N-CSRS

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-05773
ING Balanced Portfolio, Inc.
(Exact name of registrant as specified in charter)
7337 E. Doubletree Ranch Rd., Scottsdale, AZ					85258
(Address of principal executive offices)					(Zip code)
The Corporation Trust Incorporated, 300 E. Lombard Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code:				1-800-992-0180
Date of fiscal year end:	December 31
Date of reporting period:		January 1, 2013 to June 30, 2013

ITEM 1.REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):

Semi-Annual Report

June 30, 2013

Classes ADV, I, S and S2

ING Variable Product Funds

n ING Balanced Portfolio

n ING Growth and Income Portfolio

n ING Intermediate Bond Portfolio

n ING Money Market Portfolio

n ING Small Company Portfolio

E-Delivery Sign-up – details inside

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

MUTUAL FUNDS

TABLE OF CONTENTS

President's Letter	1
Market Perspective	2
Shareholder Expense Examples	4
Statements of Assets and Liabilities	6
Statements of Operations	10
Statements of Changes in Net Assets	12
Financial Highlights	15
Notes to Financial Statements	18
Summary Portfolios of Investments	36
Shareholder Meeting Information	81
Advisory Contract Approval Discussion	85

PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

PRESIDENT'S LETTER

Dear Shareholder,

Several years ago, the ING Retirement Center conducted a survey to find out what Americans thought of our private retirement system, i.e., employer-sponsored retirement savings plans. Most people thought individuals should take responsibility for their own retirement security but felt that employers should provide more education about retirement investing as well as more investment choices. Many people also admitted that even though they knew approximately how much money they needed to fund their retirements, they were not saving enough to reach their goals.

On the surface there seems to be a misalignment of actions and self-interest: the clear recognition that you need to save more and the acknowledgment that you're not doing it. Yet, we believe there is an economic reality underpinning the surface perception; many people probably are saving as much as they can. As a nation, if we want to increase retirement saving, we'd better do something to help the economy deliver more discretionary income to more people.

For savers, then, the relevant question may not be, "How do I save more?" It may instead be, "How do I make my savings accomplish more?" That's where the investment industry can help, by providing advice and information to help you make decisions, and by offering investment products that seek to enhance the potential for reaching your goals. Accumulating wealth is not about windfalls or short-term opportunities — it's a long-term endeavor that requires careful planning and steadfast execution to succeed.

Don't worry about missing a gain today or enduring a loss tomorrow. Hew to the course you and your financial advisor have plotted; discuss prospective changes thoroughly with your financial advisor before taking action; and make changes to your portfolio only if they enhance the potential for achieving your goals.

Thank you for your continued confidence in ING Funds. It is our privilege to serve you, and we look forward to serving your investment needs in the future.

Sincerely,

Shaun Mathews
President and Chief Executive Officer
ING Funds
July 7, 2013

The views expressed in the President's Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and ING Funds disclaims any responsibility to update such views. These views may not be relied on as investment advice and because investment decisions for an ING Fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any ING Fund. Reference to specific company securities should not be construed as recommendations or investment advice.

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

1

MARKET PERSPECTIVE: SIX MONTHS ENDED JUNE 30, 2013

Investors welcomed in 2013 having seen global equities, in the form of the MSCI World Index^SM measured in local currencies including net reinvested dividends, power ahead by 8.69% in the previous six months. Central banks from the U.S. to the U.K. to the euro zone were keeping interest rates so low that investors were ratcheting their risk exposures higher in the search for return. By the end of 2012 it was evident that the Bank of Japan would join the other central banks, as Japan's parliamentary opposition, promising unlimited monetary easing, won a landslide in December elections. Some commentators fretted that this was not a particularly sound basis for the market's advance. But sound or not, the index surged another 11.70% in the first half of 2013. (The MSCI World Index^SM returned 8.43% for the six-months ended June 30, 2013, measured in U.S. dollars.)

Much of the strength in global equities in late 2012 could be attributed to a recovery in the euro zone after European Central Bank ("ECB") President Draghi's July pronouncement, amid new waves of fear that the euro zone could not survive the depredations of its weakest members, that the ECB was "ready to do whatever it takes to preserve the euro." This seemed to calm nerves, but confidence was shaken twice in early 2013. First, in February, the Italian general election ended in stalemate on low turnout that signaled the rejection of reform. Next, the final basis of a bailout for insolvent Cyprus banks imposed a levy on uninsured deposits and capital controls. In short order, a euro held in one country became different from a euro held in another: hardly the mark of an effective single currency.

In the U.S., with sentiment cushioned by the Federal Reserve's $85 billion of monthly Treasury and mortgage-backed securities purchases, investors watched an economic recovery that was undeniable but unimpressive. By June monthly job creation was averaging 155,000 per month but the unemployment rate was still elevated at 7.6%. The highest consumer confidence indices in five years contrasted with stagnant manufacturing output. Growth in first quarter gross domestic product ("GDP") was surprisingly revised down from 2.4% to a dreary 1.8%. At least the housing market was maintaining its recovery. The final S&P/Case-Shiller 20-City Composite Home Price Index showed a 12.05% year-over-year gain, the most in over seven years, with existing home sales the highest since November 2009.

Elsewhere, China faced faltering growth and fading exports, while it tried to pierce a bank credit bubble with blunt instruments.

But any illusions about the ultimate source of investor confidence in this environment were shattered on May 22 and again on June 19, when Federal Reserve Chairman Bernanke attempted to prepare markets for the beginning of the end of quantitative easing, perhaps sooner than expected. They didn't like it. Bond yields soared and by June 24 the index had given back 8%, leading nervous central bankers the world over, in the last days of June, to assure all who would listen that easy money would be in force for a long time. So not only were markets being heavily influenced by central bankers; evidently central bankers were more than a little sensitive to their effect on markets.

In U.S. fixed income markets, the Barclays U.S. Aggregate Bond Index ("Barclays Aggregate") of investment grade bonds slipped 2.44% in the first half of 2013, having been slightly ahead for the year on May 21. Only the sub-indices with the shortest durations held on to positive returns while

the Barclays Long Term U.S. Treasury Index lost 7.83%. The Barclays High Yield Bond — 2% Issuer Constrained Composite Index (not a part of the Barclays Aggregate) gained just 1.42%.

U.S. equities, represented by the S&P 500^® Index including dividends, jumped 13.82% in the half year, the best first half since 1998, albeit 4% off its high. All sectors rose, led by health care with a gain of 20.26% and financials 19.50%, while materials 2.90% and technology 6.35% lagged the most. Operating earnings per share for S&P 500^® companies set a record in the first quarter of 2013. But could this last given that the share of profits in national income was historically high?

In currency markets the dollar rose 1.41% against the euro over the period and 6.85% against the pound, due to the generally better growth outlook in the U.S., events described above in Italy and Cyprus and as Moody's relieved the U.K. of its Aaa credit rating. The dollar climbed 14.28% over the yen due to the new aggressive monetary easing policy in Japan.

In international markets, the MSCI Japan^® Index soared 33.90%. Investors hoped Prime Minister Abe's and Bank of Japan Governor Kuroda's steps to conquer deflation and get consumers and businesses spending again would gain traction. Encouragingly GDP growth was reported at 4.1% annualized in the first quarter. However prices were still in the doldrums, flat in May from a year earlier after six straight falls. The MSCI Europe ex UK^® Index rose 5.41%, less than half of this for euro zone markets. Mr. Draghi's words were perceived to remove the existential threat to the euro. But there was little else to motivate investors. The euro zone reported its sixth straight quarterly fall in GDP and a new record unemployment rate of 12.2%, ranging from 5.4% in Germany to 26.8% in Spain. The MSCI UK^® Index added 7.46%. As in the U.S. and latterly Japan, stock prices were supported by the central bank's quantitative easing. Having fallen by 0.3% in the fourth quarter, GDP recovered the loss in the first quarter of 2013 and June ended with some key indicators: purchasing managers' indices and retail sales, showing tentative improvement.

Parentheses denote a negative number.

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

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

2

BENCHMARK DESCRIPTIONS

Index	Description
Barclays High Yield Bond — 2% Issuer Constrained Composite Index	An unmanaged index that includes all fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and one year to maturity.
Barclays U.S. Aggregate Bond Index	An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
Barclays Long Term U.S. Treasury Index	The Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value.
MSCI Europe ex UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
MSCI Japan® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
MSCI UK® Index	A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
MSCI World IndexSM	An unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
S&P 500® Index	An unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
S&P/Case-Shiller 20-City Composite Home Price Index	A composite index of the home price index for the top 20 Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor's.

3

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED)

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2013 to June 30, 2013. The Portfolios' expenses are shown without the imposition of any charges which are, or may be, imposed under your annuity contract. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The right section of the table shown below, "Hypothetical (5% return before expenses)," provides information about hypothetical account values and hypothetical expenses based on a Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the hypothetical lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.

	Actual Portfolio Return									Hypothetical (5% return before expenses)
ING Balanced Portfolio	Beginning Account Value January 1, 2013		Ending Account Value June 30, 2013		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2013*		Beginning Account Value January 1, 2013		Ending Account Value June 30, 2013		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2013*
Class I	$	1,000.00	$	1,046.30		0.64	%	$	3.25	$	1,000.00	$	1,021.62		0.64	%	$	3.21
Class S		1,000.00		1,044.60		0.89			4.51		1,000.00		1,020.38		0.89			4.46
ING Growth and Income Portfolio
Class ADV	$	1,000.00	$	1,115.20		1.04	%	$	5.45	$	1,000.00	$	1,019.64		1.04	%	$	5.21
Class I		1,000.00		1,117.80		0.59			3.10		1,000.00		1,021.87		0.59			2.96
Class S		1,000.00		1,116.40		0.84			4.41		1,000.00		1,020.63		0.84			4.21
Class S2		1,000.00		1,115.90		0.99			5.19		1,000.00		1,019.89		0.99			4.96
ING Intermediate Bond Portfolio
Class ADV	$	1,000.00	$	979.80		1.00	%	$	4.91	$	1,000.00	$	1,019.84		1.00	%	$	5.01
Class I		1,000.00		982.30		0.50			2.46		1,000.00		1,022.32		0.50			2.51
Class S		1,000.00		981.40		0.75			3.68		1,000.00		1,021.08		0.75			3.76
Class S2		1,000.00		980.70		0.90			4.42		1,000.00		1,020.33		0.90			4.51

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

4

SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)

	Actual Portfolio Return									Hypothetical (5% return before expenses)
ING Money Market Portfolio	Beginning Account Value January 1, 2013		Ending Account Value June 30, 2013		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2013*		Beginning Account Value January 1, 2013		Ending Account Value June 30, 2013		Annualized Expense Ratio			Expenses Paid During the Period Ended June 30, 2013*
Class I	$	1,000.00	$	1,000.20		0.26	%	$	1.29	$	1,000.00	$	1,023.51		0.26	%	$	1.30
Class S		1,000.00		1,000.20		0.26			1.29		1,000.00		1,023.51		0.26			1.30
ING Small Company Portfolio
Class ADV	$	1,000.00	$	1,145.50		1.34	%	$	7.13	$	1,000.00	$	1,018.15		1.34	%	$	6.71
Class I		1,000.00		1,148.80		0.84			4.48		1,000.00		1,020.63		0.84			4.21
Class S		1,000.00		1,147.10		1.09			5.80		1,000.00		1,019.39		1.09			5.46
Class S2		1,000.00		1,146.70		1.24			6.60		1,000.00		1,018.65		1.24			6.21

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

5

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2013 (UNAUDITED)

	ING Balanced Portfolio			ING Growth and Income Portfolio			ING Intermediate Bond Portfolio
ASSETS:
Investments in securities at fair value+*	$	505,329,035		$	4,141,270,706		$	2,103,611,303
Investments in affiliates at fair value**		—			—			244,412,026
Short-term investments at fair value***		17,447,066			43,979,186			8,986,769
Total investments at fair value	$	522,776,101		$	4,185,249,892		$	2,357,010,098
Short-term investments at amortized cost		—			44,700,000			23,070,324
Cash		3,437,095			56,701			5,956,581
Cash collateral for futures		1,859,720			—			644,147
Foreign currencies at value****		805,865			—			249
Foreign cash collateral for futures*****		14,190			—			—
Receivable for derivatives collateral (Note 2)		150,000			—			—
Receivables:
Investment securities sold		25,860,216			29,525,220			151,980,500
Investment securities sold on a delayed-delivery or when-issued basis		12,161,807			—			198,600,962
Fund shares sold		24,376			68,432			375,911
Dividends		576,221			5,095,103			128,533
Interest		965,850			448			12,087,653
Foreign tax reclaims		121,753			47,825			—
Variation margin		—			—			30,983
Unrealized appreciation on forward foreign currency contracts		3,003,085			—			6,809,405
Upfront payments paid on OTC swap agreements		4,148			—			—
Unrealized appreciation on OTC swap agreements		181,950			—			—
Variation margin receivable on centrally cleared swaps		40,830			—			—
Prepaid expenses		3,796			29,267			15,922
Total assets		571,987,003			4,264,772,888			2,756,711,268
LIABILITIES:
Payable for investment securities purchased		19,313,494			—			160,072,686
Payable for investment securities purchased on a delayed-delivery or when-issued basis		20,768,315			—			474,254,313
Payable for fund shares redeemed		157,018			3,033,056			2,552,569
Payable for foreign cash collateral for futures******		30,278			—			—
Payable upon receipt of securities loaned		5,432,832			—			8,986,769
Unrealized depreciation on forward foreign currency contracts		3,423,390			—			2,449,054
Upfront payments received on OTC swap agreements		540,476			—			—
Unrealized depreciation on OTC swap agreements		340,108			—			—
Payable for derivatives collateral (Note 2)		—			—			5,109,000
Payable for investment management fees		218,133			1,773,248			705,123
Payable for administrative fees		23,994			195,033			96,951
Payable for distribution and shareholder service fees		1,129			667,012			255,830
Payable for directors fees		2,682			21,025			11,108
Other accrued expenses and liabilities		118,147			450,734			306,115
Written options, at fair value^		11,556			—			—
Total liabilities		50,381,552			6,140,108			654,799,518
NET ASSETS	$	521,605,451		$	4,258,632,780		$	2,101,911,750
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	587,029,044		$	3,967,650,678		$	2,286,912,033
Undistributed net investment income		5,954,066			18,470,725			29,268,785
Accumulated net realized loss		(97,533,023	)		(644,842,013	)		(217,005,574	)
Net unrealized appreciation		26,155,364			917,353,390			2,736,506
NET ASSETS	$	521,605,451		$	4,258,632,780		$	2,101,911,750
+ Including securities loaned at value	$	5,266,166		$	—		$	8,761,751
* Cost of investments in securities	$	478,428,523		$	3,223,916,869		$	2,091,226,711
** Cost of investments in affiliates	$	—		$	—		$	258,463,425
*** Cost of short-term investments	$	17,488,767		$	43,979,186		$	8,986,769
**** Cost of foreign currencies	$	807,392		$	—		$	251
***** Cost of foreign cash collateral for futures	$	14,190		$	—		$	—
****** Cost of payable for foreign cash collateral for futures	$	30,278		$	—		$	—
^ Premiums received on written options	$	42,400		$	—		$	—

See Accompanying Notes to Financial Statements
6

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

	ING Balanced Portfolio		ING Growth and Income Portfolio		ING Intermediate Bond Portfolio
Class ADV:
Net Assets		n/a	$	1,329,528,021	$	38,003,692
Shares authorized		n/a		unlimited		unlimited
Par value		n/a	$	1.000	$	1.000
Shares outstanding		n/a		49,040,796		3,010,870
Net asset value and redemption price per share		n/a	$	27.11	$	12.62
Class I:
Net Assets	$	516,175,987	$	2,127,503,379	$	920,279,389
Shares authorized		500,000,000		unlimited		unlimited
Par value	$	0.001	$	1.000	$	1.000
Shares outstanding		41,083,721		77,564,343		72,288,748
Net asset value and redemption price per share	$	12.56	$	27.43	$	12.73
Class S:
Net Assets	$	5,429,464	$	800,713,207	$	1,143,399,409
Shares authorized		500,000,000		unlimited		unlimited
Par value	$	0.001	$	1.000	$	1.000
Shares outstanding		434,359		29,491,155		90,395,947
Net asset value and redemption price per share	$	12.50	$	27.15	$	12.65
Class S2:
Net Assets		n/a	$	888,173	$	229,260
Shares authorized		n/a		unlimited		unlimited
Par value		n/a	$	1.000	$	1.000
Shares outstanding		n/a		33,059		18,094
Net asset value and redemption price per share		n/a	$	26.87	$	12.67

See Accompanying Notes to Financial Statements
7

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2013 (UNAUDITED)

	ING Money Market Portfolio			ING Small Company Portfolio
ASSETS:
Investments in securities at fair value+*	$	—		$	619,229,296
Short-term investments at fair value**		—			30,361,787
Total investments at fair value	$	—		$	649,591,083
Short-term investments at amortized cost		877,145,312			—
Cash		682			117,806
Receivables:
Investment securities sold		—			10,866,399
Fund shares sold		141,100			108,802
Dividends		457			508,993
Interest		775,657			—
Prepaid expenses		10,359			4,254
Total assets		878,073,567			661,197,337
LIABILITIES:
Payable for investment securities purchased		—			5,882,123
Payable for fund shares redeemed		2,753			2,492,400
Payable upon receipt of securities loaned		—			22,065,550
Payable for investment management fees		179,804			390,388
Payable for administrative fees		39,556			28,627
Payable for distribution and shareholder service fees		16			25,934
Payable for directors fees		4,531			3,123
Other accrued expenses and liabilities		17,026			67,730
Total liabilities		243,686			30,955,875
NET ASSETS	$	877,829,881		$	630,241,462
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	877,897,138		$	498,435,220
Undistributed (distributions in excess of) net investment income		(131,928	)		893,881
Accumulated net realized gain		64,671			29,710,766
Net unrealized appreciation		—			101,201,595
NET ASSETS	$	877,829,881		$	630,241,462
+ Including securities loaned at value	$	—		$	21,469,409
* Cost of investments in securities	$	—		$	518,027,701
** Cost of short-term investments	$	—		$	30,361,787

See Accompanying Notes to Financial Statements
8

STATEMENTS OF ASSETS AND LIABILITIES AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

	ING Money Market Portfolio		ING Small Company Portfolio
Class ADV:
Net Assets		n/a	$	6,872,977
Shares authorized		n/a		100,000,000
Par value		n/a	$	0.001
Shares outstanding		n/a		343,409
Net asset value and redemption price per share		n/a	$	20.01
Class I:
Net Assets	$	877,696,430	$	510,899,194
Shares authorized		unlimited		100,000,000
Par value	$	1.000	$	0.001
Shares outstanding		877,505,546		24,873,661
Net asset value and redemption price per share	$	1.00	$	20.54
Class S:
Net Assets	$	133,451	$	112,262,856
Shares authorized		unlimited		100,000,000
Par value	$	1.000	$	0.001
Shares outstanding		133,422		5,546,725
Net asset value and redemption price per share	$	1.00	$	20.24
Class S2:
Net Assets		n/a	$	206,435
Shares authorized		n/a		100,000,000
Par value		n/a	$	0.001
Shares outstanding		n/a		10,267
Net asset value and redemption price per share		n/a	$	20.11

See Accompanying Notes to Financial Statements
9

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2013 (UNAUDITED)

	ING Balanced Portfolio			ING Growth and Income Portfolio			ING Intermediate Bond Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	4,808,187		$	35,177,632		$	660,245
Interest		2,553,636			12,086			36,024,632
Dividends from affiliated funds		—			—			6,587,554
Securities lending income, net		84,675			—			103,786
Total investment income		7,446,498			35,189,718			43,376,217
EXPENSES:
Investment management fees		1,330,131			10,426,256			4,406,700
Distribution and shareholder service fees:
Class ADV		—			3,280,754			91,325
Class S		7,020			999,760			1,501,852
Class S2		—			2,087			582
Transfer agent fees		334			5,571			3,310
Administrative service fees		146,310			1,146,853			605,902
Shareholder reporting expense		18,388			209,250			81,935
Professional fees		20,285			129,822			25,898
Custody and accounting expense		165,748			168,600			230,545
Directors fees		8,047			63,076			33,324
Miscellaneous expense		9,241			114,936			62,637
Interest expense		662			1,704			487
Total expenses		1,706,166			16,548,669			7,044,497
Net waived and reimbursed fees		—			(328,501	)		(116	)
Net expenses		1,706,166			16,220,168			7,044,381
Net investment income		5,740,332			18,969,550			36,331,836
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		20,305,610			169,510,090			11,031,674
Sale of investments in affiliates		—			—			1,745,814
Foreign currency related transactions		(805,779	)		(1,409	)		(3,310,412	)
Futures		956,630			(647,326	)		4,278,501
Swaps		(1,285,585	)		—			(4,425,078	)
Written options		49,949			—			—
Net realized gain		19,220,825			168,861,355			9,320,499
Net change in unrealized appreciation (depreciation) on:
Investments		(1,534,520	)		293,382,788			(74,267,858	)
Affiliated underlying funds		—			—			(23,171,740	)
Foreign currency related transactions		(334,924	)		(1,242	)		6,242,654
Futures		(482,588	)		—			(1,118,995	)
Swaps		1,592,033			—			8,340,644
Written options		(25,810	)		—			—
Net change in unrealized appreciation (depreciation)		(785,809	)		293,381,546			(83,975,295	)
Net realized and unrealized gain (loss)		18,435,016			462,242,901			(74,654,796	)
Increase (decrease) in net assets resulting from operations	$	24,175,348		$	481,212,451		$	(38,322,960	)
*Foreign taxes withheld	$	177,669		$	—		$	251

See Accompanying Notes to Financial Statements
10

STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2013 (UNAUDITED)

	ING Money Market Portfolio			ING Small Company Portfolio
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	2,766		$	3,037,438
Interest, net of foreign taxes withheld*		1,152,372			—
Securities lending income, net		—			675,698
Total investment income		1,155,138			3,713,136
EXPENSES:
Investment management fees		1,122,674			2,323,043
Distribution and shareholder service fees:
Class ADV		—			16,654
Class S		166			142,187
Class S2		—			582
Transfer agent fees		469			558
Administrative service fees		246,981			170,351
Shareholder reporting expense		47,680			36,200
Professional fees		33,049			18,478
Custody and accounting expense		48,256			37,500
Directors fees		13,593			9,369
Miscellaneous expense		17,157			19,731
Interest expense		1,810			222
Total expenses		1,531,835			2,774,875
Net waived and reimbursed fees		(376,697	)		(116	)
Net expenses		1,155,138			2,774,759
Net investment income		—			938,377
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		70,498			44,094,535
Net realized gain		70,498			44,094,535
Net change in unrealized appreciation (depreciation) on:
Investments		—			39,794,566
Net change in unrealized appreciation (depreciation)		—			39,794,566
Net realized and unrealized gain		70,498			83,889,101
Increase in net assets resulting from operations	$	70,498		$	84,827,478
*Foreign taxes withheld	$	1,497		$	1,495

See Accompanying Notes to Financial Statements
11

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Balanced Portfolio						ING Growth and Income Portfolio
	Six Months Ended June 30, 2013			Year Ended December 31, 2012			Six Months Ended June 30, 2013			Year Ended December 31, 2012
FROM OPERATIONS:
Net investment income	$	5,740,332		$	13,774,177		$	18,969,550		$	60,554,036
Net realized gain		19,220,825			22,041,463			168,861,355			201,921,770
Net change in unrealized appreciation (depreciation)		(785,809	)		33,197,059			293,381,546			315,186,751
Increase in net assets resulting from operations		24,175,348			69,012,699			481,212,451			577,662,557
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		—			—			(10,041	)		(17,283,832	)
Class I		(11,496,537	)		—			(16,424	)		(33,859,750	)
Class S		(107,918	)		—			(6,063	)		(12,215,984	)
Class S2		—			—			(7	)		(11,472	)
Total distributions		(11,604,455	)		(16,572,758	)		(32,535	)		(63,371,038	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		4,271,795			3,421,064			43,567,007			211,287,361
Proceeds from shares issued in merger (Note 14)		—			—			270,921,112			—
Reinvestment of distributions		11,604,455			16,572,757			32,535			63,344,871
		15,876,250			19,993,821			314,520,654			274,632,232
Cost of shares redeemed		(32,658,196	)		(77,456,866	)		(427,512,120	)		(788,623,530	)
Net decrease in net assets resulting from capital share transactions		(16,781,946	)		(57,463,045	)		(112,991,466	)		(513,991,298	)
Net increase (decrease) in net assets		(4,211,053	)		(5,023,104	)		368,188,450			300,221
NET ASSETS:
Beginning of year or period		525,816,504			530,839,608			3,890,444,330			3,890,144,109
End of year or period	$	521,605,451		$	525,816,504		$	4,258,632,780		$	3,890,444,330
Undistributed (distributions in excess of) net investment income at end of year or period	$	5,954,066		$	11,818,189		$	18,470,725		$	(466,290	)

See Accompanying Notes to Financial Statements
12

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Intermediate Bond Portfolio						ING Money Market Portfolio
	Six Months Ended June 30, 2013			Year Ended December 31, 2012			Six Months Ended June 30, 2013			Year Ended December 31, 2012
FROM OPERATIONS:
Net investment income	$	36,331,836		$	87,167,168		$	—		$	344,257
Net realized gain		9,320,499			53,778,489			70,498			154,584
Net change in unrealized appreciation (depreciation)		(83,975,295	)		69,675,925			—			—
Increase (decrease) in net assets resulting from operations		(38,322,960	)		210,621,582			70,498			498,841
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		—			(1,377,112	)		—			—
Class I		—			(46,331,028	)		—			(344,254	)
Class S		—			(52,405,250	)		—			—
Class S2		—			(52,316	)		—			—
Net realized gains:
Class I		—			—			(160,387	)		—
Class S		—			—			(24	)		—
Total distributions		—			(100,165,706	)		(160,411	)		(344,254	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		61,481,303			315,624,658			47,977,578			105,169,901
Reinvestment of distributions		—			100,145,495			160,411			344,254
		61,481,303			415,770,153			48,137,989			105,514,155
Cost of shares redeemed		(179,931,046	)		(738,335,864	)		(145,821,775	)		(306,536,128	)
Net decrease in net assets resulting from capital share transactions		(118,449,743	)		(322,565,711	)		(97,683,786	)		(201,021,973	)
Net decrease in net assets		(156,772,703	)		(212,109,835	)		(97,773,699	)		(200,867,386	)
NET ASSETS:
Beginning of year or period		2,258,684,453			2,470,794,288			975,603,580			1,176,470,966
End of year or period	$	2,101,911,750		$	2,258,684,453		$	877,829,881		$	975,603,580
Undistributed (distributions in excess of) net investment income	$	29,268,785		$	(7,063,051	)	$	(131,928	)	$	(131,928	)

See Accompanying Notes to Financial Statements
13

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	ING Small Company Portfolio
	Six Months Ended June 30, 2013			Year Ended December 31, 2012
FROM OPERATIONS:
Net investment income	$	938,377		$	2,986,347
Net realized gain		44,094,535			57,728,705
Net change in unrealized appreciation		39,794,566			21,377,778
Increase in net assets resulting from operations		84,827,478			82,092,830
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class ADV		(4,517	)		—
Class I		(2,661,796	)		(1,896,687	)
Class S		(323,038	)		(158,247	)
Class S2		(435	)		(158	)
Net realized gains:
Class ADV		(561,010	)		(231,384	)
Class I		(41,429,239	)		(16,798,543	)
Class S		(9,277,948	)		(4,016,404	)
Class S2		(20,332	)		(8,048	)
Total distributions		(54,278,315	)		(23,109,471	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		33,510,642			50,498,757
Reinvestment of distributions		54,278,315			23,109,471
		87,788,957			73,608,228
Cost of shares redeemed		(67,818,720	)		(150,976,912	)
Net increase (decrease) in net assets resulting from capital share transactions		19,970,237			(77,368,684	)
Net increase (decrease) in net assets		50,519,400			(18,385,325	)
NET ASSETS:
Beginning of year or period		579,722,062			598,107,387
End of year or period	$	630,241,462		$	579,722,062
Undistributed net investment income at end of year or period	$	893,881		$	2,945,290

See Accompanying Notes to Financial Statements
14

FINANCIAL HIGHLIGHTS (UNAUDITED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)			($)		($)
ING Balanced Portfolio
Class I
06-30-13		12.27		0.14	•		0.43			0.57			0.28			—		—
12-31-12		11.13		0.30	•		1.20			1.50			0.36			—		—
12-31-11		11.58		0.29	•		(0.43	)		(0.14	)		0.31			—		—
12-31-10		10.42		0.27	•		1.19			1.46			0.30			—		—
12-31-09		9.18		0.24	•		1.43			1.67			0.43			—		—
12-31-08		14.45		0.40			(4.07	)		(3.67	)		0.45			1.15		—
Class S
06-30-13		12.20		0.12	•		0.43			0.55			0.25			—		—
12-31-12		11.05		0.27	•		1.21			1.48			0.33			—		—
12-31-11		11.50		0.26	•		(0.43	)		(0.17	)		0.28			—		—
12-31-10		10.36		0.24			1.18			1.42			0.28			—		—
12-31-09		9.12		0.21	•		1.43			1.64			0.40			—		—
12-31-08		14.36		0.34			(4.02	)		(3.68	)		0.41			1.15		—
ING Growth and Income Portfolio
Class ADV
06-30-13		24.31		0.09			2.71			2.80			0.00	*		—		—
12-31-12		21.39		0.29	•		2.97			3.26			0.34			—		—
12-31-11		21.74		0.22			(0.38	)		(0.16	)		0.19			—		—
12-31-10		19.31		0.15	•		2.47			2.62			0.19			—		—
12-31-09		15.04		0.18	•		4.29			4.47			0.20			—		—
12-31-08		24.61		0.23	•		(9.58	)		(9.35	)		0.22			—		—
Class I
06-30-13		24.54		0.15			2.74			2.89			0.00	*		—		—
12-31-12		21.59		0.40	•		3.00			3.40			0.45			—		—
12-31-11		21.94		0.31	•		(0.37	)		(0.06	)		0.29			—		—
12-31-10		19.42		0.22			2.53			2.75			0.23			—		—
12-31-09		15.11		0.27	•		4.30			4.57			0.26			—		—
12-31-08		24.76		0.36			(9.69	)		(9.33	)		0.32			—		—
Class S
06-30-13		24.32		0.11			2.72			2.83			0.00	*		—		—
12-31-12		21.40		0.34	•		2.97			3.31			0.39			—		—
12-31-11		21.77		0.24	•		(0.35	)		(0.11	)		0.26			—		—
12-31-10		19.28		0.18			2.48			2.66			0.17			—		—
12-31-09		15.00		0.19			4.32			4.51			0.23			—		—
12-31-08		24.63		0.25	•		(9.58	)		(9.33	)		0.30			—		—
Class S2
06-30-13		24.08		0.09			2.70			2.79			0.00	*		—		—
12-31-12		21.23		0.35	•		2.90			3.25			0.40			—		—
12-31-11		21.52		0.41	•		(0.54	)		(0.13	)		0.16			—		—
12-31-10		19.26		0.14			2.28			2.42			0.16			—		—
02-27-09(5)-12-31-09		12.69		(0.06	)•		6.72			6.66			0.09			—		—
ING Intermediate Bond Portfolio
Class ADV
06-30-13		12.88		0.18			(0.44	)		(0.26	)		—			—		—
12-31-12		12.34		0.42	•		0.67			1.09			0.55			—		—
12-31-11		12.04		0.47	•		0.38			0.85			0.55			—		—
12-31-10		11.62		0.57	•		0.48			1.05			0.63			—		—
12-31-09		11.12		0.47			0.76			1.23			0.73			—		—
12-31-08		13.23		0.58			(1.77	)		(1.19	)		0.62			0.30		—

											Ratios to average net assets											Supplemental data
	Total distributions			Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)			Expense net of all reductions/additions(2)(3)(4)			Net investment income (loss)(2)(4)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)			($)		($)		(%)			(%)		(%)			(%)			(%)			($000's)		(%)
ING Balanced Portfolio
Class I
06-30-13		0.28			—		12.56		4.63			0.64		0.64			0.64			2.16			516,176		105
12-31-12		0.36			—		12.27		13.64			0.64		0.64			0.64			2.57			520,249		234
12-31-11		0.31			—		11.13		(1.40	)		0.65		0.65			0.65			2.51			524,887		259
12-31-10		0.30			—		11.58		14.22			0.62		0.62	†		0.62	†		2.47	†		614,261		328
12-31-09		0.43			—		10.42		19.23			0.63		0.63	†		0.63	†		2.55	†		631,106		337
12-31-08		1.60			—		9.18		(28.10	)		0.62		0.62	†		0.62	†		2.97	†		602,815		294
Class S
06-30-13		0.25			—		12.50		4.46			0.89		0.89			0.89			1.91			5,429		105
12-31-12		0.33			—		12.20		13.49			0.89		0.89			0.89			2.32			5,567		234
12-31-11		0.28			—		11.05		(1.66	)		0.90		0.90			0.90			2.25			5,953		259
12-31-10		0.28			—		11.50		13.87			0.87		0.87	†		0.87	†		2.22	†		7,933		328
12-31-09		0.40			—		10.36		18.94			0.88		0.88	†		0.88	†		2.30	†		7,374		337
12-31-08		1.56			—		9.12		(28.28	)		0.87		0.87	†		0.87	†		2.73	†		6,684		294
ING Growth and Income Portfolio
Class ADV
06-30-13		0.00	*		—		27.11		11.52			1.09		1.04			1.04			0.65			1,329,528		24
12-31-12		0.34			—		24.31		15.24			1.09		1.04			1.04			1.23			1,251,577		57
12-31-11		0.19			—		21.39		(0.72	)		1.08		1.03			1.03			1.03			1,221,084		75
12-31-10		0.19			—		21.74		13.55			1.10		1.10	†		1.10	†		0.77	†		6,037		117
12-31-09		0.20			—		19.31		29.69			1.11		1.11	†		1.11	†		1.10	†		1,302		104
12-31-08		0.22			—		15.04		(37.94	)(a)		1.10		1.10	†		1.10	†		1.14	†		791		169
Class I
06-30-13		0.00	*		—		27.43		11.78			0.59		0.59			0.59			1.10			2,127,503		24
12-31-12		0.45			—		24.54		15.78			0.59		0.59			0.59			1.68			1,865,425		57
12-31-11		0.29			—		21.59		(0.27	)		0.58		0.58			0.58			1.39			1,873,712		75
12-31-10		0.23			—		21.94		14.14			0.60		0.60	†		0.60	†		1.12	†		2,253,794		117
12-31-09		0.26			—		19.42		30.24			0.61		0.61	†		0.61	†		1.60	†		2,090,019		104
12-31-08		0.32			—		15.11		(37.63	)(a)		0.60		0.60	†		0.60	†		1.64	†		1,622,085		169
Class S
06-30-13		0.00	*		—		27.15		11.64			0.84		0.84			0.84			0.84			800,713		24
12-31-12		0.39			—		24.32		15.47			0.84		0.84			0.84			1.42			772,713		57
12-31-11		0.26			—		21.40		(0.51	)		0.83		0.83			0.83			1.13			795,131		75
12-31-10		0.17			—		21.77		13.81			0.85		0.85	†		0.85	†		0.87	†		480,529		117
12-31-09		0.23			—		19.28		30.03			0.86		0.86	†		0.86	†		1.34	†		481,897		104
12-31-08		0.30			—		15.00		(37.82	)(a)		0.85		0.85	†		0.85	†		1.44	†		290,152		169
Class S2
06-30-13		0.00	*		—		26.87		11.59			1.09		0.99			0.99			0.70			888		24
12-31-12		0.40			—		24.08		15.30			1.09		0.99			0.99			1.47			728		57
12-31-11		0.16			—		21.23		(0.59	)		1.08		0.98			0.98			1.99			217		75
12-31-10		0.16			—		21.52		12.55			1.10		1.00	†		1.00	†		0.72	†		5		117
02-27-09(5)-12-31-09		0.09			—		19.26		52.46			1.11		1.01	†		1.01	†		(0.39	)†		5		104
ING Intermediate Bond Portfolio
Class ADV
06-30-13		—			—		12.62		(2.02	)		1.00		1.00			1.00			2.92			38,004		204
12-31-12		0.55			—		12.88		8.85			1.00		1.00			1.00			3.25			34,473		424
12-31-11		0.55			—		12.34		7.04			1.00		1.00			1.00			3.76			16,953		456
12-31-10		0.63			—		12.04		9.01			1.00		1.00	†		1.00	†		4.56	†		4,315		438
12-31-09		0.73			—		11.62		11.08			1.01		1.01	†		1.01	†		4.08	†		1		692
12-31-08		0.92			—		11.12		(9.16	)		1.01		1.00	†		1.00	†		4.58	†		1		666

See Accompanying Notes to Financial Statements
15

FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From return of capital
Year or period ended	($)		($)			($)			($)			($)			($)			($)
ING Intermediate Bond Portfolio (continued)
Class I
06-30-13		12.96		0.23			(0.46	)		(0.23	)		—			—			—
12-31-12		12.40		0.49	•		0.67			1.16			0.60			—			—
12-31-11		12.07		0.54	•		0.37			0.91			0.58			—			—
12-31-10		11.57		0.61	•		0.53			1.14			0.64			—			—
12-31-09		11.08		0.53	•		0.75			1.28			0.79			—			—
12-31-08		13.22		0.64	•		(1.73	)		(1.09	)		0.75			0.30			—
Class S
06-30-13		12.89		0.21			(0.45	)		(0.24	)		—			—			—
12-31-12		12.34		0.45	•		0.67			1.12			0.57			—			—
12-31-11		12.01		0.51	•		0.37			0.88			0.55			—			—
12-31-10		11.52		0.57	•		0.52			1.09			0.60			—			—
12-31-09		11.00		0.50	•		0.75			1.25			0.73			—			—
12-31-08		13.14		0.60	•		(1.72	)		(1.12	)		0.72			0.30			—
Class S2
06-30-13		12.92		0.28	•		(0.53	)		(0.25	)		—			—			—
12-31-12		12.37		0.41			0.69			1.10			0.55			—			—
12-31-11		12.08		0.52	•		0.34			0.86			0.57			—			—
12-31-10		11.59		0.55	•		0.53			1.08			0.59			—			—
02-27-09(5)-12-31-09		10.79		0.42	•		1.15			1.57			0.77			—			—
ING Money Market Portfolio(b)
Class I
06-30-13		1.00		(0.00	)*		0.00	*		0.00	*		—			0.00	*		—
12-31-12		1.00		0.00	*		0.00	*		0.00	*		0.00	*		—			—
12-31-11		1.00		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*
12-31-10		1.00		0.00	*		0.00	*		0.00	*		0.00	*		—			0.00	*
12-31-09		1.00		0.00	*		0.00	*		0.00	*		0.00	*		0.00	*		—
12-31-08		1.05		0.02			0.00	*		0.02			0.07			—			—
Class S
06-30-13		1.00		—			0.00	*		0.00			—			0.00	*		—
12-31-12		1.00		(0.00	)*		0.00	*		0.00	*		—			—			—
12-31-11		1.00		—			0.00	*		0.00			—			0.00	*		0.00	*
03-15-10(5)-12-31-10		1.00		0.00	*		0.00	*		0.00	*		0.00	*		—			—
ING Small Company Portfolio
Class ADV
06-30-13		19.13		(0.01	)		2.70			2.69			0.01			1.80			—
12-31-12		17.39		0.01			2.41			2.42			—			0.68			—
12-31-11		17.98		(0.02	)•		(0.51	)		(0.53	)		0.06			—			—
12-31-10		14.60		0.04	•		3.42			3.46			0.08			—			—
12-31-09		11.58		0.08	•		3.02			3.10			0.08			—			—
12-16-08(5)-12-31-08		11.13		0.00	*•		0.45			0.45			—			—			—
Class I
06-30-13		19.63		0.04			2.79			2.83			0.12			1.80			—
12-31-12		17.82		0.10	•		2.47			2.57			0.08			0.68			—
12-31-11		18.34		0.07			(0.52	)		(0.45	)		0.07			—			—
12-31-10		14.82		0.09			3.52			3.61			0.09			—			—
12-31-09		11.70		0.09			3.11			3.20			0.08			—			—
12-31-08		19.56		0.11	•		(5.52	)		(5.41	)		0.18			2.27			—
Class S
06-30-13		19.35		0.01			2.74			2.75			0.06			1.80			—
12-31-12		17.57		0.05	•		2.44			2.49			0.03			0.68			—
12-31-11		18.09		0.02			(0.50	)		(0.48	)		0.04			—			—
12-31-10		14.64		0.04			3.47			3.51			0.06			—			—
12-31-09		11.57		0.05	•		3.09			3.14			0.07			—			—
12-31-08		19.39		0.09	•		(5.50	)		(5.41	)		0.14			2.27			—

											Ratios to average net assets											Supplemental data
	Total distributions			Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)			Expense net of all reductions/additions(2)(3)(4)			Net investment income (loss)(2)(4)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)			($)		($)		(%)			(%)		(%)			(%)			(%)			($000's)		(%)
ING Intermediate Bond Portfolio (continued)
Class I
06-30-13		—			—		12.73		(1.77	)		0.50		0.50			0.50			3.45			920,279		204
12-31-12		0.60			—		12.96		9.39			0.50		0.50			0.50			3.78			1,001,255		424
12-31-11		0.58			—		12.40		7.54			0.50		0.50			0.50			4.31			1,205,691		456
12-31-10		0.64			—		12.07		9.84			0.50		0.50	†		0.50	†		4.93	†		1,217,280		438
12-31-09		0.79			—		11.57		11.57			0.51		0.51	†		0.51	†		4.62	†		1,236,593		692
12-31-08		1.05			—		11.08		(8.41	)		0.51		0.50	†		0.50	†		5.05	†		1,803,886		666
Class S
06-30-13		—			—		12.65		(1.86	)		0.75		0.75			0.75			3.19			1,143,399		204
12-31-12		0.57			—		12.89		9.08			0.75		0.75			0.75			3.52			1,221,680		424
12-31-11		0.55			—		12.34		7.30			0.75		0.75			0.75			4.09			1,247,149		456
12-31-10		0.60			—		12.01		9.51			0.75		0.75	†		0.75	†		4.67	†		1,292,731		438
12-31-09		0.73			—		11.52		11.38			0.76		0.76	†		0.76	†		4.41	†		1,279,655		692
12-31-08		1.02			—		11.00		(8.73	)		0.76		0.75	†		0.75	†		4.82	†		1,153,518		666
Class S2
06-30-13		—			—		12.67		(1.93	)		1.00		0.90			0.90			4.30			229		204
12-31-12		0.55			—		12.92		8.93			1.00		0.90			0.90			3.37			1,277		424
12-31-11		0.57			—		12.37		7.14			1.00		0.90			0.90			4.20			1,001		456
12-31-10		0.59			—		12.08		9.29			1.00		0.90	†		0.90	†		4.50	†		3		438
02-27-09(5)-12-31-09		0.77			—		11.59		14.59			1.01		0.91	†		0.91	†		4.31	†		3		692
ING Money Market Portfolio(b)
Class I
06-30-13		0.00	*		—		1.00		0.02			0.34		0.26			0.26			—			877,696		—
12-31-12		0.00	*		—		1.00		0.03			0.34		0.34			0.34			0.03			975,469		—
12-31-11		0.00	*		—		1.00		0.02			0.34		0.26			0.26			0.00	*		1,176,157		—
12-31-10		0.00	*		—		1.00		0.24			0.34		0.31	†		0.31	†		0.02	†		1,069,947		—
12-31-09		0.00	*		—		1.00		0.33			0.37		0.37			0.37			0.25			1,328,429		—
12-31-08		0.07			—		1.00		2.67			0.35		0.35			0.35			2.66			1,798,833		—
Class S
06-30-13		0.00	*		—		1.00		0.02			0.59		0.26			0.26			—			133		—
12-31-12		—			—		1.00		0.00			0.59		0.36			0.36			0.01			134		—
12-31-11		0.00	*		—		1.00		0.02			0.59		0.26			0.26			0.00			314		—
03-15-10(5)-12-31-10		0.00	*		—		1.00		0.00			0.59		0.36	†		0.36	†		0.00	*†		313		—
ING Small Company Portfolio
Class ADV
06-30-13		1.81			—		20.01		14.55			1.34		1.34			1.34			(0.08	)		6,873		21
12-31-12		0.68			—		19.13		14.01			1.35		1.35			1.35			0.06			6,213		49
12-31-11		0.06			—		17.39		(2.99	)		1.35		1.35			1.35			(0.10	)		5,938		61
12-31-10		0.08			—		17.98		23.75			1.34		1.34	†		1.34	†		0.25	†		3,253		86
12-31-09		0.08			—		14.60		26.96			1.36		1.36	†		1.36	†		0.67	†		36		128
12-16-08(5)-12-31-08		—			—		11.58		4.04			1.35		1.35	†		1.35	†		0.65	†		3		145
Class I
06-30-13		1.92			—		20.54		14.88			0.84		0.84			0.84			0.35			510,899		21
12-31-12		0.76			—		19.63		14.52			0.85		0.85			0.85			0.55			472,254		49
12-31-11		0.07			—		17.82		(2.49	)		0.85		0.85			0.85			0.38			483,473		61
12-31-10		0.09			—		18.34		24.38			0.84		0.84	†		0.84	†		0.51	†		503,739		86
12-31-09		0.08			—		14.82		27.56			0.86		0.86	†		0.86	†		0.67	†		437,930		128
12-31-08		2.45			—		11.70		(31.05	)		0.85		0.85	†		0.85	†		0.71	†		420,626		145
Class S
06-30-13		1.86			—		20.24		14.71			1.09		1.09			1.09			0.11			112,263		21
12-31-12		0.71			—		19.35		14.26			1.10		1.10			1.10			0.28			101,041		49
12-31-11		0.04			—		17.57		(2.68	)		1.10		1.10			1.10			0.12			108,502		61
12-31-10		0.06			—		18.09		24.00			1.09		1.09	†		1.09	†		0.29	†		122,286		86
12-31-09		0.07			—		14.64		27.33			1.11		1.11	†		1.11	†		0.43	†		78,790		128
12-31-08		2.41			—		11.57		(31.28	)		1.10		1.10	†		1.10	†		0.71	†		44,764		145

See Accompanying Notes to Financial Statements
16

FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)

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

			Income (loss) from investment operations									Less distributions
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital
Year or period ended	($)		($)			($)			($)			($)		($)		($)
ING Small Company Portfolio (continued)
Class S2
06-30-13		19.22		(0.19	)•		2.92			2.73			0.04		1.80		—
12-31-12		17.47		0.03			2.41			2.44			0.01		0.68		—
12-31-11		18.04		0.01	•		(0.52	)		(0.51	)		0.06		—		—
12-31-10		14.61		0.06	•		3.42			3.48			0.05		—		—
02-27-09(5)-12-31-09		9.27		0.03	•		5.39			5.42			0.08		—		—

										Ratios to average net assets											Supplemental data
	Total distributions		Payment by affiliate		Net asset value, end of year or period		Total Return(1)			Expenses before reductions/additions(2)(3)(4)		Expenses net of fee waivers and/or recoupments if any(2)(3)(4)			Expense net of all reductions/additions(2)(3)(4)			Net investment income (loss)(2)(4)			Net assets, end of year or period		Portfolio turnover rate
Year or period ended	($)		($)		($)		(%)			(%)		(%)			(%)			(%)			($000's)		(%)
ING Small Company Portfolio (continued)
Class S2
06-30-13		1.84		—		20.11		14.67			1.34		1.24			1.24			(1.84	)		206		21
12-31-12		0.69		—		19.22		14.08			1.35		1.25			1.25			0.16			214		49
12-31-11		0.06		—		17.47		(2.85	)		1.35		1.25			1.25			0.04			195		61
12-31-10		0.05		—		18.04		23.85			1.34		1.24	†		1.24	†		0.40	†		50		86
02-27-09(5)-12-31-09		0.08		—		14.61		58.73			1.36		1.26	†		1.26	†		0.27	†		5		128

⁽¹⁾  Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and does not reflect the effect of insurance contract charges. Total return for periods less than one year is not annualized.

⁽²⁾  Annualized for periods less than one year.

⁽³⁾  Expense ratios do not include fees and expenses charged under the variable annuity contract or variable life insurance policy.

⁽⁴⁾  Expense ratios reflect operating expenses of a Portfolio. Expenses before reductions/additions do not reflect amounts reimbursed by an Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Portfolio during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by an Investment Adviser and/or Distributor but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Portfolio. Net investment income (loss) is net of all such additions or reductions.

⁽⁵⁾  Commencement of operations.

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

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

^•  Calculated using average number of shares outstanding throughout the period.

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

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

See Accompanying Notes to Financial Statements
17

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED)

NOTE 1 — ORGANIZATION

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

ING Balanced Portfolio, Inc. is a company incorporated under the laws of Maryland on December 14, 1988 with one diversified series, ING Balanced Portfolio ("Balanced"). ING Variable Funds is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, ING Growth and Income Portfolio ("Growth and Income"). ING Variable Portfolios, Inc. is a company incorporated under the laws of Maryland on June 4, 1996 and has nineteen separate active diversified and non-diversified series. The diversified series that is in this report is ING Small Company Portfolio ("Small Company"). ING Intermediate Bond Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, ING Intermediate Bond Portfolio ("Intermediate Bond"). ING Money Market Portfolio is a business trust formed under the laws of Massachusetts on January 25, 1984 with one diversified series, ING Money Market Portfolio ("Money Market"). Each of the portfolios is a "Portfolio" and collectively, they are the "Portfolios." The investment objective of the Portfolios is described in the Portfolios' Prospectus.

Each Portfolio offers at least two of the following classes of shares: Adviser ("ADV") Class, Class I, Class S and Service 2 Class (Class "S2") shares. Each class has equal rights as to class and voting privileges. The classes differ principally in the applicable distribution and shareholder service fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Portfolios and earn income and realized gains/losses from the Portfolios pro rata based on the average daily net assets of each class, without distinction between share classes. Expenses that are specific to a portfolio or a class are charged directly to that portfolio or class. Other operating expenses shared by several portfolios are generally allocated among those portfolios based on average net assets. Distributions are determined separately for each class based on income and expenses allocable to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution.

Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Portfolios in the preparation of their financial statements. Such policies are in conformity with U.S. generally accepted accounting principles ("GAAP") for investment companies.

A.  Security Valuation. All investments in securities are recorded at their estimated fair value, as described below. Investments in equity securities traded on a national securities exchange are valued at the official closing price when available or, for certain markets, the last reported sale price. Securities reported by NASDAQ are valued at the NASDAQ official closing prices. Securities traded on an exchange or NASDAQ for which there has been no sale and securities traded in the over-the-counter-market are valued at the mean between the last reported bid and ask prices. All investments quoted in foreign currencies are valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities acquired with more than 60 days to maturity are valued using matrix pricing methods determined by an independent pricing service which takes into consideration such factors as yields, maturities, liquidity, ratings and traded prices in similar or identical securities. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of fair market value obtained from yield data relating to investments or securities with similar characteristics. U.S. government obligations are valued by using market quotations or independent pricing services that use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. Investments in open-end mutual funds are valued at net asset value ("NAV"). Investments in

18

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

securities of sufficient credit quality maturing in 60 days or less are valued at amortized cost which approximates fair value.

Securities and assets for which market quotations are not readily available (which may include certain restricted securities, which are subject to limitations as to their sale) are valued at their fair values, as defined in the 1940 Act, and as determined in good faith by or under the supervision of the Portfolios' Board of Directors/Trustees ("Board"), in accordance with methods that are specifically authorized by the Board. Securities traded on exchanges, including foreign exchanges, which close earlier than the time that a Portfolio calculates its NAV may also be valued at their fair values as defined by the 1940 Act, and as determined in good faith by or under the supervision of the Board, in accordance with methods that are specifically authorized by the Board. All such fair valuations are made in accordance with valuation procedures of the Portfolios (the "Valuation Procedures") which have been approved by the Board. The valuation techniques applied in any specific instance are set forth in the Valuation Procedures and may vary from case to case. With respect to a restricted security, for example, consideration is generally given to the cost of the investment, the market value of any unrestricted securities of the same class at the time of valuation, the potential expiration of restrictions on the security, the existence of any registration rights, the costs to the Portfolios related to registration of the security, as well as factors relevant to the issuer itself. Consideration may also be given to the price and extent of any public trading in similar securities of the issuer or comparable companies' securities. The value of a foreign security traded on an exchange outside the United States is generally based on its price on the principal foreign exchange where it trades as of the time a Portfolio determines its NAV or if the foreign exchange closes prior to the time a Portfolio determines its NAV, the most recent closing price of the foreign security on its principal exchange. Trading in certain non-U.S. securities may not take place on all days on which the New York Stock Exchange ("NYSE") is open. Further, trading takes place in various foreign markets on days on which the NYSE is not open. Consequently, the calculation of a Portfolio's NAV may not take place contemporaneously with the determination of the prices of securities held by a Portfolio in foreign securities markets. Further, the value of a Portfolio's assets may be significantly affected by foreign trading on days when a

shareholder cannot purchase or redeem shares of a Portfolio. In calculating a Portfolio's NAV, foreign securities denominated in foreign currency are converted to U.S. dollar equivalents. If an event occurs after the time at which the market for foreign securities held by a Portfolio closes but before the time that a Portfolio's NAV is calculated, such event may cause the closing price on the foreign exchange to not represent a readily available reliable market value quotation for such securities at the time a Portfolio determines its NAV. In such a case, a Portfolio will use the fair value of such securities as determined under a Portfolio's valuation procedures. Events after the close of trading on a foreign market that could require a Portfolio to fair value some or all of its foreign securities include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis in the determination of a security's fair value, the Board has authorized the use of one or more independent research services to assist with such determinations. An independent research service may use statistical analyses and quantitative models to help determine fair value as of the time a Portfolio calculates its NAV. There can be no assurance that such models accurately reflect the behavior of the applicable markets or the effect of the behavior of such markets on the fair value of securities, or that such markets will continue to behave in a fashion that is consistent with such models. Unlike the closing price of a security on an exchange, fair value determinations employ elements of judgment. Consequently, the fair value assigned to a security may not represent the actual value that a Portfolio could obtain if it were to sell the security at the time of the close of the NYSE. Pursuant to procedures adopted by the Board, a Portfolio is not obligated to use the fair valuations suggested by any research service, and valuation recommendations provided by such research services may be overridden if other events have occurred or if other fair valuations are determined in good faith to be more accurate. Unless an event is such that it causes a Portfolio to determine that the closing prices for one or more securities do not represent readily available reliable market value quotations at the time a Portfolio determines its NAV, events that occur between the time of the close of the foreign market on which they are traded and the close of regular trading on the NYSE will not be reflected in a Portfolio's NAV.

Money Market uses the amortized cost method to value its portfolio securities, which approximates fair value. The amortized cost method involves valuing a

19

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

security at its cost and amortizing any discount or premium over the period until maturity, regardless of the impact of fluctuating interest rates or the fair value of the security.

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

The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated the responsibility for applying the valuation methods to the "Pricing Committee" as established by the fund's Administrator. The Pricing Committee considers all facts they deem relevant that are reasonably available, through either public information or information available to the Investment Adviser or Sub-Adviser, when determining the fair value of the security. In the event that a security or asset cannot be valued pursuant to one of the valuation methods established by the Board, the fair value of the security or asset will be determined in good faith by the Pricing Committee. When a Portfolio uses these fair valuation methods that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Pricing Committee believes accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. The methodologies used for valuing securities are not necessarily an indication of the risks of investing in those securities valued in good faith at fair value nor can it be assured

a Portfolio can obtain the fair value assigned to a security if they were to sell the security.

To assess the continuing appropriateness of security valuations, the Pricing Committee may compare prior day prices, prices on comparable securities, and traded prices to the prior or current day prices and the Pricing Committee challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued in good faith at fair value, the Pricing Committee reviews and affirms the reasonableness of the valuation on a regular basis after considering all relevant information that is reasonably available.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. The end of period timing recognition is used for the transfers between Levels of a Portfolio's assets and liabilities. A reconciliation of Level 3 investments is presented when a Portfolio has a significant amount of Level 3 investments.

For the six months ended June 30, 2013, there have been no significant changes to the fair valuation methodologies.

B.  Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Portfolios. Premium amortization and discount accretion are determined by the effective yield method.

C.  Foreign Currency Translation. The books and records of the Portfolios are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1)  Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day.

(2)  Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at the end of

20

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NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Portfolio's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments, which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.

