTILES: 0.00%
400 Cintas Corp. 18,300
------------
18,300
------------
TOBACCO: 0.03%
2,260 Philip Morris Cos., Inc. 91,598
240 RJ Reynolds Tobacco Holdings, Inc. 10,106
------------
101,704
------------
TOYS/GAMES/HOBBIES: 0.01%
200 Hasbro, Inc. 2,310
1,690 Mattel, Inc. 32,364
------------
34,674
------------
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
TRANSPORTATION: 0.08%
960 Burlington Northern Santa Fe Corp. $ 24,970
770 FedEx Corp. 41,749
900 Norfolk Southern Corp. 17,991
630 Union Pacific Corp. 37,718
2,680 United Parcel Service, Inc. 169,054
------------
291,482
------------
TRUCKING & LEASING: 0.00%
250 Ryder System, Inc. 5,610
------------
5,610
------------
Total Common Stock
(Cost $19,391,504) 17,543,377
------------
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
BONDS/NOTES: 15.19%
BANKS: 1.44%
$ 5,375,000 BankBoston Corp.,
6.875%, due 07/15/03 5,507,617
------------
OIL & GAS: 1.21%
4,410,000 USX Corp.,
9.625%, due 08/15/03 4,608,547
------------
SOVEREIGN: 12.54%
10,000,000 Israel Government AID Bond,
Zero Coupon, due 02/15/04 9,822,750
15,158,000 Israel Trust,
Zero Coupon, due 05/15/04 14,775,746
13,564,000 Israel Trust,
Zero Coupon, due 11/15/03 13,380,235
10,000,000 Israel Trust, Zero Coupon, due 11/15/03 9,864,520
------------
47,843,251
------------
Total Bonds/Notes
(Cost $56,901,885) 57,959,415
------------
COLLATERALIZED MORTGAGE OBLIGATIONS AND ASSET-BACKED SECURITIES: 6.03%
COMMERCIAL MORTGAGE BACKED SECURITIES: 5.46%
9,348,495 DLJ Commercial Mortgage Corp.,
6.080%, due 08/10/08 10,101,119
9,887,227 Nationslink Funding Corp., 6.042%, due 11/20/07 10,712,687
------------
20,813,806
------------
MANUFACTURED HOUSING ASSET BACKED: 0.26%
6,000,000 Green Tree Financial Corp.,
8.410%, due 12/01/30 993,750
------------
WHOLE LOAN COLLATERALIZED MORTGAGE: 0.31%
361,222 Countrywide Home Loans,
6.250%, due 05/25/14 372,080
463,184 GE Capital Mortgage Services, Inc.,
6.250%, due 03/25/14 485,118
332,260 Norwest Asset Securities Corp., 6.750%, due
02/25/13 339,954
------------
1,197,152
------------
Total CMOs and Asset-Backed Securities
(Cost $26,345,452) 23,004,708
------------
</Table>
See Accompanying Notes to Financial Statements
66
ING
GET
FUND --
SERIES D
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS: 44.95%
FEDERAL HOME LOAN BANK SYSTEM: 12.88%
$ 5,000,000 3.750%, due 04/15/04 $ 5,148,875
25,000,000 5.250%, due 02/13/04 26,066,900
18,234,000 Zero Coupon, due 02/25/04 17,908,924
------------
49,124,699
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 10.62%
1,000,000 3.250%, due 01/15/04 1,019,916
30,470,000 5.000%, due 01/15/04 31,630,206
8,077,000 Zero Coupon, due 08/16/04 7,842,420
------------
40,492,542
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION-STRIP: 1.62%
3,750,000 Zero Coupon, due 01/15/04 3,691,980
2,538,000 Zero Coupon, due 03/15/04 2,489,501
------------
6,181,481
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 17.34%
50,000,000 5.125%, due 02/13/04 52,108,100
13,000,000 6.500%, due 08/15/04 14,019,473
------------
66,127,573
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION --
STRIP: 2.49%
3,591,000 Zero Coupon, due 01/15/04 3,535,444
6,300,000 Zero Coupon, due 07/15/05 5,953,412
------------
9,488,856
------------
Total U.S. Government Agency Obligations
(Cost $164,348,621) 171,415,151
------------
U.S. TREASURY OBLIGATIONS: 27.95%
U.S. TREASURY NOTE: 0.50%
1,825,000 4.750%, due 02/15/04 1,897,004
------------
U.S. TREASURY STRIP: 27.45%
80,937,000 Zero Coupon, due 02/15/04 79,857,543
25,037,000 Zero Coupon, due 08/15/03 24,845,167
------------
104,702,710
------------
Total U.S. Treasury Obligations
(Cost $105,009,517) 106,599,714
------------
Total Long-Term Investments
(Cost $371,996,979) 376,522,365
------------
</Table>
<Table>
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT: 0.63%
$ 2,401,000 State Street Repurchase Agreement, dated 12/31/02,
1.200%, due 01/02/03, $2,401,160 to be received
upon repurchase (collateralized by $2,430,000
FNMA, 2.600% Market Value $2,453,090 due 10/08/04)
$ 2,401,000
------------
Total Short-Term Investment
(Cost $2,401,000) 2,401,000
------------
</Table>
<Table>
TOTAL INVESTMENTS IN SECURITIES
(COST $374,397,979)* 99.34% $378,923,365
OTHER ASSETS AND LIABILITIES-NET 0.66% 2,529,267
------- ------------
NET ASSETS 100.00% $381,452,632
======= ============
</Table>
<Table>
@ Non-income producing security
@@ Foreign Issuer
* Cost for federal income tax purposes is $382,716,655. Net
unrealized depreciation consists of:
</Table>
<Table>
Gross Unrealized Appreciation $ 3,397,452
Gross Unrealized Depreciation (7,190,742)
-----------
Net Unrealized Depreciation $(3,793,290)
===========
</Table>
See Accompanying Notes to Financial Statements
67
ING
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FUND --
SERIES E
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMMON STOCK: 5.29%
ADVERTISING: 0.00%
1,300 Interpublic Group Cos., Inc. $ 18,304
------------
$ 18,304
------------
AEROSPACE/DEFENSE: 0.10%
2,500 Boeing Co. 82,475
650 General Dynamics Corp. 51,590
150 Goodrich Corp. 2,748
1,310 Lockheed Martin Corp. 75,653
527 Northrop Grumman Corp. 51,097
500 Raytheon Co. 15,375
850 Rockwell Collins, Inc. 19,771
1,950 United Technologies Corp. 120,783
------------
419,492
------------
AGRICULTURE: 0.01%
550 UST, Inc. 18,387
------------
18,387
------------
APPAREL: 0.02%
580 @ Jones Apparel Group, Inc. 20,555
450 Liz Claiborne, Inc. 13,343
800 Nike, Inc. 35,576
250 @ Reebok Intl. Ltd. 7,350
540 VF Corp. 19,467
------------
96,291
------------
AUTO MANUFACTURERS: 0.04%
9,250 Ford Motor Co. 86,025
1,650 General Motors Corp. 60,819
350 Paccar, Inc. 16,146
------------
162,990
------------
AUTO PARTS & EQUIPMENT: 0.01%
240 Cooper Tire & Rubber Co. 3,682
650 Dana Corp. 7,644
1,590 Delphi Corp. 12,799
570 Goodyear Tire & Rubber Co. 3,882
250 Johnson Controls, Inc. 20,043
------------
48,050
------------
BANKS: 0.40%
1,300 AmSouth Bancorp 24,960
5,950 Bank of America Corp. 413,941
3,550 Bank One Corp. 129,752
550 BB&T Corp. 20,344
707 Charter One Financial, Inc. 20,312
750 Comerica, Inc. 32,430
400 First Tennessee National Corp. 14,376
3,100 FleetBoston Financial Corp. 75,330
800 Huntington Bancshares, Inc. 14,968
1,250 Keycorp 31,425
600 Marshall & Ilsley Corp. 16,428
500 Mellon Financial Corp. 13,055
1,800 National City Corp. 49,176
500 North Fork Bancorporation, Inc. 16,870
850 PNC Financial Services Group, Inc. 35,615
900 Regions Financial Corp. 30,024
980 SouthTrust Corp. 24,353
1,000 State Street Corp. 39,000
850 SunTrust Banks, Inc. 48,382
900 Synovus Financial Corp. 17,460
990 Union Planters Corp. 27,859
5,785 US Bancorp 122,758
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
3,950 Wachovia Corp. $ 143,938
4,900 Wells Fargo & Co. 229,663
300 Zions Bancorporation 11,805
------------
1,604,224
------------
BEVERAGES: 0.17%
2,400 Anheuser-Busch Cos., Inc. 116,160
250 Brown-Forman Corp. 16,340
6,900 Coca-Cola Co. 302,358
1,350 Coca-Cola Enterprises, Inc. 29,322
110 Coors (Adolph) 6,737
800 Pepsi Bottling Group, Inc. 20,560
4,950 PepsiCo, Inc. 208,989
------------
700,466
------------
BIOTECHNOLOGY: 0.05%
3,776 @ Amgen, Inc. 182,532
200 @ Biogen, Inc. 8,012
700 @ Chiron Corp. 26,320
------------
216,864
------------
BUILDING MATERIALS: 0.01%
200 @ American Standard Cos., Inc. 14,228
1,600 Masco Corp. 33,680
------------
47,908
------------
CHEMICALS: 0.08%
700 Air Products & Chemicals, Inc. 29,925
290 Ashland, Inc. 8,274
3,150 Du Pont EI de Nemours & Co. 133,560
250 Eastman Chemical Co. 9,192
350 Ecolab, Inc. 17,325
350 Engelhard Corp. 7,822
320 International Flavors & Fragrances, Inc. 11,232
500 PPG Industries, Inc. 25,075
500 Praxair, Inc. 28,885
650 Rohm & Haas Co. 21,112
450 Sherwin-Williams Co. 12,713
250 Sigma-Aldrich Corp. 12,175
------------
317,290
------------
COMMERCIAL SERVICES: 0.05%
550 @ Apollo Group, Inc. 24,200
1,550 @ Concord EFS, Inc. 24,397
650 @ Convergys Corp. 9,847
280 Deluxe Corp. 11,788
400 Equifax, Inc. 9,256
840 H&R Block, Inc. 33,768
900 McKesson Corp. 24,327
500 Moody's Corp. 20,645
450 Paychex, Inc. 12,555
300 @ Quintiles Transnational Corp. 3,630
750 @ Robert Half Intl., Inc. 12,083
------------
186,496
------------
COMPUTERS: 0.21%
1,000 @ Apple Computer, Inc. 14,330
500 @ Computer Sciences Corp. 17,225
10,200 @ Dell Computer Corp. 272,748
8,400 @ EMC Corp.-Mass. 51,576
12,142 Hewlett-Packard Co. 210,785
2,000 International Business Machines Corp. 155,000
610 @ Lexmark Intl., Inc. 36,905
10,050 @ Sun Microsystems, Inc. 31,256
900 @ Sungard Data Systems, Inc. 21,204
</Table>
See Accompanying Notes to Financial Statements
68
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FUND --
SERIES E
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMPUTERS (CONTINUED)
1,050 @ Unisys Corp. $ 10,395
1,100 @ Veritas Software Corp. 17,182
------------
838,606
------------
COSMETICS/PERSONAL CARE: 0.20%
210 Alberto-Culver Co. 10,584
250 Avon Products, Inc. 13,467
1,550 Colgate-Palmolive Co. 81,266
4,000 Gillette Co. 121,440
1,550 Kimberly-Clark Corp. 73,579
6,100 Procter & Gamble Co. 524,234
------------
824,570
------------
DISTRIBUTION/WHOLESALE: 0.00%
250 WW Grainger, Inc. 12,887
------------
12,887
------------
DIVERSIFIED FINANCIAL SERVICES: 0.47%
3,800 American Express Co. 134,330
480 Bear Stearns Cos., Inc. 28,512
1,070 Capital One Financial Corp. 31,800
1,700 Charles Schwab Corp. 18,445
14,820 Citigroup, Inc. 521,516
550 Countrywide Financial Corp. 28,407
3,890 Fannie Mae 250,244
800 Franklin Resources, Inc. 27,264
3,440 Freddie Mac 203,132
550 Goldman Sachs Group, Inc. 37,455
1,310 Household Intl., Inc. 36,431
6,130 JP Morgan Chase & Co. 147,120
750 Lehman Brothers Holdings, Inc. 39,968
5,095 MBNA Corp. 96,907
2,650 Merrill Lynch & Co., Inc. 100,568
3,350 Morgan Stanley 133,732
1,190 @ Providian Financial Corp. 7,723
500 SLM Corp. 51,930
------------
1,895,484
------------
ELECTRIC: 0.15%
450 Ameren Corp. 18,706
1,020 American Electric Power Co., Inc. 27,877
760 Centerpoint Energy, Inc. 6,460
470 Cinergy Corp. 15,848
490 CMS Energy Corp. 4,626
600 Consolidated Edison, Inc. 25,692
500 Constellation Energy Group, Inc. 13,910
906 Dominion Resources, Inc. 49,739
490 DTE Energy Co. 22,736
2,700 Duke Energy Corp. 52,758
1,400 @ Edison Intl. 16,590
680 Entergy Corp. 31,001
1,300 Exelon Corp. 68,601
910 FirstEnergy Corp. 30,003
500 FPL Group, Inc. 30,065
650 NiSource, Inc. 13,000
1,820 @ PG&E Corp. 25,298
210 Pinnacle West Capital Corp. 7,159
440 PPL Corp. 15,259
650 Progress Energy, Inc. 28,178
600 Public Service Enterprise Group, Inc. 19,260
2,100 Southern Co. 59,619
550 TECO Energy, Inc. 8,509
1,100 TXU Corp. 20,548
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
1,160 Xcel Energy, Inc. $ 12,760
------------
624,202
------------
ELECTRICAL COMPONENTS & EQUIPMENT: 0.02%
800 @ American Power Conversion 12,120
1,300 Emerson Electric Co. 66,105
600 Molex, Inc. 13,824
------------
92,049
------------
ELECTRONICS: 0.02%
1,300 @ Agilent Technologies, Inc. 23,348
900 Applera Corp. -- Applied Biosystems Group 15,786
900 @ Jabil Circuit, Inc. 16,128
350 Parker Hannifin Corp. 16,146
2,350 @ Sanmina-SCI Corp. 10,552
450 @ Thermo Electron Corp. 9,054
400 @ Waters Corp. 8,712
------------
99,726
------------
ENGINEERING & CONSTRUCTION: 0.00%
350 Fluor Corp. 9,800
------------
9,800
------------
ENTERTAINMENT: 0.00%
250 @ International Game Technology 18,980
------------
18,980
------------
ENVIRONMENTAL CONTROL: 0.01%
600 @ Allied Waste Industries, Inc. 6,000
1,850 Waste Management, Inc. 42,402
------------
48,402
------------
FOOD: 0.10%
1,300 Albertson's, Inc. 28,938
1,978 Archer-Daniels-Midland Co. 24,527
1,200 Campbell Soup Co. 28,164
1,650 ConAgra Foods, Inc. 41,268
450 General Mills, Inc. 21,127
400 Hershey Foods Corp. 26,976
1,100 HJ Heinz Co. 36,157
1,250 Kellogg Co. 42,838
2,450 @ Kroger Co. 37,853
2,150 Sara Lee Corp. 48,397
340 Supervalu, Inc. 5,613
590 Winn-Dixie Stores, Inc. 9,015
600 WM Wrigley Jr Co. 32,928
------------
383,801
------------
FOREST PRODUCTS & PAPER: 0.03%
310 Boise Cascade Corp. 7,818
700 Georgia-Pacific Corp. 11,312
1,500 International Paper Co. 52,455
250 MeadWestvaco Corp. 6,178
500 Plum Creek Timber Co., Inc. 11,800
140 Temple-Inland, Inc. 6,273
250 Weyerhaeuser Co. 12,303
------------
108,139
------------
GAS: 0.01%
400 KeySpan Corp. 14,096
150 Nicor, Inc. 5,105
80 Peoples Energy Corp. 3,092
700 Sempra Energy 16,555
------------
38,848
------------
</Table>
See Accompanying Notes to Financial Statements
69
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FUND --
SERIES E
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
HAND/MACHINE TOOLS: 0.01%
370 Black & Decker Corp. $ 15,869
250 Snap-On, Inc. 7,028
300 Stanley Works 10,374
------------
33,271
------------
HEALTHCARE -- PRODUCTS: 0.17%
1,250 Becton Dickinson & Co. 38,362
1,250 @ Boston Scientific Corp. 53,150
210 CR Bard, Inc. 12,180
1,423 @ Guidant Corp. 43,899
8,785 Johnson & Johnson 471,842
570 @ St. Jude Medical, Inc. 22,640
600 Stryker Corp. 40,272
250 @ Zimmer Holdings, Inc. 10,380
------------
692,725
------------
HEALTHCARE -- SERVICES: 0.08%
650 @ Anthem, Inc. 40,885
1,650 HCA, Inc. 68,475
800 Health Management Associates, Inc. 14,320
400 @ Humana, Inc. 4,000
350 @ Manor Care, Inc. 6,514
300 @ Quest Diagnostics 17,070
1,495 @ Tenet Healthcare Corp. 24,518
1,000 UnitedHealth Group, Inc. 83,500
680 @ WellPoint Health Networks 48,389
------------
307,671
------------
HOME BUILDERS: 0.01%
250 Centex Corp. 12,550
190 KB Home 8,142
200 Pulte Homes, Inc. 9,574
------------
30,266
------------
HOME FURNISHINGS: 0.01%
550 Leggett & Platt, Inc. 12,342
230 Maytag Corp. 6,555
200 Whirlpool Corp. 10,444
------------
29,341
------------
HOUSEHOLD PRODUCTS/WARES: 0.02%
350 Avery Dennison Corp. 21,378
800 Clorox Co. 33,000
450 Fortune Brands, Inc. 20,929
------------
75,307
------------
HOUSEWARES: 0.01%
800 Newell Rubbermaid, Inc. 24,264
------------
24,264
------------
INSURANCE: 0.24%
800 @@ ACE Ltd. 23,472
1,500 Aflac, Inc. 45,180
2,050 Allstate Corp. 75,829
300 AMBAC Financial Group, Inc. 16,872
3,050 American Intl. Group 176,442
1,000 AON Corp. 18,890
200 Chubb Corp. 10,440
660 Cigna Corp. 27,139
500 Cincinnati Financial Corp. 18,775
730 Hartford Financial Services Group, Inc. 33,164
450 Jefferson-Pilot Corp. 17,149
900 John Hancock Financial Services, Inc. 25,110
230 Lincoln National Corp. 7,263
600 Loews Corp. 26,676
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
1,650 Marsh & McLennan Cos., Inc. $ 76,247
450 MBIA, Inc. 19,737
2,250 Metlife, Inc. 60,840
350 MGIC Investment Corp. 14,455
1,100 Principal Financial Group 33,143
900 Progressive Corp. 44,667
1,750 Prudential Financial, Inc. 55,545
350 Safeco Corp. 12,135
300 St. Paul Cos. 10,215
350 Torchmark Corp. 12,786
4,223 @ Travelers Property Casualty Corp. 61,867
1,050 UnumProvident Corp. 18,417
450 @@ XL Capital Ltd. 34,762
------------
977,217
------------
INTERNET: 0.01%
350 @ eBay, Inc. 23,737
1,700 @ Yahoo, Inc. 27,795
------------
51,532
------------
IRON/STEEL: 0.00%
220 Nucor Corp. 9,086
550 United States Steel Corp. 7,216
------------
16,302
------------
LEISURE TIME: 0.01%
240 Brunswick Corp. 4,766
700 Carnival Corp. 17,465
350 Harley-Davidson, Inc. 16,170
570 @ Sabre Holdings Corp. 10,323
------------
48,724
------------
LODGING: 0.01%
510 @ Harrah's Entertainment, Inc. 20,196
1,200 Hilton Hotels Corp. 15,252
600 Starwood Hotels & Resorts Worldwide, Inc. 14,244
------------
49,692
------------
MACHINERY -- DIVERSIFIED: 0.02%
750 Deere & Co. 34,387
600 Dover Corp. 17,496
750 Rockwell Automation, Inc. 15,533
------------
67,416
------------
MEDIA: 0.17%
5,750 @ AOL Time Warner, Inc. 75,325
1,850 @ Clear Channel Communications, Inc. 68,986
2,862 @ Comcast Corp. 67,457
800 Gannett Co., Inc. 57,440
250 Knight-Ridder, Inc. 15,813
600 McGraw-Hill Cos., Inc. 36,264
200 Meredith Corp. 8,222
200 New York Times Co. 9,146
900 Tribune Co. 40,914
5,150 @ Viacom, Inc. 209,914
5,950 Walt Disney Co. 97,044
------------
686,525
------------
MINING: 0.01%
400 @ Freeport-McMoRan Copper & Gold, Inc. 6,712
1,250 Newmont Mining Corp. 36,288
350 @ Phelps Dodge Corp. 11,078
------------
54,078
------------
</Table>
See Accompanying Notes to Financial Statements
70
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FUND --
SERIES E
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
MISCELLANEOUS MANUFACTURING: 0.30%
1,200 3M Co. $ 147,960
250 Cooper Industries Ltd. 9,112
110 Crane Co. 2,192
450 Danaher Corp. 29,565
1,200 Eastman Kodak Co. 42,048
200 Eaton Corp. 15,622
29,150 General Electric Co. 709,802
2,600 Honeywell Intl., Inc. 62,400
850 Illinois Tool Works, Inc. 55,131
500 @@ Ingersoll-Rand Co. 21,530
410 ITT Industries, Inc. 24,883
400 Pall Corp. 6,672
680 Textron, Inc. 29,233
2,350 @@ Tyco Intl. Ltd. 40,138
------------
1,196,288
------------
OFFICE/BUSINESS EQUIPMENT: 0.01%
750 Pitney Bowes, Inc. 24,495
2,100 @ Xerox Corp. 16,905
------------
41,400
------------
OIL & GAS: 0.29%
430 Amerada Hess Corp. 23,671
750 Anadarko Petroleum Corp. 35,925
580 Apache Corp. 33,054
590 Burlington Resources, Inc. 25,163
1,250 ChevronTexaco Corp. 83,100
2,019 ConocoPhillips 97,699
450 Devon Energy Corp. 20,655
19,550 Exxon Mobil Corp. 683,077
940 Marathon Oil Corp. 20,013
500 @,@@ Nabors Industries Ltd. 17,635
520 @ Noble Corp. 18,278
1,110 Occidental Petroleum Corp. 31,580
350 Rowan Cos, Inc. 7,945
1,520 Transocean, Inc. 35,264
780 Unocal Corp. 23,852
------------
1,156,911
------------
OIL & GAS SERVICES: 0.01%
600 Baker Hughes, Inc. 19,314
1,250 Halliburton Co. 23,387
------------
42,701
------------
PACKAGING & CONTAINERS: 0.01%
180 Ball Corp. 9,214
170 Bemis Co. 8,437
440 @ Pactiv Corp. 9,618
------------
27,269
------------
PHARMACEUTICALS: 0.38%
150 Allergan, Inc. 8,643
300 AmerisourceBergen Corp. 16,293
1,300 Cardinal Health, Inc. 76,947
540 @ Forest Laboratories, Inc. 53,039
953 @ King Pharmaceuticals, Inc. 16,382
6,650 Merck & Co., Inc. 376,457
18,225 Pfizer, Inc. 557,138
3,804 Pharmacia Corp. 159,007
4,300 Schering-Plough Corp. 95,460
250 @ Watson Pharmaceuticals, Inc. 7,068
3,950 Wyeth 147,730
------------
1,514,164
------------
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
PIPELINES: 0.00%
150 Kinder Morgan, Inc. $ 6,341
------------
6,341
------------
REITS: 0.01%
1,250 Equity Office Properties Trust 31,225
550 Simon Property Group, Inc. 18,739
------------
49,964
------------
RETAIL: 0.33%
350 @ Autozone, Inc. 24,727
900 @ Bed Bath & Beyond, Inc. 31,077
1,000 @ Best Buy Co., Inc. 24,150
450 @ Big Lots, Inc. 5,953
1,200 CVS Corp. 29,964
795 Darden Restaurants, Inc. 16,258
350 Dillard's, Inc. 5,551
1,000 Dollar General Corp. 11,950
550 Family Dollar Stores 17,165
650 @ Federated Department Stores 18,694
4,400 Gap, Inc. (The) 68,288
6,890 Home Depot, Inc. 165,084
1,050 JC Penney Co., Inc. 24,161
1,000 @ Kohl's Corp. 55,950
3,100 Lowe's Cos., Inc. 116,250
2,150 Ltd. Brands 29,950
900 May Department Stores Co. 20,682
3,800 McDonald's Corp. 61,104
350 Nordstrom, Inc. 6,640
1,120 @ Office Depot, Inc. 16,531
800 RadioShack Corp. 14,992
2,220 @ Staples, Inc. 40,626
1,100 @ Starbucks Corp. 22,418
2,750 Target Corp. 82,500
400 Tiffany & Co. 9,564
1,650 TJX Cos, Inc. 32,208
2,900 Walgreen Co. 84,651
5,200 Wal-Mart Stores, Inc. 262,652
350 Wendy's Intl., Inc. 9,475
900 @ Yum! Brands, Inc. 21,798
------------
1,331,013
------------
SAVINGS & LOANS: 0.05%
730 Golden West Financial Corp. 52,421
3,960 Washington Mutual, Inc. 136,739
------------
189,160
------------
SEMICONDUCTORS: 0.16%
1,000 @ Advanced Micro Devices, Inc. 6,460
1,100 @ Altera Corp. 13,574
450 @ Analog Devices, Inc. 10,741
5,150 @ Applied Materials, Inc. 67,104
19,600 Intel Corp. 305,172
500 @ Kla-Tencor Corp. 17,685
1,150 Linear Technology Corp. 29,578
1,200 @ LSI Logic Corp. 6,924
950 Maxim Integrated Products 31,388
750 @ Micron Technology, Inc. 7,305
550 @ National Semiconductor Corp. 8,256
600 @ Novellus Systems, Inc. 16,848
550 @ Nvidia Corp. 6,331
410 @ QLogic Corp. 14,149
500 @ Teradyne, Inc. 6,505
</Table>
See Accompanying Notes to Financial Statements
71
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FUND --
SERIES E
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
SEMICONDUCTORS (CONTINUED)
5,350 Texas Instruments, Inc. $ 80,304
1,050 @ Xilinx, Inc. 21,630
------------
649,954
------------
SOFTWARE: 0.33%
700 Adobe Systems, Inc. 17,361
500 Autodesk, Inc. 7,150
1,950 Automatic Data Processing 76,537
900 @ BMC Software, Inc. 15,399
400 @ Citrix Systems, Inc. 4,928
1,550 Computer Associates Intl., Inc. 20,925
1,510 @ Compuware Corp. 7,248
600 @ Electronic Arts, Inc. 29,862
2,200 First Data Corp. 77,902
570 @ Fiserv, Inc. 19,351
650 @ Intuit, Inc. 30,498
340 @ Mercury Interactive Corp. 10,081
15,500 @ Microsoft Corp. 801,350
15,900 @ Oracle Corp. 171,720
980 @ Peoplesoft, Inc. 17,934
750 @ Rational Software Corp. 7,793
2,180 @ Siebel Systems, Inc. 16,306
------------
1,332,345
------------
TELECOMMUNICATIONS: 0.33%
950 Alltel Corp. 48,450
250 @ Andrew Corp. 2,570
2,450 AT&T Corp. 63,969
5,600 BellSouth Corp. 144,872
450 CenturyTel, Inc. 13,221
1,550 @ CIENA Corp. 7,967
21,500 @ Cisco Systems, Inc. 281,650
700 @ Citizens Communications Co. 7,385
720 @ Comverse Technology, Inc. 7,214
7,150 Motorola, Inc. 61,848
2,700 @ Nextel Communications, Inc. 31,185
900 @ Qualcomm, Inc. 32,751
9,600 SBC Communications, Inc. 260,256
500 Scientific-Atlanta, Inc. 5,930
3,700 Sprint Corp.-FON Group 53,576
1,400 @ Tellabs, Inc. 10,178
8,150 Verizon Communications, Inc. 315,813
------------
1,348,835
------------
TEXTILES: 0.01%
500 Cintas Corp. 22,875
------------
22,875
------------
TOBACCO: 0.03%
2,590 Philip Morris Cos., Inc. 104,973
300 RJ Reynolds Tobacco Holdings, Inc. 12,633
------------
117,606
------------
TOYS/GAMES/HOBBIES: 0.01%
600 Hasbro, Inc. 6,930
2,070 Mattel, Inc. 39,641
------------
46,571
------------
TRANSPORTATION: 0.09%
1,150 Burlington Northern Santa Fe Corp. 29,911
950 FedEx Corp. 51,509
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
1,100 Norfolk Southern Corp. $ 21,989
750 Union Pacific Corp. 44,903
3,250 United Parcel Service, Inc. 205,010
------------
353,322
------------
TRUCKING & LEASING: 0.00%
300 Ryder System, Inc. 6,732
------------
6,732
------------
Total Common Stock
(Cost $23,699,983) 21,410,038
------------
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
BONDS/NOTES: 16.06%
REGIONAL (STATE/PROVINCE): 2.57%
$10,781,000 Tennessee Valley Authority
Zero Coupon, due 11/01/04 10,382,944
------------
SOVEREIGN: 13.49%
12,167,000 FICO Strip,
Zero Coupon, due 09/07/04 11,774,991
15,731,000 Israel Trust,
Zero Coupon, due 05/15/04 15,334,296
28,110,000 Turkey Trust,
Zero Coupon, due 05/15/04 27,401,122
------------
54,510,409
------------
Total Bonds/Notes
(Cost $61,312,097) 64,893,353
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS: 34.68%
FEDERAL HOME LOAN BANK SYSTEM: 3.78%
15,550,000 Zero Coupon, due 02/25/04 15,272,775
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 15.33%
63,790,000 Zero Coupon, due 08/16/04 61,937,347
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 11.99%
50,000,000 Zero Coupon, due 09/14/04 48,433,050
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION --
STRIP: 3.58%
7,092,000 Zero Coupon, due 07/15/04 6,904,410
7,777,000 Zero Coupon, due 07/24/04 7,558,513
------------
14,462,923
------------
Total U.S. Government Agency Obligations
(Cost $131,516,636) 140,106,095
------------
U.S. TREASURY OBLIGATIONS: 43.56%
U.S. TREASURY STRIP: 43.56%
57,545,000 Zero Coupon, due 05/15/05 55,124,139
22,546,000 Zero Coupon, due 05/15/05 21,633,090
101,487,000 Zero Coupon, due 08/15/04 99,231,959
------------
175,989,188
------------
Total U.S. Treasury Obligations
(Cost $167,614,256) 175,989,188
------------
Total Long-Term Investments
(Cost $384,142,972) 402,398,674
------------
</Table>
See Accompanying Notes to Financial Statements
72
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FUND --
SERIES E
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT: 0.54%
$ 2,162,000 State Street Repurchase Agreement, dated 12/31/02,
1.200%, due 01/02/03, $2,162,144 to be received
upon repurchase (collateralized by $2,205,000
FHLB, 1.550% Market Value $2,208,797, due
12/15/03) $ 2,162,000
------------
Total Short-Term Investment
(Cost $2,162,000) 2,162,000
------------
</Table>
<Table>
TOTAL INVESTMENTS IN SECURITIES 100.13% $404,560,674
(COST $386,304,972)*
OTHER ASSETS AND LIABILITIES-NET -0.13% (512,874)
------- ------------
NET ASSETS 100.00% $404,047,800
======= ============
</Table>
<Table>
@ Non-income producing security
@@ Foreign Issuer
* Cost for federal income tax purposes is $390,586,248. Net
unrealized appreciation consists of:
</Table>
<Table>
Gross Unrealized Appreciation $16,585,431
Gross Unrealized Depreciation (2,611,005)
-----------
Net Unrealized Appreciation $13,974,426
===========
</Table>
See Accompanying Notes to Financial Statements
73
ING
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FUND --
SERIES G
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
COMMON STOCK: 2.55%
ADVERTISING: 0.00%
300 Interpublic Group Cos., Inc. $ 4,224
------------
4,224
------------
AEROSPACE/DEFENSE: 0.05%
600 Boeing Co. 19,794
150 General Dynamics Corp. 11,905
60 Goodrich Corp. 1,099
350 Lockheed Martin Corp. 20,213
130 Northrop Grumman Corp. 12,644
110 Raytheon Co. 3,383
200 Rockwell Collins, Inc. 4,652
460 United Technologies Corp. 28,492
------------
102,182
------------
AGRICULTURE: 0.00%
130 UST, Inc. 4,346
------------
4,346
------------
APPAREL: 0.01%
130 @ Jones Apparel Group, Inc. 4,607
120 Liz Claiborne, Inc. 3,558
190 Nike, Inc. 8,449
60 @ Reebok Intl. Ltd. 1,764
120 VF Corp. 4,326
------------
22,704
------------
AUTO MANUFACTURERS: 0.02%
2,180 Ford Motor Co. 20,274
400 General Motors Corp. 14,744
85 Paccar, Inc. 3,921
------------
38,939
------------
AUTO PARTS & EQUIPMENT: 0.01%
50 Cooper Tire & Rubber Co. 767
120 Dana Corp. 1,411
410 Delphi Corp. 3,300
130 Goodyear Tire & Rubber Co. 885
70 Johnson Controls, Inc. 5,612
------------
11,975
------------
BANKS: 0.19%
250 AmSouth Bancorp 4,800
1,400 Bank of America Corp. 97,398
830 Bank One Corp. 30,336
130 BB&T Corp. 4,809
162 Charter One Financial, Inc. 4,654
170 Comerica, Inc. 7,351
100 First Tennessee National Corp. 3,594
790 FleetBoston Financial Corp. 19,197
170 Huntington Bancshares, Inc. 3,181
300 Keycorp 7,542
140 Marshall & Ilsley Corp. 3,833
120 Mellon Financial Corp. 3,133
430 National City Corp. 11,748
120 North Fork Bancorporation, Inc. 4,049
200 PNC Financial Services Group, Inc. 8,380
210 Regions Financial Corp. 7,006
250 SouthTrust Corp. 6,213
230 State Street Corp. 8,970
200 SunTrust Banks, Inc. 11,384
210 Synovus Financial Corp. 4,074
240 Union Planters Corp. 6,754
1,359 US Bancorp 28,838
</Table>
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
940 Wachovia Corp. $ 34,254
1,200 Wells Fargo & Co. 56,244
50 Zions Bancorporation 1,967
------------
379,709
------------
BEVERAGES: 0.08%
570 Anheuser-Busch Cos., Inc. 27,588
50 Brown-Forman Corp. 3,268
1,620 Coca-Cola Co. 70,988
310 Coca-Cola Enterprises, Inc. 6,733
30 Coors (Adolph) 1,837
210 Pepsi Bottling Group, Inc. 5,397
1,170 PepsiCo, Inc. 49,397
------------
165,208
------------
BIOTECHNOLOGY: 0.03%
893 @ Amgen, Inc. 43,168
100 @ Biogen, Inc. 4,006
140 @ Chiron Corp. 5,264
------------
52,438
------------
BUILDING MATERIALS: 0.01%
50 @ American Standard Cos., Inc. 3,557
380 Masco Corp. 7,999
------------
11,556
------------
CHEMICALS: 0.04%
170 Air Products & Chemicals, Inc. 7,267
60 Ashland, Inc. 1,712
740 Du Pont EI de Nemours & Co. 31,376
60 Eastman Chemical Co. 2,206
90 Ecolab, Inc. 4,455
90 Engelhard Corp. 2,011
80 International Flavors & Fragrances, Inc. 2,808
120 PPG Industries, Inc. 6,018
120 Praxair, Inc. 6,932
160 Rohm & Haas Co. 5,197
110 Sherwin-Williams Co. 3,108
50 Sigma-Aldrich Corp. 2,435
------------
75,525
------------
COMMERCIAL SERVICES: 0.02%
120 @ Apollo Group, Inc. 5,280
360 @ Concord EFS, Inc. 5,666
150 @ Convergys Corp. 2,272
60 Deluxe Corp. 2,526
100 Equifax, Inc. 2,314
190 H&R Block, Inc. 7,638
210 McKesson Corp. 5,676
120 Moody's Corp. 4,955
100 Paychex, Inc. 2,790
80 @ Quintiles Transnational Corp. 968
110 @ Robert Half Intl., Inc. 1,772
------------
41,857
------------
COMPUTERS: 0.10%
100 @ Apple Computer, Inc. 1,433
120 @ Computer Sciences Corp. 4,134
2,410 @ Dell Computer Corp. 64,443
1,980 @ EMC Corp.-Mass. 12,157
2,854 Hewlett-Packard Co. 49,545
470 International Business Machines Corp. 36,425
130 @ Lexmark Intl., Inc. 7,865
2,350 @ Sun Microsystems, Inc. 7,309
260 @ Sungard Data Systems, Inc. 6,126
</Table>
See Accompanying Notes to Financial Statements
74
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SERIES G
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
COMPUTERS (CONTINUED)
250 @ Unisys Corp. $ 2,475
270 @ Veritas Software Corp. 4,217
------------
196,129
------------
COSMETICS/PERSONAL CARE: 0.10%
40 Alberto-Culver Co. 2,016
60 Avon Products, Inc. 3,232
360 Colgate-Palmolive Co. 18,875
940 Gillette Co. 28,538
370 Kimberly-Clark Corp. 17,564
1,440 Procter & Gamble Co. 123,754
------------
193,979
------------
DISTRIBUTION/WHOLESALE: 0.00%
70 WW Grainger, Inc. 3,608
------------
3,608
------------
DIVERSIFIED FINANCIAL SERVICES: 0.23%
950 American Express Co. 33,582
100 Bear Stearns Cos., Inc. 5,940
250 Capital One Financial Corp. 7,430
400 Charles Schwab Corp. 4,340
3,486 Citigroup, Inc. 122,672
150 Countrywide Financial Corp. 7,747
910 Fannie Mae 58,540
190 Franklin Resources, Inc. 6,475
810 Freddie Mac 47,830
130 Goldman Sachs Group, Inc. 8,853
310 Household Intl., Inc. 8,621
1,440 JP Morgan Chase & Co. 34,560
180 Lehman Brothers Holdings, Inc. 9,592
1,195 MBNA Corp. 22,729
590 Merrill Lynch & Co., Inc. 22,391
780 Morgan Stanley 31,138
190 @ Providian Financial Corp. 1,233
110 SLM Corp. 11,425
------------
445,098
------------
ELECTRIC: 0.07%
40 Ameren Corp. 1,663
240 American Electric Power Co., Inc. 6,559
190 Centerpoint Energy, Inc. 1,615
120 Cinergy Corp. 4,046
120 CMS Energy Corp. 1,133
160 Consolidated Edison, Inc. 6,851
120 Constellation Energy Group, Inc. 3,338
209 Dominion Resources, Inc. 11,474
120 DTE Energy Co. 5,568
630 Duke Energy Corp. 12,310
350 @ Edison Intl. 4,147
160 Entergy Corp. 7,294
300 Exelon Corp. 15,831
220 FirstEnergy Corp. 7,253
120 FPL Group, Inc. 7,216
150 NiSource, Inc. 3,000
440 @ PG&E Corp. 6,116
50 Pinnacle West Capital Corp. 1,705
110 PPL Corp. 3,815
160 Progress Energy, Inc. 6,936
140 Public Service Enterprise Group, Inc. 4,494
510 Southern Co. 14,479
</Table>
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
ELECTRIC (CONTINUED)
110 TECO Energy, Inc. $ 1,702
260 TXU Corp. 4,857
275 Xcel Energy, Inc. 3,025
------------
146,427
------------
ELECTRICAL COMPONENTS & EQUIPMENT: 0.01%
250 @ American Power Conversion 3,787
300 Emerson Electric Co. 15,255
140 Molex, Inc. 3,226
------------
22,268
------------
ELECTRONICS: 0.01%
300 @ Agilent Technologies, Inc. 5,388
210 Applera Corp. -- Applied Biosystems Group 3,683
200 @ Jabil Circuit, Inc. 3,584
80 Parker Hannifin Corp. 3,690
550 @ Sanmina-SCI Corp. 2,470
100 @ Thermo Electron Corp. 2,012
90 @ Waters Corp. 1,960
------------
22,787
------------
ENGINEERING & CONSTRUCTION: 0.00%
80 Fluor Corp. 2,240
------------
2,240
------------
ENTERTAINMENT: 0.00%
60 @ International Game Technology 4,555
------------
4,555
------------
ENVIRONMENTAL CONTROL: 0.01%
150 @ Allied Waste Industries, Inc. 1,500
440 Waste Management, Inc. 10,085
------------
11,585
------------
FOOD: 0.04%
310 Albertson's, Inc. 6,901
459 Archer-Daniels-Midland Co. 5,692
300 Campbell Soup Co. 7,041
390 ConAgra Foods, Inc. 9,755
110 General Mills, Inc. 5,164
100 Hershey Foods Corp. 6,744
260 HJ Heinz Co. 8,546
290 Kellogg Co. 9,938
580 @ Kroger Co. 8,961
510 Sara Lee Corp. 11,480
110 Supervalu, Inc. 1,816
110 Winn-Dixie Stores, Inc. 1,681
------------
83,719
------------
FOREST PRODUCTS & PAPER: 0.01%
40 Boise Cascade Corp. 1,009
170 Georgia-Pacific Corp. 2,747
360 International Paper Co. 12,589
60 MeadWestvaco Corp. 1,483
130 Plum Creek Timber Co., Inc. 3,068
30 Temple-Inland, Inc. 1,344
70 Weyerhaeuser Co. 3,445
------------
25,685
------------
</Table>
See Accompanying Notes to Financial Statements
75
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PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
GAS: 0.01%
140 KeySpan Corp. $ 4,934
30 Nicor, Inc. 1,021
20 Peoples Energy Corp. 773
150 Sempra Energy 3,548
------------
10,276
------------
HAND/MACHINE TOOLS: 0.00%
80 Black & Decker Corp. 3,431
40 Snap-On, Inc. 1,124
60 Stanley Works 2,075
------------
6,630
------------
HEALTHCARE -- PRODUCTS: 0.08%
250 Becton Dickinson & Co. 7,672
290 @ Boston Scientific Corp. 12,331
30 CR Bard, Inc. 1,740
330 @ Guidant Corp. 10,181
2,066 Johnson & Johnson 110,965
180 @ St. Jude Medical, Inc. 7,150
140 Stryker Corp. 9,397
------------
159,436
------------
HEALTHCARE -- SERVICES: 0.04%
150 @ Anthem, Inc. 9,435
390 HCA, Inc. 16,185
180 Health Management Associates, Inc. 3,222
130 @ Humana, Inc. 1,300
90 @ Manor Care, Inc. 1,675
80 @ Quest Diagnostics 4,552
350 @ Tenet Healthcare Corp. 5,740
240 UnitedHealth Group, Inc. 20,040
160 @ WellPoint Health Networks 11,386
------------
73,535
------------
HOME BUILDERS: 0.00%
70 Centex Corp. 3,514
50 KB Home 2,143
40 Pulte Homes, Inc. 1,915
------------
7,572
------------
HOME FURNISHINGS: 0.00%
140 Leggett & Platt, Inc. 3,142
50 Maytag Corp. 1,425
50 Whirlpool Corp. 2,611
------------
7,178
------------
HOUSEHOLD PRODUCTS/WARES: 0.01%
110 Avery Dennison Corp. 6,719
190 Clorox Co. 7,837
110 Fortune Brands, Inc. 5,116
------------
19,672
------------
HOUSEWARES: 0.00%
190 Newell Rubbermaid, Inc. 5,763
------------
5,763
------------
INSURANCE: 0.12%
180 @@ ACE Ltd. 5,281
360 Aflac, Inc. 10,843
490 Allstate Corp. 18,125
70 AMBAC Financial Group, Inc. 3,937
720 American Intl. Group 41,652
230 AON Corp. 4,345
</Table>
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
50 Chubb Corp. $ 2,610
150 Cigna Corp. 6,168
110 Cincinnati Financial Corp. 4,130
170 Hartford Financial Services Group, Inc. 7,723
100 Jefferson-Pilot Corp. 3,811
210 John Hancock Financial Services, Inc. 5,859
50 Lincoln National Corp. 1,579
120 Loews Corp. 5,335
390 Marsh & McLennan Cos, Inc. 18,022
100 MBIA, Inc. 4,386
530 Metlife, Inc. 14,331
80 MGIC Investment Corp. 3,304
270 Principal Financial Group 8,135
210 Progressive Corp. 10,422
420 Prudential Financial, Inc. 13,331
90 Safeco Corp. 3,120
70 St. Paul Cos. 2,384
90 Torchmark Corp. 3,288
988 @ Travelers Property Casualty Corp. 14,474
250 UnumProvident Corp. 4,385
100 @@ XL Capital Ltd. 7,725
------------
228,705
------------
INTERNET: 0.01%
90 @ eBay, Inc. 6,104
440 @ Yahoo, Inc. 7,194
------------
13,298
------------
IRON/STEEL: 0.00%
60 Nucor Corp. 2,478
130 United States Steel Corp. 1,706
------------
4,184
------------
LEISURE TIME: 0.01%
90 Brunswick Corp. 1,787
170 Carnival Corp. 4,241
80 Harley-Davidson, Inc. 3,696
130 @ Sabre Holdings Corp. 2,354
------------
12,078
------------
LODGING: 0.01%
100 @ Harrah's Entertainment, Inc. 3,960
280 Hilton Hotels Corp. 3,559
140 Starwood Hotels & Resorts Worldwide, Inc. 3,324
------------
10,843
------------
MACHINERY -- DIVERSIFIED: 0.01%
170 Deere & Co. 7,794
150 Dover Corp. 4,374
130 Rockwell Automation, Inc. 2,692
------------
14,860
------------
MEDIA: 0.08%
1,340 @ AOL Time Warner, Inc. 17,554
440 @ Clear Channel Communications, Inc. 16,408
666 @ Comcast Corp. 15,698
190 Gannett Co, Inc. 13,642
60 Knight-Ridder, Inc. 3,795
140 McGraw-Hill Cos., Inc. 8,462
40 Meredith Corp. 1,644
40 New York Times Co. 1,829
210 Tribune Co. 9,547
</Table>
See Accompanying Notes to Financial Statements
76
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SERIES G
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
MEDIA (CONTINUED)
1,220 @ Viacom, Inc. $ 49,727
1,400 Walt Disney Co. 22,834
------------
161,140
------------
MINING: 0.01%
110 @ Freeport-McMoRan Copper & Gold, Inc. 1,846
290 Newmont Mining Corp. 8,419
80 @ Phelps Dodge Corp. 2,532
------------
12,797
------------
MISCELLANEOUS MANUFACTURING: 0.14%
280 3M Co. 34,524
70 Cooper Industries Ltd. 2,551
30 Crane Co. 598
110 Danaher Corp. 7,227
280 Eastman Kodak Co. 9,811
70 Eaton Corp. 5,468
6,870 General Electric Co. 167,284
610 Honeywell Intl., Inc. 14,640
210 Illinois Tool Works, Inc. 13,621
110 @@ Ingersoll-Rand Co. 4,737
70 ITT Industries, Inc. 4,248
90 Pall Corp. 1,501
160 Textron, Inc. 6,878
550 @@ Tyco Intl. Ltd. 9,394
------------
282,482
------------
OFFICE/BUSINESS EQUIPMENT: 0.01%
170 Pitney Bowes, Inc. 5,552
490 @ Xerox Corp. 3,945
------------
9,497
------------
OIL & GAS: 0.13%
80 Amerada Hess Corp. 4,404
180 Anadarko Petroleum Corp. 8,622
130 Apache Corp. 7,409
140 Burlington Resources, Inc. 5,971
150 ChevronTexaco Corp. 9,972
474 ConocoPhillips 22,937
150 Devon Energy Corp. 6,885
4,600 Exxon Mobil Corp. 160,724
220 Marathon Oil Corp. 4,684
140 @,@@ Nabors Industries Ltd. 4,938
120 @ Noble Corp. 4,218
270 Occidental Petroleum Corp. 7,682
80 Rowan Cos, Inc. 1,816
360 Transocean, Inc. 8,352
190 Unocal Corp. 5,810
------------
264,424
------------
OIL & GAS SERVICES: 0.01%
150 Baker Hughes, Inc. 4,828
300 Halliburton Co. 5,613
------------
10,441
------------