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

Market Risk Factors. In pursuit of its investment objectives, a Portfolio may seek to use derivatives to

increase or decrease its exposure to the following market risk factors:

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

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

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

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

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

The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of a Portfolio to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a

21

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

disadvantageous time because a Portfolio is required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and a Portfolio. Associated risks are not the risks that a Portfolio is attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that a Portfolio will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to a Portfolio. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.

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

A Portfolio may also enter into collateral agreements with certain counterparties to further mitigate counterparty risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Portfolio is held in a segregated

account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

As of June 30, 2013, the maximum amount of loss that Balanced and Intermediate Bond would incur if the counterparties to its derivative transactions failed to perform would be $3,240,094 and $6,809,405, respectively, which represents the gross payments to be received by the Portfolios on open swaps, forward foreign currency contracts and purchased options were they to be unwound as of June 30, 2013. At June 30, 2013, certain counterparties had posted $5,109,000 to Intermediate Bond.

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

As of June 30, 2013, Balanced and Intermediate Bond had a net liability position of $4,315,530 and $2,449,054, respectively, on open swaps, forward foreign currency contract and written options with credit related contingent features. If a contingent feature would have been triggered as of June 30, 2013, the Portfolios could have been required to pay this amount in cash to its counterparties. As of June 30, 2013, there was no collateral posted by either Portfolio for open OTC derivative instruments.

E.  Forward Foreign Currency Transactions and Futures Contracts. Certain Portfolios may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. When entering into a forward foreign currency contract, a Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed upon future date. A Portfolio either enters into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or uses forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed,

22

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

During the six months ended June 30, 2013, the following Portfolios had average contract amounts on forward foreign currency contracts to buy and sell as disclosed below:

	Buy		Sell
Balanced	$	104,428,055	$	93,596,433
Intermediate Bond		154,893,018		242,083,268

The above Portfolios entered into forward foreign currency contracts to protect their non-U.S. dollar-denominated holdings from adverse currency movements. Please refer to the tables following each respective Summary Portfolio of Investments for open forward foreign currency contracts at June 30, 2013.

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

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

Operations. Realized gains (losses) are reported in the Statements of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the six months ended June 30, 2013, Balanced and Intermediate Bond have purchased and sold futures contracts on various equity indices (Balanced only), bonds, and notes. Balanced purchased equity futures to "equitize" cash. Both Balanced and Intermediate Bond purchased and sold futures on bonds and notes as part of their duration management. Growth and Income entered into equity futures to "equitize" cash. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Portfolio is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of a Portfolio's securities. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. During the six months ended June 30, 2013, the following Portfolios had average notional values on futures contracts purchased and sold as disclosed below:

	Purchased		Sold
Balanced	$	54,663,442	$	25,437,062
Intermediate Bond		218,367,225		107,054,070
Growth and Income		—		34,279,757

Please refer to the tables following the Summary Portfolio of Investments for open futures contracts for Balanced and Intermediate Bond at June 30, 2013. There were no open futures contracts for Growth and Income at June 30, 2013.

F.  Options Contracts. Certain Portfolios may write call and put options on futures, swaps ("swaptions"), securities, commodities or foreign currencies it owns or in which it may invest. Writing put options tends to increase the Portfolios' exposure to the underlying instrument. Writing call options tends to decrease the Portfolios' exposure to the underlying instrument. When a Portfolio writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. Premiums received from writing options which expire are treated as realized

23

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. A Portfolio as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolios may not be able to enter into a closing transaction because of an illiquid market. The Portfolios may also purchase put and call options. Purchasing call options tends to increase the Portfolios' exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolios' exposure to the underlying instrument. The Portfolios pay a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.

During the six months ended June 30, 2013, Balanced has purchased and written foreign currency options to gain exposure to currencies and to generate income. Please refer to the Summary Portfolio of Investments for open purchased foreign currency options and the table following the Summary Portfolio of Investments for open written foreign currency options at June 30, 2013.

During the six months ended June 30, 2013, Balanced and Intermediate Bond have purchased interest rate swaptions to gain exposure to interest rates and to generate income. There were no open purchased interest rate swaptions at June 30, 2013.

Please refer to Note 9 for the volume of both purchased and written option activity during the six months ended June 30, 2013.

G.  Distributions to Shareholders. The Portfolios record distributions to their shareholders on the ex-dividend date. Balanced and Small Company declare and pay

dividends annually. Growth and Income and Intermediate Bond declare and pay dividends semi-annually. Money Market declares dividends daily and pays dividends, if any, monthly. Each Portfolio distributes capital gains, if any, annually. The Portfolios may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. GAAP for investment companies.

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

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

J.  Repurchase Agreements. Each Portfolio may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Portfolio will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Portfolio. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest is at least equal to the

24

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

repurchase price. There would be potential loss to the Portfolio in the event the Portfolio is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.

K.  Securities Lending. Each Portfolio (except Money Market) may temporarily loan up to 33¹/₃% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, a Portfolio has the right to use collateral to offset losses incurred. There would be potential loss to a Portfolio in the event a Portfolio is delayed or prevented from exercising its right to dispose of the collateral. The Portfolio bears the risk of loss with respect to the investment of collateral with the following exception: The Bank of New York Mellon ("BNY") provides the Portfolio indemnification from loss with respect to the investment of collateral provided that the cash collateral is invested solely in overnight repurchase agreements. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio.

L.  Restricted Securities. The Portfolios may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933 ("1933 Act") or securities offered pursuant to Section 4(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value, as defined by the Act, determined under procedures approved by the Board.

M.  When-Issued and Delayed-Delivery Transactions. Each Portfolio may purchase or sell securities on a when-issued or forward commitment basis. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The fair value of such is identified in the Summary Portfolio of Investments. Losses may arise due to changes in the fair value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Portfolios are required to hold liquid assets as collateral with the Portfolios' custodian sufficient to cover the purchase price.

N.  Mortgage Dollar Roll Transactions. Each Portfolio, except Small Company, may engage in dollar roll transactions with respect to mortgage-backed securities issued by Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corp. In a dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker/dealer, and simultaneously agrees to repurchase a substantially similar (i.e., same type, coupon, and maturity) security from the institution on a delayed-delivery basis at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. The Portfolios account for dollar roll transactions as purchases and sales.

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

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

25

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

are included as a component in the realized gains or losses on each Portfolio's Statement of Operations upon termination or maturity of the swap. A Portfolio also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statement of Operations.

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

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

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

Certain Portfolios may sell credit default swaps which expose these Portfolios to the risk of loss from credit risk related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a

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

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

The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection

26

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2013, for which a Portfolio is seller of protection are disclosed in each Portfolio's Summary Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

For the six months ended June 30, 2013, both Balanced and Intermediate Bond have purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual securities and to hedge against anticipated potential credit events.

For the six months ended June 30, 2013, both Balanced and Intermediate Bond have purchased credit protection on credit default swap indices ("CDX"). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. The Portfolios use CDX swaps to hedge the credit risk associated with various sectors within the credit markets.

For the six months ended June 30, 2013, both Balanced and Intermediate Bond have sold credit protection through credit default swaps to gain exposure to the credit risk of individual securities that are either unavailable or considered to be less attractive in the bond market.

For the six months ended June 30, 2013, Balanced and Intermediate Bond had average notional amounts of $4,254,000 and $76,224,000 on credit default swaps to buy protection and average notional amounts of $1,144,000 and $15,479,000 on credit default swaps to sell protection, respectively. Please refer to the tables following the Summary Portfolio of Investments for Balanced for open credit default swaps at June 30, 2013. There were no open credit default swaps for Intermediate Bond at June 30, 2013.

Interest Rate Swap Contracts. An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Portfolio may make payments that are

greater than what a Portfolio received from the counterparty. Other risks include credit, liquidity and market risk.

For the six months ended June 30, 2013, Balanced has entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate ("Long interest rate swap") in order to increase exposure to interest rate risk. Average notional amounts on long interest rate swaps were $23,517,707.

For the six months ended June 30, 2013, Balanced and Intermediate Bond have entered into interest rate swaps in which it pays a fixed interest rate and receives a floating interest rate ("Short interest rate swap") in order to decrease exposure to interest rate risk. Average notional amounts on short interest rate swaps were $14,666,832 and $73,499,153, respectively.

Balanced and Intermediate Bond entered into interest rate swaps to adjust interest rate and yield curve exposures and to substitute for physical fixed-income securities. Please refer to the table following the Summary Portfolio of Investments for Balanced for open interest rate swaps at June 30, 2013. There were no open interest rate swaps for Intermediate Bond at June 30, 2013.

At June 30, 2013, Balanced posted $150,000 in cash collateral as initial margin for centrally cleared interest rate swaps.

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

NOTE 3 — INVESTMENT TRANSACTIONS

For the period ended June 30, 2013, the cost of purchases and proceeds from the sales of securities, excluding short-term and U.S. government securities, were as follows:

	Purchases		Sales
Balanced	$	292,737,564	$	321,049,131
Growth and Income		994,930,379		1,365,300,300
Intermediate Bond		816,222,724		883,838,669
Small Company		129,165,219		163,993,402

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

	Purchases		Sales
Balanced	$	252,177,538	$	244,131,315
Intermediate Bond		4,094,440,577		3,996,281,646

27

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

NOTE 4 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES

The Portfolios entered into investment management agreements ("Investment Management Agreements") with the Investment Adviser. The Investment Management Agreements compensate the Investment Adviser with a fee, computed daily and payable monthly, based on the average daily net assets of each Portfolio, at the following annual rates:

Balanced	0.500%
Growth and Income	0.500% on first $10 billion;
	0.450% on next $5 billion; and
	0.425% over $15 billion
Intermediate Bond	0.400%
Money Market	0.250%
Small Company	0.750%

Pursuant to administration agreements, IFS acts as administrator and provides certain administrative and shareholder services necessary for Portfolio operations and is responsible for the supervision of other service providers. IFS is entitled to receive from each Portfolio a fee at an annual rate of 0.055% on the first $5 billion of daily net assets and 0.03% thereafter.

The Investment Adviser entered into sub-advisory agreements with ING IM. ING IM acts as sub-adviser to all Portfolios. Subject to such policies as the Board or the Investment Adviser may determine, ING IM manages the Portfolios' assets in accordance with the Portfolios' investment objectives, policies, and limitations.

In placing equity security transactions, the Sub-Adviser is required to use its best efforts to choose a broker capable of providing brokerage services necessary to obtain the best execution for each transaction. Subject to this requirement, each Sub-Adviser may allocate equity security transactions through certain designated broker-dealers. Some of these broker-dealers participate in commission recapture programs that have been established for the benefit of the Portfolios. Under these programs, the participating broker-dealers will return to a Portfolio a portion of the brokerage commissions (in the form of a credit to a Portfolio) paid to the broker-dealers to pay certain expenses of a Portfolio. These commission recapture payments benefit the Portfolios and not the Sub-Adviser. Any amount credited to a Portfolio is recognized as brokerage commission recapture in the Statements of Operations. There was no brokerage commission recapture for any Portfolios during the six-months ended June 30, 2013.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

ADV Class and Class S2 shares of the respective Portfolios are subject to a Shareholder Service and Distribution Plan (the "Plan"). Under the Plan, the

Distributor is paid an annual shareholder service fee at the rate of 0.25% and an annual distribution fee at the rate of 0.25% of the average daily net assets attributable to its ADV Class and Class S2 shares. The Distributor has contractually agreed to waive a portion of its fee equal to 0.10% of the average daily net assets attributable to the distribution fee paid by Class S2 of the Portfolios, so that the actual fee paid by a Portfolio is an annual rate of 0.15%. For the six months ended June 30, 2013, the Distributor for Growth and Income, Intermediate Bond, and Small Company waived $328,501, $116, and $116, respectively. Additionally, the Distributor has contractually agreed to waive a portion of its fee equal to 0.05% of the average daily net assets attributable to the distribution fee paid by ADV Class of Growth and Income, so that the actual fee paid by the Portfolio is an annual rate of 0.20%. Termination or modification of these contractual waivers requires approval by the Board. There is no guarantee that these waivers will continue.

Class S shares of the respective Portfolios have adopted either a Distribution Plan or a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (collectively, the "12b-1 Plans"), whereby the Distributor is compensated by each Portfolio for expenses incurred for Shareholder Servicing and/or the distribution of each Portfolio's shares. Pursuant to the 12b-1 Plans, the Distributor is entitled to a payment each month to compensate for expenses incurred in the distribution and promotion of each Portfolio's shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor. Under the 12b-1 Plans, Class S shares of the Portfolios pay the Distributor a fee calculated at an annual rate of 0.25% of average daily net assets. For Money Market, the Distributor agreed to waive 0.10% of average daily net assets attributable to distribution fees for Class S shares. During the six months ended June 30, 2013, the Distributor for Money Market waived $67. Termination or modification of this contractual waiver requires approval by the Board. There is no guarantee that this waiver will continue.

IID and ING Investments have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and management fees, as applicable, and to reimburse certain expenses to the extent necessary to assist Money Market in

28

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

maintaining a yield of not less than zero. There is no guarantee that Money Market will maintain such a yield. Management fees waived or expenses reimbursed are subject to possible recoupment by ING Investments, as applicable, within three years subject to certain restrictions. For the six months ended June 30, 2013, IID waived $156 of Class S specific distribution fees and ING Investments waived $376,474 of management fees for Money Market to maintain a yield of not less than zero. Termination or modification of this contractual waiver requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations, if any.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At June 30, 2013, the following affiliated investment companies or indirect, wholly-owned subsidiaries of ING U.S., Inc. owned more than 5% of the following Portfolios:

Affiliated Investment Company/Subsidiary	Portfolios	Percentage
ING Life Insurance and  Annuity Company	Balanced		90.36	%
	Growth and Income		44.59
	Intermediate Bond		41.19
	Money Market		87.03
	Small Company		51.56
ING National Trust	Money Market		11.75
	Small Company		6.45
ING Solution 2025 Portfolio	Small Company		7.98
ING Solution 2035 Portfolio	Small Company		7.00
ING Solution 2045 Portfolio	Small Company		5.87
ING USA Annuity and  Life Insurance Company	Growth and Income		46.93
	Intermediate Bond		53.07
	Small Company		14.80

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

The Registrants have adopted a Deferred Compensation Plan (the "Plan"), which allows eligible independent directors/trustees as described in the Plan to defer the receipt of all or a portion of the directors'/trustees' fees payable. Amounts deferred are treated as though invested in various "notional" funds advised by ING Investments until distribution in accordance with the Plan.

NOTE 7 — EXPENSE LIMITATION AGREEMENT

The Investment Adviser entered into a written expense limitation agreement ("Expense Limitation Agreement") with the following Portfolio whereby the Investment Adviser has agreed to limit expenses, excluding interest expense, taxes, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses to the levels listed below:

	Class ADV			Class I			Class S			Class S2
Small Company		1.45	%		0.95	%		1.20	%		1.35	%

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

As of June 30, 2013, there are no waived and reimbursed fees that are subject to recoupment by the Investment Adviser.

The Expense Limitation Agreement is contractual and shall renew automatically for one-year terms unless: (i) the Investment Adviser provides 90 days written notice of its termination; and (ii) such termination is approved by the Board; or (iii) the Investment Management Agreement has been terminated.

NOTE 8 — LINE OF CREDIT

The Portfolios, in addition to certain other funds managed by the Investment Adviser, have entered into an unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon for an aggregate amount of $200,000,000. Prior to May 24, 2013, the funds to which the Credit Agreement is available were each a party to an unsecured committed revolving line of credit for an aggregate amount of $100,000,000. The proceeds may be used to: (1) temporarily finance the purchase or sale of securities; or (2) finance the redemption of shares of an investor in the funds. The funds to which the line of credit is available pay a commitment fee equal to 0.08% per annum on the daily unused portion of the committed line amount.

Generally, borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be

29

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

NOTE 8 — LINE OF CREDIT (continued)

made within 60 days after the date of a revolving credit advance.

The following Portfolios utilized the line of credit during the six months ended June 30, 2013:

Portfolio	Days Utilized		Approximate Average Daily Balance For Days Utilized		Approximate Weighted Average Interest Rate For Days Utilized
Balanced		2	$	2,272,500		1.12	%
Growth and Income		18		2,447,222		1.13
Intermediate Bond		4		2,901,250		1.10
Money Market		3		18,980,000		1.16
Small Company		2		2,530,000		1.13

NOTE 9 — PURCHASED AND WRITTEN OPTIONS

Transactions in purchased foreign currency options for Balanced during the period ended June 30, 2013 were as follows:

	USD Notional			Cost
Balance at 12/31/12		3,900,000		$	72,745
Options Purchased		22,500,000			285,896
Options Terminated in Closing Sell Transactions		(8,100,000	)		(101,061	)
Options Expired		(13,000,000	)		(156,350	)
Balance at 06/30/13		5,300,000		$	101,230

Transactions in purchased interest rate swaptions for Balanced during the period ended June 30, 2013 were as follows:

	USD Notional			Cost
Balance at 12/31/12		4,814,000		$	357,948
Options Purchased		—			—
Options Terminated in Closing Sell Transactions		(4,814,000	)		(357,948	)
Options Expired		—			—
Balance at 06/30/13		—		$	—

Transactions in written foreign currency options for Balanced during the period ended June 30, 2013 were as follows:

	USD Notional			Premiums Received
Balance at 12/31/12		5,400,000		$	56,736
Options Written		21,400,000			108,613
Options Terminated in Closing Purchase Transactions		(8,100,000	)		(44,658	)
Options Expired		(13,400,000	)		(78,291	)
Balance at 06/30/13		5,300,000		$	42,400

Transactions in purchased interest rate swaptions for Intermediate Bond during the period ended June 30, 2013 were as follows:

	USD Notional			Cost
Balance at 12/31/12		51,670,000		$	3,857,166
Options Purchased		—			—
Options Terminated in Closing Sell Transactions		(51,670,000	)		(3,857,166	)
Options Expired		—			—
Balance at 06/30/13		—		$	—

NOTE 10 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

	Shares sold		Shares issued in merger		Reinvestment of distributions			Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#			#			#			($)		($)		($)		($)			($)
Balanced
Class I
06-30-13		315,266		—		902,397			(2,518,047	)		(1,300,384	)		4,086,585		—		11,496,537		(32,083,765	)		(16,500,642	)
12-31-12		272,783		—		1,396,397			(6,459,373	)		(4,790,193	)		3,216,222		—		16,407,668		(76,096,062	)		(56,472,172	)
Class S
06-30-13		14,782		—		8,511			(45,436	)		(22,143	)		185,210		—		107,918		(574,431	)		(281,303	)
12-31-12		18,248		—		14,110			(114,451	)		(82,093	)		204,842		—		165,089		(1,360,804	)		(990,873	)
Growth and Income
Class ADV
06-30-13		1,027,776		886,651		380			(4,362,299	)		(2,447,492	)		4,296,832		23,183,620		10,041		(91,402,148	)		(63,911,655	)
12-31-12		1,714,025		—		716,044			(8,033,706	)		(5,603,637	)		40,995,421		—		17,283,832		(190,466,475	)		(132,187,222	)
Class I
06-30-13		10,038,627		8,750,399		615			(17,244,898	)		1,544,743			33,853,231		231,206,800		16,424		(256,907,794	)		8,168,661
12-31-12		6,864,378		—		1,388,462			(19,016,964	)		(10,764,124	)		165,449,511		—		33,833,583		(454,574,220	)		(255,291,126	)
Class S
06-30-13		728,505		631,491		229			(3,641,825	)		(2,281,600	)		5,313,094		16,527,516		6,063		(79,166,724	)		(57,320,051	)
12-31-12		182,071		—		505,881			(6,072,084	)		(5,384,132	)		4,317,479		—		12,215,984		(143,513,545	)		(126,980,082	)
Class S2
06-30-13		4,189		123		—	*		(1,492	)		2,820			103,850		3,176		7		(35,454	)		71,579
12-31-12		22,449		—		480			(2,933	)		19,996			524,950		—		11,472		(69,290	)		467,132

30

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

NOTE 10 — CAPITAL SHARES (continued)

	Shares sold		Shares issued in merger		Reinvestment of distributions			Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Proceeds from shares issued in merger		Reinvestment of distributions			Shares redeemed			Net increase (decrease)
Year or period ended	#		#		#			#			#			($)		($)		($)			($)			($)
Intermediate Bond
Class ADV
06-30-13		461,650		—		—			(127,731	)		333,919			5,999,112		—		—			(1,640,852	)		4,358,260
12-31-12		1,398,716		—		106,891			(202,187	)		1,303,420			17,907,899		—		1,377,112			(2,605,745	)		16,679,266
Class I
06-30-13		1,529,303		—		—			(6,521,802	)		(4,992,499	)		19,811,253		—		—			(84,775,410	)		(64,964,157	)
12-31-12		13,571,376		—		3,577,104			(37,098,802	)		(19,950,322	)		173,524,387		—		46,310,817			(478,030,373	)		(258,195,169	)
Class S
06-30-13		2,748,680		—		—			(7,139,064	)		(4,390,384	)		35,522,606		—		—			(92,323,624	)		(56,801,018	)
12-31-12		9,683,970		—		4,066,019			(20,040,810	)		(6,290,821	)		123,829,509		—		52,405,250			(257,514,263	)		(81,279,504	)
Class S2
06-30-13		11,314		—		—			(92,081	)		(80,767	)		148,332		—		—			(1,191,160	)		(1,042,828	)
12-31-12		28,406		—		4,049			(14,489	)		17,966			362,863		—		52,316			(185,483	)		229,696
Money Market
Class I
06-30-13		47,977,578		—		160,387			(145,821,132	)		(97,683,167	)		47,977,578		—		160,387			(145,821,132	)		(97,683,167	)
12-31-12		105,147,565		—		344,253			(306,333,946	)		(200,842,128	)		105,147,563		—		344,254			(306,333,946	)		(200,842,129	)
Class S
06-30-13		—		—		24			(642	)		(618	)		—		—		24			(643	)		(619	)
12-31-12		22,338		—		—	*		(202,183	)		(179,845	)		22,338		—		—	*		(202,182	)		(179,844	)
Small Company
Class ADV
06-30-13		24,087		—		29,624			(35,117	)		18,594			486,885		—		565,528			(722,360	)		330,053
12-31-12		40,250		—		12,380			(69,181	)		(16,551	)		743,738		—		231,384			(1,276,143	)		(301,021	)
Class I
06-30-13		668,682		—		2,252,991			(2,102,176	)		819,497			14,140,613		—		44,091,034			(44,119,582	)		14,112,065
12-31-12		2,064,007		—		977,784			(6,118,868	)		(3,077,077	)		39,495,576		—		18,695,232			(117,544,976	)		(59,354,168	)
Class S
06-30-13		929,140		—		497,718			(1,102,972	)		323,886			18,866,531		—		9,600,986			(22,921,691	)		5,545,826
12-31-12		547,502		—		221,232			(1,722,312	)		(953,578	)		10,223,632		—		4,174,648			(32,112,408	)		(17,714,128	)
Class S2
06-30-13		803		—		1,083			(2,763	)		(877	)		16,613		—		20,767			(55,087	)		(17,707	)
12-31-12		1,909		—		437			(2,344	)		2			35,811		—		8,207			(43,385	)		633

NOTE 11 — SECURITIES LENDING

Under an agreement with BNY, the Portfolios can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the close of business of the Portfolios at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Portfolios on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the "Agreement"). The Portfolios bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Portfolios indemnification from loss with respect to

the investment of collateral provided that the cash collateral is invested solely in overnight repurchase agreements.

The cash collateral is invested in overnight repurchase agreements that are collateralized at 102% with securities issued or fully guaranteed by the United States Treasury; United States government or any agency, instrumentality or authority of the United States government. The securities purchased with cash collateral received are reflected in the Summary Portfolio of Investments under Securities Lending Collateral.

Generally, in the event of counterparty default, the Portfolios have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Portfolios in the event the Portfolios are delayed

31

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

NOTE 11 — SECURITIES LENDING (continued)

or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Portfolio. As of June 30, 2013, the following Portfolios had securities on loan with the following market values:

Portfolio	Value of Securities Loaned		Cash Collateral Received
Balanced	$	5,266,165	$	5,432,832
Intermediate Bond		8,761,751		8,986,769
Small Company		21,469,409		22,065,550

NOTE 12 — CONCENTRATION OF INVESTMENT RISK

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

Foreign Securities (All Portfolios). Investments in foreign (non-U.S.) securities may entail risks not present in domestic investments. Since securities in which the Portfolios may invest are denominated in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolios. Foreign investments may also subject the Portfolios to foreign government exchange restrictions, expropriation, taxation or other

political, social or economic developments, as well as changes vis-a-vis the U.S. dollar from movements in currency, and changes in security value and interest rate, all of which could affect the market and/or credit risk of the Portfolios' investments.

Emerging Markets Investments (Balanced and Intermediate Bond). Because of less developed markets and economies and, in some countries, less mature governments and governmental institutions, the risks of investing in foreign securities can be intensified in the case of investments in issuers domiciled or doing substantial business in emerging market countries.

NOTE 13 — FEDERAL INCOME TAXES

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

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

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

	Six Months Ended June 30, 2013				Year Ended December 31, 2012
	Ordinary Income		Long-Term Capital Gain		Ordinary Income		Long-Term Capital Gain
Balanced	$	11,604,455	$	—	$	16,572,758	$	—
Growth and Income		32,535		—		63,371,038		—
Intermediate Bond		—		—		100,165,706		—
Money Market		—		160,411		344,254		—
Small Company		13,616,036		40,662,279		2,055,092		21,054,379

32

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

NOTE 13 — FEDERAL INCOME TAXES (continued)

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of December 31, 2012 are detailed below. The Regulated Investment Company Modernization Act of 2010 (the "Act") provides an unlimited carryforward period for newly generated capital losses. Under the Act, there may be a greater likelihood that all or a portion of the Portfolios' pre-enactment capital loss carryforwards may expire without being utilized due to the fact that post-enactment capital losses are required to be utilized before pre-enactment capital loss carryforwards.

	Undistributed		Late Year Ordinary Losses			Undistributed Long-term		Unrealized Appreciation/		Capital Loss Carryforwards
	Ordinary Income		Deferred			Capital Gains		(Depreciation)		Amount			Character		Expiration
Balanced	$	11,601,797	$	—		$	—	$	23,076,518	$	(30,231,106	)	Short-term			2016
											(82,316,593	)	Short-term			2017
										$	(112,547,699	)
Growth and Income		17,391		—			—		584,438,158	$	(7,073,840	)	Short-term			2014
											(40,824,489	)	Short-term			2015
											(336,540,577	)	Short-term			2016
											(229,778,054	)	Short-term			2017
											(599,642	)	Long-term			None
										$	(614,816,602	)*
Intermediate Bond		—		(11,993,949	)		—		89,726,971	$	(224,224,927	)	Short-term			2017
Money Market		159,096		—			1,315		—		—			—		—
Small Company		13,614,464		—			40,660,354		53,829,288	$	(4,712,329	)	Short-term			2015
											(1,570,776	)	Short-term			2016
											(520,509	)	Short-term			2017
										$	(6,803,614	)*

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

The Portfolios' major tax jurisdictions are U.S. federal, Arizona, and Massachusetts. The earliest tax year that remains subject to examination by these jurisdictions is 2008.

As of June 30, 2013, no provision for income tax is required in the Portfolios' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Portfolios' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.

NOTE 14 — REORGANIZATIONS

On March 23, 2013, Growth and Income ("Acquiring Portfolio") acquired all of the net assets of ING UBS U.S. Large Cap Equity Portfolio and ING Growth and Income Core Portfolio ("Acquired Portfolios"), an open-end investment company in a tax-free reorganization in exchange for shares of the Acquiring Portfolio, pursuant to a plan of reorganization approved by the Acquired Portfolios' shareholders on February 27, 2013. The purposes of the transaction were to combine two portfolios with comparable investment objectives and policies. For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolios were carried forward to align ongoing reporting of the Acquiring Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on January 1, 2013, the beginning of the annual reporting period of the Acquiring Portfolio, the Acquiring Portfolio's pro forma results of operations for the period ended June 30, 2013, are as follows:

Net investment income	$	19,302,919
Net realized and unrealized loss on investments	$	485,709,933
Net increase in net assets resulting from operations	$	505,012,852

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

33

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

NOTE 14 — REORGANIZATIONS (continued)

Portfolios that have been included in the Acquiring Portfolio's statement of operations since March 22, 2013. Net assets and unrealized appreciation as of the reorganization date were as follows:

Acquiring Portfolio	Acquired Portfolios	Total Net Assets of Acquired Portfolios (000s)		Total Net Assets of Acquiring Portfolio (000s)		Acquired Capital Loss Carryforwards		Acquired Portfolio Unrealized Appreciation (000s)		Conversion Ratio
Growth and Income	ING Growth and Income Core Portfolio and ING UBS U.S. Large Cap Equity Portfolio		$270,921		$4,077,079	$	158,815		$32,683		1.6255

The net assets of Growth and Income after the acquisition were $4,348,000,540.

NOTE 15 — RESTRUCTURING PLAN

The Investment Adviser, ING IM, the Administrator and the Distributor are indirect, wholly-owned subsidiaries of ING U.S., Inc. ("ING U.S."). ING U.S. is a U.S.-based financial institution whose subsidiaries operate in the retirement, investment, and insurance industries. ING U.S. is a majority-owned subsidiary of ING Groep N.V. ("ING Groep"), which is a global financial institution of Dutch origin, with operations in more than 40 countries.

In October 2009, ING Groep submitted a restructuring plan (the "Restructuring Plan") to the European Commission in order to receive approval for state aid granted to ING Groep by the Kingdom of the Netherlands in November 2008 and March 2009. To receive approval for this state aid, ING Groep was required to divest its insurance and investment management businesses, including ING U.S., before the end of 2013. In November 2012, the Restructuring Plan was amended to permit ING Groep additional time to complete the divestment. Pursuant to the amended Restructuring Plan, ING Groep must divest at least 25% of ING U.S. by the end of 2013, more than 50% by the end of 2014, and the remaining interest by the end of 2016 (such divestment, the "Separation Plan").

On November 9, 2012, ING U.S. filed a Registration Statement on Form S-1 (the "Form S-1") with the U.S. Securities and Exchange Commission ("SEC") to register an initial public offering of ING U.S. common stock (the "IPO"). On May 1, 2013, this Registration Statement including subsequent amendments became effective and the IPO was priced. The IPO closed on May 7, 2013. The overallotment option was exercised on May 28, 2013 and closed on May 31, 2013. ING Groep continues to own a majority of the common stock of ING U.S. ING Groep intends to sell its

remaining controlling ownership interest in ING U.S. over time. While the base case for the remainder of the Separation Plan is the divestment of ING Groep's remaining interest in one or more broadly distributed offerings, all options remain open and it is possible that ING Groep's divestment of its remaining interest in ING U.S. may take place by means of a sale to a single buyer or group of buyers.

It is anticipated that one or more of the transactions contemplated by the Separation Plan would result in the automatic termination of the existing advisory and sub-advisory agreements under which the Adviser and sub-adviser provide services to the Portfolios. In order to ensure that the existing investment advisory and sub-advisory services can continue uninterrupted, the Board approved new advisory and sub-advisory agreements, as applicable, for the Portfolios in connection with the IPO. In addition, shareholders of the Portfolios were asked to approve new investment advisory and affiliated sub-advisory agreements, as applicable, prompted by the IPO, as well as any future advisory and affiliated sub-advisory agreements prompted by the Separation Plan that are approved by the Board and whose terms are not materially different from the current agreements. Shareholders of Balanced, Growth and Income, Intermediate Bond and Small Company approved new advisory and affiliated sub-advisory agreements on April 22, 2013 and shareholders of Money Market approved a new advisory and affiliated sub-advisory agreement on May 13, 2013. This means that shareholders may not have another opportunity to vote on a new agreement with the Adviser or an affiliated sub-adviser even if they undergo a change of control, as long as no single person or group of persons acting together gains "control" (as defined in the 1940 Act) of ING U.S.

The Separation Plan, whether implemented through public offerings or other means, may be disruptive to the businesses of ING U.S. and its subsidiaries, including the Adviser and affiliated entities that

34

NOTES TO FINANCIAL STATEMENTS AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

NOTE 15 — RESTRUCTURING PLAN (continued)

provide services to the Portfolios, and may cause, among other things, interruption of business operations or services, diversion of management's attention from day-to-day operations, reduced access to capital, and loss of key employees or customers. The completion of the Separation Plan is expected to result in the Adviser's and affiliated entities' loss of access to the resources of ING Groep, which could adversely affect their business. Since a portion of the shares of ING U.S., as a standalone entity, are publicly held, it is subject to the reporting requirements of the Securities Exchange Act of 1934 as well as other U.S. government and state regulations, and subject to the risk of changing regulation.

The Separation Plan may be implemented in phases. During the time that ING Groep retains a majority interest in ING U.S., circumstances affecting ING Groep, including restrictions or requirements imposed on ING Groep by European and other authorities, may also affect ING U.S. A failure to complete the Separation Plan could create uncertainty about the nature of the relationship between ING U.S. and ING Groep, and could adversely affect ING U.S. and the Adviser and its affiliates. Currently, the Adviser and its affiliates do not anticipate that the Separation Plan will have a material adverse impact on their operations or the Portfolios and its operations.

Shareholder Proxy Proposals

At a meeting of the Board on January 9, 2013, the Board nominated 13 individuals (collectively, the "Nominees") for election as Directors/Trustees of the Company/Trust. The Nominees include Albert E. DePrince, Jr., Russell H. Jones, Martin J. Gavin, Joseph E. Obermeyer and Shaun P. Mathews, each of whom was a current member of the Board. In addition, the Board nominated Colleen D. Baldwin, John V. Boyer, Patricia W. Chadwick, Peter S. Drotch, J. Michael Earley, Patrick W. Kenny, Sheryl K. Pressler and Roger B. Vincent, each of whom was not a member of the Board at the time, but who served as a director or trustee to other investment companies in the ING Funds complex. The Nominees were approved by shareholders of Balanced, Growth and Income, Intermediate Bond and Small Company on April 22, 2013 and by shareholders of Money Market on May 13, 2013. The election of the Nominees was effective on May 21, 2013. These nominations were, in part, the result of an effort on the part of the Board and another board in the ING Funds complex to consolidate the membership of the boards so that the same members serve on each board in the ING Funds

complex. The result is that all ING Funds are now governed by Boards that are comprised of the same individuals.

NOTE 16 — SUBSEQUENT EVENTS

On July 22, 2013, the Portfolios and the Investment Adviser received exemptive relief from the SEC which permits the Investment Adviser, with the approval of the Portfolios' Board but without obtaining shareholder approval, to enter into or materially amend a sub-advisory agreement with sub-advisers that are indirect or direct, wholly-owned subsidiaries of the Investment Adviser or of another company that, indirectly or directly wholly owns the Investment Adviser. Reliance on this exemptive relief was approved by shareholders of the Portfolios. For more information, please consult the Supplement to your Prospectus dated August 7, 2013.

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

35

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED)

Investment Type Allocation
as of June 30, 2013
(as a percentage of net assets)

Common Stock	61.9	%
Exchange-Traded Funds	8.0	%
Corporate Bonds/Notes	6.7	%
U.S. Government Agency Obligations	6.3	%
U.S. Treasury Obligations	4.2	%
Foreign Government Bonds	3.7	%
Collateralized Mortgage Obligations	3.7	%
Asset-Backed Securities	2.2	%
Preferred Stock	0.2	%
Purchased Options	0.0	%
Rights	0.0	%
Assets in Excess of Other Liabilities*	3.1	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares				Value		Percentage of Net Assets
COMMON STOCK: 61.9%
			Consumer Discretionary: 8.0%
	104,191		Best Buy Co., Inc.	$	2,847,540		0.5
	93,842		Comcast Corp. - Class A		3,930,103		0.8
	64,591	@	Delphi Automotive PLC		3,274,118		0.6
	77,018		Macy's, Inc.		3,696,864		0.7
	37,072	@	Michael Kors Holdings Ltd.		2,299,205		0.4
	43,573		Starbucks Corp.		2,853,596		0.6
	737,738		Other Securities		22,884,172		4.4
					41,785,598		8.0
			Consumer Staples: 5.7%
	43,173		Coca-Cola Co.		1,731,669		0.3
	39,860		Coca-Cola Enterprises, Inc.		1,401,478		0.3
	22,056		Costco Wholesale Corp.		2,438,732		0.5
	48,811		Kraft Foods Group, Inc.		2,727,070		0.5
	30,340		Philip Morris International, Inc.		2,628,051		0.5
	41,574		Procter & Gamble Co.		3,200,782		0.6
	44,875		Whole Foods Market, Inc.		2,310,165		0.4
	479,134		Other Securities		13,331,307		2.6
					29,769,254		5.7
			Energy: 5.9%
	66,065		ExxonMobil Corp.		5,968,973		1.2
	29,158		Occidental Petroleum Corp.		2,601,768		0.5
	27,923		Range Resources Corp.		2,159,006		0.4
	1,276,520		Other Securities		19,883,792		3.8
					30,613,539		5.9

Shares				Value		Percentage of Net Assets
			Financials: 12.2%
	25,028		Ameriprise Financial, Inc.	$	2,024,265		0.4
	61,057		Arthur J. Gallagher & Co.		2,667,580		0.5
	45,650		Citigroup, Inc.		2,189,830		0.4
	121,943		Fifth Third Bancorp.		2,201,071		0.4
	73,396	@	Invesco Ltd.		2,333,993		0.4
	66,278		JPMorgan Chase & Co.		3,498,816		0.7
	33,397		Prudential Financial, Inc.		2,438,983		0.5
	246,766		Regions Financial Corp.		2,351,680		0.5
	27,040		Travelers Cos., Inc.		2,161,037		0.4
	93,382		Wells Fargo & Co.		3,853,875		0.7
	78,355	@	XL Group PLC		2,375,723		0.5
	4,929,314		Other Securities		35,364,403		6.8
					63,461,256		12.2
			Health Care: 6.9%
	17,479	@	Actavis, Inc.		2,206,199		0.4
	25,957		Amgen, Inc.		2,560,918		0.5
	57,704	@	Gilead Sciences, Inc.		2,955,022		0.6
	53,497		Johnson & Johnson		4,593,252		0.9
	384,718		Other Securities		23,613,278		4.5
					35,928,669		6.9
			Industrials: 7.1%
	71,229		Ametek, Inc.		3,012,987		0.6
	22,217		Boeing Co.		2,275,909		0.4
	26,619		Roper Industries, Inc.		3,306,612		0.6
	17,813		Union Pacific Corp.		2,748,190		0.5
	669,470		Other Securities		25,893,929		5.0
					37,237,627		7.1

See Accompanying Notes to Financial Statements
36

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Shares				Value		Percentage of Net Assets
			Information Technology: 9.2%
	13,999		Apple, Inc.	$	5,544,724		1.1
	120,760		EMC Corp.		2,852,351		0.5
	5,282	@	Google, Inc. - Class A		4,650,114		0.9
	14,554		International Business Machines Corp.		2,781,415		0.5
	65,236	@	NetApp, Inc.		2,464,616		0.5
	110,308		Oracle Corp.		3,388,662		0.6
	1,311,977		Other Securities		26,435,337		5.1
					48,117,219		9.2
			Materials: 2.8%
	32,857		Eastman Chemical Co.		2,300,319		0.4
	582,666		Other Securities		12,254,699		2.4
					14,555,018		2.8
			Telecommunication Services: 1.6%
	39,024		Verizon Communications, Inc.		1,964,468		0.4
	1,563,975		Other Securities		6,427,664		1.2
					8,392,132		1.6
			Utilities: 2.5%
	30,329		DTE Energy Co.		2,032,346		0.4
	24,033		Sempra Energy		1,964,938		0.4
	504,071		Other Securities		9,204,399		1.7
					13,201,683		2.5
			Total Common Stock (Cost $293,897,458)		323,061,995		61.9
EXCHANGE-TRADED FUNDS: 8.0%
	235,400		iShares iBoxx $ High Yield Corporate Bond Fund		21,388,444		4.1
	512,100		SPDR Barclays Capital High Yield Bond ETF		20,222,829		3.9
			Total Exchange-Traded Funds (Cost $42,354,959)		41,611,273		8.0
PREFERRED STOCK: 0.2%
			Financials: 0.2%
	36,380		Other Securities		912,765		0.2
			Total Preferred Stock (Cost $909,583)		912,765		0.2
RIGHTS: 0.0%
			Consumer Discretionary: 0.0%
	4		Other Securities		10		0.0
			Total Rights (Cost $—)		10		0.0

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 6.7%
			Consumer Discretionary: 0.5%
	142,000	#	COX Communications, Inc., 2.950%, 06/30/23	$	129,358		0.1
	70,000	#	COX Communications, Inc., 4.500%, 06/30/43		60,541		0.0
	80,000	#	DISH DBS Corp., 4.250%, 04/01/18		78,800		0.0
	102,000	#	Viacom, Inc., 4.375%, 03/15/43		86,944		0.0
	305,000	#	XM Satellite Radio, Inc., 7.625%, 11/01/18		333,975		0.1
	1,651,000		Other Securities		1,638,685		0.3
					2,328,303		0.5
			Consumer Staples: 0.1%
	110,000	#	Hawk Acquisition Sub, Inc., 4.250%, 10/15/20		105,462		0.0
	70,000	#	JBS USA LLC/JBS USA Finance, Inc., 8.250%, 02/01/20		73,675		0.0
	560,000		Other Securities		570,658		0.1
					749,795		0.1
			Energy: 0.7%
	90,000	#	Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19		89,550		0.0
	80,000	#	Kinder Morgan Finance Co., LLC, 6.000%, 01/15/18		84,364		0.0
	150,560	#	QGOG Atlantic / Alaskan Rigs Ltd., 5.250%, 07/30/18		154,324		0.0
	400,000	#	Reliance Industries Ltd., 5.875%, 12/31/49		351,000		0.1
	3,512,000		Other Securities (a)		3,006,164		0.6
					3,685,402		0.7
			Financials: 2.9%
BRL	868,000	#	Banco Votorantim SA, 6.250%, 05/16/16		429,847		0.1
	200,000		Barclays Bank PLC, 7.625%, 11/21/22		196,750		0.1
	97,000	#	Barclays Bank PLC, 6.050%, 12/04/17		105,302		0.0
	165,000		Citigroup, Inc., 5.000%, 09/15/14		171,510		0.0

See Accompanying Notes to Financial Statements
37

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Financials (continued)
	204,000	#	Cooperatieve Centrale Raiffeisen- Boerenleenbank BA/Netherlands, 11.000%, 12/29/49	$	263,258		0.1
	100,000		Fifth Third Bancorp., 8.250%, 03/01/38		127,301		0.0
	100,000	#	HBOS PLC, 6.750%, 05/21/18		106,347		0.0
	248,000	#	HSBC Bank PLC, 1.500%, 05/15/18		239,180		0.1
	181,000	#	International Lease Finance Corp., 7.125%, 09/01/18		200,910		0.1
	200,000	#	Itau Unibanco Holding SA/Cayman Island, 5.125%, 05/13/23		187,250		0.0
	1,012,000		JPMorgan Chase & Co., 1.625%-5.400%, 05/15/18-05/29/49		970,910		0.2
	100,000	#	Metropolitan Life Global Funding I, 1.500%, 01/10/18		97,021		0.0
	662,000		Morgan Stanley, 2.125%-5.500%, 03/22/17-05/22/23		647,248		0.1
	200,000	#	RBS Citizens Financial Group, Inc., 4.150%, 09/28/22		194,589		0.0
	107,000	#	Simon Property Group L.P., 1.500%, 02/01/18		103,137		0.0
	400,000	#	Standard Chartered PLC, 3.950%, 01/11/23		372,607		0.1
	298,000	+	Wells Fargo & Co., 1.500%-3.676%, 06/15/16-02/13/23		300,958		0.1
	10,283,000		Other Securities		10,351,602		1.9
					15,065,727		2.9
			Health Care: 0.4%
	123,000		Amgen, Inc., 3.875%-5.150%, 11/15/21-11/15/41		124,965		0.0
	160,000	#	Mylan, Inc./PA, 2.600%, 06/24/18		157,820		0.0
	100,000	#	Valeant Pharmaceuticals International, 7.000%, 10/01/20		102,500		0.0
	155,000	#	Valeant Pharmaceuticals International, 7.250%, 07/15/22		158,100		0.0
	96,000	#	Zoetis, Inc., 1.875%, 02/01/18		94,047		0.0

Principal Amount†				Value		Percentage of Net Assets
	135,000	#	Zoetis, Inc., 3.250%, 02/01/23	$	128,449		0.1
	49,000	#	Zoetis, Inc., 4.700%, 02/01/43		45,986		0.0
	1,799,000		Other Securities		1,507,436		0.3
					2,319,303		0.4
			Industrials: 0.4%
	87,000	#	Barrick Gold Corp., 2.500%, 05/01/18		78,130		0.0
	122,000	#	Barrick Gold Corp., 4.100%, 05/01/23		102,065		0.1
	150,000	#	BC Luxco 1 SA, 7.375%, 01/29/20		143,250		0.0
	135,000	#	Glencore Funding LLC, 2.500%, 01/15/19		122,239		0.0
	150,000	#	Hertz Corp./The, 4.250%, 04/01/18		147,000		0.0
	450,000	#	Hutchison Whampoa International 12 Ltd., 6.000%, 05/29/49		468,000		0.1
	141,000	#	Ingersoll-Rand Global Holding Co. Ltd., 4.250%, 06/15/23		140,312		0.0
	94,000	#	Turlock Corp., 2.750%, 11/02/22		88,064		0.1
	87,000	#	Turlock Corp., 4.150%, 11/02/42		78,462		0.0
	657,000		Other Securities		645,321		0.1
					2,012,843		0.4
			Information Technology: 0.4%
	1,991,000		Other Securities		1,947,850		0.4
			Materials: 0.3%
	340,000	#	Anglo American Capital PLC, 2.625%, 09/27/17		331,703		0.1
	181,000	#	Barrick North America Finance LLC, 5.750%, 05/01/43		146,985		0.0
	128,000	#	Freeport-McMoRan Copper & Gold, Inc., 2.375%, 03/15/18		121,827		0.0
	190,000	#	Freeport-McMoRan Copper & Gold, Inc., 3.875%, 03/15/23		172,206		0.1
	100,000	#	Georgia-Pacific LLC, 3.734%, 07/15/23		97,406		0.0
	45,000	#	Sealed Air Corp., 8.375%, 09/15/21		51,075		0.0
	127,000	#	Xstrata Finance Canada Ltd., 4.950%, 11/15/21		123,096		0.0
	617,000		Other Securities		593,140		0.1
					1,637,438		0.3

See Accompanying Notes to Financial Statements
38

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Telecommunication Services: 0.3%
	400,000	#	Telefonica Chile SA, 3.875%, 10/12/22	$	367,073		0.1
	274,000		Verizon Communications, Inc., 1.950%-2.450%, 03/28/14-11/01/22		266,789		0.0
	1,012,000		Other Securities		994,109		0.2
					1,627,971		0.3
			Utilities: 0.7%
	200,000	#	Abu Dhabi National Energy Co., 5.875%, 12/13/21		223,000		0.1
	121,000	#	Duquesne Light Holdings, Inc., 5.900%, 12/01/21		136,260		0.1
	86,000	#	Duquesne Light Holdings, Inc., 6.400%, 09/15/20		100,195		0.0
	200,000	#	Empresa de Energia de Bogota SA, 6.125%, 11/10/21		208,000		0.0
	75,000	#	Iberdrola Finance Ireland Ltd., 3.800%, 09/11/14		76,954		0.0
	64,764	#	Juniper Generation, LLC, 6.790%, 12/31/14		61,596		0.0
	2,541,000		Other Securities		2,681,378		0.5
					3,487,383		0.7
			Total Corporate Bonds/Notes (Cost $35,762,233)		34,862,015		6.7
COLLATERALIZED MORTGAGE OBLIGATIONS: 3.7%
	110,691	#	Banc of America Large Loan, Inc., 1.593%, 06/15/18		110,691		0.0
	70,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.337%, 07/10/43		72,912		0.0
	74,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.361%, 03/11/41		73,473		0.1
	196,000	#	Bear Stearns Commercial Mortgage Securities Trust 2004-PWR4, 5.815%, 06/11/41		197,780		0.1
	130,000	#	Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6, 5.684%, 11/11/41		139,468		0.0

Principal Amount†				Value		Percentage of Net Assets
	160,000	#	Bear Stearns Commercial Mortgage Securities, 5.766%, 04/12/38	$	170,616		0.0
	40,000	#	Citigroup Commercial Mortgage Trust 2004-C1, 5.615%, 04/15/40		40,453		0.0
	990,576	#,^	Citigroup Commercial Mortgage Trust, 2.415%, 09/10/45		121,999		0.0
	234,000	#	Citigroup Mortgage Loan Trust 2010-7, 6.583%, 12/25/35		229,628		0.1
	1,034,324	^	COMM 2013-LC6 Mortgage Trust, 1.955%, 01/10/46		106,172		0.0
	1,032,253	^	Commercial Mortgage Pass Through Certificates, 2.086%, 12/10/45		116,992		0.0
	988,283	^	Commercial Mortgage Pass Through Certificates, 2.120%, 08/15/45		115,761		0.0
	1,162,965	^	Commercial Mortgage Pass Through Certificates, 2.425%, 05/15/45		149,481		0.1
	2,380,000	#,^	Commercial Mortgage Pass Through Certificates, 0.752%, 10/15/45		118,117		0.0
	300,000	#	Credit Suisse First Boston Mortgage Securities Corp., 5.763%, 04/12/49		306,065		0.1
	50,000	#	Credit Suisse First Boston Mortgage Securities Corp., 5.844%, 05/15/36		51,504		0.0
	175,676	^	First Horizon Alternative Mortgage Securities, 6.507%, 12/25/36		38,537		0.0
	150,000	#	Fosse Master PLC, 1.677%, 10/18/54		152,677		0.0
	605,039		Freddie Mac, 5.000%-5.500%, 02/15/35-07/15/37		656,122		0.1
	140,000	#	GMAC Commercial Mortgage Securities, Inc. Series 2003-C3 Trust, 5.748%, 04/10/40		141,098		0.0
	135,864	#	Gracechurch Mortgage Financing PLC, 1.824%, 11/20/56		138,243		0.0
	70,000	#	Greenwich Capital Commercial Funding Corp., 5.756%, 01/05/36		70,630		0.0

See Accompanying Notes to Financial Statements
39

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
	120,000	#	GS Mortgage Securities Trust 2011-GC3, 5.728%, 03/10/44	$	114,971		0.0
	110,000	#	GS MTG, 1.045%, 11/08/29		109,586		0.0
	63,659	#	Heller Financial Commercial Mortgage Asset, 6.500%, 05/15/31		64,039		0.0
	110,000	#	Irvine Core Office Trust 2013-IRV, 3.305%, 05/15/48		104,249		0.0
	78,907		JP Morgan Alternative Loan Trust, 5.500%, 12/25/35		65,534		0.0
	2,212,698	^	JP Morgan Chase Commercial Mortgage Securities Corp., 2.100%, 12/15/47		247,853		0.1
	1,000,000	#,^	JP Morgan Chase Commercial Mortgage Securities Corp., 0.447%, 12/15/47		28,494		0.0
	400,000	#	JP Morgan Chase Commercial Mortgage Securities Corp., 0.974%, 04/15/30		399,445		0.1
	15,170		JP Morgan Chase Commerical Mortgage Securities Corp., 5.247%, 01/12/43		15,189		0.0
	190,000	#	JP Morgan Commercial Mort Pass Thr Certs Ser 2004-C1, 6.015%, 01/15/38		192,710		0.1
	154,847		JP Morgan Mortgage Trust 2007-S2, 6.750%, 06/25/37		133,598		0.0
	152,693		JP Morgan Mortgage Trust, 6.500%, 08/25/36		136,929		0.0
	18,761		JPMorgan Chase Commerical Mortgage Securities Corp., 5.198%, 12/15/44		18,848		0.0
	192,109	#	JPMorgan Chase Commerical Mortgage Securities Corp., 6.135%, 07/12/37		192,377		0.0
	300,000	#	Lanark Master Issuer PLC, 1.673%, 12/22/54		306,266		0.1

Principal Amount†				Value		Percentage of Net Assets
	1,507,798	#,^	LB-UBS Commercial Mortgage Trust 2004-C1, 1.000%, 01/15/36	$	44,631		0.0
	8,678,750	#,^	LB-UBS Commercial Mortgage Trust, 0.847%, 11/15/38		173,237		0.1
	190,000	#	LB-UBS Commercial Mortgage Trust, 5.413%, 02/15/40		171,601		0.0
	100,000	#	LB-UBS Commercial Mortgage Trust, 5.413%, 10/15/36		101,719		0.0
	90,000	#	LB-UBS Commercial Mortgage Trust, 5.713%, 10/15/36		70,382		0.0
	180,000	#	LB-UBS Commercial Mortgage Trust, 6.089%, 09/15/39		177,018		0.1
	180,000	#	LB-UBS Commercial Mortgage Trust, 6.890%, 07/15/32		169,644		0.0
	1,443,451	^	Morgan Stanley Bank of America Merrill Lynch Trust, 1.662%, 12/15/48		111,147		0.0
	1,226,247	#,^	Morgan Stanley Bank of America Merrill Lynch Trust, 2.081%, 08/15/45		126,825		0.0
	1,576,775	#,^	Morgan Stanley Bank of America Merrill Lynch Trust, 2.339%, 11/15/45		183,768		0.1
	30,000	#	Morgan Stanley Capital I Trust 2004-HQ3, 5.079%, 01/13/41		29,993		0.0
	30,000	#	Morgan Stanley Capital I Trust 2004-HQ3, 5.079%, 01/13/41		29,042		0.0
	200,000	#	Morgan Stanley Capital I Trust 2004-HQ3, 6.082%, 01/13/41		203,200		0.1
	280,000		Morgan Stanley Capital I Trust 2005-HQ6, 5.271%, 07/13/15		251,631		0.1
	150,000	#	Morgan Stanley Capital I Trust 2008-TOP29, 6.459%, 01/11/43		150,702		0.0
	200,000		Morgan Stanley Capital I, Inc., 5.539%, 06/15/38		204,783		0.0
	300,000	#	Morgan Stanley Capital I, 5.420%, 09/15/47		290,048		0.0
	100,000	#	Morgan Stanley Capital I, 5.420%, 09/15/47		94,346		0.0

See Accompanying Notes to Financial Statements
40

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
	350,000	#	Morgan Stanley Capital I, 5.632%, 01/13/41	$	355,675		0.1
	140,000	#	Morgan Stanley Dean Witter Capital I Trust 2002-IQ3, 5.980%, 09/15/37		148,183		0.0
	420,000	#	Morgan Stanley Reremic Trust, 5.391%, 12/17/43		424,933		0.1
	963,359		Morgan Stanley Capital I, 5.073%-5.763%, 06/15/40-04/12/49		987,256		0.2
	110,000	#	Nationslink Funding Corp. 1999-ltl-1 Commer Loan Pas Thr Cer, 6.450%, 01/22/26		118,349		0.0
	5,190,890	#,^	RBSCF Trust, 1.109%, 04/15/24		69,796		0.0
	530,000	#	RBSCF Trust, 5.305%, 01/16/49		533,779		0.1
	196,000	#	Silverstone Master Issuer PLC, 1.826%, 01/21/55		200,580		0.0
	110,000	#	Springleaf Mortgage Loan Trust, 3.790%, 06/25/58		110,556		0.0
	93,000	#	Springleaf Mortgage Loan Trust, 4.440%, 06/25/58		93,650		0.0
	190,000	#	Springleaf Mortgage Loan Trust, 4.440%, 12/25/59		197,819		0.1
	988,083	#,^	UBS-Barclays Commercial Mortgage Trust, 2.353%, 08/10/49		132,918		0.0
	990,713	#,^	Wells Fargo Commercial Mortgage Trust, 2.309%, 10/15/45		124,168		0.0
	1,123,919	#,^	Wells Fargo Mortgage Backed Securities Trust, 1.755%, 06/15/45		113,709		0.0
	1,435,431	#,^	Wells Fargo Mortgage Backed Securities Trust, 2.406%, 08/15/45		175,792		0.1
	9,341,762		Other Securities		7,566,389		1.5
			Total Collateralized Mortgage Obligations (Cost $18,937,860)		19,385,776		3.7

Principal Amount†				Value		Percentage of Net Assets
U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.3%
			Federal Home Loan Mortgage Corporation: 2.8%##
	305,981	^	4.846%, due 03/15/33	$	325,609		0.0
	5,059,709		6.000%, due 10/15/31		5,651,645		1.1
	8,159,106		4.000%-6.500%, due 08/15/16-01/15/42		8,767,387		1.7
					14,744,641		2.8
			Federal National Mortgage Association: 3.0%##
	2,994,000	W	3.500%, due 03/25/41		3,023,004		0.6
	12,201,624	W	0.693%-7.500%, due 06/01/16-11/25/42		12,754,782		2.4
					15,777,786		3.0
			Government National Mortgage Association: 0.5%
	2,352,466	W	1.625%-7.000%, due 04/20/28-10/20/60		2,427,624		0.5
			Total U.S. Government Agency Obligations (Cost $32,740,133)		32,950,051		6.3
ASSET-BACKED SECURITIES: 2.2%
			Automobile Asset-Backed Securities: 0.1%
	250,000	#	Motor PLC, 1.286%, 02/25/20		250,705		0.1
	100,000	#	SMART Trust, 1.590%, 10/14/16		100,966		0.0
					351,671		0.1
			Credit Card Asset-Backed Securities: 0.2%
	300,000	#	Gracechurch Card Funding PLC, 0.893%, 02/15/17		302,211		0.1
	340,000	#	Penarth Master Issuer PLC, 0.763%, 03/18/14		341,255		0.1
	249,000		Other Securities		252,146		0.0
					895,612		0.2
			Home Equity Asset-Backed Securities: 0.0%
	677,468		Other Securities		338,276		0.0
			Other Asset-Backed Securities: 1.9%
	500,000	#	AMMC CLO III Ltd., 1.526%, 07/25/16		499,794		0.1
	250,000	#	Ares Enhanced Loan Investment Strategy IR Ltd., 6.276%, 10/16/20		250,620		0.1
	250,000	#	Ares VIR CLO Ltd., 2.174%, 03/12/18		244,627		0.0
	198,021	#	Ares VR CLO Ltd., 2.174%, 02/24/18		191,639		0.0

See Accompanying Notes to Financial Statements
41

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Other Asset-Backed Securities (continued)
	500,000	#	Ares XII CLO Ltd., 2.273%, 11/25/20	$	482,656		0.1
	54,448	#	Atrium CDO Corp., 0.603%, 10/27/16		54,187		0.0
	250,000	#	Atrium III, 6.373%, 10/27/16		238,269		0.1
	113,175	#	Avalon Capital Ltd. 3, 0.544%, 02/24/19		112,530		0.0
	500,000	#	Babson CLO, Inc. 2005-III, 0.675%, 11/10/19		476,189		0.1
	500,000	#	Ballyrock CLO III Ltd., 1.006%, 07/25/17		491,257		0.1
	250,000	#	Black Diamond CLO 2005-1 Delaware Corp., 1.042%, 06/20/17		243,239		0.1
	147,457	#	Black Diamond CLO Ltd., 0.542%, 06/20/17		146,720		0.0
	200,000	#	Castle Garden Funding, 2.025%, 10/27/20		193,979		0.1
	100,000	#	Castle Garden Funding, 6.560%, 10/27/20		107,077		0.0
	200,000	#	CIFC Funding 2006-I Ltd., 0.676%, 10/20/20		190,081		0.0
	219,941	#,+	Credit-Based Asset Servicing and Securitization, LLC, 5.746%, 12/25/37		223,767		0.1
	250,000	#	Emporia Preferred Funding I Corp., 0.827%, 10/12/18		249,229		0.0
	359,506	#	Emporia Preferred Funding II Corp., 0.557%, 10/18/18		357,193		0.1
	90,013	#	Galaxy CLO Ltd, 0.728%, 04/17/17		89,993		0.0
	250,000	#	Gulf Stream - Compass CLO 2005-I Ltd, 2.175%, 05/15/17		243,304		0.1
	250,000	#	Gulf Stream - Sextant CLO 2006-1 Ltd., 0.974%, 08/21/20		233,787		0.0
	280,000	#	Gulf Stream - Sextant CLO 2006-1 Ltd., 1.874%, 08/21/20		266,599		0.1
	500,000	#	Halcyon Structured Asset Management CLO I Ltd., 1.974%, 05/21/18		492,498		0.1
	250,000	#	Halcyon Structured Asset Management Long Secured/Short Unsecured CLO 2006-1 Ltd., 0.997%, 10/12/18		243,887		0.0

Principal Amount†				Value		Percentage of Net Assets
	18,699	#	Landmark III CDO Ltd, 2.027%, 01/15/16	$	18,701		0.0
	500,000	#	Landmark VI CDO Ltd, 0.777%, 01/14/18		482,974		0.1
	217,371	#	Lightpoint CLO Ltd., 0.533%, 09/15/17		213,567		0.0
	225,000	#	Madison Park Funding I Ltd., 1.045%, 05/10/19		221,478		0.0
	330,000	#	Madison Park Funding I Ltd., 2.175%, 05/10/19		329,936		0.1
	93,673	#	Sagamore CLO Ltd, 1.777%, 10/15/15		93,673		0.0
	300,000	#	Stanfield Bristol CLO Ltd, 0.725%, 10/15/19		292,086		0.1
	100,000	#	Stanfield Veyron CLO Ltd., 1.877%, 07/15/18		92,985		0.0
	600,000	#	WhiteHorse III Ltd./Corp, 1.024%, 05/01/18		576,518		0.1
	400,000	#	Whitney CLO Ltd, 2.375%, 03/01/17		399,966		0.1
	747,299		Other Securities		730,521		0.1
					9,775,526		1.9
			Total Asset-Backed Securities (Cost $11,379,163)		11,361,085		2.2
U.S. TREASURY OBLIGATIONS: 4.2%
			Treasury Inflation Indexed Protected Securities: 0.5%
	937,998		0.125%, due 01/15/22		2,451,988		0.5
			U.S. Treasury Bonds: 1.0%
	2,363,000		3.125%, due 02/15/43		2,209,036		0.5
	2,841,000		1.750%-2.000%, due 02/15/22-05/15/23		2,695,755		0.5
					4,904,791		1.0
			U.S. Treasury Notes: 2.7%
	5,012,000		0.375%, due 06/30/15		5,013,369		0.9
	5,081,000		1.375%, due 06/30/18		5,076,437		1.0
	4,246,000		0.250%-1.875%, due 05/31/15-06/30/20		4,200,987		0.8
					14,290,793		2.7
			Total U.S. Treasury Obligations (Cost $21,829,431)		21,647,572		4.2
FOREIGN GOVERNMENT BONDS: 3.7%
EUR	360,000	#	Austria Government Bond, 3.200%, 02/20/17		509,841		0.1
	111,700	#,+	Belize Government International Bond, 5.000%, 02/20/38		65,903		0.0

See Accompanying Notes to Financial Statements
42

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
FOREIGN GOVERNMENT BONDS (continued)
BRL	4,800,000	Z	Brazil Letras do Tesouro Nacional, 8.361%, 04/01/15	$	1,815,631		0.4
BRL	2,171,000		Brazil Notas do Tesouro Nacional Series F, 10.000%, 01/01/23		961,061		0.2
	45,000		Brazilian Government International Bond, 2.625%, 01/05/23		39,263		0.0
	228,000		Federal Republic of Brazil, 5.625%, 01/07/41		228,000		0.0
DOP	10,300,000	#	Dominican Republic International Bond, 14.000%, 10/18/19		295,908		0.1
	250,000	#	El Fondo Mivivienda SA, 3.500%, 01/31/23		223,750		0.0
	20,000	#	El Salvador Government International Bond, 5.875%, 01/30/25		19,550		0.0
	200,000	#	Hrvatska Elektroprivreda, 6.000%, 11/09/17		201,800		0.0
	200,000	#	Kazakhstan Temir Zholy Finance BV, 6.950%, 07/10/42		203,760		0.0
	228,000	#	Lithuania Government International Bond, 5.125%, 09/14/17		244,678		0.1
	10,000	#	Romanian Government International Bond, 4.375%, 08/22/23		9,550		0.0
RUB	106,770,839		Other Securities (a)		14,666,887		2.8
			Total Foreign Government Bonds (Cost $20,516,473)		19,485,582		3.7
# of Contracts				Value		Percentage of Net Assets
PURCHASED OPTIONS: 0.0%
			Options on Currencies: 0.0%
	5,300,000	@	EUR Put vs. USD Call Currency Option, Strike @ 1.280, Exp. 09/09/13 Counterparty: Barclays Bank PLC	$	50,911		0.0
			Total Purchased Options (Cost $101,230)		50,911		0.0
			Total Long-Term Investments (Cost $478,428,523)		505,329,035		96.9

Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 3.3%
		Securities Lending Collateralcc(1): 1.0%
	1,290,299	Cantor Fitzgerald, Repurchase Agreement dated 06/28/13, 0.23%, due 07/01/13 (Repurchase Amount $1,290,323, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-12.500%, Market Value plus accrued interest $1,316,105, due 07/15/13-05/01/51)	$	1,290,299		0.2
	1,290,299	Citigroup, Inc., Repurchase Agreement dated 06/28/13, 0.14%, due 07/01/13 (Repurchase Amount $1,290,314, collateralized by various U.S. Government Agency Obligations, 2.166%-5.500%, Market Value plus accrued interest $1,316,105, due 12/01/17-06/01/43)		1,290,299		0.3
	1,290,299	Daiwa Capital Markets, Repurchase Agreement dated 06/28/13, 0.25%, due 07/01/13 (Repurchase Amount $1,290,326, collateralized by various U.S. Government Agency Obligations, 1.374%-6.500%, Market Value plus accrued interest $1,316,105, due 06/01/17-03/01/48)		1,290,299		0.2

See Accompanying Notes to Financial Statements
43

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Securities Lending Collateralcc(1) (continued)
	1,290,299		Deutsche Bank AG, Repurchase Agreement dated 06/28/13, 0.25%, due 07/01/13 (Repurchase Amount $1,290,326, collateralized by various U.S. Government Agency Obligations, 3.000%-6.500%, Market Value plus accrued interest $1,316,105, due 07/01/32-07/01/43)	$	1,290,299		0.2
	271,636		JPMorgan Chase & Co., Repurchase Agreement dated 06/28/13, 0.11%, due 07/01/13 (Repurchase Amount $271,638, collateralized by various U.S. Government Securities, 0.625%-3.875%, Market Value plus accrued interest $277,076, due 01/15/25-02/15/43)		271,636		0.1
					5,432,832		1.0
			Foreign Government Bonds: 0.3%
MYR	1,100,000	Z	Bank Negara Malaysia Monetary Notes, 2.830%, 07/18/13		347,665		0.1
NGN	30,700,000	Z	Nigeria Government Bond, 11.500%, 10/10/13		181,795		0.1
NGN	97,400,000	Z	Nigeria Government Bond, 11.799%, 12/19/13		561,124		0.1
NGN	15,500,000	Z	Nigeria Government Bond, 12.000%, 10/17/13		91,684		0.0
NGN	18,000,000	Z	Nigeria Treasury Bill, 1.500%, 09/26/13		107,179		0.0
NGN	18,825,000	Z	Nigeria Treasury Bill, 10.160%, 10/24/13		112,152		0.0
					1,401,599		0.3

Shares			Value			Percentage of Net Assets
		Mutual Funds: 2.0%
	10,612,635	BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $10,612,635)	$	10,612,635			2.0
		Total Short-Term Investments (Cost $17,488,767)		17,447,066			3.3
		Total Investments in Securities (Cost $495,917,290)	$	522,776,101			100.2
		Liabilities in Excess of Other Assets		(1,170,650	)		(0.2	)
		Net Assets	$	521,605,451			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2013.

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

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

#  Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

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

@  Non-income producing security

+  Step-up basis bonds. Interest rates shown reflect current and next coupon rates.

cc  Securities purchased with cash collateral for securities loaned.

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

^  Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.

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

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

(a)  The grouping contains securities in default.

BRL  Brazilian Real

DOP  Dominican Peso

EUR  EU Euro

GBP  British Pound

MYR  Malaysian Ringgit

NGN  Nigerian Naira

PLN  Polish Zloty

RUB  Russian Ruble

SEK  Swedish Krona

THB  Thai Baht

ZAR  South African Rand

  Cost for federal income tax purposes is $499,362,883.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	38,725,435
Gross Unrealized Depreciation		(15,312,217	)
Net Unrealized Appreciation	$	23,413,218

See Accompanying Notes to Financial Statements
44

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2013 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs# (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at 06/30/13
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	35,286,601		$	6,498,997		$	—	$	41,785,598
Consumer Staples		24,072,635			5,696,619			—		29,769,254
Energy		25,064,539			5,549,000			—		30,613,539
Financials		46,124,097			17,337,159			—		63,461,256
Health Care		29,871,287			6,057,382			—		35,928,669
Industrials		30,929,439			6,308,188			—		37,237,627
Information Technology		41,794,938			6,322,281			—		48,117,219
Materials		9,978,196			4,576,822			—		14,555,018
Telecommunication Services		4,324,205			4,067,927			—		8,392,132
Utilities		10,531,403			2,670,280			—		13,201,683
Total Common Stock		257,977,340			65,084,655			—		323,061,995
Exchange-Traded Funds		41,611,273			—			—		41,611,273
Preferred Stock		912,765			—			—		912,765
Rights		10			—			—		10
Purchased Options		—			50,911			—		50,911
Corporate Bonds/Notes		—			34,437,015			425,000		34,862,015
Collateralized Mortgage Obligations		—			19,275,085			110,691		19,385,776
Short-Term Investments		10,612,635			6,834,431			—		17,447,066
Asset-Backed Securities		—			11,361,085			—		11,361,085
Foreign Government Bonds		—			19,485,582			—		19,485,582
U.S. Government Agency Obligations		—			32,950,051			—		32,950,051
U.S. Treasury Obligations		—			21,647,572			—		21,647,572
Total Investments, at fair value	$	311,114,023		$	211,126,387		$	535,691	$	522,776,101
Other Financial Instruments+
Swaps		70,707			39,268			—		109,975
Futures		372,278			—			—		372,278
Forward Foreign Currency Contracts		—			3,003,085			—		3,003,085
Total Assets	$	311,557,008		$	214,168,740		$	535,691	$	526,261,439
Liabilities Table
Other Financial Instruments+
Swaps	$	—		$	(733,754	)	$	—	$	(733,754	)
Futures		(593,333	)		—			—		(593,333	)
Written Options		—			(11,556	)		—		(11,556	)
Forward Foreign Currency Contracts		—			(3,423,390	)		—		(3,423,390	)
Total Liabilities	$	(593,333	)	$	(4,168,700	)	$	—	$	(4,762,033	)

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

+  Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, equity forwards, futures, swaps, and written options. Forward foreign currency contracts, equity forwards and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument.

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

At June 30, 2013, the following forward foreign currency contracts were outstanding for the ING Balanced Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	British Pound		64,560	Buy	07/12/13	$	98,000	$	98,187	$	187
Barclays Bank PLC	Norwegian Krone		1,595,491	Buy	07/12/13		262,000		262,568		568
Barclays Bank PLC	British Pound		305,668	Buy	07/12/13		468,000		464,875		(3,125	)
Barclays Bank PLC	British Pound		130,171	Buy	07/12/13		201,000		197,971		(3,029	)

See Accompanying Notes to Financial Statements
45

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	EU Euro		81,979	Buy	07/12/13	$	108,000	$	106,711	$	(1,289	)
Barclays Bank PLC	Norwegian Krone		1,824,921	Buy	07/12/13		300,000		300,325		325
Barclays Bank PLC	New Zealand Dollar		426,138	Buy	07/12/13		330,000		329,992		(8	)
Barclays Bank PLC	EU Euro		336,133	Buy	07/12/13		444,000		437,544		(6,456	)
Barclays Bank PLC	New Zealand Dollar		208,444	Buy	07/12/13		161,000		161,414		414
Barclays Bank PLC	Canadian Dollar		603,794	Buy	07/12/13		588,000		573,973		(14,027	)
Barclays Bank PLC	Brazilian Real		2,667,985	Buy	07/12/13		1,241,212		1,192,897		(48,315	)
Barclays Bank PLC	Brazilian Real		11,261	Buy	07/12/13		5,239		5,035		(204	)
Barclays Bank PLC	Swiss Franc		295,077	Buy	07/12/13		314,000		312,425		(1,575	)
Barclays Bank PLC	Norwegian Krone		2,085,750	Buy	07/12/13		362,000		343,249		(18,751	)
Barclays Bank PLC	Japanese Yen		64,051,375	Buy	07/12/13		655,958		645,834		(10,124	)
Barclays Bank PLC	Norwegian Krone		3,464,255	Buy	07/12/13		599,000		570,108		(28,892	)
Barclays Bank PLC	British Pound		823,338	Buy	07/12/13		1,260,000		1,252,175		(7,825	)
Barclays Bank PLC	Australian Dollar		412,715	Buy	07/12/13		395,000		377,163		(17,837	)
Barclays Bank PLC	New Zealand Dollar		328,710	Buy	07/12/13		261,000		254,546		(6,454	)
Barclays Bank PLC	British Pound		422,439	Buy	07/12/13		640,000		642,467		2,467
Barclays Bank PLC	British Pound		192,263	Buy	07/12/13		293,000		292,404		(596	)
Barclays Bank PLC	British Pound		269,664	Buy	07/12/13		409,000		410,119		1,119
Barclays Bank PLC	Canadian Dollar		353,144	Buy	07/12/13		347,000		335,702		(11,298	)
Barclays Bank PLC	EU Euro		111,554	Buy	07/12/13		144,000		145,210		1,210
Barclays Bank PLC	Swiss Franc		527,871	Buy	07/12/13		545,000		558,905		13,905
Barclays Bank PLC	New Zealand Dollar		45,197	Buy	07/12/13		37,000		35,000		(2,000	)
Barclays Bank PLC	EU Euro		311,323	Buy	07/12/13		404,000		405,249		1,249
Barclays Bank PLC	Australian Dollar		532,751	Buy	07/12/13		539,000		486,859		(52,141	)
Barclays Bank PLC	New Zealand Dollar		456,305	Buy	07/12/13		382,000		353,353		(28,647	)
Barclays Bank PLC	Russian Ruble		5,458,733	Buy	08/23/13		167,192		164,540		(2,652	)
Barclays Bank PLC	South African Rand		3,056,209	Buy	08/23/13		303,916		306,769		2,853
Barclays Bank PLC	Australian Dollar		532,156	Buy	07/12/13		539,000		486,315		(52,685	)
Barclays Bank PLC	Russian Ruble		49,840,077	Buy	08/23/13		1,526,519		1,502,307		(24,212	)
Barclays Bank PLC	South African Rand		2,387,391	Buy	08/23/13		237,408		239,637		2,229
Barclays Bank PLC	South African Rand		1,669,352	Buy	08/23/13		165,012		167,563		2,551
Barclays Bank PLC	EU Euro		190,477	Buy	07/12/13		252,000		247,943		(4,057	)
Barclays Bank PLC	Japanese Yen		52,527,437	Buy	07/12/13		539,000		529,637		(9,363	)
Barclays Bank PLC	Turkish Lira		1,823,291	Buy	08/23/13		951,183		937,405		(13,778	)
Barclays Bank PLC	Mexican Peso		3,706	Buy	08/23/13		290		285		(5	)
Barclays Bank PLC	British Pound		324,944	Buy	07/12/13		503,000		494,191		(8,809	)
Barclays Bank PLC	Indian Rupee		8,623,971	Buy	08/23/13		150,460		143,754		(6,706	)
Barclays Bank PLC	Mexican Peso		22,127	Buy	08/23/13		1,730		1,699		(31	)
Barclays Bank PLC	Romanian New Leu		2,056,850	Buy	08/23/13		597,459		596,081		(1,378	)
Barclays Bank PLC	New Zealand Dollar		738,988	Buy	07/12/13		627,000		572,256		(54,744	)
Barclays Bank PLC	Mexican Peso		3,090,963	Buy	08/23/13		241,437		237,398		(4,039	)
Barclays Bank PLC	Mexican Peso		15,473,936	Buy	08/23/13		1,208,680		1,188,462		(20,218	)
Barclays Bank PLC	Canadian Dollar		3,359,087	Buy	07/12/13		3,322,901		3,193,181		(129,720	)
Barclays Bank PLC	Canadian Dollar		349,540	Buy	07/12/13		345,000		332,276		(12,724	)
Barclays Bank PLC	British Pound		717,986	Buy	07/12/13		1,104,523		1,091,950		(12,573	)
Barclays Bank PLC	Canadian Dollar		17,296	Buy	07/12/13		17,000		16,442		(558	)
Barclays Bank PLC	Colombian Peso		987,543,000	Buy	07/12/13		537,000		513,340		(23,660	)
Citigroup, Inc.	Japanese Yen		7,314,000	Buy	07/12/13		75,000		73,748		(1,252	)
Citigroup, Inc.	Swedish Krona		564,142	Buy	07/12/13		84,000		84,103		103
Citigroup, Inc.	EU Euro		1,329,854	Buy	07/12/13		1,741,811		1,731,070		(10,741	)
Citigroup, Inc.	Swedish Krona		2,171,728	Buy	07/12/13		323,000		323,766		766
Citigroup, Inc.	EU Euro		423,394	Buy	07/12/13		555,000		551,131		(3,869	)
Citigroup, Inc.	Japanese Yen		26,016,157	Buy	07/12/13		266,000		262,323		(3,677	)
Citigroup, Inc.	EU Euro		398,324	Buy	07/12/13		524,000		518,498		(5,502	)
Citigroup, Inc.	Norwegian Krone		1,819,856	Buy	07/12/13		300,000		299,491		(509	)
Citigroup, Inc.	Swedish Krona		1,441,197	Buy	07/12/13		216,000		214,856		(1,144	)
Citigroup, Inc.	Norwegian Krone		2,404,574	Buy	07/12/13		401,000		395,718		(5,282	)
Citigroup, Inc.	Japanese Yen		66,828,946	Buy	07/12/13		696,000		673,841		(22,159	)
Citigroup, Inc.	Norwegian Krone		2,228,516	Buy	07/12/13		389,000		366,744		(22,256	)
Citigroup, Inc.	New Zealand Dollar		285,159	Buy	07/12/13		228,000		220,821		(7,179	)
Citigroup, Inc.	Australian Dollar		598,469	Buy	07/12/13		570,000		546,916		(23,084	)
Citigroup, Inc.	New Zealand Dollar		196,724	Buy	07/12/13		157,000		152,339		(4,661	)
Citigroup, Inc.	Japanese Yen		24,065,780	Buy	07/12/13		251,000		242,657		(8,343	)
Citigroup, Inc.	Canadian Dollar		772,152	Buy	07/12/13		756,000		734,015		(21,985	)
Citigroup, Inc.	EU Euro		91,838	Buy	07/12/13		121,246		119,546		(1,700	)
Citigroup, Inc.	British Pound		31,592	Buy	07/12/13		49,018		48,047		(971	)
Citigroup, Inc.	New Zealand Dollar		505,857	Buy	07/12/13		399,000		391,725		(7,275	)
Citigroup, Inc.	British Pound		354,680	Buy	07/12/13		554,000		539,416		(14,584	)
Citigroup, Inc.	British Pound		183,797	Buy	07/12/13		283,000		279,528		(3,472	)
Citigroup, Inc.	EU Euro		476,210	Buy	07/12/13		623,000		619,882		(3,118	)
Citigroup, Inc.	British Pound		68,659	Buy	07/12/13		105,000		104,421		(579	)

See Accompanying Notes to Financial Statements
46

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Citigroup, Inc.	Japanese Yen		14,526,202	Buy	07/12/13	$	145,000	$	146,469	$	1,469
Citigroup, Inc.	Brazilian Real		1,390,386	Buy	07/12/13		646,000		621,663		(24,337	)
Citigroup, Inc.	British Pound		816,217	Buy	07/12/13		1,245,000		1,241,344		(3,656	)
Citigroup, Inc.	EU Euro		178,219	Buy	07/12/13		231,000		231,988		988
Citigroup, Inc.	EU Euro		201,666	Buy	07/12/13		262,000		262,508		508
Citigroup, Inc.	Norwegian Krone		7,447,521	Buy	07/12/13		1,265,000		1,225,629		(39,371	)
Citigroup, Inc.	EU Euro		332,334	Buy	07/12/13		433,000		432,599		(401	)
Citigroup, Inc.	British Pound		574,201	Buy	07/12/13		868,000		873,275		5,275
Citigroup, Inc.	Australian Dollar		24,269	Buy	07/12/13		23,403		22,179		(1,224	)
Citigroup, Inc.	British Pound		378,306	Buy	07/12/13		569,000		575,347		6,347
Citigroup, Inc.	Canadian Dollar		37,176	Buy	07/12/13		36,000		35,339		(661	)
Citigroup, Inc.	British Pound		646,665	Buy	07/12/13		978,000		983,482		5,482
Citigroup, Inc.	EU Euro		81,871	Buy	07/12/13		106,000		106,571		571
Citigroup, Inc.	British Pound		318,316	Buy	07/12/13		481,000		484,111		3,111
Citigroup, Inc.	Norwegian Krone		1,872,417	Buy	07/12/13		321,000		308,141		(12,859	)
Citigroup, Inc.	EU Euro		421,683	Buy	07/12/13		542,000		548,905		6,905
Citigroup, Inc.	South African Rand		1,562,935	Buy	08/23/13		155,279		156,881		1,602
Citigroup, Inc.	New Zealand Dollar		73,583	Buy	07/12/13		60,000		56,981		(3,019	)
Citigroup, Inc.	South African Rand		978,191	Buy	08/23/13		97,184		98,187		1,003
Citigroup, Inc.	British Pound		36,154	Buy	07/12/13		55,000		54,985		(15	)
Citigroup, Inc.	Australian Dollar		548,861	Buy	07/12/13		542,000		501,581		(40,419	)
Citigroup, Inc.	Canadian Dollar		690,904	Buy	07/12/13		687,000		656,780		(30,220	)
Citigroup, Inc.	EU Euro		306,832	Buy	07/12/13		404,000		399,403		(4,597	)
Citigroup, Inc.	British Pound		506,653	Buy	07/12/13		786,879		770,542		(16,337	)
Citigroup, Inc.	Mexican Peso		3,513,722	Buy	08/23/13		267,000		269,868		2,868
Citigroup, Inc.	Mexican Peso		3,511,156	Buy	08/23/13		267,000		269,671		2,671
Citigroup, Inc.	Mexican Peso		3,531,017	Buy	08/23/13		272,000		271,197		(803	)
Citigroup, Inc.	South African Rand		2,473,652	Buy	08/23/13		247,000		248,295		1,295
Citigroup, Inc.	Brazilian Real		22,305	Buy	07/12/13		11,000		9,973		(1,027	)
Citigroup, Inc.	Chilean Peso		218,598,750	Buy	07/12/13		459,000		429,487		(29,513	)
Citigroup, Inc.	British Pound		156,181	Buy	07/12/13		243,000		237,528		(5,472	)
Citigroup, Inc.	Mexican Peso		3,485,433	Buy	08/23/13		269,000		267,696		(1,304	)
Citigroup, Inc.	Mexican Peso		3,474,804	Buy	08/23/13		269,000		266,879		(2,121	)
Citigroup, Inc.	Japanese Yen		95,342,265	Buy	07/12/13		979,000		961,342		(17,658	)
Citigroup, Inc.	Singapore Dollar		341,155	Buy	08/23/13		271,000		269,179		(1,821	)
Citigroup, Inc.	Canadian Dollar		105,331	Buy	07/12/13		104,000		100,128		(3,872	)
Citigroup, Inc.	Mexican Peso		3,512,420	Buy	08/23/13		271,000		269,768		(1,232	)
Citigroup, Inc.	Singapore Dollar		341,676	Buy	08/23/13		271,000		269,590		(1,410	)
Citigroup, Inc.	EU Euro		585,151	Buy	07/12/13		763,000		761,690		(1,310	)
Citigroup, Inc.	Hong Kong Sar Dollar		2,030,107	Buy	08/23/13		261,613		261,799		186
Citigroup, Inc.	Israeli New Shekel		306,231	Buy	08/23/13		84,487		84,086		(401	)
Citigroup, Inc.	Malaysian Ringgit		844,707	Buy	08/23/13		271,000		266,405		(4,595	)
Citigroup, Inc.	Polish Zloty		5,460,017	Buy	08/23/13		1,666,580		1,637,708		(28,872	)
Citigroup, Inc.	Singapore Dollar		22,630	Buy	08/23/13		18,145		17,856		(289	)
Citigroup, Inc.	South African Rand		2,717,742	Buy	08/23/13		271,000		272,796		1,796
Citigroup, Inc.	Australian Dollar		553,945	Buy	07/12/13		568,000		506,227		(61,773	)
Citigroup, Inc.	Czech Koruna		2,667,264	Buy	08/23/13		134,785		133,494		(1,291	)
Citigroup, Inc.	Mexican Peso		3,480,020	Buy	08/23/13		270,000		267,280		(2,720	)
Citigroup, Inc.	Mexican Peso		3,481,289	Buy	08/23/13		270,000		267,377		(2,623	)
Citigroup, Inc.	Russian Ruble		8,792,944	Buy	08/23/13		272,000		265,042		(6,958	)
Citigroup, Inc.	Australian Dollar		362,788	Buy	07/12/13		371,000		331,537		(39,463	)
Citigroup, Inc.	EU Euro		486,933	Buy	07/12/13		635,590		633,840		(1,750	)
Citigroup, Inc.	Australian Dollar		153,534	Buy	07/12/13		157,000		140,308		(16,692	)
Citigroup, Inc.	Hungarian Forint		677,941	Buy	09/09/13		3,022		2,971		(51	)
Citigroup, Inc.	Australian Dollar		1,048,150	Buy	07/12/13		1,093,000		957,860		(135,140	)
Citigroup, Inc.	Canadian Dollar		212,156	Buy	07/12/13		209,000		201,677		(7,323	)
Citigroup, Inc.	Hungarian Forint		60,371,245	Buy	09/20/13		262,000		264,284		2,284
Citigroup, Inc.	Australian Dollar		1,100,398	Buy	07/12/13		1,156,072		1,005,607		(150,465	)
Citigroup, Inc.	EU Euro		2,650,202	Buy	07/12/13		3,481,968		3,449,766		(32,202	)
Citigroup, Inc.	Norwegian Krone		583,356	Buy	07/12/13		102,000		96,002		(5,998	)
Citigroup, Inc.	New Zealand Dollar		1,365,231	Buy	07/12/13		1,174,849		1,057,205		(117,644	)
Citigroup, Inc.	New Zealand Dollar		1,628,985	Buy	07/12/13		1,398,000		1,261,451		(136,549	)
Citigroup, Inc.	Swedish Krona		8,965,886	Buy	07/12/13		1,412,604		1,336,652		(75,952	)
Citigroup, Inc.	Swedish Krona		184,322	Buy	07/12/13		29,000		27,479		(1,521	)
Citigroup, Inc.	Hungarian Forint		62,055,071	Buy	09/20/13		271,000		271,656		656
Citigroup, Inc.	Philippine Peso		27,720,105	Buy	07/12/13		681,000		641,578		(39,422	)
Citigroup, Inc.	Hungarian Forint		62,056,615	Buy	09/20/13		271,000		271,662		662
Citigroup, Inc.	Chinese Yuan		1,871,168	Buy	08/09/13		297,000		303,829		6,829
Citigroup, Inc.	Chinese Yuan		1,524,721	Buy	08/09/13		242,000		247,575		5,575
Citigroup, Inc.	Chinese Yuan		3,345,566	Buy	08/09/13		531,000		543,232		12,232
Credit Suisse Group AG	Swiss Franc		528,271	Buy	07/12/13		545,000		559,329		14,329

See Accompanying Notes to Financial Statements
47

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Credit Suisse Group AG	South African Rand		5,569,625	Buy	08/23/13	$	550,831	$	559,056	$	8,225
Credit Suisse Group AG	South Korean Won		133,519,360	Buy	08/23/13		118,000		116,603		(1,397	)
Credit Suisse Group AG	Mexican Peso		8,740,828	Buy	08/23/13		678,000		671,332		(6,668	)
Credit Suisse Group AG	Hungarian Forint		3,440,639	Buy	09/20/13		15,026		15,062		36
Credit Suisse Group AG	Swiss Franc		323,746	Buy	07/12/13		349,054		342,780		(6,274	)
Credit Suisse Group AG	Japanese Yen		4,564,780	Buy	07/12/13		45,876		46,027		151
Credit Suisse Group AG	Norwegian Krone		10,182,105	Buy	07/12/13		1,780,054		1,675,656		(104,398	)
Credit Suisse Group AG	Swedish Krona		19,229	Buy	07/12/13		3,000		2,867		(133	)
Deutsche Bank AG	Chinese Offshore Yuan		1,341,261	Buy	01/14/14		213,000		215,503		2,503
Deutsche Bank AG	Indian Rupee		15,384,240	Buy	08/23/13		276,000		256,442		(19,558	)
Deutsche Bank AG	Chinese Offshore Yuan		3,280,737	Buy	01/14/14		521,000		527,122		6,122
Deutsche Bank AG	Australian Dollar		196,618	Buy	07/12/13		182,000		179,680		(2,320	)
Deutsche Bank AG	Australian Dollar		240,656	Buy	07/12/13		221,000		219,925		(1,075	)
Deutsche Bank AG	Swedish Krona		2,550,433	Buy	07/12/13		389,000		380,224		(8,776	)
Deutsche Bank AG	EU Euro		58,523	Buy	07/12/13		78,000		76,179		(1,821	)
Deutsche Bank AG	Japanese Yen		8,957,949	Buy	07/12/13		95,000		90,324		(4,676	)
Deutsche Bank AG	British Pound		166,489	Buy	07/12/13		261,000		253,205		(7,795	)
Deutsche Bank AG	New Zealand Dollar		882,332	Buy	07/12/13		703,000		683,259		(19,741	)
Deutsche Bank AG	Norwegian Krone		2,198,872	Buy	07/12/13		380,000		361,866		(18,134	)
Deutsche Bank AG	Swedish Krona		2,351,108	Buy	07/12/13		357,000		350,508		(6,492	)
Deutsche Bank AG	Japanese Yen		14,512,920	Buy	07/12/13		145,000		146,335		1,335
Deutsche Bank AG	Swedish Krona		2,291,616	Buy	07/12/13		345,000		341,639		(3,361	)
Deutsche Bank AG	Philippine Peso		11,539,710	Buy	07/12/13		273,000		267,085		(5,915	)
Deutsche Bank AG	Philippine Peso		11,547,900	Buy	07/12/13		273,000		267,274		(5,726	)
Deutsche Bank AG	EU Euro		469,997	Buy	07/12/13		608,000		611,794		3,794
Deutsche Bank AG	EU Euro		1,029,483	Buy	07/12/13		1,322,000		1,340,077		18,077
Deutsche Bank AG	Swiss Franc		528,432	Buy	07/12/13		545,000		559,499		14,499
Deutsche Bank AG	Japanese Yen		43,265,935	Buy	07/12/13		424,000		436,253		12,253
Deutsche Bank AG	Norwegian Krone		1,270,775	Buy	07/12/13		218,000		209,130		(8,870	)
Deutsche Bank AG	EU Euro		440,298	Buy	07/12/13		567,000		573,136		6,136
Deutsche Bank AG	Japanese Yen		22,603,173	Buy	07/12/13		221,000		227,909		6,909
Deutsche Bank AG	Brazilian Real		1,084,389	Buy	07/12/13		533,000		484,847		(48,153	)
Deutsche Bank AG	Australian Dollar		272,451	Buy	07/12/13		270,000		248,982		(21,018	)
Deutsche Bank AG	Australian Dollar		273,676	Buy	07/12/13		273,000		250,101		(22,899	)
Deutsche Bank AG	EU Euro		252,382	Buy	07/12/13		330,000		328,525		(1,475	)
Deutsche Bank AG	British Pound		56,927	Buy	07/12/13		88,000		86,578		(1,422	)
Deutsche Bank AG	Australian Dollar		218,997	Buy	07/12/13		222,000		200,132		(21,868	)
Deutsche Bank AG	Australian Dollar		169,495	Buy	07/12/13		174,000		154,894		(19,106	)
Deutsche Bank AG	Philippine Peso		26,528,850	Buy	07/12/13		645,000		614,006		(30,994	)
Deutsche Bank AG	Japanese Yen		12,570,328	Buy	07/12/13		129,000		126,747		(2,253	)
Deutsche Bank AG	Mexican Peso		3,503,658	Buy	08/23/13		271,000		269,095		(1,905	)
Deutsche Bank AG	Peruvian Nuevo Sol		199,688	Buy	08/23/13		72,168		71,444		(724	)
Deutsche Bank AG	Japanese Yen		28,632,956	Buy	07/12/13		293,000		288,708		(4,292	)
Deutsche Bank AG	South Korean Won		272,254,195	Buy	08/23/13		242,305		237,761		(4,544	)
Deutsche Bank AG	South African Rand		2,743,183	Buy	08/23/13		271,000		275,349		4,349
Deutsche Bank AG	South African Rand		2,712,937	Buy	08/23/13		271,000		272,313		1,313
Deutsche Bank AG	South African Rand		2,443,321	Buy	08/23/13		249,000		245,251		(3,749	)
Deutsche Bank AG	Indian Rupee		15,569,280	Buy	08/23/13		272,000		259,526		(12,474	)
Deutsche Bank AG	Peruvian Nuevo Sol		1,176,533	Buy	08/23/13		429,000		420,936		(8,064	)
Deutsche Bank AG	Russian Ruble		8,803,280	Buy	08/23/13		272,000		265,353		(6,647	)
Deutsche Bank AG	New Zealand Dollar		262,344	Buy	07/12/13		220,000		203,154		(16,846	)
Deutsche Bank AG	Japanese Yen		33,041,055	Buy	07/12/13		338,000		333,155		(4,845	)
Deutsche Bank AG	Hungarian Forint		60,412,798	Buy	09/20/13		262,000		264,466		2,466
Deutsche Bank AG	Hungarian Forint		61,945,397	Buy	09/20/13		271,000		271,176		176
Deutsche Bank AG	Hungarian Forint		6,470,155	Buy	09/20/13		28,342		28,324		(18	)
Deutsche Bank AG	Hungarian Forint		62,038,323	Buy	09/20/13		271,000		271,582		582
Deutsche Bank AG	Philippine Peso		26,705,216	Buy	07/12/13		655,343		618,088		(37,255	)
Deutsche Bank AG	Philippine Peso		68,456,747	Buy	07/12/13		1,679,920		1,584,421		(95,499	)
Deutsche Bank AG	Colombian Peso		429,507,000	Buy	07/12/13		234,000		223,264		(10,736	)
Deutsche Bank AG	Colombian Peso		1,055,412,500	Buy	07/12/13		575,000		548,619		(26,381	)
Deutsche Bank AG	Colombian Peso		247,380,855	Buy	07/12/13		136,134		128,593		(7,541	)
Deutsche Bank AG	Chinese Yuan		1,586,844	Buy	08/09/13		252,000		257,662		5,662
Deutsche Bank AG	Chinese Yuan		3,268,143	Buy	08/09/13		519,000		530,661		11,661
Goldman Sachs & Co.	Norwegian Krone		1,595,994	Buy	07/12/13		262,000		262,651		651
Goldman Sachs & Co.	EU Euro		412,826	Buy	07/12/13		542,000		537,376		(4,624	)
Goldman Sachs & Co.	Canadian Dollar		616,818	Buy	07/12/13		600,000		586,353		(13,647	)
Goldman Sachs & Co.	British Pound		356,798	Buy	07/12/13		550,000		542,636		(7,364	)
Goldman Sachs & Co.	Australian Dollar		57,236	Buy	07/12/13		55,000		52,305		(2,695	)
Goldman Sachs & Co.	EU Euro		423,965	Buy	07/12/13		545,000		551,874		6,874
Goldman Sachs & Co.	Japanese Yen		21,966,669	Buy	07/12/13		213,000		221,491		8,491
Goldman Sachs & Co.	Colombian Peso		984,984,000	Buy	07/12/13		533,000		512,009		(20,991	)
Goldman Sachs & Co.	EU Euro		278,056	Buy	07/12/13		360,000		361,945		1,945

See Accompanying Notes to Financial Statements
48

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Goldman Sachs & Co.	Australian Dollar		148,096	Buy	07/12/13	$	150,000	$	135,338	$	(14,662	)
Goldman Sachs & Co.	South African Rand		1,617,207	Buy	08/23/13		162,204		162,329		125
Goldman Sachs & Co.	South African Rand		1,430,920	Buy	08/23/13		143,520		143,630		110
Goldman Sachs & Co.	Japanese Yen		19,664,094	Buy	07/12/13		202,000		198,274		(3,726	)
Goldman Sachs & Co.	Norwegian Krone		2,831,733	Buy	07/12/13		486,000		466,015		(19,985	)
Goldman Sachs & Co.	Swedish Krona		1,652,108	Buy	07/12/13		250,000		246,300		(3,700	)
Goldman Sachs & Co.	Norwegian Krone		1,414,005	Buy	07/12/13		239,000		232,701		(6,299	)
Goldman Sachs & Co.	Norwegian Krone		1,333,190	Buy	07/12/13		227,000		219,401		(7,599	)
Goldman Sachs & Co.	Australian Dollar		534,278	Buy	07/12/13		558,000		488,254		(69,746	)
Goldman Sachs & Co.	EU Euro		193,829	Buy	07/12/13		254,000		252,307		(1,693	)
Goldman Sachs & Co.	Chilean Peso		299,548,553	Buy	07/12/13		629,634		588,531		(41,103	)
Goldman Sachs & Co.	Japanese Yen		6,492,376	Buy	07/12/13		65,000		65,463		463
HSBC	Japanese Yen		11,211,788	Buy	07/12/13		111,000		113,049		2,049
HSBC	EU Euro		599,531	Buy	07/12/13		779,000		780,408		1,408
JPMorgan Chase & Co.	Norwegian Krone		1,594,220	Buy	07/12/13		262,000		262,359		359
JPMorgan Chase & Co.	British Pound		51,811	Buy	07/12/13		79,000		78,797		(203	)
JPMorgan Chase & Co.	EU Euro		76,719	Buy	07/12/13		100,000		99,865		(135	)
JPMorgan Chase & Co.	Canadian Dollar		244,035	Buy	07/12/13		232,000		231,982		(18	)
JPMorgan Chase & Co.	EU Euro		445,773	Buy	07/12/13		583,778		580,262		(3,516	)
JPMorgan Chase & Co.	Norwegian Krone		5,304,376	Buy	07/12/13		869,000		872,934		3,934
JPMorgan Chase & Co.	New Zealand Dollar		214,650	Buy	07/12/13		166,000		166,220		220
JPMorgan Chase & Co.	Swiss Franc		24,228	Buy	07/12/13		26,000		25,652		(348	)
JPMorgan Chase & Co.	EU Euro		336,077	Buy	07/12/13		444,000		437,471		(6,529	)
JPMorgan Chase & Co.	Swiss Franc		283,063	Buy	07/12/13		307,000		299,705		(7,295	)
JPMorgan Chase & Co.	Colombian Peso		1,267,086,000	Buy	07/12/13		669,000		658,650		(10,350	)
JPMorgan Chase & Co.	Brazilian Real		3,807,340	Buy	07/12/13		1,767,567		1,702,320		(65,247	)
JPMorgan Chase & Co.	Brazilian Real		1,290	Buy	07/12/13		599		577		(22	)
JPMorgan Chase & Co.	Philippine Peso		12,216,960	Buy	07/12/13		288,000		282,760		(5,240	)
JPMorgan Chase & Co.	Philippine Peso		12,196,800	Buy	07/12/13		288,000		282,293		(5,707	)
JPMorgan Chase & Co.	British Pound		454,115	Buy	07/12/13		685,535		690,641		5,106
JPMorgan Chase & Co.	Turkish Lira		132,550	Buy	08/23/13		68,000		68,148		148
JPMorgan Chase & Co.	Mexican Peso		3,530,125	Buy	08/23/13		272,000		271,128		(872	)
JPMorgan Chase & Co.	British Pound		345,896	Buy	07/12/13		539,000		526,057		(12,943	)
JPMorgan Chase & Co.	Mexican Peso		3,481,264	Buy	08/23/13		269,000		267,375		(1,625	)
JPMorgan Chase & Co.	Mexican Peso		3,507,499	Buy	08/23/13		271,000		269,390		(1,610	)
JPMorgan Chase & Co.	New Zealand Dollar		343,396	Buy	07/12/13		293,000		265,918		(27,082	)
JPMorgan Chase & Co.	Australian Dollar		73,797	Buy	07/12/13		76,000		67,440		(8,560	)
JPMorgan Chase & Co.	Indonesian Rupiah		4,168,680,000	Buy	08/23/13		399,797		417,423		17,626
JPMorgan Chase & Co.	Japanese Yen		25,081,242	Buy	07/12/13		256,000		252,896		(3,104	)
JPMorgan Chase & Co.	Russian Ruble		30,155,090	Buy	08/23/13		923,148		908,951		(14,197	)
JPMorgan Chase & Co.	Indonesian Rupiah		4,168,680,000	Buy	08/23/13		411,925		417,423		5,498
JPMorgan Chase & Co.	Malaysian Ringgit		845,385	Buy	08/23/13		271,000		266,619		(4,381	)
JPMorgan Chase & Co.	Russian Ruble		151,008	Buy	08/23/13		4,623		4,552		(71	)
JPMorgan Chase & Co.	Malaysian Ringgit		836,325	Buy	08/23/13		270,000		263,762		(6,238	)
JPMorgan Chase & Co.	Malaysian Ringgit		843,880	Buy	08/23/13		272,000		266,145		(5,855	)
JPMorgan Chase & Co.	Malaysian Ringgit		842,656	Buy	08/23/13		272,000		265,759		(6,241	)
JPMorgan Chase & Co.	Russian Ruble		8,803,280	Buy	08/23/13		272,000		265,353		(6,647	)
JPMorgan Chase & Co.	Swedish Krona		3,653,580	Buy	07/12/13		558,000		544,683		(13,317	)
JPMorgan Chase & Co.	Australian Dollar		184,879	Buy	07/12/13		189,000		168,953		(20,047	)
JPMorgan Chase & Co.	Norwegian Krone		3,176,042	Buy	07/12/13		545,000		522,677		(22,323	)
JPMorgan Chase & Co.	British Pound		562,653	Buy	07/12/13		861,000		855,711		(5,289	)
JPMorgan Chase & Co.	Japanese Yen		10,684,159	Buy	07/12/13		108,000		107,729		(271	)
JPMorgan Chase & Co.	Danish Krone		849,772	Buy	07/12/13		149,858		148,315		(1,543	)
JPMorgan Chase & Co.	Australian Dollar		221,614	Buy	07/12/13		232,000		202,524		(29,476	)
JPMorgan Chase & Co.	British Pound		203,760	Buy	07/12/13		312,000		309,889		(2,111	)
JPMorgan Chase & Co.	Taiwan New Dollar		4,544,479	Buy	07/12/13		153,868		151,641		(2,227	)
UBS Warburg LLC	British Pound		38,231	Buy	07/12/13		58,000		58,144		144
UBS Warburg LLC	Japanese Yen		106,275,187	Buy	07/12/13		1,088,000		1,071,579		(16,421	)
UBS Warburg LLC	Swedish Krona		2,201,672	Buy	07/12/13		336,000		328,230		(7,770	)
UBS Warburg LLC	Japanese Yen		43,811,057	Buy	07/12/13		441,000		441,750		750
UBS Warburg LLC	Norwegian Krone		1,161,116	Buy	07/12/13		199,000		191,083		(7,917	)
UBS Warburg LLC	EU Euro		972,543	Buy	07/12/13		1,272,000		1,265,959		(6,041	)
UBS Warburg LLC	EU Euro		149,981	Buy	07/12/13		196,000		195,230		(770	)
										$	(2,856,691	)
Barclays Bank PLC	British Pound		172,381	Sell	07/12/13		262,000		262,166		(166	)
Barclays Bank PLC	Norwegian Krone		568,481	Sell	07/12/13		94,000		93,554		446
Barclays Bank PLC	Philippine Peso		3,381,534	Sell	07/12/13		78,000		78,265		(265	)
HSBC	Australian Dollar		196,577	Sell	07/12/13		182,000		179,643		2,357
Barclays Bank PLC	Brazilian Real		157,745	Sell	07/12/13		70,000		70,530		(530	)
Barclays Bank PLC	Australian Dollar		633,245	Sell	07/12/13		588,000		578,696		9,304

See Accompanying Notes to Financial Statements
49

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	British Pound		140,122	Sell	07/12/13	$	220,000	$	213,105	$	6,895
Barclays Bank PLC	Colombian Peso		1,116,512,000	Sell	07/12/13		592,000		580,380		11,620
Barclays Bank PLC	Swiss Franc		488,398	Sell	07/12/13		531,000		517,111		13,889
Barclays Bank PLC	Swiss Franc		249,176	Sell	07/12/13		268,000		263,825		4,175
Barclays Bank PLC	Swiss Franc		247,835	Sell	07/12/13		268,000		262,405		5,595
Barclays Bank PLC	British Pound		199,103	Sell	07/12/13		310,000		302,806		7,194
Barclays Bank PLC	Swiss Franc		222,469	Sell	07/12/13		238,000		235,549		2,451
Barclays Bank PLC	Chilean Peso		493,545,000	Sell	07/12/13		975,000		969,681		5,319
Barclays Bank PLC	British Pound		278,885	Sell	07/12/13		423,000		424,143		(1,143	)
Barclays Bank PLC	New Zealand Dollar		595,835	Sell	07/12/13		481,000		461,402		19,598
Barclays Bank PLC	EU Euro		115,257	Sell	07/12/13		149,000		150,030		(1,030	)
Barclays Bank PLC	Swiss Franc		512,071	Sell	07/12/13		532,000		542,177		(10,177	)
Barclays Bank PLC	Japanese Yen		27,140,219	Sell	07/12/13		266,000		273,657		(7,657	)
Barclays Bank PLC	Swiss Franc		262,366	Sell	07/12/13		272,000		277,791		(5,791	)
Barclays Bank PLC	Thai Baht		10,745,025	Sell	08/23/13		345,000		345,459		(459	)
Barclays Bank PLC	Swiss Franc		519,890	Sell	07/12/13		544,000		550,455		(6,455	)
Barclays Bank PLC	Australian Dollar		529,568	Sell	07/12/13		539,000		483,950		55,050
Barclays Bank PLC	Australian Dollar		536,516	Sell	07/12/13		539,000		490,299		48,701
Barclays Bank PLC	Mexican Peso		3,482,478	Sell	08/23/13		271,000		267,469		3,531
Barclays Bank PLC	Thai Baht		8,248,231	Sell	08/23/13		264,791		265,186		(395	)
Barclays Bank PLC	Swedish Krona		2,231,768	Sell	07/12/13		341,000		332,717		8,283
Barclays Bank PLC	South African Rand		2,727,360	Sell	08/23/13		271,000		273,761		(2,761	)
Barclays Bank PLC	EU Euro		290,288	Sell	07/12/13		378,000		377,867		133
Barclays Bank PLC	British Pound		713,619	Sell	07/12/13		1,087,000		1,085,308		1,692
Citigroup, Inc.	EU Euro		931,576	Sell	07/12/13		1,211,649		1,212,631		(982	)
Citigroup, Inc.	Norwegian Krone		603,526	Sell	07/12/13		99,000		99,322		(322	)
Citigroup, Inc.	Swedish Krona		1,041,785	Sell	07/12/13		155,000		155,311		(311	)
Citigroup, Inc.	Norwegian Krone		1,001,732	Sell	07/12/13		164,000		164,854		(854	)
Citigroup, Inc.	Japanese Yen		19,149,298	Sell	07/12/13		196,000		193,084		2,916
Citigroup, Inc.	EU Euro		170,327	Sell	07/12/13		223,000		221,715		1,285
Citigroup, Inc.	EU Euro		400,073	Sell	07/12/13		524,000		520,774		3,226
Citigroup, Inc.	Norwegian Krone		2,415,900	Sell	07/12/13		392,000		397,582		(5,582	)
Citigroup, Inc.	New Zealand Dollar		213,200	Sell	07/12/13		165,000		165,097		(97	)
Citigroup, Inc.	Japanese Yen		16,110,287	Sell	07/12/13		165,000		162,441		2,559
Citigroup, Inc.	EU Euro		460,433	Sell	07/12/13		605,000		599,345		5,655
Citigroup, Inc.	British Pound		114,730	Sell	07/12/13		177,000		174,487		2,513
Citigroup, Inc.	Canadian Dollar		440,292	Sell	07/12/13		421,000		418,546		2,454
Citigroup, Inc.	British Pound		65,919	Sell	07/12/13		102,000		100,253		1,747
Citigroup, Inc.	British Pound		178,734	Sell	07/12/13		277,000		271,828		5,172
Citigroup, Inc.	Australian Dollar		605,495	Sell	07/12/13		572,000		553,336		18,664
Citigroup, Inc.	Swedish Krona		763	Sell	07/12/13		118		113		5
Citigroup, Inc.	British Pound		157,831	Sell	07/12/13		247,000		240,037		6,963
Citigroup, Inc.	EU Euro		258,000	Sell	07/12/13		346,000		335,838		10,162
Citigroup, Inc.	Japanese Yen		56,892,540	Sell	07/12/13		600,000		573,651		26,349
Citigroup, Inc.	New Zealand Dollar		165,340	Sell	07/12/13		133,000		128,036		4,964
Citigroup, Inc.	Australian Dollar		266,906	Sell	07/12/13		253,000		243,914		9,086
Citigroup, Inc.	British Pound		146,815	Sell	07/12/13		230,000		223,284		6,716
Citigroup, Inc.	Australian Dollar		458,389	Sell	07/12/13		433,000		418,902		14,098
Citigroup, Inc.	Brazilian Real		581,431	Sell	07/12/13		271,000		259,967		11,033
Citigroup, Inc.	Swiss Franc		328,308	Sell	07/12/13		353,000		347,609		5,391
Deutsche Bank AG	British Pound		355,283	Sell	07/12/13		554,000		540,333		13,667
Citigroup, Inc.	Brazilian Real		572,623	Sell	07/12/13		271,000		256,029		14,971
Citigroup, Inc.	Norwegian Krone		1,660,684	Sell	07/12/13		285,000		273,297		11,703
Citigroup, Inc.	Swedish Krona		2,497,099	Sell	07/12/13		380,000		372,273		7,727
Citigroup, Inc.	Canadian Dollar		710,607	Sell	07/12/13		686,000		675,510		10,490
Citigroup, Inc.	Norwegian Krone		5,650,811	Sell	07/12/13		971,000		929,947		41,053
Citigroup, Inc.	Philippine Peso		11,315,700	Sell	07/12/13		270,000		261,900		8,100
Citigroup, Inc.	Japanese Yen		17,138,057	Sell	07/12/13		170,000		172,804		(2,804	)
Citigroup, Inc.	Canadian Dollar		308,872	Sell	07/12/13		298,000		293,617		4,383
Citigroup, Inc.	EU Euro		490,407	Sell	07/12/13		636,000		638,362		(2,362	)
Citigroup, Inc.	EU Euro		199,813	Sell	07/12/13		259,000		260,096		(1,096	)
Citigroup, Inc.	Canadian Dollar		788,674	Sell	07/12/13		761,000		749,721		11,279
Citigroup, Inc.	Japanese Yen		5,559,263	Sell	07/12/13		55,000		56,054		(1,054	)
Citigroup, Inc.	Swedish Krona		2,298,485	Sell	07/12/13		345,000		342,663		2,337
Citigroup, Inc.	EU Euro		405,316	Sell	07/12/13		524,000		527,600		(3,600	)
Citigroup, Inc.	British Pound		457,733	Sell	07/12/13		688,462		696,144		(7,682	)
Citigroup, Inc.	Canadian Dollar		711,339	Sell	07/12/13		684,000		676,206		7,794
Citigroup, Inc.	Australian Dollar		142,183	Sell	07/12/13		137,000		129,935		7,065
Citigroup, Inc.	Norwegian Krone		2,208,108	Sell	07/12/13		378,000		363,386		14,614
Citigroup, Inc.	Canadian Dollar		723,041	Sell	07/12/13		701,000		687,330		13,670
Citigroup, Inc.	New Zealand Dollar		70,116	Sell	07/12/13		57,000		54,296		2,704