PACKAGING & CONTAINERS: 0.00%
50 Ball Corp. 2,559
50 Bemis Co. 2,481
160 @ Pactiv Corp. 3,498
------------
8,538
------------
PHARMACEUTICALS: 0.18%
40 Allergan, Inc. 2,305
110 AmerisourceBergen Corp. 5,974
</Table>
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
340 Cardinal Health, Inc. $ 20,125
130 @ Forest Laboratories, Inc. 12,769
176 @ King Pharmaceuticals, Inc. 3,025
1,560 Merck & Co., Inc. 88,312
4,285 Pfizer, Inc. 130,992
905 Pharmacia Corp. 37,829
1,060 Schering-Plough Corp. 23,532
90 @ Watson Pharmaceuticals, Inc. 2,544
920 Wyeth 34,408
------------
361,815
------------
PIPELINES: 0.00%
30 Kinder Morgan, Inc. 1,268
------------
1,268
------------
REITS: 0.01%
290 Equity Office Properties Trust 7,244
140 Simon Property Group, Inc. 4,770
------------
12,014
------------
RETAIL: 0.16%
80 @ Autozone, Inc. 5,652
210 @ Bed Bath & Beyond, Inc. 7,251
235 @ Best Buy Co., Inc. 5,675
120 @ Big Lots, Inc. 1,588
280 CVS Corp. 6,992
160 Darden Restaurants, Inc. 3,272
80 Dillard's, Inc. 1,269
240 Dollar General Corp. 2,868
120 Family Dollar Stores 3,745
160 @ Federated Department Stores 4,602
1,040 Gap, Inc. (The) 16,141
1,620 Home Depot, Inc. 38,815
300 JC Penney Co., Inc. 6,903
240 @ Kohl's Corp. 13,428
740 Lowe's Cos., Inc. 27,750
510 Ltd. Brands 7,104
210 May Department Stores Co. 4,826
900 McDonald's Corp. 14,472
90 Nordstrom, Inc. 1,707
340 @ Office Depot, Inc. 5,018
190 RadioShack Corp. 3,561
510 @ Staples, Inc. 9,333
280 @ Starbucks Corp. 5,706
650 Target Corp. 19,500
100 Tiffany & Co. 2,391
400 TJX Cos, Inc. 7,808
680 Walgreen Co. 19,849
1,230 Wal-Mart Stores, Inc. 62,127
80 Wendy's Intl., Inc. 2,166
210 @ Yum! Brands, Inc. 5,086
------------
316,605
------------
SAVINGS & LOANS: 0.02%
180 Golden West Financial Corp. 12,926
930 Washington Mutual, Inc. 32,113
------------
45,039
------------
SEMICONDUCTORS: 0.08%
240 @ Advanced Micro Devices, Inc. 1,550
390 @ Altera Corp. 4,813
100 @ Analog Devices, Inc. 2,387
1,120 @ Applied Materials, Inc. 14,594
4,610 Intel Corp. 71,778
130 @ Kla-Tencor Corp. 4,598
230 Linear Technology Corp. 5,916
</Table>
See Accompanying Notes to Financial Statements
77
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SERIES G
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
SEMICONDUCTORS (CONTINUED)
220 @ LSI Logic Corp. $ 1,269
220 Maxim Integrated Products 7,269
170 @ Micron Technology, Inc. 1,656
130 @ National Semiconductor Corp. 1,951
140 @ Novellus Systems, Inc. 3,931
120 @ Nvidia Corp. 1,381
90 @ QLogic Corp. 3,106
130 @ Teradyne, Inc. 1,691
1,180 Texas Instruments, Inc. 17,712
230 @ Xilinx, Inc. 4,738
------------
150,340
------------
SOFTWARE: 0.16%
160 Adobe Systems, Inc. 3,968
90 Autodesk, Inc. 1,287
460 Automatic Data Processing 18,055
270 @ BMC Software, Inc. 4,620
40 @ Citrix Systems, Inc. 493
380 Computer Associates Intl., Inc. 5,130
350 @ Compuware Corp. 1,680
140 @ Electronic Arts, Inc. 6,968
530 First Data Corp. 18,767
145 @ Fiserv, Inc. 4,923
150 @ Intuit, Inc. 7,038
50 @ Mercury Interactive Corp. 1,483
3,650 @ Microsoft Corp. 188,705
3,730 @ Oracle Corp. 40,284
200 @ Peoplesoft, Inc. 3,660
140 @ Rational Software Corp. 1,455
500 @ Siebel Systems, Inc. 3,740
------------
312,256
------------
TELECOMMUNICATIONS: 0.16%
230 Alltel Corp. 11,730
50 @ Andrew Corp. 514
542 AT&T Corp. 14,152
1,310 BellSouth Corp. 33,890
130 CenturyTel, Inc. 3,819
370 @ CIENA Corp. 1,902
5,060 @ Cisco Systems, Inc. 66,286
210 @ Citizens Communications Co. 2,215
130 @ Comverse Technology, Inc. 1,303
1,670 Motorola, Inc. 14,446
640 @ Nextel Communications, Inc. 7,392
210 @ Qualcomm, Inc. 7,642
2,310 SBC Communications, Inc. 62,624
120 Scientific-Atlanta, Inc. 1,423
890 Sprint Corp.-FON Group 12,887
260 @ Tellabs, Inc. 1,890
1,910 Verizon Communications, Inc. 74,013
------------
318,128
------------
TEXTILES: 0.00%
120 Cintas Corp. 5,490
------------
5,490
------------
TOBACCO: 0.01%
650 Philip Morris Cos., Inc. 26,345
70 RJ Reynolds Tobacco Holdings, Inc. 2,948
------------
29,293
------------
</Table>
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
TOYS/GAMES/HOBBIES: 0.01%
150 Hasbro, Inc. $ 1,733
480 Mattel, Inc. 9,192
------------
10,925
------------
TRANSPORTATION: 0.04%
270 Burlington Northern Santa Fe Corp. 7,023
220 FedEx Corp. 11,928
260 Norfolk Southern Corp. 5,197
180 Union Pacific Corp. 10,777
770 United Parcel Service, Inc. 48,572
------------
83,497
------------
TRUCKING & LEASING: 0.00%
80 Ryder System, Inc. 1,795
------------
1,795
------------
Total Common Stock
(Cost $5,574,133) 5,040,557
------------
<Caption>
Principal
Amount Value
- ---------------------------------------------------------------------------------------
BONDS/NOTES: 12.89%
SOVEREIGN: 12.89%
$ 5,956,000 Israel Trust,
Zero Coupon, due 11/15/04 5,728,606
9,130,000 Israel Trust,
Zero Coupon, due 11/15/04 8,781,426
10,000,000 Israel Trust,
Zero Coupon, due 11/15/04 9,618,210
1,455,000 Turkey Trust,
Zero Coupon, due 11/15/04 1,399,450
------------
25,527,692
------------
Total Bonds/Notes
(Cost $24,811,949) 25,527,692
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS: 46.12%
FEDERAL HOME LOAN BANK SYSTEM: 14.58%
30,000,000 Zero Coupon, due 12/14/04 28,876,500
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 12.13%
25,000,000 Zero Coupon, due 12/14/04 24,030,975
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 19.41%
40,000,000 Zero Coupon, due 12/14/04 38,449,560
------------
Total U.S. Government Agency Obligations
(Cost $85,729,493) 91,357,035
------------
U.S. TREASURY OBLIGATIONS: 38.21%
U.S. TREASURY STRIP: 38.21%
77,929,000 Zero Coupon, due 11/15/04 75,680,359
------------
Total U.S. Treasury Obligations
(Cost $71,211,408) 75,680,359
------------
Total Long-Term Investments
(Cost $187,326,983) 197,605,643
------------
</Table>
See Accompanying Notes to Financial Statements
78
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FUND --
SERIES G
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Principal
Amount Value
- ---------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT: 0.37%
$ 724,000 State Street Repurchase Agreement, dated
12/31/02, 1.200%, due 01/02/03, $724,048 to be
received upon repurchase (collateralized by
$740,000 FHLB, 1.550% Market Value $740,000, due
01/14/04) $ 724,000
------------
Total Short-Term Investment
(Cost $724,000) 724,000
------------
</Table>
<Table>
TOTAL INVESTMENTS IN SECURITIES 100.14% $198,329,643
(COST $188,050,983)*
OTHER ASSETS AND LIABILITIES-NET -0.14% (272,186)
-------- ------------
NET ASSETS 100.00% $198,057,457
======== ============
</Table>
<Table>
@ Non-income producing security
@@ Foreign Issuer
* Cost for federal income tax purposes is $190,629,825. Net
unrealized appreciation consists of:
</Table>
<Table>
Gross Unrealized Appreciation $8,326,482
Gross Unrealized Depreciation (626,664)
----------
Net Unrealized Appreciation $7,699,818
==========
</Table>
See Accompanying Notes to Financial Statements
79
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FUND --
SERIES H
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMMON STOCK: 5.36%
ADVERTISING: 0.01%
470 Interpublic Group Cos., Inc. $ 6,618
------------
6,618
------------
AEROSPACE/DEFENSE: 0.11%
930 Boeing Co. 30,681
230 General Dynamics Corp. 18,255
80 Goodrich Corp. 1,466
490 Lockheed Martin Corp. 28,297
198 Northrop Grumman Corp. 19,192
180 Raytheon Co. 5,535
310 Rockwell Collins, Inc. 7,211
720 United Technologies Corp. 44,597
------------
155,234
------------
AGRICULTURE: 0.00%
170 UST, Inc. 5,683
------------
5,683
------------
APPAREL: 0.03%
210 @ Jones Apparel Group, Inc. 7,442
190 Liz Claiborne, Inc. 5,633
300 Nike, Inc. 13,341
90 @ Reebok Intl. Ltd. 2,646
200 VF Corp. 7,210
------------
36,272
------------
AUTO MANUFACTURERS: 0.04%
3,410 Ford Motor Co. 31,713
610 General Motors Corp. 22,485
135 Paccar, Inc. 6,228
------------
60,426
------------
AUTO PARTS & EQUIPMENT: 0.01%
100 Cooper Tire & Rubber Co. 1,534
250 Dana Corp. 2,940
580 Delphi Corp. 4,669
210 Goodyear Tire & Rubber Co. 1,430
100 Johnson Controls, Inc. 8,017
------------
18,590
------------
BANKS: 0.40%
400 AmSouth Bancorp 7,680
2,180 Bank of America Corp. 151,663
1,310 Bank One Corp. 47,880
210 BB&T Corp. 7,768
261 Charter One Financial, Inc. 7,498
270 Comerica, Inc. 11,675
130 First Tennessee National Corp. 4,672
1,240 FleetBoston Financial Corp. 30,132
330 Huntington Bancshares, Inc. 6,174
460 Keycorp 11,564
250 Marshall & Ilsley Corp. 6,845
180 Mellon Financial Corp. 4,700
660 National City Corp. 18,031
190 North Fork Bancorporation, Inc. 6,411
310 PNC Financial Services Group, Inc. 12,989
330 Regions Financial Corp. 11,009
370 SouthTrust Corp. 9,195
350 State Street Corp. 13,650
320 SunTrust Banks, Inc. 18,214
320 Synovus Financial Corp. 6,208
375 Union Planters Corp. 10,553
2,074 US Bancorp 44,010
1,460 Wachovia Corp. 53,202
</Table>
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
1,810 Wells Fargo & Co. $ 84,835
110 Zions Bancorporation 4,328
------------
590,886
------------
BEVERAGES: 0.18%
890 Anheuser-Busch Cos., Inc. 43,076
70 Brown-Forman Corp. 4,575
2,540 Coca-Cola Co. 111,303
550 Coca-Cola Enterprises, Inc. 11,946
40 Coors (Adolph) 2,450
290 Pepsi Bottling Group, Inc. 7,453
1,820 PepsiCo, Inc. 76,840
------------
257,643
------------
BIOTECHNOLOGY: 0.06%
1,400 @ Amgen, Inc. 67,676
150 @ Biogen, Inc. 6,009
220 @ Chiron Corp. 8,272
------------
81,957
------------
BUILDING MATERIALS: 0.01%
80 @ American Standard Cos., Inc. 5,691
540 Masco Corp. 11,367
------------
17,058
------------
CHEMICALS: 0.08%
280 Air Products & Chemicals, Inc. 11,970
100 Ashland, Inc. 2,853
1,140 Du Pont EI de Nemours & Co. 48,336
100 Eastman Chemical Co. 3,677
160 Ecolab, Inc. 7,920
140 Engelhard Corp. 3,129
60 Great Lakes Chemical Corp. 1,433
130 International Flavors & Fragrances, Inc. 4,563
200 PPG Industries, Inc. 10,030
190 Praxair, Inc. 10,976
240 Rohm & Haas Co. 7,795
160 Sherwin-Williams Co. 4,520
90 Sigma-Aldrich Corp. 4,383
------------
121,585
------------
COMMERCIAL SERVICES: 0.05%
190 @ Apollo Group, Inc. 8,360
530 @ Concord EFS, Inc. 8,342
150 @ Convergys Corp. 2,272
90 Deluxe Corp. 3,789
200 Equifax, Inc. 4,628
300 H&R Block, Inc. 12,060
320 McKesson Corp. 8,650
190 Moody's Corp. 7,845
160 Paychex, Inc. 4,464
160 @ Quintiles Transnational Corp. 1,936
280 @ Robert Half Intl., Inc. 4,511
------------
66,857
------------
COMPUTERS: 0.21%
370 @ Apple Computer, Inc. 5,302
180 @ Computer Sciences Corp. 6,201
3,760 @ Dell Computer Corp. 100,542
3,100 @ EMC Corp.-Mass. 19,034
4,458 Hewlett-Packard Co. 77,391
730 International Business Machines Corp. 56,575
210 @ Lexmark Intl., Inc. 12,705
3,680 @ Sun Microsystems, Inc. 11,445
340 @ Sungard Data Systems, Inc. 8,010
</Table>
See Accompanying Notes to Financial Statements
80
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PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMPUTERS (CONTINUED)
390 @ Unisys Corp. $ 3,861
490 @ Veritas Software Corp. 7,654
------------
308,720
------------
COSMETICS/PERSONAL CARE: 0.20%
80 Alberto-Culver Co. 4,032
100 Avon Products, Inc. 5,387
560 Colgate-Palmolive Co. 29,361
1,460 Gillette Co. 44,326
520 Kimberly-Clark Corp. 24,684
2,250 Procter & Gamble Co. 193,365
------------
301,155
------------
DISTRIBUTION/WHOLESALE: 0.00%
120 WW Grainger, Inc. 6,186
------------
6,186
------------
DIVERSIFIED FINANCIAL SERVICES: 0.47%
1,400 American Express Co. 49,490
160 Bear Stearns Cos., Inc. 9,504
400 Capital One Financial Corp. 11,888
620 Charles Schwab Corp. 6,727
5,449 Citigroup, Inc. 191,750
210 Countrywide Financial Corp. 10,846
1,430 Fannie Mae 91,992
300 Franklin Resources, Inc. 10,224
1,260 Freddie Mac 74,403
200 Goldman Sachs Group, Inc. 13,620
490 Household Intl., Inc. 13,627
2,260 JP Morgan Chase & Co. 54,240
250 Lehman Brothers Holdings, Inc. 13,322
1,865 MBNA Corp. 35,472
960 Merrill Lynch & Co., Inc. 36,432
1,230 Morgan Stanley 49,102
430 @ Providian Financial Corp. 2,791
180 SLM Corp. 18,695
------------
694,125
------------
ELECTRIC: 0.16%
160 Ameren Corp. 6,651
350 American Electric Power Co., Inc. 9,565
270 Centerpoint Energy, Inc. 2,295
210 Cinergy Corp. 7,081
170 CMS Energy Corp. 1,605
230 Consolidated Edison, Inc. 9,849
190 Constellation Energy Group, Inc. 5,286
330 Dominion Resources, Inc. 18,117
190 DTE Energy Co. 8,816
990 Duke Energy Corp. 19,345
550 @ Edison Intl. 6,517
250 Entergy Corp. 11,397
470 Exelon Corp. 24,802
330 FirstEnergy Corp. 10,880
190 FPL Group, Inc. 11,425
220 NiSource, Inc. 4,400
660 @ PG&E Corp. 9,174
40 Pinnacle West Capital Corp. 1,364
240 PPL Corp. 8,323
250 Progress Energy, Inc. 10,838
210 Public Service Enterprise Group, Inc. 6,741
830 Southern Co. 23,564
180 TECO Energy, Inc. 2,785
</Table>
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
400 TXU Corp. $ 7,472
385 Xcel Energy, Inc. 4,235
------------
232,527
------------
ELECTRICAL COMPONENTS & EQUIPMENT: 0.02%
320 @ American Power Conversion 4,848
500 Emerson Electric Co. 25,425
220 Molex, Inc. 5,069
------------
35,342
------------
ELECTRONICS: 0.02%
550 @ Agilent Technologies, Inc. 9,878
230 Applera Corp. -- Applied Biosystems Group 4,034
290 @ Jabil Circuit, Inc. 5,197
130 Parker Hannifin Corp. 5,997
860 @ Sanmina-SCI Corp. 3,861
150 @ Thermo Electron Corp. 3,018
150 @ Waters Corp. 3,267
------------
35,252
------------
ENGINEERING & CONSTRUCTION: 0.00%
120 Fluor Corp. 3,360
------------
3,360
------------
ENTERTAINMENT: 0.01%
100 @ International Game Technology 7,592
------------
7,592
------------
ENVIRONMENTAL CONTROL: 0.01%
140 @ Allied Waste Industries, Inc. 1,400
670 Waste Management, Inc. 15,356
------------
16,756
------------
FOOD: 0.09%
480 Albertson's, Inc. 10,685
782 Archer-Daniels-Midland Co. 9,697
490 Campbell Soup Co. 11,500
600 ConAgra Foods, Inc. 15,007
170 General Mills, Inc. 7,981
150 Hershey Foods Corp. 10,116
410 HJ Heinz Co. 13,477
420 Kellogg Co. 14,393
910 @ Kroger Co. 14,059
790 Sara Lee Corp. 17,783
180 Supervalu, Inc. 2,972
210 Winn-Dixie Stores, Inc. 3,209
100 WM Wrigley Jr. Co. 5,488
------------
136,367
------------
FOREST PRODUCTS & PAPER: 0.03%
50 Boise Cascade Corp. 1,261
260 Georgia-Pacific Corp. 4,202
550 International Paper Co. 19,233
100 MeadWestvaco Corp. 2,471
190 Plum Creek Timber Co., Inc. 4,484
50 Temple-Inland, Inc. 2,241
100 Weyerhaeuser Co. 4,921
------------
38,813
------------
GAS: 0.01%
150 KeySpan Corp. 5,286
50 Nicor, Inc. 1,702
</Table>
See Accompanying Notes to Financial Statements
81
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SERIES H
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
GAS (CONTINUED)
30 Peoples Energy Corp. $ 1,160
230 Sempra Energy 5,440
------------
13,588
------------
HAND/MACHINE TOOLS: 0.01%
130 Black & Decker Corp. 5,576
100 Snap-On, Inc. 2,811
100 Stanley Works 3,458
------------
11,845
------------
HEALTHCARE -- PRODUCTS: 0.17%
460 Becton Dickinson & Co. 14,117
500 @ Boston Scientific Corp. 21,260
60 CR Bard, Inc. 3,480
520 @ Guidant Corp. 16,042
3,232 Johnson & Johnson 173,591
210 @ St. Jude Medical, Inc. 8,341
210 Stryker Corp. 14,095
------------
250,926
------------
HEALTHCARE -- SERVICES: 0.08%
240 @ Anthem, Inc. 15,096
610 HCA, Inc. 25,315
290 Health Management Associates, Inc. 5,191
190 @ Humana, Inc. 1,900
140 @ Manor Care, Inc. 2,605
120 @ Quest Diagnostics 6,828
545 @ Tenet Healthcare Corp. 8,938
370 UnitedHealth Group, Inc. 30,895
250 @ WellPoint Health Networks 17,790
------------
114,558
------------
HOME BUILDERS: 0.01%
100 Centex Corp. 5,020
70 KB Home 2,999
60 Pulte Homes, Inc. 2,872
------------
10,891
------------
HOME FURNISHINGS: 0.01%
260 Leggett & Platt, Inc. 5,834
100 Maytag Corp. 2,850
80 Whirlpool Corp. 4,178
------------
12,862
------------
HOUSEHOLD PRODUCTS/WARES: 0.02%
130 Avery Dennison Corp. 7,940
300 Clorox Co. 12,375
180 Fortune Brands, Inc. 8,372
------------
28,687
------------
HOUSEWARES: 0.01%
290 Newell Rubbermaid, Inc. 8,796
------------
8,796
------------
INSURANCE: 0.25%
280 @@ ACE Ltd. 8,215
560 Aflac, Inc. 16,867
760 Allstate Corp. 28,112
120 AMBAC Financial Group, Inc. 6,749
1,130 American Intl. Group 65,370
360 AON Corp. 6,800
80 Chubb Corp. 4,176
250 Cigna Corp. 10,280
180 Cincinnati Financial Corp. 6,759
</Table>
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
270 Hartford Financial Services Group, Inc. $ 12,266
190 Jefferson-Pilot Corp. 7,241
300 John Hancock Financial Services, Inc. 8,370
80 Lincoln National Corp. 2,526
260 Loews Corp. 11,560
600 Marsh & McLennan Cos., Inc. 27,726
160 MBIA, Inc. 7,018
840 Metlife, Inc. 22,714
120 MGIC Investment Corp. 4,956
400 Principal Financial Group 12,052
330 Progressive Corp. 16,378
660 Prudential Financial, Inc. 20,948
200 Safeco Corp. 6,934
100 St. Paul Cos 3,405
130 Torchmark Corp. 4,749
1,556 @ Travelers Property Casualty Corp. 22,795
300 UnumProvident Corp. 5,262
160 @@ XL Capital Ltd. 12,360
------------
362,588
------------
INTERNET: 0.01%
140 @ eBay, Inc. 9,495
690 @ Yahoo, Inc. 11,282
------------
20,777
------------
IRON/STEEL: 0.00%
90 Nucor Corp. 3,717
200 United States Steel Corp. 2,624
------------
6,341
------------
LEISURE TIME: 0.01%
110 Brunswick Corp. 2,185
260 Carnival Corp. 6,487
130 Harley-Davidson, Inc. 6,006
140 @ Sabre Holdings Corp. 2,535
------------
17,213
------------
LODGING: 0.01%
190 @ Harrah's Entertainment, Inc. 7,524
430 Hilton Hotels Corp. 5,465
210 Starwood Hotels & Resorts Worldwide, Inc. 4,985
------------
17,974
------------
MACHINERY -- DIVERSIFIED: 0.02%
260 Deere & Co. 11,921
220 Dover Corp. 6,415
190 Rockwell Automation, Inc. 3,935
------------
22,271
------------
MEDIA: 0.17%
2,110 @ AOL Time Warner, Inc. 27,641
710 @ Clear Channel Communications, Inc. 26,476
1,045 @ Comcast Corp. 24,631
280 Gannett Co., Inc. 20,104
90 Knight-Ridder, Inc. 5,692
230 McGraw-Hill Cos., Inc. 13,901
50 Meredith Corp. 2,056
60 New York Times Co. 2,744
360 Tribune Co. 16,366
1,900 @ Viacom, Inc. 77,444
2,190 Walt Disney Co. 35,719
------------
252,774
------------
</Table>
See Accompanying Notes to Financial Statements
82
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SERIES H
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
MINING: 0.01%
170 @ Freeport-McMoRan Copper & Gold, Inc. $ 2,853
460 Newmont Mining Corp. 13,354
90 @ Phelps Dodge Corp. 2,849
------------
19,056
------------
MISCELLANEOUS MANUFACTURING: 0.30%
440 3M Co. 54,252
90 Cooper Industries Ltd. 3,280
170 Danaher Corp. 11,169
430 Eastman Kodak Co. 15,067
80 Eaton Corp. 6,249
10,730 General Electric Co. 261,275
950 Honeywell Intl., Inc. 22,800
320 Illinois Tool Works, Inc. 20,755
180 @@ Ingersoll-Rand Co. 7,751
110 ITT Industries, Inc. 6,676
160 Pall Corp. 2,669
250 Textron, Inc. 10,748
860 @@ Tyco Intl. Ltd. 14,689
------------
437,380
------------
OFFICE/BUSINESS EQUIPMENT: 0.01%
270 Pitney Bowes, Inc. 8,818
770 @ Xerox Corp. 6,199
------------
15,017
------------
OIL & GAS: 0.29%
160 Amerada Hess Corp. 8,808
280 Anadarko Petroleum Corp. 13,412
210 Apache Corp. 11,968
220 Burlington Resources, Inc. 9,383
450 ChevronTexaco Corp. 29,916
751 ConocoPhillips 36,341
170 Devon Energy Corp. 7,803
7,190 Exxon Mobil Corp. 251,219
350 Marathon Oil Corp. 7,452
190 @,@@ Nabors Industries Ltd. 6,701
190 @ Noble Corp. 6,678
420 Occidental Petroleum Corp. 11,949
130 Rowan Cos., Inc. 2,951
560 Transocean, Inc. 12,992
300 Unocal Corp. 9,174
------------
426,747
------------
OIL & GAS SERVICES: 0.01%
230 Baker Hughes, Inc. 7,404
460 Halliburton Co. 8,607
------------
16,011
------------
PACKAGING & CONTAINERS: 0.01%
80 Ball Corp. 4,095
70 Bemis Co. 3,474
250 @ Pactiv Corp. 5,465
------------
13,034
------------
PHARMACEUTICALS: 0.38%
60 Allergan, Inc. 3,457
120 AmerisourceBergen Corp. 6,517
540 Cardinal Health, Inc. 31,963
200 @ Forest Laboratories, Inc. 19,644
286 @ King Pharmaceuticals, Inc. 4,916
2,440 Merck & Co., Inc. 138,128
6,705 Pfizer, Inc. 204,972
1,408 Pharmacia Corp. 58,854
1,700 Schering-Plough Corp. 37,740
</Table>
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
120 @ Watson Pharmaceuticals, Inc. $ 3,392
1,450 Wyeth 54,230
------------
563,813
------------
PIPELINES: 0.00%
50 Kinder Morgan, Inc. 2,113
------------
2,113
------------
REITS: 0.01%
450 Equity Office Properties Trust 11,241
200 Simon Property Group, Inc. 6,814
------------
18,055
------------
RETAIL: 0.33%
120 @ Autozone, Inc. 8,478
330 @ Bed Bath & Beyond, Inc. 11,395
375 @ Best Buy Co., Inc. 9,056
110 @ Big Lots, Inc. 1,455
450 CVS Corp. 11,236
185 Darden Restaurants, Inc. 3,783
130 Dillard's, Inc. 2,062
370 Dollar General Corp. 4,421
210 Family Dollar Stores 6,554
240 @ Federated Department Stores 6,902
1,620 Gap, Inc. (The) 25,142
2,530 Home Depot, Inc. 60,619
470 JC Penney Co., Inc. 10,815
360 @ Kohl's Corp. 20,142
1,150 Lowe's Cos., Inc. 43,125
790 Ltd. Brands 11,005
290 May Department Stores Co. 6,664
1,490 McDonald's Corp. 23,959
150 Nordstrom, Inc. 2,846
480 @ Office Depot, Inc. 7,085
290 RadioShack Corp. 5,435
810 @ Staples, Inc. 14,823
420 @ Starbucks Corp. 8,560
990 Target Corp. 29,700
150 Tiffany & Co. 3,587
610 TJX Cos, Inc. 11,907
1,060 Walgreen Co. 30,941
1,920 Wal-Mart Stores, Inc. 96,979
140 Wendy's Intl., Inc. 3,790
330 @ Yum! Brands, Inc. 7,993
------------
490,459
------------
SAVINGS & LOANS: 0.05%
260 Golden West Financial Corp. 18,671
1,465 Washington Mutual, Inc. 50,586
------------
69,257
------------
SEMICONDUCTORS: 0.16%
370 @ Advanced Micro Devices, Inc. 2,390
360 @ Altera Corp. 4,442
160 @ Analog Devices, Inc. 3,819
1,770 @ Applied Materials, Inc. 23,063
7,210 Intel Corp. 112,260
210 @ Kla-Tencor Corp. 7,428
350 Linear Technology Corp. 9,002
320 @ LSI Logic Corp. 1,846
340 Maxim Integrated Products 11,234
270 @ Micron Technology, Inc. 2,630
200 @ National Semiconductor Corp. 3,002
260 @ Novellus Systems, Inc. 7,301
200 @ Nvidia Corp. 2,302
150 @ QLogic Corp. 5,177
</Table>
See Accompanying Notes to Financial Statements
83
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SERIES H
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
SEMICONDUCTORS (CONTINUED)
200 @ Teradyne, Inc. $ 2,602
1,870 Texas Instruments, Inc. 28,069
360 @ Xilinx, Inc. 7,416
------------
233,983
------------
SOFTWARE: 0.33%
260 Adobe Systems, Inc. 6,448
140 Autodesk, Inc. 2,002
730 Automatic Data Processing 28,652
380 @ BMC Software, Inc. 6,502
60 @ Citrix Systems, Inc. 739
580 Computer Associates Intl., Inc. 7,830
540 @ Compuware Corp. 2,592
210 @ Electronic Arts, Inc. 10,452
810 First Data Corp. 28,682
240 @ Fiserv, Inc. 8,148
240 @ Intuit, Inc. 11,261
130 @ Mercury Interactive Corp. 3,855
5,710 @ Microsoft Corp. 295,207
5,940 @ Oracle Corp. 64,152
310 @ Peoplesoft, Inc. 5,673
260 @ Rational Software Corp. 2,701
760 @ Siebel Systems, Inc. 5,685
------------
490,581
------------
TELECOMMUNICATIONS: 0.34%
350 Alltel Corp. 17,850
110 @ Andrew Corp. 1,131
900 AT&T Corp. 23,499
2,050 BellSouth Corp. 53,033
200 CenturyTel, Inc. 5,876
570 @ CIENA Corp. 2,930
7,910 @ Cisco Systems, Inc. 103,621
330 @ Citizens Communications Co. 3,481
190 @ Comverse Technology, Inc. 1,904
2,620 Motorola, Inc. 22,663
980 @ Nextel Communications, Inc. 11,319
330 @ Qualcomm, Inc. 12,009
3,620 SBC Communications, Inc. 98,138
230 Scientific-Atlanta, Inc. 2,728
1,370 Sprint Corp.-FON Group 19,838
390 @ Tellabs, Inc. 2,835
2,950 Verizon Communications, Inc. 114,313
------------
497,168
------------
TEXTILES: 0.01%
180 Cintas Corp. 8,235
------------
8,235
------------
TOBACCO: 0.03%
960 Philip Morris Cos., Inc. 38,909
100 RJ Reynolds Tobacco Holdings, Inc. 4,211
------------
43,120
------------
TOYS/GAMES/HOBBIES: 0.01%
200 Hasbro, Inc. 2,310
760 Mattel, Inc. 14,554
------------
16,864
------------
TRANSPORTATION: 0.09%
390 Burlington Northern Santa Fe Corp. 10,144
340 FedEx Corp. 18,435
</Table>
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
400 Norfolk Southern Corp. $ 7,996
260 Union Pacific Corp. 15,566
1,200 United Parcel Service, Inc. 75,696
------------
127,837
------------
TRUCKING & LEASING: 0.00%
120 Ryder System, Inc. 2,693
------------
2,693
------------
Total Common Stock
(Cost $8,696,789) 7,878,518
------------
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
BONDS/NOTES: 10.90%
SOVEREIGN: 10.90%
$ 5,311,000 FICO Strip,
Zero Coupon, due 02/08/05 5,073,481
11,372,000 Resolution Funding Corp.,
Zero Coupon, due 01/15/05 10,958,184
------------
16,031,665
------------
Total Bonds/Notes
(Cost $14,584,216) 16,031,665
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS: 52.14%
FEDERAL HOME LOAN BANK SYSTEM: 6.55%
10,000,000 Zero Coupon, due 12/14/04 9,625,500
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION -- STRIP:
19.64%
30,080,000 Zero Coupon, due 01/15/05 28,874,664
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- STRIP:
15.40%
13,022,000 Zero Coupon, due 01/15/05 12,500,638
5,005,000 Zero Coupon, due 02/07/05 4,796,196
5,588,000 Zero Coupon, due 02/15/05 5,351,460
------------
22,648,294
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 10.55%
4,956,985 3.319%, due 02/16/19 5,015,044
10,250,000 5.000%, due 06/20/28 10,504,061
------------
15,519,105
------------
Total U.S. Government Agency Obligations
(Cost $71,980,306) 76,667,563
------------
U.S. TREASURY OBLIGATIONS: 30.82%
U.S. TREASURY STRIP: 30.82%
46,968,000 Zero Coupon, due 02/15/05 45,320,128
------------
Total U.S. Treasury Obligations
(Cost $43,650,619) 45,320,128
------------
Total Long-Term Investments
(Cost $138,911,930) 145,897,874
------------
</Table>
See Accompanying Notes to Financial Statements
84
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FUND --
SERIES H
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT: 0.84%
$ 1,232,000 State Street Repurchase Agreement, dated
12/31/02, 1.200%, due 01/02/03, $1,232,082 to be
received upon repurchase (collateralized by
$1,215,000 FHLB, 4.500% Market Value $1,260,979
due 07/07/03) $ 1,232,000
------------
Total Short-Term Investment
(Cost $1,232,000) 1,232,000
------------
</Table>
<Table>
TOTAL INVESTMENTS IN SECURITIES 100.06% $147,129,874
(COST $140,143,930)*
OTHER ASSETS AND LIABILITIES-NET -0.06% (87,907)
------- ------------
NET ASSETS 100.00% $147,041,967
======= ============
</Table>
<Table>
@ Non-income producing security
@@ Foreign Issuer
* Cost for federal income tax purposes is $142,048,463. Net
unrealized appreciation consists of:
</Table>
<Table>
Gross Unrealized Appreciation $6,063,614
Gross Unrealized Depreciation (982,203)
----------
Net Unrealized Appreciation $5,081,411
==========
</Table>
See Accompanying Notes to Financial Statements
85
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SERIES I
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- -----------------------------------------------------------------------------------------
COMMON STOCK: 3.43%
ADVERTISING: 0.00%
170 Interpublic Group Cos., Inc. $ 2,394
-----------
2,394
-----------
AEROSPACE/DEFENSE: 0.07%
350 Boeing Co. 11,546
80 General Dynamics Corp. 6,350
40 Goodrich Corp. 733
180 Lockheed Martin Corp. 10,395
73 Northrop Grumman Corp. 7,067
60 Raytheon Co. 1,845
120 Rockwell Collins, Inc. 2,791
250 United Technologies Corp. 15,485
-----------
56,212
-----------
AGRICULTURE: 0.00%
40 Monsanto Co. 770
90 UST, Inc. 3,009
-----------
3,779
-----------
APPAREL: 0.00%
80 @ Jones Apparel Group, Inc. 2,835
60 Liz Claiborne, Inc. 1,779
100 Nike, Inc. 4,447
30 @ Reebok Intl. Ltd. 882
70 VF Corp. 2,524
-----------
12,467
-----------
AUTO MANUFACTURERS: 0.03%
1,260 Ford Motor Co. 11,718
220 General Motors Corp. 8,109
50 Paccar, Inc. 2,307
-----------
22,134
-----------
AUTO PARTS & EQUIPMENT: 0.01%
30 Cooper Tire & Rubber Co. 460
90 Dana Corp. 1,058
300 Delphi Corp. 2,415
80 Goodyear Tire & Rubber Co. 545
40 Johnson Controls, Inc. 3,207
40 Visteon Corp. 278
-----------
7,963
-----------
BANKS: 0.26%
140 AmSouth Bancorp 2,688
810 Bank of America Corp. 56,352
480 Bank One Corp. 17,544
80 BB&T Corp. 2,959
112 Charter One Financial, Inc. 3,218
100 Comerica, Inc. 4,324
70 First Tennessee National Corp. 2,516
410 FleetBoston Financial Corp. 9,963
120 Huntington Bancshares, Inc. 2,245
160 Keycorp 4,022
100 Marshall & Ilsley Corp. 2,738
70 Mellon Financial Corp. 1,828
240 National City Corp. 6,557
60 North Fork Bancorporation, Inc. 2,024
110 PNC Financial Services Group, Inc. 4,609
140 Regions Financial Corp. 4,670
130 SouthTrust Corp. 3,231
130 State Street Corp. 5,070
120 SunTrust Banks, Inc. 6,830
120 Synovus Financial Corp. 2,328
125 Union Planters Corp. 3,518
</Table>
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
Shares Value
780 US Bancorp $ 16,552
540 Wachovia Corp. 19,678
680 Wells Fargo & Co. 31,872
40 Zions Bancorporation 1,574
-----------
218,910
-----------
BEVERAGES: 0.11%
330 Anheuser-Busch Cos., Inc. 15,972
30 Brown-Forman Corp. 1,961
940 Coca-Cola Co. 41,191
190 Coca-Cola Enterprises, Inc. 4,127
20 Coors (Adolph) 1,225
110 Pepsi Bottling Group, Inc. 2,827
670 PepsiCo, Inc. 28,287
-----------
95,590
-----------
BIOTECHNOLOGY: 0.04%
521 @ Amgen, Inc. 25,185
60 @ Biogen, Inc. 2,404
70 @ Chiron Corp. 2,632
-----------
30,221
-----------
BUILDING MATERIALS: 0.01%
40 @ American Standard Cos., Inc. 2,846
210 Masco Corp. 4,421
20 Vulcan Materials Co. 750
-----------
8,017
-----------
CHEMICALS: 0.05%
90 Air Products & Chemicals, Inc. 3,847
30 Ashland, Inc. 856
420 Du Pont EI de Nemours & Co. 17,808
40 Eastman Chemical Co. 1,471
60 Ecolab, Inc. 2,970
50 Engelhard Corp. 1,117
20 Great Lakes Chemical Corp. 478
50 Hercules, Inc. 440
60 International Flavors & Fragrances, Inc. 2,106
70 PPG Industries, Inc. 3,511
60 Praxair, Inc. 3,466
100 Rohm & Haas Co. 3,248
80 Sherwin-Williams Co. 2,260
30 Sigma-Aldrich Corp. 1,461
-----------
45,039
-----------
COMMERCIAL SERVICES: 0.03%
80 @ Apollo Group, Inc. 3,520
190 @ Concord EFS, Inc. 2,991
80 @ Convergys Corp. 1,212
30 Deluxe Corp. 1,263
70 Equifax, Inc. 1,620
110 H&R Block, Inc. 4,422
110 McKesson Corp. 2,973
60 Moody's Corp. 2,477
60 Paychex, Inc. 1,674
40 @ Quintiles Transnational Corp. 484
60 @ Robert Half Intl., Inc. 967
-----------
23,603
-----------
COMPUTERS: 0.13%
100 @ Apple Computer, Inc. 1,433
90 @ Computer Sciences Corp. 3,100
1,390 @ Dell Computer Corp. 37,169
1,140 @ EMC Corp.-Mass. 7,000
1,649 Hewlett-Packard Co. 28,627
280 International Business Machines Corp. 21,700
</Table>
See Accompanying Notes to Financial Statements
86
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FUND --
SERIES I
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- -----------------------------------------------------------------------------------------
COMPUTERS (CONTINUED)
70 @ Lexmark Intl., Inc. $ 4,235
1,350 @ Sun Microsystems, Inc. 4,199
120 @ Sungard Data Systems, Inc. 2,827
50 @ Unisys Corp. 495
190 @ Veritas Software Corp. 2,968
-----------
113,753
-----------
COSMETICS/PERSONAL CARE: 0.13%
30 Alberto-Culver Co. 1,512
40 Avon Products, Inc. 2,155
210 Colgate-Palmolive Co. 11,010
540 Gillette Co. 16,394
190 Kimberly-Clark Corp. 9,019
830 Procter & Gamble Co. 71,330
-----------
111,420
-----------
DISTRIBUTION/WHOLESALE: 0.00%
30 WW Grainger, Inc. 1,546
-----------
1,546
-----------
DIVERSIFIED FINANCIAL SERVICES: 0.30%
520 American Express Co. 18,382
60 Bear Stearns Cos., Inc. 3,564
140 Capital One Financial Corp. 4,161
230 Charles Schwab Corp. 2,496
2,019 Citigroup, Inc. 71,049
80 Countrywide Financial Corp. 4,132
530 Fannie Mae 34,095
100 Franklin Resources, Inc. 3,408
470 Freddie Mac 27,753
70 Goldman Sachs Group, Inc. 4,767
180 Household Intl., Inc. 5,006
820 JP Morgan Chase & Co. 19,680
100 Lehman Brothers Holdings, Inc. 5,329
695 MBNA Corp. 13,219
360 Merrill Lynch & Co., Inc. 13,662
450 Morgan Stanley 17,964
170 @ Providian Financial Corp. 1,103
60 SLM Corp. 6,232
-----------
256,002
-----------
ELECTRIC: 0.10%
60 Allegheny Energy, Inc. 454
60 Ameren Corp. 2,494
130 American Electric Power Co., Inc. 3,553
110 Centerpoint Energy, Inc. 935
80 Cinergy Corp. 2,698
60 CMS Energy Corp. 566
80 Consolidated Edison, Inc. 3,426
80 Constellation Energy Group, Inc. 2,226
120 Dominion Resources, Inc. 6,588
80 DTE Energy Co. 3,712
360 Duke Energy Corp. 7,034
190 @ Edison Intl. 2,251
80 Entergy Corp. 3,647
170 Exelon Corp. 8,971
120 FirstEnergy Corp. 3,956
70 FPL Group, Inc. 4,209
110 NiSource, Inc. 2,200
250 @ PG&E Corp. 3,475
40 Pinnacle West Capital Corp. 1,364
60 PPL Corp. 2,081
80 Progress Energy, Inc. 3,468
</Table>
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
Shares Value
100 Public Service Enterprise Group, Inc. $ 3,210
280 Southern Co. 7,949
80 TECO Energy, Inc. 1,238
140 TXU Corp. 2,615
55 Xcel Energy, Inc. 605
-----------
84,925
-----------
ELECTRICAL COMPONENTS & EQUIPMENT: 0.02%
130 @ American Power Conversion 1,969
180 Emerson Electric Co. 9,153
100 Molex, Inc. 2,304
-----------
13,426
-----------
ELECTRONICS: 0.02%
220 @ Agilent Technologies, Inc. 3,951
80 Applera Corp. -- Applied Biosystems Group 1,403
120 @ Jabil Circuit, Inc. 2,150
60 Parker Hannifin Corp. 2,768
320 @ Sanmina-SCI Corp. 1,437
50 Tektronix, Inc. 910
70 @ Thermo Electron Corp. 1,408
50 @ Waters Corp. 1,089
-----------
15,116
-----------
ENGINEERING & CONSTRUCTION: 0.00%
40 Fluor Corp. 1,120
-----------
1,120
-----------
ENTERTAINMENT: 0.00%
40 @ International Game Technology 3,037
-----------
3,037
-----------
ENVIRONMENTAL CONTROL: 0.01%
110 @ Allied Waste Industries, Inc. 1,100
240 Waste Management, Inc. 5,501
-----------
6,601
-----------
FOOD: 0.06%
160 Albertson's, Inc. 3,562
273 Archer-Daniels-Midland Co. 3,385
170 Campbell Soup Co. 3,990
220 ConAgra Foods, Inc. 5,502
1 @ Del Monte Foods Co. 8
60 General Mills, Inc. 2,817
50 Hershey Foods Corp. 3,372
150 HJ Heinz Co. 4,931
170 Kellogg Co. 5,826
330 @ Kroger Co. 5,099
290 Sara Lee Corp. 6,528
50 Supervalu, Inc. 826
80 Winn-Dixie Stores, Inc. 1,222
-----------
47,068
-----------
FOREST PRODUCTS & PAPER: 0.02%
30 Boise Cascade Corp. 757
50 Georgia-Pacific Corp. 808
210 International Paper Co. 7,344
30 MeadWestvaco Corp. 741
90 Plum Creek Timber Co., Inc. 2,124
20 Temple-Inland, Inc. 896
30 Weyerhaeuser Co. 1,476
-----------
14,146
-----------
</Table>
See Accompanying Notes to Financial Statements
87
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SERIES I
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- -----------------------------------------------------------------------------------------
GAS: 0.01%
50 KeySpan Corp. $ 1,762
20 Nicor, Inc. 681
10 Peoples Energy Corp. 387
110 Sempra Energy 2,602
-----------
5,432
-----------
HAND/MACHINE TOOLS: 0.01%
50 Black & Decker Corp. 2,144
30 Snap-On, Inc. 843
50 Stanley Works 1,729
-----------
4,716
-----------
HEALTHCARE -- PRODUCTS: 0.11%
20 Bausch & Lomb, Inc. 720
170 Becton Dickinson & Co. 5,217
170 @ Boston Scientific Corp. 7,228
30 CR Bard, Inc. 1,740
190 @ Guidant Corp. 5,861
1,195 Johnson & Johnson 64,183
100 @ St. Jude Medical, Inc. 3,972
90 Stryker Corp. 6,041
-----------
94,962
-----------
HEALTHCARE -- SERVICES: 0.05%
100 @ Anthem, Inc. 6,290
220 HCA, Inc. 9,130
100 Health Management Associates, Inc. 1,790
180 @ Healthsouth Corp. 756
90 @ Humana, Inc. 900
30 @ Manor Care, Inc. 558
40 @ Quest Diagnostics 2,276
190 @ Tenet Healthcare Corp. 3,116
140 UnitedHealth Group, Inc. 11,690
100 @ WellPoint Health Networks 7,116
-----------
43,622
-----------
HOME BUILDERS: 0.00%
40 Centex Corp. 2,008
20 KB Home 857
20 Pulte Homes, Inc. 957
-----------
3,822
-----------
HOME FURNISHINGS: 0.01%
100 Leggett & Platt, Inc. 2,244
40 Maytag Corp. 1,140
40 Whirlpool Corp. 2,089
-----------
5,473
-----------
HOUSEHOLD PRODUCTS/WARES: 0.01%
30 @ American Greetings 474
60 Avery Dennison Corp. 3,665
110 Clorox Co. 4,537
60 Fortune Brands, Inc. 2,791
-----------
11,467
-----------
HOUSEWARES: 0.00%
100 Newell Rubbermaid, Inc. 3,033
-----------
3,033
-----------
INSURANCE: 0.15%
100 @@ ACE Ltd. 2,934
200 Aflac, Inc. 6,024
280 Allstate Corp. 10,357
50 AMBAC Financial Group, Inc. 2,812
</Table>
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
Shares Value
410 American Intl. Group $ 23,718
130 AON Corp. 2,456
30 Chubb Corp. 1,566
70 Cigna Corp. 2,878
60 Cincinnati Financial Corp. 2,253
100 Hartford Financial Services Group, Inc. 4,543
70 Jefferson-Pilot Corp. 2,668
120 John Hancock Financial Services, Inc. 3,348
30 Lincoln National Corp. 947
70 Loews Corp. 3,112
220 Marsh & McLennan Cos., Inc. 10,166
70 MBIA, Inc. 3,070
290 Metlife, Inc. 7,842
50 MGIC Investment Corp. 2,065
140 Principal Financial Group 4,218
120 Progressive Corp. 5,956
240 Prudential Financial, Inc. 7,618
80 Safeco Corp. 2,774
40 St. Paul Cos. 1,362
60 Torchmark Corp. 2,192
566 @ Travelers Property Casualty Corp. 8,292
90 UnumProvident Corp. 1,579
60 @@ XL Capital Ltd. 4,635
-----------
131,385
-----------
INTERNET: 0.01%
50 @ eBay, Inc. 3,391
250 @ Yahoo, Inc. 4,087
-----------
7,478
-----------
IRON/STEEL: 0.00%
40 Nucor Corp. 1,652
70 United States Steel Corp. 918
-----------
2,570
-----------
LEISURE TIME: 0.01%
50 Brunswick Corp. 993
100 Carnival Corp. 2,495
50 Harley-Davidson, Inc. 2,310
50 @ Sabre Holdings Corp. 906
-----------
6,704
-----------
LODGING: 0.01%
60 @ Harrah's Entertainment, Inc. 2,376
170 Hilton Hotels Corp. 2,161
100 Starwood Hotels & Resorts Worldwide, Inc. 2,374
-----------
6,911
-----------
MACHINERY -- DIVERSIFIED: 0.01%
90 Deere & Co. 4,126
80 Dover Corp. 2,333
90 Rockwell Automation, Inc. 1,864
-----------
8,323
-----------
MEDIA: 0.11%
730 @ AOL Time Warner, Inc. 9,563