See Accompanying Notes to Financial Statements
50

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Citigroup, Inc.	EU Euro		164,301	Sell	07/12/13	$	211,000	$	213,870	$	(2,870	)
Citigroup, Inc.	New Zealand Dollar		380,816	Sell	07/12/13		310,000		294,896		15,104
Citigroup, Inc.	Norwegian Krone		309,934	Sell	07/12/13		53,000		51,005		1,995
Citigroup, Inc.	New Zealand Dollar		144,254	Sell	07/12/13		116,000		111,707		4,293
Citigroup, Inc.	Canadian Dollar		574,409	Sell	07/12/13		558,000		546,039		11,961
Citigroup, Inc.	Swedish Krona		1,314,725	Sell	07/12/13		196,000		196,002		(2	)
Citigroup, Inc.	Canadian Dollar		494,969	Sell	07/12/13		486,000		470,522		15,478
Citigroup, Inc.	Czech Koruna		1,447,243	Sell	08/23/13		73,000		72,433		567
Citigroup, Inc.	Russian Ruble		1,379,765	Sell	08/23/13		41,542		41,590		(48	)
Citigroup, Inc.	Brazilian Real		1,078,792	Sell	07/12/13		533,000		482,345		50,655
Citigroup, Inc.	Hong Kong Sar Dollar		1,946,418	Sell	08/23/13		251,000		251,006		(6	)
Citigroup, Inc.	South Korean Won		381,176,400	Sell	08/23/13		330,000		332,884		(2,884	)
Citigroup, Inc.	Polish Zloty		775,982	Sell	08/23/13		235,000		232,752		2,248
Citigroup, Inc.	Indian Rupee		12,115,536	Sell	08/23/13		201,000		201,955		(955	)
Citigroup, Inc.	New Zealand Dollar		327,549	Sell	07/12/13		271,000		253,647		17,353
Citigroup, Inc.	Mexican Peso		2,603,379	Sell	08/23/13		194,000		199,950		(5,950	)
Citigroup, Inc.	Mexican Peso		3,038,686	Sell	08/23/13		227,000		233,384		(6,384	)
Citigroup, Inc.	Mexican Peso		3,580,270	Sell	08/23/13		267,000		274,980		(7,980	)
Citigroup, Inc.	Mexican Peso		3,572,102	Sell	08/23/13		267,000		274,352		(7,352	)
Citigroup, Inc.	Norwegian Krone		616,786	Sell	07/12/13		107,000		101,504		5,496
Citigroup, Inc.	British Pound		151,838	Sell	07/12/13		236,000		230,923		5,077
Citigroup, Inc.	British Pound		346,116	Sell	07/12/13		539,000		526,391		12,609
Citigroup, Inc.	EU Euro		208,442	Sell	07/12/13		274,391		271,329		3,062
Citigroup, Inc.	Japanese Yen		106,136,734	Sell	07/12/13		1,069,000		1,070,183		(1,183	)
Citigroup, Inc.	Mexican Peso		3,470,698	Sell	08/23/13		269,000		266,564		2,436
Citigroup, Inc.	Mexican Peso		3,470,725	Sell	08/23/13		269,000		266,566		2,434
Citigroup, Inc.	EU Euro		942,437	Sell	07/12/13		1,234,252		1,226,769		7,483
Citigroup, Inc.	Mexican Peso		3,495,782	Sell	08/23/13		271,000		268,491		2,509
Citigroup, Inc.	Mexican Peso		3,495,023	Sell	08/23/13		271,000		268,432		2,568
Citigroup, Inc.	Indonesian Rupiah		4,168,680,000	Sell	08/23/13		398,840		417,422		(18,582	)
Citigroup, Inc.	Norwegian Krone		246,404	Sell	07/12/13		42,000		40,550		1,450
Citigroup, Inc.	Canadian Dollar		152,194	Sell	07/12/13		149,000		144,677		4,323
Citigroup, Inc.	British Pound		131,777	Sell	07/12/13		201,000		200,414		586
Citigroup, Inc.	Turkish Lira		515,326	Sell	08/23/13		271,000		264,944		6,056
Citigroup, Inc.	Malaysian Ringgit		839,152	Sell	08/23/13		271,000		264,653		6,347
Citigroup, Inc.	Mexican Peso		3,463,697	Sell	08/23/13		270,000		266,026		3,974
Citigroup, Inc.	Polish Zloty		115,584	Sell	08/23/13		35,427		34,669		758
Citigroup, Inc.	British Pound		144,184	Sell	07/12/13		220,000		219,283		717
Citigroup, Inc.	Singapore Dollar		339,992	Sell	08/23/13		272,000		268,262		3,738
Citigroup, Inc.	Polish Zloty		893,337	Sell	08/23/13		272,000		267,952		4,048
Citigroup, Inc.	South African Rand		1,666,245	Sell	08/23/13		167,801		167,251		550
Citigroup, Inc.	Canadian Dollar		707,448	Sell	07/12/13		688,000		672,507		15,493
Citigroup, Inc.	British Pound		305,674	Sell	07/12/13		467,000		464,885		2,115
Citigroup, Inc.	Japanese Yen		67,011,461	Sell	07/12/13		684,195		675,680		8,515
Citigroup, Inc.	EU Euro		278,770	Sell	07/12/13		366,000		362,875		3,125
Citigroup, Inc.	Canadian Dollar		678,613	Sell	07/12/13		659,000		645,096		13,904
Citigroup, Inc.	Norwegian Krone		1,118,540	Sell	07/12/13		192,000		184,077		7,923
Citigroup, Inc.	Australian Dollar		543,035	Sell	07/12/13		560,000		496,256		63,744
Citigroup, Inc.	Canadian Dollar		687,787	Sell	07/12/13		672,000		653,817		18,183
Citigroup, Inc.	Swedish Krona		2,572,764	Sell	07/12/13		402,000		383,553		18,447
Citigroup, Inc.	Hungarian Forint		60,414,606	Sell	09/20/13		262,000		264,474		(2,474	)
Citigroup, Inc.	New Zealand Dollar		397,379	Sell	07/12/13		339,000		307,722		31,278
Citigroup, Inc.	Japanese Yen		53,675,578	Sell	07/12/13		547,000		541,214		5,786
Citigroup, Inc.	Hungarian Forint		66,797,508	Sell	09/20/13		291,000		292,416		(1,416	)
Citigroup, Inc.	British Pound		281,490	Sell	07/12/13		433,000		428,105		4,895
Citigroup, Inc.	Colombian Peso		988,598,400	Sell	07/12/13		536,000		513,888		22,112
Citigroup, Inc.	Hungarian Forint		2,939,999	Sell	09/20/13		13,028		12,870		158
Citigroup, Inc.	Colombian Peso		8,796,840	Sell	07/12/13		4,767		4,573		194
Deutsche Bank AG	Philippine Peso		75,721	Sell	07/12/13		1,857		1,753		104
Citigroup, Inc.	Colombian Peso		418,100,000	Sell	07/12/13		226,000		217,335		8,665
Citigroup, Inc.	Philippine Peso		8,859,025	Sell	07/12/13		217,000		205,041		11,959
Credit Suisse Group AG	British Pound		661,457	Sell	07/12/13		1,020,000		1,005,978		14,022
Credit Suisse Group AG	British Pound		178,735	Sell	07/12/13		277,000		271,829		5,171
Credit Suisse Group AG	Swiss Franc		15,341	Sell	07/12/13		16,000		16,243		(243	)
HSBC	Norwegian Krone		808,409	Sell	07/12/13		137,000		133,039		3,961
Credit Suisse Group AG	Swedish Krona		3,854,507	Sell	07/12/13		578,804		574,638		4,166
Credit Suisse Group AG	Japanese Yen		56,044,844	Sell	07/12/13		573,000		565,104		7,896
Deutsche Bank AG	Chinese Offshore Yuan		1,341,261	Sell	01/14/14		212,780		215,502		(2,722	)
Deutsche Bank AG	Chinese Offshore Yuan		3,280,737	Sell	01/14/14		526,206		527,122		(916	)
Deutsche Bank AG	Australian Dollar		317,367	Sell	07/12/13		294,000		290,028		3,972
Deutsche Bank AG	Canadian Dollar		271,222	Sell	07/12/13		258,000		257,826		174

See Accompanying Notes to Financial Statements
51

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Deutsche Bank AG	EU Euro		448,419	Sell	07/12/13	$	593,000	$	583,707	$	9,293
Deutsche Bank AG	Brazilian Real		70	Sell	07/12/13		32		31		1
Deutsche Bank AG	Brazilian Real		226,275	Sell	07/12/13		105,000		101,171		3,829
Deutsche Bank AG	Brazilian Real		273,685	Sell	07/12/13		127,000		122,369		4,631
Deutsche Bank AG	Canadian Dollar		380,416	Sell	07/12/13		374,000		361,627		12,373
Deutsche Bank AG	EU Euro		408,345	Sell	07/12/13		542,000		531,542		10,458
Barclays Bank PLC	EU Euro		408,863	Sell	07/12/13		542,000		532,216		9,784
Deutsche Bank AG	Australian Dollar		290,341	Sell	07/12/13		273,000		265,331		7,669
Deutsche Bank AG	EU Euro		680,427	Sell	07/12/13		899,000		885,711		13,289
Deutsche Bank AG	Brazilian Real		572,894	Sell	07/12/13		271,000		256,150		14,850
Deutsche Bank AG	New Zealand Dollar		269,517	Sell	07/12/13		215,000		208,708		6,292
Deutsche Bank AG	Australian Dollar		459,106	Sell	07/12/13		441,000		419,557		21,443
Deutsche Bank AG	Brazilian Real		202,996	Sell	07/12/13		95,000		90,763		4,237
Deutsche Bank AG	Colombian Peso		176,190,120	Sell	07/12/13		92,000		91,586		414
Deutsche Bank AG	Philippine Peso		27,070,050	Sell	07/12/13		635,000		626,532		8,468
Deutsche Bank AG	Australian Dollar		238,381	Sell	07/12/13		229,000		217,846		11,154
Deutsche Bank AG	Swiss Franc		1,057,754	Sell	07/12/13		1,088,000		1,119,940		(31,940	)
Deutsche Bank AG	New Zealand Dollar		125,638	Sell	07/12/13		101,000		97,291		3,709
Deutsche Bank AG	EU Euro		841,695	Sell	07/12/13		1,081,000		1,095,634		(14,634	)
Deutsche Bank AG	New Zealand Dollar		639,325	Sell	07/12/13		520,000		495,079		24,921
Deutsche Bank AG	Swedish Krona		2,574,120	Sell	07/12/13		385,000		383,755		1,245
Deutsche Bank AG	Australian Dollar		461,652	Sell	07/12/13		454,000		421,884		32,116
Deutsche Bank AG	Swedish Krona		2,262,614	Sell	07/12/13		339,000		337,315		1,685
Deutsche Bank AG	Swiss Franc		262,371	Sell	07/12/13		272,000		277,796		(5,796	)
Deutsche Bank AG	Malaysian Ringgit		1,301,520	Sell	08/23/13		408,000		410,476		(2,476	)
Deutsche Bank AG	Japanese Yen		34,952,901	Sell	07/12/13		343,000		352,432		(9,432	)
Deutsche Bank AG	Japanese Yen		36,234,072	Sell	07/12/13		357,000		365,350		(8,350	)
Deutsche Bank AG	Australian Dollar		443,330	Sell	07/12/13		447,000		405,140		41,860
Deutsche Bank AG	Mexican Peso		3,576,870	Sell	08/23/13		267,000		274,718		(7,718	)
Deutsche Bank AG	Japanese Yen		19,378,050	Sell	07/12/13		196,000		195,390		610
Deutsche Bank AG	EU Euro		670,299	Sell	07/12/13		882,703		872,528		10,175
Deutsche Bank AG	Japanese Yen		17,614,132	Sell	07/12/13		178,000		177,604		396
Deutsche Bank AG	Israeli New Shekel		306,231	Sell	08/23/13		85,003		84,086		917
Deutsche Bank AG	Japanese Yen		15,161,183	Sell	07/12/13		153,000		152,871		129
Deutsche Bank AG	Colombian Peso		971,261,000	Sell	07/12/13		527,000		504,876		22,124
Deutsche Bank AG	EU Euro		122,678	Sell	07/12/13		162,000		159,690		2,310
Deutsche Bank AG	Norwegian Krone		1,613,717	Sell	07/12/13		279,000		265,567		13,433
Deutsche Bank AG	Australian Dollar		181,890	Sell	07/12/13		186,000		166,222		19,778
Deutsche Bank AG	South African Rand		2,730,694	Sell	08/23/13		271,000		274,096		(3,096	)
Deutsche Bank AG	South African Rand		2,506,354	Sell	08/23/13		247,000		251,578		(4,578	)
Deutsche Bank AG	South African Rand		11,529,815	Sell	08/23/13		1,128,274		1,157,316		(29,042	)
Deutsche Bank AG	Australian Dollar		153,312	Sell	07/12/13		158,000		140,106		17,894
Deutsche Bank AG	South African Rand		8,192,119	Sell	08/23/13		801,657		822,292		(20,635	)
Deutsche Bank AG	Malaysian Ringgit		245,724	Sell	08/23/13		77,936		77,497		439
Deutsche Bank AG	Mexican Peso		3,310,124	Sell	08/23/13		256,798		254,231		2,567
Deutsche Bank AG	Mexican Peso		4,409,000	Sell	08/23/13		342,048		338,629		3,419
Deutsche Bank AG	British Pound		359,121	Sell	07/12/13		551,000		546,170		4,830
Deutsche Bank AG	EU Euro		806,668	Sell	07/12/13		1,050,000		1,050,040		(40	)
Deutsche Bank AG	Polish Zloty		885,315	Sell	08/23/13		271,000		265,546		5,454
Deutsche Bank AG	Turkish Lira		515,163	Sell	08/23/13		271,000		264,860		6,140
Deutsche Bank AG	Mexican Peso		3,463,535	Sell	08/23/13		270,000		266,014		3,986
Deutsche Bank AG	Hungarian Forint		66,795,674	Sell	09/20/13		291,000		292,408		(1,408	)
Deutsche Bank AG	Philippine Peso		27,464,500	Sell	07/12/13		665,000		635,662		29,338
Deutsche Bank AG	Hungarian Forint		46,278,709	Sell	09/20/13		205,615		202,592		3,023
Deutsche Bank AG	Hungarian Forint		61,293,181	Sell	09/20/13		271,000		268,320		2,680
Deutsche Bank AG	Brazilian Real		7,009,266	Sell	07/12/13		3,434,231		3,133,951		300,280
Deutsche Bank AG	Brazilian Real		290,475	Sell	07/12/13		142,320		129,876		12,444
Deutsche Bank AG	Hungarian Forint		122,545,630	Sell	09/20/13		536,807		536,463		344
Deutsche Bank AG	Philippine Peso		11,349,350	Sell	07/12/13		278,000		262,679		15,321
Deutsche Bank AG	Philippine Peso		27,801,825	Sell	07/12/13		681,000		643,469		37,531
Deutsche Bank AG	Philippine Peso		6,421,120	Sell	07/12/13		158,000		148,616		9,384
Deutsche Bank AG	Colombian Peso		2,610,160	Sell	07/12/13		1,436		1,356		80
Deutsche Bank AG	Philippine Peso		16,946,880	Sell	07/12/13		417,000		392,233		24,767
Deutsche Bank AG	Chinese Yuan		3,111,565	Sell	08/09/13		494,960		505,237		(10,277	)
Goldman Sachs & Co.	British Pound		172,494	Sell	07/12/13		262,000		262,338		(338	)
Goldman Sachs & Co.	Australian Dollar		645,130	Sell	07/12/13		600,000		589,557		10,443
Goldman Sachs & Co.	British Pound		374,354	Sell	07/12/13		576,000		569,337		6,663
Goldman Sachs & Co.	Norwegian Krone		398,112	Sell	07/12/13		68,000		65,517		2,483
Goldman Sachs & Co.	Norwegian Krone		3,863,230	Sell	07/12/13		654,000		635,767		18,233
Goldman Sachs & Co.	Norwegian Krone		2,411,669	Sell	07/12/13		413,000		396,885		16,115
Goldman Sachs & Co.	Norwegian Krone		1,885,488	Sell	07/12/13		325,000		310,292		14,708

See Accompanying Notes to Financial Statements
52

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Goldman Sachs & Co.	Swedish Krona		1,346,634	Sell	07/12/13	$	202,000	$	200,759	$	1,241
Goldman Sachs & Co.	British Pound		526,809	Sell	07/12/13		806,000		801,199		4,801
Goldman Sachs & Co.	Swedish Krona		1,324,518	Sell	07/12/13		199,000		197,462		1,538
Goldman Sachs & Co.	British Pound		229,605	Sell	07/12/13		350,000		349,194		806
Goldman Sachs & Co.	British Pound		193,464	Sell	07/12/13		294,000		294,230		(230	)
Goldman Sachs & Co.	Norwegian Krone		1,271,704	Sell	07/12/13		217,000		209,283		7,717
Goldman Sachs & Co.	Australian Dollar		582,079	Sell	07/12/13		574,000		531,938		42,062
Goldman Sachs & Co.	Norwegian Krone		2,231,190	Sell	07/12/13		382,000		367,184		14,816
Goldman Sachs & Co.	Norwegian Krone		2,197,500	Sell	07/12/13		378,000		361,640		16,360
Goldman Sachs & Co.	Norwegian Krone		2,653,052	Sell	07/12/13		457,000		436,609		20,391
Goldman Sachs & Co.	South African Rand		2,732,667	Sell	08/23/13		271,000		274,294		(3,294	)
Goldman Sachs & Co.	EU Euro		388,528	Sell	07/12/13		509,000		505,747		3,253
Goldman Sachs & Co.	Canadian Dollar		177,295	Sell	07/12/13		174,000		168,538		5,462
Goldman Sachs & Co.	British Pound		359,117	Sell	07/12/13		551,000		546,163		4,837
Goldman Sachs & Co.	South African Rand		2,340,939	Sell	08/23/13		232,000		234,974		(2,974	)
Goldman Sachs & Co.	Polish Zloty		893,634	Sell	08/23/13		272,000		268,042		3,958
Goldman Sachs & Co.	British Pound		534,583	Sell	07/12/13		814,000		813,022		978
Goldman Sachs & Co.	Norwegian Krone		1,286,250	Sell	07/12/13		224,000		211,677		12,323
HSBC	British Pound		186,522	Sell	07/12/13		292,000		283,672		8,328
HSBC	Brazilian Real		368,839	Sell	07/12/13		179,000		164,914		14,086
HSBC	Philippine Peso		21,945,385	Sell	07/12/13		539,000		507,923		31,077
JPMorgan Chase & Co.	British Pound		172,257	Sell	07/12/13		262,000		261,978		22
JPMorgan Chase & Co.	Brazilian Real		1,254,816	Sell	07/12/13		569,000		561,047		7,953
JPMorgan Chase & Co.	Colombian Peso		263,092,000	Sell	07/12/13		136,000		136,759		(759	)
JPMorgan Chase & Co.	Taiwan New Dollar		4,567,144	Sell	07/12/13		152,000		152,397		(397	)
JPMorgan Chase & Co.	Philippine Peso		11,315,700	Sell	07/12/13		270,000		261,900		8,100
JPMorgan Chase & Co.	EU Euro		68,680	Sell	07/12/13		88,718		89,400		(682	)
JPMorgan Chase & Co.	Chinese Yuan		2,240,547	Sell	08/09/13		361,000		363,806		(2,806	)
JPMorgan Chase & Co.	Singapore Dollar		252,017	Sell	08/23/13		199,000		198,847		153
JPMorgan Chase & Co.	Peruvian Nuevo Sol		215,677	Sell	08/23/13		77,000		77,164		(164	)
JPMorgan Chase & Co.	Romanian New Leu		233,314	Sell	08/23/13		68,000		67,615		385
JPMorgan Chase & Co.	Mexican Peso		2,764,835	Sell	08/23/13		209,000		212,351		(3,351	)
JPMorgan Chase & Co.	British Pound		330,556	Sell	07/12/13		515,000		502,727		12,273
JPMorgan Chase & Co.	Mexican Peso		3,470,235	Sell	08/23/13		269,000		266,528		2,472
JPMorgan Chase & Co.	British Pound		418,518	Sell	07/12/13		648,000		636,504		11,496
JPMorgan Chase & Co.	Russian Ruble		56,594,960	Sell	08/23/13		1,732,508		1,705,916		26,592
JPMorgan Chase & Co.	Australian Dollar		544,249	Sell	07/12/13		556,000		497,366		58,634
JPMorgan Chase & Co.	New Zealand Dollar		820,799	Sell	07/12/13		694,000		635,609		58,391
HSBC	Russian Ruble		83,224,460	Sell	08/23/13		2,547,701		2,508,597		39,104
JPMorgan Chase & Co.	Norwegian Krone		3,199,862	Sell	07/12/13		544,000		526,597		17,403
JPMorgan Chase & Co.	Swedish Krona		3,553,269	Sell	07/12/13		545,000		529,729		15,271
JPMorgan Chase & Co.	Australian Dollar		530,113	Sell	07/12/13		544,000		484,448		59,552
JPMorgan Chase & Co.	Australian Dollar		531,723	Sell	07/12/13		546,000		485,919		60,081
JPMorgan Chase & Co.	Norwegian Krone		5,586,060	Sell	07/12/13		970,000		919,291		50,709
JPMorgan Chase & Co.	British Pound		416,936	Sell	07/12/13		640,000		634,097		5,903
JPMorgan Chase & Co.	Australian Dollar		251,043	Sell	07/12/13		263,000		229,418		33,582
JPMorgan Chase & Co.	New Zealand Dollar		4,695	Sell	07/12/13		4,000		3,636		364
JPMorgan Chase & Co.	Brazilian Real		581,431	Sell	07/12/13		271,000		259,967		11,033
UBS Warburg LLC	British Pound		142,630	Sell	07/12/13		223,000		216,918		6,082
UBS Warburg LLC	New Zealand Dollar		253,954	Sell	07/12/13		213,000		196,656		16,344
UBS Warburg LLC	New Zealand Dollar		842,893	Sell	07/12/13		709,000		652,718		56,282
UBS Warburg LLC	New Zealand Dollar		1,285,743	Sell	07/12/13		1,094,000		995,651		98,349
UBS Warburg LLC	Swedish Krona		1,040,430	Sell	07/12/13		163,000		155,109		7,891
UBS Warburg LLC	EU Euro		1,471,042	Sell	07/12/13		1,930,000		1,914,854		15,146
										$	2,436,386

ING Balanced Portfolio Open Futures Contracts on June 30, 2013:

Contract Description	Number of Contracts		Expiration Date	Notional Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
30-year German Government Bond		3	09/06/13	$	501,939	$	(10,595	)
Australia 10-Year Bond		2	09/16/13		216,548		(5,367	)
Australia 3-Year Bond		5	09/16/13		499,378		(2,938	)
Canada 10-Year Bond		9	09/19/13		1,124,551		(29,257	)
Euro-Bobl 5-Year		23	09/06/13		3,748,210		(32,176	)
Euro-Schatz		49	09/06/13		7,038,496		5,511
Japan 10-Year Bond (TSE)		3	09/10/13		4,316,394		(8,279	)
Long Gilt		18	09/26/13		3,063,515		(109,106	)

See Accompanying Notes to Financial Statements
53

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Contract Description	Number of Contracts			Expiration Date	Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
Mini MSCI Emerging Markets Index		34		09/20/13	$	1,587,290		$	(5,614	)
S&P 500 E-Mini		76		09/20/13		6,077,340			(30,691	)
Short Gilt		5		09/26/13		796,374			1,635
U.S. Treasury 2-Year Note		63		09/30/13		13,860,000			(11,217	)
U.S. Treasury 5-Year Note		85		09/30/13		10,288,985			(43,014	)
U.S. Treasury Long Bond		64		09/19/13		8,694,000			(305,079	)
					$	61,813,020		$	(586,187	)
Short Contracts
Euro-Bund		(7	)	09/06/13	$	(1,289,459	)	$	19,912
Medium Gilt		(11	)	09/26/13		(1,861,273	)		32,061
U.S. Treasury 10-Year Note		(135	)	09/19/13		(17,085,937	)		203,681
U.S. Treasury Ultra Long Bond		(21	)	09/19/13		(3,093,562	)		109,478
					$	(23,330,231	)	$	365,132

ING Balanced Portfolio Over-the-Counter Credit Default Swap Agreements Outstanding on June 30, 2013:

Credit Default Swaps on Credit Indices — Buy Protection⁽¹⁾

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Fixed Rate (%)			Termination Date	Notional Amount(2)		Fair Value(3)			Upfront Payments Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	CDX.EM.19 Index	Buy		(5.000	)	06/20/18	USD	2,306,000	$	(183,866	)	$	(251,846	)	$	67,980
									$	(183,866	)	$	(251,846	)	$	67,980

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

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Fixed Rate (%)			Termination Date	Notional Amount(2)		Fair Value(3)			Upfront Payments Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Citigroup, Inc.	Citigroup, Inc.	Buy		(5.000	)	06/20/18	USD	2,631,000	$	(209,780	)	$	(288,630	)	$	78,850
Deutsche Bank AG	Republic of Turkey	Buy		(1.000	)	06/20/18	USD	215,000		8,606			4,148			4,458
									$	(201,174	)	$	(284,482	)	$	83,308

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

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

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

ING Balanced Portfolio Centrally Cleared Interest Rate Swap Agreements Outstanding on June 30, 2013:

	Termination Date	Notional Amount		Fair Value		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 3.345% and pay a floating rate based on 6-month AUD-BBR-BBSW	06/25/15	AUD	16,085,000	$	49,510	$	49,510
Receive a fixed rate equal to 3.180% and pay a floating rate based on 6-month AUD-BBR-BBSW	06/26/15	AUD	12,295,000		19,894		19,894
Receive a floating rate based on 6-month GBP-LIBOR-BBA and pay a fixed rate equal to 0.779%	06/12/15	GBP	2,150,000		1,303		1,303
				$	70,707	$	70,707

See Accompanying Notes to Financial Statements
54

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

ING Balanced Portfolio Over-the-Counter Interest Rate Swap Agreements Outstanding on June 30, 2013:

	Termination Date	Notional Amount		Fair Value			Upfront Payments Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 8.860% and pay a floating rate based on the Brazil Cetip Interbank Deposit Rate Counterparty: Deutsche Bank AG	01/02/17	BRL	1,000,000	$	(19,060	)	$	—	$	(19,060	)
Receive a fixed rate equal to 9.705% and pay a floating rate based on the Brazil Cetip Interbank Deposit Rate Annualized Counterparty: HSBC	01/02/17	BRL	5,000,000		(57,693	)		—		(57,693	)
Receive a floating rate based on the 3-month CAD-BA-CDOR and pay a fixed rate equal to 1.505% Counterparty: Citigroup, Inc.	06/12/15	CAD	3,460,000		2,826			—		2,826
Receive a fixed rate equal to 5.285% and pay a floating rate based on the 28-day MXN TIIE-BANXICO Counterparty: Deutsche Bank AG	05/02/23	MXN	4,925,000		(40,923	)		—		(40,923	)
Receive a fixed rate equal to 5.290% and pay a floating rate based on the 28-day MXN TIIE-BANXICO Counterparty: HSBC	05/02/23	MXN	8,200,000		(67,878	)		—		(67,878	)
Receive a fixed rate equal to 5.280% and pay a floating rate based on the 28-day MXN TIIE-BANXICO Counterparty: HSBC	05/03/23	MXN	8,200,000		(68,474	)		—		(68,474	)
Receive a fixed rate equal to 3.015% and pay a floating rate based on 3-month NZD-BBR-FRA Counterparty: Citigroup, Inc.	06/14/15	NZD	8,660,000		(17,384	)		—		(17,384	)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 3.571% Counterparty: Citigroup, Inc.	06/08/45	USD	807,000		27,836			—		27,836
Receive a fixed rate equal to 2.333% and pay a floating rate based on 3-month USD-LIBOR Counterparty: Citigroup, Inc.	06/08/20	USD	3,227,000		(68,696	)		—		(68,696	)
				$	(309,446	)	$	—	$	(309,446	)

ING Balanced Portfolio Written OTC Options on June 30, 2013:

Notional Amount		Counterparty	Description	Exercise Price			Expiration Date	Premiums Received		Fair Value
Options on Currencies
	5,300,000	Barclays Bank PLC	EUR Put vs. USD Call Currency Option		1.220	USD	09/09/13	$	42,400	$	(11,556	)
							Total Written OTC Options	$	42,400	$	(11,556	)

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

The fair value of derivative instruments as of June 30, 2013 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Investments in securities at value*	$	50,911
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		3,003,085
Credit contracts	Upfront payments paid on swap agreements		4,148
Credit contracts	Unrealized appreciation on swap agreements		151,288
Interest rate contracts	Unrealized appreciation on swap agreements		30,662
Interest rate contracts	Net Assets — Unrealized appreciation**		372,278
Interest rate contracts	Net Assets — Unrealized appreciation***		70,707
Total Asset Derivatives		$	3,683,079
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	3,423,390
Credit contracts	Upfront payments received on swap agreements		540,476
Interest rate contracts	Unrealized depreciation on swap agreements		340,108
Equity contracts	Net Assets — Unrealized depreciation**		36,305
Interest rate contracts	Net Assets — Unrealized depreciation**		557,028
Foreign exchange contracts	Written options, at fair value		11,556
Total Liability Derivatives		$	4,908,863

*  Includes purchased options.

See Accompanying Notes to Financial Statements
55

SUMMARY PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

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

***  Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table following the Summary Portfolio of Investments.

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2013 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Investments*			Foreign currency related transactions**			Futures			Swaps			Written options			Total
Credit contracts	$	—		$	—		$	—		$	(71,088	)	$	—		$	(71,088	)
Equity contracts		—			—			860,507			—			—			860,507
Foreign exchange contracts		(66,772	)		(678,618	)		—			—			49,949			(695,441	)
Interest rate contracts		(85,476	)		—			96,123			(1,214,497	)		—			(1,203,850	)
Total	$	(152,248	)	$	(678,618	)	$	956,630		$	(1,285,585	)	$	49,949		$	(1,109,872	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Investments*			Foreign currency related transactions**			Futures			Swaps			Written options			Total
Credit contracts	$	—		$	—		$	—		$	420,283		$	—		$	420,283
Equity contracts		—			—			(182,980	)		—			—			(182,980	)
Foreign exchange contracts		22,225			(336,137	)		—			—			(25,810	)		(339,722	)
Interest rate contracts		77,596			—			(299,608	)		1,171,750			—			949,738
Total	$	99,821		$	(336,137	)	$	(482,588	)	$	1,592,033		$	(25,810	)	$	847,319

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

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

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2013:

	Barclays Bank PLC			Citigroup, Inc.			Credit Suisse Group AG			Deutsche Bank AG			Goldman Sachs & Co.		HSBC			JPMorgan Chase & Co.		UBS Warburg LLC		Totals
Assets:
Purchased options	$	50,911		$	—		$	—		$	—		$	—	$	—		$	—	$	—	$	50,911
Credit default swap agreements		—			78,850			—			76,586			—		—			—		—		155,436
Interest rate swap agreements		—			30,662			—			—			—		—			—		—		30,662
Forward foreign currency contracts		242,737			802,403			53,996			899,484			227,847		102,370			473,260		200,988		3,003,085
Total Assets	$	293,648		$	911,915		$	53,996		$	976,070		$	227,847	$	102,370		$	473,260	$	200,988	$	3,240,094
Liabilities:
Forward foreign currency contracts	$	681,334		$	1,372,527		$	119,113		$	678,028		$	224,670	$	308,799		$	—	$	38,919	$	3,423,390
Credit default swap agreements		—			288,630			—			251,846			—		—			—		—		540,476
Interest rate swap agreements		—			86,080			—			59,983			—		194,045			—		—		340,108
Written options		11,556			—			—			—			—		—			—		—		11,556
Total Liabilities	$	692,890		$	1,747,237		$	119,113		$	989,857		$	224,670	$	502,844		$	—	$	38,919	$	4,315,530
Net OTC derivative instruments by counterparty, at fair value	$	(399,242	)	$	(835,322	)	$	(65,117	)	$	(13,787	)	$	3,177	$	(400,474	)	$	473,260	$	162,069	$	(1,075,436	)
Total collateral pledged by Portfolio/(Received from counterparty)	$	—		$	—		$	—		$	—		$	—	$	—		$	—	$	—	$	—
Net Exposure(1)	$	(399,242	)	$	(835,322	)	$	(65,117	)	$	(13,787	)	$	3,177	$	(400,474	)	$	473,260	$	162,069	$	(1,075,436	)

(1)  Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

See Accompanying Notes to Financial Statements
56

SUMMARY PORTFOLIO OF INVESTMENTS
ING GROWTH AND INCOME PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED)

Sector Diversification
as of June 30, 2013
(as a percentage of net assets)

Information Technology	17.1	%
Financials	15.7	%
Health Care	12.3	%
Consumer Discretionary	11.2	%
Consumer Staples	11.1	%
Industrials	10.7	%
Energy	10.6	%
Materials	3.1	%
Utilities	3.0	%
Telecommunication Services	2.4	%
Assets in Excess of Other Liabilities*	2.8	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.2%
			Consumer Discretionary: 11.2%
	2,512,139		Comcast Corp. - Class A	$	105,208,381		2.5
	1,109,458	@	Delphi Automotive PLC		56,238,426		1.3
	1,083,906		GNC Holdings, Inc.		47,919,484		1.1
	1,290,982		Macy's, Inc.		61,967,136		1.5
	723,837	@	Michael Kors Holdings Ltd.		44,892,371		1.1
	1,261,509		Starbucks Corp.		82,616,225		1.9
	2,141,009		Other Securities		77,069,414		1.8
					475,911,437		11.2
			Consumer Staples: 11.1%
	601,745		Costco Wholesale Corp.		66,534,945		1.6
	1,187,611		Kraft Foods Group, Inc.		66,351,827		1.5
	1,583,155		Mondelez International, Inc.		45,167,412		1.1
	876,326		Philip Morris International, Inc.		75,907,358		1.8
	1,062,256		Procter & Gamble Co.		81,783,089		1.9
	2,657,615		Other Securities		137,324,580		3.2
					473,069,211		11.1
			Energy: 10.6%
	499,302		Anadarko Petroleum Corp.		42,905,021		1.0
	343,297		EOG Resources, Inc.		45,205,349		1.1
	1,802,302		ExxonMobil Corp.		162,837,986		3.8
	1,014,272		Halliburton Co.		42,315,428		1.0
	611,897		Occidental Petroleum Corp.		54,599,569		1.3
	545,912		Range Resources Corp.		42,209,916		1.0
	1,250,469		Other Securities		61,229,520		1.4
					451,302,789		10.6

Shares				Value		Percentage of Net Assets
			Financials: 15.7%
	972,615		Arthur J. Gallagher & Co.	$	42,493,549		1.0
	1,421,823		Citigroup, Inc.		68,204,849		1.6
	2,978,123		Fifth Third Bancorp.		53,755,120		1.3
	1,591,559	@	Invesco Ltd.		50,611,576		1.2
	1,936,120		JPMorgan Chase & Co.		102,207,775		2.4
	899,757		Prudential Financial, Inc.		65,709,254		1.5
	5,873,829		Regions Financial Corp.		55,977,591		1.3
	594,947		Travelers Cos., Inc.		47,548,164		1.1
	2,618,564		Wells Fargo & Co.		108,068,136		2.5
	1,793,310	@	XL Group PLC		54,373,159		1.3
	963,143		Other Securities		20,283,792		0.5
					669,232,965		15.7
			Health Care: 12.3%
	487,159	@	Actavis, Inc.		61,489,209		1.4
	696,246		Amgen, Inc.		68,691,630		1.6
	732,870	@	Covidien PLC		46,053,551		1.1
	885,640	@	Express Scripts Holding Co.		54,635,132		1.3
	1,596,488	@	Gilead Sciences, Inc.		81,756,150		1.9
	1,155,582		HCA Holdings, Inc.		41,670,287		1.0
	1,515,216		Johnson & Johnson		130,096,446		3.1
	1,098,543		Other Securities		38,317,180		0.9
					522,709,585		12.3
			Industrials: 10.7%
	706,111		Boeing Co.		72,334,011		1.7
	700,082		Fluor Corp.		41,521,863		1.0
	694,740		General Dynamics Corp.		54,418,984		1.3
	351,219		Roper Industries, Inc.		43,628,424		1.0
	278,216		TransDigm Group, Inc.		43,615,923		1.0
	407,536		Union Pacific Corp.		62,874,654		1.5
	3,458,536		Other Securities		137,005,475		3.2
					455,399,334		10.7

See Accompanying Notes to Financial Statements
57

SUMMARY PORTFOLIO OF INVESTMENTS
ING GROWTH AND INCOME PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Shares				Value		Percentage of Net Assets
			Information Technology: 17.1%
	372,879		Apple, Inc.	$	147,689,914		3.5
	747,615	@	Cognizant Technology Solutions Corp.		46,808,175		1.1
	2,692,215		EMC Corp.		63,590,118		1.5
	128,040	@	Google, Inc. - Class A		112,722,575		2.6
	289,250		International Business Machines Corp.		55,278,567		1.3
	2,247,725		Jabil Circuit, Inc.		45,808,636		1.1
	1,110,605		Microchip Technology, Inc.		41,370,036		1.0
	1,861,670	@	NetApp, Inc.		70,333,893		1.6
	3,022,354		Oracle Corp.		92,846,715		2.2
	2,131,368		Other Securities		50,452,670		1.2
					726,901,299		17.1
			Materials: 3.1%
	786,655		Eastman Chemical Co.		55,073,717		1.3
	1,158,872		EI Du Pont de Nemours & Co.		60,840,780		1.4
	413,869		Other Securities		18,541,331		0.4
					134,455,828		3.1
			Telecommunication Services: 2.4%
	1,383,309		Verizon Communications, Inc.		69,635,775		1.6
	970,770		Other Securities		34,316,719		0.8
					103,952,494		2.4
			Utilities: 3.0%
	2,677,484		Other Securities		128,335,764		3.0
			Total Common Stock (Cost $3,223,916,869)		4,141,270,706		97.2
Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: —%
			Energy: —%
	10,000,000		Other Securities	$	—		—
			Utilities: —%
	20,000,000		Other Securities		—		—
			Total Corporate Bonds/Notes (Cost $—)		—		—
			Total Long-Term Investments (Cost $3,223,916,869)		4,141,270,706		97.2

Shares			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 2.1%
		Repurchase Agreement: 1.1%
	44,700,000	Deutsche Bank Repurchase Agreement dated 06/28/13, 0.120%, due 07/01/13, $44,700,447 to be received upon repurchase (Collateralized by $45,580,819, US Treasury Note, 0.375%, Market Value plus accrued interest $45,594,001 due 06/15/15) (Cost $44,700,000)	$	44,700,000		1.1
		Mutual Funds: 1.0%
	43,979,186	BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $43,979,186)		43,979,186		1.0
		Total Short-Term Investments (Cost $88,679,186)		88,679,186		2.1
		Total Investments in Securities (Cost $3,312,596,055)	$	4,229,949,892		99.3
		Assets in Excess of Other Liabilities		28,682,888		0.7
		Net Assets	$	4,258,632,780		100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2013.

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

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

@  Non-income producing security

  Cost for federal income tax purposes is $3,347,142,013.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	954,299,714
Gross Unrealized Depreciation		(71,491,835	)
Net Unrealized Appreciation	$	882,807,879

See Accompanying Notes to Financial Statements
58

SUMMARY PORTFOLIO OF INVESTMENTS
ING GROWTH AND INCOME PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2013 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 06/30/13
Asset Table
Investments, at fair value
Common Stock*	$	4,141,270,706	$	—	$	—	$	4,141,270,706
Corporate Bonds/Notes		—		—		—		—
Short-Term Investments		43,979,186		44,700,000		—		88,679,186
Total Investments, at fair value	$	4,185,249,892	$	44,700,000	$	—	$	4,229,949,892

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

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

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2013 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Futures
Equity contracts	$	(647,326	)
Total	$	(647,326	)

See Accompanying Notes to Financial Statements
59

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED)

Investment Type Allocation
as of June 30, 2013
(as a percentage of net assets)

U.S. Government Agency Obligations	31.0	%
Corporate Bonds/Notes	24.9	%
Collateralized Mortgage Obligations	17.2	%
U.S. Treasury Obligations	14.9	%
Affiliated Mutual Funds	11.6	%
Asset-Backed Securities	9.4	%
Foreign Government Bonds	1.6	%
Preferred Stock	1.1	%
Liabilities in Excess of Other Assets*	(11.7	)%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Principal Amount†				Value		Percentage of Net Assets
CORPORATE BONDS/NOTES: 24.9%
			Consumer Discretionary: 1.8%
	1,505,000	#	Carlson Wagonlit BV, 6.875%, 06/15/19	$	1,527,575		0.1
	1,500,000	#	COX Communications, Inc., 4.500%, 06/30/43		1,297,309		0.1
	7,251,000		DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 2.400%-5.150%, 03/15/17-03/15/42		6,984,538		0.3
	1,010,000	#	DISH DBS Corp., 4.250%, 04/01/18		994,850		0.0
	1,961,000	#	Pearson Funding Five PLC, 3.250%, 05/08/23		1,810,348		0.1
	2,370,000	#	Viacom, Inc., 4.375%, 03/15/43		2,020,181		0.1
	2,875,000	#	XM Satellite Radio, Inc., 7.625%, 11/01/18		3,148,125		0.2
	19,233,000		Other Securities		19,365,131		0.9
					37,148,057		1.8
			Consumer Staples: 0.4%
	2,835,000	#	Hawk Acquisition Sub, Inc., 4.250%, 10/15/20		2,718,056		0.1
	5,576,000		Other Securities		5,943,275		0.3
					8,661,331		0.4
			Energy: 3.2%
	1,005,000	#	Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19		999,975		0.1

Principal Amount†				Value		Percentage of Net Assets
	3,265,000		Energy Transfer Equity L.P., 7.500%, 10/15/20	$	3,583,338		0.2
	7,645,000		Energy Transfer Partners L.P., 4.650%-9.700%, 03/15/19-06/01/21		8,911,146		0.4
	6,960,000		Phillips 66, 2.950%-4.300%, 05/01/17-04/01/22		7,191,590		0.4
	7,080,000		Transocean, Inc., 2.500%-3.800%, 10/15/17-10/15/22		6,928,517		0.3
	6,670,000		Weatherford International Ltd., 5.950%-6.750%, 09/15/40-04/15/42		6,605,878		0.3
	34,919,000		Other Securities (a),(b)		31,968,691		1.5
					66,189,135		3.2
			Financials: 11.2%
	10,341,000		Bank of America Corp., 3.300%- 8.000%, 01/11/23- 12/29/49		10,506,741		0.5
	14,356,000		Citigroup, Inc., 1.300%-5.950%, 04/01/16-12/29/49		13,978,445		0.7
	3,491,000	#	Cooperatieve Centrale Raiffeisen- Boerenleenbank BA/Netherlands, 11.000%, 12/29/49		4,505,069		0.2
	2,502,000		ERP Operating L.P., 3.000%, 04/15/23		2,302,756		0.1
	11,946,000		General Electric Capital Corp., 3.150%-7.125%, 10/17/16-12/15/49		12,377,900		0.6
	8,465,000		Goldman Sachs Group, Inc., 2.375%-6.750%, 01/22/18-10/01/37		8,523,190		0.4

See Accompanying Notes to Financial Statements
60

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Financials (continued)
	2,489,000	#	HBOS PLC, 6.750%, 05/21/18	$	2,646,977		0.1
	5,477,000	#	HSBC Bank PLC, 1.500%, 05/15/18		5,282,210		0.3
	3,437,000	#	International Lease Finance Corp., 7.125%, 09/01/18		3,815,070		0.2
	9,750,000		Jefferies Loan Trust 2013-A Class A, 3.698%, 11/02/14		9,750,000		0.5
	13,508,000		JPMorgan Chase & Co., 1.625%-5.400%, 05/15/18-05/29/49		13,015,932		0.6
	2,494,000	#	Metropolitan Life Global Funding I, 1.500%, 01/10/18		2,419,704		0.1
	11,353,000		Morgan Stanley, 2.125%-5.500%, 03/22/17-05/22/23		11,150,012		0.5
	2,294,000	#	RBS Citizens Financial Group, Inc., 4.150%, 09/28/22		2,231,931		0.1
	8,014,000	L	Royal Bank of Scotland Group PLC, 6.100%-6.125%, 12/15/22-06/10/23		7,635,206		0.4
	2,390,000	#	Simon Property Group L.P., 1.500%, 02/01/18		2,303,711		0.1
	3,233,000	#	Standard Chartered PLC, 3.950%, 01/11/23		3,011,594		0.1
	119,940,400		Other Securities (b)		119,586,679		5.7
					235,043,127		11.2
			Health Care: 1.6%
	2,890,000	#	Valeant Pharmaceuticals International, 7.250%, 07/15/22		2,947,800		0.2
	2,513,000	#	Zoetis, Inc., 1.875%, 02/01/18		2,461,891		0.1
	3,518,000	#	Zoetis, Inc., 3.250%, 02/01/23		3,347,275		0.2
	1,257,000	#	Zoetis, Inc., 4.700%, 02/01/43		1,179,694		0.0
	26,692,000		Other Securities		23,279,826		1.1
					33,216,486		1.6
			Industrials: 0.8%
	1,864,000	#	Barrick Gold Corp., 2.500%, 05/01/18		1,673,965		0.1

Principal Amount†				Value		Percentage of Net Assets
	2,612,000	#	Barrick Gold Corp., 4.100%, 05/01/23	$	2,185,186		0.1
	3,411,000	#	Ingersoll-Rand Global Holding Co. Ltd., 4.250%, 06/15/23		3,394,368		0.1
	2,106,000	#	Turlock Corp., 2.750%, 11/02/22		1,973,010		0.1
	8,751,000		Other Securities		8,343,712		0.4
					17,570,241		0.8
			Information Technology: 1.7%
	6,476,000		EMC Corp./MA, 1.875%, 06/01/18		6,406,525		0.3
	3,691,000		EMC Corp./MA, 3.375%, 06/01/23		3,628,076		0.2
	8,330,000		Hewlett-Packard Co., 2.600%- 5.400%, 09/15/16-09/15/17		8,644,110		0.4
	17,021,000		Other Securities		16,577,442		0.8
					35,256,153		1.7
			Materials: 1.2%
	4,885,000	#	Anglo American Capital PLC, 2.625%, 09/27/17		4,765,787		0.2
	3,243,000	#	Freeport-McMoRan Copper & Gold, Inc., 2.375%, 03/15/18		3,086,600		0.2
	2,984,000	#	Freeport-McMoRan Copper & Gold, Inc., 3.875%, 03/15/23		2,704,536		0.1
	2,443,000	#	Georgia-Pacific LLC, 3.734%, 07/15/23		2,379,638		0.1
	1,445,000	#	Sealed Air Corp., 8.375%, 09/15/21		1,640,075		0.1
	4,055,000	#	Xstrata Finance Canada Ltd., 4.250%, 10/25/22		3,686,348		0.2
	1,444,000	#	Xstrata Finance Canada Ltd., 4.950%, 11/15/21		1,399,616		0.0
	6,931,000		Other Securities		6,546,627		0.3
					26,209,227		1.2
			Telecommunication Services: 0.9%
	2,350,000	#	Sable International Finance Ltd., 8.750%, 02/01/20		2,596,750		0.1
	17,027,000		Other Securities		16,703,535		0.8
					19,300,285		0.9

See Accompanying Notes to Financial Statements
61

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Utilities: 2.1%
	1,992,000	#	Duquesne Light Holdings, Inc., 5.900%, 12/01/21	$	2,243,221		0.1
	2,192,000	#	Duquesne Light Holdings, Inc., 6.400%, 09/15/20		2,553,807		0.1
	1,394,000	#	Iberdrola Finance Ireland Ltd., 3.800%, 09/11/14		1,430,321		0.1
	170,133	#	Juniper Generation, LLC, 6.790%, 12/31/14		161,812		0.0
	36,891,000		Other Securities		38,270,960		1.8
					44,660,121		2.1
			Total Corporate Bonds/Notes (Cost $528,645,674)		523,254,163		24.9
COLLATERALIZED MORTGAGE OBLIGATIONS: 17.2%
	3,315,000	#	American General Mortgage Loan Trust, 5.650%, 03/25/58		3,487,237		0.2
	2,700,000	#	Arkle Master Issuer PLC, 1.974%, 05/17/60		2,764,201		0.1
	5,133,654		Banc of America Alternative Loan Trust 2007-2, 6.000%, 06/25/37		3,920,050		0.2
	503,088		Banc of America Funding Corp., 5.750%, 11/25/35		498,833		0.0
	2,186,152	#	Banc of America Large Loan, Inc., 1.593%, 06/15/18		2,186,152		0.1
	3,130,000		Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.185%, 09/10/47		3,208,951		0.2
	2,550,000		Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.185%, 09/10/47		2,677,167		0.1
	1,590,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.337%, 07/10/43		1,656,146		0.1
	1,849,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.361%, 03/11/41		1,835,824		0.1

Principal Amount†				Value		Percentage of Net Assets
	1,520,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.361%, 03/11/41	$	1,551,481		0.1
	346,624	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 6.850%, 11/15/31		347,927		0.0
	668,218		Bear Stearns Alternative-A Trust, 0.833%, 07/25/34		637,593		0.0
	3,600,296		Bear Stearns ARM Trust 2006-2, 2.726%, 07/25/36		2,865,564		0.1
	4,170,000	#	Bear Stearns Commercial Mortgage Securities Trust 2004-PWR4, 5.815%, 06/11/41		4,207,872		0.2
	1,747,151		Bear Stearns Commercial Mortgage Securities, 6.500%, 02/15/32		1,693,609		0.1
	1,080,000	#	Bear Stearns Commercial Mortgage Securities, 5.640%, 02/14/31		1,092,897		0.1
	2,340,000	#	Bear Stearns Commercial Mortgage Securities, 5.766%, 04/12/38		2,495,263		0.1
	900,000	#	Citigroup Commercial Mortgage Trust 2004-C1, 5.615%, 04/15/40		910,187		0.0
	14,498,190	#,^	Citigroup Commercial Mortgage Trust, 2.415%, 09/10/45		1,785,600		0.1
	5,501,894	#	Citigroup Mortgage Loan Trust 2010-7, 6.583%, 12/25/35		5,399,092		0.3
	3,904,432		Citigroup Mortgage Loan Trust, Inc., 3.027%, 09/25/37		3,116,148		0.1
	17,060,371	^	COMM 2013-LC6 Mortgage Trust, 1.955%, 01/10/46		1,751,233		0.1

See Accompanying Notes to Financial Statements
62

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
	15,239,627	^	Commercial Mortgage Pass Through Certificates, 2.086%, 12/10/45	$	1,727,207		0.1
	9,319,514	^	Commercial Mortgage Pass Through Certificates, 2.120%, 08/15/45		1,091,625		0.1
	21,652,835	^	Commercial Mortgage Pass Through Certificates, 2.425%, 05/15/45		2,783,143		0.1
	54,306,000	#,^	Commercial Mortgage Pass Through Certificates, 0.752%, 10/15/45		2,695,152		0.1
	66,920		Commercial Mortgage Pass Through Certificates, 5.800%, 12/10/49		66,809		0.0
	10,308,008		Countrywide Alternative Loan Trust, 0.313%-5.500%, 12/25/35-06/25/36		8,110,426		0.4
	6,214,048		Countrywide Home Loan Mortgage Pass-Through Trust, 0.513%-5.750%, 04/25/35-06/25/37		4,435,690		0.2
	1,610,000	#	Credit Suisse First Boston Mortgage Securities Corp., 5.763%, 04/12/49		1,642,549		0.1
	15,445,943		Deutsche ALT-A Securities, Inc. Alternate Loan Trust, 0.313%-0.383%, 08/25/36-10/25/36		8,956,406		0.4
	3,736,379		First Horizon Alternative Mortgage Securities Trust 2006-FA8, 6.000%, 02/25/37		3,219,845		0.2
	3,827,484	^	First Horizon Alternative Mortgage Securities, 6.507%, 12/25/36		839,620		0.0

Principal Amount†				Value		Percentage of Net Assets
	12,906,526		First Horizon Alternative Mortgage Securities, 0.493%-6.250%, 08/25/36-02/25/37	$	10,257,142		0.5
	3,780,000	#	First Union National Bank Com Mort Pas Thr Cert Ser 2001 C4, 6.000%, 12/12/33		3,802,712		0.2
	4,500,000	#	Fosse Master PLC, 1.677%, 10/18/54		4,580,325		0.2
	4,862,116		Freddie Mac, 5.000%, 02/15/35		5,255,969		0.3
	6,738,027		Freddie Mac, 5.500%, 07/15/37		7,327,344		0.3
	5,840,000	#	GE Capital Commercial Mortgage Corp., 5.496%, 11/10/38		6,028,028		0.3
	3,500,000	#	GMAC Commercial Mortgage Securities, Inc. Series 2003-C3 Trust, 5.748%, 04/10/40		3,527,438		0.2
	1,358,638	#	Gracechurch Mortgage Financing PLC, 1.824%, 11/20/56		1,382,431		0.1
	1,720,000	#	Greenwich Capital Commercial Funding Corp., 5.756%, 01/05/36		1,735,471		0.1
	14,398,608	#,^	GS Mortgage Securities Corp. II, 1.907%, 08/10/44		1,121,693		0.1
	1,504,000		GS Mort Sec Corp. II Commercial Mort Ps Thr Cert Ser 2004-GG2, 5.830%, 08/10/38		1,477,288		0.1
	17,021,030	^	GS Mortgage Securities Corp. II, 2.563%, 11/10/45		2,400,018		0.1
	2,450,000	#	GS Mortgage Securities Trust 2011-GC3, 5.728%, 03/10/44		2,347,328		0.1
	424,454		GSR Mortgage Loan Trust, 6.000%, 01/25/37		390,013		0.0
	3,500,000	#	Holmes Master Issuer PLC, 1.827%, 10/21/54		3,548,815		0.2
	1,743,845		JP Morgan Alternative Loan Trust, 5.500%, 12/25/35		1,448,305		0.1

See Accompanying Notes to Financial Statements
63

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
	3,020,000	#	JP Morgan Chase Com Mort Sec Corp. Ps Thr Certs Ser 2003-LN1, 5.725%, 10/15/37	$	2,784,200		0.1
	21,299,707	^	JP Morgan Chase Commercial Mortgage Securities Corp., 2.100%, 12/15/47		2,385,859		0.1
	15,180,000	#,^	JP Morgan Chase Commercial Mortgage Securities Corp., 0.447%, 12/15/47		432,533		0.0
	9,970,000	#	JP Morgan Chase Commercial Mortgage Securities Corp., 0.974%, 04/15/30		9,956,162		0.5
	2,671,000	#	JP Morgan Commercial Mort Pass Thr Certs Ser 2004-C1, 6.015%, 01/15/38		2,709,098		0.1
	2,220,280		JP Morgan Mortgage Trust 2006-S4, 6.000%, 01/25/37		1,866,618		0.1
	2,992,794		JP Morgan Mortgage Trust 2007-S2, 6.750%, 06/25/37		2,582,099		0.1
	3,385,608		JP Morgan Mortgage Trust, 6.500%, 08/25/36		3,036,072		0.2
	361,140		JPMorgan Chase Commerical Mortgage Securities Corp., 5.198%, 12/15/44		362,830		0.0
	532,416	#	JPMorgan Chase Commerical Mortgage Securities Corp., 6.135%, 07/12/37		533,160		0.0
	500,000	#	Lanark Master Issuer PLC, 1.673%, 12/22/54		510,443		0.0
	880,000		LB Commercial Conduit Mortgage Trust, 6.081%, 07/15/44		975,738		0.0
	2,800,000	#	LB Commercial Mortgage Trust 2007-C3, 6.081%, 07/15/44		3,113,775		0.1
	1,710,000		LB-UBS Commercial Mortgage Trust 2000-C4, 8.150%, 07/15/32		1,802,386		0.1

Principal Amount†				Value		Percentage of Net Assets
	36,097,153	#,^	LB-UBS Commercial Mortgage Trust 2004-C1, 1.000%, 01/15/36	$	1,068,476		0.1
	1,510,000		LB-UBS Commercial Mortgage Trust 2005-C3, 4.954%, 07/15/40		1,498,079		0.1
	2,175,000		LB-UBS Commercial Mortgage Trust 2006-C4, 6.081%, 06/15/38		2,024,678		0.1
	35,405,585	#,^	LB-UBS Commercial Mortgage Trust, 0.337%, 11/15/38		596,177		0.0
	150,805,867	#,^	LB-UBS Commercial Mortgage Trust, 0.847%, 11/15/38		3,010,251		0.1
	1,310,000	#	LB-UBS Commercial Mortgage Trust, 5.413%, 02/15/40		1,183,142		0.1
	2,000,000	#	LB-UBS Commercial Mortgage Trust, 5.413%, 10/15/36		2,034,387		0.1
	2,120,000	#	LB-UBS Commercial Mortgage Trust, 5.713%, 10/15/36		1,657,884		0.1
	4,450,000	#	LB-UBS Commercial Mortgage Trust, 6.089%, 09/15/39		4,459,723		0.2
	4,210,000	#	LB-UBS Commercial Mortgage Trust, 6.089%, 09/15/39		4,140,261		0.2
	4,040,000	#	LB-UBS Commercial Mortgage Trust, 6.890%, 07/15/32		3,807,555		0.2
	9,370,090		LB-UBS Commercial Mortgage Trust, 4.983%-6.081%, 02/15/31-11/15/40		9,291,722		0.4
	22,776,660	^	Morgan Stanley Bank of America Merrill Lynch Trust, 1.662%, 12/15/48		1,753,821		0.1
	27,800,206	#,^	Morgan Stanley Bank of America Merrill Lynch Trust, 2.081%, 08/15/45		2,875,250		0.1
	13,561,898	#,^	Morgan Stanley Bank of America Merrill Lynch Trust, 2.339%, 11/15/45		1,580,592		0.1
	846,250	#	Morgan Stanley Capital I Trust 2004-HQ3, 5.079%, 01/13/41		819,221		0.1
	800,000	#	Morgan Stanley Capital I Trust 2004-HQ3, 5.079%, 01/13/41		799,806		0.0

See Accompanying Notes to Financial Statements
64

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
	4,930,000	#	Morgan Stanley Capital I Trust 2004-HQ3, 6.082%, 01/13/41	$	5,008,897		0.2
	2,450,000		Morgan Stanley Capital I Trust 2004-HQ4, 5.150%, 04/14/40		2,444,790		0.1
	4,110,000		Morgan Stanley Capital I Trust 2005-HQ6, 5.271%, 07/13/15		3,693,585		0.2
	3,240,000	#	Morgan Stanley Capital I Trust 2008-TOP29, 6.459%, 01/11/43		3,255,162		0.2
	1,954,000		Morgan Stanley Capital I, Inc., 5.539%, 06/15/38		2,000,727		0.1
	718,400	#	Morgan Stanley Capital I, Inc., 5.910%, 11/15/31		733,332		0.0
	2,575,000	#	Morgan Stanley Capital I, 5.420%, 09/15/47		2,489,582		0.1
	2,585,000	#	Morgan Stanley Capital I, 5.420%, 09/15/47		2,438,839		0.1
	375,972	#	Morgan Stanley Capital I, 7.350%, 07/15/32		396,451		0.0
	3,490,000	#	Morgan Stanley Dean Witter Capital I Trust 2002-IQ3, 5.980%, 09/15/37		3,694,004		0.2
	1,160,000	#	Morgan Stanley Dean Witter Capital I, 7.644%, 07/15/33		1,152,617		0.1
	14,658,000		Morgan Stanley Capital I, 5.073%-5.336%, 06/15/40-08/13/42		15,135,621		0.7
	2,890,000	#	Nationslink Funding Corp. 1999-ltl-1 Commer Loan Pas Thr Cer, 6.450%, 01/22/26		3,109,351		0.1
	49,680,426	#,^	RBSCF Trust, 1.109%, 04/15/24		667,998		0.0
	6,289,000	#	RBSCF Trust, 5.305%, 01/16/49		6,333,834		0.3
	12,563,700		Residential Accredit Loans, Inc., 0.363%, 01/25/37		9,129,048		0.4
	15,051,853		Residential Accredit Loans, Inc., 0.643%, 12/25/36		7,854,802		0.4

Principal Amount†				Value		Percentage of Net Assets
	4,000,000	#	Silverstone Master Issuer PLC, 1.826%, 01/21/55	$	4,093,476		0.2
	2,848,000	#	Springleaf Mortgage Loan Trust, 3.790%, 06/25/58		2,862,391		0.2
	2,400,000	#	Springleaf Mortgage Loan Trust, 4.440%, 06/25/58		2,416,762		0.1
	4,110,000	#	Springleaf Mortgage Loan Trust, 4.440%, 12/25/59		4,279,147		0.2
	19,942,278	#,^	UBS-Barclays Commercial Mortgage Trust, 1.968%, 05/10/63		1,918,814		0.1
	676,000	#	Wachovia Bank Commercial Mortgage Trust, 5.125%, 08/15/35		676,395		0.0
	4,305,363		Washington Mutual Alternative Mortgage Pass- Through Certificates, 6.000%, 11/25/35		3,648,371		0.2
	1,879,334		Washington Mutual Mortgage Pass- through Certificates, 6.000%, 06/25/34		2,007,596		0.1
	2,537,864		WaMu Mortgage Pass Through Certificates, 2.444%-5.703%, 10/25/35-10/25/36		2,061,355		0.1
	3,224,835		Wells Fargo Alternative Loan Trust, 6.250%, 07/25/37		2,850,167		0.1
	5,101,057		Wells Fargo Mortgage Backed Securities 2006-AR7 Trust, 2.605%, 05/25/36		4,665,215		0.2
	28,007,263	#,^	Wells Fargo Mortgage Backed Securities Trust, 1.755%, 06/15/45		2,833,542		0.1
	13,853,202	#,^	Wells Fargo Mortgage Backed Securities Trust, 2.406%, 08/15/45		1,696,552		0.1
	992,722		Wells Fargo Mortgage-Backed Securities Trust, 5.000%, 12/25/33		998,279		0.0

See Accompanying Notes to Financial Statements
65

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
	3,397,979	#	Wells Fargo Mortgage-Backed Securities Trust, 5.235%, 06/26/35	$	3,201,770		0.2
	3,279,783		Wells Fargo Mortgage Backed Securities Trust, 5.062%-5.592%, 05/25/35-04/25/36		3,205,493		0.2
	34,520,560		Other Securities		30,261,254		1.4
			Total Collateralized Mortgage Obligations (Cost $351,682,246)		361,155,036		17.2
ASSET-BACKED SECURITIES: 9.4%
			Automobile Asset-Backed Securities: 0.5%
	2,500,000	#	Motor PLC, 1.286%, 02/25/20		2,507,052		0.1
	1,000,000		SMART Trust/ Australia, 1.180%, 02/14/19		987,600		0.0
	3,300,000		SMART Trust, 1.050%, 10/14/18		3,293,885		0.2
	4,250,000	#	SMART Trust, 1.590%, 10/14/16		4,291,030		0.2
					11,079,567		0.5
			Credit Card Asset-Backed Securities: 0.8%
	4,200,000	#	Cards II Trust, 0.643%, 09/15/17		4,212,626		0.2
	5,400,000	#	Gracechurch Card Funding PLC, 0.893%, 02/15/17		5,439,793		0.3
	7,000,000	#	Penarth Master Issuer PLC, 0.763%, 03/18/14		7,025,851		0.3
					16,678,270		0.8
			Home Equity Asset-Backed Securities: 0.4%
	14,987,395		GSAA Trust, 0.253%-0.283%, 10/25/36-12/25/36		7,483,854		0.4
	1,045,517		Other Securities		1,027,993		0.0
					8,511,847		0.4
			Other Asset-Backed Securities: 7.7%
	1,464,736	#	Aimco CDO, 0.526%, 10/20/19		1,436,096		0.1
	4,175,000	#	AMMC CLO III Ltd., 1.526%, 07/25/16		4,173,280		0.2
	1,000,000	#	Apidos CDO I Ltd., 1.026%, 07/27/17		969,940		0.0
	2,060,000	#	Apidos CDO II, 1.076%, 12/21/18		1,951,920		0.1

Principal Amount†				Value		Percentage of Net Assets
	1,650,000	#	Ares Enhanced Loan Investment Strategy IR Ltd., 4.276%, 10/16/20	$	1,652,238		0.1
	3,425,000	#	Ares Enhanced Loan Investment Strategy IR Ltd., 6.276%, 10/16/20		3,433,487		0.1
	2,200,000	#	Ares VIR CLO Ltd., 2.174%, 03/12/18		2,152,715		0.1
	4,699,695	#	Ares VR CLO Ltd., 2.174%, 02/24/18		4,548,228		0.2
	3,372,649	#	ARES X CLO Ltd., 2.273%, 09/18/17		3,369,516		0.2
	4,315,000	#	Ares XII CLO Ltd., 2.273%, 11/25/20		4,165,326		0.2
	664,266	#	Atrium CDO Corp., 0.603%, 10/27/16		661,081		0.0
	1,525,000	#	Atrium III, 2.273%, 10/27/16		1,480,369		0.1
	1,250,000	#	Atrium IV, 2.124%, 06/08/19		1,218,429		0.1
	3,000,000	#	Avalon Capital Ltd 3, 1.074%, 02/24/19		2,931,063		0.1
	2,400,000	#	Ballyrock CLO III Ltd., 1.006%, 07/25/17		2,358,034		0.1
	1,549,061	#	Black Diamond CLO 2005-1 Delaware Corp., 0.692%, 06/20/17		1,517,262		0.1
	2,343,338	#	Black Diamond CLO Ltd., 0.542%, 06/20/17		2,331,621		0.1
	1,250,000	#	Callidus Debt Partners CLO Fund VII Ltd., 2.526%, 01/21/21		1,225,651		0.1
	3,076,180	#	Castle Garden Funding, 0.535%, 10/27/20		3,043,345		0.1
	2,500,000	#	Castle Garden Funding, 1.025%, 10/27/20		2,457,690		0.1
	1,000,000	#	Castle Garden Funding, 5.025%, 10/27/20		1,000,871		0.1
	1,700,000	#	Castle Garden Funding, 6.560%, 10/27/20		1,820,318		0.1
	4,500,000	#	CIFC Funding 2006-I Ltd., 0.676%, 10/20/20		4,276,827		0.2
	1,610,022	#,+	Credit-Based Asset Servicing and Securitization, LLC, 5.746%, 12/25/37		1,638,031		0.1

See Accompanying Notes to Financial Statements
66

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Other Asset-Backed Securities (continued)
	4,250,000	#	Eaton Vance CDO IX Ltd., 0.926%, 04/20/19	$	3,955,207		0.2
	3,365,000	#	Emporia Preferred Funding I Corp., 0.827%, 10/12/18		3,354,619		0.1
	3,725,789	#	Emporia Preferred Funding II Corp., 0.557%, 10/18/18		3,701,818		0.2
	2,575,000	#	Fraser Sullivan CLO II Ltd., 0.672%, 12/20/20		2,438,419		0.1
	1,000,000	#	Fraser Sullivan CLO II Ltd., 0.992%, 12/20/20		943,342		0.1
	540,076	#	Galaxy CLO Ltd, 0.728%, 04/17/17		539,958		0.0
	1,032,000	#	Gulf Stream - Compass CLO 2005-I Ltd., 1.025%, 05/15/17		1,022,344		0.0
	6,100,000	#	Gulf Stream - Compass CLO 2005-I Ltd, 2.175%, 05/15/17		5,936,605		0.3
	3,000,000	#	Gulf Stream - Compass CLO 2005-II Ltd, 1.075%, 01/24/20		2,934,837		0.1
	3,475,000	#	Gulf Stream - Compass CLO 2007-I Ltd., 2.276%, 10/28/19		3,342,293		0.2
	2,850,000	#	Gulf Stream - Sextant CLO 2006-1 Ltd., 0.974%, 08/21/20		2,665,175		0.1
	5,745,000	#	Gulf Stream - Sextant CLO 2006-1 Ltd., 1.874%, 08/21/20		5,470,038		0.3
	4,100,000	#	Gulf Stream - Sextant CLO Ltd., 0.614%, 08/21/20		4,026,782		0.2
	4,423,321	#	Gulf Stream Compass CLO Ltd., 0.695%, 05/15/17		4,414,183		0.2
	6,500,000	#	Halcyon Structured Asset Management CLO I Ltd., 1.974%, 05/21/18		6,402,468		0.3
	2,225,000	#	Halcyon Structured Asset Management Long Secured/ Short Unsecured 2007-1 Ltd., 0.723%, 08/07/21		2,146,867		0.1

Principal Amount†				Value		Percentage of Net Assets
	955,000	#	Halcyon Structured Asset Management Long Secured/Short Unsecured 2007-1 Ltd., 2.573%, 08/07/21	$	917,893		0.0
	3,630,000	#	Halcyon Structured Asset Management Long Secured/ Short Unsecured CLO 2006-1 Ltd., 0.997%, 10/12/18		3,541,239		0.2
	1,250,000	#	Hewett's Island CDO Ltd., 1.225%, 08/09/17		1,228,632		0.1
	3,500,000	#	Landmark VI CDO Ltd, 0.777%, 01/14/18		3,380,822		0.2
	3,623,795	#	Lightpoint CLO Ltd., 0.533%, 09/15/17		3,560,368		0.2
	3,740,000	#	Madison Park Funding I Ltd., 2.175%, 05/10/19		3,739,274		0.2
	2,800,000	#	Marathon CLO I Ltd, 2.176%, 07/26/19		2,799,594		0.1
	2,047,885	#	Mesa West Capital CDO Ltd., 0.453%, 02/25/47		1,971,089		0.1
	1,250,000	#	Morgan Stanley Investment Management Croton Ltd, 0.727%, 01/15/18		1,215,711		0.0
	1,500,000	#	Oak Hill Credit Partners IV Ltd, 1.974%, 05/17/21		1,424,757		0.1
	2,600,000	#	Stanfield Veyron CLO Ltd., 0.677%, 07/15/18		2,504,653		0.1
	3,900,000	#	Stanfield Veyron CLO Ltd., 0.957%, 07/15/18		3,701,576		0.2
	1,000,000	#	Venture IV CDO Ltd., 2.425%, 08/15/16		990,863		0.0
	2,875,000	#	WhiteHorse III Ltd./ Corp, 1.024%, 05/01/18		2,762,484		0.1
	233,810	#	Whitney CLO Ltd., 0.725%, 03/01/17		233,692		0.0
	3,275,000	#	Whitney CLO Ltd, 2.375%, 03/01/17		3,274,718		0.2
	16,149,823		Other Securities		15,036,285		0.7
					161,391,943		7.7
			Total Asset-Backed Securities (Cost $197,890,454)		197,661,627		9.4

See Accompanying Notes to Financial Statements
67

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
U.S. TREASURY OBLIGATIONS: 14.9%
			Treasury Inflation Indexed Protected Securities: 1.8%
	37,724,366		0.125%, due 01/15/22	$	36,944,830		1.8
			U.S. Treasury Bonds: 3.9%
	25,279,000		1.750%, due 05/15/23		23,661,548		1.1
	13,434,000		2.000%, due 02/15/22		13,132,783		0.6
	48,563,000		3.125%, due 02/15/43		45,398,829		2.2
					82,193,160		3.9
			U.S. Treasury Notes: 9.2%
	26,500,000		0.375%, due 06/30/15		26,507,235		1.2
	44,342,000		0.500%, due 06/15/16		44,149,733		2.1
	96,440,000		1.375%, due 06/30/18		96,353,397		4.6
	8,157,000		1.375%, due 05/31/20		7,867,361		0.4
	12,942,000		1.875%, due 06/30/20		12,886,893		0.6
	5,788,000		0.250%-1.000%, due 05/31/15- 05/31/18		5,765,036		0.3
					193,529,655		9.2
			Total U.S. Treasury Obligations (Cost $316,723,333)		312,667,645		14.9
U.S. GOVERNMENT AGENCY OBLIGATIONS: 31.0%
			Federal Home Loan Mortgage Corporation##: 8.2%
	7,775,362		3.000%, due 02/01/27		8,016,059		0.4
	5,000,000	^	4.000%, due 11/15/38		1,349,831		0.1
	7,032,339		4.000%, due 10/01/41		7,335,087		0.4
	8,182,864		4.000%, due 12/01/41		8,535,143		0.4
	5,644,616		4.500%, due 10/01/41		5,962,368		0.3
	1,529,903	^	4.846%, due 03/15/33		1,628,045		0.1
	4,783,754	^	5.000%, due 02/15/40		890,781		0.0
	19,179,154		5.500%, due 02/15/36		21,203,716		1.0

Principal Amount†				Value		Percentage of Net Assets
	6,289,179		5.500%, due 08/15/36	$	7,059,754		0.3
	7,446,092		5.500%, due 06/15/37		8,086,106		0.4
	6,640,093	^	5.808%, due 05/15/36		897,192		0.0
	8,059,726	^	5.858%, due 07/15/40		1,372,578		0.1
	1,508,525	^	6.000%, due 04/15/33		295,158		0.0
	14,402,595		6.000%, due 10/15/37		15,906,767		0.8
	5,924,864	^	6.293%, due 06/15/36		947,254		0.0
	16,705,439	^	6.358%, due 05/15/41		3,474,669		0.2
	6,604,599	^	6.408%, due 09/15/33		955,356		0.0
	72,723,397	W	2.439%-19.283%, due 08/15/16- 01/15/42		78,086,675		3.7
					172,002,539		8.2
			Federal National Mortgage Association##: 18.3%
	12,000,000	W	2.500%, due 05/25/27		12,046,874		0.6
	41,390,000	W	3.000%, due 05/25/27		42,495,891		2.0
	12,323,195	^	3.000%, due 10/25/32		1,645,638		0.1
	23,861,000	W	3.000%, due 05/25/42		23,189,908		1.1
	70,285,000	W	3.500%, due 03/25/27		72,118,996		3.4
	33,747,000	W	3.500%, due 03/25/41		34,073,922		1.6
	2,383,510	^	4.000%, due 11/01/18		154,931		0.0
	22,907,000	W	4.000%, due 02/25/39		23,870,704		1.1
	6,913,950		4.000%, due 02/01/42		7,219,774		0.4
	5,956,783		4.000%, due 03/01/42		6,228,566		0.3
	10,644,931		4.000%, due 07/01/42		11,130,615		0.5
	17,741,000	W	4.500%, due 08/01/39		18,744,475		0.9
	9,003,559		4.500%, due 09/01/41		9,549,327		0.5
	5,644,101		4.500%, due 10/01/41		5,986,229		0.3
	7,595,303	^	5.000%, due 05/25/18		546,181		0.0

See Accompanying Notes to Financial Statements
68

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
			Federal National Mortgage Association## (continued)
	8,868,781		5.000%, due 07/01/37	$	9,595,752		0.5
	16,343,680	^	5.500%, due 11/25/40		2,193,495		0.1
	2,399,102	^	6.000%, due 08/25/33		427,477		0.0
	8,701,083	^	6.257%, due 02/25/42		1,680,974		0.1
	3,745,662	^	6.507%, due 08/25/26		482,923		0.0
	11,651,759	^	6.547%, due 01/25/37		1,854,768		0.1
	27,376,412	^	6.557%, due 10/25/35		4,807,424		0.2
	88,142,073		2.216%-32.485%, due 06/01/16- 07/01/42		95,241,749		4.5
					385,286,593		18.3
			Government National Mortgage Association: 4.5%
	34,218,000	W	3.000%, due 07/01/43		33,838,396		1.6
	18,569,941	^	4.000%, due 08/16/26		2,247,695		0.1
	14,389,330	^	4.500%, due 12/20/37		1,717,870		0.1
	7,401,133		4.500%, due 04/15/39		7,886,633		0.4
	6,087,413		4.500%, due 08/20/41		6,527,245		0.3
	21,374,350	^	5.000%, due 06/16/39		782,592		0.0
	5,467,613	^	5.000%, due 11/20/39		870,538		0.0
	7,969,859	^	5.000%, due 10/20/40		1,021,815		0.0
	12,078,860	^	5.658%, due 06/20/40		1,690,886		0.1
	11,524,021	^	6.008%, due 06/20/38		1,139,372		0.1
	17,414,536	^	6.008%, due 04/20/39		2,398,969		0.1
	12,905,434	^	6.108%, due 05/20/39		1,312,160		0.1
	8,784,050	^	6.208%, due 04/20/38		1,143,791		0.1
	5,304,491	^	6.308%, due 05/16/38		747,202		0.0
	13,694,903	^	6.308%, due 01/16/39		2,501,646		0.1

Principal Amount†				Value		Percentage of Net Assets
	9,273,721	^	6.458%, due 09/16/40	$	1,801,000		0.1
	4,014,564	^	6.578%, due 02/16/35		770,136		0.0
	11,243,762	^	6.795%, due 04/20/36		1,312,822		0.1
	21,944,048		1.625%-24.594%, due 04/20/28- 10/20/60		24,706,423		1.2
					94,417,191		4.5
			Total U.S. Government Agency Obligations (Cost $636,098,001)		651,706,323		31.0
FOREIGN GOVERNMENT BONDS: 1.6%
BRL	62,000,000	Z	Brazil Letras do Tesouro Nacional, 8.361%, 04/01/15		23,451,904		1.1
BRL	27,360,000		Brazil Notas do Tesouro Nacional Series F, 10.000%, 01/01/23		11,513,275		0.5
			Total Foreign Government Bonds (Cost $38,139,280)		34,965,179		1.6
Shares				Value		Percentage of Net Assets
PREFERRED STOCK: 1.1%
			Financials: 1.1%
	260,391	@,P	US Bancorp	$	6,727,761		0.3
	621,286		Other Securities		15,473,569		0.8
			Total Preferred Stock (Cost $22,047,723)		22,201,330		1.1
INVESTMENT COMPANIES: 11.6%
			Affiliated Investment Companies: 11.6%
	4,207,520		ING Emerging Markets Corporate Debt Fund - Class P		40,981,248		1.9
	10,297,919		ING Emerging Markets Hard Currency Sovereign Debt Fund - Class P		96,594,482		4.6

See Accompanying Notes to Financial Statements
69

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Shares			Value		Percentage of Net Assets
INVESTMENT COMPANIES (continued)
	5,495,122	ING Emerging Markets Local Currency Debt Fund - Class P	$	50,445,220		2.4
	1,292,608	ING High Yield Bond Fund - Class P		10,470,129		0.5
	4,432,524	ING Investment Grade Credit Fund - Class P		45,920,947		2.2
		Total Investment Companies (Cost $258,463,425)		244,412,026		11.6
		Total Long-Term Investments (Cost $2,349,690,136)		2,348,023,329		111.7
Principal Amount†			Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 1.5%
		Commercial Paper: 1.1%
	7,500,000	Con Edison, 0.300%, 07/11/13	$	7,499,312		0.4
	2,500,000	Dominion Resources Inc., 0.270%, 07/15/13		2,499,719		0.1
	1,573,000	Kinder Morgan, 0.300%, 07/22/13		1,572,712		0.1
	1,500,000	VW Credit, Inc., 0.280%, 07/15/13		1,499,825		0.0
	10,000,000	VW Credit, Inc., 0.280%, 07/16/13		9,998,756		0.5
				23,070,324		1.1
		Securities Lending Collateralcc(1): 0.4%
	2,134,359	Citigroup, Inc., Repurchase Agreement dated 06/28/13, 0.12%, due 07/01/13 (Repurchase Amount $2,134,380, collateralized by various U.S. Government Agency Obligations, 0.000%-6.250%, Market Value plus accrued interest $2,177,055, due 07/03/13- 05/15/37)		2,134,359		0.1

Principal Amount†			Value		Percentage of Net Assets
	449,333	Deutsche Bank AG, Repurchase Agreement dated 06/28/13, 0.15%, due 07/01/13 (Repurchase Amount $449,339, collateralized by various U.S. Government Securities, 0.000%-2.125%, Market Value plus accrued interest $458,320, due 07/05/13- 08/15/21)	$	449,333		0.0
	2,134,359	JPMorgan Chase & Co., Repurchase Agreement dated 06/28/13, 0.15%, due 07/01/13 (Repurchase Amount $2,134,385, collateralized by various U.S. Government Agency Obligations, 1.370%-7.900%, Market Value plus accrued interest $2,177,092, due 05/01/15- 01/01/47)		2,134,359		0.1
	2,134,359	Morgan Stanley, Repurchase Agreement dated 06/28/13, 0.15%, due 07/01/13 (Repurchase Amount $2,134,385, collateralized by various U.S. Government Agency Obligations, 2.189%-5.000%, Market Value plus accrued interest $2,177,046, due 06/01/18- 04/01/43)		2,134,359		0.1

See Accompanying Notes to Financial Statements
70

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†			Value			Percentage of Net Assets
		Securities Lending Collateralcc(1) (continued)
	2,134,359	Nomura Securities, Repurchase Agreement dated 06/28/13, 0.16%, due 07/01/13 (Repurchase Amount $2,134,387, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $2,177,046, due 12/04/13- 08/27/32)	$	2,134,359			0.1
				8,986,769			0.4
		Total Short-Term Investments (Cost $32,057,093)		32,057,093			1.5
		Total Investments in Securities (Cost $2,381,747,229)	$	2,380,080,422			113.2
		Liabilities in Excess of Other Assets		(278,168,672	)		(13.2	)
		Net Assets	$	2,101,911,750			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2013.

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

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

#  Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

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

@  Non-income producing security

+  Step-up basis bonds. Interest rates shown reflect current and next coupon rates.

P  Preferred Stock may be called prior to convertible date.

cc  Securities purchased with cash collateral for securities loaned.

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

L  Loaned security, a portion or all of the security is on loan at June 30, 2013.

^  Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.

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

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

(a)  The grouping contains securities in default.

(b)  This grouping contains securities on loan.

BRL  Brazilian Real

  Cost for federal income tax purposes is $2,385,433,848.

Net unrealized depreciation consists of:
Gross Unrealized Appreciation	$	56,886,675
Gross Unrealized Depreciation		(62,240,101	)
Net Unrealized Depreciation	$	(5,353,426	)

See Accompanying Notes to Financial Statements
71

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2013 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at 06/30/13
Asset Table
Investments, at fair value
Preferred Stock	$	22,201,330		$	—		$	—	$	22,201,330
Corporate Bonds/Notes		—			513,504,163			9,750,000		523,254,163
Collateralized Mortgage Obligations		—			358,968,884			2,186,152		361,155,036
Short-Term Investments		—			32,057,093			—		32,057,093
U.S. Treasury Obligations		—			312,667,645			—		312,667,645
Foreign Government Bonds		—			34,965,179			—		34,965,179
Investment Companies		244,412,026			—			—		244,412,026
Asset-Backed Securities		—			195,690,538			1,971,089		197,661,627
U.S. Government Agency Obligations		—			651,706,323			—		651,706,323
Total Investments, at fair value	$	266,613,356		$	2,099,559,825		$	13,907,241	$	2,380,080,422
Other Financial Instruments+
Futures		611,692			—			—		611,692
Forward Foreign Currency Contracts		—			6,809,405			—		6,809,405
Total Assets	$	267,225,048		$	2,106,369,230		$	13,907,241	$	2,387,501,519
Liabilities Table
Other Financial Instruments+
Futures	$	(568,728	)	$	—		$	—	$	(568,728	)
Forward Foreign Currency Contracts		—			(2,449,054	)		—		(2,449,054	)
Total Liabilities	$	(568,728	)	$	(2,449,054	)	$	—	$	(3,017,782	)

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

+  Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, equity forwards, futures, swaps, and written options. Forward foreign currency contracts, equity forwards and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument.

Transactions with Affiliates

An investment of at least 5% of the voting securities of an issuer, or a company which is under common control results in that issuer becoming an affiliated person as defined by the 1940 Act.

The following table provides transactions during the period ended June 30, 2013, where the following issuers were considered an affiliate:

Issuer	Beginning Market Value at 12/31/12		Purchases at Cost		Sales at Cost			Change in Unrealized Appreciated/ (Depreciation)			Ending Market Value at 06/30/13		Investment Income		Realized Gains/(Losses)		Net Capital Gain Distributions
ING Emerging Markets Corporate Debt Fund — Class P	$	65,302,417	$	—	$	(20,355,405	)	$	(3,965,764	)	$	40,981,248	$	1,559,972	$	1,119,594	$	—
ING Emerging Markets Hard Currency Debt Fund — Class P		107,201,338		—		—			(10,606,856	)		96,594,482		2,634,208		—		—
ING Emerging Markets Local Currency Debt Fund — Class P		83,280,000		—		(25,048,781	)		(7,786,000	)		50,445,220		2,373,600		626,220		—
ING High Yield Bond Fund — Class P		—		10,663,584		—			(193,455	)		10,470,129		19,774		—		—
ING Investment Grade Credit Fund — Class P		—		46,540,614		—			(619,667	)		45,920,947		—		—		—
	$	255,783,755	$	57,204,198	$	(45,404,186	)	$	(23,171,740	)	$	244,412,026	$	6,587,554	$	1,745,814	$	—

See Accompanying Notes to Financial Statements
72

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

At June 30, 2013, the following forward foreign currency contracts were outstanding for the ING Intermediate Bond Portfolio:

Counterparty	Currency	Contract Amount		Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	Brazilian Real		4,781,583	Buy	07/12/13	$	2,224,509	$	2,137,919	$	(86,590	)
Citigroup, Inc.	Brazilian Real		7,277,322	Buy	07/12/13		3,543,000		3,253,803		(289,197	)
Citigroup, Inc.	Indonesian Rupiah		52,884,352,940	Buy	08/23/13		5,059,735		5,295,469		235,734
Citigroup, Inc.	Singapore Dollar		960,891	Buy	08/23/13		770,447		758,165		(12,282	)
Citigroup, Inc.	Czech Koruna		15,217,477	Buy	08/23/13		768,988		761,622		(7,366	)
Citigroup, Inc.	EU Euro		1,431,568	Buy	07/12/13		1,880,865		1,863,470		(17,395	)
Citigroup, Inc.	Chinese Yuan		35,736,436	Buy	08/09/13		5,672,000		5,802,662		130,662
Deutsche Bank AG	Chinese Offshore Yuan		35,546,565	Buy	01/14/14		5,645,000		5,711,330		66,330
Deutsche Bank AG	Chinese Offshore Yuan		2,672,177	Buy	01/14/14		428,598		429,344		746
Deutsche Bank AG	Colombian Peso		2,362,794,720	Buy	07/12/13		1,276,000		1,228,216		(47,784	)
Deutsche Bank AG	South Korean Won		1,305,178,470	Buy	08/23/13		1,161,604		1,139,821		(21,783	)
Deutsche Bank AG	Chinese Yuan		3,389,103	Buy	08/09/13		547,000		550,302		3,302
Deutsche Bank AG	Philippine Peso		570,626,948	Buy	07/12/13		14,003,115		13,207,072		(796,043	)
Deutsche Bank AG	Colombian Peso		10,018,159,000	Buy	07/12/13		5,458,000		5,207,589		(250,411	)
Deutsche Bank AG	Chinese Yuan		31,258,308	Buy	08/09/13		4,964,000		5,075,531		111,531
Deutsche Bank AG	Chinese Offshore Yuan		1,781,258	Buy	01/14/14		287,000		286,198		(802	)
HSBC	Philippine Peso		20,129,658	Buy	07/12/13		488,000		465,898		(22,102	)
HSBC	Polish Zloty		9,019,633	Buy	08/23/13		2,740,000		2,705,400		(34,600	)
JPMorgan Chase & Co.	Brazilian Real		5,182,926	Buy	07/12/13		2,406,187		2,317,366		(88,821	)
JPMorgan Chase & Co.	Chilean Peso		270,540,360	Buy	07/12/13		554,000		531,538		(22,462	)
JPMorgan Chase & Co.	EU Euro		81,588	Buy	07/12/13		105,000		106,204		1,204
										$	(1,148,129	)
Barclays Bank PLC	Turkish Lira		9,829,816	Sell	08/23/13		5,128,064		5,053,785		74,279
Barclays Bank PLC	Thai Baht		117,833,548	Sell	08/23/13		3,782,778		3,788,417		(5,639	)
Barclays Bank PLC	Indian Rupee		45,436,038	Sell	08/23/13		792,712		757,379		35,333
Barclays Bank PLC	Romanian New Leu		1,951,487	Sell	08/23/13		566,854		565,546		1,308
Citigroup, Inc.	Polish Zloty		20,503,827	Sell	08/23/13		6,258,456		6,150,034		108,422
Citigroup, Inc.	Colombian Peso		12,348,750,000	Sell	07/12/13		6,675,000		6,419,066		255,934
Citigroup, Inc.	Philippine Peso		181,548,775	Sell	07/12/13		4,447,000		4,201,918		245,082
Deutsche Bank AG	Chinese Offshore Yuan		40,000,000	Sell	01/14/14		6,345,681		6,426,871		(81,190	)
Deutsche Bank AG	South African Rand		47,731,665	Sell	08/23/13		4,670,879		4,791,109		(120,230	)
Deutsche Bank AG	Malaysian Ringgit		16,820,052	Sell	08/23/13		5,334,788		5,304,743		30,045
Deutsche Bank AG	Peruvian Nuevo Sol		5,461,503	Sell	08/23/13		1,973,799		1,954,000		19,799
Deutsche Bank AG	Mexican Peso		65,707,552	Sell	08/23/13		5,097,560		5,046,612		50,948
Deutsche Bank AG	Brazilian Real		105,237,690	Sell	07/12/13		51,561,828		47,053,396		4,508,432
Deutsche Bank AG	Hungarian Forint		720,846,235	Sell	09/20/13		3,157,641		3,155,616		2,025
Deutsche Bank AG	Philippine Peso		254,217,275	Sell	07/12/13		6,227,000		5,883,820		343,180
Deutsche Bank AG	Philippine Peso		180,035,200	Sell	07/12/13		4,430,000		4,166,887		263,113
Deutsche Bank AG	Colombian Peso		5,571,206,670	Sell	07/12/13		3,065,836		2,895,997		169,839
Deutsche Bank AG	Chinese Yuan		76,000,000	Sell	08/09/13		12,089,398		12,340,411		(251,013	)
Goldman Sachs & Co.	Chilean Peso		471,433,800	Sell	07/12/13		990,928		926,239		64,689
JPMorgan Chase & Co.	Indonesian Rupiah		52,884,352,940	Sell	08/23/13		5,071,867		5,295,469		(223,602	)
JPMorgan Chase & Co.	Indonesian Rupiah		52,884,352,940	Sell	08/23/13		5,225,726		5,295,468		(69,742	)
JPMorgan Chase & Co.	Russian Ruble		186,156,369	Sell	08/23/13		5,698,693		5,611,225		87,468
										$	5,508,480

ING Intermediate Bond Portfolio Open Futures Contracts on June 30, 2013:

Contract Description	Number of Contracts			Expiration Date	Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
U.S. Treasury 2-Year Note		808		09/30/13	$	177,760,000		$	(153,701	)
U.S. Treasury 5-Year Note		249		09/30/13		30,140,673			(71,935	)
U.S. Treasury Ultra Long Bond		58		09/19/13		8,544,125			(343,092	)
					$	216,444,798		$	(568,728	)
Short Contracts
U.S. Treasury 10-Year Note		(205	)	09/19/13	$	(25,945,312	)	$	537,898
U.S. Treasury Long Bond		(138	)	09/19/13		(18,746,438	)		73,794
					$	(44,691,750	)	$	611,692

See Accompanying Notes to Financial Statements
73

SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERMEDIATE BOND PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

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

The fair value of derivative instruments as of June 30, 2013 was as follows:

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Asset Derivatives
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	6,809,405
Interest rate contracts	Net Assets — Unrealized appreciation*		611,692
Total Asset Derivatives		$	7,421,097
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	2,449,054
Interest rate contracts	Net Assets — Unrealized depreciation*		568,728
Total Liability Derivatives		$	3,017,782

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

The effect of derivative instruments on the Portfolio's Statement of Operations for the period ended June 30, 2013 was as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Investments*			Foreign Currency Related Transactions**			Futures			Swaps			Total
Credit contracts	$	—		$	—		$	—		$	(758,240	)	$	(758,240	)
Foreign exchange contracts		—			(3,204,229	)		—			—			(3,204,229	)
Interest rate contracts		(932,644	)		—			4,278,501			(3,666,838	)		(320,981	)
Total	$	(932,644	)	$	(3,204,229	)	$	4,278,501		$	(4,425,078	)	$	(4,283,450	)
	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Investments*			Foreign Currency Related Transactions**			Futures			Swaps			Total
Credit contracts	$	—		$	—		$	—		$	3,564,016		$	3,564,016
Foreign exchange contracts		—			6,242,655			—			—			6,242,655
Interest rate contracts		848,066			—			(1,118,995	)		4,776,628			4,505,699
Total	$	848,066		$	6,242,655		$	(1,118,995	)	$	8,340,644		$	14,312,370

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

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

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at June 30, 2013:

	Barclays Bank PLC		Citigroup, Inc.			Deutsche Bank AG			Goldman Sachs & Co.		HSBC			JPMorgan Chase & Co.			Totals
Assets:
Forward foreign currency contracts	$	110,920	$	975,834		$	5,569,290		$	64,689	$	—		$	88,672		$	6,809,405
Total Assets	$	110,920	$	975,834		$	5,569,290		$	64,689	$	—		$	88,672		$	6,809,405
Liabilities:
Forward foreign currency contracts	$	92,229	$	326,240		$	1,569,256		$	—	$	56,702		$	404,627		$	2,449,054
Total Liabilities	$	92,229	$	326,240		$	1,569,256		$	—	$	56,702		$	404,627		$	2,449,054
Net OTC derivative instruments by counterparty, at fair value	$	18,691	$	649,594		$	4,000,034		$	64,689	$	(56,702	)	$	(315,955	)	$	4,360,351
Total collateral pledged by Portfolio/ (Received from counterparty)	$	—	$	(1,009,000	)	$	(4,100,000	)	$	—				$	—		$	(5,109,000	)
Net Exposure(1)	$	18,691	$	(359,406	)	$	(99,966	)	$	64,689	$	(56,702	)	$	(315,955	)	$	(748,649	)

(1)  Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Portfolio. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.

See Accompanying Notes to Financial Statements
74

PORTFOLIO OF INVESTMENTS
ING MONEY MARKET PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED)

Investment Type Allocation
as of June 30, 2013
(as a percentage of net assets)

Other Note	27.9	%
Asset Backed Commercial Paper	24.6	%
Government Agency Debt	14.3	%
Financial Company Commercial Paper	11.8	%
Government Agency Repurchase Agreement	9.2	%
Certificates of Deposit	7.0	%
Other Instrument	3.2	%
Treasury Debt	1.9	%
Assets in Excess of Other Liabilities	0.1	%
Net Assets	100.0	%

Portfolio holdings are subject to change daily.

Principal Amount†				Value		Percentage of Net Assets
ASSET BACKED COMMERCIAL PAPER: 24.6%
	9,500,000		Barton Capital LLC, 0.090%,due 07/02/13	$	9,499,976		1.1
	19,000,000		Barton Capital LLC, 0.100%,due 07/01/13		19,000,000		2.2
	36,250,000		Concord Minutement Capital Co., 0.200%, due 08/23/13		36,239,326		4.1
	2,500,000		Concord Minutement Capital Co., 0.240%, due 08/16/13		2,499,233		0.3
	38,500,000		Crown Point Capital Co., 0.200%,due 08/23/13		38,488,664		4.4
	20,250,000		Jupiter Securitization Company LLC, 0.220%, due 10/04/13		20,238,244		2.3
	3,000,000		Jupiter Securitization Company LLC, 0.240%, due 11/22/13		2,997,120		0.3
	4,750,000		Jupiter Securitization Company LLC, 0.240%, due 12/11/13		4,744,838		0.5
	9,000,000		Jupiter Securitization Company LLC, 0.240%, due 12/17/13		8,989,860		1.0
	1,000,000		Old Line Funding LLC, 0.200%,due 10/21/13		999,378		0.1
	17,750,000	#	Old Line Funding LLC, 0.214%,due 07/04/13		17,750,000		2.0
	17,750,000		Old Line Funding LLC, 0.240%,due 12/20/13		17,729,647		2.0
	5,000,000		Thunder Bay Funding LLC, 0.200%,due 10/10/13		4,997,194		0.6
	4,000,000		Thunder Bay Funding LLC, 0.210%,due 07/01/13		4,000,000		0.5
	17,200,000		Thunder Bay Funding LLC, 0.230%,due 12/06/13		17,182,638		2.0

Principal Amount†				Value		Percentage of Net Assets
	10,500,000		Thunder Bay Funding LLC, 0.260%,due 09/23/13	$	10,493,630		1.2
			Total Asset Backed Commercial Paper (Cost $215,849,748)		215,849,748		24.6
CERTIFICATES OF DEPOSIT: 7.0%
	11,000,000		Australia & New Zealand Banking Group, 0.180%,due 07/03/13		11,000,024		1.3
	7,000,000		Royal Bank of Canada NY, 0.688%,due 07/01/14		7,006,810		0.8
	15,500,000		Standard Chartered Bank NY, 0.310%, due 10/07/13		15,501,050		1.8
	250,000		Standard Chartered Bank NY, 0.330%, due 07/09/13		250,007		0.0
	12,250,000		Svenska Handelsbanken NY, 0.255%, due 07/12/13		12,250,430		1.4
	9,750,000		Toronto Dominion Bank NY, 0.305%, due 07/19/13		9,750,365		1.1
	5,500,000		Westpac Banking Corp./NY, 0.353%, due 08/01/13		5,499,050		0.6
			Total Certificates of Deposit (Cost $61,257,736)		61,257,736		7.0
FINANCIAL COMPANY COMMERCIAL PAPER: 11.8%
	19,000,000		ASB Finance Ltd. London, 0.100%,due 07/01/13		19,000,000		2.2
	14,500,000	#	Australia & New Zealand Banking Group Ltd., 0.338%,due 07/18/13		14,500,000		1.6
	500,000	#	Australia & New Zealand Banking Group Ltd., 0.372%,due 08/16/13		500,026		0.0
	850,000		Commonwealth Bank of Australia, 0.140%, due 07/08/13		849,977		0.1
	13,000,000		Commonwealth Bank of Australia, 0.170%, due 08/14/13		12,997,299		1.5
	20,000,000		Deutsche Bank Finl LLC, 0.391%,due 07/01/13		20,000,000		2.3
	6,250,000		HSBC Bank PLC, 0.452%, due 08/05/13		6,247,266		0.7
	10,250,000		Rabobank USA Finance Corp., 0.261%, due 07/01/13		10,250,000		1.2
	19,000,000		Toronto Dominion Holding USA, 0.080%, due 07/16/13		18,999,366		2.2
			Total Financial Company Commercial Paper (Cost $103,343,934)		103,343,934		11.8

See Accompanying Notes to Financial Statements
75

PORTFOLIO OF INVESTMENTS
ING MONEY MARKET PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†				Value		Percentage of Net Assets
GOVERNMENT AGENCY DEBT: 14.3%
	28,000,000		Federal Home Loan Bank Discount Notes, 0.075%,due 08/09/13	$	27,997,725		3.2
	83,750,000		Federal Home Loan Bank Discount Notes, 0.082%,due 08/21/13		83,740,264		9.5
	1,250,000		Federal Home Loan Bank Discount Notes, 0.090%,due 08/23/13		1,249,834		0.1
	12,750,000		Freddie Mac Discount Notes, 0.080%, due 08/12/13		12,748,810		1.5
			Total Government Agency Debt (Cost $125,736,633)		125,736,633		14.3
GOVERNMENT AGENCY REPURCHASE AGREEMENT: 9.2%
	31,233,000		Deutsche Bank Repurchase Agreement dated 06/28/13, 0.180%, due 07/01/13, $31,233,469 to be received upon repurchase (Collateralized by $32,187,000, Freddie Mac Note, 1.000%, Market Value plus accrued interest $31,858,585 due 07/28/17)		31,233,000		3.5
	50,000,000		Goldman Sachs Repurchase Agreement dated 06/28/13, 0.110%, due 07/01/13, $50,000,458 to be received upon repurchase (Collateralized by $50,993,000, Federal Farm Credit Bank Bond, 0.193%, Market Value plus accrued interest $51,000,897 due 09/14/15)		50,000,000		5.7
			Total Government Agency Repurchase Agreement (Cost $81,233,000)		81,233,000		9.2
OTHER INSTRUMENT: 3.2%
	28,000,000		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.144%, due 07/01/13		28,000,000		3.2
			Total Other Instrument (Cost $28,000,000)		28,000,000		3.2
OTHER NOTE: 27.9%
	10,000,000	#	American Honda Finance, 0.331%,due 09/05/13		10,000,000		1.1
	750,000	#	American Honda Finance, 0.913%,due 08/05/13		750,441		0.1

Principal Amount†				Value		Percentage of Net Assets
	1,300,000	#	American Honda Finance, 1.625%,due 09/20/13	$	1,303,841		0.2
	2,705,000	#	ANZ New Zealand Int'l Ltd., 1.280%, due 09/20/13		2,716,598		0.3
	3,750,000	#	ANZ New Zealand Int'l Ltd., 6.200%, due 07/19/13		3,760,957		0.4
	1,750,000	#	Australia & New Zealand Banking Group Ltd., 2.125%,due 01/10/14		1,766,104		0.2
	5,280,000		Bottling Group LLC, 5.000%,due 11/15/13		5,371,983		0.6
	450,000		Caterpillar Financial Services Corp., 6.200%, due 09/30/13		456,676		0.1
	230,000	#	Commonwealth Bank of Australia, 2.125%, due 03/17/14		232,830		0.0
	802,000		Commonwealth Bank of Australia, 3.000%, due 09/20/13		806,729		0.1
	2,400,000		General Electric Capital Corp., 0.280%, due 09/20/13		2,399,763		0.3
	204,000		General Electric Capital Corp., 3.125%, due 03/12/14		207,632		0.0
	1,400,000	#	HSBC Bank PLC, 0.925%, due 08/12/13		1,401,043		0.2
	4,750,000	#	HSBC Bank PLC, 1.625%, due 08/12/13		4,756,664		0.5
	3,900,000		JPMorgan Chase & Co., 1.023%,due 09/15/13		3,921,468		0.4
	2,400,000		JPMorgan Chase & Co., 4.650%,due 06/01/14		2,489,269		0.3
	3,000,000		JPMorgan Chase Bank NA, 0.331%,due 07/22/13		2,996,217		0.3
	10,500,000		JPMorgan Chase Bank NA, 0.356%,due 07/22/13		10,500,000		1.2
	1,776,923	#	Motor PLC, 0.683%, due 09/25/13		1,776,923		0.2
	8,035,000		Pepsico, Inc., 0.875%, due 10/25/13		8,049,309		0.9
	1,199,000		Pepsico, Inc., 3.750%, due 03/01/14		1,225,757		0.1
	4,900,000	#	Rabobank Nederland, 4.200%,due 05/13/14		5,058,868		0.6
	15,250,000	#	Royal Bank of Canada, 0.408%,due 07/02/13		15,250,000		1.7
	20,500,000		Svenska Handelsbanken AB, 0.386%, due 07/04/13		20,500,000		2.3
	2,000,000		Toronto Dominion Bank, 0.763%,due 08/01/13		2,003,077		0.2
	7,500,000		Toyota Motor Credit Corp., 0.264%, due 09/11/13		7,500,000		0.9
	11,000,000		Toyota Motor Credit Corp., 0.289%, due 08/24/13		11,000,000		1.3
	4,500,000		Toyota Motor Credit Corp., 0.395%, due 07/25/13		4,500,000		0.5

See Accompanying Notes to Financial Statements
76

PORTFOLIO OF INVESTMENTS
ING MONEY MARKET PORTFOLIO  AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Principal Amount†			Value		Percentage of Net Assets
OTHER NOTE (continued)
	9,500,000	Toyota Motor Credit Corp., 0.551%, due 07/19/13	$	9,501,193		1.1
	4,250,000	Toyota Motor Credit Corp., 0.678%, due 07/17/13		4,259,532		0.5
	34,680,000	UBS AG Stamford CT, 2.250%,due 08/12/13		34,757,335		4.0
	3,500,000	US Bancorp, 1.125%, due 10/30/13		3,507,727		0.4
	3,118,000	US Bancorp, 1.375%, due 09/13/13		3,123,476		0.4
	3,375,000	Wal-Mart Stores, Inc., 0.070%,due 07/17/13		3,374,895		0.4
	30,750,000	Wells Fargo Bank NA, 0.380%,due 09/22/13		30,750,000		3.5
	18,500,000	Westpac Banking Corp, 0.533%,due 07/29/13		18,500,000		2.1
	4,250,000	Westpac Banking Corp, 0.533%,due 07/26/13		4,250,062		0.5
		Total Other Note (Cost $244,726,369)		244,726,369		27.9

Principal Amount†			Value		Percentage of Net Assets
TREASURY DEBT: 1.9%
	17,000,000	United States Treasury Bill, 0.051%,due 09/26/13	$	16,997,892		1.9
		Total Treasury Debt (Cost $16,997,892)		16,997,892		1.9
		Total Investments in Securities (Cost $877,145,312)	$	877,145,312		99.9
		Assets in Excess of Other Liabilities		684,569		0.1
		Net Assets	$	877,829,881		100.0

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

#  Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

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

Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		—
Net Unrealized Depreciation	$	—

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2013 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 06/30/13
Asset Table
Investments, at fair value
Certificates of Deposit	$	—	$	61,257,736	$	—	$	61,257,736
Government Agency Debt		—		125,736,633		—		125,736,633
Government Agency Repurchase Agreement		—		81,233,000		—		81,233,000
Treasury Debt		—		16,997,892		—		16,997,892
Financial Company Commercial Paper		—		103,343,934		—		103,343,934
Other Note		—		244,726,369		—		244,726,369
Other Instrument		28,000,000		—		—		28,000,000
Asset Backed Commercial Paper		—		215,849,748		—		215,849,748
Total Investments, at fair value	$	28,000,000	$	849,145,312	$	—	$	877,145,312

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

See Accompanying Notes to Financial Statements
77

SUMMARY PORTFOLIO OF INVESTMENTS
ING SMALL COMPANY PORTFOLIO   AS OF JUNE 30, 2013 (UNAUDITED)

Sector Diversification
as of June 30, 2013
(as a percentage of net assets)

Financials	22.9	%
Industrials	18.0	%
Information Technology	15.8	%
Consumer Discretionary	15.2	%
Health Care	8.9	%
Energy	5.9	%
Materials	5.2	%
Utilities	2.8	%
Consumer Staples	2.3	%
Exchange-Traded Funds	1.3	%
Assets in Excess of Other Liabilities*	1.7	%
Net Assets	100.0	%

* Includes short-term investments.

Portfolio holdings are subject to change daily.

Shares				Value		Percentage of Net Assets
COMMON STOCK: 97.0%
			Consumer Discretionary: 15.2%
	91,500	@	Bally Technologies, Inc.	$	5,162,430		0.8
	123,600		Cheesecake Factory		5,177,604		0.8
	99,600	@	Childrens Place Retail Stores, Inc.		5,458,080		0.9
	296,900	@	Express, Inc.		6,225,993		1.0
	126,700	@	Jack in the Box, Inc.		4,978,043		0.8
	287,211		La-Z-Boy, Inc.		5,821,767		0.9
	108,557	@	Life Time Fitness, Inc.		5,439,791		0.9
	107,000		Wolverine World Wide, Inc.		5,843,270		0.9
	1,902,504		Other Securities (a)		51,489,263		8.2
					95,596,241		15.2
			Consumer Staples: 2.3%
	436,825		Other Securities		14,401,992		2.3
			Energy: 5.9%
	296,800	@,L	Bill Barrett Corp.		6,001,296		1.0
	226,715	@	Carrizo Oil & Gas, Inc.		6,422,836		1.0
	178,700	@	EPL Oil & Gas, Inc.		5,246,632		0.8
	131,900	@	Unit Corp.		5,616,302		0.9
	2,111,651		Other Securities (a)		13,661,904		2.2
					36,948,970		5.9
			Financials: 22.9%
	126,400		American Campus Communities, Inc.		5,139,424		0.8
	329,682		CubeSmart		5,268,318		0.8
	818,150		DCT Industrial Trust, Inc.		5,849,773		0.9
	229,779		First American Financial Corp.		5,064,329		0.8
	302,825		FirstMerit Corp.		6,065,585		1.0
	236,618		LaSalle Hotel Properties		5,844,465		0.9
	94,136		ProAssurance Corp.		4,910,134		0.8
	108,318		Prosperity Bancshares, Inc.		5,609,789		0.9

Shares				Value		Percentage of Net Assets
	141,985	@	Stifel Financial Corp.	$	5,064,605		0.8
	481,900		Susquehanna Bancshares, Inc.		6,192,415		1.0
	234,000		Webster Financial Corp.		6,009,120		1.0
	132,255		Wintrust Financial Corp.		5,062,721		0.8
	2,681,627		Other Securities		78,469,996		12.4
					144,550,674		22.9
			Health Care: 8.9%
	144,145	@	Align Technology, Inc.		5,339,131		0.9
	229,037	@	Healthsouth Corp.		6,596,266		1.0
	1,385,635		Other Securities (a)		43,985,062		7.0
					55,920,459		8.9
			Industrials: 18.0%
	191,085		Actuant Corp.		6,300,073		1.0
	83,395		Acuity Brands, Inc.		6,297,990		1.0
	186,500		Barnes Group, Inc.		5,593,135		0.9
	435,000	@	Blount International, Inc.		5,141,700		0.8
	211,600		Brady Corp.		6,502,468		1.0
	385,600		Heartland Express, Inc.		5,348,272		0.9
	145,196	@	HUB Group, Inc.		5,288,038		0.8
	329,000	@	Orbital Sciences Corp.		5,714,730		0.9
	70,500	@	Teledyne Technologies, Inc.		5,453,175		0.9
	139,739		Waste Connections, Inc.		5,748,863		0.9
	107,213		Watts Water Technologies, Inc.		4,861,037		0.8
	140,452		Woodward Governor Co.		5,618,080		0.9
	1,577,909		Other Securities (a)		45,569,840		7.2
					113,437,401		18.0
			Information Technology: 15.8%
	195,700	@	Cardtronics, Inc.		5,401,320		0.8
	129,589	@	Micros Systems, Inc.		5,591,766		0.9
	238,340	@	Microsemi Corp.		5,422,235		0.9
	217,600	@	Progress Software Corp.		5,006,976		0.8

See Accompanying Notes to Financial Statements
78

SUMMARY PORTFOLIO OF INVESTMENTS
ING SMALL COMPANY PORTFOLIO   AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Shares				Value		Percentage of Net Assets
			Information Technology (continued)
	230,400	@	PTC, Inc.	$	5,651,712		0.9
	178,600	@	QLIK Technologies, Inc.		5,049,022		0.8
	86,200	@	Sourcefire, Inc.		4,788,410		0.8
	3,549,307		Other Securities (a)		62,388,438		9.9
					99,299,879		15.8
			Materials: 5.2%
	132,820		Buckeye Technologies, Inc.		4,919,653		0.8
	371,947		Commercial Metals Co.		5,493,657		0.9
	173,000		HB Fuller Co.		6,541,130		1.0
	1,569,150		Other Securities (a)		16,089,793		2.5
					33,044,233		5.2
			Utilities: 2.8%
	145,097		El Paso Electric Co.		5,123,375		0.8
	308,085		Other Securities		12,705,768		2.0
					17,829,143		2.8
			Total Common Stock (Cost $511,079,185)		611,028,992		97.0
EXCHANGE-TRADED FUNDS: 1.3%
	84,400		iShares Russell 2000 Index Fund		8,200,304		1.3
			Total Exchange-Traded Funds (Cost $6,948,516)		8,200,304		1.3
			Total Long-Term Investments (Cost $518,027,701)		619,229,296		98.3
Principal Amount†				Value		Percentage of Net Assets
SHORT-TERM INVESTMENTS: 4.8%
			Securities Lending Collateralcc(1): 3.5%
	5,240,573		Cantor Fitzgerald, Repurchase Agreement dated 06/28/13, 0.23%, due 07/01/13 (Repurchase Amount $5,240,672, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-12.500%, Market Value plus accrued interest $5,345,385, due 07/15/13-05/01/51)	$	5,240,573		0.8

Principal Amount†			Value		Percentage of Net Assets
	5,240,573	Citigroup, Inc., Repurchase Agreement dated 06/28/13, 0.12%, due 07/01/13 (Repurchase Amount $5,240,625, collateralized by various U.S. Government Agency Obligations, 0.000%-6.250%, Market Value plus accrued interest $5,345,405, due 07/03/13-05/15/37)	$	5,240,573		0.9
	1,103,258	Deutsche Bank AG, Repurchase Agreement dated 06/28/13, 0.15%, due 07/01/13 (Repurchase Amount $1,103,272, collateralized by various U.S. Government Securities, 0.000%-2.125%, Market Value plus accrued interest $1,125,323, due 07/05/13-08/15/21)		1,103,258		0.2
	5,240,573	Morgan Stanley, Repurchase Agreement dated 06/28/13, 0.15%, due 07/01/13 (Repurchase Amount $5,240,638, collateralized by various U.S. Government Agency Obligations, 2.189%-5.000%, Market Value plus accrued interest $5,345,384, due 06/01/18-04/01/43)		5,240,573		0.8
	5,240,573	Nomura Securities, Repurchase Agreement dated 06/28/13, 0.16%, due 07/01/13 (Repurchase Amount $5,240,642, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.875%, Market Value plus accrued interest $5,345,385, due 12/04/13-08/27/32)		5,240,573		0.8
				22,065,550		3.5

See Accompanying Notes to Financial Statements
79

SUMMARY PORTFOLIO OF INVESTMENTS
ING SMALL COMPANY PORTFOLIO   AS OF JUNE 30, 2013 (UNAUDITED) (CONTINUED)

Shares			Value			Percentage of Net Assets
		Mutual Funds: 1.3%
	8,296,237	BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $8,296,237)	$	8,296,237			1.3
		Total Short-Term Investments (Cost $30,361,787)		30,361,787			4.8
		Total Investments in Securities (Cost $548,389,488)	$	649,591,083			103.1
		Liabilities in Excess of Other Assets		(19,349,621	)		(3.1	)
		Net Assets	$	630,241,462			100.0

  "Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of June 30, 2013.