250 @ Clear Channel Communications, Inc. 9,322
389 @ Comcast Corp. 9,169
110 Gannett Co., Inc. 7,898
40 Knight-Ridder, Inc. 2,530
80 McGraw-Hill Cos., Inc. 4,835
20 Meredith Corp. 822
30 New York Times Co. 1,372
120 Tribune Co. 5,455
</Table>
See Accompanying Notes to Financial Statements
88
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FUND --
SERIES I
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- -----------------------------------------------------------------------------------------
MEDIA (CONTINUED)
700 @ Viacom, Inc. $ 28,532
840 Walt Disney Co. 13,700
-----------
93,198
-----------
METAL FABRICATE/HARDWARE: 0.00%
40 Worthington Industries 610
-----------
610
-----------
MINING: 0.01%
80 @ Freeport-McMoRan Copper & Gold, Inc. 1,342
160 Newmont Mining Corp. 4,645
50 @ Phelps Dodge Corp. 1,583
-----------
7,570
-----------
MISCELLANEOUS MANUFACTURING: 0.19%
160 3M Co. 19,728
40 Cooper Industries Ltd. 1,458
20 Crane Co. 399
60 Danaher Corp. 3,942
160 Eastman Kodak Co. 5,606
40 Eaton Corp. 3,124
3,920 General Electric Co. 95,452
350 Honeywell Intl., Inc. 8,400
120 Illinois Tool Works, Inc. 7,783
80 @@ Ingersoll-Rand Co. 3,445
50 ITT Industries, Inc. 3,035
20 Pall Corp. 334
80 Textron, Inc. 3,439
320 @@ Tyco Intl. Ltd. 5,466
-----------
161,611
-----------
OFFICE/BUSINESS EQUIPMENT: 0.01%
90 Pitney Bowes, Inc. 2,939
380 @ Xerox Corp. 3,059
-----------
5,998
-----------
OIL & GAS: 0.18%
50 Amerada Hess Corp. 2,752
100 Anadarko Petroleum Corp. 4,790
80 Apache Corp. 4,559
80 Burlington Resources, Inc. 3,412
50 ChevronTexaco Corp. 3,324
280 ConocoPhillips 13,549
70 Devon Energy Corp. 3,213
20 EOG Resources, Inc. 798
2,660 Exxon Mobil Corp. 92,940
130 Marathon Oil Corp. 2,768
80 @,@@ Nabors Industries Ltd. 2,822
70 @ Noble Corp. 2,460
160 Occidental Petroleum Corp. 4,552
40 Rowan Cos., Inc. 908
210 Transocean, Inc. 4,872
110 Unocal Corp. 3,364
-----------
151,083
-----------
OIL & GAS SERVICES: 0.01%
50 Baker Hughes, Inc. 1,609
170 Halliburton Co. 3,181
-----------
4,790
-----------
</Table>
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
Shares Value
PACKAGING & CONTAINERS: 0.01%
20 Ball Corp. $ 1,024
30 Bemis Co. 1,489
100 @ Pactiv Corp. 2,186
-----------
4,699
-----------
PHARMACEUTICALS: 0.24%
30 Allergan, Inc. 1,729
50 AmerisourceBergen Corp. 2,715
180 Cardinal Health, Inc. 10,654
70 @ Forest Laboratories, Inc. 6,875
120 @ King Pharmaceuticals, Inc. 2,063
900 Merck & Co., Inc. 50,949
2,480 Pfizer, Inc. 75,814
520 Pharmacia Corp. 21,736
590 Schering-Plough Corp. 13,098
60 @ Watson Pharmaceuticals, Inc. 1,696
530 Wyeth 19,822
-----------
207,151
-----------
PIPELINES: 0.00%
20 Kinder Morgan, Inc. 845
-----------
845
-----------
REITS: 0.01%
160 Equity Office Properties Trust 3,997
70 Simon Property Group, Inc. 2,385
-----------
6,382
-----------
RETAIL: 0.21%
40 @ Autozone, Inc. 2,826
120 @ Bed Bath & Beyond, Inc. 4,144
125 @ Best Buy Co., Inc. 3,019
70 @ Big Lots, Inc. 926
160 CVS Corp. 3,995
90 Darden Restaurants, Inc. 1,840
50 Dillard's, Inc. 793
170 Dollar General Corp. 2,031
80 Family Dollar Stores 2,497
80 @ Federated Department Stores 2,301
600 Gap, Inc. (The) 9,312
940 Home Depot, Inc. 22,522
170 JC Penney Co., Inc. 3,912
140 @ Kohl's Corp. 7,833
420 Lowe's Cos., Inc. 15,750
290 Ltd. Brands 4,040
110 May Department Stores Co. 2,528
520 McDonald's Corp. 8,362
70 Nordstrom, Inc. 1,328
160 @ Office Depot, Inc. 2,362
110 RadioShack Corp. 2,061
300 @ Staples, Inc. 5,490
150 @ Starbucks Corp. 3,057
370 Target Corp. 11,100
30 Tiffany & Co. 717
230 TJX Cos, Inc. 4,490
100 @ Toys R US, Inc. 1,000
390 Walgreen Co. 11,384
710 Wal-Mart Stores, Inc. 35,862
60 Wendy's Intl., Inc. 1,624
120 @ Yum! Brands, Inc. 2,906
-----------
182,012
-----------
</Table>
See Accompanying Notes to Financial Statements
89
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SERIES I
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- -----------------------------------------------------------------------------------------
SAVINGS & LOANS: 0.03%
100 Golden West Financial Corp. $ 7,181
510 Washington Mutual, Inc. 17,610
-----------
24,791
-----------
SEMICONDUCTORS: 0.11%
140 @ Advanced Micro Devices, Inc. 904
190 @ Altera Corp. 2,345
60 @ Analog Devices, Inc. 1,432
660 @ Applied Materials, Inc. 8,600
2,670 Intel Corp. 41,572
90 @ Kla-Tencor Corp. 3,183
140 Linear Technology Corp. 3,601
160 @ LSI Logic Corp. 923
120 Maxim Integrated Products 3,965
100 @ Micron Technology, Inc. 974
70 @ National Semiconductor Corp. 1,051
90 @ Novellus Systems, Inc. 2,527
70 @ Nvidia Corp. 806
90 @ PMC -- Sierra, Inc. 500
60 @ QLogic Corp. 2,071
80 @ Teradyne, Inc. 1,041
730 Texas Instruments, Inc. 10,957
170 @ Xilinx, Inc. 3,502
-----------
89,954
-----------
SOFTWARE: 0.22%
120 Adobe Systems, Inc. 2,976
60 Autodesk, Inc. 858
250 Automatic Data Processing 9,812
154 @ BMC Software, Inc. 2,635
80 @ Citrix Systems, Inc. 986
270 Computer Associates Intl., Inc. 3,645
200 @ Compuware Corp. 960
90 @ Electronic Arts, Inc. 4,479
320 First Data Corp. 11,331
75 @ Fiserv, Inc. 2,546
50 IMS Health, Inc. 800
90 @ Intuit, Inc. 4,223
50 @ Mercury Interactive Corp. 1,483
2,110 @ Microsoft Corp. 109,087
2,160 @ Oracle Corp. 23,328
130 @ Peoplesoft, Inc. 2,379
90 @ Rational Software Corp. 935
330 @ Siebel Systems, Inc. 2,468
-----------
184,931
-----------
TELECOMMUNICATIONS: 0.21%
120 Alltel Corp. 6,120
40 @ Andrew Corp. 411
312 AT&T Corp. 8,146
760 BellSouth Corp. 19,661
60 CenturyTel, Inc. 1,763
210 @ CIENA Corp. 1,079
2,920 @ Cisco Systems, Inc. 38,252
150 @ Citizens Communications Co. 1,582
80 @ Comverse Technology, Inc. 802
960 Motorola, Inc. 8,304
360 @ Nextel Communications, Inc. 4,158
120 @ Qualcomm, Inc. 4,367
1,340 SBC Communications, Inc. 36,327
80 Scientific-Atlanta, Inc. 949
460 Sprint Corp.-FON Group 6,661
190 @ Tellabs, Inc. 1,381
1,100 Verizon Communications, Inc. 42,625
-----------
182,588
-----------
</Table>
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
Shares Value
TEXTILES: 0.00%
80 Cintas Corp. $ 3,660
-----------
3,660
-----------
TOBACCO: 0.02%
350 Philip Morris Cos., Inc. 14,186
20 RJ Reynolds Tobacco Holdings, Inc. 842
-----------
15,028
-----------
TOYS/GAMES/HOBBIES: 0.01%
60 Hasbro, Inc. 693
280 Mattel, Inc. 5,362
-----------
6,055
-----------
TRANSPORTATION: 0.06%
150 Burlington Northern Santa Fe Corp. 3,901
130 FedEx Corp. 7,049
150 Norfolk Southern Corp. 2,999
100 Union Pacific Corp. 5,987
440 United Parcel Service, Inc. 27,755
-----------
47,691
-----------
TRUCKING & LEASING: 0.00%
30 Ryder System, Inc. 673
-----------
673
-----------
Total Common Stock
(Cost $3,195,124) 2,911,707
-----------
<Caption>
Principal
Amount Value
- -----------------------------------------------------------------------------------------
BONDS/NOTES: 34.37%
REGIONAL (STATE/PROVINCE): 1.22%
$ 1,100,000 Tennessee Valley Authority,
Zero Coupon, due 04/15/05 1,044,465
-----------
SOVEREIGN: 33.15%
1,164,000 FICO Strip,
Zero Coupon, due 04/06/05 1,105,859
1,959,000 FICO Strip,
Zero Coupon, due 06/06/05 1,850,277
3,238,000 FICO Strip,
Zero Coupon, due 06/06/05 3,058,294
3,510,000 Israel Government AID Bond,
Zero Coupon, due 05/15/05 3,330,902
5,000,000 Israel Trust,
Zero Coupon, due 05/15/05 4,733,755
15,000,000 Israel Trust,
Zero Coupon, due 05/15/05 14,201,265
-----------
28,280,352
-----------
Total Bonds/Notes
(Cost $27,938,699) 29,324,817
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS: 38.87%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 16.67%
15,000,000 Zero Coupon, due 05/31/05 14,223,675
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 22.20%
20,000,000 Zero Coupon, due 06/14/05 18,936,600
-----------
Total U.S. Government Agency Obligations
(Cost $30,811,386) 33,160,275
-----------
</Table>
See Accompanying Notes to Financial Statements
90
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FUND --
SERIES I
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Principal
Amount Value
- -----------------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS: 22.97%
U.S. TREASURY STRIP: 22.97%
$ 15,594,000 Zero Coupon, due 05/15/05 $14,937,976
4,856,000 Zero Coupon, due 05/15/05 4,659,376
-----------
19,597,352
-----------
Total U.S. Treasury Obligations
(Cost $18,778,965) 19,597,352
-----------
Total Long-Term Investments
(Cost $80,724,174) 84,994,151
-----------
SHORT-TERM INVESTMENT: 0.46%
395,000 State Street Repurchase Agreement, dated 12/31/02,
1.200%, due 01/02/03, $395,026 to be received upon
repurchase (collateralized by $400,000 FFCB, 4.450%
Market Value $406,934 due 05/16/03) 395,000
-----------
Total Short-Term Investment
(Cost $395,000) 395,000
-----------
</Table>
<Table>
TOTAL INVESTMENTS IN SECURITIES 100.10% $85,389,151
(COST $81,119,174)*
OTHER ASSETS AND LIABILITIES-NET -0.10% (88,661)
------- -----------
NET ASSETS 100.00% $85,300,490
======= ===========
</Table>
<Table>
@ Non-income producing security
@@ Foreign Issuer
* Cost for federal income tax purposes is $81,775,829. Net
unrealized appreciation consists of:
</Table>
<Table>
Gross Unrealized Appreciation $3,955,400
Gross Unrealized Depreciation (342,078)
----------
Net Unrealized Appreciation $3,613,322
==========
</Table>
See Accompanying Notes to Financial Statements
91
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SERIES J
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMMON STOCK: 0.73%
ADVERTISING: 0.00%
30 Interpublic Group Cos., Inc. $ 422
-----------
422
-----------
AEROSPACE/DEFENSE: 0.02%
60 Boeing Co. 1,979
20 General Dynamics Corp. 1,587
10 Goodrich Corp. 183
30 Lockheed Martin Corp. 1,733
15 Northrop Grumman Corp. 1,490
10 Raytheon Co. 308
20 Rockwell Collins, Inc. 465
50 United Technologies Corp. 3,097
-----------
10,842
-----------
AGRICULTURE: 0.00%
10 Monsanto Co. 193
10 UST, Inc. 334
-----------
527
-----------
AIRLINES: 0.00%
10 @ AMR Corp. 66
-----------
66
-----------
APPAREL: 0.00%
10 @ Jones Apparel Group, Inc. 354
10 Liz Claiborne, Inc. 297
20 Nike, Inc. 889
10 VF Corp. 361
-----------
1,901
-----------
AUTO MANUFACTURERS: 0.01%
230 Ford Motor Co. 2,139
40 General Motors Corp. 1,474
10 Paccar, Inc. 461
-----------
4,074
-----------
AUTO PARTS & EQUIPMENT: 0.00%
10 Cooper Tire & Rubber Co. 153
10 Dana Corp. 118
50 Delphi Corp. 402
10 Goodyear Tire & Rubber Co. 68
10 Johnson Controls, Inc. 802
10 Visteon Corp. 70
-----------
1,613
-----------
BANKS: 0.07%
30 AmSouth Bancorp 576
150 Bank of America Corp. 10,435
90 Bank One Corp. 3,289
20 BB&T Corp. 740
21 Charter One Financial, Inc. 603
20 Comerica, Inc. 865
10 First Tennessee National Corp. 359
80 FleetBoston Financial Corp. 1,944
20 Huntington Bancshares, Inc. 374
30 Keycorp 754
20 Marshall & Ilsley Corp. 548
10 Mellon Financial Corp. 261
50 National City Corp. 1,366
10 North Fork Bancorporation, Inc. 337
20 PNC Financial Services Group, Inc. 838
20 Regions Financial Corp. 667
30 SouthTrust Corp. 746
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
20 State Street Corp. $ 780
20 SunTrust Banks, Inc. 1,138
20 Synovus Financial Corp. 388
20 Union Planters Corp. 563
140 US Bancorp 2,971
100 Wachovia Corp. 3,644
120 Wells Fargo & Co. 5,624
10 Zions Bancorporation 393
-----------
40,203
-----------
BEVERAGES: 0.02%
60 Anheuser-Busch Cos., Inc. 2,904
170 Coca-Cola Co. 7,449
30 Coca-Cola Enterprises, Inc. 652
20 Pepsi Bottling Group, Inc. 514
120 PepsiCo, Inc. 5,066
-----------
16,585
-----------
BIOTECHNOLOGY: 0.01%
96 @ Amgen, Inc. 4,641
10 @ Biogen, Inc. 401
20 @ Chiron Corp. 752
-----------
5,794
-----------
BUILDING MATERIALS: 0.00%
40 Masco Corp. 842
-----------
842
-----------
CHEMICALS: 0.01%
20 Air Products & Chemicals, Inc. 855
80 Du Pont EI de Nemours & Co. 3,392
10 Eastman Chemical Co. 368
10 Ecolab, Inc. 495
10 Engelhard Corp. 223
10 Hercules, Inc. 88
10 International Flavors & Fragrances, Inc. 351
10 PPG Industries, Inc. 502
10 Praxair, Inc. 578
20 Rohm & Haas Co. 650
10 Sherwin-Williams Co. 283
10 Sigma-Aldrich Corp. 487
-----------
8,272
-----------
COMMERCIAL SERVICES: 0.01%
10 @ Apollo Group, Inc. 440
40 @ Concord EFS, Inc. 630
10 @ Convergys Corp. 151
10 Equifax, Inc. 231
20 H&R Block, Inc. 804
20 McKesson Corp. 541
10 Moody's Corp. 413
10 Paychex, Inc. 279
10 @ Quintiles Transnational Corp. 121
10 @ Robert Half Intl., Inc. 161
10 RR Donnelley & Sons Co. 218
-----------
3,989
-----------
COMPUTERS: 0.04%
20 @ Apple Computer, Inc. 287
10 @ Computer Sciences Corp. 344
250 @ Dell Computer Corp. 6,685
210 @ EMC Corp.-Mass. 1,289
303 Hewlett-Packard Co. 5,260
50 International Business Machines Corp. 3,875
10 @ Lexmark Intl., Inc. 605
250 @ Sun Microsystems, Inc. 778
</Table>
See Accompanying Notes to Financial Statements
92
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FUND --
SERIES J
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMPUTERS (CONTINUED)
20 @ Sungard Data Systems, Inc. $ 471
10 @ Unisys Corp. 99
30 @ Veritas Software Corp. 469
-----------
20,162
-----------
COSMETICS/PERSONAL CARE: 0.04%
10 Avon Products, Inc. 539
40 Colgate-Palmolive Co. 2,097
100 Gillette Co. 3,036
40 Kimberly-Clark Corp. 1,899
150 Procter & Gamble Co. 12,891
-----------
20,462
-----------
DISTRIBUTION/WHOLESALE: 0.00%
10 WW Grainger, Inc. 515
-----------
515
-----------
DIVERSIFIED FINANCIAL SERVICES: 0.07%
100 American Express Co. 3,535
10 Bear Stearns Cos., Inc. 594
20 Capital One Financial Corp. 594
40 Charles Schwab Corp. 434
373 Citigroup, Inc. 13,126
10 Countrywide Financial Corp. 516
100 Fannie Mae 6,433
20 Franklin Resources, Inc. 682
80 Freddie Mac 4,724
10 Goldman Sachs Group, Inc. 681
30 Household Intl., Inc. 834
150 JP Morgan Chase & Co. 3,600
20 Lehman Brothers Holdings, Inc. 1,066
130 MBNA Corp. 2,473
60 Merrill Lynch & Co., Inc. 2,277
80 Morgan Stanley 3,194
30 @ Providian Financial Corp. 195
10 SLM Corp. 1,039
-----------
45,997
-----------
ELECTRIC: 0.02%
10 Allegheny Energy, Inc. 76
10 Ameren Corp. 416
20 American Electric Power Co., Inc. 547
30 Centerpoint Energy, Inc. 255
10 Cinergy Corp. 337
20 CMS Energy Corp. 189
20 Consolidated Edison, Inc. 856
10 Constellation Energy Group, Inc. 278
20 Dominion Resources, Inc. 1,098
20 DTE Energy Co. 928
60 Duke Energy Corp. 1,172
40 @ Edison Intl. 474
20 Entergy Corp. 912
30 Exelon Corp. 1,583
20 FirstEnergy Corp. 659
10 FPL Group, Inc. 601
20 NiSource, Inc. 400
50 @ PG&E Corp. 695
10 Pinnacle West Capital Corp. 341
10 PPL Corp. 347
20 Progress Energy, Inc. 867
20 Public Service Enterprise Group, Inc. 642
50 Southern Co. 1,420
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
10 TECO Energy, Inc. $ 155
20 TXU Corp. 374
10 Xcel Energy, Inc. 110
-----------
15,732
-----------
ELECTRICAL COMPONENTS & EQUIPMENT: 0.00%
20 @ American Power Conversion 303
30 Emerson Electric Co. 1,525
10 Molex, Inc. 230
10 @ Power-One, Inc. 57
-----------
2,115
-----------
ELECTRONICS: 0.00%
40 @ Agilent Technologies, Inc. 718
20 Applera Corp. -- Applied Biosystems Group 351
20 @ Jabil Circuit, Inc. 358
10 Parker Hannifin Corp. 461
60 @ Sanmina-SCI Corp. 269
10 Symbol Technologies, Inc. 82
10 @ Tektronix, Inc. 182
10 @ Thermo Electron Corp. 201
10 @ Waters Corp. 218
-----------
2,840
-----------
ENGINEERING & CONSTRUCTION: 0.00%
10 Fluor Corp. 280
-----------
280
-----------
ENTERTAINMENT: 0.00%
10 @ International Game Technology 759
-----------
759
-----------
ENVIRONMENTAL CONTROL: 0.00%
20 @ Allied Waste Industries, Inc. 200
50 Waste Management, Inc. 1,146
-----------
1,346
-----------
FOOD: 0.01%
30 Albertson's, Inc. 668
42 Archer-Daniels-Midland Co. 521
30 Campbell Soup Co. 704
40 ConAgra Foods, Inc. 1,003
10 General Mills, Inc. 469
10 Hershey Foods Corp. 674
30 HJ Heinz Co. 986
30 Kellogg Co. 1,028
50 @ Kroger Co. 773
50 Sara Lee Corp. 1,126
10 Supervalu, Inc. 165
10 Winn-Dixie Stores, Inc. 153
20 WM Wrigley Jr. Co. 1,098
-----------
9,368
-----------
FOREST PRODUCTS & PAPER: 0.00%
10 Georgia-Pacific Corp. 162
40 International Paper Co. 1,399
10 @ Louisiana-Pacific Corp. 81
20 MeadWestvaco Corp. 494
10 Plum Creek Timber Co., Inc. 236
10 Weyerhaeuser Co. 492
-----------
2,864
-----------
</Table>
See Accompanying Notes to Financial Statements
93
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PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
GAS: 0.00%
10 KeySpan Corp. $ 352
10 Nicor, Inc. 340
20 Sempra Energy 473
-----------
1,165
-----------
HAND/MACHINE TOOLS: 0.00%
10 Black & Decker Corp. 429
10 Stanley Works 346
-----------
775
-----------
HEALTHCARE -- PRODUCTS: 0.02%
30 Becton Dickinson & Co. 921
30 @ Boston Scientific Corp. 1,276
30 @ Guidant Corp. 925
215 Johnson & Johnson 11,548
20 @ St. Jude Medical, Inc. 794
20 Stryker Corp. 1,342
10 @ Zimmer Holdings, Inc. 415
-----------
17,221
-----------
HEALTHCARE -- SERVICES: 0.01%
10 @ Anthem, Inc. 629
40 HCA, Inc. 1,660
20 Health Management Associates, Inc. 358
30 @ Healthsouth Corp. 126
10 @ Humana, Inc. 100
10 @ Manor Care, Inc. 186
10 @ Quest Diagnostics 569
35 @ Tenet Healthcare Corp. 574
30 UnitedHealth Group, Inc. 2,505
10 @ WellPoint Health Networks 712
-----------
7,419
-----------
HOME BUILDERS: 0.00%
10 KB Home 429
-----------
429
-----------
HOME FURNISHINGS: 0.00%
20 Leggett & Platt, Inc. 449
10 Maytag Corp. 285
-----------
734
-----------
HOUSEHOLD PRODUCTS/WARES: 0.00%
10 Avery Dennison Corp. 611
20 Clorox Co. 825
10 Fortune Brands, Inc. 465
-----------
1,901
-----------
HOUSEWARES: 0.00%
20 Newell Rubbermaid, Inc. 607
-----------
607
-----------
INSURANCE: 0.03%
20 @@ ACE Ltd. 587
40 Aflac, Inc. 1,205
50 Allstate Corp. 1,849
10 AMBAC Financial Group, Inc. 562
80 American Intl. Group 4,628
20 AON Corp. 378
10 Chubb Corp. 522
10 Cigna Corp. 411
10 Cincinnati Financial Corp. 375
20 Hartford Financial Services Group, Inc. 909
10 Jefferson-Pilot Corp. 381
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
20 John Hancock Financial Services, Inc. $ 558
10 Lincoln National Corp. 316
10 Loews Corp. 445
40 Marsh & McLennan Cos., Inc. 1,848
15 MBIA, Inc. 658
50 Metlife, Inc. 1,352
10 MGIC Investment Corp. 413
30 Principal Financial Group 904
20 Progressive Corp. 993
40 Prudential Financial, Inc. 1,270
10 Safeco Corp. 347
10 St. Paul Cos. 341
10 Torchmark Corp. 365
102 @ Travelers Property Casualty Corp. 1,494
20 UnumProvident Corp. 351
10 @@ XL Capital Ltd. 772
-----------
24,234
-----------
INTERNET: 0.00%
10 @ eBay, Inc. 678
40 @ Yahoo, Inc. 654
-----------
1,332
-----------
IRON/STEEL: 0.00%
10 Allegheny Technologies, Inc. 62
10 Nucor Corp. 413
10 United States Steel Corp. 131
-----------
606
-----------
LEISURE TIME: 0.00%
10 Brunswick Corp. 199
20 Carnival Corp. 499
10 Harley-Davidson, Inc. 462
10 @ Sabre Holdings Corp. 181
-----------
1,341
-----------
LODGING: 0.00%
10 @ Harrah's Entertainment, Inc. 396
30 Hilton Hotels Corp. 381
20 Starwood Hotels & Resorts Worldwide, Inc. 475
-----------
1,252
-----------
MACHINERY -- DIVERSIFIED: 0.00%
20 Deere & Co. 917
20 Dover Corp. 583
10 Rockwell Automation, Inc. 207
-----------
1,707
-----------
MEDIA: 0.02%
130 @ AOL Time Warner, Inc. 1,703
50 @ Clear Channel Communications, Inc. 1,864
63 @ Comcast Corp. 1,485
20 Gannett Co., Inc. 1,436
10 McGraw-Hill Cos., Inc. 604
20 Tribune Co. 909
130 @ Viacom, Inc. 5,299
150 Walt Disney Co. 2,446
-----------
15,746
-----------
METAL FABRICATE/HARDWARE: 0.00%
10 Worthington Industries 152
-----------
152
-----------
</Table>
See Accompanying Notes to Financial Statements
94
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PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
MINING: 0.00%
10 @ Freeport-McMoRan Copper & Gold, Inc. $ 168
30 Newmont Mining Corp. 871
-----------
1,039
-----------
MISCELLANEOUS MANUFACTURING: 0.04%
30 3M Co. 3,699
10 Cooper Industries Ltd. 364
10 Danaher Corp. 657
30 Eastman Kodak Co. 1,051
10 Eaton Corp. 781
720 General Electric Co. 17,532
60 Honeywell Intl., Inc. 1,440
20 Illinois Tool Works, Inc. 1,297
10 @@ Ingersoll-Rand Co. 431
10 ITT Industries, Inc. 607
10 Textron, Inc. 430
60 @@ Tyco Intl. Ltd. 1,025
-----------
29,314
-----------
OFFICE/BUSINESS EQUIPMENT: 0.00%
20 Pitney Bowes, Inc. 653
50 @ Xerox Corp. 403
-----------
1,056
-----------
OIL & GAS: 0.04%
10 Amerada Hess Corp. 550
20 Anadarko Petroleum Corp. 958
10 Apache Corp. 570
20 Burlington Resources, Inc. 853
30 ChevronTexaco Corp. 1,994
52 ConocoPhillips 2,516
10 Devon Energy Corp. 459
490 Exxon Mobil Corp. 17,121
20 Marathon Oil Corp. 426
10 @,@@ Nabors Industries Ltd. 353
10 @ Noble Corp. 351
30 Occidental Petroleum Corp. 854
10 Rowan Cos, Inc. 227
30 Transocean, Inc. 696
20 Unocal Corp. 612
-----------
28,540
-----------
OIL & GAS SERVICES: 0.00%
10 Baker Hughes, Inc. 322
30 Halliburton Co. 561
-----------
883
-----------
PACKAGING & CONTAINERS: 0.00%
10 Ball Corp. 512
10 @ Pactiv Corp. 219
-----------
731
-----------
PHARMACEUTICALS: 0.05%
10 AmerisourceBergen Corp. 543
30 Cardinal Health, Inc. 1,776
20 @ Forest Laboratories, Inc. 1,964
20 @ King Pharmaceuticals, Inc. 344
170 Merck & Co., Inc. 9,624
450 Pfizer, Inc. 13,757
100 Pharmacia Corp. 4,180
110 Schering-Plough Corp. 2,442
10 @ Watson Pharmaceuticals, Inc. 283
100 Wyeth 3,740
-----------
38,653
-----------
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
PIPELINES: 0.00%
10 Kinder Morgan, Inc. $ 423
-----------
423
-----------
REITS: 0.00%
30 Equity Office Properties Trust 749
10 Simon Property Group, Inc. 341
-----------
1,090
-----------
RETAIL: 0.05%
10 @ Autozone, Inc. 706
20 @ Bed Bath & Beyond, Inc. 691
25 @ Best Buy Co., Inc. 604
10 Big Lots, Inc. 132
30 @ CVS Corp. 749
10 Darden Restaurants, Inc. 204
10 Dillard's, Inc. 159
30 Dollar General Corp. 358
10 Family Dollar Stores 312
20 @ Federated Department Stores 575
110 Gap, Inc. (The) 1,707
170 Home Depot, Inc. 4,073
30 JC Penney Co., Inc. 690
30 @ Kohl's Corp. 1,679
80 Lowe's Cos., Inc. 3,000
50 Ltd. Brands 697
20 May Department Stores Co. 460
90 McDonald's Corp. 1,447
10 Nordstrom, Inc. 190
30 @ Office Depot, Inc. 443
20 RadioShack Corp. 375
60 @ Staples, Inc. 1,098
30 @ Starbucks Corp. 611
70 Target Corp. 2,100
10 Tiffany & Co. 239
40 TJX Cos, Inc. 781
20 @ Toys R US, Inc. 200
70 Walgreen Co. 2,043
130 Wal-Mart Stores, Inc. 6,566
10 Wendy's Intl., Inc. 271
20 @ Yum! Brands, Inc. 484
-----------
33,644
-----------
SAVINGS & LOANS: 0.01%
20 Golden West Financial Corp. 1,436
90 Washington Mutual, Inc. 3,108
-----------
4,544
-----------
SEMICONDUCTORS: 0.02%
30 @ Advanced Micro Devices, Inc. 194
30 @ Altera Corp. 370
10 @ Analog Devices, Inc. 239
120 @ Applied Materials, Inc. 1,564
480 Intel Corp. 7,474
10 @ Kla-Tencor Corp. 354
30 Linear Technology Corp. 772
30 @ LSI Logic Corp. 173
20 Maxim Integrated Products 661
20 @ Micron Technology, Inc. 195
10 @ National Semiconductor Corp. 150
10 @ Novellus Systems, Inc. 281
10 @ Nvidia Corp. 115
</Table>
See Accompanying Notes to Financial Statements
95
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PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
SEMICONDUCTORS (CONTINUED)
10 @ PMC -- Sierra, Inc. $ 56
10 @ QLogic Corp. 345
10 @ Teradyne, Inc. 130
130 Texas Instruments, Inc. 1,951
30 @ Xilinx, Inc. 618
-----------
15,642
-----------
SOFTWARE: 0.05%
20 Adobe Systems, Inc. 496
10 Autodesk, Inc. 143
50 Automatic Data Processing 1,962
30 @ BMC Software, Inc. 513
20 @ Citrix Systems, Inc. 246
40 Computer Associates Intl., Inc. 540
40 @ Compuware Corp. 192
10 @ Electronic Arts, Inc. 498
60 First Data Corp. 2,125
20 @ Fiserv, Inc. 679
10 IMS Health, Inc. 160
20 @ Intuit, Inc. 938
10 @ Mercury Interactive Corp. 297
390 @ Microsoft Corp. 20,163
440 @ Oracle Corp. 4,752
20 @ Peoplesoft, Inc. 366
20 @ Rational Software Corp. 208
60 @ Siebel Systems, Inc. 449
-----------
34,727
-----------
TELECOMMUNICATIONS: 0.05%
20 Alltel Corp. 1,020
58 AT&T Corp. 1,514
130 BellSouth Corp. 3,363
10 CenturyTel, Inc. 294
40 @ CIENA Corp. 206
520 @ Cisco Systems, Inc. 6,812
20 @ Citizens Communications Co. 211
10 @ Comverse Technology, Inc. 100
180 Motorola, Inc. 1,557
70 @ Nextel Communications, Inc. 809
20 @ Qualcomm, Inc. 728
240 SBC Communications, Inc. 6,506
10 Scientific-Atlanta, Inc. 119
90 Sprint Corp.-FON Group 1,303
40 @ Tellabs, Inc. 291
200 Verizon Communications, Inc. 7,750
-----------
32,583
-----------
TEXTILES: 0.00%
10 Cintas Corp. 457
-----------
457
-----------
TOBACCO: 0.00%
60 Philip Morris Cos., Inc. 2,432
-----------
2,432
-----------
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
TOYS/GAMES/HOBBIES: 0.00%
10 Hasbro, Inc. $ 115
50 Mattel, Inc. 958
-----------
1,073
-----------
TRANSPORTATION: 0.01%
30 Burlington Northern Santa Fe Corp. 780
20 FedEx Corp. 1,084
30 Norfolk Southern Corp. 600
20 Union Pacific Corp. 1,197
80 United Parcel Service, Inc. 5,046
-----------
8,707
-----------
Total Common Stock
(Cost $539,035) 529,729
-----------
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
BONDS/NOTES: 38.02%
SOVEREIGN: 38.02%
$ 6,799,000 FICO Strip,
Zero Coupon, due 09/26/05 6,367,590
7,468,000 Israel Trust,
Zero Coupon, due 05/15/05 7,070,336
15,000,000 Israel Trust,
Zero Coupon, due 11/15/05 14,034,435
-----------
27,472,361
-----------
Total Bonds/Notes
(Cost $25,604,929) 27,472,361
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS: 39.90%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 6.37%
5,000,000 Zero Coupon, due 03/14/06 4,601,180
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 19.65%
15,000,000 Zero Coupon, due 06/14/05 14,202,450
-----------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 13.88%
9,913,969 3.319%, due 02/16/19 10,030,087
-----------
Total U.S. Government Agency Obligations
(Cost $27,284,628) 28,833,717
-----------
U.S. TREASURY OBLIGATIONS: 21.09%
U.S. TREASURY STRIP: 21.09%
16,027,000 Zero Coupon, due 08/15/05 15,243,728
-----------
Total U.S. Treasury Obligations
(Cost $14,670,178) 15,243,728
-----------
Total Long-Term Investments
(Cost $68,098,770) 72,079,535
-----------
</Table>
See Accompanying Notes to Financial Statements
96
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SERIES J
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT: 0.33%
$ 240,000 State Street Repurchase Agreement, dated 12/31/02,
1.200%, due 01/02/03, $240,016 to be received upon
repurchase (collateralized by $245,000 FNMA, 3.060%
Market Value $248,507 due 01/28/04) $ 240,000
-----------
Total Short-Term Investment
(Cost $240,000) 240,000
-----------
</Table>
<Table>
TOTAL INVESTMENTS IN SECURITIES
(COST $68,338,770)* 100.07% $ 72,319,535
OTHER ASSETS AND LIABILITIES-NET -0.07% (53,342)
------- ------------
NET ASSETS 100.00% $ 72,266,193
======= ============
</Table>
<Table>
@ Non-income producing security
@@ Foreign Issuer
* Cost for federal income tax purposes is $68,708,215. Net
unrealized appreciation consists of:
</Table>
<Table>
Gross Unrealized Appreciation $3,639,465
Gross Unrealized Depreciation (28,145)
----------
Net Unrealized Appreciation $3,611,320
==========
</Table>
See Accompanying Notes to Financial Statements
97
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SERIES K
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMMON STOCK: 0.64%
ADVERTISING: 0.00%
30 Interpublic Group Cos., Inc. $ 422
-----------
422
-----------
AEROSPACE/DEFENSE: 0.01%
60 Boeing Co. 1,979
20 General Dynamics Corp. 1,587
10 Goodrich Corp. 183
40 Lockheed Martin Corp. 2,310
15 Northrop Grumman Corp. 1,490
10 Raytheon Co. 308
20 Rockwell Collins, Inc. 465
50 United Technologies Corp. 3,097
-----------
11,419
-----------
AGRICULTURE: 0.00%
10 Monsanto Co. 193
10 UST, Inc. 334
-----------
527
-----------
AIRLINES: 0.00%
10 @ AMR Corp. 66
-----------
66
-----------
APPAREL: 0.00%
10 @ Jones Apparel Group, Inc. 354
10 Liz Claiborne, Inc. 297
20 Nike, Inc. 889
10 @ Reebok Intl. Ltd. 294
10 VF Corp. 361
-----------
2,195
-----------
AUTO MANUFACTURERS: 0.01%
230 Ford Motor Co. 2,139
40 General Motors Corp. 1,474
10 Paccar, Inc. 461
-----------
4,074
-----------
AUTO PARTS & EQUIPMENT: 0.00%
10 Cooper Tire & Rubber Co. 153
10 Dana Corp. 118
50 Delphi Corp. 402
10 Goodyear Tire & Rubber Co. 68
10 Johnson Controls, Inc. 802
10 Visteon Corp. 70
-----------
1,613
-----------
BANKS: 0.05%
30 AmSouth Bancorp 576
150 Bank of America Corp. 10,435
90 Bank One Corp. 3,289
20 BB&T Corp. 740
15 Charter One Financial, Inc. 431
20 Comerica, Inc. 865
10 First Tennessee National Corp. 359
80 FleetBoston Financial Corp. 1,944
20 Huntington Bancshares, Inc. 374
30 Keycorp 754
20 Marshall & Ilsley Corp. 548
10 Mellon Financial Corp. 261
50 National City Corp. 1,366
10 North Fork Bancorporation, Inc. 337
20 PNC Financial Services Group, Inc. 838
20 Regions Financial Corp. 667
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
30 SouthTrust Corp. $ 746
20 State Street Corp. 780
20 SunTrust Banks, Inc. 1,138
20 Synovus Financial Corp. 388
20 Union Planters Corp. 563
146 US Bancorp 3,098
100 Wachovia Corp. 3,644
120 Wells Fargo & Co. 5,624
10 Zions Bancorporation 393
-----------
40,158
-----------
BEVERAGES: 0.02%
60 Anheuser-Busch Cos., Inc. 2,904
170 Coca-Cola Co. 7,449
30 Coca-Cola Enterprises, Inc. 652
20 Pepsi Bottling Group, Inc. 514
120 PepsiCo, Inc. 5,066
-----------
16,585
-----------
BIOTECHNOLOGY: 0.01%
98 @ Amgen, Inc. 4,737
10 @ Biogen, Inc. 401
20 @ Chiron Corp. 752
-----------
5,890
-----------
BUILDING MATERIALS: 0.00%
40 Masco Corp. 842
-----------
842
-----------
CHEMICALS: 0.01%
20 Air Products & Chemicals, Inc. 855
80 Du Pont EI de Nemours & Co. 3,392
10 Eastman Chemical Co. 368
10 Ecolab, Inc. 495
10 Engelhard Corp. 223
10 Hercules, Inc. 88
10 International Flavors & Fragrances, Inc. 351
10 PPG Industries, Inc. 502
10 Praxair, Inc. 578
20 Rohm & Haas Co. 650
10 Sherwin-Williams Co. 283
10 Sigma-Aldrich Corp. 487
-----------
8,272
-----------
COMMERCIAL SERVICES: 0.01%
10 @ Apollo Group, Inc. 440
40 @ Concord EFS, Inc. 630
10 @ Convergys Corp. 151
10 Equifax, Inc. 231
20 H&R Block, Inc. 804
20 McKesson Corp. 541
10 Moody's Corp. 413
10 Paychex, Inc. 279
10 @ Quintiles Transnational Corp. 121
10 @ Robert Half Intl., Inc. 161
-----------
3,771
-----------
COMPUTERS: 0.03%
20 @ Apple Computer, Inc. 287
10 @ Computer Sciences Corp. 344
260 @ Dell Computer Corp. 6,952
210 @ EMC Corp.-Mass. 1,289
304 Hewlett-Packard Co. 5,277
50 International Business Machines Corp. 3,875
10 @ Lexmark Intl., Inc. 605
260 @ Sun Microsystems, Inc. 809
</Table>
See Accompanying Notes to Financial Statements
98
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SERIES K
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMPUTERS (CONTINUED)
20 @ Sungard Data Systems, Inc. $ 471
10 @ Unisys Corp. 99
30 @ Veritas Software Corp. 469
-----------
20,477
-----------
COSMETICS/PERSONAL CARE: 0.03%
10 Avon Products, Inc. 539
40 Colgate-Palmolive Co. 2,097
100 Gillette Co. 3,036
40 Kimberly-Clark Corp. 1,899
150 Procter & Gamble Co. 12,891
-----------
20,462
-----------
DISTRIBUTION/WHOLESALE: 0.00%
10 WW Grainger, Inc. 516
-----------
516
-----------
DIVERSIFIED FINANCIAL SERVICES: 0.06%
100 American Express Co. 3,535
10 Bear Stearns Cos., Inc. 594
20 Capital One Financial Corp. 594
40 Charles Schwab Corp. 434
370 Citigroup, Inc. 13,020
10 Countrywide Financial Corp. 516
100 Fannie Mae 6,433
20 Franklin Resources, Inc. 682
90 Freddie Mac 5,314
10 Goldman Sachs Group, Inc. 681
30 Household Intl., Inc. 834
150 JP Morgan Chase & Co. 3,600
20 Lehman Brothers Holdings, Inc. 1,066
125 MBNA Corp. 2,378
60 Merrill Lynch & Co., Inc. 2,277
80 Morgan Stanley 3,194
30 @ Providian Financial Corp. 195
10 SLM Corp. 1,039
-----------
46,386
-----------
ELECTRIC: 0.02%
10 Allegheny Energy, Inc. 76
10 Ameren Corp. 416
30 American Electric Power Co., Inc. 820
30 Centerpoint Energy, Inc. 255
10 Cinergy Corp. 337
20 CMS Energy Corp. 189
20 Consolidated Edison, Inc. 856
10 Constellation Energy Group, Inc. 278
20 Dominion Resources, Inc. 1,098
20 DTE Energy Co. 928
60 Duke Energy Corp. 1,172
40 @ Edison Intl. 474
20 Entergy Corp. 912
30 Exelon Corp. 1,583
20 FirstEnergy Corp. 659
10 FPL Group, Inc. 601
20 NiSource, Inc. 400
50 @ PG&E Corp. 695
10 Pinnacle West Capital Corp. 341
10 PPL Corp. 347
20 Progress Energy, Inc. 867
20 Public Service Enterprise Group, Inc. 642
50 Southern Co. 1,420
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
10 TECO Energy, Inc. $ 155
20 TXU Corp. 374
10 Xcel Energy, Inc. 110
-----------
16,005
-----------
ELECTRICAL COMPONENTS & EQUIPMENT: 0.00%
20 @ American Power Conversion 303
30 Emerson Electric Co. 1,525
10 Molex, Inc. 230
10 @ Power-One, Inc. 57
-----------
2,115
-----------
ELECTRONICS: 0.00%
40 @ Agilent Technologies, Inc. 718
20 Applera Corp. -- Applied Biosystems Group 351
20 @ Jabil Circuit, Inc. 358
10 Parker Hannifin Corp. 461
60 @ Sanmina-SCI Corp. 269
10 Symbol Technologies, Inc. 82
10 @ Tektronix, Inc. 182
10 @ Thermo Electron Corp. 201
10 @ Waters Corp. 218
-----------
2,840
-----------
ENGINEERING & CONSTRUCTION: 0.00%
10 Fluor Corp. 280
-----------
280
-----------
ENTERTAINMENT: 0.00%
10 @ International Game Technology 759
-----------
759
-----------
ENVIRONMENTAL CONTROL: 0.00%
20 @ Allied Waste Industries, Inc. 200
50 Waste Management, Inc. 1,146
-----------
1,346
-----------
FOOD: 0.01%
30 Albertson's, Inc. 668
47 Archer-Daniels-Midland Co. 583
30 Campbell Soup Co. 704
40 ConAgra Foods, Inc. 1,003
10 General Mills, Inc. 469
10 Hershey Foods Corp. 674
30 HJ Heinz Co. 986
30 Kellogg Co. 1,028
60 @ Kroger Co. 927
60 Sara Lee Corp. 1,351
10 Supervalu, Inc. 165
10 Winn-Dixie Stores, Inc. 153
-----------
8,711
-----------
FOREST PRODUCTS & PAPER: 0.00%
10 Georgia-Pacific Corp. 162
40 International Paper Co. 1,399
10 @ Louisiana-Pacific Corp. 81
10 MeadWestvaco Corp. 247
10 Plum Creek Timber Co., Inc. 236
10 Weyerhaeuser Co. 492
-----------
2,617
-----------
</Table>
See Accompanying Notes to Financial Statements
99
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FUND --
SERIES K
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
GAS: 0.00%
10 KeySpan Corp. $ 352
10 Nicor, Inc. 340
20 Sempra Energy 473
-----------
1,165
-----------
HAND/MACHINE TOOLS: 0.00%
10 Black & Decker Corp. 429
10 Stanley Works 346
-----------
775
-----------
HEALTHCARE -- PRODUCTS: 0.02%
30 Becton Dickinson & Co. 921
30 @ Boston Scientific Corp. 1,276
30 @ Guidant Corp. 926
222 Johnson & Johnson 11,924
20 @ St. Jude Medical, Inc. 794
20 Stryker Corp. 1,342
10 @ Zimmer Holdings, Inc. 415
-----------
17,598
-----------
HEALTHCARE -- SERVICES: 0.01%
20 A Aetna, Inc. 822
20 @ Anthem, Inc. 1,258
40 HCA, Inc. 1,660
20 Health Management Associates, Inc. 358
30 @ Healthsouth Corp. 126
10 @ Humana, Inc. 100
10 @ Manor Care, Inc. 186
10 @ Quest Diagnostics 569
40 @ Tenet Healthcare Corp. 656
30 UnitedHealth Group, Inc. 2,505
10 @ WellPoint Health Networks 712
-----------
8,952
-----------
HOME BUILDERS: 0.00%
10 KB Home 429
-----------
429
-----------
HOME FURNISHINGS: 0.00%
20 Leggett & Platt, Inc. 449
10 Maytag Corp. 285
-----------
734
-----------
HOUSEHOLD PRODUCTS/WARES: 0.00%
10 Avery Dennison Corp. 611
20 Clorox Co. 825
10 Fortune Brands, Inc. 465
-----------
1,901
-----------
HOUSEWARES: 0.00%
20 Newell Rubbermaid, Inc. 607
-----------
607
-----------
INSURANCE: 0.03%
20 @@ ACE Ltd. 587
40 Aflac, Inc. 1,205
50 Allstate Corp. 1,849
10 AMBAC Financial Group, Inc. 562
80 American Intl. Group 4,628
20 AON Corp. 378
10 Chubb Corp. 522
10 Cigna Corp. 411
10 Cincinnati Financial Corp. 375
20 Hartford Financial Services Group, Inc. 909
10 Jefferson-Pilot Corp. 381
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
20 John Hancock Financial Services, Inc. $ 558
10 Lincoln National Corp. 316
10 Loews Corp. 445
40 Marsh & McLennan Cos., Inc. 1,848
15 MBIA, Inc. 658
50 Metlife, Inc. 1,352
10 MGIC Investment Corp. 413
30 Principal Financial Group 904
20 Progressive Corp. 993
40 Prudential Financial, Inc. 1,270
10 Safeco Corp. 347
10 St. Paul Cos. 341
10 Torchmark Corp. 365
98 @ Travelers Property Casualty Corp. 1,436
20 UnumProvident Corp. 351
10 @@ XL Capital Ltd. 772
-----------
24,176
-----------
INTERNET: 0.00%
10 @ eBay, Inc. 678
40 @ Yahoo, Inc. 654
-----------
1,332
-----------
IRON/STEEL: 0.00%
10 Allegheny Technologies, Inc. 62
10 Nucor Corp. 413
10 United States Steel Corp. 131
-----------
606
-----------
LEISURE TIME: 0.00%
10 Brunswick Corp. 199
20 Carnival Corp. 499
10 Harley-Davidson, Inc. 462
10 @ Sabre Holdings Corp. 181
-----------
1,341
-----------
LODGING: 0.00%
10 @ Harrah's Entertainment, Inc. 396
30 Hilton Hotels Corp. 381
20 Starwood Hotels & Resorts Worldwide, Inc. 475
-----------
1,252
-----------
MACHINERY -- DIVERSIFIED: 0.00%
20 Deere & Co. 917
20 Dover Corp. 583
10 Rockwell Automation, Inc. 207
-----------
1,707
-----------
MEDIA: 0.02%
130 @ AOL Time Warner, Inc. 1,703
50 @ Clear Channel Communications, Inc. 1,864
67 @ Comcast Corp. 1,579
20 Gannett Co., Inc. 1,436
10 Knight-Ridder, Inc. 633
20 McGraw-Hill Cos., Inc. 1,209
10 Meredith Corp. 411
20 Tribune Co. 909
130 @ Viacom, Inc. 5,299
150 Walt Disney Co. 2,446
-----------
17,489
-----------
METAL FABRICATE/HARDWARE: 0.00%
10 Worthington Industries 152
-----------
</Table>
See Accompanying Notes to Financial Statements
100
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FUND --
SERIES K
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
MINING: 0.00%
10 @ Freeport-McMoRan Copper & Gold, Inc. $ 168
30 Newmont Mining Corp. 871
-----------
1,039
-----------
MISCELLANEOUS MANUFACTURING: 0.04%
30 3M Co. 3,699
10 Cooper Industries Ltd. 364
10 Danaher Corp. 657
30 Eastman Kodak Co. 1,051
10 Eaton Corp. 781
720 General Electric Co. 17,532
60 Honeywell Intl., Inc. 1,440
20 Illinois Tool Works, Inc. 1,297
10 @@ Ingersoll-Rand Co. 431
10 ITT Industries, Inc. 607
10 Textron, Inc. 430
60 @@ Tyco Intl. Ltd. 1,025
-----------
29,314
-----------
OFFICE/BUSINESS EQUIPMENT: 0.00%
20 Pitney Bowes, Inc. 653
50 @ Xerox Corp. 403
-----------
1,056
-----------
OIL & GAS: 0.03%
10 Amerada Hess Corp. 550
20 Anadarko Petroleum Corp. 958
10 Apache Corp. 570
20 Burlington Resources, Inc. 853
30 ChevronTexaco Corp. 1,994
49 ConocoPhillips 2,371
10 Devon Energy Corp. 459
490 Exxon Mobil Corp. 17,121
20 Marathon Oil Corp. 426
10 @,@@ Nabors Industries Ltd. 353
10 @ Noble Corp. 351
30 Occidental Petroleum Corp. 854
10 Rowan Cos, Inc. 227
30 Transocean, Inc. 696
20 Unocal Corp. 612
-----------
28,395
-----------
OIL & GAS SERVICES: 0.00%
10 Baker Hughes, Inc. 322
30 Halliburton Co. 561
-----------
883
-----------
PACKAGING & CONTAINERS: 0.00%
10 Ball Corp. 512
10 @ Pactiv Corp. 219
-----------
731
-----------
PHARMACEUTICALS: 0.05%
10 AmerisourceBergen Corp. 543
30 Cardinal Health, Inc. 1,776
20 @ Forest Laboratories, Inc. 1,964
23 @ King Pharmaceuticals, Inc. 395
170 Merck & Co., Inc. 9,624
450 Pfizer, Inc. 13,757
100 Pharmacia Corp. 4,180
110 Schering-Plough Corp. 2,442
10 @ Watson Pharmaceuticals, Inc. 283
100 Wyeth 3,740
-----------
38,704
-----------
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
PIPELINES: 0.00%
10 Kinder Morgan, Inc. $ 423
-----------
423
-----------
REITS: 0.00%
30 Equity Office Properties Trust 749
10 Simon Property Group, Inc. 341
-----------
1,090
-----------
RETAIL: 0.04%
10 @ Autozone, Inc. 706
20 @ Bed Bath & Beyond, Inc. 691
25 @ Best Buy Co., Inc. 604
10 @ Big Lots, Inc. 132
30 CVS Corp. 749
10 Darden Restaurants, Inc. 204
10 Dillard's, Inc. 159
30 Dollar General Corp. 358
10 Family Dollar Stores 312
20 @ Federated Department Stores 575
110 Gap, Inc. (The) 1,707
170 Home Depot, Inc. 4,073
30 JC Penney Co., Inc. 690
30 @ Kohl's Corp. 1,679
80 Lowe's Cos., Inc. 3,000
50 Ltd. Brands 697
20 May Department Stores Co. 460
90 McDonald's Corp. 1,447
10 Nordstrom, Inc. 190
30 @ Office Depot, Inc. 443
20 RadioShack Corp. 375
60 @ Staples, Inc. 1,098
30 @ Starbucks Corp. 611
70 Target Corp. 2,100
10 Tiffany & Co. 239
40 TJX Cos, Inc. 781
20 @ Toys R US, Inc. 200
70 Walgreen Co. 2,043
130 Wal-Mart Stores, Inc. 6,566
10 Wendy's Intl., Inc. 271
20 @ Yum! Brands, Inc. 484
-----------
33,644
-----------
SAVINGS & LOANS: 0.01%
20 Golden West Financial Corp. 1,436
95 Washington Mutual, Inc. 3,280
-----------
4,716
-----------
SEMICONDUCTORS: 0.02%
30 @ Advanced Micro Devices, Inc. 194
30 @ Altera Corp. 370
10 @ Analog Devices, Inc. 239
120 @ Applied Materials, Inc. 1,564
480 Intel Corp. 7,474
10 @ Kla-Tencor Corp. 354
30 Linear Technology Corp. 772
30 @ LSI Logic Corp. 173
20 Maxim Integrated Products 661
20 @ Micron Technology, Inc. 195
10 @ National Semiconductor Corp. 150
10 @ Novellus Systems, Inc. 281
10 @ Nvidia Corp. 115
</Table>
See Accompanying Notes to Financial Statements
101
ING
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FUND --
SERIES K
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
SEMICONDUCTORS (CONTINUED)
10 @ PMC -- Sierra, Inc. $ 56
10 @ QLogic Corp. 345
20 @ Teradyne, Inc. 260
130 Texas Instruments, Inc. 1,951
30 @ Xilinx, Inc. 618
-----------
15,772
-----------
SOFTWARE: 0.04%
20 Adobe Systems, Inc. 496
10 Autodesk, Inc. 143
50 Automatic Data Processing 1,962
30 @ BMC Software, Inc. 513
20 @ Citrix Systems, Inc. 246
40 Computer Associates Intl., Inc. 540
40 @ Compuware Corp. 192
10 @ Electronic Arts, Inc. 498
60 First Data Corp. 2,125
20 @ Fiserv, Inc. 679
10 IMS Health, Inc. 160
20 @ Intuit, Inc. 938
10 @ Mercury Interactive Corp. 297
390 @ Microsoft Corp. 20,163
400 @ Oracle Corp. 4,320
20 @ Peoplesoft, Inc. 366
20 @ Rational Software Corp. 208
60 @ Siebel Systems, Inc. 449
-----------
34,295
-----------
TELECOMMUNICATIONS: 0.04%
20 Alltel Corp. 1,020
10 @ Andrew Corp. 103
60 AT&T Corp. 1,567
140 BellSouth Corp. 3,622
10 CenturyTel, Inc. 294
40 @ CIENA Corp. 206
530 @ Cisco Systems, Inc. 6,943
20 @ Citizens Communications Co. 211
10 @ Comverse Technology, Inc. 100
180 Motorola, Inc. 1,557
70 @ Nextel Communications, Inc. 809
20 @ Qualcomm, Inc. 728
240 SBC Communications, Inc. 6,506
10 Scientific-Atlanta, Inc. 119
90 Sprint Corp.-FON Group 1,303
40 @ Tellabs, Inc. 291
200 Verizon Communications, Inc. 7,750
-----------
33,129
-----------
TEXTILES: 0.00%
10 Cintas Corp. 457
-----------
457
-----------
TOBACCO: 0.01%
120 Philip Morris Cos., Inc. 4,864
-----------
4,864
-----------
TOYS/GAMES/HOBBIES: 0.00%
10 Hasbro, Inc. 116
50 Mattel, Inc. 958
-----------
1,074
-----------
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
TRANSPORTATION: 0.01%
30 Burlington Northern Santa Fe Corp. $ 780
20 FedEx Corp. 1,084
30 Norfolk Southern Corp. 600
20 Union Pacific Corp. 1,197
80 United Parcel Service, Inc. 5,046
-----------
8,707
-----------
TRUCKING & LEASING: 0.00%
10 Ryder System, Inc. 224
-----------
224
-----------
Total Common Stock
(Cost $548,707) 537,081
-----------
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
BONDS/NOTES: 26.98%
SOVEREIGN: 26.98%
$10,510,000 FICO Strip,
Zero Coupon, due 05/11/05 9,950,101
10,000,000 Israel Trust,
Zero Coupon, due 11/15/05 9,356,290
1,390,000 Israel Trust,
Zero Coupon, due 11/15/05 1,300,524
2,000,000 Turkey Trust,
Zero Coupon, due 11/15/05 1,871,258
-----------
22,478,173
-----------
Total Bonds/Notes
(Cost $21,678,380) 22,478,173
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS: 40.12%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 11.05%
10,000,000 Zero Coupon, due 03/14/06 9,202,360
-----------
FEDERAL HOME LOAN MORTGAGE CORPORATION --
STRIP: 6.75%
6,050,000 Zero Coupon, due 01/15/06 5,621,351
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 22.32%
20,000,000 Zero Coupon, due 12/13/05 18,600,040
-----------
Total U.S. Government Agency Obligations
(Cost $31,010,991) 33,423,751
-----------
U.S. TREASURY OBLIGATIONS: 31.93%
U.S. TREASURY STRIP: 31.93%
28,161,000 Zero Coupon, due 11/15/05 26,604,035
-----------
Total U.S. Treasury Obligations
(Cost $25,984,196) 26,604,035
-----------
Total Long-Term Investments
(Cost $79,222,274) 83,043,040
-----------
SHORT-TERM INVESTMENT: 0.44%
363,000 State Street Repurchase Agreement, dated 12/31/02,
1.200%, due 01/02/03, $363,024 to be received upon
repurchase (collateralized by $365,000 FHLMC,
3.550% Market Value $370,379 due 03/26/04) 363,000
-----------
Total Short-Term Investment
(Cost $363,000) 363,000
-----------
</Table>
See Accompanying Notes to Financial Statements
102
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FUND --
SERIES K
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
TOTAL INVESTMENTS IN SECURITIES 100.11% $83,406,040
(COST $79,585,274)*
OTHER ASSETS AND LIABILITIES-NET -0.11% (90,719)
------- -----------
NET ASSETS 100.00% $83,315,321
======= ===========
</Table>
<Table>
@ Non-income producing security
@@ Foreign Issuer
A Related Party
* Cost for federal income tax purposes is $79,828,530. Net
unrealized appreciation consists of:
</Table>
<Table>
Gross Unrealized Appreciation $3,606,757
Gross Unrealized Depreciation (29,247)
----------
Net Unrealized Appreciation $3,577,510
==========
</Table>
See Accompanying Notes to Financial Statements
103
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SERIES L
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
COMMON STOCK: 3.64%
ADVERTISING: 0.00%
170 Interpublic Group Cos., Inc. $ 2,394
-----------
2,394
-----------
AEROSPACE/DEFENSE: 0.07%
340 Boeing Co. 11,217
80 General Dynamics Corp. 6,350
30 Goodrich Corp. 550
180 Lockheed Martin Corp. 10,395
73 Northrop Grumman Corp. 7,067
60 Raytheon Co. 1,845
110 Rockwell Collins, Inc. 2,559
240 United Technologies Corp. 14,866
-----------
54,849
-----------
AGRICULTURE: 0.00%
40 Monsanto Co. 770
70 UST, Inc. 2,340
-----------
3,110
-----------
APPAREL: 0.01%
70 @ Jones Apparel Group, Inc. 2,481
60 Liz Claiborne, Inc. 1,779
100 Nike, Inc. 4,447
30 @ Reebok Intl. Ltd. 882
60 VF Corp. 2,163
-----------
11,752
-----------
AUTO MANUFACTURERS: 0.03%
1,200 Ford Motor Co. 11,160
220 General Motors Corp. 8,109
50 Paccar, Inc. 2,307
-----------
21,576
-----------
AUTO PARTS & EQUIPMENT: 0.01%
30 Cooper Tire & Rubber Co. 460
50 Dana Corp. 588
210 Delphi Corp. 1,690
70 Goodyear Tire & Rubber Co. 477
40 Johnson Controls, Inc. 3,207
40 Visteon Corp. 278
-----------
6,700
-----------
BANKS: 0.27%
140 AmSouth Bancorp 2,688
770 Bank of America Corp. 53,569
440 Bank One Corp. 16,082
70 BB&T Corp. 2,589
94 Charter One Financial, Inc. 2,701
100 Comerica, Inc. 4,324
50 First Tennessee National Corp. 1,797
410 FleetBoston Financial Corp. 9,963
140 Huntington Bancshares, Inc. 2,619
160 Keycorp 4,022
80 Marshall & Ilsley Corp. 2,190
70 Mellon Financial Corp. 1,828
230 National City Corp. 6,284
70 North Fork Bancorporation, Inc. 2,362
110 PNC Financial Services Group, Inc. 4,609
120 Regions Financial Corp. 4,003
130 SouthTrust Corp. 3,231
130 State Street Corp. 5,070
110 SunTrust Banks, Inc. 6,261
110 Synovus Financial Corp. 2,134
120 Union Planters Corp. 3,377
</Table>
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
760 US Bancorp $ 16,127
520 Wachovia Corp. 18,949
650 Wells Fargo & Co. 30,466
30 Zions Bancorporation 1,180
-----------
208,425
-----------
BEVERAGES: 0.12%
320 Anheuser-Busch Cos., Inc. 15,488
30 Brown-Forman Corp. 1,961
900 Coca-Cola Co. 39,438
190 Coca-Cola Enterprises, Inc. 4,127
20 Coors (Adolph) 1,225
120 Pepsi Bottling Group, Inc. 3,084
620 PepsiCo, Inc. 26,176
-----------
91,499
-----------
BIOTECHNOLOGY: 0.04%
492 @ Amgen, Inc. 23,783
50 @ Biogen, Inc. 2,003
70 @ Chiron Corp. 2,632
-----------
28,418
-----------
BUILDING MATERIALS: 0.01%
30 @ American Standard Cos., Inc. 2,134
210 Masco Corp. 4,421
20 Vulcan Materials Co. 750
-----------
7,305
-----------
CHEMICALS: 0.06%
90 Air Products & Chemicals, Inc. 3,847
30 Ashland, Inc. 856
410 Du Pont EI de Nemours & Co. 17,384
30 Eastman Chemical Co. 1,103
50 Ecolab, Inc. 2,475
50 Engelhard Corp. 1,117
20 Great Lakes Chemical Corp. 478
60 Hercules, Inc. 528
40 International Flavors & Fragrances, Inc. 1,404
70 PPG Industries, Inc. 3,511
70 Praxair, Inc. 4,044
80 Rohm & Haas Co. 2,598
60 Sherwin-Williams Co. 1,695
30 Sigma-Aldrich Corp. 1,461
-----------
42,501
-----------
COMMERCIAL SERVICES: 0.03%
70 @ Apollo Group, Inc. 3,080
190 @ Concord EFS, Inc. 2,991
70 @ Convergys Corp. 1,060
30 Deluxe Corp. 1,263
50 Equifax, Inc. 1,157
120 H&R Block, Inc. 4,824
110 McKesson Corp. 2,973
60 Moody's Corp. 2,477
60 Paychex, Inc. 1,674
50 @ Quintiles Transnational Corp. 605
100 @ Robert Half Intl., Inc. 1,611
-----------
23,715
-----------
COMPUTERS: 0.14%
50 @ Apple Computer, Inc. 716
60 @ Computer Sciences Corp. 2,067
1,330 @ Dell Computer Corp. 35,564
1,090 @ EMC Corp.-Mass. 6,693
1,571 Hewlett-Packard Co. 27,272
270 International Business Machines Corp. 20,925
</Table>
See Accompanying Notes to Financial Statements
104
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FUND --
SERIES L
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
COMPUTERS (CONTINUED)
80 @ Lexmark Intl., Inc. $ 4,840
1,300 @ Sun Microsystems, Inc. 4,043
120 @ Sungard Data Systems, Inc. 2,827
130 @ Unisys Corp. 1,287
150 @ Veritas Software Corp. 2,343
-----------
108,577
-----------
COSMETICS/PERSONAL CARE: 0.14%
20 Alberto-Culver Co. 1,008
40 Avon Products, Inc. 2,155
200 Colgate-Palmolive Co. 10,486
520 Gillette Co. 15,787
190 Kimberly-Clark Corp. 9,019
800 Procter & Gamble Co. 68,752
-----------
107,207
-----------
DISTRIBUTION/WHOLESALE: 0.00%
30 WW Grainger, Inc. 1,546
-----------
1,546
-----------
DIVERSIFIED FINANCIAL SERVICES: 0.32%
500 American Express Co. 17,675
60 Bear Stearns Cos., Inc. 3,564
130 Capital One Financial Corp. 3,864
220 Charles Schwab Corp. 2,387
1,930 Citigroup, Inc. 67,917
70 Countrywide Financial Corp. 3,615
520 Fannie Mae 33,452
100 Franklin Resources, Inc. 3,408
450 Freddie Mac 26,572
70 Goldman Sachs Group, Inc. 4,767
170 Household Intl., Inc. 4,728
790 JP Morgan Chase & Co. 18,960
100 Lehman Brothers Holdings, Inc. 5,329
655 MBNA Corp. 12,458
350 Merrill Lynch & Co., Inc. 13,283
430 Morgan Stanley 17,166
150 @ Providian Financial Corp. 974
60 SLM Corp. 6,232
20 T Rowe Price Group, Inc. 546
-----------
246,897
-----------
ELECTRIC: 0.11%
60 Ameren Corp. 2,494
140 American Electric Power Co., Inc. 3,826
110 Centerpoint Energy, Inc. 935
60 Cinergy Corp. 2,023
90 CMS Energy Corp. 850
80 Consolidated Edison, Inc. 3,426
60 Constellation Energy Group, Inc. 1,669
120 Dominion Resources, Inc. 6,588
80 DTE Energy Co. 3,712
350 Duke Energy Corp. 6,839
190 @ Edison Intl. 2,251
90 Entergy Corp. 4,103
170 Exelon Corp. 8,971
120 FirstEnergy Corp. 3,956
70 FPL Group, Inc. 4,209
90 NiSource, Inc. 1,800
230 @ PG&E Corp. 3,197
30 Pinnacle West Capital Corp. 1,023
60 PPL Corp. 2,081
90 Progress Energy, Inc. 3,902
</Table>
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
80 Public Service Enterprise Group, Inc. $ 2,568
280 Southern Co. 7,949
60 TECO Energy, Inc. 928
140 TXU Corp. 2,615
60 Xcel Energy, Inc. 660
-----------
82,575
-----------
ELECTRICAL COMPONENTS & EQUIPMENT: 0.02%
130 @ American Power Conversion 1,969
160 Emerson Electric Co. 8,136
80 Molex, Inc. 1,843
-----------
11,948
-----------
ELECTRONICS: 0.02%
170 @ Agilent Technologies, Inc. 3,053
80 Applera Corp. -- Applied Biosystems Group 1,403
120 @ Jabil Circuit, Inc. 2,150
50 Parker Hannifin Corp. 2,307
310 @ Sanmina-SCI Corp. 1,392
40 @ Tektronix, Inc. 728
60 @ Thermo Electron Corp. 1,207
50 @ Waters Corp. 1,089
-----------
13,329
-----------
ENGINEERING & CONSTRUCTION: 0.00%
40 Fluor Corp. 1,120
-----------
1,120
-----------
ENTERTAINMENT: 0.00%
40 @ International Game Technology 3,037
-----------
3,037
-----------
ENVIRONMENTAL CONTROL: 0.01%
90 @ Allied Waste Industries, Inc. 900
240 Waste Management, Inc. 5,501
-----------
6,401
-----------
FOOD: 0.06%
170 Albertson's, Inc. 3,784
272 Archer-Daniels-Midland Co. 3,373
170 Campbell Soup Co. 3,990
220 ConAgra Foods, Inc. 5,502
1 @ Del Monte Foods Co. 4
60 General Mills, Inc. 2,817
60 Hershey Foods Corp. 4,046
140 HJ Heinz Co. 4,602
170 Kellogg Co. 5,826
320 @ Kroger Co. 4,944
280 Sara Lee Corp. 6,303
60 Supervalu, Inc. 991
70 Winn-Dixie Stores, Inc. 1,070
-----------
47,252
-----------
FOREST PRODUCTS & PAPER: 0.02%
30 Boise Cascade Corp. 757
40 Georgia-Pacific Corp. 646
190 International Paper Co. 6,644
30 MeadWestvaco Corp. 741
70 Plum Creek Timber Co., Inc. 1,652
20 Temple-Inland, Inc. 896
30 Weyerhaeuser Co. 1,476
-----------
12,812
-----------
</Table>
See Accompanying Notes to Financial Statements
105
ING
GET
FUND --
SERIES L
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
GAS: 0.01%
50 KeySpan Corp. $ 1,762
30 Nicor, Inc. 1,021
10 Peoples Energy Corp. 387
100 Sempra Energy 2,365
-----------
5,535
-----------
HAND/MACHINE TOOLS: 0.01%
50 Black & Decker Corp. 2,144
30 Snap-On, Inc. 843
40 Stanley Works 1,383
-----------
4,370
-----------
HEALTHCARE -- PRODUCTS: 0.12%
20 Bausch & Lomb, Inc. 720
150 Becton Dickinson & Co. 4,603
170 @ Boston Scientific Corp. 7,228
20 CR Bard, Inc. 1,160
180 @ Guidant Corp. 5,553
1,136 Johnson & Johnson 61,014
100 @ St. Jude Medical, Inc. 3,972
80 Stryker Corp. 5,370
-----------
89,620
-----------
HEALTHCARE -- SERVICES: 0.06%
90 A Aetna, Inc. 3,701
90 @ Anthem, Inc. 5,661
210 HCA, Inc. 8,715
100 Health Management Associates, Inc. 1,790
180 @ Healthsouth Corp. 756
70 @ Humana, Inc. 700
40 @ Manor Care, Inc. 744
40 @ Quest Diagnostics 2,276
185 @ Tenet Healthcare Corp. 3,034
130 UnitedHealth Group, Inc. 10,855
90 @ WellPoint Health Networks 6,404
-----------
44,636
-----------
HOME BUILDERS: 0.00%
30 Centex Corp. 1,506
20 KB Home 857
20 Pulte Homes, Inc. 957
-----------
3,320
-----------
HOME FURNISHINGS: 0.00%
70 Leggett & Platt, Inc. 1,571
30 Maytag Corp. 855
30 Whirlpool Corp. 1,567
-----------
3,993
-----------
HOUSEHOLD PRODUCTS/WARES: 0.01%
30 @ American Greetings 474
60 Avery Dennison Corp. 3,665
110 Clorox Co. 4,537
60 Fortune Brands, Inc. 2,791
-----------
11,467
-----------
HOUSEWARES: 0.00%
100 Newell Rubbermaid, Inc. 3,033
-----------
3,033
-----------
INSURANCE: 0.17%
100 @@ ACE Ltd. 2,934
210 Aflac, Inc. 6,325
270 Allstate Corp. 9,987
40 AMBAC Financial Group, Inc. 2,250
</Table>
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
400 American Intl. Group $ 23,140
130 AON Corp. 2,456
30 Chubb Corp. 1,566
80 Cigna Corp. 3,290
60 Cincinnati Financial Corp. 2,253
100 Hartford Financial Services Group, Inc. 4,543
60 Jefferson-Pilot Corp. 2,287
120 John Hancock Financial Services, Inc. 3,348
30 Lincoln National Corp. 947
80 Loews Corp. 3,557
210 Marsh & McLennan Cos., Inc. 9,704
55 MBIA, Inc. 2,412
280 Metlife, Inc. 7,571
60 MGIC Investment Corp. 2,478
140 Principal Financial Group 4,218
120 Progressive Corp. 5,956
220 Prudential Financial, Inc. 6,983
70 Safeco Corp. 2,427
30 St. Paul Cos. 1,022
40 Torchmark Corp. 1,461
553 @ Travelers Property Casualty Corp. 8,101
130 UnumProvident Corp. 2,280
50 @@ XL Capital Ltd. 3,862
-----------
127,358
-----------
INTERNET: 0.01%
50 @ eBay, Inc. 3,391
240 @ Yahoo, Inc. 3,924
-----------
7,315
-----------
IRON/STEEL: 0.00%
40 Nucor Corp. 1,652
50 United States Steel Corp. 656
-----------
2,308
-----------
LEISURE TIME: 0.01%
50 Brunswick Corp. 993
90 Carnival Corp. 2,245
50 Harley-Davidson, Inc. 2,310
50 @ Sabre Holdings Corp. 906
-----------
6,454
-----------
LODGING: 0.01%
60 @ Harrah's Entertainment, Inc. 2,376
160 Hilton Hotels Corp. 2,034
80 Starwood Hotels & Resorts Worldwide, Inc. 1,899
-----------
6,309
-----------
MACHINERY -- DIVERSIFIED: 0.01%
90 Deere & Co. 4,126
80 Dover Corp. 2,333
70 Rockwell Automation, Inc. 1,450
-----------
7,909
-----------
MEDIA: 0.12%
720 @ AOL Time Warner, Inc. 9,432
250 @ Clear Channel Communications, Inc. 9,322
369 @ Comcast Corp. 8,697
110 Gannett Co., Inc. 7,898
30 Knight-Ridder, Inc. 1,898
80 McGraw-Hill Cos., Inc. 4,835
20 Meredith Corp. 822
20 New York Times Co. 915
120 Tribune Co. 5,455
</Table>
See Accompanying Notes to Financial Statements
106
ING
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FUND --
SERIES L
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
MEDIA (CONTINUED)
670 @ Viacom, Inc. $ 27,309
770 Walt Disney Co. 12,559
-----------
89,142
-----------
METAL FABRICATE/HARDWARE: 0.00%
40 Worthington Industries 610
-----------
610
-----------
MINING: 0.01%
50 @ Freeport-McMoRan Copper & Gold, Inc. 839
160 Newmont Mining Corp. 4,645
50 @ Phelps Dodge Corp. 1,583
-----------
7,067
-----------
MISCELLANEOUS MANUFACTURING: 0.20%
150 3M Co. 18,495
40 Cooper Industries Ltd. 1,458
20 Crane Co. 399
60 Danaher Corp. 3,942
150 Eastman Kodak Co. 5,256
30 Eaton Corp. 2,343
3,750 General Electric Co. 91,312
330 Honeywell Intl., Inc. 7,920
110 Illinois Tool Works, Inc. 7,135
70 @@ Ingersoll-Rand Co. 3,014
50 ITT Industries, Inc. 3,034
60 Pall Corp. 1,001
80 Textron, Inc. 3,439
300 @@ Tyco Intl. Ltd. 5,124
-----------
153,872
-----------
OFFICE/BUSINESS EQUIPMENT: 0.01%
90 Pitney Bowes, Inc. 2,939
270 @ Xerox Corp. 2,174
-----------
5,113
-----------
OIL & GAS: 0.19%
50 Amerada Hess Corp. 2,752
100 Anadarko Petroleum Corp. 4,790
70 Apache Corp. 3,989
80 Burlington Resources, Inc. 3,412
50 ChevronTexaco Corp. 3,324
270 ConocoPhillips 13,065
60 Devon Energy Corp. 2,754
20 EOG Resources, Inc. 798
2,540 Exxon Mobil Corp. 88,748
120 Marathon Oil Corp. 2,555
60 @,@@ Nabors Industries Ltd. 2,116
70 @ Noble Corp. 2,460
150 Occidental Petroleum Corp. 4,268
40 Rowan Cos., Inc. 908
200 Transocean, Inc. 4,640
110 Unocal Corp. 3,364
-----------
143,943
-----------
OIL & GAS SERVICES: 0.01%
50 Baker Hughes, Inc. 1,609
160 Halliburton Co. 2,994
-----------
4,603
-----------
</Table>
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
PACKAGING & CONTAINERS: 0.01%
40 Ball Corp. $ 2,048
20 Bemis Co. 993
90 @ Pactiv Corp. 1,967
-----------
5,008
-----------
PHARMACEUTICALS: 0.25%
20 Allergan, Inc. 1,152
60 AmerisourceBergen Corp. 3,259
170 Cardinal Health, Inc. 10,062
70 @ Forest Laboratories, Inc. 6,875
106 @ King Pharmaceuticals, Inc. 1,822
860 Merck & Co., Inc. 48,685
2,350 Pfizer, Inc. 71,840
490 Pharmacia Corp. 20,482
550 Schering-Plough Corp. 12,210
40 @ Watson Pharmaceuticals, Inc. 1,131
510 Wyeth 19,074
-----------
196,592
-----------
PIPELINES: 0.00%
20 Kinder Morgan, Inc. 845
-----------
845
-----------
REITS: 0.01%
160 Equity Office Properties Trust 3,997
70 Simon Property Group, Inc. 2,385
-----------
6,382
-----------
RETAIL: 0.23%
40 @ Autozone, Inc. 2,826
120 @ Bed Bath & Beyond, Inc. 4,144
125 @ Best Buy Co., Inc. 3,019
70 @ Big Lots, Inc. 926
160 CVS Corp. 3,995
90 Darden Restaurants, Inc. 1,840
50 Dillard's, Inc. 793
120 Dollar General Corp. 1,434
70 Family Dollar Stores 2,185
80 @ Federated Department Stores 2,301
570 Gap, Inc. (The) 8,846
900 Home Depot, Inc. 21,564
170 JC Penney Co., Inc. 3,912
140 @ Kohl's Corp. 7,833
410 Lowe's Cos., Inc. 15,375
290 Ltd. Brands 4,040
110 May Department Stores Co. 2,528
480 McDonald's Corp. 7,718
50 Nordstrom, Inc. 949
180 @ Office Depot, Inc. 2,657
90 RadioShack Corp. 1,687
310 @ Staples, Inc. 5,673
150 @ Starbucks Corp. 3,057
340 Target Corp. 10,200
50 Tiffany & Co. 1,196
200 TJX Cos., Inc. 3,904
90 @ Toys R US, Inc. 900
370 Walgreen Co. 10,800
680 Wal-Mart Stores, Inc. 34,347
40 Wendy's Intl., Inc. 1,083
120 @ Yum! Brands, Inc. 2,906
-----------
174,638
-----------
</Table>
See Accompanying Notes to Financial Statements
107
ING
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FUND --
SERIES L
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
SAVINGS & LOANS: 0.03%
100 Golden West Financial Corp. $ 7,181
485 Washington Mutual, Inc. 16,747
-----------
23,928
-----------
SEMICONDUCTORS: 0.11%
130 @ Advanced Micro Devices, Inc. 840
200 @ Altera Corp. 2,468
60 @ Analog Devices, Inc. 1,432
650 @ Applied Materials, Inc. 8,469
2,550 Intel Corp. 39,703
70 @ Kla-Tencor Corp. 2,476
160 Linear Technology Corp. 4,115
100 @ LSI Logic Corp. 577
130 Maxim Integrated Products 4,295
100 @ Micron Technology, Inc. 974
70 @ National Semiconductor Corp. 1,051
90 @ Novellus Systems, Inc. 2,527
70 @ Nvidia Corp. 806
80 @ PMC -- Sierra, Inc. 445
50 @ QLogic Corp. 1,726
70 @ Teradyne, Inc. 911
700 Texas Instruments, Inc. 10,507
130 @ Xilinx, Inc. 2,678
-----------
86,000
-----------
SOFTWARE: 0.23%
90 Adobe Systems, Inc. 2,232
50 Autodesk, Inc. 715
250 Automatic Data Processing 9,812
150 @ BMC Software, Inc. 2,566
80 @ Citrix Systems, Inc. 986
210 Computer Associates Intl., Inc. 2,835
190 @ Compuware Corp. 912
90 @ Electronic Arts, Inc. 4,479
280 First Data Corp. 9,915
75 @ Fiserv, Inc. 2,546
50 IMS Health, Inc. 800
80 @ Intuit, Inc. 3,754
40 @ Mercury Interactive Corp. 1,186
2,020 @ Microsoft Corp. 104,434
2,060 @ Oracle Corp. 22,248
130 @ Peoplesoft, Inc. 2,379
80 @ Rational Software Corp. 831
270 @ Siebel Systems, Inc. 2,020
-----------
174,650
-----------
TELECOMMUNICATIONS: 0.23%
120 Alltel Corp. 6,120
30 @ Andrew Corp. 308
306 AT&T Corp. 7,990
710 BellSouth Corp. 18,368
50 CenturyTel, Inc. 1,469
200 @ CIENA Corp. 1,028
2,730 @ Cisco Systems, Inc. 35,763
90 @ Citizens Communications Co. 949
80 @ Comverse Technology, Inc. 802
920 Motorola, Inc. 7,958
360 @ Nextel Communications, Inc. 4,158
120 @ Qualcomm, Inc. 4,367
1,280 SBC Communications, Inc. 34,701
80 Scientific-Atlanta, Inc. 949
</Table>
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
460 Sprint Corp.-FON Group $ 6,661
180 @ Tellabs, Inc. 1,309
1,050 Verizon Communications, Inc. 40,688
-----------
173,588
-----------
TEXTILES: 0.00%
70 Cintas Corp. 3,202
-----------
3,202
-----------
TOBACCO: 0.02%
350 Philip Morris Cos., Inc. 14,186
40 RJ Reynolds Tobacco Holdings, Inc. 1,684
-----------
15,870
-----------
TOYS/GAMES/HOBBIES: 0.01%
70 Hasbro, Inc. 808
260 Mattel, Inc. 4,979
-----------
5,787
-----------
TRANSPORTATION: 0.06%
150 Burlington Northern Santa Fe Corp. 3,901
120 FedEx Corp. 6,506
140 Norfolk Southern Corp. 2,799
100 Union Pacific Corp. 5,987
420 United Parcel Service, Inc. 26,494
-----------
45,687
-----------
TRUCKING & LEASING: 0.00%
30 Ryder System, Inc. 673
-----------
673
-----------
Total Common Stock
(Cost $2,979,651) 2,785,772
-----------
<Caption>
Principal
Amount Value
- ---------------------------------------------------------------------------------------
BONDS/NOTES: 26.08%
SOVEREIGN: 26.08%
$ 4,608,000 FICO Strip,
Zero Coupon, due 03/07/06 4,223,356
4,126,000 FICO Strip,
Zero Coupon, due 04/06/06 3,768,346
3,115,000 Israel Trust,
Zero Coupon, due 05/15/06 2,836,192
10,000,000 Turkey Trust,
Zero Coupon, due 05/15/06 9,104,950
-----------
19,932,844
-----------
Total Bonds/Notes
(Cost $19,438,094) 19,932,844
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS: 42.99%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 18.06%
15,000,000 Zero Coupon, due 03/14/06 13,803,540
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 14.42%
9,837,449 6.420%, due 04/01/11 11,023,057
-----------
11,023,057
-----------
</Table>
See Accompanying Notes to Financial Statements
108
ING
GET
FUND --
SERIES L
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Principal
Amount Value
- ---------------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- STRIP:
10.51%
$ 3,879,000 Zero Coupon, due 01/15/06 $ 3,604,762
4,715,000 Zero Coupon, due 11/15/05 4,428,757
-----------
8,033,519
-----------
Total U.S. Government Agency Obligations
(Cost $30,145,750) 32,860,116
-----------
U.S. TREASURY OBLIGATIONS: 26.84%
U.S. TREASURY STRIP: 26.84%
3,906,000 Zero Coupon, due 02/15/06 3,650,329
18,021,000 Zero Coupon, due 02/15/06 16,862,250
-----------
20,512,579
-----------
Total U.S. Treasury Obligations
(Cost $19,591,115) 20,512,579
-----------
Total Long-Term Investments
(Cost $72,154,610) 76,091,311
-----------
SHORT-TERM INVESTMENT: 0.49%
375,000 State Street Repurchase Agreement, dated
12/31/02, 1.200%, due 01/02/03, $375,025 to be
received upon repurchase (collateralized by
$385,000 SLMA, 2.000% Market Value $387,351 due 375,000
04/26/04)
-----------
Total Short-Term Investment
(Cost $375,000) 375,000
-----------
</Table>
<Table>
TOTAL INVESTMENTS IN SECURITIES 100.04% $76,466,311
(COST $72,529,610)*
OTHER ASSETS AND LIABILITIES-NET -0.04% (33,735)
-------- -----------
NET ASSETS 100.00% $76,432,576
======== ===========
</Table>
<Table>
@ Non-income producing security
@@ Foreign Issuer
A Related Party
* Cost for federal income tax purposes is $73,237,686. Net
unrealized appreciation consists of:
</Table>
<Table>
Gross Unrealized Appreciation $3,491,191
Gross Unrealized Depreciation (262,566)
----------
Net Unrealized Appreciation $3,228,625
==========
</Table>
See Accompanying Notes to Financial Statements
109
ING
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FUND --
SERIES M
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMMON STOCK: 4.69%
ADVERTISING: 0.00%
320 Interpublic Group Cos., Inc. $ 4,506
-----------
4,506
-----------
AEROSPACE/DEFENSE: 0.10%
680 Boeing Co. 22,433
160 General Dynamics Corp. 12,699
90 Goodrich Corp. 1,649
360 Lockheed Martin Corp. 20,790
136 Northrop Grumman Corp. 13,164
120 Raytheon Co. 3,690
210 Rockwell Collins, Inc. 4,885
490 United Technologies Corp. 30,351
-----------
109,661
-----------
AGRICULTURE: 0.00%
120 UST, Inc. 4,012
-----------
4,012
-----------
APPAREL: 0.02%
140 @ Jones Apparel Group, Inc. 4,962
130 Liz Claiborne, Inc. 3,855
200 Nike, Inc. 8,894
70 @ Reebok Intl. Ltd. 2,058
130 VF Corp. 4,687
-----------
24,456
-----------
AUTO MANUFACTURERS: 0.04%
2,340 Ford Motor Co. 21,762
410 General Motors Corp. 15,113
95 Paccar, Inc. 4,382
-----------
41,257
-----------
AUTO PARTS & EQUIPMENT: 0.01%
60 Cooper Tire & Rubber Co. 920
130 Dana Corp. 1,529
420 Delphi Corp. 3,381
140 Goodyear Tire & Rubber Co. 953
70 Johnson Controls, Inc. 5,612
-----------
12,395
-----------
BANKS: 0.36%
360 AmSouth Bancorp 6,912
1,500 Bank of America Corp. 104,355
850 Bank One Corp. 31,067
140 BB&T Corp. 5,179
171 Charter One Financial, Inc. 4,913
190 Comerica, Inc. 8,216
90 First Tennessee National Corp. 3,235
820 FleetBoston Financial Corp. 19,926
270 Huntington Bancshares, Inc. 5,052
310 Keycorp 7,793
160 Marshall & Ilsley Corp. 4,381
130 Mellon Financial Corp. 3,394
460 National City Corp. 12,567
120 North Fork Bancorporation, Inc. 4,049
210 PNC Financial Services Group, Inc. 8,799
250 Regions Financial Corp. 8,340
250 SouthTrust Corp. 6,213
270 State Street Corp. 10,530
220 SunTrust Banks, Inc. 12,522
160 Synovus Financial Corp. 3,104
245 Union Planters Corp. 6,894
</Table>
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
1,510 US Bancorp $ 32,042
1,000 Wachovia Corp. 36,440
1,270 Wells Fargo & Co. 59,525
80 Zions Bancorporation 3,148
-----------
408,596
-----------
BEVERAGES: 0.15%
610 Anheuser-Busch Cos., Inc. 29,524
50 Brown-Forman Corp. 3,268
1,750 Coca-Cola Co. 76,685
320 Coca-Cola Enterprises, Inc. 6,950
30 Coors (Adolph) 1,837
250 Pepsi Bottling Group, Inc. 6,425
1,250 PepsiCo, Inc. 52,775
-----------
177,464
-----------
BIOTECHNOLOGY: 0.05%
951 @ Amgen, Inc. 45,971
50 @ Biogen, Inc. 2,003
150 @ Chiron Corp. 5,640
-----------
53,614
-----------
BUILDING MATERIALS: 0.01%
50 @ American Standard Cos., Inc. 3,557
410 Masco Corp. 8,631
-----------
12,188
-----------
CHEMICALS: 0.07%
170 Air Products & Chemicals, Inc. 7,267
50 Ashland, Inc. 1,426
820 Du Pont EI de Nemours & Co. 34,768
60 Eastman Chemical Co. 2,206
100 Ecolab, Inc. 4,950
130 Engelhard Corp. 2,905
40 Great Lakes Chemical Corp. 955
120 International Flavors & Fragrances, Inc. 4,212
130 PPG Industries, Inc. 6,520
130 Praxair, Inc. 7,510
170 Rohm & Haas Co. 5,522
130 Sherwin-Williams Co. 3,673
60 Sigma-Aldrich Corp. 2,922
-----------
84,836
-----------
COMMERCIAL SERVICES: 0.04%
130 @ Apollo Group, Inc. 5,720
370 @ Concord EFS, Inc. 5,824
200 @ Convergys Corp. 3,030
70 Deluxe Corp. 2,947
100 Equifax, Inc. 2,314
200 H&R Block, Inc. 8,040
230 McKesson Corp. 6,217
130 Moody's Corp. 5,368
110 Paychex, Inc. 3,069
90 @ Quintiles Transnational Corp. 1,089
120 @ Robert Half Intl., Inc. 1,933
-----------
45,551
-----------
COMPUTERS: 0.19%
250 @ Apple Computer, Inc. 3,582
160 @ Computer Sciences Corp. 5,512
2,580 @ Dell Computer Corp. 68,989
2,130 @ EMC Corp.-Mass. 13,078
3,068 Hewlett-Packard Co. 53,260
500 International Business Machines Corp. 38,750
140 @ Lexmark Intl., Inc. 8,470
2,530 @ Sun Microsystems, Inc. 7,868
</Table>
See Accompanying Notes to Financial Statements
110
ING
GET
FUND --
SERIES M
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMPUTERS (CONTINUED)
290 @ Sungard Data Systems, Inc. $ 6,832
270 @ Unisys Corp. 2,673
290 @ Veritas Software Corp. 4,530
-----------
213,544
-----------
COSMETICS/PERSONAL CARE: 0.18%
40 Alberto-Culver Co. 2,016
70 Avon Products, Inc. 3,771
390 Colgate-Palmolive Co. 20,448
1,010 Gillette Co. 30,664
400 Kimberly-Clark Corp. 18,988
1,550 Procter & Gamble Co. 133,207
-----------
209,094
-----------
DISTRIBUTION/WHOLESALE: 0.00%
90 WW Grainger, Inc. 4,640
-----------
4,640
-----------
DIVERSIFIED FINANCIAL SERVICES: 0.41%
1,020 American Express Co. 36,057
110 Bear Stearns Cos., Inc. 6,534
270 Capital One Financial Corp. 8,024
430 Charles Schwab Corp. 4,666
3,740 Citigroup, Inc. 131,611
120 Countrywide Financial Corp. 6,198
980 Fannie Mae 63,043
190 Franklin Resources, Inc. 6,475
870 Freddie Mac 51,373
140 Goldman Sachs Group, Inc. 9,534
340 Household Intl., Inc. 9,455
1,550 JP Morgan Chase & Co. 37,200
170 Lehman Brothers Holdings, Inc. 9,059
1,285 MBNA Corp. 24,441
690 Merrill Lynch & Co., Inc. 26,186
840 Morgan Stanley 33,533
230 @ Providian Financial Corp. 1,493
120 SLM Corp. 12,463
-----------
477,345
-----------
ELECTRIC: 0.14%
110 Ameren Corp. 4,573
250 American Electric Power Co., Inc. 6,832
210 Centerpoint Energy, Inc. 1,785
130 Cinergy Corp. 4,384
130 CMS Energy Corp. 1,227
160 Consolidated Edison, Inc. 6,851
120 Constellation Energy Group, Inc. 3,338
230 Dominion Resources, Inc. 12,627
130 DTE Energy Co. 6,032
680 Duke Energy Corp. 13,287
370 @ Edison Intl. 4,384
170 Entergy Corp. 7,750
330 Exelon Corp. 17,414
240 FirstEnergy Corp. 7,913
130 FPL Group, Inc. 7,817
170 NiSource, Inc. 3,400
430 @ PG&E Corp. 5,977
60 Pinnacle West Capital Corp. 2,045
110 PPL Corp. 3,815
160 Progress Energy, Inc. 6,936
150 Public Service Enterprise Group, Inc. 4,815
530 Southern Co. 15,047
130 TECO Energy, Inc. 2,011
</Table>
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
290 TXU Corp. $ 5,417
290 Xcel Energy, Inc. 3,190
-----------
158,867
-----------
ELECTRICAL COMPONENTS & EQUIPMENT: 0.02%
210 @ American Power Conversion 3,181
340 Emerson Electric Co. 17,289
140 Molex, Inc. 3,226
-----------
23,696
-----------
ELECTRONICS: 0.02%
340 @ Agilent Technologies, Inc. 6,106
170 Applera Corp. -- Applied Biosystems Group 2,982
200 @ Jabil Circuit, Inc. 3,584
90 Parker Hannifin Corp. 4,152
590 @ Sanmina-SCI Corp. 2,649
120 @ Thermo Electron Corp. 2,414
100 @ Waters Corp. 2,178
-----------
24,065
-----------
ENGINEERING & CONSTRUCTION: 0.00%
90 Fluor Corp. 2,520
-----------
2,520
-----------
ENTERTAINMENT: 0.00%
60 @ International Game Technology 4,555
-----------
4,555
-----------
ENVIRONMENTAL CONTROL: 0.01%
160 @ Allied Waste Industries, Inc. 1,600
470 Waste Management, Inc. 10,772
-----------
12,372
-----------
FOOD: 0.08%
340 Albertson's, Inc. 7,568
495 Archer-Daniels-Midland Co. 6,138
310 Campbell Soup Co. 7,276
460 ConAgra Foods, Inc. 11,505
120 General Mills, Inc. 5,634
100 Hershey Foods Corp. 6,744
280 HJ Heinz Co. 9,204
280 Kellogg Co. 9,596
620 @ Kroger Co. 9,579
540 Sara Lee Corp. 12,155
130 Supervalu, Inc. 2,146
120 Winn-Dixie Stores, Inc. 1,834
-----------
89,379
-----------
FOREST PRODUCTS & PAPER: 0.02%
80 Boise Cascade Corp. 2,018
180 Georgia-Pacific Corp. 2,909
370 International Paper Co. 12,939
70 MeadWestvaco Corp. 1,730
140 Plum Creek Timber Co., Inc. 3,304
40 Temple-Inland, Inc. 1,792
70 Weyerhaeuser Co. 3,445
-----------
28,137
-----------
GAS: 0.01%
100 KeySpan Corp. 3,524
40 Nicor, Inc. 1,361
20 Peoples Energy Corp. 773
150 Sempra Energy 3,548
-----------
9,206
-----------
</Table>
See Accompanying Notes to Financial Statements
111
ING
GET
FUND --
SERIES M
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
HAND/MACHINE TOOLS: 0.01%
90 Black & Decker Corp. $ 3,860
50 Snap-On, Inc. 1,406
60 Stanley Works 2,075
-----------
7,341
-----------
HEALTHCARE -- PRODUCTS: 0.15%
270 Becton Dickinson & Co. 8,286
310 @ Boston Scientific Corp. 13,181
40 CR Bard, Inc. 2,320
360 @ Guidant Corp. 11,106
2,204 Johnson & Johnson 118,377
190 @ St. Jude Medical, Inc. 7,547
150 Stryker Corp. 10,068
50 @ Zimmer Holdings, Inc. 2,076
-----------
172,961
-----------
HEALTHCARE -- SERVICES: 0.07%
170 A Aetna, Inc. 6,990
160 @ Anthem, Inc. 10,064
420 HCA, Inc. 17,430
190 Health Management Associates, Inc. 3,401
150 @ Humana, Inc. 1,500
60 @ Manor Care, Inc. 1,117
80 @ Quest Diagnostics 4,552
370 @ Tenet Healthcare Corp. 6,068
250 UnitedHealth Group, Inc. 20,875
170 @ WellPoint Health Networks 12,097
-----------
84,094
-----------
HOME BUILDERS: 0.01%
80 Centex Corp. 4,016
40 KB Home 1,714
40 Pulte Homes, Inc. 1,915
-----------
7,645
-----------
HOME FURNISHINGS: 0.01%
140 Leggett & Platt, Inc. 3,142
60 Maytag Corp. 1,710
60 Whirlpool Corp. 3,133
-----------
7,985
-----------
HOUSEHOLD PRODUCTS/WARES: 0.02%
110 Avery Dennison Corp. 6,719
210 Clorox Co. 8,662
110 Fortune Brands, Inc. 5,116
-----------
20,497
-----------
HOUSEWARES: 0.01%
200 Newell Rubbermaid, Inc. 6,066
-----------
6,066
-----------
INSURANCE: 0.21%
200 @@ ACE Ltd. 5,868
390 Aflac, Inc. 11,747
520 Allstate Corp. 19,235
70 AMBAC Financial Group, Inc. 3,937
770 American Intl. Group 44,544
250 AON Corp. 4,722
50 Chubb Corp. 2,610
160 Cigna Corp. 6,579
120 Cincinnati Financial Corp. 4,506
170 Hartford Financial Services Group, Inc. 7,723
110 Jefferson-Pilot Corp. 4,192
</Table>
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
200 John Hancock Financial Services, Inc. $ 5,580
50 Lincoln National Corp. 1,579
150 Loews Corp. 6,669
410 Marsh & McLennan Cos., Inc. 18,946
110 MBIA, Inc. 4,825
570 Metlife, Inc. 15,413
70 MGIC Investment Corp. 2,891
240 Principal Financial Group 7,231
220 Progressive Corp. 10,919
470 Prudential Financial, Inc. 14,918
110 Safeco Corp. 3,814
70 St. Paul Cos. 2,384
80 Torchmark Corp. 2,922
1,061 @ Travelers Property Casualty Corp. 15,544
270 UnumProvident Corp. 4,736
110 @@ XL Capital Ltd. 8,497
-----------
242,531
-----------
INTERNET: 0.01%
90 @ eBay, Inc. 6,104
470 @ Yahoo, Inc. 7,684
-----------
13,788
-----------
IRON/STEEL: 0.00%
80 Nucor Corp. 3,304
60 United States Steel Corp. 787
-----------
4,091
-----------
LEISURE TIME: 0.01%
100 Brunswick Corp. 1,986
180 Carnival Corp. 4,491
90 Harley-Davidson, Inc. 4,158
150 @ Sabre Holdings Corp. 2,717
-----------
13,352
-----------
LODGING: 0.01%
120 @ Harrah's Entertainment, Inc. 4,752
310 Hilton Hotels Corp. 3,940
150 Starwood Hotels & Resorts Worldwide, Inc. 3,561
-----------
12,253
-----------
MACHINERY -- DIVERSIFIED: 0.01%
180 Deere & Co. 8,253
150 Dover Corp. 4,374
140 Rockwell Automation, Inc. 2,899
-----------
15,526
-----------
MEDIA: 0.15%
1,430 @ AOL Time Warner, Inc. 18,733
490 @ Clear Channel Communications, Inc. 18,272
720 @ Comcast Corp. 16,975