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

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

@  Non-income producing security

cc  Securities purchased with cash collateral for securities loaned.

L  Loaned security, a portion or all of the security is on loan at June 30, 2013.

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

(a)  This grouping contains securities on loan.

  Cost for federal income tax purposes is $554,790,943.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	121,394,637
Gross Unrealized Depreciation		(26,594,497	)
Net Unrealized Appreciation	$	94,800,140

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2013 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 06/30/13
Asset Table
Investments, at fair value
Common Stock*	$	611,028,992	$	—	$	—	$	611,028,992
Exchange-Traded Funds		8,200,304		—		—		8,200,304
Short-Term Investments		8,296,237		22,065,550		—		30,361,787
Total Investments, at fair value	$	627,525,533	$	22,065,550	$	—	$	649,591,083

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

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

See Accompanying Notes to Financial Statements
80

SHAREHOLDER MEETING INFORMATION (UNAUDITED)

A special meeting of shareholders of the ING Balanced Portfolio, Inc., ING Intermediate Bond Portfolio, ING Variable Funds and ING Variable Portfolios, Inc. Registrants were held April 22, 2013, at the offices of ING Funds, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258.

Proposals:

1  To approve a new investment advisory agreement for each Portfolio with ING Investments prompted by the IPO, and to approve, under certain circumstances, any future advisory agreements prompted by Change of Control Events that occur as part of the Separation Plan.

2  To approve a new investment sub-advisory agreement for each Portfolio between ING Investments and ING IM prompted by the IPO, and to approve, under certain circumstances, any future sub-advisory agreements prompted by Change of Control Events that occur as part of the Separation Plan.

4  To approve a modification to the current manager-of-managers policy to permit ING Investments, subject to prior approval by the Board, to enter into and materially amend agreements with wholly owned sub-advisers without obtaining the approval of the Portfolio's shareholders.

5  To elect 13 nominees to the Board.

	Proposal			Shares voted for		Shares voted against or withheld		Shares abstained		Broker non-vote		Total Shares Voted
ING Balanced Portfolio		1	*		30,555,708.030		2,188,562.220		2,232,050.363		0.000		34,976,320.613
		2	*		30,412,685.445		2,360,799.141		2,202,836.027		0.000		34,976,320.613
		4	*		24,303,959.108		3,911,440.808		6,760,920.697		0.000		34,976,320.613

*  Proposals Passed

ING Balanced Portfolio, Inc.

	Proposal			For All		Withhold All		For all Except		Broker non-vote		Total Shares Voted
Colleen D. Baldwin		5	*		33,810,074.947		1,166,245.666		0.000		0.000		34,976,320.613
John V. Boyer		5	*		33,693,860.137		1,282,460.476		0.000		0.000		34,976,320.613
Patricia W. Chadwick		5	*		33,803,120.947		1,173,199.666		0.000		0.000		34,976,320.613
Albert E. DePrince, Jr.		5	*		33,652,675.137		1,323,645.476		0.000		0.000		34,976,320.613
Peter S. Drotch		5	*		33,614,159.137		1,362,161.476		0.000		0.000		34,976,320.613
J. Michael Earley		5	*		33,597,832.137		1,378,488.476		0.000		0.000		34,976,320.613
Martin J. Gavin		5	*		33,592,211.137		1,384,109.476		0.000		0.000		34,976,320.613
Russell H. Jones		5	*		33,658,387.911		1,317,932.702		0.000		0.000		34,976,320.613
Patrick W. Kenny		5	*		33,498,888.137		1,477,432.476		0.000		0.000		34,976,320.613
Shaun P. Mathews		5	*		33,668,997.137		1,307,323.476		0.000		0.000		34,976,320.613
Joseph E. Obermeyer		5	*		33,564,965.137		1,411,355.476		0.000		0.000		34,976,320.613
Sheryl K. Pressler		5	*		33,852,426.947		1,123,893.666		0.000		0.000		34,976,320.613
Roger B. Vincent		5	*		33,621,958.137		1,354,362.476		0.000		0.000		34,976,320.613

*  Proposal Passed

	Proposal			Shares voted for		Shares voted against or withheld		Shares abstained		Broker non-vote		Total Shares Voted
ING Intermediate Bond Portfolio		1	*		122,891,857.893		6,917,235.103		13,006,090.855		5,513.141		142,820,696.992
		2	*		122,075,520.108		7,245,825.888		13,493,837.355		5,513.641		142,820,696.992
		4	*		117,376,341.780		13,440,943.893		11,997,897.928		5,513.391		142,820,696.992

*  Proposals Passed

ING Intermediate Bond Portfolio

	Proposal			For All		Withhold All		For all Except		Broker non-vote		Total Shares Voted
Colleen D. Baldwin		5	*		136,549,100.622		6,271,596.370		0.000		0.000		142,820,696.992
John V. Boyer		5	*		136,532,102.447		6,288,594.545		0.000		0.000		142,820,696.992
Patricia W. Chadwick		5	*		136,527,177.712		6,293,519.280		0.000		0.000		142,820,696.992
Albert E. DePrince, Jr.		5	*		136,539,593.447		6,281,103.545		0.000		0.000		142,820,696.992

81

SHAREHOLDER MEETING INFORMATION (UNAUDITED) (CONTINUED)

ING Intermediate Bond Portfolio

	Proposal			For All		Withhold All		For all Except		Broker non-vote		Total Shares Voted
Peter S. Drotch		5	*		136,635,275.447		6,185,421.545		0.000		0.000		142,820,696.992
J. Michael Earley		5	*		136,529,791.447		6,290,905.545		0.000		0.000		142,820,696.992
Martin J. Gavin		5	*		136,741,901.447		6,078,795.545		0.000		0.000		142,820,696.992
Russell H. Jones		5	*		136,698,080.369		6,122,616.623		0.000		0.000		142,820,696.992
Patrick W. Kenny		5	*		136,613,168.447		6,207,528.545		0.000		0.000		142,820,696.992
Shaun P. Mathews		5	*		136,508,632.622		6,312,064.370		0.000		0.000		142,820,696.992
Joseph E. Obermeyer		5	*		136,570,464.447		6,250,232.545		0.000		0.000		142,820,696.992
Sheryl K. Pressler		5	*		136,571,248.712		6,249,448.280		0.000		0.000		142,820,696.992
Roger B. Vincent		5	*		136,505,222.447		6,315,474.545		0.000		0.000		142,820,696.992

*  Proposal Passed

	Proposal			Shares voted for		Shares voted against or withheld		Shares abstained		Broker non-vote		Total Shares Voted
ING Growth and Income Portfolio		1	*		120,667,992.622		8,511,852.211		13,162,858.563		21,321.680		142,364,025.076
		2	*		120,312,034.540		8,811,335.197		13,219,333.659		21,321.680		142,364,025.076
		4	*		115,456,468.292		14,419,528.133		12,466,706.721		21,321.930		142,364,025.076

*  Proposals Passed

ING Variable Funds

	Proposal			For All		Withhold All		For all Except		Broker non-vote		Total Shares Voted
Colleen D. Baldwin		5	*		135,984,097.846		6,379,927.230		0.000		0.000		142,364,025.076
John V. Boyer		5	*		135,874,607.112		6,489,417.964		0.000		0.000		142,364,025.076
Patricia W. Chadwick		5	*		135,937,601.683		6,426,423.393		0.000		0.000		142,364,025.076
Albert E. DePrince, Jr.		5	*		135,474,264.436		6,889,760.640		0.000		0.000		142,364,025.076
Peter S. Drotch		5	*		135,559,451.422		6,804,573.654		0.000		0.000		142,364,025.076
J. Michael Earley		5	*		135,657,299.876		6,706,725.200		0.000		0.000		142,364,025.076
Martin J. Gavin		5	*		135,727,048.650		6,636,976.426		0.000		0.000		142,364,025.076
Russell H. Jones		5	*		135,942,221.701		6,421,803.375		0.000		0.000		142,364,025.076
Patrick W. Kenny		5	*		135,742,495.575		6,621,529.501		0.000		0.000		142,364,025.076
Shaun P. Mathews		5	*		135,729,532.265		6,634,492.811		0.000		0.000		142,364,025.076
Joseph E. Obermeyer		5	*		135,726,003.650		6,638,021.426		0.000		0.000		142,364,025.076
Sheryl K. Pressler		5	*		136,077,559.846		6,286,465.230		0.000		0.000		142,364,025.076
Roger B. Vincent		5	*		135,646,954.510		6,717,070.566		0.000		0.000		142,364,025.076

*  Proposal Passed

	Proposal			Shares voted for		Shares voted against or withheld		Shares abstained		Broker non-vote		Total Shares Voted
ING Small Company Portfolio		1	*		18,714,122.000		1,687,122.000		1,880,968.000		0.000		22,282,212.000
		2	*		18,706,758.667		1,807,103.667		1,768,349.666		0.000		22,282,212.000
		4	*		17,793,645.667		2,638,849.667		1,849,716.666		0.000		22,282,212.000

*  Proposals Passed

ING Variable Portfolios, Inc.

	Proposal			For All		Withhold All		For all Except		Broker non-vote		Total Shares Voted
Colleen D. Baldwin		5	*		980,377,634.237		49,269,114.925		0.000		0.000		1,029,646,749.162
John V. Boyer		5	*		980,864,708.237		48,782,040.925		0.000		0.000		1,029,646,749.162
Patricia W. Chadwick		5	*		980,769,531.237		48,877,217.925		0.000		0.000		1,029,646,749.162
Albert E. DePrince, Jr.		5	*		979,807,468.973		49,839,280.189		0.000		0.000		1,029,646,749.162

82

SHAREHOLDER MEETING INFORMATION (UNAUDITED) (CONTINUED)

ING Variable Portfolios, Inc.

	Proposal			For All		Withhold All		For all Except		Broker non-vote		Total Shares Voted
Peter S. Drotch		5	*		981,149,180.973		48,497,568.189		0.000		0.000		1,029,646,749.162
J. Michael Earley		5	*		981,054,494.237		48,592,254.925		0.000		0.000		1,029,646,749.162
Martin J. Gavin		5	*		981,585,764.237		48,060,984.925		0.000		0.000		1,029,646,749.162
Russell H. Jones		5	*		981,602,525.973		48,044,223.189		0.000		0.000		1,029,646,749.162
Patrick W. Kenny		5	*		980,748,578.973		48,898,170.189		0.000		0.000		1,029,646,749.162
Shaun P. Mathews		5	*		981,535,233.237		48,111,515.925		0.000		0.000		1,029,646,749.162
Joseph E. Obermeyer		5	*		980,237,431.237		49,409,317.925		0.000		0.000		1,029,646,749.162
Sheryl K. Pressler		5	*		980,025,511.237		49,621,237.925		0.000		0.000		1,029,646,749.162
Roger B. Vincent		5	*		980,862,692.237		48,784,056.925		0.000		0.000		1,029,646,749.162

*  Proposal Passed

A special meeting of shareholders of the ING Money Market Portfolio Registrant was held April 22, 2013, at the offices of ING Funds, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258.

Proposals:

1  To approve a new investment advisory agreement for each Portfolio with ING Investments prompted by the IPO, and to approve, under certain circumstances, any future advisory agreements prompted by Change of Control Events that occur as part of the Separation Plan.

2  To approve a new investment sub-advisory agreement for each Portfolio between ING Investments and ING IM prompted by the IPO, and to approve, under certain circumstances, any future sub-advisory agreements prompted by Change of Control Events that occur as part of the Separation Plan.

3  To elect 13 nominees to the Board.

4  To approve a modification to the current manager-of-managers policy to permit ING Investments, subject to prior approval by the Board, to enter into and materially amend agreements with wholly owned sub-advisers without obtaining the approval of the Portfolio's shareholders.

5  To approve a change in the fundamental investment policy governing concentration with respect to ING Money Market Portfolio.

	Proposal			Shares voted for		Shares voted against or withheld		Shares abstained		Broker non-vote		Total Shares Voted
ING Money Market Portfolio		1	*		341,645,066.496		38,924,087.067		29,820,107.885		59,551.000		410,448,812.448
		2	*		341,887,475.932		39,445,917.908		29,055,867.858		59,550.750		410,448,812.448
	Proposal			For All		Withhold All		For all Except		Broker non-vote		Total Shares Voted
Colleen D. Baldwin		3	*		375,291,578.803		35,157,233.645		0.000		0.000		410,448,812.448
John V. Boyer		3	*		375,540,214.257		34,908,598.191		0.000		0.000		410,448,812.448
Patricia W. Chadwick		3	*		375,656,650.803		34,792,161.645		0.000		0.000		410,448,812.448
Albert E. DePrince, Jr.		3	*		375,555,835.257		34,892,977.191		0.000		0.000		410,448,812.448
Peter S. Drotch		3	*		375,409,689.257		35,039,123.191		0.000		0.000		410,448,812.448
J. Michael Earley		3	*		375,516,545.257		34,932,267.191		0.000		0.000		410,448,812.448
Martin J. Gavin		3	*		375,498,211.257		34,950,601.191		0.000		0.000		410,448,812.448
Russell H. Jones		3	*		375,298,343.257		35,150,469.191		0.000		0.000		410,448,812.448
Patrick W. Kenny		3	*		375,530,471.257		34,918,341.191		0.000		0.000		410,448,812.448
Shaun P. Mathews		3	*		373,929,757.257		36,519,055.191		0.000		0.000		410,448,812.448
Joseph E. Obermeyer		3	*		375,417,166.257		35,031,646.191		0.000		0.000		410,448,812.448
Sheryl K. Pressler		3	*		375,457,339.803		34,991,472.645		0.000		0.000		410,448,812.448
Roger B. Vincent		3	*		375,573,210.257		34,875,602.191		0.000		0.000		410,448,812.448
	Proposal			Shares voted for		Shares voted against or withheld		Shares abstained		Broker non-vote		Total Shares Voted
		4	*		320,259,756.739		59,633,501.101		30,496,003.858		59,550.750		410,448,812.448
		5	*		333,856,638.510		46,072,876.553		30,459,746.635		59,550.750		410,448,812.448

*  Proposals deferred; adjourned to April 26, 2013

83

SHAREHOLDER MEETING INFORMATION (UNAUDITED) (CONTINUED)

A special meeting of shareholders of the ING Money Market Portfolio Registrant was held April 26, 2013, at the offices of ING Funds, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258.

	Proposal			Shares voted for		Shares voted against or withheld		Shares abstained		Broker non-vote		Total Shares Voted
ING Money Market Portfolio		1*			373,080,173.215		29,000,395.180		31,242,815.053		59,551.000		433,382,934.448
		2	*		373,212,141.125		29,527,747.192		30,583,494.881		59,551.250		433,382,934.448
	Proposal			For All		Withhold All		For all Except		Broker non-vote		Total Shares Voted
Colleen D. Baldwin		3	*		396,179,301.764		37,203,632.684		0.000		0.000		433,382,934.448
John V. Boyer		3	*		396,367,733.327		37,015,201.121		0.000		0.000		433,382,934.448
Patricia W. Chadwick		3	*		396,447,449.764		36,935,484.684		0.000		0.000		433,382,934.448
Albert E. DePrince, Jr.		3	*		396,378,882.327		37,004,052.121		0.000		0.000		433,382,934.448
Peter S. Drotch		3	*		396,278,394.327		37,104,540.121		0.000		0.000		433,382,934.448
J. Michael Earley		3	*		396,351,988.327		37,030,946.121		0.000		0.000		433,382,934.448
Martin J. Gavin		3	*		396,339,001.327		37,043,933.121		0.000		0.000		433,382,934.448
Russell H. Jones		3	*		396,199,804.327		37,183,130.121		0.000		0.000		433,382,934.448
Patrick W. Kenny		3	*		396,361,081.327		37,021,853.121		0.000		0.000		433,382,934.448
Shaun P. Mathews		3	*		395,265,913.327		38,117,021.121		0.000		0.000		433,382,934.448
Joseph E. Obermeyer		3	*		396,283,966.327		37,098,968.121		0.000		0.000		433,382,934.448
Sheryl K. Pressler		3	*		396,311,026.764		37,071,907.684		0.000		0.000		433,382,934.448
Roger B. Vincent		3	*		396,390,316.327		36,992,618.121		0.000		0.000		433,382,934.448
	Proposal			Shares voted for		Shares voted against or withheld		Shares abstained		Broker non-vote		Total Shares Voted
		4	*		350,424,790.959		51,351,550.358		31,547,041.881		59,551.250		433,382,934.448
		5	*		360,282,975.891		39,571,229.004		33,469,178.303		59,551.250		433,382,934.448

*  Proposals deferred; adjourned to May 13, 2013

A special meeting of shareholders of the ING Money Market Portfolio Registrant was held May 13, 2013, at the offices of ING Funds, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258.

	Proposal			Shares voted for		Shares voted against or withheld		Shares abstained		Broker non-vote		Total Shares Voted
ING Money Market Portfolio		1	*		414,331,117.693		23,795,767.851		46,250,538.904		59,551.000		484,436,975.448
		2	*		412,866,942.171		25,752,755.872		45,757,726.405		59,551.000		484,436,975.448
	Proposal			For All		Withhold All		For all Except		Broker non-vote		Total Shares Voted
Colleen D. Baldwin		3	*		434,532,769.911		49,904,205.537		0.000		0.000		484,436,975.448
John V. Boyer		3	*		434,679,658.428		49,757,317.020		0.000		0.000		484,436,975.448
Patricia W. Chadwick		3	*		434,731,103.911		49,705,871.537		0.000		0.000		484,436,975.448
Albert E. DePrince, Jr.		3	*		434,856,738.428		49,580,237.020		0.000		0.000		484,436,975.448
Peter S. Drotch		3	*		434,791,402.428		49,645,573.020		0.000		0.000		484,436,975.448
J. Michael Earley		3	*		434,670,173.428		49,766,802.020		0.000		0.000		484,436,975.448
Martin J. Gavin		3	*		434,661,164.428		49,775,811.020		0.000		0.000		484,436,975.448
Russell H. Jones		3	*		434,568,871.428		49,868,104.020		0.000		0.000		484,436,975.448
Patrick W. Kenny		3	*		434,844,636.428		49,592,339.020		0.000		0.000		484,436,975.448
Shaun P. Mathews		3	*		434,140,380.428		50,296,595.020		0.000		0.000		484,436,975.448
Joseph E. Obermeyer		3	*		434,626,390.428		49,810,585.020		0.000		0.000		484,436,975.448
Sheryl K. Pressler		3	*		434,812,570.911		49,624,404.537		0.000		0.000		484,436,975.448
Roger B. Vincent		3	*		434,694,182.428		49,742,793.020		0.000		0.000		484,436,975.448
	Proposal			Shares voted for		Shares voted against or withheld		Shares abstained		Broker non-vote		Total Shares Voted
		4	*		397,142,567.572		40,516,210.471		46,718,646.405		59,551.000		484,436,975.448
		5	*		403,305,754.614		32,687,169.930		48,384,499.904		59,551.000		484,436,975.448

*  Proposals Passed

84

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED)

SEPARATION PLAN — FACTORS CONSIDERED BY THE BOARD

The divestiture of ING U.S., Inc. ("ING U.S.") by ING Groep (the "Separation Plan") contemplates one or more transactions, commencing with an initial public offering of ING U.S. common stock (the "IPO"), that are expected to result in a direct or indirect "Change of Control Event" for ING Investments, LLC ("ING Investments") and ING Investment Management Co. LLC ("ING IM"), which in turn will result in the automatic termination of the advisory agreement for each Portfolio with ING Investments (each a "Current Advisory Agreement") and the sub-advisory agreement between ING Investments and ING IM with respect to each Portfolio (each a "Current Sub-Advisory Agreement" and collectively with the Current Advisory Agreements, the "Current Agreements"). The decision by the Board, including a majority of the Independent Directors, to approve a new investment advisory agreement for the Portfolios with ING Investments (the "Proposed Advisory Agreement") and a new investment sub-advisory agreement between ING Investments and ING IM with respect to each Portfolio (the "Proposed Sub-Advisory Agreements," and collectively with the Proposed Advisory Agreement, the "Proposed Agreements") and to recommend approval of the Proposed Agreements by shareholders of the Portfolios was based on a determination by the Board that it would be consistent with the interests of the shareholders of each Portfolio for ING Investments and ING IM to continue providing investment advisory, sub-advisory and related services for the Portfolios, without interruption, as consummation of the Separation Plan proceeds.

Prior to taking any action to approve the Proposed Agreements, the Board, acting primarily through its Contracts Committee, conducted a thorough review of the quality, extent and nature of the services currently being provided by ING Investments and ING IM under the Current Agreements and to be provided under the Proposed Agreements. The Contracts Committee is a committee comprised of all of the Independent Directors and exclusively of the Independent Directors. A substantial portion of this review was conducted as part of, and in conjunction with, the Contracts Committee's annual review of the Current Agreements, which were most recently approved for continuation at a meeting of the Board held on December 12, 2012. A description of the process followed by the Contracts Committee and the Board in approving continuation of the Current Agreements, including the information reviewed,

material factors considered and related conclusions reached in approving continuation of the Current Agreements, is set forth in the Portfolios' Annual Report, dated December 31, 2012, under the section titled "BOARD CONSIDERATIONS IN APPROVING CONTINUATION OF THE CURRENT INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS" (the "Current Agreement Considerations").

Each of the material factors considered and related conclusions reached by the Board in connection with the decision to approve continuation of the Current Agreements was also a material factor considered and related conclusion reached by the Board in connection with the decision to approve the Proposed Agreements. As described in greater detail in the Current Agreement Considerations, these factors and conclusions related to, among other things: (1) the nature, extent and quality of the services to be provided under the Proposed Agreements; (2) the performance of the Portfolios; (3) the management fees, sub-advisory fees and other expenses of the Portfolios; (4) the profits realized by ING Investments and its affiliates from operating the Portfolios; and (5) the extent to which benefits from economies of scale can be expected to be realized by the Portfolios, ING Investments and its affiliates as assets of the Portfolios grow.

In addition to the information identified in the Current Agreement Considerations, the Contracts Committee requested and evaluated other information relating to the potential impact of implementation of the Separation Plan on the operations, personnel, organizational structure, capitalization, and financial and other resources of ING Investments and ING IM. Among other things, the Contracts Committee, acting through independent legal counsel to the Independent Directors ("Independent Counsel"), prepared and delivered to ING Investments written inquiries regarding the IPO, the Separation Plan, and the potential impact of the IPO and the Separation Plan on the Portfolios, if any, and on the business and operations of ING U.S. and its affiliated entities, including ING Investments and ING IM. Written and oral responses to these inquiries were received and considered by the Contracts Committee prior to making its recommendations to the Board.

In connection with its consideration of the Proposed Agreements, the Contracts Committee reviewed the preliminary registration statement on Form S-1 of ING U.S. filed with the Securities and Exchange Commission on November 9, 2012 (the "S-1 Registration") relating to the proposed IPO and

85

ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

participated in meetings with senior management of ING U.S., ING Investments, and ING IM regarding the information presented in the S-1 Registration and related matters. Among other things, the Contracts Committee considered the arrangements anticipated to be in place between ING Groep and ING U.S. during the course of the Separation Plan, the anticipated use of the potential proceeds that may be realized from the IPO and potential capital structure of ING U.S. following the IPO, as well as the potential short-term and long-term financial consequences to ING U.S. of the closed book of variable annuity business that would be maintained by subsidiary insurance companies of ING U.S. To assist them in their review and consideration of the S-1 Registration and related matters, the Independent Directors retained the services of special independent counsel ("Special Counsel"), which had retained the services of an independent investment banking firm with extensive experience relating to business operations of the type to be conducted by ING U.S. The Independent Directors met with Independent Counsel, Special Counsel and the investment banking firm retained by Special Counsel to discuss and consider ING U.S.'s anticipated business plan and capitalization (as presented in the S-1 Registration and related information provided by ING Investments and its affiliates), including the potential implications to ING Investments and its non-insurance affiliates of insurance regulations and related capitalization requirements.

During the course of their consideration of the Current Agreements and the Proposed Agreements, the Independent Directors met with senior management representatives of ING U.S. and received information regarding: (1) the anticipated management and organizational structure of ING U.S. and its affiliates; (2) the anticipated capital structure of ING U.S. following the IPO and during the implementation of other components of the Separation Plan; (3) the lines of business in which ING U.S. is expected to operate following the IPO; and (4) the actions being taken to retain and promote continuity of key investment management and other professional personnel of ING Investments and ING IM. In addition, beginning in 2011 and periodically throughout 2012, the Independent Directors met with and received reports from senior management of ING Investments and its affiliates regarding, among other things, the financial condition and results of operations of ING U.S. and its investment management line of business, organizational and personnel changes within ING U.S.

and actions being taken by ING U.S. in preparation for the proposed IPO and implementation of the Separation Plan. The Independent Directors also received and reviewed copies of financial statements of ING U.S. as and when such statements became publicly available, including most recently the financial statements of ING U.S. for the quarter ended September 30, 2012.

Based on the foregoing and other relevant considerations, at a meeting of the Board held on January 9, 2013, the Board, including all of the Independent Directors/Trustees, acting on the recommendation of the Contracts Committee, voted to approve the Proposed Agreements and to recommend approval of the Proposed Agreements by shareholders of the Portfolios. The conclusions reached by the Contracts Committee and the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Director/Trustee may have afforded a different weight to the various factors in reaching conclusions with respect to each of the Proposed Agreements.

86

Investment Adviser

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

Administrator

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

Distributor

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

Transfer Agent

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

Custodian

The Bank of New York Mellon
One Wall Street
New York, New York 10286

Legal Counsel

Goodwin Procter LLP
Exchange Place
53 State Street
Boston, Massachusetts 02109

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

VPSAR-ACAPAPALL (0613-082313)

ITEM 2. CODE OF ETHICS.

Not required for semi-annual filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not required for semi-annual filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not required for semi-annual filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not required for semi-annual filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

	PORTFOLIO OF INVESTMENTS
ING BALANCED PORTFOLIO	AS OF JUNE 30, 2013 (UNAUDITED)

Shares			Value	Percentage of Net Assets
COMMON STOCK: 61.9%
		Consumer Discretionary: 8.0%
4,290	@	AMC Networks, Inc.	280,609	0.1
5,182		Bayerische Motoren Werke AG	452,263	0.1
104,191		Best Buy Co., Inc.	2,847,540	0.5
31,301		Brinker International, Inc.	1,234,198	0.2
93,842		Comcast Corp. — Class A	3,930,103	0.8
64,591	@	Delphi Automotive PLC	3,274,118	0.6
5,565		DineEquity, Inc.	383,262	0.1
20,950	@	Discovery Communications, Inc. - Class A	1,617,549	0.3
14,750		Dynam Japan Holdings Co. Ltd.	26,815	0.0
106,500		Esprit Holdings Ltd.	156,941	0.0
20,000		Fuji Heavy Industries Ltd.	493,885	0.1
36,850		Gap, Inc.	1,537,750	0.3
24,894		GNC Holdings, Inc.	1,100,564	0.2
422	@	Groupe Fnac	8,943	0.0
5,760		Grupo Televisa SAB ADR	143,078	0.0
14,451		Harley-Davidson, Inc.	792,204	0.2
15,860		Home Depot, Inc.	1,228,674	0.2
763		Hyundai Mobis	181,650	0.0
1,726		Hyundai Motor Co.	338,521	0.1
2,948		Kia Motors Corp.	159,199	0.0
3,349	@	Liberty Media Corp.	424,519	0.1
14,940	@	Lions Gate Entertainment Corp.	410,402	0.1
7,890	@	LKQ Corp.	203,168	0.0
9,611		Lowe’s Cos., Inc.	393,090	0.1
77,018		Macy’s, Inc.	3,696,864	0.7
5,740	@	The Madison Square Garden, Inc.	340,095	0.1
37,072	@	Michael Kors Holdings Ltd.	2,299,205	0.4
4,417		Naspers Ltd.	326,026	0.1
18,610		Newell Rubbermaid, Inc.	488,513	0.1
57,400		Nissan Motor Co., Ltd.	575,298	0.1
28,784	@	Penn National Gaming, Inc.	1,521,522	0.3
3,300		Polaris Industries, Inc.	313,500	0.1
3,562		PPR	724,817	0.1
34,084		Reed Elsevier NV	567,649	0.1
8,903		Renault S.A.	599,681	0.1
11,030		Ross Stores, Inc.	714,854	0.1
6,330		Six Flags Entertainment Corp.	222,563	0.0
43,573		Starbucks Corp.	2,853,596	0.6
16,500		Toyota Motor Corp.	995,244	0.2
11,190	@	Ulta Salon Cosmetics & Fragrance, Inc.	1,120,790	0.2
10,846	@	Urban Outfitters, Inc.	436,226	0.1
17,977		Walt Disney Co.	1,135,248	0.2
37,998		WPP PLC	649,497	0.1
5,365		Wyndham Worldwide Corp.	307,039	0.1
107,700		Yue Yuen Industrial Holdings	278,326	0.1
			41,785,598	8.0
		Consumer Staples: 5.7%
64,000		Ajinomoto Co., Inc.	938,833	0.2
20,400		Asahi Group Holdings, Ltd.	505,344	0.1
7,321		BRF SA ADR	158,939	0.0
10,568		British American Tobacco PLC	542,032	0.1
26,638		Carrefour S.A.	731,653	0.1
7,687	@	Cia de Bebidas das Americas ADR	287,109	0.1
43,173		Coca-Cola Co.	1,731,669	0.3
39,860		Coca-Cola Enterprises, Inc.	1,401,478	0.3
9,400		ConAgra Foods, Inc.	328,342	0.1
22,056		Costco Wholesale Corp.	2,438,732	0.5
9,560		CVS Caremark Corp.	546,641	0.1
16,341		Estee Lauder Cos., Inc.	1,074,747	0.2
2,177		Fomento Economico Mexicano SAB de CV ADR	224,645	0.0
14,660		Hershey Co.	1,308,845	0.3
25,252		Hillshire Brands Co.	835,336	0.2
12,941		Imperial Tobacco Group PLC	448,727	0.1
15,400		Japan Tobacco, Inc.	543,582	0.1
7,092		JM Smucker Co.	731,540	0.1
48,811		Kraft Foods Group, Inc.	2,727,070	0.5
2,910		Magnit OJSC GDR	166,121	0.0
48,247		Mondelez International, Inc.	1,376,487	0.3
12,540	@	Monster Beverage Corp.	762,056	0.1
16,248		Nestle S.A.	1,066,200	0.2
30,340		Philip Morris International, Inc.	2,628,051	0.5
41,574		Procter & Gamble Co.	3,200,782	0.6
149,752		Tesco PLC	754,128	0.2
44,875		Whole Foods Market, Inc.	2,310,165	0.4
			29,769,254	5.7
		Energy: 5.9%
20,972		Anadarko Petroleum Corp.	1,802,124	0.3
12,900		BP PLC ADR	538,446	0.1
9,700	@	Cameron International Corp.	593,252	0.1
286,000		China Petroleum & Chemical Corp.	200,133	0.0
38,000		China Shenhua Energy Co., Ltd.	96,599	0.0
200,000		CNOOC Ltd.	334,983	0.1
9,334		ConocoPhillips	564,707	0.1
10,546	@	Continental Resources, Inc.	907,589	0.2
35,662		ENI S.p.A.	731,922	0.1
6,765	@	Ensco PLC	393,182	0.1
11,721		EOG Resources, Inc.	1,543,421	0.3
4,872		EQT Corp.	386,690	0.1
66,065		ExxonMobil Corp.	5,968,973	1.1
66,212		Gazprom OAO ADR	435,675	0.1
47,037		Halliburton Co.	1,962,384	0.4
5,710		Lukoil OAO ADR	327,231	0.1
12,689		Marathon Oil Corp.	438,785	0.1
30,605	@	Noble Corp.	1,150,136	0.2
1,020		NovaTek OAO GDR	121,733	0.0
1,070	@	Oasis Petroleum, Inc.	41,591	0.0
29,158		Occidental Petroleum Corp.	2,601,768	0.5
19,800		Patterson-UTI Energy, Inc.	383,229	0.1
236,000		PetroChina Co., Ltd.	255,908	0.1
23,503		Petroleo Brasileiro SA ADR	344,554	0.1
27,923		Range Resources Corp.	2,159,006	0.4
54,568	@	Rowan Companies PLC	1,859,132	0.3
6,396		Royal Dutch Shell PLC - Class A ADR	408,065	0.1
54,160		Royal Dutch Shell PLC - Class A	1,730,098	0.3

See Accompanying Notes to Financial Statements

1

6,146		Sasol Ltd.	267,583	0.1
10,481		Statoil ASA ADR	216,852	0.0
25,448		Statoil ASA	525,707	0.1
14,070	@	Superior Energy Services	364,976	0.1
4,129		Technip S.A.	419,637	0.1
11,004		Total S.A.	537,468	0.1
			30,613,539	5.9
		Financials: 12.2%
135,432		Aegon NV	908,616	0.2
3,520	@	Affiliated Managers Group, Inc.	577,069	0.1
241,000		Agricultural Bank of China Ltd.	98,518	0.0
157,900		AIA Group Ltd.	665,233	0.1
14,774		AllianceBernstein Holding LP	307,595	0.1
11,500		American Campus Communities, Inc.	467,590	0.1
25,028		Ameriprise Financial, Inc.	2,024,265	0.4
61,057		Arthur J. Gallagher & Co.	2,667,580	0.5
25,995		Australia & New Zealand Banking Group Ltd.	674,816	0.1
50,241		AXA S.A.	990,381	0.2
23,535		Banco Bradesco SA ADR	306,190	0.1
842,000		Bank of China Ltd.	344,938	0.1
260,407		Barclays PLC	1,109,013	0.2
75,340		Banco Bilbao Vizcaya Argentaria S.A.	633,144	0.1
2,760		Blackrock, Inc.	708,906	0.1
36,740		Blackstone Group LP	773,744	0.1
807,000		China Construction Bank	567,094	0.1
83,000		China Life Insurance Co., Ltd.	193,184	0.1
46,000		China Overseas Land & Investment Ltd.	119,759	0.0
12,200	@	CIT Group, Inc.	568,886	0.1
45,650		Citigroup, Inc.	2,189,830	0.4
14,400		Comerica, Inc.	573,552	0.1
26,910	@	Credit Suisse Group	712,418	0.1
42,912	@	Danske Bank A/S	732,034	0.2
26,941		DCT Industrial Trust, Inc.	192,628	0.0
31,778		DDR Corp.	529,104	0.1
7,200		Discover Financial Services	343,008	0.1
39,311		DnB NOR ASA	570,271	0.1
24,690		Equifax, Inc.	1,454,982	0.3
2,618		Equity Lifestyle Properties, Inc.	205,749	0.0
17,012		Fidelity National Financial, Inc.	405,056	0.1
121,943		Fifth Third Bancorp.	2,201,071	0.4
13,447		First Republic Bank	517,440	0.1
17,200		Hartford Financial Services Group, Inc.	531,824	0.1
63,053		Host Hotels & Resorts, Inc.	1,063,704	0.2
70,971		HSBC Holdings PLC	734,707	0.2
4,775		ICICI Bank Ltd. ADR	182,644	0.0
825,000		Industrial and Commercial Bank of China Ltd.	517,054	0.1
2,500	@	IntercontinentalExchange, Inc.	444,400	0.1
73,396	@	Invesco Ltd.	2,333,993	0.4
28,079		Itau Unibanco Holding S.A. ADR	362,781	0.1
66,278		JPMorgan Chase & Co.	3,498,816	0.7
4,320		KB Financial Group, Inc.	128,121	0.0
21,705		KBC Groep NV	809,145	0.2
22,223		Lincoln National Corp.	810,473	0.2
2,800		M&T Bank Corp.	312,900	0.1
7,000		Mid-America Apartment Communities, Inc.	474,390	0.1
25,000		Mitsubishi Estate Co., Ltd.	665,597	0.1
299,700		Mizuho Financial Group, Inc.	622,385	0.1
12,192		Nasdaq Stock Market, Inc.	399,776	0.1
69,100		Nomura Holdings, Inc.	508,629	0.1
39,873		Nordea Bank AB	445,272	0.1
21,000		Ping An Insurance Group Co. of China Ltd.	140,189	0.0
7,039		PNC Financial Services Group, Inc.	513,284	0.1
8,364		ProAssurance Corp.	436,266	0.1
20,223		ProLogis, Inc.	762,812	0.1
33,397		Prudential Financial, Inc.	2,438,983	0.5
246,766		Regions Financial Corp.	2,351,680	0.5
30,188		Sberbank of Russia ADR	343,841	0.1
12,847		Schroders PLC	426,483	0.1
4,770		Shinhan Financial Group Co., Ltd.	156,399	0.0
6,100		SL Green Realty Corp.	537,959	0.1
19,419		Societe Generale	668,311	0.1
13,480		Standard Bank Group Ltd.	151,902	0.0
23,900		Sumitomo Mitsui Financial Group, Inc.	1,093,976	0.2
8,482		Svenska Handelsbanken AB	339,827	0.1
19,600		Tokio Marine Holdings, Inc.	618,477	0.1
27,040		Travelers Cos., Inc.	2,161,037	0.4
7,095	@	UnumProvident Corp.	208,380	0.0
19,141		US Bancorp.	691,947	0.1
2,600		Ventas, Inc.	180,596	0.0
7,410		Visa, Inc.	1,354,177	0.3
16,900		Webster Financial Corp.	433,992	0.1
13,402		Weingarten Realty Investors	412,379	0.1
93,382		Wells Fargo & Co.	3,853,875	0.7
75,300		Wharf Holdings Ltd.	628,485	0.1
78,355	@	XL Group PLC	2,375,724	0.5
			63,461,256	12.2
		Health Care: 6.9%
41,025		Abbott Laboratories	1,430,952	0.3
17,479	@	Actavis, Inc.	2,206,199	0.4
10,880		Agilent Technologies, Inc.	465,229	0.1
3,290	@	Alexion Pharmaceuticals, Inc.	303,470	0.1
6,550		Allergan, Inc.	551,772	0.1
25,957		Amgen, Inc.	2,560,918	0.5
9,144		Bayer AG	973,562	0.2
12,400		Cardinal Health, Inc.	585,280	0.1
4,550	@	Celgene Corp.	531,940	0.1
2,681		Chemed Corp.	194,185	0.0
12,589		Cigna Corp.	912,577	0.2
10,500		Community Health Systems, Inc.	492,240	0.1
5,510		Cooper Cos., Inc.	655,965	0.1
16,109	@	Covidien PLC	1,012,290	0.2
30,382	@	Express Scripts Holding Co.	1,874,266	0.4
57,704	@	Gilead Sciences, Inc.	2,955,022	0.6
31,834		GlaxoSmithKline PLC	795,735	0.2
47,723		HCA Holdings, Inc.	1,720,891	0.3
5,160	@	Henry Schein, Inc.	494,070	0.1
53,497		Johnson & Johnson	4,593,252	0.9
6,370		McKesson Corp.	729,365	0.1

See Accompanying Notes to Financial Statements

2

12,232		Medtronic, Inc.	629,581	0.1
24,760		Merck & Co., Inc.	1,150,102	0.2
909	@	Mettler Toledo International, Inc.	182,891	0.0
3,660	@	Myriad Genetics, Inc.	98,344	0.0
21,778		Novartis AG	1,542,547	0.3
5,580		Perrigo Co.	675,180	0.1
6,400		Quest Diagnostics	388,032	0.1
998	@	Regeneron Pharmaceuticals, Inc.	224,430	0.0
8,340		Resmed, Inc.	376,384	0.1
6,683		Roche Holding AG - Genusschein	1,658,703	0.3
10,513		Sanofi	1,086,834	0.2
12,202		UnitedHealth Group, Inc.	798,987	0.2
6,260	@	Vertex Pharmaceuticals, Inc.	499,986	0.1
7,706		Zimmer Holdings, Inc.	577,488	0.1
			35,928,669	6.9
		Industrials: 7.1%
10,525		Acuity Brands, Inc.	794,848	0.1
8,122		Adecco S.A.	462,564	0.1
71,229		Ametek, Inc.	3,012,987	0.6
13,825	@	BE Aerospace, Inc.	872,081	0.2
22,217		Boeing Co.	2,275,909	0.4
74,899		CSX Corp.	1,736,908	0.3
9,990		Danaher Corp.	632,367	0.1
35,121		Deutsche Post AG	871,630	0.2
7,900		East Japan Railway Co.	614,877	0.1
7,852		European Aeronautic Defence and Space Co. NV	420,086	0.1
30,720		Extra Space Storage, Inc.	1,288,090	0.2
57,979		Fiat Industrial SpA	645,411	0.1
19,530		Flowserve Corp.	1,054,815	0.2
26,131		Fluor Corp.	1,549,830	0.3
22,231		General Dynamics Corp.	1,741,354	0.3
31,737		General Electric Co.	735,981	0.1
3,105		Hubbell, Inc.	307,395	0.1
4,489	@	IHS, Inc.	468,562	0.1
20,270	@	Ingersoll-Rand PLC - Class A	1,125,390	0.2
61,000		Japan Steel Works Ltd.	334,737	0.1
17,400		KAR Auction Services, Inc.	397,938	0.1
23,500		Komatsu Ltd.	541,251	0.1
30,082		Koninklijke Philips Electronics NV	820,064	0.1
32,900		Mitsubishi Corp.	562,054	0.1
6,064		Nordson Corp.	420,296	0.1
8,000	@	Old Dominion Freight Line	332,960	0.1
28,706		Pall Corp.	1,906,939	0.4
5,558		Regal-Beloit Corp.	360,381	0.1
26,619		Roper Industries, Inc.	3,306,612	0.6
10,226		Siemens AG	1,035,515	0.2
6,292		TransDigm Group, Inc.	986,397	0.2
17,813		Union Pacific Corp.	2,748,190	0.5
6,865	@	Verisk Analytics, Inc.	409,840	0.1
22,200		Waste Connections, Inc.	913,308	0.2
10,343		Watts Water Technologies, Inc.	468,952	0.1
15,908	@	Wesco International, Inc.	1,081,108	0.2
			37,237,627	7.1
		Information Technology: 9.2%
3,000	@	Alliance Data Systems Corp.	543,090	0.1
13,999		Apple, Inc.	5,544,724	1.1
38,537		Applied Materials, Inc.	574,587	0.1
16,560	@	Autodesk, Inc.	562,046	0.1
27,340		Broadcom Corp.	922,998	0.2
17,200		Broadridge Financial Solutions ADR	457,176	0.1
44,323		Cisco Systems, Inc.	1,077,492	0.2
7,070	@	Citrix Systems, Inc.	426,533	0.1
21,804	@	Cognizant Technology Solutions Corp.	1,365,148	0.2
120,760		EMC Corp.	2,852,351	0.5
54,682		Telefonaktiebolaget LM Ericsson	620,085	0.1
11,670	@	F5 Networks, Inc.	802,896	0.1
8,983		Fidelity National Information Services, Inc.	384,832	0.1
24,459		Flir Systems, Inc.	659,659	0.1
5,282	@	Google, Inc. - Class A	4,650,114	0.9
131,900		Hitachi Ltd.	845,149	0.2
112,200	@	Hon Hai Precision Industry Co., Ltd.	274,220	0.1
30,300		Hoya Corp.	623,217	0.1
5,820	@	SK Hynix, Inc.	157,970	0.0
14,554		International Business Machines Corp.	2,781,415	0.5
5,140		Infosys Ltd. ADR	211,717	0.0
31,210		Intuit, Inc.	1,904,746	0.4
93,847		Jabil Circuit, Inc.	1,912,602	0.4
20,290	@	Juniper Networks, Inc.	391,800	0.1
8,252		KLA-Tencor Corp.	459,884	0.1
14,000		MediaTek, Inc.	161,400	0.0
39,019		Microchip Technology, Inc.	1,453,458	0.3
41,360		Microsoft Corp.	1,428,161	0.3
65,236	@	NetApp, Inc.	2,464,616	0.5
25,200		Omron Corp.	751,288	0.1
110,308		Oracle Corp.	3,388,662	0.6
1,236		Samsung Electronics Co., Ltd.	1,444,667	0.3
276,000		Taiwan Semiconductor Manufacturing Co., Ltd.	999,147	0.2
11,400		Tencent Holdings Ltd.	445,138	0.1
59,358	@	TIBCO Software, Inc.	1,270,261	0.2
35,268	@	Trimble Navigation Ltd.	917,321	0.2
18,100	@	Vantiv, Inc.	499,560	0.1
6,300		Western Digital Corp.	391,167	0.1
42,000		Xerox Corp.	380,940	0.1
28,149		Xilinx, Inc.	1,114,982	0.2
			48,117,219	9.2
		Materials: 2.8%
5,200		Albemarle Corp.	323,908	0.1
16,100		ArcelorMittal	180,320	0.0
8,524		BASF AG	760,282	0.2
33,872		BHP Billiton PLC	863,668	0.2
16,467		Celanese Corp.	737,722	0.1
12,628	@	Cemex SAB de CV ADR	133,604	0.0
128,350		China Steel Corp.	104,937	0.0
24,472		Commercial Metals Co.	361,451	0.1
5,700		Domtar Corp.	379,050	0.1
32,857		Eastman Chemical Co.	2,300,319	0.4
34,368		EI Du Pont de Nemours & Co.	1,804,320	0.3
45,000		Formosa Plastics Corp.	108,545	0.0
17,880		International Paper Co.	792,263	0.2
43,742		Israel Chemicals Ltd.	429,566	0.1
10,695		Koninklijke DSM NV	697,240	0.1
519		LG Chem Ltd.	114,293	0.0
10,700		Monsanto Co.	1,057,160	0.2

See Accompanying Notes to Financial Statements

3

17,638		Nucor Corp.	764,078	0.1
11,360		Packaging Corp. of America	556,186	0.1
732		POSCO	190,800	0.1
76,286		Rexam PLC	553,628	0.1
16,136		Rio Tinto PLC	656,238	0.1
22,109		Steel Dynamics, Inc.	329,645	0.1
2,957		Uralkali GDR	97,626	0.0
21,231	@	Vale SA ADR	258,169	0.1
			14,555,018	2.8
		Telecommunication Services: 1.6%
21,473		America Movil S.A.B de CV ADR	467,038	0.1
36,600		CenturyTel, Inc.	1,293,810	0.2
67,500		China Mobile Ltd.	699,088	0.1
43,000		Chunghwa Telecom Co., Ltd.	143,878	0.0
43,419	@	France Telecom S.A.	411,150	0.1
18,965		MTN Group Ltd.	352,738	0.1
8,080	@	SBA Communications Corp.	598,890	0.1
185,100		Singapore Telecommunications Ltd.	548,232	0.1
281,762		Telecom Corp. of New Zealand Ltd.	490,641	0.1
478,068		Telecom Italia S.p.A.	333,212	0.1
39,024		Verizon Communications, Inc.	1,964,468	0.4
380,008	@	Vodafone Group PLC	1,088,987	0.2
			8,392,132	1.6
		Utilities: 2.5%
79,098		CenterPoint Energy, Inc.	1,858,012	0.3
6,436		Cleco Corp.	298,824	0.1
30,329		DTE Energy Co.	2,032,346	0.4
15,000		Edison International	722,400	0.1
11,080		El Paso Electric Co.	391,235	0.1
144,191		Enel S.p.A.	452,464	0.1
8,236		Energen Corp.	430,413	0.1
25,747		Entergy Corp.	1,794,051	0.3
27,546		Fortum OYJ	516,026	0.1
23,288	@	Gas Natural SDG S.A.	469,194	0.1
46,104		Great Plains Energy, Inc.	1,039,184	0.2
65,800		Power Assets Holdings Ltd.	566,407	0.1
24,033		Sempra Energy	1,964,938	0.4
51,545		Suez Environnement S.A.	666,189	0.1
			13,201,683	2.5
		Total Common Stock (Cost $293,897,457)	323,061,995	61.9
EXCHANGE-TRADED FUNDS: 8.0%
235,400		iShares iBoxx $High Yield Corporate Bond Fund	21,388,444	4.1
512,100		SPDR Barclays Capital High Yield Bond ETF	20,222,829	3.9
		Total Exchange-Traded Funds (Cost $42,354,959)	41,611,273	8.0
PREFERRED STOCK: 0.2%
		Financials: 0.2%
2,425	@	Aspen Insurance Holdings Ltd.	61,838	0.0
3,833	@,P	The Bank of New York Mellon Corp.	90,727	0.0
5,251	@,P	Discover Financial Services	131,800	0.0
9,000	@,P	Goldman Sachs Group, Inc./The	217,260	0.1
4,657	@,P	PNC Financial Services Group, Inc.	125,227	0.0
1,884	@,P	US Bancorp	51,640	0.0
3,330	@,P	US Bancorp	93,573	0.0
6,000	@,P	US Bancorp	140,700	0.1
		Total Preferred Stock (Cost $909,583)	912,765	0.2
RIGHTS: 0.0%
		Consumer Discretionary: 0.0%
4	@	Groupe Fnac	10	0.0
		Total Rights (Cost $—)	10	0.0
Principal Amount†			Value	Percentage of Net Assets
CORPORATE BONDS/NOTES: 6.7%
		Consumer Discretionary: 0.5%
76,000		AutoZone, Inc., 3.125%, 07/15/23	71,074	0.0
69,000		Brinker International, Inc., 2.600%, 05/15/18	67,586	0.0
147,000		Cablevision Systems Corp., 8.625%, 09/15/17	167,580	0.1
142,000	#	COX Communications, Inc., 2.950%, 06/30/23	129,357	0.1
70,000	#	COX Communications, Inc., 4.500%, 06/30/43	60,541	0.0
51,000		DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 3.800%, 03/15/22	49,053	0.0
224,000		DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.150%, 03/15/42	200,733	0.1
80,000	#	DISH DBS Corp., 4.250%, 04/01/18	78,800	0.0
98,000		Macy’s Retail Holdings, Inc., 2.875%, 02/15/23	90,523	0.0
166,000		Macy’s Retail Holdings, Inc., 4.300%, 02/15/43	143,432	0.1
115,000		Mediacom, LLC, 7.250%, 02/15/22	121,613	0.0
42,000		NBCUniversal Media, LLC, 4.450%, 01/15/43	39,409	0.0
137,000		News America, Inc., 3.000%, 09/15/22	128,039	0.0
100,000		News America, Inc., 6.900%, 03/01/19	120,879	0.0
100,000		Time Warner, Inc., 5.875%, 11/15/40	91,987	0.0
101,000		Time Warner, Inc., 6.500%, 11/15/36	114,694	0.0
113,000		Toll Brothers Finance Corp., 6.750%, 11/01/19	128,255	0.0
102,000	#	Viacom, Inc., 4.375%, 03/15/43	86,944	0.0
112,000		WPP Finance 2010, 5.125%, 09/07/42	103,829	0.0
305,000	#	XM Satellite Radio, Inc., 7.625%, 11/01/18	333,975	0.1
			2,328,303	0.5

See Accompanying Notes to Financial Statements

4

			Consumer Staples: 0.1%
120,000			Anheuser-Busch InBev Worldwide, Inc., 1.375%, 07/15/17	118,181	0.0
91,000			Diageo Capital PLC, 2.625%, 04/29/23	84,783	0.0
110,000		#	Hawk Acquisition Sub, Inc., 4.250%, 10/15/20	105,463	0.0
70,000		#	JBS USA LLC/JBS USA Finance, Inc., 8.250%, 02/01/20	73,675	0.0
156,000			Kraft Foods, Inc., 6.500%, 08/11/17	181,484	0.1
40,000			Smithfield Foods, Inc., 7.750%, 07/01/17	44,300	0.0
81,000			Walgreen Co., 3.100%, 09/15/22	76,868	0.0
72,000			Walgreen Co., 4.400%, 09/15/42	65,041	0.0
				749,795	0.1
			Energy: 0.7%
200,000			Alpha Natural Resources, Inc., 6.250%, 06/01/21	160,500	0.0
141,000			Anadarko Petroleum Corp., 6.375%, 09/15/17	162,248	0.0
326,000			BP Capital Markets PLC, 2.750%, 05/10/23	301,876	0.1
75,000			Chesapeake Energy Corp., 6.625%, 08/15/20	81,000	0.0
90,000		#	Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19	89,550	0.0
151,000			Devon Energy Corp., 5.600%, 07/15/41	157,185	0.0
114,000			Enbridge Energy Partners, 9.875%, 03/01/19	148,995	0.0
83,000			Energy Transfer Partners L.P., 6.050%, 06/01/41	84,289	0.0
210,000			Energy Transfer Partners L.P., 9.700%, 03/15/19	272,741	0.1
90,000			Enterprise Products Operating, LLC, 4.450%, 02/15/43	80,289	0.0
39,000			Enterprise Products Operating, LLC, 6.450%, 09/01/40	45,447	0.0
98,000			FMC Technologies, Inc., 3.450%, 10/01/22	94,006	0.0
200,000			Gazprom OAO Via Gaz Capital SA, 6.212%, 11/22/16	216,900	0.1
600,000		±,X	Greater Ohio Ethanol, LLC, 6.301%, 12/31/13	—	—
80,000		#	Kinder Morgan Finance Co., LLC, 6.000%, 01/15/18	84,364	0.0
112,000			Marathon Petroleum Corp., 6.500%, 03/01/41	128,473	0.0
101,000			Murphy Oil Corp., 2.500%, 12/01/17	99,684	0.0
60,000			ONEOK Partners L.P., 2.000%, 10/01/17	59,046	0.0
60,000			ONEOK Partners L.P., 3.375%, 10/01/22	55,235	0.0
235,000			Phillips 66, 2.950%, 05/01/17	242,341	0.1
140,000			Plains Exploration & Production Co., 7.625%, 04/01/20	154,778	0.0
150,560		#	QGOG Atlantic / Alaskan Rigs Ltd., 5.250%, 07/30/18	154,324	0.0
400,000		#	Reliance Industries Ltd., 5.875%, 12/31/49	351,000	0.1
200,000			Transocean, Inc., 2.500%, 10/15/17	197,781	0.1
90,000			Transocean, Inc., 3.800%, 10/15/22	85,846	0.0
187,000			Weatherford International Ltd., 5.950%, 04/15/42	177,504	0.1
				3,685,402	0.7
			Financials: 2.9%
277,000			Aegon NV, 2.055%, 07/29/49	196,670	0.1
80,000			Aflac, Inc., 3.625%, 06/15/23	77,872	0.0
147,000			American International Group, Inc., 6.400%, 12/15/20	170,655	0.0
181,000			American International Group, Inc., 8.175%, 05/15/58	221,725	0.1
134,000			American Tower Corp., 4.500%, 01/15/18	143,010	0.0
145,000			AvalonBay Communities, Inc., 2.950%, 09/15/22	134,318	0.0
BRL	868,000	#	Banco Votorantim SA, 6.250%, 05/16/16	429,847	0.1
314,000			Bank of America Corp., 3.300%, 01/11/23	297,196	0.1
113,000			Bank of America Corp., 5.200%, 12/29/49	106,785	0.0
200,000			Bank of America Corp., 5.420%, 03/15/17	214,313	0.1
116,000			Bank of America Corp., 8.000%, 12/29/49	129,790	0.0
97,000		#	Barclays Bank PLC, 6.050%, 12/04/17	105,302	0.0
200,000			Barclays Bank PLC, 7.625%, 11/21/22	196,750	0.1
112,000			BB&T Corp., 2.050%, 06/19/18	110,455	0.0
203,000			BBVA, 4.664%, 10/09/15	209,199	0.1
60,000			Berkshire Hathaway, Inc., 3.000%, 02/11/23	57,852	0.0
55,000			Berkshire Hathaway, Inc., 4.400%, 05/15/42	51,012	0.0
93,000			Berkshire Hathaway, Inc., 4.500%, 02/11/43	88,824	0.0
180,000			BioMed Realty L.P., 4.250%, 07/15/22	177,203	0.0
62,000			Boston Properties L.P., 3.700%, 11/15/18	65,169	0.0
116,000			Citigroup, Inc., 3.500%, 05/15/23	104,332	0.0
107,000			Citigroup, Inc., 4.050%, 07/30/22	102,973	0.0
168,000			Citigroup, Inc., 5.350%, 05/29/49	158,206	0.0
37,000			Citigroup, Inc., 5.875%, 01/30/42	40,900	0.0
87,000			Citigroup, Inc., 5.900%, 12/29/49	86,493	0.0
88,000			Citigroup, Inc., 5.950%, 12/29/49	87,679	0.0