200 Gannett Co., Inc. 14,360
60 Knight-Ridder, Inc. 3,795
140 McGraw-Hill Cos., Inc. 8,462
40 Meredith Corp. 1,644
80 New York Times Co. 3,658
220 Tribune Co. 10,001
1,310 @ Viacom, Inc. 53,396
1,600 Walt Disney Co. 26,096
-----------
175,392
-----------
</Table>
See Accompanying Notes to Financial Statements
112
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FUND --
SERIES M
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
MINING: 0.01%
140 @ Freeport-McMoRan Copper & Gold, Inc. $ 2,349
310 Newmont Mining Corp. 8,999
90 @ Phelps Dodge Corp. 2,849
-----------
14,197
-----------
MISCELLANEOUS MANUFACTURING: 0.26%
300 3M Co. 36,990
70 Cooper Industries Ltd. 2,551
40 Crane Co. 797
120 Danaher Corp. 7,884
300 Eastman Kodak Co. 10,512
50 Eaton Corp. 3,905
7,290 General Electric Co. 177,511
660 Honeywell Intl., Inc. 15,840
220 Illinois Tool Works, Inc. 14,269
130 @@ Ingersoll-Rand Co. 5,598
100 ITT Industries, Inc. 6,069
110 Pall Corp. 1,835
170 Textron, Inc. 7,308
590 @@ Tyco Intl. Ltd. 10,077
-----------
301,146
-----------
OFFICE/BUSINESS EQUIPMENT: 0.01%
170 Pitney Bowes, Inc. 5,552
530 @ Xerox Corp. 4,266
-----------
9,818
-----------
OIL & GAS: 0.26%
110 Amerada Hess Corp. 6,055
190 Anadarko Petroleum Corp. 9,101
150 Apache Corp. 8,548
150 Burlington Resources, Inc. 6,397
310 ChevronTexaco Corp. 20,609
514 ConocoPhillips 24,872
120 Devon Energy Corp. 5,508
4,940 Exxon Mobil Corp. 172,604
320 Marathon Oil Corp. 6,813
160 @,@@ Nabors Industries Ltd. 5,643
140 @ Noble Corp. 4,921
290 Occidental Petroleum Corp. 8,251
90 Rowan Cos., Inc. 2,043
390 Transocean, Inc. 9,048
200 Unocal Corp. 6,116
-----------
296,529
-----------
OIL & GAS SERVICES: 0.01%
160 Baker Hughes, Inc. 5,150
320 Halliburton Co. 5,987
-----------
11,137
-----------
PACKAGING & CONTAINERS: 0.01%
40 Ball Corp. 2,048
60 Bemis Co. 2,978
180 @ Pactiv Corp. 3,935
-----------
8,961
-----------
PHARMACEUTICALS: 0.33%
40 Allergan, Inc. 2,305
80 AmerisourceBergen Corp. 4,345
360 Cardinal Health, Inc. 21,308
140 @ Forest Laboratories, Inc. 13,751
193 @ King Pharmaceuticals, Inc. 3,318
1,660 Merck & Co., Inc. 93,973
4,560 Pfizer, Inc. 139,399
</Table>
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
960 Pharmacia Corp. $ 40,128
1,080 Schering-Plough Corp. 23,976
70 @ Watson Pharmaceuticals, Inc. 1,979
980 Wyeth 36,652
-----------
381,134
-----------
PIPELINES: 0.00%
40 Kinder Morgan, Inc. 1,691
-----------
1,691
-----------
REITS: 0.01%
310 Equity Office Properties Trust 7,744
140 Simon Property Group, Inc. 4,770
-----------
12,514
-----------
RETAIL: 0.29%
80 @ Autozone, Inc. 5,652
230 @ Bed Bath & Beyond, Inc. 7,942
240 @ Best Buy Co., Inc. 5,796
130 @ Big Lots, Inc. 1,720
310 CVS Corp. 7,741
165 Darden Restaurants, Inc. 3,374
90 Dillard's, Inc. 1,427
190 Dollar General Corp. 2,270
130 Family Dollar Stores 4,057
170 @ Federated Department Stores 4,889
1,120 Gap, Inc. (The) 17,382
1,740 Home Depot, Inc. 41,690
320 JC Penney Co., Inc. 7,363
250 @ Kohl's Corp. 13,988
790 Lowe's Cos., Inc. 29,625
550 Ltd. Brands 7,662
210 May Department Stores Co. 4,826
1,010 McDonald's Corp. 16,241
110 Nordstrom, Inc. 2,087
370 @ Office Depot, Inc. 5,461
170 RadioShack Corp. 3,186
560 @ Staples, Inc. 10,248
280 @ Starbucks Corp. 5,706
720 Target Corp. 21,600
110 Tiffany & Co. 2,630
400 TJX Cos., Inc. 7,808
730 Walgreen Co. 21,309
1,320 Wal-Mart Stores, Inc. 66,673
80 Wendy's Intl., Inc. 2,166
240 @ Yum! Brands, Inc. 5,813
-----------
338,332
-----------
SAVINGS & LOANS: 0.04%
180 Golden West Financial Corp. 12,926
1,000 Washington Mutual, Inc. 34,530
-----------
47,456
-----------
SEMICONDUCTORS: 0.14%
260 @ Advanced Micro Devices, Inc. 1,680
250 @ Altera Corp. 3,085
110 @ Analog Devices, Inc. 2,626
1,210 @ Applied Materials, Inc. 15,766
4,960 Intel Corp. 77,227
150 @ Kla-Tencor Corp. 5,306
220 Linear Technology Corp. 5,658
420 @ LSI Logic Corp. 2,423
240 Maxim Integrated Products 7,930
190 @ Micron Technology, Inc. 1,851
140 @ National Semiconductor Corp. 2,101
110 @ Novellus Systems, Inc. 3,089
</Table>
See Accompanying Notes to Financial Statements
113
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FUND --
SERIES M
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
SEMICONDUCTORS (CONTINUED)
110 @ Nvidia Corp. $ 1,266
110 @ QLogic Corp. 3,796
70 @ Teradyne, Inc. 911
1,280 Texas Instruments, Inc. 19,213
260 @ Xilinx, Inc. 5,356
-----------
159,284
-----------
SOFTWARE: 0.29%
180 Adobe Systems, Inc. 4,464
100 Autodesk, Inc. 1,430
490 Automatic Data Processing 19,232
270 @ BMC Software, Inc. 4,620
120 @ Citrix Systems, Inc. 1,478
420 Computer Associates Intl., Inc. 5,670
380 @ Compuware Corp. 1,824
150 @ Electronic Arts, Inc. 7,465
580 First Data Corp. 20,538
150 @ Fiserv, Inc. 5,092
160 @ Intuit, Inc. 7,507
70 @ Mercury Interactive Corp. 2,076
3,920 @ Microsoft Corp. 202,664
4,010 @ Oracle Corp. 43,308
240 @ Peoplesoft, Inc. 4,392
200 @ Rational Software Corp. 2,078
550 @ Siebel Systems, Inc. 4,114
-----------
337,952
-----------
TELECOMMUNICATIONS: 0.29%
250 Alltel Corp. 12,750
60 @ Andrew Corp. 617
606 AT&T Corp. 15,823
1,410 BellSouth Corp. 36,477
90 CenturyTel, Inc. 2,644
390 @ CIENA Corp. 2,005
5,430 @ Cisco Systems, Inc. 71,133
210 @ Citizens Communications Co. 2,215
150 @ Comverse Technology, Inc. 1,503
1,790 Motorola, Inc. 15,484
710 @ Nextel Communications, Inc. 8,201
230 @ Qualcomm, Inc. 8,370
2,500 SBC Communications, Inc. 67,775
160 Scientific-Atlanta, Inc. 1,898
890 Sprint Corp.-FON Group 12,887
250 @ Tellabs, Inc. 1,818
2,010 Verizon Communications, Inc. 77,888
-----------
339,488
-----------
TEXTILES: 0.01%
120 Cintas Corp. 5,490
-----------
5,490
-----------
TOBACCO: 0.03%
660 Philip Morris Cos., Inc. 26,750
70 RJ Reynolds Tobacco Holdings, Inc. 2,948
-----------
29,698
-----------
TOYS/GAMES/HOBBIES: 0.01%
160 Hasbro, Inc. 1,848
490 Mattel, Inc. 9,384
-----------
11,232
-----------
</Table>
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
TRANSPORTATION: 0.08%
280 Burlington Northern Santa Fe Corp. $ 7,283
240 FedEx Corp. 13,013
280 Norfolk Southern Corp. 5,597
180 Union Pacific Corp. 10,777
830 United Parcel Service, Inc. 52,356
-----------
89,026
-----------
TRUCKING & LEASING: 0.00%
80 Ryder System, Inc. 1,795
-----------
1,795
-----------
Total Common Stock
(Cost $5,492,435) 5,416,358
-----------
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
BONDS/NOTES: 13.89%
REGIONAL (STATE/PROVINCE): 5.60%
$ 6,979,000 Tennessee Valley Authority,
Zero Coupon, due 01/15/06 6,459,574
-----------
SOVEREIGN: 8.29%
2,962,000 FICO Strip,
Zero Coupon, due 04/06/06 2,705,245
5,984,000 Israel Trust,
Zero Coupon, due 05/15/06 5,448,402
1,560,000 Turkey Trust,
Zero Coupon, due 05/15/06 1,420,372
-----------
9,574,019
-----------
Total Bonds/Notes
(Cost $15,008,315) 16,033,593
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS: 46.11%
FEDERAL HOME LOAN BANK SYSTEM: 19.78%
25,000,000 Zero Coupon, due 06/13/06 22,828,250
-----------
FEDERAL HOME LOAN MORTGAGE CORPORATION -- STRIP: 6.60%
2,538,000 Zero Coupon, due 03/15/06 2,336,907
5,800,000 Zero Coupon, due 07/15/06 5,282,048
-----------
7,618,955
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 19.73%
25,000,000 Zero Coupon, due 06/13/06 22,777,400
-----------
Total U.S. Government Agency Obligations
(Cost $49,253,278) 53,224,605
-----------
U.S. TREASURY OBLIGATIONS: 34.85%
U.S. TREASURY STRIP: 34.85%
25,503,000 Zero Coupon, due 05/15/06 23,610,167
17,906,000 Zero Coupon, due 05/15/06 16,610,232
-----------
40,220,399
-----------
Total U.S. Treasury Obligations
(Cost $37,904,526) 40,220,399
-----------
Total Long-Term Investments
(Cost $107,658,554) 114,894,955
-----------
</Table>
See Accompanying Notes to Financial Statements
114
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FUND --
SERIES M
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT: 0.58%
$ 668,000 State Street Repurchase Agreement, dated 12/31/02,
1.200%, due 01/02/03, $668,045 to be received upon
repurchase (collateralized by $680,000 FHLMC,
2.260% Market Value $686,004 due 02/13/03)
$ 668,000
-----------
Total Short-Term Investment
(Cost $668,000) 668,000
-----------
</Table>
<Table>
TOTAL INVESTMENTS IN SECURITIES 100.12% $115,562,955
(COST $108,326,554)*
OTHER ASSETS AND LIABILITIES-NET -0.12% (136,254)
------- ------------
NET ASSETS 100.00% $115,426,701
======= ============
</Table>
<Table>
@ Non-income producing security
@@ Foreign Issuer
A Related Party
* Cost for federal income tax purposes is $109,937,047. Net
unrealized appreciation consists of:
</Table>
<Table>
Gross Unrealized Appreciation $5,925,361
Gross Unrealized Depreciation (299,453)
----------
Net Unrealized Appreciation $5,625,908
==========
</Table>
See Accompanying Notes to Financial Statements
115
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FUND --
SERIES N
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- -----------------------------------------------------------------------------------------
COMMON STOCK: 12.23%
ADVERTISING: 0.01%
590 Interpublic Group Cos., Inc. $ 8,307
-----------
8,307
-----------
AEROSPACE/DEFENSE: 0.24%
1,650 Boeing Co. 54,433
440 General Dynamics Corp. 34,923
150 Goodrich Corp. 2,748
980 Lockheed Martin Corp. 56,595
370 Northrop Grumman Corp. 35,924
320 Raytheon Co. 9,840
460 Rockwell Collins, Inc. 10,700
1,270 United Technologies Corp. 78,664
-----------
283,827
-----------
AGRICULTURE: 0.01%
220 UST, Inc. 7,355
-----------
7,355
-----------
APPAREL: 0.06%
390 @ Jones Apparel Group, Inc. 13,822
350 Liz Claiborne, Inc. 10,378
590 Nike, Inc. 26,237
140 @ Reebok Intl. Ltd. 4,116
370 VF Corp. 13,339
-----------
67,892
-----------
AUTO MANUFACTURERS: 0.10%
6,290 Ford Motor Co. 58,497
1,250 General Motors Corp. 46,075
250 Paccar, Inc. 11,533
-----------
116,105
-----------
AUTO PARTS & EQUIPMENT: 0.02%
110 Cooper Tire & Rubber Co. 1,687
210 Dana Corp. 2,470
740 Delphi Corp. 5,957
260 Goodyear Tire & Rubber Co. 1,771
210 Johnson Controls, Inc. 16,836
-----------
28,721
-----------
BANKS: 0.92%
600 AmSouth Bancorp 11,520
4,030 Bank of America Corp. 280,367
2,410 Bank One Corp. 88,085
390 BB&T Corp. 14,426
477 Charter One Financial, Inc. 13,704
540 Comerica, Inc. 23,350
170 First Tennessee National Corp. 6,110
2,290 FleetBoston Financial Corp. 55,647
490 Huntington Bancshares, Inc. 9,168
940 Keycorp 23,632
310 Marshall & Ilsley Corp. 8,488
330 Mellon Financial Corp. 8,616
1,350 National City Corp. 36,882
360 North Fork Bancorporation, Inc. 12,146
560 PNC Financial Services Group, Inc. 23,464
660 Regions Financial Corp. 22,018
720 SouthTrust Corp. 17,892
710 State Street Corp. 27,690
600 SunTrust Banks, Inc. 34,152
600 Synovus Financial Corp. 11,640
700 Union Planters Corp. 19,698
3,980 US Bancorp 84,456
2,700 Wachovia Corp. 98,388
</Table>
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
Shares Value
3,370 Wells Fargo & Co. $ 157,952
140 Zions Bancorporation 5,509
-----------
1,095,000
-----------
BEVERAGES: 0.40%
1,630 Anheuser-Busch Cos., Inc. 78,892
100 Brown-Forman Corp. 6,536
4,670 Coca-Cola Co. 204,639
980 Coca-Cola Enterprises, Inc. 21,286
50 Coors (Adolph) 3,063
600 Pepsi Bottling Group, Inc. 15,420
3,360 PepsiCo, Inc. 141,859
-----------
471,695
-----------
BIOTECHNOLOGY: 0.13%
2,552 @ Amgen, Inc. 123,364
280 @ Biogen, Inc. 11,217
440 @ Chiron Corp. 16,544
-----------
151,125
-----------
BUILDING MATERIALS: 0.03%
100 @ American Standard Cos., Inc. 7,114
1,130 Masco Corp. 23,787
-----------
30,901
-----------
CHEMICALS: 0.18%
540 Air Products & Chemicals, Inc. 23,085
140 Ashland, Inc. 3,994
2,240 Du Pont EI de Nemours & Co. 94,976
100 Eastman Chemical Co. 3,677
190 Ecolab, Inc. 9,405
250 Engelhard Corp. 5,588
70 Great Lakes Chemical Corp. 1,672
190 International Flavors & Fragrances, Inc. 6,669
390 PPG Industries, Inc. 19,559
360 Praxair, Inc. 20,797
490 Rohm & Haas Co. 15,915
190 Sherwin-Williams Co. 5,368
100 Sigma-Aldrich Corp. 4,870
-----------
215,575
-----------
COMMERCIAL SERVICES: 0.09%
240 @ Apollo Group, Inc. 10,560
1,140 @ Concord EFS, Inc. 17,944
350 @ Convergys Corp. 5,302
120 Deluxe Corp. 5,052
200 Equifax, Inc. 4,628
590 H&R Block, Inc. 23,718
690 McKesson Corp. 18,651
230 Moody's Corp. 9,497
300 Paychex, Inc. 8,370
150 @ Quintiles Transnational Corp. 1,815
350 @ Robert Half Intl., Inc. 5,639
-----------
111,176
-----------
COMPUTERS: 0.48%
680 @ Apple Computer, Inc. 9,744
380 @ Computer Sciences Corp. 13,091
6,930 @ Dell Computer Corp. 185,308
5,710 @ EMC Corp.-Mass 35,059
8,216 Hewlett-Packard Co. 142,630
1,340 International Business Machines Corp. 103,850
390 @ Lexmark Intl., Inc. 23,595
7,120 @ Sun Microsystems, Inc. 22,143
630 @ Sungard Data Systems, Inc. 14,843
</Table>
See Accompanying Notes to Financial Statements
116
ING
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FUND --
SERIES N
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- -----------------------------------------------------------------------------------------
COMPUTERS (CONTINUED)
480 @ Unisys Corp. $ 4,752
940 @ Veritas Software Corp. 14,683
-----------
569,698
-----------
COSMETICS/PERSONAL CARE: 0.47%
70 Alberto-Culver Co. 3,528
190 Avon Products, Inc. 10,235
1,040 Colgate-Palmolive Co. 54,527
2,700 Gillette Co. 81,972
1,000 Kimberly-Clark Corp. 47,470
4,160 Procter & Gamble Co. 357,510
-----------
555,242
-----------
DISTRIBUTION/WHOLESALE: 0.01%
170 WW Grainger, Inc. 8,764
-----------
8,764
-----------
DIVERSIFIED FINANCIAL SERVICES: 1.07%
2,730 American Express Co. 96,505
310 Bear Stearns Cos., Inc. 18,414
720 Capital One Financial Corp. 21,398
770 Charles Schwab Corp. 8,355
10,050 Citigroup, Inc. 353,659
350 Countrywide Financial Corp. 18,078
2,630 Fannie Mae 169,188
550 Franklin Resources, Inc. 18,744
2,340 Freddie Mac 138,177
380 Goldman Sachs Group, Inc. 25,878
900 Household Intl., Inc. 25,029
4,110 JP Morgan Chase & Co. 98,640
520 Lehman Brothers Holdings, Inc. 27,711
3,440 MBNA Corp. 65,429
1,720 Merrill Lynch & Co., Inc. 65,274
2,170 Morgan Stanley 86,626
690 @ Providian Financial Corp. 4,478
330 SLM Corp. 34,274
-----------
1,275,857
-----------
ELECTRIC: 0.33%
260 Ameren Corp. 10,808
710 American Electric Power Co., Inc. 19,404
380 Centerpoint Energy, Inc. 3,230
230 Cinergy Corp. 7,756
230 CMS Energy Corp. 2,171
450 Consolidated Edison, Inc. 19,269
220 Constellation Energy Group, Inc. 6,120
600 Dominion Resources, Inc. 32,940
360 DTE Energy Co. 16,704
1,850 Duke Energy Corp. 36,149
680 @ Edison Intl. 8,058
430 Entergy Corp. 19,604
810 Exelon Corp. 42,744
630 FirstEnergy Corp. 20,771
380 FPL Group, Inc. 22,849
280 NiSource, Inc. 5,600
1,170 @ PG&E Corp. 16,263
120 Pinnacle West Capital Corp. 4,091
210 PPL Corp. 7,283
480 Progress Energy, Inc. 20,808
470 Public Service Enterprise Group, Inc. 15,087
1,460 Southern Co. 41,449
</Table>
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
Shares Value
200 TECO Energy, Inc. $ 3,094
520 TXU Corp. 9,714
530 Xcel Energy, Inc. 5,830
-----------
397,796
-----------
ELECTRICAL COMPONENTS & EQUIPMENT: 0.05%
690 @ American Power Conversion 10,453
910 Emerson Electric Co. 46,274
270 Molex, Inc. 6,221
-----------
62,948
-----------
ELECTRONICS: 0.05%
990 @ Agilent Technologies, Inc. 17,780
370 Applera Corp. -- Applied Biosystems Group 6,490
590 @ Jabil Circuit, Inc. 10,573
170 Parker Hannifin Corp. 7,842
1,070 @ Sanmina-SCI Corp. 4,804
190 @ Thermo Electron Corp. 3,823
280 @ Waters Corp. 6,098
-----------
57,410
-----------
ENGINEERING & CONSTRUCTION: 0.01%
280 Fluor Corp. 7,840
-----------
7,840
-----------
ENTERTAINMENT: 0.01%
190 @ International Game Technology 14,425
-----------
14,425
-----------
ENVIRONMENTAL CONTROL: 0.03%
290 @ Allied Waste Industries, Inc. 2,900
1,370 Waste Management, Inc. 31,400
-----------
34,300
-----------
FOOD: 0.22%
910 Albertson's, Inc. 20,257
1,440 Archer-Daniels-Midland Co. 17,856
860 Campbell Soup Co. 20,184
1,170 ConAgra Foods, Inc. 29,265
210 General Mills, Inc. 9,860
300 Hershey Foods Corp. 20,232
760 HJ Heinz Co. 24,981
910 Kellogg Co. 31,186
1,700 @ Kroger Co. 26,265
1,440 Sara Lee Corp. 32,414
260 Supervalu, Inc. 4,293
230 Winn-Dixie Stores, Inc. 3,514
420 Wm Wrigley Jr Co. 23,050
-----------
263,357
-----------
FOREST PRODUCTS & PAPER: 0.06%
70 Boise Cascade Corp. 1,765
340 Georgia-Pacific Corp. 5,494
1,100 International Paper Co. 38,467
220 MeadWestvaco Corp. 5,436
280 Plum Creek Timber Co., Inc. 6,608
60 Temple-Inland, Inc. 2,689
130 Weyerhaeuser Co. 6,397
-----------
66,856
-----------
</Table>
See Accompanying Notes to Financial Statements
117
ING
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FUND --
SERIES N
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- -----------------------------------------------------------------------------------------
GAS: 0.02%
190 KeySpan Corp. $ 6,696
110 Nicor, Inc. 3,743
50 Peoples Energy Corp. 1,933
600 Sempra Energy 14,190
-----------
26,562
-----------
HAND/MACHINE TOOLS: 0.01%
260 Black & Decker Corp. 11,151
80 Snap-On, Inc. 2,249
110 Stanley Works 3,804
-----------
17,204
-----------
HEALTHCARE -- PRODUCTS: 0.39%
820 Becton Dickinson & Co. 25,166
800 @ Boston Scientific Corp. 34,016
60 CR Bard, Inc. 3,480
970 @ Guidant Corp. 29,925
5,910 Johnson & Johnson 317,426
540 @ St. Jude Medical, Inc. 21,449
440 Stryker Corp. 29,533
160 @ Zimmer Holdings, Inc. 6,643
-----------
467,638
-----------
HEALTHCARE -- SERVICES: 0.19%
480 A Aetna, Inc. 19,738
470 @ Anthem, Inc. 29,563
1,010 HCA, Inc. 41,915
360 Health Management Associates, Inc. 6,444
240 @ Humana, Inc. 2,400
200 @ Manor Care, Inc. 3,722
220 @ Quest Diagnostics 12,518
1,070 @ Tenet Healthcare Corp. 17,548
670 UnitedHealth Group, Inc. 55,945
460 @ WellPoint Health Networks 32,734
-----------
222,527
-----------
HOME BUILDERS: 0.02%
210 Centex Corp. 10,542
110 KB Home 4,714
80 Pulte Homes, Inc. 3,830
-----------
19,086
-----------
HOME FURNISHINGS: 0.01%
250 Leggett & Platt, Inc. 5,610
100 Maytag Corp. 2,850
90 Whirlpool Corp. 4,700
-----------
13,160
-----------
HOUSEHOLD PRODUCTS/WARES: 0.05%
310 Avery Dennison Corp. 18,935
540 Clorox Co. 22,275
300 Fortune Brands, Inc. 13,953
-----------
55,163
-----------
HOUSEWARES: 0.01%
600 Newell Rubbermaid, Inc. 18,198
-----------
18,198
-----------
INSURANCE: 0.55%
560 @@ ACE Ltd 16,430
1,100 Aflac, Inc. 33,132
1,390 Allstate Corp. 51,416
230 AMBAC Financial Group, Inc. 12,935
</Table>
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
Shares Value
2,060 American Intl. Group $ 119,171
460 AON Corp. 8,689
150 Chubb Corp. 7,830
440 Cigna Corp. 18,093
210 Cincinnati Financial Corp. 7,885
540 Hartford Financial Services Group, Inc. 24,532
200 Jefferson-Pilot Corp. 7,622
610 John Hancock Financial Services, Inc. 17,019
280 Lincoln National Corp. 8,842
400 Loews Corp. 17,784
1,150 Marsh & McLennan Cos., Inc. 53,142
320 MBIA, Inc. 14,035
1,550 Metlife, Inc. 41,912
330 MGIC Investment Corp. 13,629
780 Principal Financial Group 23,501
630 Progressive Corp. 31,267
1,240 Prudential Financial, Inc. 39,358
210 Safeco Corp. 7,281
120 St. Paul Cos. 4,086
150 Torchmark Corp. 5,480
2,614 @ Travelers Property Casualty Corp. 38,295
750 UnumProvident Corp. 13,155
300 @@ XL Capital Ltd 23,175
-----------
659,696
-----------
INTERNET: 0.03%
270 @ eBay, Inc. 18,311
1,360 @ Yahoo, Inc. 22,236
-----------
40,547
-----------
IRON/STEEL: 0.01%
140 Nucor Corp. 5,782
250 United States Steel Corp. 3,280
-----------
9,062
-----------
LEISURE TIME: 0.03%
170 Brunswick Corp. 3,376
470 Carnival Corp. 11,726
250 Harley-Davidson, Inc. 11,550
240 @ Sabre Holdings Corp. 4,346
-----------
30,998
-----------
LODGING: 0.02%
340 @ Harrah's Entertainment, Inc. 13,464
550 Hilton Hotels Corp. 6,991
280 Starwood Hotels & Resorts Worldwide, Inc. 6,647
-----------
27,102
-----------
MACHINERY -- DIVERSIFIED: 0.03%
520 Deere & Co. 23,842
280 Dover Corp. 8,165
240 Rockwell Automation, Inc. 4,970
-----------
36,977
-----------
MEDIA: 0.39%
3,960 @ AOL Time Warner, Inc. 51,876
1,200 @ Clear Channel Communications, Inc. 44,748
2,029 @ Comcast Corp. 47,823
590 Gannett Co., Inc. 42,362
110 Knight-Ridder, Inc. 6,958
410 McGraw-Hill Cos., Inc. 24,780
120 Meredith Corp. 4,933
140 New York Times Co. 6,402
</Table>
See Accompanying Notes to Financial Statements
118
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FUND --
SERIES N
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- -----------------------------------------------------------------------------------------
MEDIA (CONTINUED)
660 Tribune Co. $ 30,004
3,510 @ Viacom, Inc. 143,068
4,020 Walt Disney Co. 65,566
-----------
468,520
-----------
MINING: 0.03%
220 @ Freeport-McMoRan Copper & Gold, Inc. 3,692
920 Newmont Mining Corp. 26,708
170 @ Phelps Dodge Corp. 5,381
-----------
35,781
-----------
MISCELLANEOUS MANUFACTURING: 0.68%
820 3M Co. 101,106
200 Cooper Industries Ltd. 7,290
90 Crane Co. 1,794
330 Danaher Corp. 21,681
840 Eastman Kodak Co. 29,434
100 Eaton Corp. 7,811
19,780 General Electric Co. 481,643
1,850 Honeywell Intl., Inc. 44,400
590 Illinois Tool Works, Inc. 38,267
350 @@ Ingersoll-Rand Co. 15,071
260 ITT Industries, Inc. 15,779
170 Pall Corp. 2,836
370 Textron, Inc. 15,906
1,580 @@ Tyco Intl. Ltd. 26,986
-----------
810,004
-----------
OFFICE/BUSINESS EQUIPMENT: 0.03%
540 Pitney Bowes, Inc. 17,636
1,520 @ Xerox Corp. 12,236
-----------
29,872
-----------
OIL & GAS: 0.65%
250 Amerada Hess Corp. 13,762
510 Anadarko Petroleum Corp. 24,429
370 Apache Corp. 21,086
400 Burlington Resources, Inc. 17,060
840 ChevronTexaco Corp. 55,843
1,381 ConocoPhillips 66,826
310 Devon Energy Corp. 14,229
13,240 Exxon Mobil Corp. 462,606
630 Marathon Oil Corp. 13,413
260 @,@@ Nabors Industries Ltd. 9,170
390 @ Noble Corp. 13,708
770 Occidental Petroleum Corp. 21,907
170 Rowan Cos., Inc. 3,859
1,050 Transocean, Inc. 24,360
540 Unocal Corp. 16,513
-----------
778,771
-----------
OIL & GAS SERVICES: 0.02%
290 Baker Hughes, Inc. 9,335
840 Halliburton Co. 15,716
-----------
25,051
-----------
PACKAGING & CONTAINERS: 0.02%
150 Ball Corp. 7,678
90 Bemis Co. 4,467
290 @ Pactiv Corp. 6,339
-----------
18,484
-----------
</Table>
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
Shares Value
PHARMACEUTICALS: 0.86%
120 Allergan, Inc. $ 6,914
220 AmerisourceBergen Corp. 11,948
970 Cardinal Health, Inc. 57,414
410 @ Forest Laboratories, Inc. 40,270
360 @ King Pharmaceuticals, Inc. 6,188
4,450 Merck & Co., Inc. 251,915
12,230 Pfizer, Inc. 373,871
2,560 Pharmacia Corp. 107,008
2,880 Schering-Plough Corp. 63,936
160 @ Watson Pharmaceuticals, Inc. 4,523
2,630 Wyeth 98,362
-----------
1,022,349
-----------
PIPELINES: 0.01%
180 Kinder Morgan, Inc. 7,609
-----------
7,609
-----------
REITS: 0.03%
880 Equity Office Properties Trust 21,982
250 Simon Property Group, Inc. 8,518
-----------
30,500
-----------
RETAIL: 0.75%
200 @ Autozone, Inc. 14,130
650 @ Bed Bath & Beyond, Inc. 22,444
690 @ Best Buy Co., Inc. 16,663
250 @ Big Lots, Inc. 3,307
850 CVS Corp. 21,224
305 Darden Restaurants, Inc. 6,237
170 Dillard's, Inc. 2,696
520 Dollar General Corp. 6,214
260 Family Dollar Stores 8,115
300 @ Federated Department Stores 8,628
2,990 Gap, Inc. (The) 46,405
4,660 Home Depot, Inc. 111,654
870 JC Penney Co., Inc. 20,019
750 @ Kohl's Corp. 41,963
2,120 Lowe's Cos., Inc. 79,500
1,460 Ltd. Brands 20,338
590 May Department Stores Co. 13,558
2,790 McDonald's Corp. 44,863
170 Nordstrom, Inc. 3,225
770 @ Office Depot, Inc. 11,365
540 RadioShack Corp. 10,120
1,580 @ Staples, Inc. 28,914
880 @ Starbucks Corp. 17,934
1,820 Target Corp. 54,600
200 Tiffany & Co. 4,782
1,180 TJX Cos., Inc. 23,034
1,960 Walgreen Co. 57,212
3,530 Wal-Mart Stores, Inc. 178,300
140 Wendy's Intl., Inc. 3,790
420 @ Yum! Brands, Inc. 10,172
-----------
891,406
-----------
SAVINGS & LOANS: 0.11%
510 Golden West Financial Corp. 36,623
2,670 Washington Mutual, Inc. 92,195
-----------
128,818
-----------
SEMICONDUCTORS: 0.37%
460 @ Advanced Micro Devices, Inc. 2,972
860 @ Altera Corp. 10,612
300 @ Analog Devices, Inc. 7,161
3,580 @ Applied Materials, Inc. 46,647
</Table>
See Accompanying Notes to Financial Statements
119
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FUND --
SERIES N
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- -----------------------------------------------------------------------------------------
SEMICONDUCTORS (CONTINUED)
13,300 Intel Corp. $ 207,081
430 @ Kla-Tencor Corp. 15,209
680 Linear Technology Corp. 17,490
410 @ LSI Logic Corp. 2,366
720 Maxim Integrated Products 23,789
500 @ Micron Technology, Inc. 4,870
250 @ National Semiconductor Corp. 3,753
410 @ Novellus Systems, Inc. 11,513
170 @ Nvidia Corp. 1,957
280 @ QLogic Corp. 9,663
240 @ Teradyne, Inc. 3,122
3,410 Texas Instruments, Inc. 51,184
770 @ Xilinx, Inc. 15,862
-----------
435,251
-----------
SOFTWARE: 0.79%
500 Adobe Systems, Inc. 12,400
250 Autodesk, Inc. 3,575
1,200 Automatic Data Processing 47,100
810 @ BMC Software, Inc. 13,859
150 @ Citrix Systems, Inc. 1,848
1,270 Computer Associates Intl., Inc. 17,145
680 @ Compuware Corp. 3,264
420 @ Electronic Arts, Inc. 20,903
1,480 First Data Corp. 52,407
420 @ Fiserv, Inc. 14,259
460 @ Intuit, Inc. 21,583
260 @ Mercury Interactive Corp. 7,709
10,520 @ Microsoft Corp. 543,884
14,290 @ Oracle Corp. 154,332
690 @ Peoplesoft, Inc. 12,627
370 @ Rational Software Corp. 3,844
1,430 @ Siebel Systems, Inc. 10,696
-----------
941,435
-----------
TELECOMMUNICATIONS: 0.76%
670 Alltel Corp. 34,170
170 @ Andrew Corp. 1,748
1,660 AT&T Corp. 43,343
3,690 BellSouth Corp. 95,460
290 CenturyTel, Inc. 8,520
720 @ CIENA Corp. 3,701
14,570 @ Cisco Systems, Inc. 190,867
440 @ Citizens Communications Co. 4,642
220 @ Comverse Technology, Inc. 2,204
5,070 Motorola, Inc. 43,856
1,880 @ Nextel Communications, Inc. 21,714
620 @ Qualcomm, Inc. 22,562
6,520 SBC Communications, Inc. 176,757
290 Scientific-Atlanta, Inc. 3,439
2,570 Sprint Corp.-FON Group 37,214
460 @ Tellabs, Inc. 3,344
5,380 Verizon Communications, Inc. 208,475
-----------
902,016
-----------
TEXTILES: 0.01%
370 Cintas Corp. 16,927
-----------
16,927
-----------
TOBACCO: 0.14%
3,910 Philip Morris Cos., Inc. 158,472
140 RJ Reynolds Tobacco Holdings, Inc. 5,895
-----------
164,367
-----------
</Table>
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
Shares Value
TOYS/GAMES/HOBBIES: 0.02%
200 Hasbro, Inc. $ 2,310
1,400 Mattel, Inc. 26,810
-----------
29,120
-----------
TRANSPORTATION: 0.21%
820 Burlington Northern Santa Fe Corp. 21,328
650 FedEx Corp. 35,243
730 Norfolk Southern Corp. 14,593
560 Union Pacific Corp. 33,527
2,210 United Parcel Service, Inc. 139,407
-----------
244,098
-----------
TRUCKING & LEASING: 0.00%
140 Ryder System, Inc. 3,142
-----------
3,142
-----------
Total Common Stock
(Cost $14,872,786) 14,529,613
-----------
<Caption>
Principal
Amount Value
- -----------------------------------------------------------------------------------------
BONDS/NOTES: 3.57%
DIVERSIFIED FINANCIAL SERVICES: 3.57%
$ 4,000,000 General Electric Capital Corp.,
5.000%, due 06/15/07 4,239,612
-----------
Total Bonds/Notes
(Cost $4,193,897) 4,239,612
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS: 56.95%
FEDERAL HOME LOAN BANK SYSTEM: 22.76%
30,000,000 Zero Coupon, due 09/15/06 27,037,920
-----------
FEDERAL HOME LOAN MORTGAGE CORPORATION -- STRIP:
11.43%
3,750,000 Zero Coupon, due 01/15/07 3,338,737
5,000,000 Zero Coupon, due 07/15/06 4,553,490
6,250,000 Zero Coupon, due 07/15/06 5,691,862
-----------
13,584,089
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 22.76%
30,000,000 Zero Coupon, due 09/15/06 27,037,920
-----------
Total U.S. Government Agency Obligations
(Cost $64,017,674) 67,659,929
-----------
U.S. TREASURY OBLIGATIONS: 26.63%
U.S. TREASURY STRIP: 26.63%
2,676,000 Zero Coupon, due 02/15/07 2,409,607
6,109,000 Zero Coupon, due 02/15/07 5,503,097
120,000 Zero Coupon, due 05/15/06 111,094
25,462,000 Zero Coupon, due 05/15/06 23,619,442
-----------
31,643,240
-----------
Total U.S. Treasury Obligations
(Cost $30,255,687) 31,643,240
-----------
Total Long-Term Investments
(Cost $113,340,044) 118,072,394
-----------
</Table>
See Accompanying Notes to Financial Statements
120
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FUND --
SERIES N
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Principal
Amount Value
- -----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT: 0.72%
$ 856,000 State Street Repurchase Agreement, dated 12/31/02,
1.200%, due 01/02/03, $856,057 to be received upon
repurchase (collateralized by $865,000 FHLMC,
3.550% Market Value $877,748 due 03/2604) $ 856,000
-----------
Total Short-Term Investment
(Cost $856,000) 856,000
-----------
</Table>
<Table>
TOTAL INVESTMENTS IN SECURITIES 100.10% $118,928,394
(COST $114,196,044)*
OTHER ASSETS AND LIABILITIES-NET -0.10% (113,803)
------- ------------
NET ASSETS 100.00% $118,814,591
======= ============
</Table>
<Table>
@ Non-income producing security
@@ Foreign Issuer
A Related Party
* Cost for federal income tax purposes is $116,585,294. Net
unrealized appreciation consists of:
</Table>
<Table>
Gross Unrealized Appreciation $3,013,290
Gross Unrealized Depreciation (670,190)
----------
Net Unrealized Appreciation $2,343,100
==========
</Table>
See Accompanying Notes to Financial Statements
121
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FUND --
SERIES P
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMMON STOCK: 4.72%
ADVERTISING: 0.00%
360 Interpublic Group Cos., Inc. $ 5,069
------------
5,069
------------
AEROSPACE/DEFENSE: 0.09%
1,190 Boeing Co. 39,258
280 General Dynamics Corp. 22,224
200 Goodrich Corp. 3,664
650 Lockheed Martin Corp. 37,537
267 Northrop Grumman Corp. 25,877
230 Raytheon Co. 7,073
410 Rockwell Collins, Inc. 9,537
900 United Technologies Corp. 55,746
------------
200,916
------------
AGRICULTURE: 0.01%
300 Monsanto Co. 5,775
230 UST, Inc. 7,689
------------
13,464
------------
APPAREL: 0.02%
280 @ Jones Apparel Group, Inc. 9,923
260 Liz Claiborne, Inc. 7,709
370 Nike, Inc. 16,454
100 @ Reebok Intl. Ltd. 2,940
220 VF Corp. 7,931
------------
44,957
------------
AUTO MANUFACTURERS: 0.04%
4,490 Ford Motor Co. 41,757
780 General Motors Corp. 28,751
175 Paccar, Inc. 8,073
------------
78,581
------------
AUTO PARTS & EQUIPMENT: 0.01%
130 Cooper Tire & Rubber Co. 1,994
260 Dana Corp. 3,058
510 Delphi Corp. 4,105
200 Goodyear Tire & Rubber Co. 1,362
140 Johnson Controls, Inc. 11,224
------------
21,743
------------
BANKS: 0.34%
340 AmSouth Bancorp 6,528
2,840 Bank of America Corp. 197,579
1,630 Bank One Corp. 59,576
270 BB&T Corp. 9,987
323 Charter One Financial, Inc. 9,280
330 Comerica, Inc. 14,269
190 First Tennessee National Corp. 6,829
1,460 FleetBoston Financial Corp. 35,478
410 Huntington Bancshares, Inc. 7,671
600 Keycorp 15,084
300 Marshall & Ilsley Corp. 8,214
250 Mellon Financial Corp. 6,528
880 National City Corp. 24,042
230 North Fork Bancorporation, Inc. 7,760
380 PNC Financial Services Group, Inc. 15,922
420 Regions Financial Corp. 14,011
510 SouthTrust Corp. 12,674
480 State Street Corp. 18,720
410 SunTrust Banks, Inc. 23,337
420 Synovus Financial Corp. 8,148
380 Union Planters Corp. 10,693
2,720 US Bancorp 57,718
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
1,830 Wachovia Corp. $ 66,685
2,390 Wells Fargo & Co. 112,019
110 Zions Bancorporation 4,328
------------
753,080
------------
BEVERAGES: 0.15%
1,160 Anheuser-Busch Cos., Inc. 56,144
80 Brown-Forman Corp. 5,229
3,360 Coca-Cola Co. 147,235
440 Coca-Cola Enterprises, Inc. 9,557
60 Coors (Adolph) 3,675
380 Pepsi Bottling Group, Inc. 9,766
2,330 PepsiCo, Inc. 98,373
------------
329,979
------------
BIOTECHNOLOGY: 0.05%
1,824 @ Amgen, Inc. 88,172
100 @ Biogen, Inc. 4,006
280 @ Chiron Corp. 10,528
------------
102,706
------------
BUILDING MATERIALS: 0.01%
90 @ American Standard Cos., Inc. 6,403
720 Masco Corp. 15,156
------------
21,559
------------
CHEMICALS: 0.07%
350 Air Products & Chemicals, Inc. 14,962
120 Ashland, Inc. 3,424
1,520 Du Pont EI de Nemours & Co. 64,448
130 Eastman Chemical Co. 4,780
200 Ecolab, Inc. 9,900
180 Engelhard Corp. 4,023
60 Great Lakes Chemical Corp. 1,433
230 International Flavors & Fragrances, Inc. 8,073
260 PPG Industries, Inc. 13,039
260 Praxair, Inc. 15,020
360 Rohm & Haas Co. 11,693
200 Sherwin-Williams Co. 5,650
100 Sigma-Aldrich Corp. 4,870
------------
161,315
------------
COMMERCIAL SERVICES: 0.04%
260 @ Apollo Group, Inc. 11,440
490 @ Concord EFS, Inc. 7,713
240 @ Convergys Corp. 3,636
130 Deluxe Corp. 5,473
200 Equifax, Inc. 4,628
430 H&R Block, Inc. 17,286
440 McKesson Corp. 11,893
220 Moody's Corp. 9,084
210 Paychex, Inc. 5,859
190 @ Quintiles Transnational Corp. 2,299
210 @ Robert Half Intl., Inc. 3,383
------------
82,694
------------
COMPUTERS: 0.19%
480 @ Apple Computer, Inc. 6,878
230 @ Computer Sciences Corp. 7,923
4,940 @ Dell Computer Corp. 132,096
4,090 @ EMC Corp.-Mass. 25,113
5,819 Hewlett-Packard Co. 101,018
950 International Business Machines Corp. 73,625
280 @ Lexmark Intl., Inc. 16,940
9,950 @ Sun Microsystems, Inc. 30,945
380 @ Sungard Data Systems, Inc. 8,953
</Table>
See Accompanying Notes to Financial Statements
122
ING
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FUND --
SERIES P
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMPUTERS (CONTINUED)
540 @ Unisys Corp. $ 5,346
390 @ Veritas Software Corp. 6,092
------------
414,929
------------
COSMETICS/PERSONAL CARE: 0.18%
90 Alberto-Culver Co. 4,536
140 Avon Products, Inc. 7,542
740 Colgate-Palmolive Co. 38,798
1,920 Gillette Co. 58,291
700 Kimberly-Clark Corp. 33,229
2,970 Procter & Gamble Co. 255,242
------------
397,638
------------
DISTRIBUTION/WHOLESALE: 0.00%
130 WW Grainger, Inc. 6,701
------------
6,701
------------
DIVERSIFIED FINANCIAL SERVICES: 0.41%
1,840 American Express Co. 65,044
220 Bear Stearns Cos., Inc. 13,068
510 Capital One Financial Corp. 15,157
540 Charles Schwab Corp. 5,859
7,250 Citigroup, Inc. 255,127
290 Countrywide Financial Corp. 14,978
1,880 Fannie Mae 120,940
380 Franklin Resources, Inc. 12,950
1,680 Freddie Mac 99,204
260 Goldman Sachs Group, Inc. 17,706
660 Household Intl., Inc. 18,355
2,820 JP Morgan Chase & Co. 67,680
340 Lehman Brothers Holdings, Inc. 18,119
2,475 MBNA Corp. 47,075
1,210 Merrill Lynch & Co., Inc. 45,920
1,540 Morgan Stanley 61,477
430 @ Providian Financial Corp. 2,791
220 SLM Corp. 22,849
------------
904,299
------------
ELECTRIC: 0.14%
210 Ameren Corp. 8,730
480 American Electric Power Co., Inc. 13,118
520 Centerpoint Energy, Inc. 4,420
230 Cinergy Corp. 7,756
240 CMS Energy Corp. 2,266
300 Consolidated Edison, Inc. 12,846
250 Constellation Energy Group, Inc. 6,955
370 Dominion Resources, Inc. 20,313
310 DTE Energy Co. 14,384
1,210 Duke Energy Corp. 23,643
550 @ Edison Intl. 6,517
320 Entergy Corp. 14,589
600 Exelon Corp. 31,662
410 FirstEnergy Corp. 13,518
250 FPL Group, Inc. 15,032
340 NiSource, Inc. 6,800
980 @ PG&E Corp. 13,622
130 Pinnacle West Capital Corp. 4,432
330 PPL Corp. 11,444
330 Progress Energy, Inc. 14,306
310 Public Service Enterprise Group, Inc. 9,951
980 Southern Co. 27,822
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
250 TECO Energy, Inc. $ 3,868
590 TXU Corp. 11,021
360 Xcel Energy, Inc. 3,960
------------
302,975
------------
ELECTRICAL COMPONENTS & EQUIPMENT: 0.02%
510 @ American Power Conversion 7,726
580 Emerson Electric Co. 29,493
260 Molex, Inc. 5,990
------------
43,209
------------
ELECTRONICS: 0.02%
730 @ Agilent Technologies, Inc. 13,111
460 Applera Corp. -- Applied Biosystems Group 8,068
430 @ Jabil Circuit, Inc. 7,706
250 Parker Hannifin Corp. 11,533
130 @ Tektronix, Inc. 2,365
90 @ Thermo Electron Corp. 1,811
160 @ Waters Corp. 3,485
------------
48,079
------------
ENGINEERING & CONSTRUCTION: 0.00%
160 Fluor Corp. 4,480
------------
4,480
------------
ENTERTAINMENT: 0.00%
120 @ International Game Technology 9,110
------------
9,110
------------
ENVIRONMENTAL CONTROL: 0.01%
360 @ Allied Waste Industries, Inc. 3,600
850 Waste Management, Inc. 19,482
------------
23,082
------------
FOOD: 0.08%
400 Albertson's, Inc. 8,904
630 Archer-Daniels-Midland Co. 7,812
400 Campbell Soup Co. 9,388
740 ConAgra Foods, Inc. 18,507
1 @ Del Monte Foods Co. 7
190 General Mills, Inc. 8,920
190 Hershey Foods Corp. 12,814
470 HJ Heinz Co. 15,449
540 Kellogg Co. 18,506
1,080 @ Kroger Co. 16,686
1,030 Sara Lee Corp. 23,185
210 Supervalu, Inc. 3,467
300 Winn-Dixie Stores, Inc. 4,584
300 Wm Wrigley Jr Co. 16,464
------------
164,693
------------
FOREST PRODUCTS & PAPER: 0.02%
90 Boise Cascade Corp. 2,270
230 Georgia-Pacific Corp. 3,717
750 International Paper Co. 26,227
310 MeadWestvaco Corp. 7,660
240 Plum Creek Timber Co., Inc. 5,664
30 Temple-Inland, Inc. 1,344
140 Weyerhaeuser Co. 6,889
------------
53,771
------------
</Table>
See Accompanying Notes to Financial Statements
123
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FUND --
SERIES P
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
GAS: 0.01%
190 KeySpan Corp. $ 6,696
120 Nicor, Inc. 4,084
40 Peoples Energy Corp. 1,546
290 Sempra Energy 6,859
------------
19,185
------------
HAND/MACHINE TOOLS: 0.01%
170 Black & Decker Corp. 7,291
100 Snap-On, Inc. 2,811
130 Stanley Works 4,495
------------
14,597
------------
HEALTHCARE -- PRODUCTS: 0.15%
70 Bausch & Lomb, Inc. 2,520
390 Becton Dickinson & Co. 11,969
580 @ Boston Scientific Corp. 24,662
90 CR Bard, Inc. 5,220
720 @ Guidant Corp. 22,212
4,230 Johnson & Johnson 227,193
360 @ St. Jude Medical, Inc. 14,299
290 Stryker Corp. 19,465
120 @ Zimmer Holdings, Inc. 4,982
------------
332,522
------------
HEALTHCARE -- SERVICES: 0.08%
370 A Aetna, Inc. 15,214
340 @ Anthem, Inc. 21,386
710 HCA, Inc. 29,465
330 Health Management Associates, Inc. 5,907
220 @ Humana, Inc. 2,200
130 @ Manor Care, Inc. 2,419
140 @ Quest Diagnostics 7,966
515 @ Tenet Healthcare Corp. 8,446
590 UnitedHealth Group, Inc. 49,265
350 @ WellPoint Health Networks 24,906
------------
167,174
------------
HOME BUILDERS: 0.01%
140 Centex Corp. 7,028
130 KB Home 5,570
90 Pulte Homes, Inc. 4,308
------------
16,906
------------
HOME FURNISHINGS: 0.01%
270 Leggett & Platt, Inc. 6,059
120 Maytag Corp. 3,420
120 Whirlpool Corp. 6,266
------------
15,745
------------
HOUSEHOLD PRODUCTS/WARES: 0.02%
210 Avery Dennison Corp. 12,827
390 Clorox Co. 16,087
230 Fortune Brands, Inc. 10,697
------------
39,611
------------
HOUSEWARES: 0.01%
380 Newell Rubbermaid, Inc. 11,525
------------
11,525
------------
INSURANCE: 0.21%
360 @@ ACE Ltd. 10,562
720 Aflac, Inc. 21,686
950 Allstate Corp. 35,140
150 AMBAC Financial Group, Inc. 8,436
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
1,470 American Intl. Group $ 85,039
430 AON Corp. 8,123
90 Chubb Corp. 4,698
260 Cigna Corp. 10,691
250 Cincinnati Financial Corp. 9,387
350 Hartford Financial Services Group, Inc. 15,900
210 Jefferson-Pilot Corp. 8,003
420 John Hancock Financial Services, Inc. 11,718
220 Lincoln National Corp. 6,948
270 Loews Corp. 12,004
760 Marsh & McLennan Cos., Inc. 35,120
210 MBIA, Inc. 9,211
920 Metlife, Inc. 24,877
230 MGIC Investment Corp. 9,499
500 Principal Financial Group 15,065
400 Progressive Corp. 19,852
800 Prudential Financial, Inc. 25,392
200 Safeco Corp. 6,934
140 St. Paul Cos. 4,767
160 Torchmark Corp. 5,845
1,878 @ Travelers Property Casualty Corp. 27,513
240 UnumProvident Corp. 4,210
200 @@ XL Capital Ltd. 15,450
------------
452,070
------------
INTERNET: 0.02%
190 @ eBay, Inc. 12,886
580 @ Yahoo, Inc. 9,483
------------
22,369
------------
IRON/STEEL: 0.00%
170 Nucor Corp. 7,021
280 United States Steel Corp. 3,674
------------
10,695
------------
LEISURE TIME: 0.01%
190 Brunswick Corp. 3,773
330 Carnival Corp. 8,233
180 Harley-Davidson, Inc. 8,316
300 @ Sabre Holdings Corp. 5,433
------------
25,755
------------
LODGING: 0.01%
210 @ Harrah's Entertainment, Inc. 8,316
380 Hilton Hotels Corp. 4,830
290 Starwood Hotels & Resorts Worldwide, Inc. 6,885
------------
20,031
------------
MACHINERY -- DIVERSIFIED: 0.01%
350 Deere & Co. 16,047
280 Dover Corp. 8,165
300 Rockwell Automation, Inc. 6,213
------------
30,425
------------
MEDIA: 0.15%
2,560 @ AOL Time Warner, Inc. 33,536
860 @ Clear Channel Communications, Inc. 32,069
1,329 @ Comcast Corp. 31,324
380 Gannett Co., Inc. 27,284
110 Knight-Ridder, Inc. 6,957
270 McGraw-Hill Cos., Inc. 16,319
90 Meredith Corp. 3,700
150 New York Times Co. 6,860
450 Tribune Co. 20,457
</Table>
See Accompanying Notes to Financial Statements
124
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PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
MEDIA (CONTINUED)
2,510 @ Viacom, Inc. $ 102,308
2,940 Walt Disney Co. 47,951
------------
328,765
------------
METAL FABRICATE/HARDWARE: 0.00%
160 Worthington Industries 2,438
------------
2,438
------------
MINING: 0.01%
220 @ Freeport-McMoRan Copper & Gold, Inc. 3,692
620 Newmont Mining Corp. 17,999
180 @ Phelps Dodge Corp. 5,697
------------
27,388
------------
MISCELLANEOUS MANUFACTURING: 0.26%
550 3M Co. 67,815
130 Cooper Industries Ltd. 4,738
90 Crane Co. 1,794
220 Danaher Corp. 14,454
560 Eastman Kodak Co. 19,622
110 Eaton Corp. 8,592
14,030 General Electric Co. 341,630
1,170 Honeywell Intl., Inc. 28,080
390 Illinois Tool Works, Inc. 25,295
240 @@ Ingersoll-Rand Co. 10,334
180 ITT Industries, Inc. 10,924
220 Pall Corp. 3,670
310 Textron, Inc. 13,327
1,140 @@ Tyco Intl. Ltd. 19,471
------------
569,746
------------
OFFICE/BUSINESS EQUIPMENT: 0.01%
350 Pitney Bowes, Inc. 11,431
730 @ Xerox Corp. 5,877
------------
17,308
------------
OIL & GAS: 0.25%
200 Amerada Hess Corp. 11,010
360 Anadarko Petroleum Corp. 17,244
270 Apache Corp. 15,387
270 Burlington Resources, Inc. 11,515
600 ChevronTexaco Corp. 39,888
951 ConocoPhillips 46,019
220 Devon Energy Corp. 10,098
9,490 Exxon Mobil Corp. 331,581
440 Marathon Oil Corp. 9,368
200 @,@@ Nabors Industries Ltd. 7,054
190 @ Noble Corp. 6,678
530 Occidental Petroleum Corp. 15,079
150 Rowan Cos., Inc. 3,405
740 Transocean, Inc. 17,168
380 Unocal Corp. 11,620
------------
553,114
------------
OIL & GAS SERVICES: 0.01%
190 Baker Hughes, Inc. 6,116
420 Halliburton Co. 7,858
------------
13,974
------------
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
PACKAGING & CONTAINERS: 0.01%
150 Ball Corp. $ 7,678
110 Bemis Co. 5,459
300 @ Pactiv Corp. 6,558
------------
19,695
------------
PHARMACEUTICALS: 0.34%
70 Allergan, Inc. 4,033
200 AmerisourceBergen Corp. 10,862
630 Cardinal Health, Inc. 37,290
260 @ Forest Laboratories, Inc. 25,537
350 @ King Pharmaceuticals, Inc. 6,016
3,190 Merck & Co., Inc. 180,586
8,770 Pfizer, Inc. 268,099
1,830 Pharmacia Corp. 76,494
2,070 Schering-Plough Corp. 45,954
230 @ Watson Pharmaceuticals, Inc. 6,502
1,890 Wyeth 70,686
------------
732,059
------------
PIPELINES: 0.00%
70 Kinder Morgan, Inc. 2,959
------------
2,959
------------
REITS: 0.01%
600 Equity Office Properties Trust 14,988
270 Simon Property Group, Inc. 9,199
------------
24,187
------------
RETAIL: 0.29%
140 @ Autozone, Inc. 9,891
420 @ Bed Bath & Beyond, Inc. 14,503
440 @ Best Buy Co., Inc. 10,626
280 @ Big Lots, Inc. 3,704
380 CVS Corp. 9,489
350 Darden Restaurants, Inc. 7,157
210 Dillard's, Inc. 3,331
490 Dollar General Corp. 5,855
230 Family Dollar Stores 7,178
290 @ Federated Department Stores 8,340
2,150 Gap, Inc. 33,368
3,340 Home Depot, Inc. 80,026
600 JC Penney Co., Inc. 13,806
490 @ Kohl's Corp. 27,415
1,510 Lowe's Cos., Inc. 56,625
1,020 Ltd. Brands 14,209
420 May Department Stores Co. 9,652
1,790 McDonald's Corp. 28,783
210 Nordstrom, Inc. 3,984
390 @ Office Depot, Inc. 5,756
410 RadioShack Corp. 7,683
1,180 @ Staples, Inc. 21,594
390 @ Starbucks Corp. 7,948
1,280 Target Corp. 38,400
80 Tiffany & Co. 1,913
780 TJX Cos., Inc. 15,226
1,400 Walgreen Co. 40,866
2,510 Wal-Mart Stores, Inc. 126,780
170 Wendy's Intl., Inc. 4,602
440 @ Yum! Brands, Inc. 10,657
------------
629,367
------------
</Table>
See Accompanying Notes to Financial Statements
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SERIES P
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
SAVINGS & LOANS: 0.04%
360 Golden West Financial Corp. $ 25,852
1,810 Washington Mutual, Inc. 62,499
------------
88,351
------------
SEMICONDUCTORS: 0.14%
520 @ Advanced Micro Devices, Inc. 3,359
790 @ Altera Corp. 9,749
210 @ Analog Devices, Inc. 5,013
2,360 @ Applied Materials, Inc. 30,751
9,370 Intel Corp. 145,891
260 @ Kla-Tencor Corp. 9,196
590 Linear Technology Corp. 15,175
510 @ LSI Logic Corp. 2,943
430 Maxim Integrated Products 14,207
630 @ Micron Technology, Inc. 6,136
280 @ National Semiconductor Corp. 4,203
330 @ Novellus Systems, Inc. 9,266
90 @ Nvidia Corp. 1,036
200 @ PMC -- Sierra, Inc. 1,112
120 @ QLogic Corp. 4,141
260 @ Teradyne, Inc. 3,383
2,460 Texas Instruments, Inc. 36,925
350 @ Xilinx, Inc. 7,210
------------
309,696
------------
SOFTWARE: 0.30%
310 Adobe Systems, Inc. 7,688
190 Autodesk, Inc. 2,717
860 Automatic Data Processing 33,755
390 @ BMC Software, Inc. 6,673
200 @ Citrix Systems, Inc. 2,464
550 Computer Associates Intl., Inc. 7,425
790 @ Compuware Corp. 3,792
330 @ Electronic Arts, Inc. 16,424
1,060 First Data Corp. 37,535
260 @ Fiserv, Inc. 8,827
290 @ Intuit, Inc. 13,607
200 @ Mercury Interactive Corp. 5,930
7,540 @ Microsoft Corp. 389,818
10,250 @ Oracle Corp. 110,700
300 @ Peoplesoft, Inc. 5,490
420 @ Rational Software Corp. 4,364
1,270 @ Siebel Systems, Inc. 9,500
------------
666,709
------------
TELECOMMUNICATIONS: 0.29%
450 Alltel Corp. 22,950
120 @ Andrew Corp. 1,234
1,106 AT&T Corp. 28,878
2,620 BellSouth Corp. 67,779
260 CenturyTel, Inc. 7,639
800 @ CIENA Corp. 4,112
10,220 @ Cisco Systems, Inc. 133,882
390 @ Citizens Communications Co. 4,114
280 @ Comverse Technology, Inc. 2,806
3,280 Motorola, Inc. 28,372
1,310 @ Nextel Communications, Inc. 15,131
440 @ Qualcomm, Inc. 16,012
4,660 SBC Communications, Inc. 126,333
330 Scientific-Atlanta, Inc. 3,914
1,750 Sprint Corp.-FON Group 25,340
460 @ Tellabs, Inc. 3,344
3,850 Verizon Communications, Inc. 149,188
------------
641,028
------------
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
TEXTILES: 0.01%
260 Cintas Corp. $ 11,895
------------
11,895
------------
TOBACCO: 0.05%
2,790 Philip Morris Cos., Inc. 113,079
50 RJ Reynolds Tobacco Holdings, Inc. 2,106
------------
115,185
------------
TOYS/GAMES/HOBBIES: 0.01%
200 Hasbro, Inc. 2,310
1,030 Mattel, Inc. 19,725
------------
22,035
------------
TRANSPORTATION: 0.08%
370 Burlington Northern Santa Fe Corp. 9,624
430 FedEx Corp. 23,315
420 Norfolk Southern Corp. 8,396
370 Union Pacific Corp. 22,152
1,580 United Parcel Service, Inc. 99,666
------------
163,153
------------
TRUCKING & LEASING: 0.00%
140 Ryder System, Inc 3,142
------------
3,142
------------
Total Common Stock
(Cost $10,826,588) 10,309,833
------------
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
BONDS/NOTES: 15.10%
DIVERSIFIED FINANCIAL SERVICES: 3.39%
$ 7,000,000 General Electric Capital Corp.
5.000%, due 06/15/07 7,419,321
------------
SOVEREIGN: 11.71%
6,210,000 FICO Strip,
Zero Coupon, due 12/06/06 5,526,981
2,894,000 FICO Strip,
Zero Coupon, due 12/27/06 2,567,560
5,800,000 Israel Trust,
Zero Coupon, due 11/15/06 5,188,112
1,113,000 Israel Trust,
Zero Coupon, due 11/15/06 995,581
12,673,000 Turkey Trust,
Zero Coupon, due 11/15/06 11,336,024
------------
25,614,258
------------
Total Bonds/Notes
(Cost $31,571,217) 33,033,579
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS: 47.34%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 8.11%
20,000,000 Zero Coupon, due 01/26/07 17,733,000
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION --
STRIP: 2.54%
6,250,000 Zero Coupon, due 01/15/07 5,564,562
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 36.69%
90,000,000 Zero Coupon, due 12/15/06 80,218,620
------------
Total U.S. Government Agency Obligations
(Cost $96,668,816) 103,516,182
------------
</Table>
See Accompanying Notes to Financial Statements
126
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SERIES P
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS: 32.17%
U.S. TREASURY STRIP: 32.17%
$62,799,000 Zero Coupon, due 02/15/07 $ 56,570,469
14,846,000 Zero Coupon, due 05/15/06 13,771,669
------------
70,342,138
------------
Total U.S. Treasury Obligations
(Cost $67,205,720) 70,342,138
------------
Total Long-Term Investments
(Cost $206,272,341) 217,201,732
------------
SHORT-TERM INVESTMENT: 0.73%
1,587,000 State Street Repurchase Agreement, dated 12/31/02,
1.200%, due 01/02/03, $1,587,106 to be received
upon repurchase (collateralized by $1,565,000
FHLMC, 3.500% Market Value $1,621,924 due
02/20/04) 1,587,000
------------
Total Short-Term Investment
(Cost $1,587,000) 1,587,000
------------
</Table>
<Table>
TOTAL INVESTMENTS IN SECURITIES
(COST $207,859,341)* 100.06% $218,788,732
OTHER ASSETS AND LIABILITIES-NET -0.06% (123,474)
------- ------------
NET ASSETS 100.00% $218,665,258
======= ============
</Table>
<Table>
@ Non-income producing security
@@ Foreign Issuer
A Related Party
* Cost for federal income tax purposes is $210,467,107. Net
unrealized appreciation consists of:
</Table>
<Table>
Gross Unrealized Appreciation $8,905,966
Gross Unrealized Depreciation (584,341)
----------
Net Unrealized Appreciation $8,321,625
==========
</Table>
See Accompanying Notes to Financial Statements
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SERIES Q
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMMON STOCK: 14.52%
ADVERTISING: 0.01%
1,300 Interpublic Group Cos., Inc. $ 18,304
------------
18,304
------------
AEROSPACE/DEFENSE: 0.28%
3,800 Boeing Co. 125,362
1,000 General Dynamics Corp. 79,370
400 Goodrich Corp. 7,328
2,230 Lockheed Martin Corp. 128,783
836 Northrop Grumman Corp. 81,063
750 Raytheon Co. 23,063
1,020 Rockwell Collins, Inc. 23,725
2,880 United Technologies Corp. 178,387
------------
647,081
------------
AGRICULTURE: 0.01%
500 UST, Inc. 16,715
------------
16,715
------------
APPAREL: 0.06%
890 @ Jones Apparel Group, Inc. 31,542
550 Liz Claiborne, Inc. 16,308
1,360 Nike, Inc. 60,479
230 @ Reebok Intl. Ltd. 6,762
710 VF Corp. 25,596
------------
140,687
------------
AUTO MANUFACTURERS: 0.12%
14,380 Ford Motor Co. 133,734
2,850 General Motors Corp. 105,051
580 Paccar, Inc. 26,755
------------
265,540
------------
AUTO PARTS & EQUIPMENT: 0.03%
260 Cooper Tire & Rubber Co. 3,988
330 Dana Corp. 3,881
1,950 Delphi Corp. 15,697
600 Goodyear Tire & Rubber Co. 4,086
490 Johnson Controls, Inc. 39,283
------------
66,935
------------
BANKS: 1.09%
1,700 AmSouth Bancorp 32,640
9,210 Bank of America Corp. 640,740
5,510 Bank One Corp. 201,390
860 BB&T Corp. 31,811
1,081 Charter One Financial, Inc. 31,057
1,220 Comerica, Inc. 52,753
380 First Tennessee National Corp. 13,657
5,240 FleetBoston Financial Corp. 127,332
1,500 Huntington Bancshares, Inc. 28,065
2,140 Keycorp 53,800
670 Marshall & Ilsley Corp. 18,345
780 Mellon Financial Corp. 20,366
3,070 National City Corp. 83,872
600 North Fork Bancorporation, Inc. 20,244
1,300 PNC Financial Services Group, Inc. 54,470
1,520 Regions Financial Corp. 50,707
1,660 SouthTrust Corp. 41,251
1,630 State Street Corp. 63,570
1,410 SunTrust Banks, Inc. 80,257
1,350 Synovus Financial Corp. 26,190
1,220 Union Planters Corp. 34,331
9,070 US Bancorp 192,465
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
6,150 Wachovia Corp. $ 224,106
7,690 Wells Fargo & Co. 360,430
300 Zions Bancorporation 11,805
------------
2,495,654
------------
BEVERAGES: 0.47%
3,760 Anheuser-Busch Cos., Inc. 181,984
200 Brown-Forman Corp. 13,072
10,690 Coca-Cola Co. 468,436
2,250 Coca-Cola Enterprises, Inc. 48,870
200 Coors (Adolph) 12,250
1,430 Pepsi Bottling Group, Inc. 36,751
7,700 PepsiCo, Inc. 325,094
------------
1,086,457
------------
BIOTECHNOLOGY: 0.15%
5,856 @ Amgen, Inc. 283,079
650 @ Biogen, Inc. 26,039
1,000 @ Chiron Corp. 37,600
------------
346,718
------------
BUILDING MATERIALS: 0.03%
190 @ American Standard Cos., Inc. 13,517
2,590 Masco Corp. 54,520
------------
68,037
------------
CHEMICALS: 0.22%
1,240 Air Products & Chemicals, Inc. 53,010
190 Ashland, Inc. 5,421
5,120 Du Pont EI de Nemours & Co. 217,088
360 Eastman Chemical Co. 13,237
690 Ecolab, Inc. 34,155
550 Engelhard Corp. 12,292
150 Great Lakes Chemical Corp. 3,582
300 International Flavors & Fragrances, Inc. 10,530
900 PPG Industries, Inc. 45,135
840 Praxair, Inc. 48,527
1,120 Rohm & Haas Co. 36,378
650 Sherwin-Williams Co. 18,363
250 Sigma-Aldrich Corp. 12,175
------------
509,893
------------
COMMERCIAL SERVICES: 0.12%
820 @ Apollo Group, Inc. 36,080
2,620 @ Concord EFS, Inc. 41,239
500 @ Convergys Corp. 7,575
290 Deluxe Corp. 12,209
410 Equifax, Inc. 9,487
1,350 H&R Block, Inc. 54,270
1,560 McKesson Corp. 42,167
740 Moody's Corp. 30,555
660 Paychex, Inc. 18,414
650 @ Quintiles Transnational Corp. 7,865
750 @ Robert Half Intl., Inc. 12,083
------------
271,944
------------
COMPUTERS: 0.56%
1,550 @ Apple Computer, Inc. 22,211
710 @ Computer Sciences Corp. 24,459
15,870 @ Dell Computer Corp. 424,364
13,050 @ EMC Corp.-Mass. 80,127
18,787 Hewlett-Packard Co. 326,142
3,060 International Business Machines Corp. 237,150
900 @ Lexmark Intl., Inc. 54,450
16,250 @ Sun Microsystems, Inc. 50,538
</Table>
See Accompanying Notes to Financial Statements
128
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FUND --
SERIES Q
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMPUTERS (CONTINUED)
1,450 @ Sungard Data Systems, Inc. $ 34,162
1,100 @ Unisys Corp. 10,890
1,390 @ Veritas Software Corp. 21,712
------------
1,286,205
------------
COSMETICS/PERSONAL CARE: 0.56%
200 Alberto-Culver Co. 10,080
430 Avon Products, Inc. 23,164
2,400 Colgate-Palmolive Co. 125,832
6,180 Gillette Co. 187,625
2,290 Kimberly-Clark Corp. 108,706
9,500 Procter & Gamble Co. 816,430
------------
1,271,837
------------
DISTRIBUTION/WHOLESALE: 0.01%
390 WW Grainger, Inc. 20,104
------------
20,104
------------
DIVERSIFIED FINANCIAL SERVICES: 1.28%
6,260 American Express Co. 221,291
730 Bear Stearns Cos., Inc. 43,362
1,660 Capital One Financial Corp. 49,335
1,720 Charles Schwab Corp. 18,662
22,980 Citigroup, Inc. 808,666
820 Countrywide Financial Corp. 42,353
6,030 Fannie Mae 387,910
1,300 Franklin Resources, Inc. 44,304
5,350 Freddie Mac 315,917
850 Goldman Sachs Group, Inc. 57,885
2,040 Household Intl., Inc. 56,732
9,410 JP Morgan Chase & Co. 225,840
1,170 Lehman Brothers Holdings, Inc. 62,349
7,885 MBNA Corp. 149,973
3,930 Merrill Lynch & Co., Inc. 149,144
4,950 Morgan Stanley 197,604
1,470 @ Providian Financial Corp. 9,540
770 SLM Corp. 79,972
------------
2,920,839
------------
ELECTRIC: 0.40%
600 Ameren Corp. 24,942
1,620 American Electric Power Co., Inc. 44,275
850 Centerpoint Energy, Inc. 7,225
500 Cinergy Corp. 16,860
500 CMS Energy Corp. 4,720
1,060 Consolidated Edison, Inc. 45,389
500 Constellation Energy Group, Inc. 13,910
1,390 Dominion Resources, Inc. 76,311
860 DTE Energy Co. 39,904
4,200 Duke Energy Corp. 82,068
2,150 @ Edison Intl. 25,477
1,070 Entergy Corp. 48,781
1,850 Exelon Corp. 97,624
1,420 FirstEnergy Corp. 46,817
850 FPL Group, Inc. 51,110
940 NiSource, Inc. 18,800
2,670 @ PG&E Corp. 37,113
160 Pinnacle West Capital Corp. 5,454
450 PPL Corp. 15,606
1,070 Progress Energy, Inc. 46,385
1,100 Public Service Enterprise Group, Inc. 35,310
3,330 Southern Co. 94,539
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
620 TECO Energy, Inc. $ 9,591
1,130 TXU Corp. 21,108
1,210 Xcel Energy, Inc. 13,310
------------
922,629
------------
ELECTRICAL COMPONENTS & EQUIPMENT: 0.06%
1,580 @ American Power Conversion 23,937
2,080 Emerson Electric Co. 105,768
590 Molex, Inc. 13,594
------------
143,299
------------
ELECTRONICS: 0.06%
2,240 @ Agilent Technologies, Inc. 40,230
640 Applera Corp. -- Applied Biosystems Group 11,226
1,360 @ Jabil Circuit, Inc. 24,371
490 Parker Hannifin Corp. 22,604
2,400 @ Sanmina-SCI Corp. 10,776
300 @ Tektronix, Inc. 5,457
500 @ Thermo Electron Corp. 10,060
600 @ Waters Corp. 13,068
------------
137,792
------------
ENGINEERING & CONSTRUCTION: 0.01%
660 Fluor Corp. 18,480
------------
18,480
------------
ENTERTAINMENT: 0.01%
450 @ International Game Technology 34,164
------------
34,164
------------
ENVIRONMENTAL CONTROL: 0.03%
400 @ Allied Waste Industries, Inc. 4,000
3,170 Waste Management, Inc. 72,656
------------
76,656
------------
FOOD: 0.26%
2,040 Albertson's, Inc. 45,410
2,530 Archer-Daniels-Midland Co. 31,372
1,980 Campbell Soup Co. 46,471
2,700 ConAgra Foods, Inc. 67,527
1 @ Del Monte Foods Co. 4
700 General Mills, Inc. 32,865
630 Hershey Foods Corp. 42,487
1,750 HJ Heinz Co. 57,523
2,070 Kellogg Co. 70,939
3,900 @ Kroger Co. 60,255
3,330 Sara Lee Corp. 74,958
550 Supervalu, Inc. 9,081
620 Winn-Dixie Stores, Inc. 9,474
950 WM Wrigley Jr Co. 52,136
------------
600,502
------------
FOREST PRODUCTS & PAPER: 0.07%
250 Boise Cascade Corp. 6,305
700 Georgia-Pacific Corp. 11,312
2,520 International Paper Co. 88,124
1,000 MeadWestvaco Corp. 24,710
610 Plum Creek Timber Co., Inc. 14,396
100 Temple-Inland, Inc. 4,481
290 Weyerhaeuser Co. 14,271
------------
163,599
------------
</Table>
See Accompanying Notes to Financial Statements
129
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FUND --
SERIES Q
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
GAS: 0.03%
430 KeySpan Corp. $ 15,153
270 Nicor, Inc. 9,188
100 Peoples Energy Corp. 3,865
1,390 Sempra Energy 32,874
------------
61,080
------------
HAND/MACHINE TOOLS: 0.02%
570 Black & Decker Corp. 24,447
300 Snap-On, Inc. 8,433
230 Stanley Works 7,953
------------
40,833
------------
HEALTHCARE -- PRODUCTS: 0.47%
1,850 Becton Dickinson & Co. 56,776
1,820 @ Boston Scientific Corp. 77,386
150 CR Bard, Inc. 8,700
2,220 @ Guidant Corp. 68,487
13,480 Johnson & Johnson 724,011
1,230 @ St. Jude Medical, Inc. 48,856
1,000 Stryker Corp. 67,120
350 @ Zimmer Holdings, Inc. 14,532
------------
1,065,868
------------
HEALTHCARE -- SERVICES: 0.22%
1,100 A Aetna, Inc. 45,232
1,080 @ Anthem, Inc. 67,932
2,300 HCA, Inc. 95,450
750 Health Management Associates, Inc. 13,425
600 @ Humana, Inc. 6,000
270 @ Manor Care, Inc. 5,025
500 @ Quest Diagnostics 28,450
2,440 @ Tenet Healthcare Corp. 40,016
1,530 UnitedHealth Group, Inc. 127,755
1,060 @ WellPoint Health Networks 75,430
------------
504,715
------------
HOME BUILDERS: 0.02%
480 Centex Corp. 24,096
300 KB Home 12,855
200 Pulte Homes, Inc. 9,574
------------
46,525
------------
HOME FURNISHINGS: 0.02%
830 Leggett & Platt, Inc. 18,625
250 Maytag Corp. 7,125
200 Whirlpool Corp. 10,444
------------
36,194
------------
HOUSEHOLD PRODUCTS/WARES: 0.05%
480 Avery Dennison Corp. 29,318
1,240 Clorox Co. 51,150
710 Fortune Brands, Inc. 33,022
------------
113,490
------------
HOUSEWARES: 0.02%
1,360 Newell Rubbermaid, Inc. 41,249
------------
41,249
------------
INSURANCE: 0.66%
1,280 @@ ACE Ltd. 37,555
2,510 Aflac, Inc. 75,601
3,200 Allstate Corp. 118,368
530 AMBAC Financial Group, Inc. 29,807
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
4,700 American Intl. Group $ 271,895
1,050 AON Corp. 19,834
310 Chubb Corp. 16,182
1,040 Cigna Corp. 42,765
500 Cincinnati Financial Corp. 18,775
1,200 Hartford Financial Services Group, Inc. 54,516
420 Jefferson-Pilot Corp. 16,006
1,420 John Hancock Financial Services, Inc. 39,618
610 Lincoln National Corp. 19,264
910 Loews Corp. 40,459
2,650 Marsh & McLennan Cos., Inc. 122,457
920 MBIA, Inc. 40,351
3,520 Metlife, Inc. 95,181
530 MGIC Investment Corp. 21,889
1,760 Principal Financial Group 53,029
1,450 Progressive Corp. 71,964
2,850 Prudential Financial, Inc. 90,459
850 Safeco Corp. 29,470
300 St. Paul Cos. 10,215
350 Torchmark Corp. 12,786
5,956 @ Travelers Property Casualty Corp. 87,255
1,040 UnumProvident Corp. 18,242
650 @@ XL Capital Ltd. 50,212
------------
1,504,155
------------
INTERNET: 0.04%
600 @ eBay, Inc. 40,692
3,110 @ Yahoo, Inc. 50,849
------------
91,541
------------
IRON/STEEL: 0.01%
350 Nucor Corp. 14,455
200 United States Steel Corp. 2,624
------------
17,079
------------
LEISURE TIME: 0.03%
360 Brunswick Corp. 7,150
1,100 Carnival Corp. 27,445
530 Harley-Davidson, Inc. 24,486
380 @ Sabre Holdings Corp. 6,882
------------
65,963
------------
LODGING: 0.02%
640 @ Harrah's Entertainment, Inc. 25,344
1,200 Hilton Hotels Corp. 15,252
600 Starwood Hotels & Resorts Worldwide, Inc. 14,244
------------
54,840
------------
MACHINERY -- DIVERSIFIED: 0.04%
1,210 Deere & Co. 55,478
730 Dover Corp. 21,287
830 Rockwell Automation, Inc. 17,189
------------
93,954
------------
MEDIA: 0.47%
9,050 @ AOL Time Warner, Inc. 118,555
3,100 @ Clear Channel Communications, Inc. 115,599
4,632 @ Comcast Corp. 109,176
1,360 Gannett Co., Inc. 97,648
260 Knight-Ridder, Inc. 16,445
970 McGraw-Hill Cos., Inc. 58,627
250 Meredith Corp. 10,278
250 New York Times Co. 11,433
</Table>
See Accompanying Notes to Financial Statements
130
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SERIES Q
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
MEDIA (CONTINUED)
1,540 Tribune Co. $ 70,008
8,030 @ Viacom, Inc. 327,303
9,200 Walt Disney Co. 150,052
------------
1,085,124
------------
METAL FABRICATE/HARDWARE: 0.00%
300 Worthington Industries 4,572
------------
4,572
------------
MINING: 0.03%
150 @ Freeport-McMoRan Copper & Gold, Inc. 2,517
2,130 Newmont Mining Corp. 61,834
350 @ Phelps Dodge Corp. 11,078
------------
75,429
------------
MISCELLANEOUS MANUFACTURING: 0.79%
1,890 3M Co. 233,037
300 Cooper Industries Ltd. 10,935
150 Crane Co. 2,989
760 Danaher Corp. 49,932
1,930 Eastman Kodak Co. 67,627
200 Eaton Corp. 15,622
44,740 General Electric Co. 1,089,419
4,190 Honeywell Intl., Inc. 100,560
1,350 Illinois Tool Works, Inc. 87,561
800 @@ Ingersoll-Rand Co. 34,448
390 ITT Industries, Inc. 23,669
200 Pall Corp. 3,336
880 Textron, Inc. 37,831
3,650 @@ Tyco Intl. Ltd. 62,342
------------
1,819,308
------------
OFFICE/BUSINESS EQUIPMENT: 0.03%
1,240 Pitney Bowes, Inc. 40,498
4,740 @ Xerox Corp. 38,157
------------
78,655
------------
OIL & GAS: 0.78%
520 Amerada Hess Corp. 28,626
1,200 Anadarko Petroleum Corp. 57,480
910 Apache Corp. 51,861
890 Burlington Resources, Inc. 37,958
1,900 ChevronTexaco Corp. 126,312
3,163 ConocoPhillips 153,057
740 Devon Energy Corp. 33,966
30,320 Exxon Mobil Corp. 1,059,381
1,440 Marathon Oil Corp. 30,658
600 @,@@ Nabors Industries Ltd. 21,162
900 @ Noble Corp. 31,635
1,740 Occidental Petroleum Corp. 49,503
350 Rowan Cos, Inc. 7,945
2,400 Transocean, Inc. 55,680
1,240 Unocal Corp. 37,919
------------
1,783,143
------------
OIL & GAS SERVICES: 0.03%
1,000 Baker Hughes, Inc. 32,190
1,950 Halliburton Co. 36,484
------------
68,674
------------
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
PACKAGING & CONTAINERS: 0.02%
350 Ball Corp. $ 17,916
140 Bemis Co. 6,948
1,170 @ Pactiv Corp. 25,576
------------
50,440
------------
PHARMACEUTICALS: 1.02%
250 Allergan, Inc. 14,405
710 AmerisourceBergen Corp. 38,560
2,000 Cardinal Health, Inc. 118,380
920 @ Forest Laboratories, Inc. 90,362
790 @ King Pharmaceuticals, Inc. 13,580
10,170 Merck & Co., Inc. 575,724
27,980 Pfizer, Inc. 855,349
5,890 Pharmacia Corp. 246,202
6,580 Schering-Plough Corp. 146,076
250 @ Watson Pharmaceuticals, Inc. 7,068
6,050 Wyeth 226,270
------------
2,331,976
------------
PIPELINES: 0.01%
400 Kinder Morgan, Inc. 16,908
------------
16,908
------------
REITS: 0.03%
2,000 Equity Office Properties Trust 49,960
650 Simon Property Group, Inc. 22,146
------------
72,106
------------
RETAIL: 0.90%
480 @ Autozone, Inc. 33,912
1,490 @ Bed Bath & Beyond, Inc. 51,450
1,555 @ Best Buy Co., Inc. 37,553
450 @ Big Lots, Inc. 5,953
1,950 CVS Corp. 48,691
645 Darden Restaurants, Inc. 13,190
240 Dillard's, Inc. 3,806
1,100 Dollar General Corp. 13,145
570 Family Dollar Stores 17,790
1,010 @ Federated Department Stores 29,048
6,860 Gap, Inc. (The) 106,467
10,660 Home Depot, Inc. 255,414
2,000 JC Penney Co., Inc. 46,020
1,700 @ Kohl's Corp. 95,115
4,830 Lowe's Cos., Inc. 181,125
3,460 Ltd. Brands 48,198
1,430 May Department Stores Co. 32,861
6,360 McDonald's Corp. 102,269
450 Nordstrom, Inc. 8,537
1,750 @ Office Depot, Inc. 25,830
1,210 RadioShack Corp. 22,675
3,630 @ Staples, Inc. 66,429
2,020 @ Starbucks Corp. 41,168
4,180 Target Corp. 125,400
450 Tiffany & Co. 10,760
2,670 TJX Cos, Inc. 52,118
4,450 Walgreen Co. 129,896
8,110 Wal-Mart Stores, Inc. 409,636
320 Wendy's Intl., Inc. 8,662
1,360 @ Yum! Brands, Inc. 32,939
------------
2,056,057
------------
</Table>
See Accompanying Notes to Financial Statements
131
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FUND --
SERIES Q
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
SAVINGS & LOANS: 0.13%
1,170 Golden West Financial Corp. $ 84,018
6,130 Washington Mutual, Inc. 211,669
------------
295,687
------------
SEMICONDUCTORS: 0.43%
1,050 @ Advanced Micro Devices, Inc. 6,783
1,650 @ Altera Corp. 20,361
650 @ Analog Devices, Inc. 15,515
8,190 @ Applied Materials, Inc. 106,716
30,440 Intel Corp. 473,951
990 @ Kla-Tencor Corp. 35,016
1,550 Linear Technology Corp. 39,866
650 @ LSI Logic Corp. 3,751
1,660 Maxim Integrated Products 54,846
1,150 @ Micron Technology, Inc. 11,201
550 @ National Semiconductor Corp. 8,256
970 @ Novellus Systems, Inc. 27,238
400 @ Nvidia Corp. 4,604
690 @ QLogic Corp. 23,812
380 @ Teradyne, Inc. 4,944
7,830 Texas Instruments, Inc. 117,528
1,790 @ Xilinx, Inc. 36,874
------------
991,262
------------
SOFTWARE: 0.94%
1,140 Adobe Systems, Inc. 28,273
270 Autodesk, Inc. 3,861
2,750 Automatic Data Processing 107,937
1,770 @ BMC Software, Inc. 30,285
250 @ Citrix Systems, Inc. 3,080
2,890 Computer Associates Intl., Inc. 39,015
1,580 @ Compuware Corp. 7,584
950 @ Electronic Arts, Inc. 47,281
3,390 First Data Corp. 120,040
1,050 @ Fiserv, Inc. 35,647
1,040 @ Intuit, Inc. 48,797
350 @ Mercury Interactive Corp. 10,378
24,090 @ Microsoft Corp. 1,245,453
32,700 @ Oracle Corp. 353,160
1,490 @ Peoplesoft, Inc. 27,267
820 @ Rational Software Corp. 8,520
3,290 @ Siebel Systems, Inc. 24,609
------------
2,141,187
------------
TELECOMMUNICATIONS: 0.90%
1,510 Alltel Corp. 77,010
420 @ Andrew Corp. 4,318
3,762 AT&T Corp. 98,226
8,740 BellSouth Corp. 226,104
370 CenturyTel, Inc. 10,871
1,600 @ CIENA Corp. 8,224
33,360 @ Cisco Systems, Inc. 437,016
1,100 @ Citizens Communications Co. 11,605
610 @ Comverse Technology, Inc. 6,112
11,540 Motorola, Inc. 99,821
4,300 @ Nextel Communications, Inc. 49,665
1,400 @ Qualcomm, Inc. 50,946
14,890 SBC Communications, Inc. 403,668
650 Scientific-Atlanta, Inc. 7,709
5,860 Sprint Corp. -- FON Group 84,853
760 @ Tellabs, Inc. 5,525
12,350 Verizon Communications, Inc. 478,563
------------
2,060,236
------------
</Table>
<Table>
- ----------------------------------------------------------------------------------------
<Caption>
Shares Value
TEXTILES: 0.02%
840 Cintas Corp. $ 38,430
------------
38,430
------------
TOBACCO: 0.16%
8,920 Philip Morris Cos., Inc. 361,528
250 RJ Reynolds Tobacco Holdings, Inc. 10,528
------------
372,056
------------
TOYS/GAMES/HOBBIES: 0.03%
410 Hasbro, Inc. 4,735
3,220 Mattel, Inc. 61,663
------------
66,398
------------
TRANSPORTATION: 0.25%
1,870 Burlington Northern Santa Fe Corp. 48,639
1,490 FedEx Corp. 80,788
1,700 Norfolk Southern Corp. 33,983
1,290 Union Pacific Corp. 77,232
5,090 United Parcel Service, Inc. 321,077
------------
561,719
------------
TRUCKING & LEASING: 0.00%
300 Ryder System, Inc. 6,732
------------
6,732
------------
Total Common Stock
(Cost $34,267,676) 33,243,656
------------
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
BONDS/NOTES: 13.33%
DIVERSIFIED FINANCIAL SERVICES: 2.78%
$ 6,000,000 General Electric Capital Corp.,
5.000%, due 06/15/07 6,359,418
------------
SOVEREIGN: 10.55%
3,500,000 FICO Strip,
Zero Coupon, due 04/06/07 3,057,628
12,637,000 FICO Strip,
Zero Coupon, due 05/11/07 10,977,989
3,645,000 FICO Strip,
Zero Coupon, due 05/30/07 3,160,164
1,000,000 Israel Trust,
Zero Coupon, due 05/15/07 870,024
7,007,000 Israel Trust,
Zero Coupon, due 05/15/07 6,096,258
------------
24,162,063
------------
Total Bonds/Notes
(Cost $29,197,105) 30,521,481
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS: 43.40%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 7.75%
20,000,000 Zero Coupon, due 01/26/07 17,733,000
------------
FEDERAL NATIONAL MORTGAGE CORPORATION --
STRIP: 35.65%
89,300,000 Zero Coupon, due 03/15/07 78,944,593
3,021,000 Zero Coupon, due 03/15/07 2,667,486
------------
81,612,079
------------
Total U.S. Government Agency Obligations
(Cost $91,211,284) 99,345,079
------------
</Table>
See Accompanying Notes to Financial Statements
132
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FUND --
SERIES Q
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS: 28.33%
U.S. TREASURY STRIP: 28.33%
$71,987,000 Zero Coupon, due 02/15/07 $ 64,847,185
------------
Total U.S. Treasury Obligations
(Cost $61,399,316) 64,847,185
------------
Total Long-Term Investments
(Cost $216,075,381) 227,957,401
------------
SHORT-TERM INVESTMENT: 0.55%
1,259,000 State Street Repurchase Agreement, dated 12/31/02,
1.200%, due 01/02/03, $1,259,084 to be received
upon repurchase (Collateralized by $1,290,000
FNMA, 0.000% Market Value $1,285,163 due 04/30/03)
1,259,000
------------
Total Short-Term Investment
(Cost $1,259,000) 1,259,000
------------
</Table>
<Table>
TOTAL INVESTMENTS IN SECURITIES 100.13% $229,216,401
(COST $217,334,381*)
OTHER ASSETS AND LIABILITIES-NET -0.13% (296,381)
------- ------------
NET ASSETS 100.00% $228,920,020
======= ============
</Table>
<Table>
@ Non-income producing security
@@ Foreign Issuer
A Related Party
* Cost for federal income tax purposes is $222,734,894. Net
unrealized appreciation consists of:
</Table>
<Table>
Gross Unrealized Appreciation $ 8,084,173
Gross Unrealized Depreciation (1,602,666)
-----------
Net Unrealized Appreciation $ 6,481,507
===========
</Table>
See Accompanying Notes to Financial Statements
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FUND --
SERIES R
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
COMMON STOCK: 10.05%
ADVERTISING: 0.01%
1,250 Interpublic Group Cos., Inc. $ 17,600
------------
17,600
------------
AEROSPACE/DEFENSE: 0.20%
2,600 Boeing Co. 85,774
600 General Dynamics Corp. 47,622
300 Goodrich Corp. 5,496
1,400 Lockheed Martin Corp. 80,850
521 Northrop Grumman Corp. 50,578
450 Raytheon Co. 13,838
890 Rockwell Collins, Inc. 20,701
1,860 United Technologies Corp. 115,208
------------
420,067
------------
AGRICULTURE: 0.01%
450 UST, Inc. 15,044
------------
15,044
------------
APPAREL: 0.05%
600 @ Jones Apparel Group, Inc. 21,264
490 Liz Claiborne, Inc. 14,529
750 Nike, Inc. 33,353
280 @ Reebok Intl. Ltd. 8,232
500 VF Corp. 18,025
------------
95,403
------------
AUTO MANUFACTURERS: 0.08%
8,950 Ford Motor Co. 83,235
1,750 General Motors Corp. 64,505
350 Paccar, Inc. 16,146
------------
163,886
------------
AUTO PARTS & EQUIPMENT: 0.02%
230 Cooper Tire & Rubber Co. 3,528
600 Dana Corp. 7,056
1,650 Delphi Corp. 13,282
540 Goodyear Tire & Rubber Co. 3,677
250 Johnson Controls, Inc. 20,043
------------
47,586
------------
BANKS: 0.74%
1,000 AmSouth Bancorp 19,200
5,900 Bank of America Corp. 410,463
3,500 Bank One Corp. 127,925
550 BB&T Corp. 20,344
660 Charter One Financial, Inc. 18,962
700 Comerica, Inc. 30,268
500 First Tennessee National Corp. 17,970
3,150 FleetBoston Financial Corp. 76,545
1,050 Huntington Bancshares, Inc. 19,645
1,150 Keycorp 28,911
600 Marshall & Ilsley Corp. 16,428
500 Mellon Financial Corp. 13,055
1,750 National City Corp. 47,810
450 North Fork Bancorporation, Inc. 15,183
800 PNC Financial Services Group, Inc. 33,520
900 Regions Financial Corp. 30,024
950 SouthTrust Corp. 23,608
1,000 State Street Corp. 39,000
</Table>
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
850 SunTrust Banks, Inc. $ 48,382
600 Synovus Financial Corp. 11,640
960 Union Planters Corp. 27,014
5,450 US Bancorp 115,649
4,000 Wachovia Corp. 145,760
5,050 Wells Fargo & Co. 236,694
300 Zions Bancorporation 11,805
------------
1,585,805
------------
BEVERAGES: 0.32%
2,350 Anheuser-Busch Cos., Inc. 113,740
200 Brown-Forman Corp. 13,072
7,050 Coca-Cola Co. 308,931
1,200 Coca-Cola Enterprises, Inc. 26,064
100 Coors (Adolph) 6,125
750 Pepsi Bottling Group, Inc. 19,275
4,800 PepsiCo, Inc. 202,656
------------
689,863
------------
BIOTECHNOLOGY: 0.10%
3,792 @ Amgen, Inc. 183,305
200 @ Biogen, Inc. 8,012
550 @ Chiron Corp. 20,680
------------
211,997
------------
BUILDING MATERIALS: 0.02%
200 @ American Standard Cos., Inc. 14,228
1,550 Masco Corp. 32,628
------------
46,856
------------
CHEMICALS: 0.16%
650 Air Products & Chemicals, Inc. 27,787
250 Ashland, Inc. 7,132
3,300 Du Pont EI de Nemours & Co. 139,920
250 Eastman Chemical Co. 9,192
400 Ecolab, Inc. 19,800
500 Engelhard Corp. 11,175
150 Great Lakes Chemical Corp. 3,582
400 Hercules, Inc. 3,520
450 International Flavors & Fragrances, Inc. 15,795
500 PPG Industries, Inc. 25,075
500 Praxair, Inc. 28,885
600 Rohm & Haas Co. 19,488
450 Sherwin-Williams Co. 12,713
200 Sigma-Aldrich Corp. 9,740
------------
333,804
------------
COMMERCIAL SERVICES: 0.08%
500 @ Apollo Group, Inc. 22,000
1,400 @ Concord EFS, Inc. 22,036
650 @ Convergys Corp. 9,847
270 Deluxe Corp. 11,367
400 Equifax, Inc. 9,256
810 H&R Block, Inc. 32,562
850 McKesson Corp. 22,976
500 Moody's Corp. 20,645
400 Paychex, Inc. 11,160
300 @ Quintiles Transnational Corp. 3,630
800 @ Robert Half Intl., Inc. 12,888
------------
178,367
------------
</Table>
See Accompanying Notes to Financial Statements
134
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FUND --
SERIES R
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
COMPUTERS: 0.40%
1,000 @ Apple Computer, Inc. $ 14,330
650 @ Computer Sciences Corp. 22,392
10,500 @ Dell Computer Corp. 280,770
8,500 @ EMC Corp.-Mass. 52,190
12,350 Hewlett-Packard Co. 214,396
1,900 International Business Machines Corp. 147,250
600 @ Lexmark Intl., Inc. 36,300
9,650 @ Sun Microsystems, Inc. 30,012
1,150 @ Sungard Data Systems, Inc. 27,094
1,000 @ Unisys Corp. 9,900
1,150 @ Veritas Software Corp. 17,963
------------
852,597
------------
COSMETICS/PERSONAL CARE: 0.38%
200 Alberto-Culver Co. 10,080
250 Avon Products, Inc. 13,467
1,500 Colgate-Palmolive Co. 78,645
3,850 Gillette Co. 116,886
1,400 Kimberly-Clark Corp. 66,458
6,150 Procter & Gamble Co. 528,531
------------
814,067
------------
DISTRIBUTION/WHOLESALE: 0.01%
350 WW Grainger, Inc. 18,042
------------
18,042
------------
DIVERSIFIED FINANCIAL SERVICES: 0.88%
3,900 American Express Co. 137,865
430 Bear Stearns Cos., Inc. 25,542
1,000 Capital One Financial Corp. 29,720
1,650 Charles Schwab Corp. 17,903
15,050 Citigroup, Inc. 529,609
650 Countrywide Financial Corp. 33,572
3,900 Fannie Mae 250,887
700 Franklin Resources, Inc. 23,856
3,500 Freddie Mac 206,675
550 Goldman Sachs Group, Inc. 37,455
1,270 Household Intl., Inc. 35,319
5,900 JP Morgan Chase & Co. 141,600
650 Lehman Brothers Holdings, Inc. 34,639
5,125 MBNA Corp. 97,478
2,600 Merrill Lynch & Co., Inc. 98,670