See Accompanying Notes to Financial Statements

5

88,000		Citigroup, Inc., 1.300%, 04/01/16	87,002	0.0
165,000		Citigroup, Inc., 5.000%, 09/15/14	171,510	0.0
162,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 4.500%, 01/11/21	171,087	0.0
204,000	#	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 11.000%, 12/29/49	263,258	0.1
409,000		Deutsche Bank AG, 4.296%, 05/24/28	378,168	0.1
117,000		Discover Financial Services, 5.200%, 04/27/22	120,913	0.0
46,000		Discover Financial Services, 6.450%, 06/12/17	52,286	0.0
250,000		Discover Bank/Greenwood DE, 2.000%, 02/21/18	242,147	0.1
98,000		ERP Operating L.P., 3.000%, 04/15/23	90,196	0.0
120,000		EPR Properties, 5.250%, 07/15/23	116,703	0.0
139,000		Equity One, Inc., 3.750%, 11/15/22	130,989	0.0
200,000		Fifth Third Bancorp., 1.450%, 02/28/18	193,347	0.1
148,000		Fifth Third Bancorp, 5.100%, 12/31/49	140,230	0.0
100,000		Fifth Third Bancorp., 8.250%, 03/01/38	127,301	0.0
43,000		Ford Motor Co., 3.000%, 06/12/17	43,117	0.0
250,000		Ford Motor Co., 8.125%, 01/15/20	301,964	0.1
74,000		General Electric Capital Corp., 3.150%, 09/07/22	70,021	0.0
39,000		General Electric Capital Corp., 3.350%, 10/17/16	41,082	0.0
231,000		General Electric Capital Corp., 4.375%, 09/16/20	244,807	0.1
100,000		General Electric Capital Corp., 5.250%, 06/29/49	95,750	0.0
53,000		General Electric Capital Corp., 5.300%, 02/11/21	58,204	0.0
100,000		General Electric Capital Corp., 6.250%, 12/15/49	106,698	0.0
100,000		General Electric Capital Corp., 7.125%, 12/15/49	113,191	0.0
94,000		Genworth Financial, Inc., 7.625%, 09/24/21	109,356	0.0
94,000		Goldman Sachs Group, Inc., 2.375%, 01/22/18	92,358	0.0
110,000		Goldman Sachs Group, Inc., 3.625%, 01/22/23	105,392	0.0
190,000		Goldman Sachs Group, Inc., 5.250%, 07/27/21	203,516	0.1
86,000		Goldman Sachs Group, Inc., 5.750%, 01/24/22	94,973	0.0
76,000		Goldman Sachs Group, Inc., 6.750%, 10/01/37	78,153	0.0
188,000		Hartford Financial Services Group, Inc., 6.625%, 03/30/40	224,446	0.1
73,000		Hartford Financial Services Group, Inc., 8.125%, 06/15/38	80,847	0.0
100,000	#	HBOS PLC, 6.750%, 05/21/18	106,347	0.0
75,000		HCP, Inc., 2.625%, 02/01/20	70,318	0.0
102,000		Health Care REIT, Inc., 2.250%, 03/15/18	100,221	0.0
111,000		HSBC Finance Corp., 6.676%, 01/15/21	122,845	0.0
112,000		HSBC USA, Inc., 5.000%, 09/27/20	117,456	0.0
248,000	#	HSBC Bank PLC, 1.500%, 05/15/18	239,180	0.1
181,000	#	International Lease Finance Corp., 7.125%, 09/01/18	200,910	0.1
200,000	#	Itau Unibanco Holding SA/Cayman Island, 5.125%, 05/13/23	187,250	0.1
146,000		Itau Unibanco Holding SA/Cayman Island, 5.750%, 01/22/21	146,000	0.0
425,000		Jefferies Loan Trust 2013-A Class A, 3.698%, 11/02/14	425,000	0.1
341,000		JPMorgan Chase & Co., 1.625%, 05/15/18	327,161	0.1
205,000		JPMorgan Chase & Co., 3.250%, 09/23/22	194,896	0.1
256,000		JPMorgan Chase & Co., 3.375%, 05/01/23	238,721	0.1
124,000		JPMorgan Chase & Co., 5.150%, 05/29/49	118,730	0.0
86,000		JPMorgan Chase & Co., 5.400%, 01/06/42	91,401	0.0
130,000		Kimco Realty Corp., 3.125%, 06/01/23	120,454	0.0
223,000		Merrill Lynch & Co., Inc., 6.050%, 05/16/16	241,592	0.1
80,000		MetLife, Inc., 3.048%, 12/15/22	75,729	0.0
68,000		MetLife, Inc., 4.125%, 08/13/42	60,790	0.0
100,000	#	Metropolitan Life Global Funding I, 1.500%, 01/10/18	97,021	0.0
122,000		Morgan Stanley, 2.125%, 04/25/18	116,846	0.0
51,000		Morgan Stanley, 3.750%, 02/25/23	48,839	0.0
280,000		Morgan Stanley, 4.100%, 05/22/23	259,058	0.1
119,000		Morgan Stanley, 4.750%, 03/22/17	126,290	0.0
90,000		Morgan Stanley, 5.500%, 07/28/21	96,215	0.0
115,000		MPT Operating Partnership L.P./MPT Finance Corp., 6.375%, 02/15/22	121,325	0.0
122,000		Murray Street Investment Trust I, 4.647%, 03/09/17	129,239	0.0
80,000		National Retail Properties, Inc., 3.300%, 04/15/23	72,403	0.0
63,000	+	PNC Financial Services Group, Inc., 2.854%, 11/09/22	57,550	0.0
92,000		PNC Financial Services Group, Inc./The, 4.850%, 05/29/49	86,020	0.0
77,000		Prudential Financial, Inc., 5.200%, 03/15/44	73,054	0.0

See Accompanying Notes to Financial Statements

6

134,000		Prudential Financial, Inc., 5.625%, 06/15/43	131,655	0.0
200,000	#	RBS Citizens Financial Group, Inc., 4.150%, 09/28/22	194,589	0.1
250,000		Regions Bank/Birmingham AL, 7.500%, 05/15/18	292,227	0.1
310,000		Royal Bank of Scotland Group PLC, 6.125%, 12/15/22	295,869	0.1
122,000		Royal Bank of Scotland Group PLC, 6.100%, 06/10/23	115,891	0.0
107,000	#	Simon Property Group L.P., 1.500%, 02/01/18	103,137	0.0
59,000		Simon Property Group L.P., 4.750%, 03/15/42	56,458	0.0
80,000		SLM Corp., 4.625%, 09/25/17	79,000	0.0
120,000		SLM Corp., 6.000%, 01/25/17	126,000	0.0
47,000		SLM Corp., 8.000%, 03/25/20	51,054	0.0
400,000	#	Standard Chartered PLC, 3.950%, 01/11/23	372,607	0.1
284,000		State Street Corp., 3.100%, 05/15/23	266,406	0.1
103,000		Ventas Realty L.P. / Ventas Capital Corp., 2.700%, 04/01/20	97,473	0.0
107,000		Wells Fargo & Co., 1.500%, 01/16/18	104,436	0.0
68,000		Wells Fargo & Co., 3.450%, 02/13/23	65,034	0.0
123,000	+	Wells Fargo & Co., 3.676%, 06/15/16	131,488	0.0
			15,065,727	2.9
		Health Care: 0.4%
60,000		Aetna, Inc., 1.500%, 11/15/17	58,294	0.0
81,000		Aetna, Inc., 2.750%, 11/15/22	74,706	0.0
63,000		Amgen, Inc., 3.875%, 11/15/21	64,923	0.0
60,000		Amgen, Inc., 5.150%, 11/15/41	60,041	0.0
65,000		Baxter International, Inc., 1.850%, 06/15/18	64,524	0.0
150,000		Celgene Corp., 3.250%, 08/15/22	142,457	0.1
81,000		Express Scripts Holding Co., 2.650%, 02/15/17	82,526	0.0
140,000		HCA, Inc., 7.250%, 09/15/20	150,675	0.1
100,000		Humana, Inc., 3.150%, 12/01/22	92,933	0.0
99,000		Kaiser Foundation Hospitals, 4.875%, 04/01/42	98,842	0.0
35,000		Medtronic, Inc., 2.750%, 04/01/23	32,763	0.0
139,000		Merck & Co., Inc., 2.800%, 05/18/23	131,707	0.0
160,000	#	Mylan, Inc./PA, 2.600%, 06/24/18	157,820	0.1
112,000		St Jude Medical, Inc., 3.250%, 04/15/23	105,765	0.0
103,000		St Jude Medical, Inc., 4.750%, 04/15/43	95,936	0.0
100,000		St. Jude Medical, Inc., 2.500%, 01/15/16	102,792	0.0
252,000	X	U.S. Oncology Escrow, 9.125%, 12/31/49	—	—
100,000	#	Valeant Pharmaceuticals International, 7.000%, 10/01/20	102,500	0.0
155,000	#	Valeant Pharmaceuticals International, 7.250%, 07/15/22	158,100	0.1
72,000		WellPoint, Inc., 3.300%, 01/15/23	68,638	0.0
118,000		WellPoint, Inc., 3.700%, 08/15/21	119,120	0.0
92,000		WellPoint, Inc., 4.625%, 05/15/42	85,758	0.0
96,000	#	Zoetis, Inc., 1.875%, 02/01/18	94,048	0.0
135,000	#	Zoetis, Inc., 3.250%, 02/01/23	128,449	0.0
49,000	#	Zoetis, Inc., 4.700%, 02/01/43	45,986	0.0
			2,319,303	0.4
		Industrials: 0.4%
87,000	#	Barrick Gold Corp., 2.500%, 05/01/18	78,130	0.0
122,000	#	Barrick Gold Corp., 4.100%, 05/01/23	102,065	0.0
150,000	#	BC Luxco 1 SA, 7.375%, 01/29/20	143,250	0.0
150,000		Case New Holland, Inc., 7.875%, 12/01/17	170,625	0.1
49,000		Ford Motor Co., 4.750%, 01/15/43	43,391	0.0
61,000		General Dynamics Corp., 2.250%, 11/15/22	55,271	0.0
113,000		General Electric Co., 2.700%, 10/09/22	107,095	0.0
135,000	#	Glencore Funding LLC, 2.500%, 01/15/19	122,239	0.0
150,000	#	Hertz Corp./The, 4.250%, 04/01/18	147,000	0.1
450,000	#	Hutchison Whampoa International 12 Ltd., 6.000%, 05/29/49	468,000	0.1
141,000	#	Ingersoll-Rand Global Holding Co. Ltd., 4.250%, 06/15/23	140,312	0.0
183,000		MDC Holdings, Inc., 6.000%, 01/15/43	170,708	0.1
101,000		Rio Tinto Finance USA PLC, 2.250%, 12/14/18	98,231	0.0
94,000	#	Turlock Corp., 2.750%, 11/02/22	88,064	0.0
87,000	#	Turlock Corp., 4.150%, 11/02/42	78,462	0.0
			2,012,843	0.4
		Information Technology: 0.4%
146,000		Apple Inc., 1.000%, 05/03/18	140,313	0.0
54,000		Apple, Inc., 2.400%, 05/03/23	50,159	0.0
46,000		Apple, Inc., 3.850%, 05/04/43	41,081	0.0

See Accompanying Notes to Financial Statements

7

116,000		Brocade Communications Systems, Inc., 6.875%, 01/15/20	124,410	0.0
81,000		eBay, Inc., 2.600%, 07/15/22	75,571	0.0
102,000		eBay, Inc., 4.000%, 07/15/42	86,948	0.0
426,000		EMC Corp./MA, 1.875%, 06/01/18	421,430	0.1
150,000		EMC Corp./MA, 3.375%, 06/01/23	147,443	0.1
222,000		Fidelity National Information Services, Inc., 3.500%, 04/15/23	200,788	0.1
100,000		Hewlett-Packard Co., 2.600%, 09/15/17	99,935	0.0
285,000		Hewlett-Packard Co., 3.000%, 09/15/16	292,851	0.1
104,000		Intel Corp., 4.250%, 12/15/42	94,954	0.0
87,000		Jabil Circuit, Inc., 7.750%, 07/15/16	98,962	0.0
51,000		Motorola Solutions, Inc., 3.750%, 05/15/22	49,643	0.0
21,000		Seagate Technology HDD Holdings, 6.800%, 10/01/16	23,362	0.0
			1,947,850	0.4
		Materials: 0.3%
340,000	#	Anglo American Capital PLC, 2.625%, 09/27/17	331,703	0.1
181,000	#	Barrick North America Finance LLC, 5.750%, 05/01/43	146,985	0.0
141,000		Cabot Corp., 3.700%, 07/15/22	136,562	0.0
128,000	#	Freeport-McMoRan Copper & Gold, Inc., 2.375%, 03/15/18	121,827	0.0
190,000	#	Freeport-McMoRan Copper & Gold, Inc., 3.875%, 03/15/23	172,206	0.1
100,000	#	Georgia-Pacific LLC, 3.734%, 07/15/23	97,406	0.0
143,000		Goldcorp, Inc., 3.700%, 03/15/23	126,807	0.0
60,000		Rio Tinto Finance USA PLC, 1.625%, 08/21/17	58,886	0.0
45,000	#	Sealed Air Corp., 8.375%, 09/15/21	51,075	0.0
273,000		Vale Overseas Ltd., 4.625%, 09/15/20	270,885	0.1
127,000	#	Xstrata Finance Canada Ltd., 4.950%, 11/15/21	123,096	0.0
			1,637,438	0.3
		Telecommunication Services: 0.3%
136,000		AT&T, Inc., 2.500%, 08/15/15	140,194	0.0
79,000		AT&T, Inc., 5.350%, 09/01/40	80,304	0.0
89,000		CC Holdings GS V LLC / Crown Castle GS III Corp., 2.381%, 12/15/17	87,648	0.0
75,000		Intelsat Jackson Holdings SA, 7.500%, 04/01/21	79,125	0.0
54,000		Motorola Solutions, Inc., 3.500%, 03/01/23	50,977	0.0
400,000	#	Telefonica Chile SA, 3.875%, 10/12/22	367,074	0.1
149,000		Telefonica Emisiones SAU, 3.992%, 02/16/16	154,016	0.0
176,000		Verizon Communications, Inc., 1.950%, 03/28/14	177,804	0.1
98,000		Verizon Communications, Inc., 2.450%, 11/01/22	88,984	0.0
54,000		Vodafone Group PLC, 1.500%, 02/19/18	51,731	0.0
44,000		Vodafone Group PLC, 2.950%, 02/19/23	40,735	0.0
232,000		Vodafone Group PLC, 4.375%, 02/19/43	208,879	0.1
100,000		Windstream Corp., 7.000%, 03/15/19	100,500	0.0
			1,627,971	0.3
		Utilities: 0.7%
200,000	#	Abu Dhabi National Energy Co., 5.875%, 12/13/21	223,000	0.1
255,000		AES Corp., 8.000%, 10/15/17	288,150	0.1
134,000		Ameren Corp., 8.875%, 05/15/14	142,860	0.1
67,000		American Electric Power Co., Inc., 1.650%, 12/15/17	65,179	0.0
50,000		CenterPoint Energy Houston Electric LLC, 3.550%, 08/01/42	43,249	0.0
130,000		Duke Energy Corp., 2.100%, 06/15/18	129,296	0.0
121,000	#	Duquesne Light Holdings, Inc., 5.900%, 12/01/21	136,260	0.0
86,000	#	Duquesne Light Holdings, Inc., 6.400%, 09/15/20	100,195	0.0
200,000	#	Empresa de Energia de Bogota SA, 6.125%, 11/10/21	208,000	0.1
107,000		Entergy Texas, Inc., 7.125%, 02/01/19	127,716	0.0
79,000		FirstEnergy Corp., 2.750%, 03/15/18	76,965	0.0
190,000		FirstEnergy Corp., 4.250%, 03/15/23	176,773	0.1
75,000	#	Iberdrola Finance Ireland Ltd., 3.800%, 09/11/14	76,954	0.0
98,000		Indiana Michigan Power, 7.000%, 03/15/19	117,846	0.0
64,764	#	Juniper Generation, LLC, 6.790%, 12/31/14	61,596	0.0
279,000		Metropolitan Edison, 7.700%, 01/15/19	342,265	0.1
47,000		Nevada Power Co., 7.125%, 03/15/19	58,265	0.0
147,000		NextEra Energy Capital Holdings, Inc., 3.625%, 06/15/23	141,796	0.0
105,000		Nisource Finance Corp., 5.950%, 06/15/41	110,805	0.0
83,000		Nisource Finance Corp., 6.125%, 03/01/22	93,783	0.0
88,000		Oncor Electric Delivery Co. LLC, 4.100%, 06/01/22	90,915	0.0
81,000		Oncor Electric Delivery Co. LLC, 6.800%, 09/01/18	97,955	0.0
286,000		Petrobras Global Finance BV, 4.375%, 05/20/23	265,067	0.1

See Accompanying Notes to Financial Statements

8

143,000		PPL Capital Funding, Inc., 3.400%, 06/01/23	135,686	0.0
83,000		Southwestern Electric Power, 5.550%, 01/15/17	91,818	0.0
89,000		TransAlta Corp., 4.500%, 11/15/22	84,989	0.0
			3,487,383	0.7
		Total Corporate Bonds/Notes (Cost $35,762,233)	34,862,015	6.7
COLLATERALIZED MORTGAGE OBLIGATIONS: 3.7%
205,359		Banc of America Alternative Loan Trust, 4.750%, 02/25/19	206,883	0.1
21,693		Banc of America Funding Corp., 5.750%, 11/25/35	21,509	0.0
110,691	#	Banc of America Large Loan, Inc., 1.593%, 06/15/18	110,691	0.0
110,000		Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.185%, 09/10/47	115,486	0.0
160,000		Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.185%, 09/10/47	164,036	0.0
70,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.337%, 07/10/43	72,912	0.0
74,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.361%, 03/11/41	73,473	0.0
115,405		Bear Stearns Alternative-A Trust, 0.833%, 07/25/34	110,116	0.0
168,140		Bear Stearns ARM Trust 2006-2, 2.726%, 07/25/36	133,827	0.0
196,000	#	Bear Stearns Commercial Mortgage Securities Trust 2004-PWR4, 5.815%, 06/11/41	197,780	0.1
130,000	#	Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6, 5.684%, 11/11/41	139,468	0.0
160,000	#	Bear Stearns Commercial Mortgage Securities, 5.766%, 04/12/38	170,616	0.0
160,000		CD 2007-CD5 Mortgage Trust, 6.323%, 11/15/44	162,356	0.0
137,210		Chase Mortgage Finance Corp., 6.000%, 05/25/37	117,973	0.0
40,000	#	Citigroup Commercial Mortgage Trust 2004-C1, 5.615%, 04/15/40	40,453	0.0
990,576	#,^	Citigroup Commercial Mortgage Trust, 2.415%, 09/10/45	121,999	0.0
234,000	#	Citigroup Mortgage Loan Trust 2010-7, 6.583%, 12/25/35	229,628	0.1
181,499		Citigroup Mortgage Loan Trust, Inc., 3.027%, 09/25/37	144,855	0.0
121,563		Citimortgage Alternative Loan Trust, 6.000%, 06/25/37	101,930	0.0
1,034,324	^	COMM 2013-LC6 Mortgage Trust, 1.955%, 01/10/46	106,172	0.0
194,422		Commercial Mortgage Asset Trust, 7.350%, 01/17/32	195,883	0.1
2,380,000	#,^	Commercial Mortgage Pass Through Certificates, 0.752%, 10/15/45	118,117	0.0
1,032,253	^	Commercial Mortgage Pass Through Certificates, 2.086%, 12/10/45	116,992	0.0
988,283	^	Commercial Mortgage Pass Through Certificates, 2.120%, 08/15/45	115,761	0.0
1,162,965	^	Commercial Mortgage Pass Through Certificates, 2.425%, 05/15/45	149,481	0.0
295,386		Countrywide Alternative Loan Trust, 0.313%, 06/25/36	203,094	0.1
202,383		Countrywide Alternative Loan Trust, 5.500%, 12/25/35	184,824	0.1
157,172		Countrywide Home Loan Mortgage Pass-Through Trust, 0.513%, 04/25/35	32,826	0.0
181,475		Countrywide Home Loan Mortgage Pass-Through Trust, 5.750%, 06/25/37	165,124	0.0
50,000		Credit Suisse First Boston Mortgage Securities Corp., 5.343%, 12/15/39	53,080	0.0
300,000	#	Credit Suisse First Boston Mortgage Securities Corp., 5.763%, 04/12/49	306,065	0.1
50,000	#	Credit Suisse First Boston Mortgage Securities Corp., 5.844%, 05/15/36	51,504	0.0
40,075		Credit Suisse Mortgage Capital Certificates, 5.589%, 09/15/40	39,994	0.0
405,191		Deutsche ALT-A Securities, Inc. Alternate Loan Trust, 0.313%, 08/25/36	263,795	0.1
546,076		Deutsche ALT-A Securities, Inc. Alternate Loan Trust, 0.383%, 10/25/36	287,800	0.1
146,510		First Horizon Alternative Mortgage Securities Trust 2006-FA8, 6.000%, 02/25/37	126,255	0.0
175,676		First Horizon Alternative Mortgage Securities, 0.493%, 12/25/36	106,314	0.0
102,374		First Horizon Alternative Mortgage Securities, 6.000%, 02/25/37	88,222	0.0
236,278		First Horizon Alternative Mortgage Securities, 6.250%, 02/25/37	209,932	0.1
175,676	^	First Horizon Alternative Mortgage Securities, 6.507%, 12/25/36	38,537	0.0
54,184		First Horizon Alternative Mortgage Securities, 6.000%, 08/25/36	45,711	0.0

See Accompanying Notes to Financial Statements

9

150,000	#	Fosse Master PLC, 1.677%, 10/18/54	152,677	0.0
284,049		Freddie Mac, 5.000%, 02/15/35	307,058	0.1
320,990		Freddie Mac, 5.500%, 07/15/37	349,064	0.1
140,000	#	GMAC Commercial Mortgage Securities, Inc. Series 2003-C3 Trust, 5.748%, 04/10/40	141,098	0.0
135,864	#	Gracechurch Mortgage Financing PLC, 1.824%, 11/20/56	138,243	0.0
70,000	#	Greenwich Capital Commercial Funding Corp., 5.756%, 01/05/36	70,630	0.0
96,000		GS Mort Sec Corp. II Commercial Mort Ps Thr Cert Ser 2004-GG2, 5.830%, 08/10/38	94,295	0.0
120,000	#	GS Mortgage Securities Trust 2011-GC3, 5.728%, 03/10/44	114,971	0.0
110,000	#	GS MTG, 1.045%, 11/08/29	109,586	0.0
63,659	#	Heller Financial Commercial Mortgage Asset, 6.500%, 05/15/31	64,039	0.0
212,496		Homebanc Mortgage Trust, 1.053%, 08/25/29	193,565	0.1
110,000	#	Irvine Core Office Trust 2013-IRV, 3.305%, 05/15/48	104,249	0.0
78,907		JP Morgan Alternative Loan Trust, 5.500%, 12/25/35	65,534	0.0
1,000,000	#,^	JP Morgan Chase Commercial Mortgage Securities Corp., 0.447%, 12/15/47	28,494	0.0
400,000	#	JP Morgan Chase Commercial Mortgage Securities Corp., 0.974%, 04/15/30	399,445	0.1
2,212,698	^	JP Morgan Chase Commercial Mortgage Securities Corp., 2.100%, 12/15/47	247,852	0.1
15,170		JP Morgan Chase Commerical Mortgage Securities Corp., 5.247%, 01/12/43	15,189	0.0
190,000	#	JP Morgan Commercial Mort Pass Thr Certs Ser 2004-C1, 6.015%, 01/15/38	192,710	0.1
154,847		JP Morgan Mortgage Trust 2007-S2, 6.750%, 06/25/37	133,598	0.0
152,693		JP Morgan Mortgage Trust, 6.500%, 08/25/36	136,929	0.0
18,761		JPMorgan Chase Commerical Mortgage Securities Corp., 5.198%, 12/15/44	18,848	0.0
192,109	#	JPMorgan Chase Commerical Mortgage Securities Corp., 6.135%, 07/12/37	192,377	0.1
300,000	#	Lanark Master Issuer PLC, 1.673%, 12/22/54	306,266	0.1
40,000		LB Commercial Conduit Mortgage Trust, 6.081%, 07/15/44	44,352	0.0
70,000		LB-UBS Commercial Mortgage Trust 2000-C4, 8.150%, 07/15/32	73,782	0.0
1,507,798	#,^	LB-UBS Commercial Mortgage Trust 2004-C1, 1.000%, 01/15/36	44,631	0.0
60,000		LB-UBS Commercial Mortgage Trust 2005-C3, 4.954%, 07/15/40	59,526	0.0
60,000		LB-UBS Commercial Mortgage Trust 2005-C3, 5.013%, 07/15/40	53,451	0.0
100,000		LB-UBS Commercial Mortgage Trust 2006-C4, 6.081%, 06/15/38	93,089	0.0
8,678,750	#,^	LB-UBS Commercial Mortgage Trust, 0.847%, 11/15/38	173,237	0.0
140,000		LB-UBS Commercial Mortgage Trust, 4.983%, 07/15/40	137,908	0.0
125,000		LB-UBS Commercial Mortgage Trust, 5.350%, 11/15/40	124,074	0.0
190,000	#	LB-UBS Commercial Mortgage Trust, 5.413%, 02/15/40	171,601	0.0
100,000	#	LB-UBS Commercial Mortgage Trust, 5.413%, 10/15/36	101,719	0.0
90,000	#	LB-UBS Commercial Mortgage Trust, 5.713%, 10/15/36	70,382	0.0
200,000		LB-UBS Commercial Mortgage Trust, 6.081%, 06/15/38	199,997	0.1
180,000	#	LB-UBS Commercial Mortgage Trust, 6.089%, 09/15/39	177,018	0.1
180,000	#	LB-UBS Commercial Mortgage Trust, 6.890%, 07/15/32	169,644	0.0
95,133		Merrill Lynch Mortgage Investors, Inc., 5.250%, 08/25/36	94,626	0.0
200,000		Merrill Lynch Mortgage Investors, Inc., 6.750%, 11/15/26	205,353	0.1
144,074		Merrill Lynch/Countrywide Commercial Mortgage Trust, 5.331%, 03/12/51	144,471	0.0
1,443,451	^	Morgan Stanley Bank of America Merrill Lynch Trust, 1.662%, 12/15/48	111,147	0.0
1,226,247	#,^	Morgan Stanley Bank of America Merrill Lynch Trust, 2.081%, 08/15/45	126,825	0.0
1,576,775	#,^	Morgan Stanley Bank of America Merrill Lynch Trust, 2.339%, 11/15/45	183,768	0.1
30,000	#	Morgan Stanley Capital I Trust 2004-HQ3, 5.079%, 01/13/41	29,042	0.0
30,000	#	Morgan Stanley Capital I Trust 2004-HQ3, 5.079%, 01/13/41	29,993	0.0

See Accompanying Notes to Financial Statements

10

200,000	#	Morgan Stanley Capital I Trust 2004-HQ3, 6.082%, 01/13/41	203,201	0.1
280,000		Morgan Stanley Capital I Trust 2005-HQ6, 5.271%, 07/13/15	251,631	0.1
150,000	#	Morgan Stanley Capital I Trust 2008-TOP29, 6.459%, 01/11/43	150,702	0.0
200,000		Morgan Stanley Capital I, Inc., 5.539%, 06/15/38	204,783	0.1
117,000		Morgan Stanley Capital I, 5.073%, 08/13/42	122,802	0.0
130,000		Morgan Stanley Capital I, 5.202%, 08/13/42	128,680	0.0
120,000		Morgan Stanley Capital I, 5.302%, 01/14/42	125,430	0.0
170,000		Morgan Stanley Capital I, 5.336%, 01/14/42	177,237	0.1
160,000		Morgan Stanley Capital I, 5.300%, 06/15/40	164,920	0.0
100,000	#	Morgan Stanley Capital I, 5.420%, 09/15/47	94,346	0.0
300,000	#	Morgan Stanley Capital I, 5.420%, 09/15/47	290,048	0.1
350,000	#	Morgan Stanley Capital I, 5.632%, 01/13/41	355,675	0.1
31,593		Morgan Stanley Capital I, 5.649%, 12/15/44	32,481	0.0
234,766		Morgan Stanley Capital I, 5.763%, 04/12/49	235,707	0.1
140,000	#	Morgan Stanley Dean Witter Capital I Trust 2002-IQ3, 5.980%, 09/15/37	148,184	0.0
420,000	#	Morgan Stanley Reremic Trust, 5.391%, 12/17/43	424,933	0.1
110,000	#	Nationslink Funding Corp. 1999-ltl-1 Commer Loan Pas Thr Cer, 6.450%, 01/22/26	118,349	0.0
104,283		RALI Trust, 6.000%, 09/25/35	98,358	0.0
5,190,890	#,^	RBSCF Trust, 1.109%, 04/15/24	69,796	0.0
530,000	#	RBSCF Trust, 5.305%, 01/16/49	533,778	0.1
750,530		Residential Accredit Loans, Inc., 0.363%, 01/25/37	545,351	0.1
1,200,946		Residential Accredit Loans, Inc., 0.643%, 12/25/36	626,713	0.1
196,000	#	Silverstone Master Issuer PLC, 1.826%, 01/21/55	200,580	0.1
110,000	#	Springleaf Mortgage Loan Trust, 3.790%, 06/25/58	110,556	0.0
190,000	#	Springleaf Mortgage Loan Trust, 4.440%, 12/25/59	197,819	0.1
93,000	#	Springleaf Mortgage Loan Trust, 4.440%, 06/25/58	93,649	0.0
134,599		Structured Asset Mortgage Investments, Inc., 0.672%, 04/19/35	129,246	0.0
988,083	#,^	UBS-Barclays Commercial Mortgage Trust, 2.353%, 08/10/49	132,918	0.0
160,000		Wachovia Bank Commercial Mortgage Trust, 5.383%, 12/15/43	169,153	0.0
103,268		WaMu Mortgage Pass Through Certificates, 5.703%, 10/25/36	81,379	0.0
194,583		Washington Mutual Alternative Mortgage Pass-Through Certificates, 6.000%, 11/25/35	164,890	0.0
990,713	#,^	Wells Fargo Commercial Mortgage Trust, 2.309%, 10/15/45	124,168	0.0
209,688		Wells Fargo Mortgage Backed Securities 2006-AR7 Trust, 2.605%, 05/25/36	191,772	0.1
1,123,919	#,^	Wells Fargo Mortgage Backed Securities Trust, 1.755%, 06/15/45	113,709	0.0
1,435,431	#,^	Wells Fargo Mortgage Backed Securities Trust, 2.406%, 08/15/45	175,792	0.0
156,643		Wells Fargo Mortgage Backed Securities Trust, 5.592%, 04/25/36	149,815	0.0
616,451		Wells Fargo Mortgage-Backed Securities Trust, 5.330%, 08/25/35	609,398	0.1
		Total Collateralized Mortgage Obligations (Cost $18,937,861)	19,385,776	3.7
U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.3%
		Federal Home Loan Mortgage Corporation: 2.8%##
696,907		4.000%, due 12/01/41	726,910	0.1
734,366		4.500%, due 08/01/41	775,705	0.2
1,125,867		4.500%, due 09/01/41	1,186,917	0.2
67,672		4.500%, due 01/15/42	71,113	0.0
305,981	^	4.846%, due 03/15/33	325,609	0.1
807,769		5.000%, due 08/15/16	823,162	0.2
244,344		5.000%, due 12/15/17	260,636	0.1
441,338		5.500%, due 12/15/32	489,131	0.1
125,245		5.500%, due 09/15/34	133,808	0.0
1,045,579		5.500%, due 02/15/36	1,155,951	0.2
614,949		5.500%, due 05/15/36	647,904	0.1
124,102		5.500%, due 05/15/37	133,782	0.0
435,283		5.500%, due 06/15/37	472,697	0.1
476,644		6.000%, due 01/15/29	533,964	0.1
5,059,709		6.000%, due 10/15/31	5,651,644	1.1
514,292		6.000%, due 07/15/32	576,835	0.1
690,474		6.000%, due 10/15/37	762,585	0.1
14,275		6.500%, due 12/01/31	16,288	0.0
			14,744,641	2.8
		Federal National Mortgage Association: 3.0%##
938,862		0.693%, due 12/25/40	947,209	0.2
259,965		0.713%, due 03/25/37	262,961	0.1
86,872		2.000%, due 11/25/42	86,840	0.0
1,253,000	W	3.000%, due 05/25/27	1,286,479	0.3
650,000		3.000%, due 01/25/38	680,566	0.1
1,161,000	W	3.000%, due 05/25/42	1,128,347	0.2
553,000	W	3.500%, due 03/25/27	567,430	0.1
2,994,000	W	3.500%, due 03/25/41	3,023,004	0.6
581,728		3.500%, due 08/01/42	591,510	0.1
50,000	W	4.000%, due 02/25/39	52,103	0.0
226,559		4.000%, due 02/01/42	236,580	0.1
182,555		4.000%, due 03/01/42	190,884	0.0
61,771		4.000%, due 07/01/42	64,589	0.0
72,103		4.000%, due 07/01/42	75,393	0.0
450,677		4.000%, due 07/01/42	471,239	0.1
885,000	W	4.500%, due 08/01/39	935,058	0.2

See Accompanying Notes to Financial Statements

11

157,480		4.500%, due 11/01/40	166,901	0.0
223,692		4.500%, due 09/01/41	237,252	0.1
371,553		4.500%, due 10/01/41	394,075	0.1
135,792		5.000%, due 06/01/33	146,922	0.0
131,486		5.000%, due 07/25/34	134,866	0.0
207,249		5.000%, due 07/01/35	224,151	0.0
67,408		5.000%, due 02/01/36	72,767	0.0
12,867		5.000%, due 07/01/36	13,923	0.0
391,316		5.000%, due 07/01/37	423,393	0.1
321,944		5.000%, due 07/01/37	348,333	0.1
377,123		5.000%, due 11/01/40	412,606	0.1
118,158		5.000%, due 05/01/41	129,017	0.0
151,458		5.000%, due 06/01/41	165,377	0.0
238,335		5.000%, due 06/01/41	260,239	0.1
557,000		5.500%, due 08/25/34	586,435	0.1
17,417		6.000%, due 06/01/16	18,207	0.0
4,593		6.000%, due 07/01/16	4,794	0.0
42,930		6.000%, due 07/01/16	45,206	0.0
6,381		6.000%, due 08/01/16	6,712	0.0
7,943		6.000%, due 10/01/16	8,300	0.0
50		6.000%, due 10/01/16	50	0.0
8,583		6.000%, due 10/01/16	9,001	0.0
50,688		6.000%, due 03/01/17	53,401	0.0
2,277		6.000%, due 04/01/17	2,302	0.0
4,843		6.000%, due 04/01/17	4,987	0.0
6,554		6.000%, due 04/01/17	6,903	0.0
41,449		6.000%, due 06/01/17	44,070	0.0
11,358		6.000%, due 09/01/17	12,043	0.0
35,870		6.000%, due 10/01/17	37,950	0.0
42,422		6.000%, due 11/01/17	45,138	0.0
265,955		6.000%, due 07/25/29	295,430	0.1
433,558		6.000%, due 04/25/31	485,307	0.1
92,538		6.000%, due 12/01/37	101,518	0.0
170,951		6.000%, due 02/01/38	188,959	0.0
8,720		7.000%, due 06/01/29	10,160	0.0
1,661		7.000%, due 10/01/29	1,941	0.0
10,853		7.000%, due 10/01/31	12,674	0.0
6,204		7.000%, due 01/01/32	7,245	0.0
2,511		7.000%, due 04/01/32	2,930	0.0
5,196		7.000%, due 05/01/32	6,064	0.0
9,970		7.000%, due 07/01/32	11,634	0.0
3,395		7.500%, due 11/01/29	3,877	0.0
25,994		7.500%, due 10/01/30	29,604	0.0
4,813		7.500%, due 10/01/30	4,930	0.0
			15,777,786	3.0
		Government National Mortgage Association: 0.5%
10,505		1.625%, due 12/20/29	10,963	0.0
38,741		1.750%, due 04/20/28	40,442	0.0
679,000	W	3.000%, due 06/15/42	669,876	0.1
721,000	W	3.000%, due 07/01/43	713,001	0.1
198,479		4.000%, due 11/20/40	208,978	0.1
180,322		4.500%, due 08/20/41	193,351	0.0
197,966		5.140%, due 10/20/60	221,910	0.1
174,423		5.288%, due 10/20/60	196,076	0.1
41,857		6.500%, due 09/16/38	47,446	0.0
110,174		7.000%, due 05/16/32	125,581	0.0
			2,427,624	0.5
		Total U.S. Government Agency Obligations (Cost $32,740,133)	32,950,051	6.3
ASSET-BACKED SECURITIES: 2.2%
		Automobile Asset-Backed Securities: 0.1%
250,000	#	Motor PLC, 1.286%, 02/25/20	250,705	0.1
100,000	#	SMART Trust, 1.590%, 10/14/16	100,966	0.0
			351,671	0.1
		Credit Card Asset-Backed Securities: 0.2%
249,000		BA Credit Card Trust, 4.943%, 03/15/16	252,146	0.0
300,000	#	Gracechurch Card Funding PLC, 0.893%, 02/15/17	302,211	0.1
340,000	#	Penarth Master Issuer PLC, 0.763%, 03/18/14	341,255	0.1
			895,612	0.2
		Home Equity Asset-Backed Securities: 0.0%
357,251		GSAA Trust, 0.253%, 10/25/36	175,852	0.0
320,217		GSAA Trust, 0.283%, 12/25/36	162,424	0.0
			338,276	0.0
		Other Asset-Backed Securities: 1.9%
500,000	#	AMMC CLO III Ltd., 1.526%, 07/25/16	499,794	0.1
250,000	#	Ares Enhanced Loan Investment Strategy IR Ltd., 6.276%, 10/16/20	250,619	0.1
250,000	#	Ares VIR CLO Ltd., 2.174%, 03/12/18	244,627	0.1
198,021	#	Ares VR CLO Ltd., 2.174%, 02/24/18	191,639	0.0
500,000	#	Ares XII CLO Ltd., 2.273%, 11/25/20	482,656	0.1
54,448	#	Atrium CDO Corp., 0.603%, 10/27/16	54,187	0.0
250,000	#	Atrium III, 6.373%, 10/27/16	238,269	0.1
113,175	#	Avalon Capital Ltd. 3, 0.544%, 02/24/19	112,530	0.0
500,000	#	Babson CLO, Inc. 2005-III, 0.675%, 11/10/19	476,189	0.1
500,000	#	Ballyrock CLO III Ltd., 1.006%, 07/25/17	491,257	0.1
250,000	#	Black Diamond CLO 2005-1 Delaware Corp., 1.042%, 06/20/17	243,239	0.1
147,457	#	Black Diamond CLO Ltd., 0.542%, 06/20/17	146,720	0.0
200,000	#	Castle Garden Funding, 2.025%, 10/27/20	193,979	0.0
100,000	#	Castle Garden Funding, 6.560%, 10/27/20	107,077	0.0
33,761		Chase Funding Trust Series 2003-5, 0.793%, 07/25/33	31,138	0.0
200,000	#	CIFC Funding 2006-I Ltd., 0.676%, 10/20/20	190,081	0.0
180,000		CNH Equipment Trust, 0.870%, 11/15/19	176,769	0.0
222,000		Countrywide Asset-Backed Certificates, 5.530%, 04/25/47	207,003	0.0
211,539		Credit-Based Asset Servicing and Securitization, LLC, 4.579%, 08/25/35	215,557	0.0
219,941	#	Credit-Based Asset Servicing and Securitization, LLC, 5.746%, 12/25/37	223,767	0.0
250,000	#	Emporia Preferred Funding I Corp., 0.827%, 10/12/18	249,229	0.1

See Accompanying Notes to Financial Statements

12

359,506		#	Emporia Preferred Funding II Corp., 0.557%, 10/18/18	357,193	0.1
90,013		#	Galaxy CLO Ltd, 0.728%, 04/17/17	89,993	0.0
250,000		#	Gulf Stream - Compass CLO 2005-I Ltd, 2.175%, 05/15/17	243,303	0.1
250,000		#	Gulf Stream - Sextant CLO 2006-1 Ltd., 0.974%, 08/21/20	233,787	0.0
280,000		#	Gulf Stream - Sextant CLO 2006-1 Ltd., 1.874%, 08/21/20	266,599	0.1
500,000		#	Halcyon Structured Asset Management CLO I Ltd., 1.974%, 05/21/18	492,498	0.1
250,000		#	Halcyon Structured Asset Management Long Secured/Short Unsecured CLO 2006-1 Ltd., 0.997%, 10/12/18	243,887	0.1
18,699		#	Landmark III CDO Ltd, 2.027%, 01/15/16	18,701	0.0
500,000		#	Landmark VI CDO Ltd, 0.777%, 01/14/18	482,975	0.1
217,371		#	Lightpoint CLO Ltd., 0.533%, 09/15/17	213,567	0.0
225,000		#	Madison Park Funding I Ltd., 1.045%, 05/10/19	221,478	0.0
330,000		#	Madison Park Funding I Ltd., 2.175%, 05/10/19	329,936	0.1
100,000			Madison Park Funding I Ltd., 5.025%, 05/10/19	100,055	0.0
93,673		#	Sagamore CLO Ltd, 1.777%, 10/15/15	93,673	0.0
300,000		#	Stanfield Bristol CLO Ltd, 0.725%, 10/15/19	292,086	0.1
100,000		#	Stanfield Veyron CLO Ltd., 1.877%, 07/15/18	92,985	0.0
600,000		#	WhiteHorse III Ltd./Corp, 1.024%, 05/01/18	576,518	0.1
400,000		#	Whitney CLO Ltd, 2.375%, 03/01/17	399,966	0.1
				9,775,526	1.9
			Total Asset-Backed Securities (Cost $11,379,163)	11,361,085	2.2
U.S. TREASURY OBLIGATIONS: 4.2%
			Treasury Inflation Indexed Protected Securities: 0.5%
937,998			0.125%, due 01/15/22	2,451,988	0.5
			U.S. Treasury Bonds: 1.0%
1,962,000			1.750%, due 05/15/23	1,836,464	0.4
879,000			2.000%, due 02/15/22	859,291	0.2
2,363,000			3.125%, due 02/15/43	2,209,036	0.4
				4,904,791	1.0
			U.S. Treasury Notes: 2.7%
945,000			0.250%, due 05/31/15	943,284	0.2
5,012,000			0.375%, due 06/30/15	5,013,368	0.9
1,528,000			0.500%, due 06/15/16	1,521,375	0.3
80,000			1.000%, due 05/31/18	78,600	0.0
240,000			1.125%, due 04/30/20	228,103	0.0
5,081,000			1.375%, due 06/30/18	5,076,437	1.0
550,000			1.375%, due 05/31/20	530,471	0.1
903,000			1.875%, due 06/30/20	899,155	0.2
				14,290,793	2.7
			Total U.S. Treasury Obligations (Cost $21,829,431)	21,647,572	4.2
FOREIGN GOVERNMENT BONDS: 3.7%
212,164			Argentina Government International Bond, 2.500%, 12/31/38	70,014	0.0
79,153			Argentina Government International Bond, 7.000%, 09/12/13	81,132	0.0
427,587			Argentina Government International Bond, 8.280%, 12/31/33	242,655	0.1
EUR	360,000	#	Austria Government Bond, 3.200%, 02/20/17	509,841	0.1
258,000			Republic of Belarus, 8.750%, 08/03/15	259,935	0.1
100,000			Republic of Belarus, 8.950%, 01/26/18	100,250	0.0
EUR	460,000		Belgium Government Bond, 1.250%, 06/22/18	591,720	0.1
53,000			Belize Government International Bond, 5.000%, 02/20/38	31,270	0.0
111,700		#	Belize Government International Bond, 5.000%, 02/20/38	65,903	0.0
BRL	4,800,000	Z	Brazil Letras do Tesouro Nacional, 8.361%, 04/01/15	1,815,631	0.4
BRL	2,171,000		Brazil Notas do Tesouro Nacional Series F, 10.000%, 01/01/23	961,061	0.2
45,000			Brazilian Government International Bond, 2.625%, 01/05/23	39,263	0.0
228,000			Federal Republic of Brazil, 5.625%, 01/07/41	228,000	0.1
EUR	750,000		Bundesschatzanweisungen, 0.190%, 06/12/15	972,596	0.2
200,000			Colombia Government International Bond, 2.625%, 03/15/23	179,000	0.0
128,000			Colombia Government International Bond, 8.125%, 05/21/24	170,240	0.0
DOP	10,300,000	#	Dominican Republic International Bond, 14.000%, 10/18/19	295,908	0.1
DOP	7,300,000		Dominican Republic International Bond, 15.500%, 04/19/19	219,096	0.1
250,000		#	El Fondo Mivivienda SA, 3.500%, 01/31/23	223,750	0.1
20,000		#	El Salvador Government International Bond, 5.875%, 01/30/25	19,550	0.0
25,000			El Salvador Government International Bond, 7.650%, 06/15/35	24,563	0.0
EUR	400,000		Bundesrepublik Deutschland, 1.500%, 09/04/22	515,961	0.1
EUR	460,000		Bundesrepublik Deutschland, 2.500%, 07/04/44	602,761	0.1

See Accompanying Notes to Financial Statements

13

EUR	440,000		Bundesrepublik Deutschland, 4.000%, 01/04/18	657,986	0.1
91,000			Guatemala Government Bond, 8.125%, 10/06/34	113,295	0.0
200,000		#	Hrvatska Elektroprivreda, 6.000%, 11/09/17	201,800	0.0
110,000			Hungary Government International Bond, 5.375%, 02/21/23	106,425	0.0
134,000			Hungary Government International Bond, 7.625%, 03/29/41	140,566	0.0
254,000			Indonesia Government International Bond, 3.750%, 04/25/22	239,395	0.1
405,000			Indonesia Government International Bond, 11.625%, 03/04/19	552,825	0.1
EUR	839,000		Ireland Government Bond, 3.900%, 03/20/23	1,076,338	0.2
200,000		±	Ivory Coast Government International Bond, 5.750%, 12/31/32	165,500	0.0
200,000		#	Kazakhstan Temir Zholy Finance BV, 6.950%, 07/10/42	203,760	0.0
338,000			Lebanon Government International Bond, 6.100%, 10/04/22	315,185	0.1
37,000			Lebanon Government International Bond, 8.250%, 04/12/21	39,590	0.0
228,000		#	Lithuania Government International Bond, 5.125%, 09/14/17	244,678	0.1
462,000			Mexico Government International Bond, 3.625%, 03/15/22	453,915	0.1
30,000			Mexico Government International Bond, 4.750%, 03/08/44	26,850	0.0
NGN	27,000,000		Nigeria Government Bond, 7.000%, 10/23/19	118,617	0.0
200,000			Pakistan Government International Bond, 6.875%, 06/01/17	188,000	0.0
118,000			Panama Government International Bond, 6.700%, 01/26/36	137,765	0.0
143,000			Peruvian Government International Bond, 5.625%, 11/18/50	148,005	0.0
181,800			Petroleos de Venezuela SA, 4.900%, 10/28/14	170,892	0.0
975,600			Petroleos de Venezuela SA, 8.500%, 11/02/17	896,333	0.2
39,000			Petroleos Mexicanos, 5.500%, 01/21/21	41,730	0.0
165,000			Petroleum Co. of Trinidad & Tobago Ltd., 6.000%, 05/08/22	174,488	0.0
100,000			Philippine Government International Bond, 7.750%, 01/14/31	132,375	0.0
410,000			Philippine Government International Bond, 4.000%, 01/15/21	434,600	0.1
60,000			Poland Government International Bond, 3.000%, 03/17/23	54,300	0.0
96,000			Poland Government International Bond, 5.000%, 03/23/22	103,440	0.0
PLN	300,000		Poland Government Bond, 4.000%, 10/25/23	87,783	0.0
10,000		#	Romanian Government International Bond, 4.375%, 08/22/23	9,550	0.0
84,000			Romanian Government International Bond, 6.750%, 02/07/22	93,962	0.0
200,000			Russian Agricultural Bank OJSC Via RSHB Capital SA, 5.298%, 12/27/17	204,560	0.0
RUB	44,809,000		Russian Federal Bond - OFZ, 7.050%, 01/19/28	1,264,915	0.3
RUB	6,528,000		Russian Federal Bond - OFZ, 8.150%, 02/03/27	204,545	0.0
75,990			Russian Foreign Bond - Eurobond, 7.500%, 03/31/30	89,155	0.0
ZAR	300,000		South Africa Government Bond, 7.250%, 01/15/20	30,216	0.0
ZAR	2,610,350		South Africa Government Bond, 8.750%, 02/28/48	264,416	0.1
SEK	3,900,000		Sweden Government Bond, 1.500%, 11/13/23	544,218	0.1
THB	700,000		Thailand Government Bond, 3.625%, 05/22/15	22,896	0.0
THB	200,000		Thailand Government Bond, 3.775%, 06/25/32	5,961	0.0
THB	2,500,000		Thailand Government Bond, 5.250%, 05/12/14	82,436	0.0
324,000			Turkey Government Bond, 7.375%, 02/05/25	384,750	0.1
GBP	70,000		United Kingdom Gilt, 1.750%, 09/07/22	100,473	0.0
GBP	140,000		United Kingdom Gilt, 1.000%, 09/07/17	211,549	0.1
GBP	40,000		United Kingdom Gilt, 3.250%, 01/22/44	57,114	0.0
GBP	230,000		United Kingdom Gilt, 5.000%, 09/07/14	369,006	0.1
49,871			Uruguay Government International Bond, 7.625%, 03/21/36	63,211	0.0
28,324		&	Uruguay Government International Bond, 7.875%, 01/15/33	36,113	0.0
			Total Foreign Government Bonds (Cost $20,516,473)	19,485,582	3.7

See Accompanying Notes to Financial Statements

14

# of Contracts				Value			Percentage of Net Assets
PURCHASED OPTIONS: 0.0%
			Options on Currencies: 0.0%
5,300,000		@	EUR Put vs. USD Call Currency Option, Strike @ 1.280, Exp. 09/09/13 Counterparty: Barclays Bank PLC	50,911			0.0
			Total Purchased Options (Cost $101,230)	50,911			0.0
			Total Long-Term Investments (Cost $478,428,523)	505,329,035			96.9
Principal Amount†
SHORT-TERM INVESTMENTS: 3.3%
			Securities Lending Collateral(cc)(1): 1.0%
1,290,299			Cantor Fitzgerald, Repurchase Agreement dated 06/28/13, 0.23%, due 07/01/13 (Repurchase Amount $1,290,323, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-12.500%, Market Value plus accrued interest $1,316,105, due 07/15/13-05/01/51)	1,290,299			0.2
1,290,299			Citigroup, Inc., Repurchase Agreement dated 06/28/13, 0.14%, due 07/01/13 (Repurchase Amount $1,290,314, collateralized by various U.S. Government Agency Obligations, 2.166%-5.500%, Market Value plus accrued interest $1,316,105, due 12/01/17-06/01/43)	1,290,299			0.3
1,290,299			Daiwa Capital Markets, Repurchase Agreement dated 06/28/13, 0.25%, due 07/01/13 (Repurchase Amount $1,290,326, collateralized by various U.S. Government Agency Obligations, 1.374%-6.500%, Market Value plus accrued interest $1,316,105, due 06/01/17-03/01/48)	1,290,299			0.2
1,290,299			Deutsche Bank AG, Repurchase Agreement dated 06/28/13, 0.25%, due 07/01/13 (Repurchase Amount $1,290,326, collateralized by various U.S. Government Agency Obligations, 3.000%-6.500%, Market Value plus accrued interest $1,316,105, due 07/01/32-07/01/43)	1,290,299			0.2
271,636			JPMorgan Chase & Co., Repurchase Agreement dated 06/28/13, 0.11%, due 07/01/13 (Repurchase Amount $271,638, collateralized by various U.S. Government Securities, 0.625%-3.875%, Market Value plus accrued interest $277,076, due 01/15/25-02/15/43)	271,636			0.1
				5,432,832			1.0
			Foreign Government Bonds: 0.3%
MYR	1,100,000	Z	Bank Negara Malaysia Monetary Notes, 2.830%, 07/18/13	347,665			0.1
NGN	30,700,000	Z	Nigeria Government Bond, 11.500%, 10/10/13	181,795			0.1
NGN	97,400,000	Z	Nigeria Government Bond, 11.799%, 12/19/13	561,124			0.1
NGN	15,500,000	Z	Nigeria Government Bond, 12.000%, 10/17/13	91,684			0.0
NGN	18,000,000	Z	Nigeria Treasury Bill, 1.500%, 09/26/13	107,179			0.0
NGN	18,825,000	Z	Nigeria Treasury Bill, 10.160%, 10/24/13	112,152			0.0
				1,401,599			0.3
Shares
			Mutual Funds: 2.0%
10,612,635			BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $10,612,635)	10,612,635			2.0
			Total Short-Term Investments (Cost $17,488,767)	17,447,066			3.3
			Total Investments in Securities (Cost $495,917,290)	$	522,776,101		100.2
			Liabilities in Excess of Other Assets	(1,170,650		)	(0.2	)
			Net Assets	$	521,605,451		100.0

†	Unless otherwise indicated, principal amount is shown in USD.
#	Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

See Accompanying Notes to Financial Statements

15

##	On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship and the U.S. Treasury guaranteed the debt issued by those organizations.
@	Non-income producing security
&	Payment-in-kind
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
+	Step-up basis bonds. Interest rates shown reflect current and next coupon rates.
P	Preferred Stock may be called prior to convertible date.
(cc)	Securities purchased with cash collateral for securities loaned.
W	Settlement is on a when-issued or delayed-delivery basis.
±	Defaulted security
X	Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.
^	Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.
Z	Indicates Zero Coupon Bond; rate shown reflects current effective yield.
(1)	Collateral received from brokers for securities lending was invested into these short-term investments.
BRL	Brazilian Real
DOP	Dominican Peso
EUR	EU Euro
GBP	British Pound
MYR	Malaysian Ringgit
NGN	Nigerian Naira
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
THB	Thai Baht
ZAR	South African Rand
	Cost for federal income tax purposes is $499,362,883.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	38,725,435
Gross Unrealized Depreciation	(15,312,217		)
Net Unrealized Appreciation	$	23,413,218

See Accompanying Notes to Financial Statements

16

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of June 30, 2013 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs # (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2013
Asset Table
Investments, at fair value
Common Stock
Consumer Discretionary	$	35,286,601		$	6,498,997		$	—	$	41,785,598
Consumer Staples	24,072,634			5,696,620			—		29,769,254
Energy	25,064,537			5,549,002			—		30,613,539
Financials	46,124,097			17,337,159			—		63,461,256
Health Care	29,871,288			6,057,381			—		35,928,669
Industrials	30,929,438			6,308,189			—		37,237,627
Information Technology	41,794,938			6,322,281			—		48,117,219
Materials	9,978,195			4,576,823			—		14,555,018
Telecommunication Services	4,324,206			4,067,926			—		8,392,132
Utilities	10,531,403			2,670,280			—		13,201,683
Total Common Stock	257,977,337			65,084,658			—		323,061,995
Exchange-Traded Funds	41,611,273			—			—		41,611,273
Preferred Stock	912,765			—			—		912,765
Rights	10			—			—		10
Purchased Options	—			50,911			—		50,911
Corporate Bonds/Notes	—			34,437,015			425,000		34,862,015
Collateralized Mortgage Obligations	—			19,275,085			110,691		19,385,776
Short-Term Investments	10,612,635			6,834,431			—		17,447,066
Asset-Backed Securities	—			11,361,085			—		11,361,085
Foreign Government Bonds	—			19,485,582			—		19,485,582
U.S. Government Agency Obligations	—			32,950,051			—		32,950,051
U.S. Treasury Obligations	—			21,647,572			—		21,647,572
Total Investments, at fair value	$	311,114,020		$	211,126,390		$	535,691	$	522,776,101
Other Financial Instruments+
Swaps	70,707			39,268			—		109,975
Futures	372,278			—			—		372,278
Forward Foreign Currency Contracts	—			3,003,085			—		3,003,085
Total Assets	$	311,557,005		$	214,168,743		$	535,691	$	526,261,439
Liabilities Table
Other Financial Instruments+
Swaps	$	—		$	(733,754	)	$	—	$	(733,754	)
Futures	(593,333		)	—			—		(593,333		)
Written Options	—			(11,556		)	—		(11,556		)
Forward Foreign Currency Contracts	—			(3,423,390		)	—		(3,423,390		)
Total Liabilities	$	(593,333	)	$	(4,168,700	)	$	—	$	(4,762,033	)

^	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
+	Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, equity forwards, futures, swaps, and written options. Forward foreign currency contracts, equity forwards and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument.
#	The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Portfolio’s investments are categorized as Level 2 investments.