3,200 Morgan Stanley 127,744
850 @ Providian Financial Corp. 5,517
450 SLM Corp. 46,737
------------
1,880,788
------------
ELECTRIC: 0.28%
450 Ameren Corp. 18,706
950 American Electric Power Co., Inc. 25,963
800 Centerpoint Energy, Inc. 6,800
600 Cinergy Corp. 20,232
460 CMS Energy Corp. 4,342
600 Consolidated Edison, Inc. 25,692
450 Constellation Energy Group, Inc. 12,519
900 Dominion Resources, Inc. 49,410
450 DTE Energy Co. 20,880
2,600 Duke Energy Corp. 50,804
1,400 @ Edison Intl. 16,590
650 Entergy Corp. 29,633
1,250 Exelon Corp. 65,962
850 FirstEnergy Corp. 28,024
500 FPL Group, Inc. 30,065
600 NiSource, Inc. 12,000
1,600 @ PG&E Corp. 22,240
</Table>
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
300 Pinnacle West Capital Corp. $ 10,227
450 PPL Corp. 15,606
600 Progress Energy, Inc. 26,010
550 Public Service Enterprise Group, Inc. 17,655
1,900 Southern Co. 53,941
450 TECO Energy, Inc. 6,962
1,050 TXU Corp. 19,614
1,100 Xcel Energy, Inc. 12,100
------------
601,977
------------
ELECTRICAL COMPONENTS & EQUIPMENT: 0.04%
750 @ American Power Conversion 11,362
1,300 Emerson Electric Co. 66,105
550 Molex, Inc. 12,672
------------
90,139
------------
ELECTRONICS: 0.04%
1,300 @ Agilent Technologies, Inc. 23,348
650 Applera Corp. -- Applied Biosystems Group 11,401
840 @ Jabil Circuit, Inc. 15,053
350 Parker Hannifin Corp. 16,146
2,250 @ Sanmina-SCI Corp. 10,103
200 @ Thermo Electron Corp. 4,024
200 Thomas & Betts Corp. 3,380
400 @ Waters Corp. 8,712
------------
92,167
------------
ENGINEERING & CONSTRUCTION: 0.00%
300 Fluor Corp. 8,400
------------
8,400
------------
ENTERTAINMENT: 0.01%
250 @ International Game Technology 18,980
------------
18,980
------------
ENVIRONMENTAL CONTROL: 0.02%
600 @ Allied Waste Industries, Inc. 6,000
1,800 Waste Management, Inc. 41,256
------------
47,256
------------
FOOD: 0.18%
1,250 Albertson's, Inc. 27,825
1,900 Archer-Daniels-Midland Co. 23,560
1,300 Campbell Soup Co. 30,511
1,500 ConAgra Foods, Inc. 37,515
1 @ Del Monte Foods Co. 7
450 General Mills, Inc. 21,127
450 Hershey Foods Corp. 30,348
1,050 HJ Heinz Co. 34,513
1,150 Kellogg Co. 39,411
2,350 @ Kroger Co. 36,308
2,050 Sara Lee Corp. 46,146
350 Supervalu, Inc. 5,779
500 Winn-Dixie Stores, Inc. 7,640
600 WM Wrigley Jr Co. 32,928
------------
373,618
------------
FOREST PRODUCTS & PAPER: 0.05%
200 Boise Cascade Corp. 5,044
650 Georgia-Pacific Corp. 10,504
1,400 International Paper Co. 48,958
650 MeadWestvaco Corp. 16,062
500 Plum Creek Timber Co., Inc. 11,800
</Table>
See Accompanying Notes to Financial Statements
135
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FUND --
SERIES R
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER (CONTINUED)
200 Temple-Inland, Inc. $ 8,962
250 Weyerhaeuser Co. 12,303
------------
113,633
------------
GAS: 0.02%
400 KeySpan Corp. 14,096
200 Nicor, Inc. 6,806
100 Peoples Energy Corp. 3,865
850 Sempra Energy 20,103
------------
44,870
------------
HAND/MACHINE TOOLS: 0.02%
350 Black & Decker Corp. 15,011
250 Snap-On, Inc. 7,028
350 Stanley Works 12,103
------------
34,142
------------
HEALTHCARE -- PRODUCTS: 0.32%
1,210 Becton Dickinson & Co. 37,135
1,200 @ Boston Scientific Corp. 51,024
200 CR Bard, Inc. 11,600
1,380 @ Guidant Corp. 42,573
8,750 Johnson & Johnson 469,963
700 @ St. Jude Medical, Inc. 27,804
600 Stryker Corp. 40,272
250 @ Zimmer Holdings, Inc. 10,380
------------
690,751
------------
HEALTHCARE -- SERVICES: 0.16%
680 A Aetna, Inc. 27,962
630 @ Anthem, Inc. 39,627
1,600 HCA, Inc. 66,400
750 Health Management Associates, Inc. 13,425
550 @ Humana, Inc. 5,500
300 @ Manor Care, Inc. 5,583
300 @ Quest Diagnostics 17,070
1,400 @ Tenet Healthcare Corp. 22,960
1,200 UnitedHealth Group, Inc. 100,200
670 @ WellPoint Health Networks 47,677
------------
346,404
------------
HOME BUILDERS: 0.01%
310 Centex Corp. 15,562
180 KB Home 7,713
150 Pulte Homes, Inc. 7,181
------------
30,456
------------
HOME FURNISHINGS: 0.02%
700 Leggett & Platt, Inc. 15,708
300 Maytag Corp. 8,550
300 Whirlpool Corp. 15,666
------------
39,924
------------
HOUSEHOLD PRODUCTS/WARES: 0.04%
100 @ American Greetings 1,580
450 Avery Dennison Corp. 27,486
810 Clorox Co. 33,412
400 Fortune Brands, Inc. 18,604
------------
81,082
------------
HOUSEWARES: 0.01%
750 Newell Rubbermaid, Inc. 22,748
------------
22,748
------------
</Table>
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
INSURANCE: 0.45%
750 @@ ACE Ltd. $ 22,005
1,450 Aflac, Inc. 43,674
2,100 Allstate Corp. 77,679
250 AMBAC Financial Group, Inc. 14,060
3,150 American Intl. Group 182,227
950 AON Corp. 17,945
200 Chubb Corp. 10,440
620 Cigna Corp. 25,494
450 Cincinnati Financial Corp. 16,897
650 Hartford Financial Services Group, Inc. 29,529
400 Jefferson-Pilot Corp. 15,244
750 John Hancock Financial Services, Inc. 20,925
200 Lincoln National Corp. 6,316
550 Loews Corp. 24,453
1,600 Marsh & McLennan Cos., Inc. 73,936
600 MBIA, Inc. 26,316
2,100 Metlife, Inc. 56,784
500 MGIC Investment Corp. 20,650
900 Principal Financial Group 27,117
850 Progressive Corp. 42,186
1,800 Prudential Financial, Inc. 57,132
450 Safeco Corp. 15,602
300 St. Paul Cos. 10,215
300 Torchmark Corp. 10,959
4,064 @ Travelers Property Casualty Corp. 59,538
1,000 UnumProvident Corp. 17,540
400 @@ XL Capital Ltd. 30,900
------------
955,763
------------
INTERNET: 0.02%
350 @ eBay, Inc. 23,737
1,800 @ Yahoo, Inc. 29,430
------------
53,167
------------
IRON/STEEL: 0.01%
300 Nucor Corp. 12,390
300 United States Steel Corp. 3,936
------------
16,326
------------
LEISURE TIME: 0.02%
300 Brunswick Corp. 5,958
700 Carnival Corp. 17,465
350 Harley-Davidson, Inc. 16,170
350 @ Sabre Holdings Corp. 6,339
------------
45,932
------------
LODGING: 0.02%
510 @ Harrah's Entertainment, Inc. 20,196
1,150 Hilton Hotels Corp. 14,616
600 Starwood Hotels & Resorts Worldwide, Inc. 14,244
------------
49,056
------------
MACHINERY -- DIVERSIFIED: 0.03%
650 Deere & Co. 29,802
550 Dover Corp. 16,038
500 Rockwell Automation, Inc. 10,355
------------
56,195
------------
MEDIA: 0.32%
5,350 @ AOL Time Warner, Inc. 70,085
1,900 @ Clear Channel Communications, Inc. 70,851
2,752 @ Comcast Corp. 64,865
850 Gannett Co., Inc. 61,030
300 Knight-Ridder, Inc. 18,975
</Table>
See Accompanying Notes to Financial Statements
136
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FUND --
SERIES R
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
MEDIA (CONTINUED)
550 McGraw-Hill Cos., Inc. $ 33,242
180 Meredith Corp. 7,400
250 New York Times Co. 11,433
950 Tribune Co. 43,187
5,300 @ Viacom, Inc. 216,028
5,750 Walt Disney Co. 93,782
------------
690,878
------------
MINING: 0.02%
150 @ Freeport-McMoRan Copper & Gold, Inc. 2,517
1,150 Newmont Mining Corp. 33,385
350 @ Phelps Dodge Corp. 11,078
------------
46,980
------------
MISCELLANEOUS MANUFACTURING: 0.55%
1,150 3M Co. 141,795
300 Cooper Industries Ltd. 10,935
150 Crane Co. 2,989
450 Danaher Corp. 29,565
1,150 Eastman Kodak Co. 40,296
200 Eaton Corp. 15,622
29,100 General Electric Co. 708,585
2,500 Honeywell Intl., Inc. 60,000
900 Illinois Tool Works, Inc. 58,374
500 @@ Ingersoll-Rand Co. 21,530
350 ITT Industries, Inc. 21,241
100 Pall Corp. 1,668
650 Textron, Inc. 27,944
2,350 @@ Tyco Intl. Ltd. 40,138
------------
1,180,682
------------
OFFICE/BUSINESS EQUIPMENT: 0.02%
650 Pitney Bowes, Inc. 21,229
2,800 @ Xerox Corp. 22,540
------------
43,769
------------
OIL & GAS: 0.55%
360 Amerada Hess Corp. 19,818
750 Anadarko Petroleum Corp. 35,925
570 Apache Corp. 32,484
550 Burlington Resources, Inc. 23,457
1,250 ChevronTexaco Corp. 83,100
1,945 ConocoPhillips 94,118
600 Devon Energy Corp. 27,540
19,700 Exxon Mobil Corp. 688,318
1,200 Marathon Oil Corp. 25,548
600 @,@@ Nabors Industries Ltd. 21,162
550 @ Noble Corp. 19,332
1,120 Occidental Petroleum Corp. 31,864
350 Rowan Cos., Inc. 7,945
1,470 Transocean, Inc. 34,104
800 Unocal Corp. 24,464
------------
1,169,179
------------
OIL & GAS SERVICES: 0.02%
600 Baker Hughes, Inc. 19,314
1,200 Halliburton Co. 22,452
------------
41,766
------------
</Table>
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
PACKAGING & CONTAINERS: 0.01%
150 Ball Corp. $ 7,678
150 Bemis Co. 7,444
400 @ Pactiv Corp. 8,744
------------
23,866
------------
PHARMACEUTICALS: 0.72%
200 Allergan, Inc. 11,524
500 AmerisourceBergen Corp. 27,155
1,400 Cardinal Health, Inc. 82,866
600 @ Forest Laboratories, Inc. 58,932
650 @ King Pharmaceuticals, Inc. 11,174
6,600 Merck & Co., Inc. 373,626
18,200 Pfizer, Inc. 556,374
3,800 Pharmacia Corp. 158,840
4,450 Schering-Plough Corp. 98,790
450 @ Watson Pharmaceuticals, Inc. 12,722
3,900 Wyeth 145,860
------------
1,537,863
------------
PIPELINES: 0.00%
150 Kinder Morgan, Inc. 6,341
------------
6,341
------------
REITS: 0.02%
1,200 Equity Office Properties Trust 29,976
500 Simon Property Group, Inc. 17,035
------------
47,011
------------
RETAIL: 0.62%
300 @ Autozone, Inc. 21,195
850 @ Bed Bath & Beyond, Inc. 29,350
900 @ Best Buy Co., Inc. 21,735
350 @ Big Lots, Inc. 4,630
1,150 CVS Corp. 28,715
650 Darden Restaurants, Inc. 13,292
250 Dillard's, Inc. 3,965
1,100 Dollar General Corp. 13,145
450 Family Dollar Stores 14,045
650 @ Federated Department Stores 18,694
4,500 Gap, Inc. (The) 69,840
6,930 Home Depot, Inc. 166,043
1,100 JC Penney Co., Inc. 25,311
1,050 @ Kohl's Corp. 58,748
3,150 Lowe's Cos., Inc. 118,125
2,350 Ltd. Brands 32,736
800 May Department Stores Co. 18,384
3,900 McDonald's Corp. 62,712
500 Nordstrom, Inc. 9,485
1,420 @ Office Depot, Inc. 20,959
600 RadioShack Corp. 11,244
2,210 @ Staples, Inc. 40,443
1,050 @ Starbucks Corp. 21,399
2,750 Target Corp. 82,500
400 Tiffany & Co. 9,564
1,500 TJX Cos, Inc. 29,280
2,900 Walgreen Co. 84,651
5,300 Wal-Mart Stores, Inc. 267,703
300 Wendy's Intl., Inc. 8,121
850 @ Yum! Brands, Inc. 20,587
------------
1,326,601
------------
</Table>
See Accompanying Notes to Financial Statements
137
ING
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FUND --
SERIES R
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
SAVINGS & LOANS: 0.09%
730 Golden West Financial Corp. $ 52,421
3,800 Washington Mutual, Inc. 131,214
------------
183,635
------------
SEMICONDUCTORS: 0.30%
1,000 @ Advanced Micro Devices, Inc. 6,460
950 @ Altera Corp. 11,723
400 @ Analog Devices, Inc. 9,548
5,000 @ Applied Materials, Inc. 65,150
19,950 Intel Corp. 310,622
550 @ Kla-Tencor Corp. 19,454
1,200 Linear Technology Corp. 30,864
1,150 @ LSI Logic Corp. 6,636
900 Maxim Integrated Products 29,736
750 @ Micron Technology, Inc. 7,305
500 @ National Semiconductor Corp. 7,505
690 @ Novellus Systems, Inc. 19,375
450 @ Nvidia Corp. 5,180
380 @ QLogic Corp. 13,114
650 @ Teradyne, Inc. 8,457
4,850 Texas Instruments, Inc. 72,799
1,000 @ Xilinx, Inc. 20,600
------------
644,528
------------
SOFTWARE: 0.65%
700 Adobe Systems, Inc. 17,361
500 Autodesk, Inc. 7,150
1,850 Automatic Data Processing 72,612
1,050 @ BMC Software, Inc. 17,965
550 @ Citrix Systems, Inc. 6,776
1,600 Computer Associates Intl., Inc. 21,600
1,450 @ Compuware Corp. 6,960
700 @ Electronic Arts, Inc. 34,839
2,150 First Data Corp. 76,131
550 @ Fiserv, Inc. 18,672
600 @ Intuit, Inc. 28,152
200 @ Mercury Interactive Corp. 5,930
15,650 @ Microsoft Corp. 809,105
21,250 @ Oracle Corp. 229,500
900 @ Peoplesoft, Inc. 16,470
750 @ Rational Software Corp. 7,793
2,090 @ Siebel Systems, Inc. 15,633
------------
1,392,649
------------
TELECOMMUNICATIONS: 0.63%
900 Alltel Corp. 45,900
300 @ Andrew Corp. 3,084
2,320 AT&T Corp. 60,575
5,550 BellSouth Corp. 143,578
600 CenturyTel, Inc. 17,628
1,500 @ CIENA Corp. 7,710
21,650 @ Cisco Systems, Inc. 283,615
1,200 @ Citizens Communications Co. 12,660
550 @ Comverse Technology, Inc. 5,511
6,850 Motorola, Inc. 59,253
2,600 @ Nextel Communications, Inc. 30,030
900 @ Qualcomm, Inc. 32,751
9,900 SBC Communications, Inc. 268,389
600 Scientific-Atlanta, Inc. 7,116
3,350 Sprint Corp.-FON Group 48,508
1,350 @ Tellabs, Inc. 9,815
8,000 Verizon Communications, Inc. 310,000
------------
1,346,123
------------
</Table>
<Table>
<Caption>
Shares Value
- ---------------------------------------------------------------------------------------
TEXTILES: 0.01%
450 Cintas Corp. $ 20,587
------------
20,587
------------
TOBACCO: 0.11%
5,900 Philip Morris Cos., Inc. 239,127
100 RJ Reynolds Tobacco Holdings, Inc. 4,211
------------
243,338
------------
TOYS/GAMES/HOBBIES: 0.02%
450 Hasbro, Inc. 5,197
2,200 Mattel, Inc. 42,130
------------
47,327
------------
TRANSPORTATION: 0.16%
1,050 Burlington Northern Santa Fe Corp. 27,310
900 FedEx Corp. 48,798
1,100 Norfolk Southern Corp. 21,989
700 Union Pacific Corp. 41,909
3,350 United Parcel Service, Inc. 211,318
------------
351,324
------------
TRUCKING & LEASING: 0.00%
200 Ryder System, Inc. 4,488
------------
4,488
------------
Total Common Stock
(Cost $22,379,190) 21,533,693
------------
<Caption>
Principal
Amount Value
- ---------------------------------------------------------------------------------------
BONDS/NOTES: 13.98%
DIVERSIFIED FINANCIAL SERVICES: 3.47%
$ 7,000,000 General Electric Capital Corp.,
5.000%, due 06/15/07 7,419,321
------------
SOVEREIGN: 10.51%
3,720,000 FICO Strip,
Zero Coupon, due 06/06/07 3,223,451
7,558,000 FICO Strip,
Zero Coupon, due 12/06/07 6,449,415
2,653,000 FICO Strip,
Zero Coupon, due 12/27/07 2,251,535
5,146,000 Israel Trust,
Zero Coupon, due 11/15/07 4,425,483
3,917,000 Israel Trust,
Zero Coupon, due 11/15/07 3,368,561
3,185,000 Turkey Trust,
Zero Coupon, due 05/15/07 2,771,026
------------
22,489,471
------------
Total Bonds/Notes
(Cost $29,160,180) 29,908,792
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS: 46.78%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 8.04%
20,000,000 Zero Coupon, due 09/14/07 17,207,360
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION --
STRIP: 3.35%
6,250,000 Zero Coupon, due 07/15/07 5,432,912
2,000,000 Zero Coupon, due 09/15/07 1,731,770
------------
7,164,682
------------
</Table>
See Accompanying Notes to Financial Statements
138
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FUND --
SERIES R
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Principal
Amount Value
- ---------------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 35.39%
$ 87,000,000 Zero Coupon, due 06/15/07 $ 75,762,732
------------
Total U.S. Government Agency Obligations
(Cost $95,332,929) 100,134,774
------------
U.S. TREASURY OBLIGATIONS: 28.83%
U.S. TREASURY STRIP: 28.83%
69,221,000 Zero Coupon, due 05/15/07 61,721,528
------------
Total U.S. Treasury Obligations
(Cost $59,071,780) 61,721,528
------------
Total Long-Term Investments
(Cost $205,944,079) 213,298,787
------------
SHORT-TERM INVESTMENT: 0.49%
1,054,000 State Street Repurchase Agreement, dated
12/31/02, 1.200%, due 01/02/03, $1,054,070 to be
received upon repurchase (collateralized by
$1,080,000 FHLB, 1.600% Market Value $1,080,000
due 01/16/04) 1,054,000
------------
Total Short-Term Investment
(Cost $1,054,000) 1,054,000
------------
</Table>
<Table>
TOTAL INVESTMENTS IN SECURITIES 100.13% $214,352,787
(COST $206,998,079)*
OTHER ASSETS AND LIABILITIES-NET -0.13% (274,341)
-------- ------------
NET ASSETS 100.00% $214,078,446
======== ============
</Table>
<Table>
@ Non-income producing security
@@ Foreign Issuer
A Related Party
* Cost for federal income tax purposes is $209,590,131. Net
unrealized appreciation consists of:
</Table>
<Table>
Gross Unrealized Appreciation $ 6,141,858
Gross Unrealized Depreciation (1,379,202)
-----------
Net Unrealized Appreciation $ 4,762,656
===========
</Table>
See Accompanying Notes to Financial Statements
139
ING
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FUND --
SERIES S
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMMON STOCK: 12.43%
ADVERTISING: 0.01%
2,450 Interpublic Group Cos., Inc. $ 34,496
-----------
34,496
-----------
AEROSPACE/DEFENSE: 0.23%
4,350 Boeing Co. 143,506
1,100 General Dynamics Corp. 87,307
300 Goodrich Corp. 5,496
2,400 Lockheed Martin Corp. 138,600
1,018 Northrop Grumman Corp. 98,730
1,200 Raytheon Co. 36,900
1,680 Rockwell Collins, Inc. 39,077
3,350 United Technologies Corp. 207,499
-----------
757,115
-----------
AGRICULTURE: 0.02%
650 Monsanto Co. 12,513
1,300 UST, Inc. 43,459
-----------
55,972
-----------
APPAREL: 0.05%
1,090 @ Jones Apparel Group, Inc. 38,630
1,000 Liz Claiborne, Inc. 29,650
1,450 Nike, Inc. 64,482
400 @ Reebok Intl. Ltd. 11,760
780 VF Corp. 28,119
-----------
172,641
-----------
AUTO MANUFACTURERS: 0.09%
16,150 Ford Motor Co. 150,195
2,950 General Motors Corp. 108,737
910 Paccar, Inc. 41,978
-----------
300,910
-----------
AUTO PARTS & EQUIPMENT: 0.04%
500 Cooper Tire & Rubber Co. 7,670
800 Dana Corp. 9,408
4,200 Delphi Corp. 33,810
1,100 Goodyear Tire & Rubber Co. 7,491
700 Johnson Controls, Inc. 56,119
-----------
114,498
-----------
BANKS: 0.92%
2,000 AmSouth Bancorp 38,400
11,050 Bank of America Corp. 768,748
6,150 Bank One Corp. 224,782
1,050 BB&T Corp. 38,839
1,750 Charter One Financial, Inc. 50,277
1,200 Comerica, Inc. 51,888
1,000 First Tennessee National Corp. 35,940
5,550 FleetBoston Financial Corp. 134,865
1,700 Huntington Bancshares, Inc. 31,807
2,200 Keycorp 55,308
1,600 Marshall & Ilsley Corp. 43,808
1,250 Mellon Financial Corp. 32,638
3,200 National City Corp. 87,424
1,300 North Fork Bancorporation, Inc. 43,862
1,450 PNC Financial Services Group, Inc. 60,755
1,600 Regions Financial Corp. 53,376
2,100 SouthTrust Corp. 52,185
1,700 State Street Corp. 66,300
1,500 SunTrust Banks, Inc. 85,380
2,200 Synovus Financial Corp. 42,680
1,450 Union Planters Corp 40,803
9,950 US Bancorp 211,139
</Table>
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
7,500 Wachovia Corp. $ 273,300
9,250 Wells Fargo & Co. 433,548
500 Zions Bancorporation 19,675
-----------
2,977,727
-----------
BEVERAGES: 0.40%
4,300 Anheuser-Busch Cos., Inc. 208,120
400 Brown-Forman Corp. 26,144
13,050 Coca-Cola Co. 571,851
2,300 Coca-Cola Enterprises, Inc. 49,956
300 Coors (Adolph) 18,375
1,800 Pepsi Bottling Group, Inc. 46,260
9,050 PepsiCo, Inc. 382,091
-----------
1,302,797
-----------
BIOTECHNOLOGY: 0.13%
7,250 @ Amgen, Inc. 350,465
750 @ Biogen, Inc. 30,045
1,300 @ Chiron Corp. 48,880
-----------
429,390
-----------
BUILDING MATERIALS: 0.03%
400 @ American Standard Cos., Inc. 28,456
2,500 Masco Corp. 52,625
-----------
81,081
-----------
CHEMICALS: 0.20%
1,300 Air Products & Chemicals, Inc. 55,575
390 Ashland, Inc. 11,127
5,700 Du Pont EI de Nemours & Co. 241,680
600 Eastman Chemical Co. 22,062
700 Ecolab, Inc. 34,650
1,000 Engelhard Corp. 22,350
800 International Flavors & Fragrances, Inc. 28,080
950 PPG Industries, Inc. 47,643
950 Praxair, Inc. 54,882
1,750 Rohm & Haas Co. 56,840
1,300 Sherwin-Williams Co. 36,725
450 Sigma-Aldrich Corp. 21,915
-----------
633,529
-----------
COMMERCIAL SERVICES: 0.12%
1,200 @ Apollo Group, Inc. 52,800
3,000 @ Concord EFS, Inc. 47,220
1,400 @ Convergys Corp. 21,210
510 Deluxe Corp. 21,471
700 Equifax, Inc. 16,198
1,630 H&R Block, Inc. 65,526
1,700 McKesson Corp. 45,951
950 Moody's Corp. 39,226
1,050 Paychex, Inc. 29,295
1,200 @ Quintiles Transnational Corp. 14,520
1,200 @ Robert Half Intl., Inc. 19,332
-----------
372,749
-----------
COMPUTERS: 0.49%
1,900 @ Apple Computer, Inc. 27,227
950 @ Computer Sciences Corp. 32,727
19,250 @ Dell Computer Corp. 514,745
15,900 @ EMC Corp.-Mass. 97,626
22,650 Hewlett-Packard Co. 393,204
3,550 International Business Machines Corp. 275,125
1,140 @ Lexmark Intl., Inc. 68,970
25,900 @ Sun Microsystems, Inc. 80,549
1,850 @ Sungard Data Systems, Inc. 43,586
</Table>
See Accompanying Notes to Financial Statements
140
ING
GET
FUND --
SERIES S
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
COMPUTERS (CONTINUED)
2,000 @ Unisys Corp. $ 19,800
2,550 @ Veritas Software Corp. 39,831
-----------
1,593,390
-----------
COSMETICS/PERSONAL CARE: 0.47%
300 Alberto-Culver Co. 15,120
500 Avon Products, Inc. 26,935
2,700 Colgate-Palmolive Co. 141,561
7,100 Gillette Co. 215,556
2,550 Kimberly-Clark Corp. 121,049
11,550 Procter & Gamble Co. 992,607
-----------
1,512,828
-----------
DISTRIBUTION/WHOLESALE: 0.01%
650 WW Grainger, Inc. 33,507
-----------
33,507
-----------
DIVERSIFIED FINANCIAL SERVICES: 1.07%
7,000 American Express Co. 247,450
820 Bear Stearns Cos, Inc. 48,708
1,820 Capital One Financial Corp. 54,090
3,200 Charles Schwab Corp. 34,720
28,200 Citigroup, Inc. 992,358
1,050 Countrywide Financial Corp. 54,232
7,340 Fannie Mae 472,182
1,350 Franklin Resources, Inc. 46,008
6,540 Freddie Mac 386,187
1,050 Goldman Sachs Group, Inc. 71,505
2,320 Household Intl., Inc. 64,519
10,400 JP Morgan Chase & Co. 249,600
1,300 Lehman Brothers Holdings, Inc. 69,277
9,600 MBNA Corp. 182,592
4,500 Merrill Lynch & Co., Inc. 170,775
5,700 Morgan Stanley 227,544
2,300 @ Providian Financial Corp. 14,927
800 SLM Corp. 83,088
-----------
3,469,762
-----------
ELECTRIC: 0.37%
950 Ameren Corp. 39,491
1,650 American Electric Power Co., Inc. 45,094
1,400 Centerpoint Energy, Inc. 11,900
750 Cinergy Corp. 25,290
950 CMS Energy Corp. 8,968
1,250 Consolidated Edison, Inc. 53,525
1,300 Constellation Energy Group, Inc. 36,166
1,700 Dominion Resources, Inc. 93,330
1,350 DTE Energy Co. 62,640
4,350 Duke Energy Corp. 84,999
2,900 @ Edison Intl. 34,365
1,300 Entergy Corp. 59,267
2,150 Exelon Corp. 113,455
1,500 FirstEnergy Corp. 49,455
900 FPL Group, Inc. 54,117
1,600 NiSource, Inc. 32,000
3,550 @ PG&E Corp. 49,345
400 Pinnacle West Capital Corp. 13,636
1,100 PPL Corp. 38,148
1,150 Progress Energy, Inc. 49,853
1,700 Public Service Enterprise Group, Inc. 54,570
3,550 Southern Co. 100,785
1,200 TECO Energy, Inc. 18,564
</Table>
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
2,150 TXU Corp. $ 40,162
2,200 Xcel Energy, Inc. 24,200
-----------
1,193,325
-----------
ELECTRICAL COMPONENTS & EQUIPMENT: 0.05%
1,830 @ American Power Conversion 27,724
2,150 Emerson Electric Co. 109,327
1,200 Molex, Inc. 27,648
-----------
164,699
-----------
ELECTRONICS: 0.07%
2,850 @ Agilent Technologies, Inc. 51,186
1,700 Applera Corp. -- Applied Biosystems Group 29,818
1,690 @ Jabil Circuit, Inc. 30,285
900 Parker Hannifin Corp. 41,517
4,450 @ Sanmina-SCI Corp. 19,981
500 @ Tektronix, Inc. 9,095
350 @ Thermo Electron Corp. 7,042
1,000 @ Waters Corp. 21,780
-----------
210,704
-----------
ENGINEERING & CONSTRUCTION: 0.01%
820 Fluor Corp. 22,960
-----------
22,960
-----------
ENTERTAINMENT: 0.01%
500 @ International Game Technology 37,960
-----------
37,960
-----------
ENVIRONMENTAL CONTROL: 0.03%
750 @ Allied Waste Industries, Inc. 7,500
3,250 Waste Management, Inc. 74,490
-----------
81,990
-----------
FOOD: 0.21%
2,050 Albertson's, Inc. 45,633
4,600 Archer-Daniels-Midland Co. 57,040
2,600 Campbell Soup Co. 61,022
2,700 ConAgra Foods, Inc. 67,527
1 @ Del Monte Foods Co. 4
850 General Mills, Inc. 39,907
700 Hershey Foods Corp. 47,208
1,750 HJ Heinz Co. 57,523
2,100 Kellogg Co. 71,967
4,050 @ Kroger Co. 62,573
4,000 Sara Lee Corp. 90,040
850 Supervalu, Inc. 14,034
1,140 Winn-Dixie Stores, Inc. 17,419
1,150 WM Wrigley Jr Co. 63,112
-----------
695,009
-----------
FOREST PRODUCTS & PAPER: 0.07%
500 Boise Cascade Corp. 12,610
1,500 Georgia-Pacific Corp. 24,240
2,750 International Paper Co. 96,168
1,250 MeadWestvaco Corp. 30,888
1,200 Plum Creek Timber Co., Inc. 28,320
300 Temple-Inland, Inc. 13,443
700 Weyerhaeuser Co. 34,447
-----------
240,116
-----------
GAS: 0.02%
1,000 KeySpan Corp. 35,240
390 Nicor, Inc. 13,272
</Table>
See Accompanying Notes to Financial Statements
141
ING
GET
FUND --
SERIES S
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
GAS (CONTINUED)
150 Peoples Energy Corp. $ 5,798
1,000 Sempra Energy 23,650
-----------
77,960
-----------
HAND/MACHINE TOOLS: 0.02%
680 Black & Decker Corp. 29,165
200 Snap-On, Inc. 5,622
500 Stanley Works 17,290
-----------
52,077
-----------
HEALTHCARE -- PRODUCTS: 0.40%
300 Bausch & Lomb, Inc. 10,800
1,880 Becton Dickinson & Co. 57,697
2,350 @ Boston Scientific Corp. 99,922
300 CR Bard, Inc. 17,400
2,830 @ Guidant Corp. 87,306
16,450 Johnson & Johnson 883,530
1,250 @ St. Jude Medical, Inc. 49,650
1,100 Stryker Corp. 73,832
450 @ Zimmer Holdings, Inc. 18,684
-----------
1,298,821
-----------
HEALTHCARE -- SERVICES: 0.22%
1,410 A Aetna, Inc. 57,979
1,410 @ Anthem, Inc. 88,689
2,950 HCA, Inc. 122,425
1,400 Health Management Associates, Inc. 25,060
2,650 @ Healthsouth Corp. 11,130
1,200 @ Humana, Inc. 12,000
500 @ Manor Care, Inc. 9,305
800 @ Quest Diagnostics 45,520
2,650 @ Tenet Healthcare Corp. 43,460
2,250 UnitedHealth Group, Inc. 187,875
1,370 @ WellPoint Health Networks 97,489
-----------
700,932
-----------
HOME BUILDERS: 0.02%
560 Centex Corp. 28,112
480 KB Home 20,568
350 Pulte Homes, Inc. 16,755
-----------
65,435
-----------
HOME FURNISHINGS: 0.02%
1,400 Leggett & Platt, Inc. 31,416
400 Maytag Corp. 11,400
300 Whirlpool Corp. 15,666
-----------
58,482
-----------
HOUSEHOLD PRODUCTS/WARES: 0.04%
600 Avery Dennison Corp. 36,648
1,500 Clorox Co. 61,875
800 Fortune Brands, Inc. 37,208
-----------
135,731
-----------
HOUSEWARES: 0.02%
1,750 Newell Rubbermaid, Inc. 53,078
-----------
53,078
-----------
INSURANCE: 0.55%
1,750 @@ ACE Ltd. 51,345
2,650 Aflac, Inc. 79,818
3,900 Allstate Corp. 144,261
750 AMBAC Financial Group, Inc. 42,180
5,450 American Intl. Group 315,282
</Table>
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
1,900 AON Corp. $ 35,891
500 Chubb Corp. 26,100
1,060 Cigna Corp. 43,587
900 Cincinnati Financial Corp. 33,795
1,300 Hartford Financial Services Group, Inc. 59,059
1,100 Jefferson-Pilot Corp. 41,921
1,450 John Hancock Financial Services, Inc. 40,455
400 Lincoln National Corp. 12,632
1,100 Loews Corp. 48,906
2,750 Marsh & McLennan Cos., Inc. 127,078
1,150 MBIA, Inc. 50,439
3,900 Metlife, Inc. 105,456
600 MGIC Investment Corp. 24,780
1,750 Principal Financial Group 52,728
1,500 Progressive Corp. 74,445
3,000 Prudential Financial, Inc. 95,220
900 Safeco Corp. 31,203
500 St. Paul Cos. 17,025
850 Torchmark Corp. 31,051
6,900 @ Travelers Property Casualty Corp. 101,085
1,950 UnumProvident Corp. 34,203
750 @@ XL Capital Ltd. 57,937
-----------
1,777,882
-----------
INTERNET: 0.03%
700 @ eBay, Inc. 47,474
3,250 @ Yahoo, Inc. 53,138
-----------
100,612
-----------
IRON/STEEL: 0.01%
600 Nucor Corp. 24,780
1,050 United States Steel Corp. 13,776
-----------
38,556
-----------
LEISURE TIME: 0.03%
500 Brunswick Corp. 9,930
1,300 Carnival Corp. 32,435
650 Harley-Davidson, Inc. 30,030
700 @ Sabre Holdings Corp. 12,677
-----------
85,072
-----------
LODGING: 0.03%
930 @ Harrah's Entertainment, Inc. 36,828
1,950 Hilton Hotels Corp. 24,785
1,600 Starwood Hotels & Resorts Worldwide, Inc. 37,984
-----------
99,597
-----------
MACHINERY -- DIVERSIFIED: 0.04%
1,200 Deere & Co. 55,020
1,050 Dover Corp. 30,618
1,500 Rockwell Automation, Inc. 31,065
-----------
116,703
-----------
MEDIA: 0.38%
9,250 @ AOL Time Warner, Inc. 121,175
3,150 @ Clear Channel Communications, Inc. 117,463
4,797 @ Comcast Corp. 113,065
1,400 Gannett Co., Inc. 100,520
600 Knight-Ridder, Inc. 37,950
1,050 McGraw-Hill Cos., Inc. 63,462
340 Meredith Corp. 13,977
500 New York Times Co. 22,865
1,550 Tribune Co. 70,463
9,750 @ Viacom, Inc. 397,410
</Table>
See Accompanying Notes to Financial Statements
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PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
GAS (CONTINUED)
10,700 Walt Disney Co. $ 174,517
-----------
1,232,867
-----------
METAL FABRICATE/HARDWARE: 0.00%
600 Worthington Industries 9,144
-----------
9,144
-----------
MINING: 0.03%
1,350 @ Freeport-McMoRan Copper & Gold, Inc. 22,653
2,250 Newmont Mining Corp. 65,318
600 @ Phelps Dodge Corp. 18,990
-----------
106,961
-----------
MISCELLANEOUS MANUFACTURING: 0.67%
2,050 3M Co. 252,765
500 Cooper Industries Ltd. 18,225
200 Crane Co. 3,986
750 Danaher Corp. 49,275
2,050 Eastman Kodak Co. 71,832
450 Eaton Corp. 35,149
54,550 General Electric Co. 1,328,292
4,350 Honeywell Intl., Inc. 104,400
1,650 Illinois Tool Works, Inc. 107,019
1,200 @@ Ingersoll-Rand Co. 51,672
800 ITT Industries, Inc. 48,552
200 Pall Corp. 3,336
970 Textron, Inc. 41,700
4,400 @@ Tyco Intl. Ltd. 75,152
-----------
2,191,355
-----------
OFFICE/BUSINESS EQUIPMENT: 0.02%
1,350 Pitney Bowes, Inc. 44,091
3,750 @ Xerox Corp. 30,188
-----------
74,279
-----------
OIL & GAS: 0.66%
620 Amerada Hess Corp. 34,131
1,300 Anadarko Petroleum Corp. 62,270
1,020 Apache Corp. 58,130
1,050 Burlington Resources, Inc. 44,782
2,350 ChevronTexaco Corp. 156,228
3,550 ConocoPhillips 171,784
1,150 Devon Energy Corp. 52,785
36,900 Exxon Mobil Corp. 1,289,286
2,350 Marathon Oil Corp. 50,032
850 @,@@ Nabors Industries Ltd. 29,979
750 @ Noble Corp. 26,362
1,980 Occidental Petroleum Corp. 56,331
650 Rowan Cos., Inc. 14,755
2,650 Transocean, Inc. 61,480
1,450 Unocal Corp. 44,341
-----------
2,152,676
-----------
OIL & GAS SERVICES: 0.02%
700 Baker Hughes, Inc. 22,533
3,100 Halliburton Co. 58,001
-----------
80,534
-----------
PACKAGING & CONTAINERS: 0.02%
480 Ball Corp. 24,571
400 Bemis Co. 19,852
1,200 @ Pactiv Corp. 26,232
-----------
70,655
-----------
</Table>
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
PHARMACEUTICALS: 0.89%
400 Allergan, Inc. $ 23,048
800 AmerisourceBergen Corp. 43,448
2,550 Cardinal Health, Inc. 150,934
1,050 @ Forest Laboratories, Inc. 103,131
1,450 @ King Pharmaceuticals, Inc. 24,926
12,400 Merck & Co., Inc. 701,964
34,100 Pfizer, Inc. 1,042,437
7,150 Pharmacia Corp. 298,870
8,300 Schering-Plough Corp. 184,260
900 @ Watson Pharmaceuticals, Inc. 25,443
7,550 Wyeth 282,370
-----------
2,880,831
-----------
PIPELINES: 0.00%
250 Kinder Morgan, Inc. 10,568
-----------
10,568
-----------
REITS: 0.03%
2,250 Equity Office Properties Trust 56,205
1,300 Simon Property Group, Inc. 44,291
-----------
100,496
-----------
RETAIL: 0.76%
750 @ Autozone, Inc. 52,987
1,450 @ Bed Bath & Beyond, Inc. 50,068
2,000 @ Best Buy Co., Inc. 48,300
900 @ Big Lots, Inc. 11,907
2,100 CVS Corp. 52,437
1,200 Darden Restaurants, Inc. 24,540
650 Dillard's, Inc. 10,309
1,900 Dollar General Corp. 22,705
1,200 Family Dollar Stores 37,452
1,250 @ Federated Department Stores 35,950
7,580 Gap, Inc. (The) 117,642
13,000 Home Depot, Inc. 311,480
1,900 JC Penney Co., Inc. 43,719
1,900 @ Kohl's Corp. 106,305
5,900 Lowe's Cos., Inc. 221,250
3,750 Ltd. Brands 52,238
2,100 May Department Stores Co. 48,258
6,950 McDonald's Corp. 111,756
900 Nordstrom, Inc. 17,073
1,990 @ Office Depot, Inc. 29,372
1,450 RadioShack Corp. 27,173
3,920 @ Staples, Inc. 71,736
2,050 @ Starbucks Corp. 41,779
5,000 Target Corp. 150,000
800 Tiffany & Co. 19,128
2,800 TJX Cos, Inc. 54,656
5,450 Walgreen Co. 159,086
9,800 Wal-Mart Stores, Inc. 494,998
700 Wendy's Intl., Inc. 18,949
1,650 @ Yum! Brands, Inc. 39,963
-----------
2,483,216
-----------
SAVINGS & LOANS: 0.10%
1,310 Golden West Financial Corp. 94,071
6,750 Washington Mutual, Inc. 233,078
-----------
327,149
-----------
SEMICONDUCTORS: 0.37%
1,950 @ Advanced Micro Devices, Inc. 12,597
2,300 @ Altera Corp. 28,382
1,050 @ Analog Devices, Inc. 25,063
</Table>
See Accompanying Notes to Financial Statements
143
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SERIES S
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
SEMICONDUCTORS (CONTINUED)
9,150 @ Applied Materials, Inc. $ 119,224
36,400 Intel Corp. 566,748
1,300 @ Kla-Tencor Corp. 45,981
1,650 Linear Technology Corp. 42,438
1,600 @ LSI Logic Corp. 9,232
1,650 Maxim Integrated Products 54,516
1,400 @ Micron Technology, Inc. 13,636
1,050 @ National Semiconductor Corp. 15,761
1,150 @ Novellus Systems, Inc. 32,292
900 @ Nvidia Corp. 10,359
1,200 @ PMC -- Sierra, Inc. 6,672
640 @ QLogic Corp 22,086
1,250 @ Teradyne, Inc. 16,263
9,000 Texas Instruments, Inc. 135,090
2,500 @ Xilinx, Inc. 51,500
-----------
1,207,840
-----------
SOFTWARE: 0.80%
1,350 Adobe Systems, Inc. 33,481
700 Autodesk, Inc. 10,010
3,250 Automatic Data Processing 127,562
2,110 @ BMC Software, Inc. 36,102
1,200 @ Citrix Systems, Inc. 14,784
2,900 Computer Associates Intl., Inc. 39,150
2,900 @ Compuware Corp. 13,920
1,210 @ Electronic Arts, Inc. 60,222
3,950 First Data Corp. 139,869
1,400 @ Fiserv, Inc. 47,530
1,050 @ Intuit, Inc. 49,266
710 @ Mercury Interactive Corp. 21,052
29,300 @ Microsoft Corp. 1,514,810
39,850 @ Oracle Corp. 430,380
1,610 @ Peoplesoft, Inc. 29,463
1,200 @ Rational Software Corp. 12,468
4,540 @ Siebel Systems, Inc. 33,959
-----------
2,614,028
-----------
TELECOMMUNICATIONS: 0.75%
1,650 Alltel Corp. 84,150
100 @ Andrew Corp. 1,028
4,000 AT&T Corp. 104,440
9,750 BellSouth Corp. 252,232
800 CenturyTel, Inc. 23,504
2,950 @ CIENA Corp. 15,163
39,700 @ Cisco Systems, Inc. 520,070
1,200 @ Citizens Communications Co. 12,660
1,200 @ Comverse Technology, Inc. 12,024
11,900 Motorola, Inc. 102,935
4,600 @ Nextel Communications, Inc. 53,130
1,700 @ Qualcomm, Inc. 61,863
18,150 SBC Communications, Inc. 492,047
750 Scientific-Atlanta, Inc. 8,895
6,300 Sprint Corp.-FON Group 91,224
3,200 @ Tellabs, Inc. 23,264
15,000 Verizon Communications, Inc. 581,250
-----------
2,439,879
-----------
TEXTILES: 0.02%
1,300 Cintas Corp. 59,475
-----------
59,475
-----------
</Table>
<Table>
<Caption>
Shares Value
- ----------------------------------------------------------------------------------------
TOBACCO: 0.14%
10,900 Philip Morris Cos., Inc. $ 441,777
500 RJ Reynolds Tobacco Holdings, Inc. 21,055
-----------
462,832
-----------
TOYS/GAMES/HOBBIES: 0.02%
800 Hasbro, Inc. 9,240
3,680 Mattel, Inc. 70,472
-----------
79,712
-----------
TRANSPORTATION: 0.20%
2,600 Burlington Northern Santa Fe Corp. 67,626
1,550 FedEx Corp. 84,041
2,050 Norfolk Southern Corp. 40,980
1,300 Union Pacific Corp. 77,831
5,850 United Parcel Service, Inc. 369,018
-----------
639,496
-----------
TRUCKING & LEASING: 0.00%
500 Ryder System, Inc 11,220
-----------
11,220
-----------
Total Common Stock
(Cost $41,604,977) 40,385,306
-----------
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
BONDS/NOTES: 3.07%
SOVEREIGN: 3.07%
$ 10,163,000 Israel Trust,
Zero Coupon, due 11/15/07 8,740,027
1,450,000 Turkey Trust,
Zero Coupon, due 11/15/07 1,246,978
-----------
9,987,005
-----------
Total Bonds/Notes
(Cost $9,955,608) 9,987,005
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS: 34.55%
FEDERAL HOME LOAN BANK SYSTEM: 10.59%
40,000,000 Zero Coupon, due 09/14/07 34,414,720
-----------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 10.59%
40,000,000 Zero Coupon, due 09/14/07 34,414,720
-----------
FEDERAL HOME LOAN MORTGAGE CORPORATION -- STRIP:
0.14%
538,000 Zero Coupon, due 09/15/07 465,846
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 13.23%
50,000,000 Zero Coupon, due 09/14/07 43,018,400
-----------
Total U.S. Government Agency Obligations (Cost
$111,345,962) 112,313,686
-----------
U.S. TREASURY OBLIGATIONS: 49.65%
U.S. TREASURY STRIP: 49.65%
183,024,000 Zero Coupon, due 08/15/07 161,390,746
-----------
Total U.S. Treasury Obligations
(Cost $158,337,427) 161,390,746
-----------
Total Long-Term Investments
(Cost $321,243,974) 324,076,743
-----------
</Table>
See Accompanying Notes to Financial Statements
144
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FUND --
SERIES S
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT: 0.40%
$ 1,294,000 State Street Repurchase Agreement, dated 12/31/02,
1.200%, due 01/02/03, $1,294,086 to be received
upon repurchase (Collateralized by $1,305,000
FNMA, 3.300% Market Value $1,323,930 due 02/25/04)
$ 1,294,000
-----------
Total Short-Term Investment
(Cost $1,294,000) 1,294,000
-----------
</Table>
<Table>
TOTAL INVESTMENTS IN SECURITIES 100.10% $325,370,743
(COST $322,537,974)*
OTHER ASSETS AND LIABILITIES-NET -0.10% (329,543)
------- ------------
NET ASSETS 100.00% $325,041,200
======= ============
</Table>
<Table>
@ Non-income producing security
@@ Foreign Issuer
A Related Party
* Cost for federal income tax purposes is $323,915,118. Net
unrealized appreciation consists of:
</Table>
<Table>
Gross Unrealized Appreciation $ 3,307,790
Gross Unrealized Depreciation (1,852,165)
-----------
Net Unrealized Appreciation $ 1,455,625
===========
</Table>
See Accompanying Notes to Financial Statements
145
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SERIES T
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- -----------------------------------------------------------------------------------------
COMMON STOCK: 14.28%
ADVERTISING: 0.01%
2,300 Interpublic Group Cos., Inc. $ 32,384
-----------
32,384
-----------
AEROSPACE/DEFENSE: 0.27%
4,500 Boeing Co. 148,455
1,100 General Dynamics Corp. 87,307
200 Goodrich Corp. 3,664
2,400 Lockheed Martin Corp. 138,600
950 Northrop Grumman Corp. 92,150
850 Raytheon Co. 26,138
1,590 Rockwell Collins, Inc. 36,983
3,500 United Technologies Corp. 216,790
-----------
750,087
-----------
AGRICULTURE: 0.01%
900 UST, Inc. 30,087
-----------
30,087
-----------
APPAREL: 0.06%
1,100 @ Jones Apparel Group, Inc. 38,984
980 Liz Claiborne, Inc. 29,057
1,400 Nike, Inc. 62,258
300 @ Reebok Intl. Ltd. 8,820
800 VF Corp. 28,840
-----------
167,959
-----------
AUTO MANUFACTURERS: 0.11%
16,950 Ford Motor Co. 157,635
3,000 General Motors Corp. 110,580
900 Paccar, Inc. 41,517
-----------
309,732
-----------
AUTO PARTS & EQUIPMENT: 0.03%
500 Cooper Tire & Rubber Co. 7,670
1,000 Dana Corp. 11,760
2,900 Delphi Corp. 23,345
1,100 Goodyear Tire & Rubber Co. 7,491
500 Johnson Controls, Inc. 40,085
-----------
90,351
-----------
BANKS: 1.06%
2,300 AmSouth Bancorp 44,160
10,900 Bank of America Corp. 758,313
6,500 Bank One Corp. 237,575
1,050 BB&T Corp. 38,839
1,600 Charter One Financial, Inc. 45,968
1,300 Comerica, Inc. 56,212
700 First Tennessee National Corp. 25,158
5,700 FleetBoston Financial Corp. 138,510
1,200 Huntington Bancshares, Inc. 22,452
2,200 Keycorp 55,308
1,100 Marshall & Ilsley Corp. 30,118
900 Mellon Financial Corp. 23,499
3,200 National City Corp. 87,424
900 North Fork Bancorporation, Inc. 30,366
1,500 PNC Financial Services Group, Inc. 62,850
1,650 Regions Financial Corp. 55,044
2,300 SouthTrust Corp. 57,155
1,600 State Street Corp. 62,400
1,500 SunTrust Banks, Inc. 85,380
1,600 Synovus Financial Corp. 31,040
1,900 Union Planters Corp. 53,466
10,300 US Bancorp 218,566
7,350 Wachovia Corp. 267,834
</Table>
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
Shares Value
9,100 Wells Fargo & Co. $ 426,517
600 Zions Bancorporation 23,609
-----------
2,937,763
-----------
BEVERAGES: 0.46%
4,450 Anheuser-Busch Cos., Inc. 215,380
400 Brown-Forman Corp. 26,144
12,600 Coca-Cola Co. 552,132
2,400 Coca-Cola Enterprises, Inc. 52,128
200 Coors (Adolph) 12,250
1,400 Pepsi Bottling Group, Inc. 35,980
9,000 PepsiCo, Inc. 379,980
-----------
1,273,994
-----------
BIOTECHNOLOGY: 0.14%
6,950 @ Amgen, Inc. 335,963
750 @ Biogen, Inc. 30,045
900 @ Chiron Corp. 33,840
-----------
399,848
-----------
BUILDING MATERIALS: 0.03%
400 @ American Standard Cos., Inc. 28,456
2,700 Masco Corp. 56,835
-----------
85,291
-----------
CHEMICALS: 0.22%
1,500 Air Products & Chemicals, Inc. 64,125
300 Ashland, Inc. 8,559
5,800 Du Pont EI de Nemours & Co. 245,920
400 Eastman Chemical Co. 14,708
900 Ecolab, Inc. 44,550
700 Engelhard Corp. 15,645
200 Great Lakes Chemical Corp. 4,776
600 International Flavors & Fragrances, Inc. 21,060
1,000 PPG Industries, Inc. 50,150
900 Praxair, Inc. 51,993
1,200 Rohm & Haas Co. 38,976
800 Sherwin-Williams Co. 22,600
400 Sigma-Aldrich Corp. 19,480
-----------
602,542
-----------
COMMERCIAL SERVICES: 0.12%
800 @ Apollo Group, Inc. 35,200
2,700 @ Concord EFS, Inc. 42,498
1,000 @ Convergys Corp. 15,150
500 Deluxe Corp. 21,050
1,100 Equifax, Inc. 25,454
1,700 H&R Block, Inc. 68,340
1,600 McKesson Corp. 43,248
900 Moody's Corp. 37,161
800 Paychex, Inc. 22,320
1,100 @ Quintiles Transnational Corp. 13,310
900 @ Robert Half Intl., Inc. 14,499
-----------
338,230
-----------
COMPUTERS: 0.56%
1,850 @ Apple Computer, Inc. 26,510
1,300 @ Computer Sciences Corp. 44,785
18,750 @ Dell Computer Corp. 501,375
15,600 @ EMC Corp.-Mass. 95,784
22,050 Hewlett-Packard Co. 382,788
3,800 International Business Machines Corp. 294,500
1,080 @ Lexmark Intl., Inc. 65,340
18,300 @ Sun Microsystems, Inc. 56,913
2,000 @ Sungard Data Systems, Inc. 47,120
</Table>
See Accompanying Notes to Financial Statements
146
ING
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FUND --
SERIES T
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- -----------------------------------------------------------------------------------------
COMPUTERS (CONTINUED)
1,700 @ Unisys Corp. $ 16,830
2,100 @ Veritas Software Corp. 32,802
-----------
1,564,747
-----------
COSMETICS/PERSONAL CARE: 0.55%
300 Alberto-Culver Co. 15,120
500 Avon Products, Inc. 26,935
2,750 Colgate-Palmolive Co. 144,182
7,300 Gillette Co. 221,628
2,900 Kimberly-Clark Corp. 137,663
11,250 Procter & Gamble Co. 966,825
-----------
1,512,353
-----------
DISTRIBUTION/WHOLESALE: 0.01%
550 WW Grainger, Inc. 28,352
-----------
28,352
-----------
DIVERSIFIED FINANCIAL SERVICES: 1.26%
7,400 American Express Co. 261,590
900 Bear Stearns Cos., Inc. 53,460
2,000 Capital One Financial Corp. 59,440
3,100 Charles Schwab Corp. 33,635
27,600 Citigroup, Inc. 971,244
1,100 Countrywide Financial Corp. 56,815
7,200 Fannie Mae 463,176
1,500 Franklin Resources, Inc. 51,120
6,300 Freddie Mac 372,015
1,000 Goldman Sachs Group, Inc. 68,100
2,400 Household Intl., Inc. 66,744
10,900 JP Morgan Chase & Co. 261,600
1,300 Lehman Brothers Holdings, Inc. 69,277
9,400 MBNA Corp. 178,788
4,800 Merrill Lynch & Co., Inc. 182,160
6,100 Morgan Stanley 243,512
2,210 @ Providian Financial Corp. 14,343
900 SLM Corp. 93,474
-----------
3,500,493
-----------
ELECTRIC: 0.41%
800 Ameren Corp. 33,256
1,800 American Electric Power Co., Inc. 49,194
1,500 Centerpoint Energy, Inc. 12,750
800 Cinergy Corp. 26,976
1,500 CMS Energy Corp. 14,160
1,000 Consolidated Edison, Inc. 42,820
900 Constellation Energy Group, Inc. 25,038
1,550 Dominion Resources, Inc. 85,095
1,200 DTE Energy Co. 55,680
4,900 Duke Energy Corp. 95,746
2,550 @ Edison Intl. 30,217
1,100 Entergy Corp. 50,149
2,300 Exelon Corp. 121,371
1,600 FirstEnergy Corp. 52,752
1,000 FPL Group, Inc. 60,130
1,100 NiSource, Inc. 22,000
3,200 @ PG&E Corp. 44,480
400 Pinnacle West Capital Corp. 13,636
1,200 PPL Corp. 41,616
1,200 Progress Energy, Inc. 52,020
1,100 Public Service Enterprise Group, Inc. 35,310
3,600 Southern Co. 102,204
900 TECO Energy, Inc. 13,923
</Table>
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
Shares Value
2,000 TXU Corp. $ 37,360
2,000 Xcel Energy, Inc. 22,000
-----------
1,139,883
-----------
ELECTRICAL COMPONENTS & EQUIPMENT: 0.06%
1,870 @ American Power Conversion 28,330
2,400 Emerson Electric Co. 122,040
800 Molex, Inc. 18,432
-----------
168,802
-----------
ELECTRONICS: 0.05%
2,400 @ Agilent Technologies, Inc. 43,104
1,200 Applera Corp. -- Applied Biosystems Group 21,048
1,600 @ Jabil Circuit, Inc. 28,672
600 Parker Hannifin Corp. 27,678
4,300 @ Sanmina-SCI Corp. 19,307
500 @ Thermo Electron Corp. 10,060
-----------
149,869
-----------
ENGINEERING & CONSTRUCTION: 0.01%
700 Fluor Corp. 19,600
-----------
19,600
-----------
ENTERTAINMENT: 0.01%
500 @ International Game Technology 37,960
-----------
37,960
-----------
ENVIRONMENTAL CONTROL: 0.03%
1,000 @ Allied Waste Industries, Inc. 10,000
3,300 Waste Management, Inc. 75,636
-----------
85,636
-----------
FOOD: 0.26%
2,400 Albertson's, Inc. 53,424
4,500 Archer-Daniels-Midland Co. 55,800
2,200 Campbell Soup Co. 51,636
2,900 ConAgra Foods, Inc. 72,529
800 General Mills, Inc. 37,560
700 Hershey Foods Corp. 47,208
2,000 HJ Heinz Co. 65,740
2,100 Kellogg Co. 71,967
4,400 @ Kroger Co. 67,980
4,100 Sara Lee Corp. 92,291
1,200 Supervalu, Inc. 19,812
800 Winn-Dixie Stores, Inc. 12,224
1,150 WM Wrigley Jr Co. 63,112
-----------
711,283
-----------
FOREST PRODUCTS & PAPER: 0.07%
400 Boise Cascade Corp. 10,088
500 Georgia-Pacific Corp. 8,080
2,600 International Paper Co. 90,922
1,100 MeadWestvaco Corp. 27,181
900 Plum Creek Timber Co., Inc. 21,240
400 Temple-Inland, Inc. 17,924
500 Weyerhaeuser Co. 24,605
-----------
200,040
-----------
GAS: 0.03%
700 KeySpan Corp. 24,668
400 Nicor, Inc. 13,612
200 Peoples Energy Corp. 7,730
1,300 Sempra Energy 30,745
-----------
76,755
-----------
</Table>
See Accompanying Notes to Financial Statements
147
ING
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FUND --
SERIES T
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- -----------------------------------------------------------------------------------------
HAND/MACHINE TOOLS: 0.02%
600 Black & Decker Corp. $ 25,734
200 Snap-On, Inc. 5,622
400 Stanley Works 13,832
-----------
45,188
-----------
HEALTHCARE -- PRODUCTS: 0.45%
1,950 Becton Dickinson & Co. 59,845
2,200 @ Boston Scientific Corp. 93,544
500 CR Bard, Inc. 29,000
2,630 @ Guidant Corp. 81,136
16,100 Johnson & Johnson 864,731
1,000 @ St. Jude Medical, Inc. 39,720
1,100 Stryker Corp. 73,832
450 @ Zimmer Holdings, Inc. 18,684
-----------
1,260,492
-----------
HEALTHCARE -- SERVICES: 0.24%
1,280 A Aetna, Inc. 52,634
1,340 @ Anthem, Inc. 84,286
3,000 HCA, Inc. 124,500
1,300 Health Management Associates, Inc. 23,270
800 @ Humana, Inc. 8,000
400 @ Manor Care, Inc. 7,444
600 @ Quest Diagnostics 34,140
2,600 @ Tenet Healthcare Corp. 42,640
2,200 UnitedHealth Group, Inc. 183,700
1,350 @ WellPoint Health Networks 96,066
-----------
656,680
-----------
HOME BUILDERS: 0.02%
400 Centex Corp. 20,080
350 KB Home 14,998
300 Pulte Homes, Inc. 14,361
-----------
49,439
-----------
HOME FURNISHINGS: 0.02%
1,000 Leggett & Platt, Inc. 22,440
300 Maytag Corp. 8,550
500 Whirlpool Corp. 26,110
-----------
57,100
-----------
HOUSEHOLD PRODUCTS/WARES: 0.06%
800 Avery Dennison Corp. 48,864
1,500 Clorox Co. 61,875
900 Fortune Brands, Inc. 41,859
-----------
152,598
-----------
HOUSEWARES: 0.02%
1,900 Newell Rubbermaid, Inc. 57,627
-----------
57,627
-----------
INSURANCE: 0.63%
1,350 @@ ACE Ltd. 39,609
2,700 Aflac, Inc. 81,324
3,800 Allstate Corp. 140,562
500 AMBAC Financial Group, Inc. 28,120
5,800 American Intl. Group 335,530
1,800 AON Corp. 34,002
400 Chubb Corp. 20,880
1,100 Cigna Corp. 45,232
900 Cincinnati Financial Corp. 33,795
1,300 Hartford Financial Services Group, Inc. 59,059
</Table>
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
Shares Value
800 Jefferson-Pilot Corp. $ 30,488
1,600 John Hancock Financial Services, Inc. 44,640
400 Lincoln National Corp. 12,632
1,100 Loews Corp. 48,906
2,900 Marsh & McLennan Cos., Inc. 134,009
800 MBIA, Inc. 35,088
3,850 Metlife, Inc. 104,104
600 MGIC Investment Corp. 24,780
1,800 Principal Financial Group 54,234
1,600 Progressive Corp. 79,408
3,100 Prudential Financial, Inc. 98,394
600 Safeco Corp. 20,802
500 St. Paul Cos. 17,025
1,000 Torchmark Corp. 36,530
7,600 @ Travelers Property Casualty Corp. 111,340
1,400 UnumProvident Corp. 24,556
800 @@ XL Capital Ltd. 61,800
-----------
1,756,849
-----------
INTERNET: 0.04%
700 @ eBay, Inc. 47,474
4,100 @ Yahoo, Inc. 67,035
-----------
114,509
-----------
IRON/STEEL: 0.01%
400 Nucor Corp. 16,520
1,250 United States Steel Corp. 16,400
-----------
32,920
-----------
LEISURE TIME: 0.04%
600 Brunswick Corp. 11,916
1,300 Carnival Corp. 32,435
650 Harley-Davidson, Inc. 30,030
1,200 @ Sabre Holdings Corp. 21,732
-----------
96,113
-----------
LODGING: 0.03%
900 @ Harrah's Entertainment, Inc. 35,640
1,300 Hilton Hotels Corp. 16,523
1,100 Starwood Hotels & Resorts Worldwide, Inc. 26,114
-----------
78,277
-----------
MACHINERY -- DIVERSIFIED: 0.04%
1,300 Deere & Co. 59,605
1,400 Dover Corp. 40,824
1,000 Rockwell Automation, Inc. 20,710
-----------
121,139
-----------
MEDIA: 0.45%
9,700 @ AOL Time Warner, Inc. 127,070
3,500 @ Clear Channel Communications, Inc. 130,515
5,200 @ Comcast Corp. 122,564
1,500 Gannett Co., Inc. 107,700
500 Knight-Ridder, Inc. 31,625
1,000 McGraw-Hill Cos., Inc. 60,440
300 Meredith Corp. 12,333
300 New York Times Co. 13,719
1,500 Tribune Co. 68,190
9,600 @ Viacom, Inc. 391,296
10,900 Walt Disney Co. 177,779
-----------
1,243,231
-----------
</Table>
See Accompanying Notes to Financial Statements
148
ING
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FUND --
SERIES T
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- -----------------------------------------------------------------------------------------
MINING: 0.03%
900 @ Freeport-McMoRan Copper & Gold, Inc. $ 15,102
2,100 Newmont Mining Corp. 60,963
600 @ Phelps Dodge Corp. 18,990
-----------
95,055
-----------
MISCELLANEOUS MANUFACTURING: 0.79%
2,200 3M Co. 271,260
700 Cooper Industries Ltd. 25,515
100 Crane Co. 1,993
800 Danaher Corp. 52,560
2,100 Eastman Kodak Co. 73,584
500 Eaton Corp. 39,055
53,300 General Electric Co. 1,297,855
4,600 Honeywell Intl., Inc. 110,400
1,600 Illinois Tool Works, Inc. 103,776
900 @@ Ingersoll-Rand Co. 38,754
600 ITT Industries, Inc. 36,414
700 Pall Corp. 11,676
1,200 Textron, Inc. 51,588
4,350 @@ Tyco Intl. Ltd. 74,298
-----------
2,188,728
-----------
OFFICE/BUSINESS EQUIPMENT: 0.03%
1,300 Pitney Bowes, Inc. 42,458
5,500 @ Xerox Corp. 44,275
-----------
86,733
-----------
OIL & GAS: 0.77%
650 Amerada Hess Corp. 35,782
1,350 Anadarko Petroleum Corp. 64,665
1,050 Apache Corp. 59,839
1,050 Burlington Resources, Inc. 44,782
2,300 ChevronTexaco Corp. 152,904
3,700 ConocoPhillips 179,043
850 Devon Energy Corp. 39,015
36,150 Exxon Mobil Corp. 1,263,081
2,300 Marathon Oil Corp. 48,967
1,100 @,@@ Nabors Industries Ltd. 38,797
750 @ Noble Corp. 26,362
2,050 Occidental Petroleum Corp. 58,323
600 Rowan Cos., Inc. 13,620
2,710 Transocean, Inc. 62,872
1,450 Unocal Corp. 44,341
-----------
2,132,393
-----------
OIL & GAS SERVICES: 0.03%
1,100 Baker Hughes, Inc. 35,409
2,300 Halliburton Co. 43,033
-----------
78,442
-----------
PACKAGING & CONTAINERS: 0.02%
300 Ball Corp. 15,357
300 Bemis Co. 14,889
700 @ Pactiv Corp. 15,302
-----------
45,548
-----------
PHARMACEUTICALS: 1.01%
200 Allergan, Inc. 11,524
600 AmerisourceBergen Corp. 32,586
2,600 Cardinal Health, Inc. 153,894
1,100 @ Forest Laboratories, Inc. 108,042
1,800 @ King Pharmaceuticals, Inc. 30,942
12,150 Merck & Co., Inc. 687,812
33,400 Pfizer, Inc. 1,021,038
7,000 Pharmacia Corp. 292,600
</Table>
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
Shares Value
7,850 Schering-Plough Corp. $ 174,270
600 @ Watson Pharmaceuticals, Inc. 16,962
7,200 Wyeth 269,280
-----------
2,798,950
-----------
PIPELINES: 0.00%
250 Kinder Morgan, Inc. 10,568
-----------
10,568
-----------
REITS: 0.03%
2,200 Equity Office Properties Trust 54,956
900 Simon Property Group, Inc. 30,663
-----------
85,619
-----------
RETAIL: 0.88%
600 @ Autozone, Inc. 42,390
1,500 @ Bed Bath & Beyond, Inc. 51,795
1,800 @ Best Buy Co., Inc. 43,470
900 @ Big Lots, Inc. 11,907
2,200 CVS Corp. 54,934
1,500 Darden Restaurants, Inc. 30,675
900 Dillard's, Inc. 14,274
2,000 Dollar General Corp. 23,900
900 Family Dollar Stores 28,089
1,200 @ Federated Department Stores 34,512
8,100 Gap, Inc. 125,712
12,750 Home Depot, Inc. 305,490
2,000 JC Penney Co., Inc. 46,020
1,800 @ Kohl's Corp. 100,710
5,800 Lowe's Cos., Inc. 217,500
4,500 Ltd. Brands 62,685
1,600 May Department Stores Co. 36,768
6,800 McDonald's Corp. 109,344
600 Nordstrom, Inc. 11,382
2,000 @ Office Depot, Inc. 29,520
1,500 RadioShack Corp. 28,110
4,200 @ Staples, Inc. 76,860
2,300 @ Starbucks Corp. 46,874
4,900 Target Corp. 147,000
700 Tiffany & Co. 16,737
2,800 TJX Cos., Inc. 54,656
5,350 Walgreen Co. 156,167
9,550 Wal-Mart Stores, Inc. 482,371
500 Wendy's Intl., Inc. 13,535
1,500 @ Yum! Brands, Inc. 36,330
-----------
2,439,717
-----------
SAVINGS & LOANS: 0.13%
1,360 Golden West Financial Corp. 97,662
7,200 Washington Mutual, Inc. 248,616
-----------
346,278
-----------
SEMICONDUCTORS: 0.43%
2,200 @ Advanced Micro Devices, Inc. 14,212
2,600 @ Altera Corp. 32,084
800 @ Analog Devices, Inc. 19,096
8,500 @ Applied Materials, Inc. 110,755
35,750 Intel Corp. 556,628
900 @ Kla-Tencor Corp. 31,833
2,100 Linear Technology Corp. 54,012
1,100 @ LSI Logic Corp. 6,347
2,100 Maxim Integrated Products 69,384
1,350 @ Micron Technology, Inc. 13,149
1,000 @ National Semiconductor Corp. 15,010
1,200 @ Novellus Systems, Inc. 33,696
700 @ Nvidia Corp. 8,057
</Table>
See Accompanying Notes to Financial Statements
149
ING
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FUND --
SERIES T
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Shares Value
- -----------------------------------------------------------------------------------------
SEMICONDUCTORS (CONTINUED)
650 @ QLogic Corp. $ 22,432
400 @ Teradyne, Inc. 5,204
9,100 Texas Instruments, Inc. 136,591
2,500 @ Xilinx, Inc. 51,500
-----------
1,179,990
-----------
SOFTWARE: 0.92%
1,300 Adobe Systems, Inc. 32,241
500 Autodesk, Inc. 7,150
3,300 Automatic Data Processing 129,525
1,900 @ BMC Software, Inc. 32,509
800 @ Citrix Systems, Inc. 9,856
2,900 Computer Associates Intl., Inc. 39,150
3,200 @ Compuware Corp. 15,360
1,100 @ Electronic Arts, Inc. 54,747
4,000 First Data Corp. 141,640
1,000 @ Fiserv, Inc. 33,950
1,200 @ Intuit, Inc. 56,304
600 @ Mercury Interactive Corp. 17,790
28,700 @ Microsoft Corp. 1,483,790
39,000 @ Oracle Corp. 421,200
1,800 @ Peoplesoft, Inc. 32,940
900 @ Rational Software Corp. 9,351
3,820 @ Siebel Systems, Inc. 28,574
-----------
2,546,077
-----------
TELECOMMUNICATIONS: 0.87%
1,600 Alltel Corp. 81,600
100 @ Andrew Corp. 1,028
4,000 AT&T Corp. 104,440
9,900 BellSouth Corp. 256,113
800 CenturyTel, Inc. 23,504
3,400 @ CIENA Corp. 17,476
39,050 @ Cisco Systems, Inc. 511,555
1,600 @ Citizens Communications Co. 16,880
900 @ Comverse Technology, Inc. 9,018
12,900 Motorola, Inc. 111,585
5,000 @ Nextel Communications, Inc. 57,750
1,650 @ Qualcomm, Inc. 60,044
17,800 SBC Communications, Inc. 482,558
900 Scientific-Atlanta, Inc. 10,674
6,600 Sprint Corp.-FON Group 95,568
2,300 @ Tellabs, Inc. 16,721
14,700 Verizon Communications, Inc. 569,625
-----------
2,426,139
-----------
TEXTILES: 0.02%
900 Cintas Corp. 41,175
-----------
41,175
-----------
TOBACCO: 0.16%
10,700 Philip Morris Cos., Inc. 433,671
200 RJ Reynolds Tobacco Holdings, Inc. 8,422
-----------
442,093
-----------
TOYS/GAMES/HOBBIES: 0.03%
1,200 Hasbro, Inc. 13,860
3,840 Mattel, Inc. 73,536
-----------
87,396
-----------
</Table>
<Table>
- -----------------------------------------------------------------------------------------
<Caption>
Shares Value
TRANSPORTATION: 0.23%
1,800 Burlington Northern Santa Fe Corp. $ 46,818
1,700 FedEx Corp. 92,174
2,000 Norfolk Southern Corp. 39,980
1,400 Union Pacific Corp. 83,818
5,950 United Parcel Service, Inc. 375,326
-----------
638,116
-----------
TRUCKING & LEASING: 0.00%
600 Ryder System, Inc. 13,464
-----------
13,464
-----------
Total Common Stock
(Cost $40,622,424) 39,618,684
-----------
<Caption>
Principal
Amount Value
- -----------------------------------------------------------------------------------------
BONDS/NOTES: 14.89%
SOVEREIGN: 14.89%
$ 48,037,000 Turkey Trust,
Zero Coupon, due 11/15/07 41,311,099
-----------
Total Bonds/Notes
(Cost $40,698,110) 41,311,099
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS 32.40%
FEDERAL HOME LOAN MORTGAGE CORPORATION --
STRIP: 8.39%
27,363,000 Zero Coupon, due 01/15/08 23,268,647
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION --
STRIP: 24.01%
78,726,000 Zero Coupon, due 02/15/08 66,621,956
-----------
Total U.S. Government Agency Obligations
(Cost $88,072,680) 89,890,603
-----------
U.S. TREASURY OBLIGATIONS: 35.75%
U.S. TREASURY STRIP: 35.75%
41,000,000 Zero Coupon, due 01/15/07 35,767,826
73,500,000 Zero Coupon, due 02/15/08 63,410,214
-----------
99,178,040
-----------
Total U.S. Treasury Obligations
(Cost $97,894,181) 99,178,040
-----------
Total Long-Term Investments
(Cost $267,287,395) 269,998,426
-----------
</Table>
See Accompanying Notes to Financial Statements
150
ING
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FUND --
SERIES T
PORTFOLIO OF INVESTMENTS as of December 31, 2002 (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
Principal
Amount Value
- -----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT: 2.61%
$ 7,231,000 State Street Repurchase Agreement, dated 12/31/02,
1.200%, due 01/02/03, $7,231,482 to be received
upon repurchase (collateralized by $7,470,000
FHLMC, 0.000% Market Value $7,376,625 due 12/04/03)
$ 7,231,000
-----------
Total Short-Term Investment
(Cost $7,231,000) 7,231,000
-----------
</Table>
<Table>
TOTAL INVESTMENTS IN SECURITIES 99.93% $277,229,426
(COST $274,518,395)*
OTHER ASSETS AND LIABILITIES-NET 0.07% 204,785
------- ------------
NET ASSETS 100.00% $277,434,211
======= ============
</Table>
<Table>
@ Non-income producing security
@@ Foreign Issuer
A Related Party
* Cost for federal income tax purposes is $274,533,978. Net
unrealized appreciation consists of:
</Table>
<Table>
Gross Unrealized Appreciation $ 3,936,643
Gross Unrealized Depreciation (1,241,195)
-----------
Net Unrealized Appreciation $ 2,695,448
===========
</Table>
INFORMATION CONCERNING OPEN FUTURE CONTRACTS AT DECEMBER 31, 2002 IS SHOWN
BELOW:
<Table>
<Caption>
Notional
No. of Market Expiration Unrealized
Long Contracts Contracts Value Date Loss
- -------------- --------- ---------- ---------- ----------
S&P 500 Index Futures 25 $5,493,125 March-03 $(51,475)
========== ========
</Table>
See Accompanying Notes to Financial Statements
151
ING
GET
FUND --
SERIES U
PORTFOLIO OF INVESTMENTS as of December 31, 2002
- --------------------------------------------------------------------------------
<Table>
<Caption>
Principal
Amount Value
- -----------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS: 64.38%
$ 100,000 Federal Farm Credit Bank,
1.270%, due 03/06/03 $ 99,795
100,000 Federal Farm Credit Bank,
1.270%, due 03/12/03 99,776
200,000 Federal Home Loan Bank,
1.230%, due 02/26/03 199,636
100,000 Federal Home Loan Bank,
1.260%, due 03/07/03 99,792
100,000 Federal Home Loan Mortgage Corporation,
1.270%, due 03/06/03 99,795
100,000 Federal Home Loan Mortgage Corporation,
1.275%, due 03/13/03 99,772
100,000 Federal National Mortgage Association,
1.275%, due 03/12/03 99,776
100,000 Federal National Mortgage Association,
1.280%, due 03/12/03 99,776
100,000 Student Loan Marketing Association,
1.260%, due 01/31/03 99,907
-----------
Total U.S. Government Agency Obligations
(Cost $997,873) 998,025
-----------
U.S. TREASURY OBLIGATIONS: 12.88%
100,000 U.S. Treasury Bill,
1.140%, due 03/06/03 99,804
100,000 U.S. Treasury Bill,
1.191%, due 03/06/03 99,804
-----------
Total U.S. Treasury Obligations
(Cost $199,592) 199,608
-----------
REPURCHASE AGREEMENT: 21.80%
338,000 State Street repurchase agreement dated 12/31/02,
1.200%, due 01/03/03, $338,023 to be received upon
repurchase (collateralized by $335,000, 4.500%
Market Value $347,677 due 07/07/03) 338,000
-----------
</Table>
<Table>
TOTAL INVESTMENTS IN SECURITIES 99.06% $ 1,535,633
(COST $1,535,465)*
OTHER ASSETS AND LIABILITIES-NET 0.94% 14,524
------- ------------
NET ASSETS 100.00% $ 1,550,157
======= ============
</Table>
<Table>
* Cost for federal income tax purposes is the same as for
financial statement purposes.
</Table>
See Accompanying Notes to Financial Statements
152
TAX INFORMATION (Unaudited)
- --------------------------------------------------------------------------------
Dividends paid during the year ended December 31, 2002 were as follows:
<Table>
<Caption>
FUND NAME TYPE PER SHARE AMOUNT
- --------- ---- ----------------
GET D NII $0.4144
GET E NII $0.4012
GET G NII $0.3905
GET H NII $0.3637
GET I NII $0.3599
GET J NII $0.3530
GET K NII $0.2703
GET L NII $0.0049
GET M NII $0.0034
GET N NII $0.0018
STCG $0.1355
GET P NII $0.0041
STCG $0.0033
GET Q NII $0.2007
GET R NII $0.1466
GET S NII $0.0646
GET T NII $0.0011
</Table>
- ------------------
NII -- Net investment income
STCG -- Short-term capital gain
Of the ordinary distributions made during the fiscal year ended December 31,
2002, the following percentages qualify for the dividends received deduction
available to corporate shareholders; 10.71%, 13.70%, 21.63%, 20.76%, 20.75%,
14.33%, 7.82%, 19.40%, 15.37%, 9.25%, 19.46%, 11.44%, 8.19%, and 8.85% for GET
D, GET E, GET G, GET H, GET I, GET J, GET K, GET L, GET M, GET N, GET P, GET Q,
GET R, and GET S, respectively.
The above figures may differ from those cited elsewhere in this report due to
differences in the calculation of income and gains for Securities and Exchange
Commission (book) purposes and Internal Revenue Service (tax) purposes.
Shareholder are strongly advised to consult their own tax advisers with respect
to the tax consequences of their Investments in the Funds. In January 2003,
shareholders, excluding corporate shareholders, received an IRS 1099-DIV
regarding the federal tax status of the dividends and distributions received by
them in calendar 2002.
153
TRUSTEE AND OFFICER INFORMATION (Unaudited)
- --------------------------------------------------------------------------------
The business and affairs of the Series are managed under the direction of the
Series' Board of Trustees. Information pertaining to the Trustees and Officers
of the Series is set forth below:
<Table>
<Caption>
POSITION(S) TERM OF OFFICE
HELD AND LENGTH OF PRINCIPAL OCCUPATION(S)
NAME, ADDRESS AND AGE WITH FUND TIME SERVED DURING THE PAST FIVE YEARS
- --------------------- ----------- -------------- --------------------------
NON-INTERESTED TRUSTEES:
Albert E. DePrince, Jr. Trustee June 1998 to Director, Business and Economic Research
7337 E. Doubletree Ranch Rd. Present Center, 1999 to present, and Professor
Scottsdale, AZ 85258 of Economics and Finance, Middle
Born: 1941 Tennessee State University, 1991 to
present.
Maria T. Fighetti Trustee April 1994 to Associate Commissioner for Contract
7337 E. Doubletree Ranch Rd. Present Management, Health Services, New York
Scottsdale, AZ 85258 City Department of Mental Health, Mental
Born: 1943 Retardation and Alcohol Services, 1996
to October 2002.
David L. Grove Trustee June 1991 to Private Investor; Economic/Financial
7337 E. Doubletree Ranch Rd. Present Consultant, December 1985 to present.
Scottsdale, AZ 85258
Born: 1918
Sidney Koch Trustee April 1994 to Financial Adviser, self-employed,
7337 E. Doubletree Ranch Rd. Present January 1993 to present.
Scottsdale, AZ 85258
Born: 1935
Corine T. Norgaard Trustee June 1991 to Dean of the Barney School of Business,
7337 E. Doubletree Ranch Rd. Present University of Hartford
Scottsdale, AZ 85258 (West Hartford, CT), August 1996
Born: 1937 to present.
Edward T. O'Dell Trustee June 2002 to Formerly, Partner/Chairman of Financial
7337 E. Doubletree Ranch Rd. Present Service Group, Goodwin Proctor LLP
Scottsdale, AZ 85258 (January 1970 to September 2000);
Born: 1935 Chairman, Committee I -- International
Bar Association (1995 to 1999).
INTERESTED TRUSTEES:
J. Scott Fox(1) Trustee Since 1997 Chief Executive Officer (July 2001 to
7337 E. Doubletree Ranch Rd. present), President (April 2001 to
Scottsdale, AZ 85258 present), Director, Chief Operating
Born: 1955 Officer (April 1994 to present), Chief
Financial Officer (April 1994 to July
2001), Managing Director (April 1994 to
April 2001), Aeltus Investment
Management, Inc.; Executive Vice
President (April 2001 to present),
Director, Chief Operating Officer
(February 1995 to present), Chief
Financial Officer, Managing Director
(February 1995 to April 2001), Aeltus
Capital, Inc.; Senior Vice President --
Operations, Aetna Life Insurance and
Annuity Company, March 1997 to December
1997.
<Caption>
NUMBER OF
PORTFOLIOS
IN FUND
COMPLEX OTHER DIRECTORSHIPS
OVERSEEN BY HELD BY
NAME, ADDRESS AND AGE TRUSTEE TRUSTEE
- --------------------- ----------- -------------------
NON-INTERESTED TRUSTEES:
Albert E. DePrince, Jr. 54 --
7337 E. Doubletree Ranch Rd.
Scottsdale, AZ 85258
Born: 1941
Maria T. Fighetti 54 --
7337 E. Doubletree Ranch Rd.
Scottsdale, AZ 85258
Born: 1943
David L. Grove 54 --
7337 E. Doubletree Ranch Rd.
Scottsdale, AZ 85258
Born: 1918
Sidney Koch 54 --
7337 E. Doubletree Ranch Rd.
Scottsdale, AZ 85258
Born: 1935
Corine T. Norgaard 54 --
7337 E. Doubletree Ranch Rd.
Scottsdale, AZ 85258
Born: 1937
Edward T. O'Dell 54 --
7337 E. Doubletree Ranch Rd.
Scottsdale, AZ 85258
Born: 1935
INTERESTED TRUSTEES:
J. Scott Fox(1) 54 Mr. Fox serves as Director of
7337 E. Doubletree Ranch Rd. the Board of IPC Financial
Scottsdale, AZ 85258 Network, Inc. (January 2001 to
Born: 1955 present).
</Table>
154
TRUSTEE AND OFFICER INFORMATION (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
POSITION(S) TERM OF OFFICE
HELD AND LENGTH OF PRINCIPAL OCCUPATION(S)
NAME, ADDRESS AND AGE WITH FUND TIME SERVED DURING THE PAST FIVE YEARS
- --------------------- ----------- -------------- --------------------------
INTERESTED TRUSTEES:
Thomas J. McInerney(2) Trustee February 2001 Chief Executive Officer, ING U.S.
7337 E. Doubletree Ranch Rd. to Present Financial Services (October 2001 to
Scottsdale, AZ 85258 present); President, Chief Executive
Born: 1956 Officer, and Director of Northern Life
Insurance Company (2001 to present); and
President and Director of Aetna Life
Insurance and Annuity Company (1997 to
present), Aetna Retirement Holdings,
Inc. (1997 to present), Aetna Investment
Adviser Holding Co. (2000 to present),
and Aetna Retail Holding Company (2000
to present). Mr. McInerney was formerly
General Manager and Chief Executive
Officer of ING Worksite Division (since
December 2000 to October 2001);
President of Aetna Financial Services
(August 1997 to December 2000); Head of
National Accounts and Core Sales and
Marketing for Aetna U.S. Healthcare
(April 1996 to March 1997).
<Caption>
NUMBER OF
PORTFOLIOS
IN FUND
COMPLEX OTHER DIRECTORSHIPS
OVERSEEN BY HELD BY
NAME, ADDRESS AND AGE TRUSTEE TRUSTEE
- --------------------- ----------- -------------------
INTERESTED TRUSTEES:
Thomas J. McInerney(2) 158 Mr. McInerney serves as a
7337 E. Doubletree Ranch Rd. Director/ Trustee of Aeltus
Scottsdale, AZ 85258 Investment Management, Inc.
Born: 1956 (1997 to present); each of the
Aetna Funds (April 2002 to
present); Ameribest Life
Insurance Co. (2001 to
present); Equitable Life
Insurance Co. (2001 to
present); First Columbine Life
Insurance Co. (2001 to
present); Golden American Life
Insurance Co. (2001 to
present); Life Insurance
Company of Georgia (2001 to
present); Midwestern United
Life Insurance Co. (2001 to
present); ReliaStar Life
Insurance Co. (2001 to
present); Security Life of
Denver (2001 to present);
Security Connecticut Life
Insurance Co. (2001 to
present); Southland Life
Insurance Co. (2001 to
present); USG Annuity and Life
Company (2001 to present);
United Life and Annuity
Insurance Co. Inc. (2001 to
present); and the GCG Trust
(February 2002 to present).
Mr. McInerney is a member of
the Board of the National
Commission on Retirement
Policy, the Governor's Council
on Economic Competitiveness
and Technology of Connecticut,
the Board of Directors of the
Connecticut Business and
Industry Association, the
Board of Trustees of the
Bushnell, the Board for the
Connecticut Forum, and the
Board of the Metro Hartford
Chamber of Commerce, and is
Chairman of Concerned Citizens
for Effective Government.
</Table>
- ---------------
(1) Mr. Fox is an "interested person", as defined by the 1940 Act, because of
his affiliation with Aeltus Investment Management, Inc., an affiliate of ING
Investments, LLC.
(2) Mr. McInerney is an "interested person", as defined by the 1940 Act, because
of his affiliation with ING U.S. Worksite Financial Services, an affiliate
of ING Investments, LLC.
155
TRUSTEE AND OFFICER INFORMATION (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<Table>
<Caption>
TERM OF OFFICE
POSITION(S) HELD AND LENGTH OF PRINCIPAL OCCUPATION(S)
NAME, ADDRESS AND AGE WITH FUND TIME SERVED DURING THE PAST FIVE YEARS
- --------------------- ---------------- -------------- --------------------------
OFFICERS:
James M. Hennessy President, Chief March 2002 to President and Chief Executive Officer of
7337 E. Doubletree Ranch Rd. Executive Officer, Present ING Capital Corporation, LLC, ING Funds
Scottsdale, AZ 85258 and Chief Services, LLC, ING Advisors, Inc., ING
Born: 1949 Operating Officer Investments, LLC, Lexington Funds
Distributor, Inc., Express America T.C.
Inc. and EAMC Liquidation Corp. (since
December 2001); Executive Vice President
and Chief Operating Officer of ING Funds
Distributor, LLC (since June 2000).
Formerly, Senior Executive Vice
President (June 2000 to December 2000)
and Secretary (April 1995 to December
2000) of ING Capital Corporation, LLC,
ING Funds Services, LLC, ING
Investments, LLC, ING Advisors, Inc.,
Express America T.C. Inc., and EAMC
Liquidation Corp.; and Executive Vice
President, ING Capital Corporation, LLC
and its affiliates (May 1998 to June
2000) and Senior Vice President, ING
Capital Corporation, LLC and its
affiliates (April 1995 to April 1998).
Stanley D. Vyner Executive Vice March 2002 to Executive Vice President of ING
7337 E. Doubletree Ranch Rd President Present Advisors, Inc. and ING Investments, LLC
Scottsdale, AZ 85258 (since July 2000) and Chief Investment
Born: 1950 Officer of the International Portfolios,
ING Investments, LLC (since July 1996).
Formerly, President and Chief Executive
Officer of ING Investments, LLC (August
1996 to August 2000).
Mary Lisanti Executive Vice March 2002 to Executive Vice President of ING
7337 E. Doubletree Ranch Rd. President Present Investments, LLC and ING Advisors, Inc.
Scottsdale, AZ 85258 (since November 1999); Chief Investment
Born: 1956 Officer of the Domestic Equity
Portfolios, ING Investments, LLC (since
1999). Formerly, Executive Vice
President and Chief Investment Officer
for the Domestic Equity Portfolios of
Northstar Investment Management
Corporation, whose name changed to
Pilgrim Advisors, Inc. and subsequently
became part of ING Investments, LLC (May
1998 to October 1999); Portfolio Manager
with Strong Capital Management (May 1996
to 1998); a Managing Director and Head
of Small- and Mid-Capitalization Equity
Strategies at Bankers Trust Corp. (1993
to 1996).
Michael J. Roland Executive Vice March 2002 to Executive Vice President, Chief
7337 E. Doubletree Ranch Rd. President, Present Financial Officer and Treasurer of ING
Scottsdale, AZ 85258 Assistant Funds Services, LLC, ING Funds
Born: 1958 Secretary and Distributor, LLC, ING, Advisors, Inc.,
Principal ING Investments, LLC, Lexington Funds
Financial Officer Distributor, Inc., Express America T.C.
Inc. and EAMC Liquidation Corp. (since
December 2001). Formerly, Senior Vice
President, ING Funds Services, LLC, ING
Investments, LLC, and ING Funds
Distributor, LLC (June 1998 to December
2001) and Chief Financial Officer of
Endeavor Group (April 1997 to June
1998).
Robert S. Naka Senior Vice March 2002 to Senior Vice President and Assistant
7337 E. Doubletree Ranch Rd. President and Present Secretary of ING Funds Services, LLC,
Scottsdale, AZ 85258 Assistant ING Funds Distributor, LLC, ING
Born: 1963 Secretary Advisors, Inc., ING Investments, LLC
(since October 2001) and Lexington Funds
Distributor, Inc. (since December 2001).
Formerly, Vice President, ING
Investments, LLC (April 1997 to October
1999), ING Funds Services, LLC (February
1997 to August 1999) and Assistant Vice
President, ING Funds Services, LLC
(August 1995 to February 1997).
Robyn L. Ichilov Vice President and March 2002 to Vice President of ING Funds Services,
7337 E. Doubletree Ranch Rd. Treasurer Present LLC (since October 2001) and ING
Scottsdale, AZ 85258 Investments, LLC (since August 1997);
Born: 1967 Accounting Manager, ING Investments, LLC
(since November 1995).
Kimberly A. Anderson Vice President and March 2002 to Vice President and Assistant Secretary
7337 E. Doubletree Ranch Rd. Secretary Present of ING Funds Services, LLC, ING Funds
Scottsdale, AZ 85258 Distributor, LLC, ING Advisors, Inc.,
Born: 1964 ING Investments, LLC (since October
2001) and Lexington Funds Distributor,
Inc. (since December 2001). Formerly,
Assistant Vice President of ING Funds
Services, LLC (November 1999 to January
2001) and has held various other
positions with ING Funds Services, LLC
for more than the last five years.
Todd Modic Assistant Vice March 2002 to Director of Financial Reporting of ING
7337 E. Doubletree Ranch Rd. President Present Investments, LLC (since March 2001).
Scottsdale, AZ 85258 Formerly, Director of Financial
Born: 1967 Reporting, Axient Communications, Inc.
(May 2000 to January 2001) and Director
of Finance, Rural/Metro Corporation
(March 1995 to May 2000).
Maria M. Anderson Assistant Vice March 2002 to Assistant Vice President of ING Funds
7337 E. Doubletree Ranch Rd. President Present Services, LLC (since October 2001).
Scottsdale, AZ 85258 Formerly, Manager of Fund Accounting and
Born: 1958 Fund Compliance, ING Investments, LLC
(September 1999 to November 2001);
Section Manager of Fund Accounting,
Stein Roe Mutual Funds (July 1998 to
August 1999); and Financial Reporting
Analyst, Stein Roe Mutual Funds (August
1997 to July 1998).
</Table>
156
INVESTMENT MANAGER
ING Investments, LLC
7337 E. Doubletree Ranch Road
Scottsdale, Arizona 85258
ADMINISTRATOR
ING Funds Services, LLC
7337 E. Doubletree Ranch Road
Scottsdale, Arizona 85258
DISTRIBUTOR
ING Funds Distributor, LLC
7337 E. Doubletree Ranch Road
Scottsdale, Arizona 85258
1-800-992-0180
TRANSFER AGENT
DST Systems, Inc.
P.O. Box 419368
Kansas City, Missouri 64141-6368
CUSTODIAN
State Street Bank & Trust
801 Pennsylvania Avenue
Kansas City, Missouri 64105
LEGAL COUNSEL
Dechert
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
KPMG LLP
99 High Street
Boston, MA 02110-2371
Contact your investment professional, or call (800) 992-0180 for
a current ING Funds prospectus. The prospectuses contain more
complete information on all charges, fees, risks and expenses.
Please read the prospectus carefully before investing or sending
money.
[ING FUNDS LOGO]
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEMS 4-8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) Not applicable.
(b) There were no significant changes in the registrant's internal controls or
in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS.
(a) The officer certifications required by Section 906 of the Sarbanes-Oxley Act
of 2002 are attached hereto as EX-99.CERT.
(b) 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 a part of EX-99.CERT.
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/James M. Hennessy
--------------------
James M. Hennessy
President and Chief Executive Officer
Date March 3,2003
------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By /s/James M. Hennessy
--------------------
James M. Hennessy
President and Chief Executive Officer
Date March 3,2003
------------
By /s/Michael J. Roland
--------------------
Michael J. Roland
Executive Vice President and Chief Financial Officer
Date March 3,2003
------------