See Accompanying Notes to Financial Statements

17

At June 30, 2013, the following forward foreign currency contracts were outstanding for the ING Balanced Portfolio:

Counterparty	Currency	Contract Amount	Buy/Sell	Settlement Date	In Exchange For		Fair Value		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	British Pound	64,560	Buy	07/12/13	$	98,000	$	98,187	$	187
Barclays Bank PLC	Norwegian Krone	1,595,491	Buy	07/12/13	262,000		262,568		568
Barclays Bank PLC	British Pound	305,668	Buy	07/12/13	468,000		464,875		(3,125		)
Barclays Bank PLC	British Pound	130,171	Buy	07/12/13	201,000		197,971		(3,029		)
Barclays Bank PLC	EU Euro	81,979	Buy	07/12/13	108,000		106,711		(1,289		)
Barclays Bank PLC	Norwegian Krone	1,824,921	Buy	07/12/13	300,000		300,325		325
Barclays Bank PLC	New Zealand Dollar	426,138	Buy	07/12/13	330,000		329,992		(8		)
Barclays Bank PLC	EU Euro	336,133	Buy	07/12/13	444,000		437,544		(6,456		)
Barclays Bank PLC	New Zealand Dollar	208,444	Buy	07/12/13	161,000		161,414		414
Barclays Bank PLC	Canadian Dollar	603,794	Buy	07/12/13	588,000		573,973		(14,027		)
Barclays Bank PLC	Brazilian Real	2,667,985	Buy	07/12/13	1,241,212		1,192,897		(48,315		)
Barclays Bank PLC	Brazilian Real	11,261	Buy	07/12/13	5,239		5,035		(204		)
Barclays Bank PLC	Swiss Franc	295,077	Buy	07/12/13	314,000		312,425		(1,575		)
Barclays Bank PLC	Norwegian Krone	2,085,750	Buy	07/12/13	362,000		343,249		(18,751		)
Barclays Bank PLC	Japanese Yen	64,051,375	Buy	07/12/13	655,958		645,834		(10,124		)
Barclays Bank PLC	Norwegian Krone	3,464,255	Buy	07/12/13	599,000		570,108		(28,892		)
Barclays Bank PLC	British Pound	823,338	Buy	07/12/13	1,260,000		1,252,175		(7,825		)
Barclays Bank PLC	Australian Dollar	412,715	Buy	07/12/13	395,000		377,163		(17,837		)
Barclays Bank PLC	New Zealand Dollar	328,710	Buy	07/12/13	261,000		254,546		(6,454		)
Barclays Bank PLC	British Pound	422,439	Buy	07/12/13	640,000		642,467		2,467
Barclays Bank PLC	British Pound	192,263	Buy	07/12/13	293,000		292,404		(596		)
Barclays Bank PLC	British Pound	269,664	Buy	07/12/13	409,000		410,119		1,119
Barclays Bank PLC	Canadian Dollar	353,144	Buy	07/12/13	347,000		335,702		(11,298		)
Barclays Bank PLC	EU Euro	111,554	Buy	07/12/13	144,000		145,210		1,210
Barclays Bank PLC	Swiss Franc	527,871	Buy	07/12/13	545,000		558,905		13,905
Barclays Bank PLC	New Zealand Dollar	45,197	Buy	07/12/13	37,000		35,000		(2,000		)
Barclays Bank PLC	EU Euro	311,323	Buy	07/12/13	404,000		405,249		1,249
Barclays Bank PLC	Australian Dollar	532,751	Buy	07/12/13	539,000		486,859		(52,141		)
Barclays Bank PLC	New Zealand Dollar	456,305	Buy	07/12/13	382,000		353,353		(28,647		)
Barclays Bank PLC	Russian Ruble	5,458,733	Buy	08/23/13	167,192		164,540		(2,652		)
Barclays Bank PLC	South African Rand	3,056,209	Buy	08/23/13	303,916		306,769		2,853
Barclays Bank PLC	Australian Dollar	532,156	Buy	07/12/13	539,000		486,315		(52,685		)
Barclays Bank PLC	Russian Ruble	49,840,077	Buy	08/23/13	1,526,519		1,502,307		(24,212		)
Barclays Bank PLC	South African Rand	2,387,391	Buy	08/23/13	237,408		239,637		2,229
Barclays Bank PLC	South African Rand	1,669,352	Buy	08/23/13	165,012		167,563		2,551
Barclays Bank PLC	EU Euro	190,477	Buy	07/12/13	252,000		247,943		(4,057		)
Barclays Bank PLC	Japanese Yen	52,527,437	Buy	07/12/13	539,000		529,637		(9,363		)
Barclays Bank PLC	Turkish Lira	1,823,291	Buy	08/23/13	951,183		937,405		(13,778		)
Barclays Bank PLC	Mexican Peso	3,706	Buy	08/23/13	290		285		(5		)
Barclays Bank PLC	British Pound	324,944	Buy	07/12/13	503,000		494,191		(8,809		)
Barclays Bank PLC	Indian Rupee	8,623,971	Buy	08/23/13	150,460		143,754		(6,706		)
Barclays Bank PLC	Mexican Peso	22,127	Buy	08/23/13	1,730		1,699		(31		)
Barclays Bank PLC	Romanian New Leu	2,056,850	Buy	08/23/13	597,459		596,081		(1,378		)
Barclays Bank PLC	New Zealand Dollar	738,988	Buy	07/12/13	627,000		572,256		(54,744		)
Barclays Bank PLC	Mexican Peso	3,090,963	Buy	08/23/13	241,437		237,398		(4,039		)
Barclays Bank PLC	Mexican Peso	15,473,936	Buy	08/23/13	1,208,680		1,188,462		(20,218		)
Barclays Bank PLC	Canadian Dollar	3,359,087	Buy	07/12/13	3,322,901		3,193,181		(129,720		)
Barclays Bank PLC	Canadian Dollar	349,540	Buy	07/12/13	345,000		332,276		(12,724		)
Barclays Bank PLC	British Pound	717,986	Buy	07/12/13	1,104,523		1,091,950		(12,573		)
Barclays Bank PLC	Canadian Dollar	17,296	Buy	07/12/13	17,000		16,442		(558		)
Barclays Bank PLC	Colombian Peso	987,543,000	Buy	07/12/13	537,000		513,340		(23,660		)
Citigroup, Inc.	Japanese Yen	7,314,000	Buy	07/12/13	75,000		73,748		(1,252		)
Citigroup, Inc.	Swedish Krona	564,142	Buy	07/12/13	84,000		84,103		103
Citigroup, Inc.	EU Euro	1,329,854	Buy	07/12/13	1,741,811		1,731,070		(10,741		)
Citigroup, Inc.	Swedish Krona	2,171,728	Buy	07/12/13	323,000		323,766		766
Citigroup, Inc.	EU Euro	423,394	Buy	07/12/13	555,000		551,131		(3,869		)
Citigroup, Inc.	Japanese Yen	26,016,157	Buy	07/12/13	266,000		262,323		(3,677		)
Citigroup, Inc.	EU Euro	398,324	Buy	07/12/13	524,000		518,498		(5,502		)
Citigroup, Inc.	Norwegian Krone	1,819,856	Buy	07/12/13	300,000		299,491		(509		)
Citigroup, Inc.	Swedish Krona	1,441,197	Buy	07/12/13	216,000		214,856		(1,144		)
Citigroup, Inc.	Norwegian Krone	2,404,574	Buy	07/12/13	401,000		395,718		(5,282		)
Citigroup, Inc.	Japanese Yen	66,828,946	Buy	07/12/13	696,000		673,841		(22,159		)
Citigroup, Inc.	Norwegian Krone	2,228,516	Buy	07/12/13	389,000		366,744		(22,256		)
Citigroup, Inc.	New Zealand Dollar	285,159	Buy	07/12/13	228,000		220,821		(7,179		)
Citigroup, Inc.	Australian Dollar	598,469	Buy	07/12/13	570,000		546,916		(23,084		)
Citigroup, Inc.	New Zealand Dollar	196,724	Buy	07/12/13	157,000		152,339		(4,661		)
Citigroup, Inc.	Japanese Yen	24,065,780	Buy	07/12/13	251,000		242,657		(8,343		)
Citigroup, Inc.	Canadian Dollar	772,152	Buy	07/12/13	756,000		734,015		(21,985		)
Citigroup, Inc.	EU Euro	91,838	Buy	07/12/13	121,246		119,546		(1,700		)
Citigroup, Inc.	British Pound	31,592	Buy	07/12/13	49,018		48,047		(971		)
Citigroup, Inc.	New Zealand Dollar	505,857	Buy	07/12/13	399,000		391,725		(7,275		)

See Accompanying Notes to Financial Statements

18

Citigroup, Inc.	British Pound	354,680	Buy	07/12/13	554,000	539,416	(14,584	)
Citigroup, Inc.	British Pound	183,797	Buy	07/12/13	283,000	279,528	(3,472	)
Citigroup, Inc.	EU Euro	476,210	Buy	07/12/13	623,000	619,882	(3,118	)
Citigroup, Inc.	British Pound	68,659	Buy	07/12/13	105,000	104,421	(579	)
Citigroup, Inc.	Japanese Yen	14,526,202	Buy	07/12/13	145,000	146,469	1,469
Citigroup, Inc.	Brazilian Real	1,390,386	Buy	07/12/13	646,000	621,663	(24,337	)
Citigroup, Inc.	British Pound	816,217	Buy	07/12/13	1,245,000	1,241,344	(3,656	)
Citigroup, Inc.	EU Euro	178,219	Buy	07/12/13	231,000	231,988	988
Citigroup, Inc.	EU Euro	201,666	Buy	07/12/13	262,000	262,508	508
Citigroup, Inc.	Norwegian Krone	7,447,521	Buy	07/12/13	1,265,000	1,225,629	(39,371	)
Citigroup, Inc.	EU Euro	332,334	Buy	07/12/13	433,000	432,599	(401	)
Citigroup, Inc.	British Pound	574,201	Buy	07/12/13	868,000	873,275	5,275
Citigroup, Inc.	Australian Dollar	24,269	Buy	07/12/13	23,403	22,179	(1,224	)
Citigroup, Inc.	British Pound	378,306	Buy	07/12/13	569,000	575,347	6,347
Citigroup, Inc.	Canadian Dollar	37,176	Buy	07/12/13	36,000	35,339	(661	)
Citigroup, Inc.	British Pound	646,665	Buy	07/12/13	978,000	983,482	5,482
Citigroup, Inc.	EU Euro	81,871	Buy	07/12/13	106,000	106,571	571
Citigroup, Inc.	British Pound	318,316	Buy	07/12/13	481,000	484,111	3,111
Citigroup, Inc.	Norwegian Krone	1,872,417	Buy	07/12/13	321,000	308,141	(12,859	)
Citigroup, Inc.	EU Euro	421,683	Buy	07/12/13	542,000	548,905	6,905
Citigroup, Inc.	South African Rand	1,562,935	Buy	08/23/13	155,279	156,881	1,602
Citigroup, Inc.	New Zealand Dollar	73,583	Buy	07/12/13	60,000	56,981	(3,019	)
Citigroup, Inc.	South African Rand	978,191	Buy	08/23/13	97,184	98,187	1,003
Citigroup, Inc.	British Pound	36,154	Buy	07/12/13	55,000	54,985	(15	)
Citigroup, Inc.	Australian Dollar	548,861	Buy	07/12/13	542,000	501,581	(40,419	)
Citigroup, Inc.	Canadian Dollar	690,904	Buy	07/12/13	687,000	656,780	(30,220	)
Citigroup, Inc.	EU Euro	306,832	Buy	07/12/13	404,000	399,403	(4,597	)
Citigroup, Inc.	British Pound	506,653	Buy	07/12/13	786,879	770,542	(16,337	)
Citigroup, Inc.	Mexican Peso	3,513,722	Buy	08/23/13	267,000	269,868	2,868
Citigroup, Inc.	Mexican Peso	3,511,156	Buy	08/23/13	267,000	269,671	2,671
Citigroup, Inc.	Mexican Peso	3,531,017	Buy	08/23/13	272,000	271,197	(803	)
Citigroup, Inc.	South African Rand	2,473,652	Buy	08/23/13	247,000	248,295	1,295
Citigroup, Inc.	Brazilian Real	22,305	Buy	07/12/13	11,000	9,973	(1,027	)
Citigroup, Inc.	Chilean Peso	218,598,750	Buy	07/12/13	459,000	429,487	(29,513	)
Citigroup, Inc.	British Pound	156,181	Buy	07/12/13	243,000	237,528	(5,472	)
Citigroup, Inc.	Mexican Peso	3,485,433	Buy	08/23/13	269,000	267,696	(1,304	)
Citigroup, Inc.	Mexican Peso	3,474,804	Buy	08/23/13	269,000	266,879	(2,121	)
Citigroup, Inc.	Japanese Yen	95,342,265	Buy	07/12/13	979,000	961,342	(17,658	)
Citigroup, Inc.	Singapore Dollar	341,155	Buy	08/23/13	271,000	269,179	(1,821	)
Citigroup, Inc.	Canadian Dollar	105,331	Buy	07/12/13	104,000	100,128	(3,872	)
Citigroup, Inc.	Mexican Peso	3,512,420	Buy	08/23/13	271,000	269,768	(1,232	)
Citigroup, Inc.	Singapore Dollar	341,676	Buy	08/23/13	271,000	269,590	(1,410	)
Citigroup, Inc.	EU Euro	585,151	Buy	07/12/13	763,000	761,690	(1,310	)
Citigroup, Inc.	Hong Kong Sar Dollar	2,030,107	Buy	08/23/13	261,613	261,799	186
Citigroup, Inc.	Israeli New Shekel	306,231	Buy	08/23/13	84,487	84,086	(401	)
Citigroup, Inc.	Malaysian Ringgit	844,707	Buy	08/23/13	271,000	266,405	(4,595	)
Citigroup, Inc.	Polish Zloty	5,460,017	Buy	08/23/13	1,666,580	1,637,708	(28,872	)
Citigroup, Inc.	Singapore Dollar	22,630	Buy	08/23/13	18,145	17,856	(289	)
Citigroup, Inc.	South African Rand	2,717,742	Buy	08/23/13	271,000	272,796	1,796
Citigroup, Inc.	Australian Dollar	553,945	Buy	07/12/13	568,000	506,227	(61,773	)
Citigroup, Inc.	Czech Koruna	2,667,264	Buy	08/23/13	134,785	133,494	(1,291	)
Citigroup, Inc.	Mexican Peso	3,480,020	Buy	08/23/13	270,000	267,280	(2,720	)
Citigroup, Inc.	Mexican Peso	3,481,289	Buy	08/23/13	270,000	267,377	(2,623	)
Citigroup, Inc.	Russian Ruble	8,792,944	Buy	08/23/13	272,000	265,042	(6,958	)
Citigroup, Inc.	Australian Dollar	362,788	Buy	07/12/13	371,000	331,537	(39,463	)
Citigroup, Inc.	EU Euro	486,933	Buy	07/12/13	635,590	633,840	(1,750	)
Citigroup, Inc.	Australian Dollar	153,534	Buy	07/12/13	157,000	140,308	(16,692	)
Citigroup, Inc.	Hungarian Forint	677,941	Buy	09/09/13	3,022	2,971	(51	)
Citigroup, Inc.	Australian Dollar	1,048,150	Buy	07/12/13	1,093,000	957,860	(135,140	)
Citigroup, Inc.	Canadian Dollar	212,156	Buy	07/12/13	209,000	201,677	(7,323	)
Citigroup, Inc.	Hungarian Forint	60,371,245	Buy	09/20/13	262,000	264,284	2,284
Citigroup, Inc.	Australian Dollar	1,100,398	Buy	07/12/13	1,156,072	1,005,607	(150,465	)
Citigroup, Inc.	EU Euro	2,650,202	Buy	07/12/13	3,481,968	3,449,766	(32,202	)
Citigroup, Inc.	Norwegian Krone	583,356	Buy	07/12/13	102,000	96,002	(5,998	)
Citigroup, Inc.	New Zealand Dollar	1,365,231	Buy	07/12/13	1,174,849	1,057,205	(117,644	)
Citigroup, Inc.	New Zealand Dollar	1,628,985	Buy	07/12/13	1,398,000	1,261,451	(136,549	)
Citigroup, Inc.	Swedish Krona	8,965,886	Buy	07/12/13	1,412,604	1,336,652	(75,952	)
Citigroup, Inc.	Swedish Krona	184,322	Buy	07/12/13	29,000	27,479	(1,521	)
Citigroup, Inc.	Hungarian Forint	62,055,071	Buy	09/20/13	271,000	271,656	656
Citigroup, Inc.	Philippine Peso	27,720,105	Buy	07/12/13	681,000	641,578	(39,422	)

See Accompanying Notes to Financial Statements

19

Citigroup, Inc.	Hungarian Forint	62,056,615	Buy	09/20/13	271,000	271,662	662
Citigroup, Inc.	Chinese Yuan	1,871,168	Buy	08/09/13	297,000	303,829	6,829
Citigroup, Inc.	Chinese Yuan	1,524,721	Buy	08/09/13	242,000	247,575	5,575
Citigroup, Inc.	Chinese Yuan	3,345,566	Buy	08/09/13	531,000	543,232	12,232
Credit Suisse Group AG	Swiss Franc	528,271	Buy	07/12/13	545,000	559,329	14,329
Credit Suisse Group AG	South African Rand	5,569,625	Buy	08/23/13	550,831	559,056	8,225
Credit Suisse Group AG	South Korean Won	133,519,360	Buy	08/23/13	118,000	116,603	(1,397	)
Credit Suisse Group AG	Mexican Peso	8,740,828	Buy	08/23/13	678,000	671,332	(6,668	)
Credit Suisse Group AG	Hungarian Forint	3,440,639	Buy	09/20/13	15,026	15,062	36
Credit Suisse Group AG	Swiss Franc	323,746	Buy	07/12/13	349,054	342,780	(6,274	)
Credit Suisse Group AG	Japanese Yen	4,564,780	Buy	07/12/13	45,876	46,027	151
Credit Suisse Group AG	Norwegian Krone	10,182,105	Buy	07/12/13	1,780,054	1,675,656	(104,398	)
Credit Suisse Group AG	Swedish Krona	19,229	Buy	07/12/13	3,000	2,867	(133	)
Deutsche Bank AG	Chinese Offshore Yuan	1,341,261	Buy	01/14/14	213,000	215,503	2,503
Deutsche Bank AG	Indian Rupee	15,384,240	Buy	08/23/13	276,000	256,442	(19,558	)
Deutsche Bank AG	Chinese Offshore Yuan	3,280,737	Buy	01/14/14	521,000	527,122	6,122
Deutsche Bank AG	Australian Dollar	196,618	Buy	07/12/13	182,000	179,680	(2,320	)
Deutsche Bank AG	Australian Dollar	240,656	Buy	07/12/13	221,000	219,925	(1,075	)
Deutsche Bank AG	Swedish Krona	2,550,433	Buy	07/12/13	389,000	380,224	(8,776	)
Deutsche Bank AG	EU Euro	58,523	Buy	07/12/13	78,000	76,179	(1,821	)
Deutsche Bank AG	Japanese Yen	8,957,949	Buy	07/12/13	95,000	90,324	(4,676	)
Deutsche Bank AG	British Pound	166,489	Buy	07/12/13	261,000	253,205	(7,795	)
Deutsche Bank AG	New Zealand Dollar	882,332	Buy	07/12/13	703,000	683,259	(19,741	)
Deutsche Bank AG	Norwegian Krone	2,198,872	Buy	07/12/13	380,000	361,866	(18,134	)
Deutsche Bank AG	Swedish Krona	2,351,108	Buy	07/12/13	357,000	350,508	(6,492	)
Deutsche Bank AG	Japanese Yen	14,512,920	Buy	07/12/13	145,000	146,335	1,335
Deutsche Bank AG	Swedish Krona	2,291,616	Buy	07/12/13	345,000	341,639	(3,361	)
Deutsche Bank AG	Philippine Peso	11,539,710	Buy	07/12/13	273,000	267,085	(5,915	)
Deutsche Bank AG	Philippine Peso	11,547,900	Buy	07/12/13	273,000	267,274	(5,726	)
Deutsche Bank AG	EU Euro	469,997	Buy	07/12/13	608,000	611,794	3,794
Deutsche Bank AG	EU Euro	1,029,483	Buy	07/12/13	1,322,000	1,340,077	18,077
Deutsche Bank AG	Swiss Franc	528,432	Buy	07/12/13	545,000	559,499	14,499
Deutsche Bank AG	Japanese Yen	43,265,935	Buy	07/12/13	424,000	436,253	12,253
Deutsche Bank AG	Norwegian Krone	1,270,775	Buy	07/12/13	218,000	209,130	(8,870	)
Deutsche Bank AG	EU Euro	440,298	Buy	07/12/13	567,000	573,136	6,136
Deutsche Bank AG	Japanese Yen	22,603,173	Buy	07/12/13	221,000	227,909	6,909
Deutsche Bank AG	Brazilian Real	1,084,389	Buy	07/12/13	533,000	484,847	(48,153	)
Deutsche Bank AG	Australian Dollar	272,451	Buy	07/12/13	270,000	248,982	(21,018	)
Deutsche Bank AG	Australian Dollar	273,676	Buy	07/12/13	273,000	250,101	(22,899	)
Deutsche Bank AG	EU Euro	252,382	Buy	07/12/13	330,000	328,525	(1,475	)
Deutsche Bank AG	British Pound	56,927	Buy	07/12/13	88,000	86,578	(1,422	)
Deutsche Bank AG	Australian Dollar	218,997	Buy	07/12/13	222,000	200,132	(21,868	)
Deutsche Bank AG	Australian Dollar	169,495	Buy	07/12/13	174,000	154,894	(19,106	)
Deutsche Bank AG	Philippine Peso	26,528,850	Buy	07/12/13	645,000	614,006	(30,994	)
Deutsche Bank AG	Japanese Yen	12,570,328	Buy	07/12/13	129,000	126,747	(2,253	)
Deutsche Bank AG	Mexican Peso	3,503,658	Buy	08/23/13	271,000	269,095	(1,905	)
Deutsche Bank AG	Peruvian Nuevo Sol	199,688	Buy	08/23/13	72,168	71,444	(724	)
Deutsche Bank AG	Japanese Yen	28,632,956	Buy	07/12/13	293,000	288,708	(4,292	)
Deutsche Bank AG	South Korean Won	272,254,195	Buy	08/23/13	242,305	237,761	(4,544	)
Deutsche Bank AG	South African Rand	2,743,183	Buy	08/23/13	271,000	275,349	4,349
Deutsche Bank AG	South African Rand	2,712,937	Buy	08/23/13	271,000	272,313	1,313
Deutsche Bank AG	South African Rand	2,443,321	Buy	08/23/13	249,000	245,251	(3,749	)
Deutsche Bank AG	Indian Rupee	15,569,280	Buy	08/23/13	272,000	259,526	(12,474	)
Deutsche Bank AG	Peruvian Nuevo Sol	1,176,533	Buy	08/23/13	429,000	420,936	(8,064	)
Deutsche Bank AG	Russian Ruble	8,803,280	Buy	08/23/13	272,000	265,353	(6,647	)
Deutsche Bank AG	New Zealand Dollar	262,344	Buy	07/12/13	220,000	203,154	(16,846	)
Deutsche Bank AG	Japanese Yen	33,041,055	Buy	07/12/13	338,000	333,155	(4,845	)
Deutsche Bank AG	Hungarian Forint	60,412,798	Buy	09/20/13	262,000	264,466	2,466
Deutsche Bank AG	Hungarian Forint	61,945,397	Buy	09/20/13	271,000	271,176	176
Deutsche Bank AG	Hungarian Forint	6,470,155	Buy	09/20/13	28,342	28,324	(18	)
Deutsche Bank AG	Hungarian Forint	62,038,323	Buy	09/20/13	271,000	271,582	582

See Accompanying Notes to Financial Statements

20

Deutsche Bank AG	Philippine Peso	26,705,216	Buy	07/12/13	655,343	618,088	(37,255	)
Deutsche Bank AG	Philippine Peso	68,456,747	Buy	07/12/13	1,679,920	1,584,421	(95,499	)
Deutsche Bank AG	Colombian Peso	429,507,000	Buy	07/12/13	234,000	223,264	(10,736	)
Deutsche Bank AG	Colombian Peso	1,055,412,500	Buy	07/12/13	575,000	548,619	(26,381	)
Deutsche Bank AG	Colombian Peso	247,380,855	Buy	07/12/13	136,134	128,593	(7,541	)
Deutsche Bank AG	Chinese Yuan	1,586,844	Buy	08/09/13	252,000	257,662	5,662
Deutsche Bank AG	Chinese Yuan	3,268,143	Buy	08/09/13	519,000	530,661	11,661
Goldman Sachs & Co.	Norwegian Krone	1,595,994	Buy	07/12/13	262,000	262,651	651
Goldman Sachs & Co.	EU Euro	412,826	Buy	07/12/13	542,000	537,376	(4,624	)
Goldman Sachs & Co.	Canadian Dollar	616,818	Buy	07/12/13	600,000	586,353	(13,647	)
Goldman Sachs & Co.	British Pound	356,798	Buy	07/12/13	550,000	542,636	(7,364	)
Goldman Sachs & Co.	Australian Dollar	57,236	Buy	07/12/13	55,000	52,305	(2,695	)
Goldman Sachs & Co.	EU Euro	423,965	Buy	07/12/13	545,000	551,874	6,874
Goldman Sachs & Co.	Japanese Yen	21,966,669	Buy	07/12/13	213,000	221,491	8,491
Goldman Sachs & Co.	Colombian Peso	984,984,000	Buy	07/12/13	533,000	512,009	(20,991	)
Goldman Sachs & Co.	EU Euro	278,056	Buy	07/12/13	360,000	361,945	1,945
Goldman Sachs & Co.	Australian Dollar	148,096	Buy	07/12/13	150,000	135,338	(14,662	)
Goldman Sachs & Co.	South African Rand	1,617,207	Buy	08/23/13	162,204	162,329	125
Goldman Sachs & Co.	South African Rand	1,430,920	Buy	08/23/13	143,520	143,630	110
Goldman Sachs & Co.	Japanese Yen	19,664,094	Buy	07/12/13	202,000	198,274	(3,726	)
Goldman Sachs & Co.	Norwegian Krone	2,831,733	Buy	07/12/13	486,000	466,015	(19,985	)
Goldman Sachs & Co.	Swedish Krona	1,652,108	Buy	07/12/13	250,000	246,300	(3,700	)
Goldman Sachs & Co.	Norwegian Krone	1,414,005	Buy	07/12/13	239,000	232,701	(6,299	)
Goldman Sachs & Co.	Norwegian Krone	1,333,190	Buy	07/12/13	227,000	219,401	(7,599	)
Goldman Sachs & Co.	Australian Dollar	534,278	Buy	07/12/13	558,000	488,254	(69,746	)
Goldman Sachs & Co.	EU Euro	193,829	Buy	07/12/13	254,000	252,307	(1,693	)
Goldman Sachs & Co.	Chilean Peso	299,548,553	Buy	07/12/13	629,634	588,531	(41,103	)
Goldman Sachs & Co.	Japanese Yen	6,492,376	Buy	07/12/13	65,000	65,463	463
HSBC	Japanese Yen	11,211,788	Buy	07/12/13	111,000	113,049	2,049
HSBC	EU Euro	599,531	Buy	07/12/13	779,000	780,408	1,408
JPMorgan Chase & Co.	Norwegian Krone	1,594,220	Buy	07/12/13	262,000	262,359	359
JPMorgan Chase & Co.	British Pound	51,811	Buy	07/12/13	79,000	78,797	(203	)
JPMorgan Chase & Co.	EU Euro	76,719	Buy	07/12/13	100,000	99,865	(135	)
JPMorgan Chase & Co.	Canadian Dollar	244,035	Buy	07/12/13	232,000	231,982	(18	)
JPMorgan Chase & Co.	EU Euro	445,773	Buy	07/12/13	583,778	580,262	(3,516	)
JPMorgan Chase & Co.	Norwegian Krone	5,304,376	Buy	07/12/13	869,000	872,934	3,934
JPMorgan Chase & Co.	New Zealand Dollar	214,650	Buy	07/12/13	166,000	166,220	220
JPMorgan Chase & Co.	Swiss Franc	24,228	Buy	07/12/13	26,000	25,652	(348	)
JPMorgan Chase & Co.	EU Euro	336,077	Buy	07/12/13	444,000	437,471	(6,529	)

See Accompanying Notes to Financial Statements

21

JPMorgan Chase & Co.	Swiss Franc	283,063	Buy	07/12/13	307,000	299,705	(7,295	)
JPMorgan Chase & Co.	Colombian Peso	1,267,086,000	Buy	07/12/13	669,000	658,650	(10,350	)
JPMorgan Chase & Co.	Brazilian Real	3,807,340	Buy	07/12/13	1,767,567	1,702,320	(65,247	)
JPMorgan Chase & Co.	Brazilian Real	1,290	Buy	07/12/13	599	577	(22	)
JPMorgan Chase & Co.	Philippine Peso	12,216,960	Buy	07/12/13	288,000	282,760	(5,240	)
JPMorgan Chase & Co.	Philippine Peso	12,196,800	Buy	07/12/13	288,000	282,293	(5,707	)
JPMorgan Chase & Co.	British Pound	454,115	Buy	07/12/13	685,535	690,641	5,106
JPMorgan Chase & Co.	Turkish Lira	132,550	Buy	08/23/13	68,000	68,148	148
JPMorgan Chase & Co.	Mexican Peso	3,530,125	Buy	08/23/13	272,000	271,128	(872	)
JPMorgan Chase & Co.	British Pound	345,896	Buy	07/12/13	539,000	526,057	(12,943	)
JPMorgan Chase & Co.	Mexican Peso	3,481,264	Buy	08/23/13	269,000	267,375	(1,625	)
JPMorgan Chase & Co.	Mexican Peso	3,507,499	Buy	08/23/13	271,000	269,390	(1,610	)
JPMorgan Chase & Co.	New Zealand Dollar	343,396	Buy	07/12/13	293,000	265,918	(27,082	)
JPMorgan Chase & Co.	Australian Dollar	73,797	Buy	07/12/13	76,000	67,440	(8,560	)
JPMorgan Chase & Co.	Indonesian Rupiah	4,168,680,000	Buy	08/23/13	399,797	417,423	17,626
JPMorgan Chase & Co.	Japanese Yen	25,081,242	Buy	07/12/13	256,000	252,896	(3,104	)
JPMorgan Chase & Co.	Russian Ruble	30,155,090	Buy	08/23/13	923,148	908,951	(14,197	)
JPMorgan Chase & Co.	Indonesian Rupiah	4,168,680,000	Buy	08/23/13	411,925	417,423	5,498
JPMorgan Chase & Co.	Malaysian Ringgit	845,385	Buy	08/23/13	271,000	266,619	(4,381	)
JPMorgan Chase & Co.	Russian Ruble	151,008	Buy	08/23/13	4,623	4,552	(71	)
JPMorgan Chase & Co.	Malaysian Ringgit	836,325	Buy	08/23/13	270,000	263,762	(6,238	)
JPMorgan Chase & Co.	Malaysian Ringgit	843,880	Buy	08/23/13	272,000	266,145	(5,855	)
JPMorgan Chase & Co.	Malaysian Ringgit	842,656	Buy	08/23/13	272,000	265,759	(6,241	)
JPMorgan Chase & Co.	Russian Ruble	8,803,280	Buy	08/23/13	272,000	265,353	(6,647	)
JPMorgan Chase & Co.	Swedish Krona	3,653,580	Buy	07/12/13	558,000	544,683	(13,317	)
JPMorgan Chase & Co.	Australian Dollar	184,879	Buy	07/12/13	189,000	168,953	(20,047	)
JPMorgan Chase & Co.	Norwegian Krone	3,176,042	Buy	07/12/13	545,000	522,677	(22,323	)
JPMorgan Chase & Co.	British Pound	562,653	Buy	07/12/13	861,000	855,711	(5,289	)
JPMorgan Chase & Co.	Japanese Yen	10,684,159	Buy	07/12/13	108,000	107,729	(271	)
JPMorgan Chase & Co.	Danish Krone	849,772	Buy	07/12/13	149,858	148,315	(1,543	)
JPMorgan Chase & Co.	Australian Dollar	221,614	Buy	07/12/13	232,000	202,524	(29,476	)
JPMorgan Chase & Co.	British Pound	203,760	Buy	07/12/13	312,000	309,889	(2,111	)
JPMorgan Chase & Co.	Taiwan New Dollar	4,544,479	Buy	07/12/13	153,868	151,641	(2,227	)
UBS Warburg LLC	British Pound	38,231	Buy	07/12/13	58,000	58,144	144
UBS Warburg LLC	Japanese Yen	106,275,187	Buy	07/12/13	1,088,000	1,071,579	(16,421	)
UBS Warburg LLC	Swedish Krona	2,201,672	Buy	07/12/13	336,000	328,230	(7,770	)
UBS Warburg LLC	Japanese Yen	43,811,057	Buy	07/12/13	441,000	441,750	750

See Accompanying Notes to Financial Statements

22

UBS Warburg LLC	Norwegian Krone	1,161,116	Buy	07/12/13	199,000		191,083		(7,917		)
UBS Warburg LLC	EU Euro	972,543	Buy	07/12/13	1,272,000		1,265,959		(6,041		)
UBS Warburg LLC	EU Euro	149,981	Buy	07/12/13	196,000		195,230		(770		)
									$	(2,856,691	)
Barclays Bank PLC	British Pound	172,381	Sell	07/12/13	$	262,000	$	262,166	$	(166	)
Barclays Bank PLC	Norwegian Krone	568,481	Sell	07/12/13	94,000		93,554		446
Barclays Bank PLC	Philippine Peso	3,381,534	Sell	07/12/13	78,000		78,265		(265		)
HSBC	Australian Dollar	196,577	Sell	07/12/13	182,000		179,643		2,357
Barclays Bank PLC	Brazilian Real	157,745	Sell	07/12/13	70,000		70,530		(530		)
Barclays Bank PLC	Australian Dollar	633,245	Sell	07/12/13	588,000		578,696		9,304
Barclays Bank PLC	British Pound	140,122	Sell	07/12/13	220,000		213,105		6,895
Barclays Bank PLC	Colombian Peso	1,116,512,000	Sell	07/12/13	592,000		580,380		11,620
Barclays Bank PLC	Swiss Franc	488,398	Sell	07/12/13	531,000		517,111		13,889
Barclays Bank PLC	Swiss Franc	249,176	Sell	07/12/13	268,000		263,825		4,175
Barclays Bank PLC	Swiss Franc	247,835	Sell	07/12/13	268,000		262,405		5,595
Barclays Bank PLC	British Pound	199,103	Sell	07/12/13	310,000		302,806		7,194
Barclays Bank PLC	Swiss Franc	222,469	Sell	07/12/13	238,000		235,549		2,451
Barclays Bank PLC	Chilean Peso	493,545,000	Sell	07/12/13	975,000		969,681		5,319
Barclays Bank PLC	British Pound	278,885	Sell	07/12/13	423,000		424,143		(1,143		)
Barclays Bank PLC	New Zealand Dollar	595,835	Sell	07/12/13	481,000		461,402		19,598
Barclays Bank PLC	EU Euro	115,257	Sell	07/12/13	149,000		150,030		(1,030		)
Barclays Bank PLC	Swiss Franc	512,071	Sell	07/12/13	532,000		542,177		(10,177		)
Barclays Bank PLC	Japanese Yen	27,140,219	Sell	07/12/13	266,000		273,657		(7,657		)
Barclays Bank PLC	Swiss Franc	262,366	Sell	07/12/13	272,000		277,791		(5,791		)
Barclays Bank PLC	Thai Baht	10,745,025	Sell	08/23/13	345,000		345,459		(459		)
Barclays Bank PLC	Swiss Franc	519,890	Sell	07/12/13	544,000		550,455		(6,455		)
Barclays Bank PLC	Australian Dollar	529,568	Sell	07/12/13	539,000		483,950		55,050
Barclays Bank PLC	Australian Dollar	536,516	Sell	07/12/13	539,000		490,299		48,701
Barclays Bank PLC	Mexican Peso	3,482,478	Sell	08/23/13	271,000		267,469		3,531
Barclays Bank PLC	Thai Baht	8,248,231	Sell	08/23/13	264,791		265,186		(395		)
Barclays Bank PLC	Swedish Krona	2,231,768	Sell	07/12/13	341,000		332,717		8,283
Barclays Bank PLC	South African Rand	2,727,360	Sell	08/23/13	271,000		273,761		(2,761		)
Barclays Bank PLC	EU Euro	290,288	Sell	07/12/13	378,000		377,867		133
Barclays Bank PLC	British Pound	713,619	Sell	07/12/13	1,087,000		1,085,308		1,692
Citigroup, Inc.	EU Euro	931,576	Sell	07/12/13	1,211,649		1,212,631		(982		)
Citigroup, Inc.	Norwegian Krone	603,526	Sell	07/12/13	99,000		99,322		(322		)
Citigroup, Inc.	Swedish Krona	1,041,785	Sell	07/12/13	155,000		155,311		(311		)
Citigroup, Inc.	Norwegian Krone	1,001,732	Sell	07/12/13	164,000		164,854		(854		)
Citigroup, Inc.	Japanese Yen	19,149,298	Sell	07/12/13	196,000		193,084		2,916
Citigroup, Inc.	EU Euro	170,327	Sell	07/12/13	223,000		221,715		1,285
Citigroup, Inc.	EU Euro	400,073	Sell	07/12/13	524,000		520,774		3,226
Citigroup, Inc.	Norwegian Krone	2,415,900	Sell	07/12/13	392,000		397,582		(5,582		)
Citigroup, Inc.	New Zealand Dollar	213,200	Sell	07/12/13	165,000		165,097		(97		)
Citigroup, Inc.	Japanese Yen	16,110,287	Sell	07/12/13	165,000		162,441		2,559
Citigroup, Inc.	EU Euro	460,433	Sell	07/12/13	605,000		599,345		5,655
Citigroup, Inc.	British Pound	114,730	Sell	07/12/13	177,000		174,487		2,513
Citigroup, Inc.	Canadian Dollar	440,292	Sell	07/12/13	421,000		418,546		2,454
Citigroup, Inc.	British Pound	65,919	Sell	07/12/13	102,000		100,253		1,747
Citigroup, Inc.	British Pound	178,734	Sell	07/12/13	277,000		271,828		5,172
Citigroup, Inc.	Australian Dollar	605,495	Sell	07/12/13	572,000		553,336		18,664
Citigroup, Inc.	Swedish Krona	763	Sell	07/12/13	118		113		5
Citigroup, Inc.	British Pound	157,831	Sell	07/12/13	247,000		240,037		6,963
Citigroup, Inc.	EU Euro	258,000	Sell	07/12/13	346,000		335,838		10,162
Citigroup, Inc.	Japanese Yen	56,892,540	Sell	07/12/13	600,000		573,651		26,349
Citigroup, Inc.	New Zealand Dollar	165,340	Sell	07/12/13	133,000		128,036		4,964
Citigroup, Inc.	Australian Dollar	266,906	Sell	07/12/13	253,000		243,914		9,086
Citigroup, Inc.	British Pound	146,815	Sell	07/12/13	230,000		223,284		6,716
Citigroup, Inc.	Australian Dollar	458,389	Sell	07/12/13	433,000		418,902		14,098
Citigroup, Inc.	Brazilian Real	581,431	Sell	07/12/13	271,000		259,967		11,033
Citigroup, Inc.	Swiss Franc	328,308	Sell	07/12/13	353,000		347,609		5,391
Deutsche Bank AG	British Pound	355,283	Sell	07/12/13	554,000		540,333		13,667
Citigroup, Inc.	Brazilian Real	572,623	Sell	07/12/13	271,000		256,029		14,971
Citigroup, Inc.	Norwegian Krone	1,660,684	Sell	07/12/13	285,000		273,297		11,703
Citigroup, Inc.	Swedish Krona	2,497,099	Sell	07/12/13	380,000		372,273		7,727
Citigroup, Inc.	Canadian Dollar	710,607	Sell	07/12/13	686,000		675,510		10,490
Citigroup, Inc.	Norwegian Krone	5,650,811	Sell	07/12/13	971,000		929,947		41,053
Citigroup, Inc.	Philippine Peso	11,315,700	Sell	07/12/13	270,000		261,900		8,100
Citigroup, Inc.	Japanese Yen	17,138,057	Sell	07/12/13	170,000		172,804		(2,804		)
Citigroup, Inc.	Canadian Dollar	308,872	Sell	07/12/13	298,000		293,617		4,383

See Accompanying Notes to Financial Statements

23

Citigroup, Inc.	EU Euro	490,407	Sell	07/12/13	636,000	638,362	(2,362	)
Citigroup, Inc.	EU Euro	199,813	Sell	07/12/13	259,000	260,096	(1,096	)
Citigroup, Inc.	Canadian Dollar	788,674	Sell	07/12/13	761,000	749,721	11,279
Citigroup, Inc.	Japanese Yen	5,559,263	Sell	07/12/13	55,000	56,054	(1,054	)
Citigroup, Inc.	Swedish Krona	2,298,485	Sell	07/12/13	345,000	342,663	2,337
Citigroup, Inc.	EU Euro	405,316	Sell	07/12/13	524,000	527,600	(3,600	)
Citigroup, Inc.	British Pound	457,733	Sell	07/12/13	688,462	696,144	(7,682	)
Citigroup, Inc.	Canadian Dollar	711,339	Sell	07/12/13	684,000	676,206	7,794
Citigroup, Inc.	Australian Dollar	142,183	Sell	07/12/13	137,000	129,935	7,065
Citigroup, Inc.	Norwegian Krone	2,208,108	Sell	07/12/13	378,000	363,386	14,614
Citigroup, Inc.	Canadian Dollar	723,041	Sell	07/12/13	701,000	687,330	13,670
Citigroup, Inc.	New Zealand Dollar	70,116	Sell	07/12/13	57,000	54,296	2,704
Citigroup, Inc.	EU Euro	164,301	Sell	07/12/13	211,000	213,870	(2,870	)
Citigroup, Inc.	New Zealand Dollar	380,816	Sell	07/12/13	310,000	294,896	15,104
Citigroup, Inc.	Norwegian Krone	309,934	Sell	07/12/13	53,000	51,005	1,995
Citigroup, Inc.	New Zealand Dollar	144,254	Sell	07/12/13	116,000	111,707	4,293
Citigroup, Inc.	Canadian Dollar	574,409	Sell	07/12/13	558,000	546,039	11,961
Citigroup, Inc.	Swedish Krona	1,314,725	Sell	07/12/13	196,000	196,002	(2	)
Citigroup, Inc.	Canadian Dollar	494,969	Sell	07/12/13	486,000	470,522	15,478
Citigroup, Inc.	Czech Koruna	1,447,243	Sell	08/23/13	73,000	72,433	567
Citigroup, Inc.	Russian Ruble	1,379,765	Sell	08/23/13	41,542	41,590	(48	)
Citigroup, Inc.	Brazilian Real	1,078,792	Sell	07/12/13	533,000	482,345	50,655
Citigroup, Inc.	Hong Kong Sar Dollar	1,946,418	Sell	08/23/13	251,000	251,006	(6	)
Citigroup, Inc.	South Korean Won	381,176,400	Sell	08/23/13	330,000	332,884	(2,884	)
Citigroup, Inc.	Polish Zloty	775,982	Sell	08/23/13	235,000	232,752	2,248
Citigroup, Inc.	Indian Rupee	12,115,536	Sell	08/23/13	201,000	201,955	(955	)
Citigroup, Inc.	New Zealand Dollar	327,549	Sell	07/12/13	271,000	253,647	17,353
Citigroup, Inc.	Mexican Peso	2,603,379	Sell	08/23/13	194,000	199,950	(5,950	)
Citigroup, Inc.	Mexican Peso	3,038,686	Sell	08/23/13	227,000	233,384	(6,384	)
Citigroup, Inc.	Mexican Peso	3,580,270	Sell	08/23/13	267,000	274,980	(7,980	)
Citigroup, Inc.	Mexican Peso	3,572,102	Sell	08/23/13	267,000	274,352	(7,352	)
Citigroup, Inc.	Norwegian Krone	616,786	Sell	07/12/13	107,000	101,504	5,496
Citigroup, Inc.	British Pound	151,838	Sell	07/12/13	236,000	230,923	5,077
Citigroup, Inc.	British Pound	346,116	Sell	07/12/13	539,000	526,391	12,609
Citigroup, Inc.	EU Euro	208,442	Sell	07/12/13	274,391	271,329	3,062
Citigroup, Inc.	Japanese Yen	106,136,734	Sell	07/12/13	1,069,000	1,070,183	(1,183	)
Citigroup, Inc.	Mexican Peso	3,470,698	Sell	08/23/13	269,000	266,564	2,436
Citigroup, Inc.	Mexican Peso	3,470,725	Sell	08/23/13	269,000	266,566	2,434
Citigroup, Inc.	EU Euro	942,437	Sell	07/12/13	1,234,252	1,226,769	7,483
Citigroup, Inc.	Mexican Peso	3,495,782	Sell	08/23/13	271,000	268,491	2,509
Citigroup, Inc.	Mexican Peso	3,495,023	Sell	08/23/13	271,000	268,432	2,568
Citigroup, Inc.	Indonesian Rupiah	4,168,680,000	Sell	08/23/13	398,840	417,422	(18,582	)
Citigroup, Inc.	Norwegian Krone	246,404	Sell	07/12/13	42,000	40,550	1,450
Citigroup, Inc.	Canadian Dollar	152,194	Sell	07/12/13	149,000	144,677	4,323
Citigroup, Inc.	British Pound	131,777	Sell	07/12/13	201,000	200,414	586
Citigroup, Inc.	Turkish Lira	515,326	Sell	08/23/13	271,000	264,944	6,056
Citigroup, Inc.	Malaysian Ringgit	839,152	Sell	08/23/13	271,000	264,653	6,347
Citigroup, Inc.	Mexican Peso	3,463,697	Sell	08/23/13	270,000	266,026	3,974
Citigroup, Inc.	Polish Zloty	115,584	Sell	08/23/13	35,427	34,669	758
Citigroup, Inc.	British Pound	144,184	Sell	07/12/13	220,000	219,283	717
Citigroup, Inc.	Singapore Dollar	339,992	Sell	08/23/13	272,000	268,262	3,738
Citigroup, Inc.	Polish Zloty	893,337	Sell	08/23/13	272,000	267,952	4,048
Citigroup, Inc.	South African Rand	1,666,245	Sell	08/23/13	167,801	167,251	550
Citigroup, Inc.	Canadian Dollar	707,448	Sell	07/12/13	688,000	672,507	15,493
Citigroup, Inc.	British Pound	305,674	Sell	07/12/13	467,000	464,885	2,115
Citigroup, Inc.	Japanese Yen	67,011,461	Sell	07/12/13	684,195	675,680	8,515
Citigroup, Inc.	EU Euro	278,770	Sell	07/12/13	366,000	362,875	3,125
Citigroup, Inc.	Canadian Dollar	678,613	Sell	07/12/13	659,000	645,096	13,904
Citigroup, Inc.	Norwegian Krone	1,118,540	Sell	07/12/13	192,000	184,077	7,923
Citigroup, Inc.	Australian Dollar	543,035	Sell	07/12/13	560,000	496,256	63,744
Citigroup, Inc.	Canadian Dollar	687,787	Sell	07/12/13	672,000	653,817	18,183
Citigroup, Inc.	Swedish Krona	2,572,764	Sell	07/12/13	402,000	383,553	18,447
Citigroup, Inc.	Hungarian Forint	60,414,606	Sell	09/20/13	262,000	264,474	(2,474	)
Citigroup, Inc.	New Zealand Dollar	397,379	Sell	07/12/13	339,000	307,722	31,278
Citigroup, Inc.	Japanese Yen	53,675,578	Sell	07/12/13	547,000	541,214	5,786
Citigroup, Inc.	Hungarian Forint	66,797,508	Sell	09/20/13	291,000	292,416	(1,416	)
Citigroup, Inc.	British Pound	281,490	Sell	07/12/13	433,000	428,105	4,895
Citigroup, Inc.	Colombian Peso	988,598,400	Sell	07/12/13	536,000	513,888	22,112
Citigroup, Inc.	Hungarian Forint	2,939,999	Sell	09/20/13	13,028	12,870	158
Citigroup, Inc.	Colombian Peso	8,796,840	Sell	07/12/13	4,767	4,573	194

See Accompanying Notes to Financial Statements

24

Deutsche Bank AG	Philippine Peso	75,721	Sell	07/12/13	1,857	1,753	104
Citigroup, Inc.	Colombian Peso	418,100,000	Sell	07/12/13	226,000	217,335	8,665
Citigroup, Inc.	Philippine Peso	8,859,025	Sell	07/12/13	217,000	205,041	11,959
Credit Suisse Group AG	British Pound	661,457	Sell	07/12/13	1,020,000	1,005,978	14,022
Credit Suisse Group AG	British Pound	178,735	Sell	07/12/13	277,000	271,829	5,171
Credit Suisse Group AG	Swiss Franc	15,341	Sell	07/12/13	16,000	16,243	(243	)
HSBC	Norwegian Krone	808,409	Sell	07/12/13	137,000	133,039	3,961
Credit Suisse Group AG	Swedish Krona	3,854,507	Sell	07/12/13	578,804	574,638	4,166
Credit Suisse Group AG	Japanese Yen	56,044,844	Sell	07/12/13	573,000	565,104	7,896
Deutsche Bank AG	Chinese Offshore Yuan	1,341,261	Sell	01/14/14	212,780	215,502	(2,722	)
Deutsche Bank AG	Chinese Offshore Yuan	3,280,737	Sell	01/14/14	526,206	527,122	(916	)
Deutsche Bank AG	Australian Dollar	317,367	Sell	07/12/13	294,000	290,028	3,972
Deutsche Bank AG	Canadian Dollar	271,222	Sell	07/12/13	258,000	257,826	174
Deutsche Bank AG	EU Euro	448,419	Sell	07/12/13	593,000	583,707	9,293
Deutsche Bank AG	Brazilian Real	70	Sell	07/12/13	32	31	1
Deutsche Bank AG	Brazilian Real	226,275	Sell	07/12/13	105,000	101,171	3,829
Deutsche Bank AG	Brazilian Real	273,685	Sell	07/12/13	127,000	122,369	4,631
Deutsche Bank AG	Canadian Dollar	380,416	Sell	07/12/13	374,000	361,627	12,373
Deutsche Bank AG	EU Euro	408,345	Sell	07/12/13	542,000	531,542	10,458
Barclays Bank PLC	EU Euro	408,863	Sell	07/12/13	542,000	532,216	9,784
Deutsche Bank AG	Australian Dollar	290,341	Sell	07/12/13	273,000	265,331	7,669
Deutsche Bank AG	EU Euro	680,427	Sell	07/12/13	899,000	885,711	13,289
Deutsche Bank AG	Brazilian Real	572,894	Sell	07/12/13	271,000	256,150	14,850
Deutsche Bank AG	New Zealand Dollar	269,517	Sell	07/12/13	215,000	208,708	6,292
Deutsche Bank AG	Australian Dollar	459,106	Sell	07/12/13	441,000	419,557	21,443
Deutsche Bank AG	Brazilian Real	202,996	Sell	07/12/13	95,000	90,763	4,237
Deutsche Bank AG	Colombian Peso	176,190,120	Sell	07/12/13	92,000	91,586	414
Deutsche Bank AG	Philippine Peso	27,070,050	Sell	07/12/13	635,000	626,532	8,468
Deutsche Bank AG	Australian Dollar	238,381	Sell	07/12/13	229,000	217,846	11,154
Deutsche Bank AG	Swiss Franc	1,057,754	Sell	07/12/13	1,088,000	1,119,940	(31,940	)
Deutsche Bank AG	New Zealand Dollar	125,638	Sell	07/12/13	101,000	97,291	3,709
Deutsche Bank AG	EU Euro	841,695	Sell	07/12/13	1,081,000	1,095,634	(14,634	)
Deutsche Bank AG	New Zealand Dollar	639,325	Sell	07/12/13	520,000	495,079	24,921
Deutsche Bank AG	Swedish Krona	2,574,120	Sell	07/12/13	385,000	383,755	1,245
Deutsche Bank AG	Australian Dollar	461,652	Sell	07/12/13	454,000	421,884	32,116
Deutsche Bank AG	Swedish Krona	2,262,614	Sell	07/12/13	339,000	337,315	1,685
Deutsche Bank AG	Swiss Franc	262,371	Sell	07/12/13	272,000	277,796	(5,796	)
Deutsche Bank AG	Malaysian Ringgit	1,301,520	Sell	08/23/13	408,000	410,476	(2,476	)
Deutsche Bank AG	Japanese Yen	34,952,901	Sell	07/12/13	343,000	352,432	(9,432	)
Deutsche Bank AG	Japanese Yen	36,234,072	Sell	07/12/13	357,000	365,350	(8,350	)
Deutsche Bank AG	Australian Dollar	443,330	Sell	07/12/13	447,000	405,140	41,860
Deutsche Bank AG	Mexican Peso	3,576,870	Sell	08/23/13	267,000	274,718	(7,718	)
Deutsche Bank AG	Japanese Yen	19,378,050	Sell	07/12/13	196,000	195,390	610
Deutsche Bank AG	EU Euro	670,299	Sell	07/12/13	882,703	872,528	10,175
Deutsche Bank AG	Japanese Yen	17,614,132	Sell	07/12/13	178,000	177,604	396
Deutsche Bank AG	Israeli New Shekel	306,231	Sell	08/23/13	85,003	84,086	917
Deutsche Bank AG	Japanese Yen	15,161,183	Sell	07/12/13	153,000	152,871	129
Deutsche Bank AG	Colombian Peso	971,261,000	Sell	07/12/13	527,000	504,876	22,124
Deutsche Bank AG	EU Euro	122,678	Sell	07/12/13	162,000	159,690	2,310
Deutsche Bank AG	Norwegian Krone	1,613,717	Sell	07/12/13	279,000	265,567	13,433
Deutsche Bank AG	Australian Dollar	181,890	Sell	07/12/13	186,000	166,222	19,778
Deutsche Bank AG	South African Rand	2,730,694	Sell	08/23/13	271,000	274,096	(3,096	)
Deutsche Bank AG	South African Rand	2,506,354	Sell	08/23/13	247,000	251,578	(4,578	)
Deutsche Bank AG	South African Rand	11,529,815	Sell	08/23/13	1,128,274	1,157,316	(29,042	)
Deutsche Bank AG	Australian Dollar	153,312	Sell	07/12/13	158,000	140,106	17,894
Deutsche Bank AG	South African Rand	8,192,119	Sell	08/23/13	801,657	822,292	(20,635	)
Deutsche Bank AG	Malaysian Ringgit	245,724	Sell	08/23/13	77,936	77,497	439
Deutsche Bank AG	Mexican Peso	3,310,124	Sell	08/23/13	256,798	254,231	2,567
Deutsche Bank AG	Mexican Peso	4,409,000	Sell	08/23/13	342,048	338,629	3,419
Deutsche Bank AG	British Pound	359,121	Sell	07/12/13	551,000	546,170	4,830
Deutsche Bank AG	EU Euro	806,668	Sell	07/12/13	1,050,000	1,050,040	(40	)
Deutsche Bank AG	Polish Zloty	885,315	Sell	08/23/13	271,000	265,546	5,454
Deutsche Bank AG	Turkish Lira	515,163	Sell	08/23/13	271,000	264,860	6,140
Deutsche Bank AG	Mexican Peso	3,463,535	Sell	08/23/13	270,000	266,014	3,986
Deutsche Bank AG	Hungarian Forint	66,795,674	Sell	09/20/13	291,000	292,408	(1,408	)

See Accompanying Notes to Financial Statements

25

Deutsche Bank AG	Philippine Peso	27,464,500	Sell	07/12/13	665,000	635,662	29,338
Deutsche Bank AG	Hungarian Forint	46,278,709	Sell	09/20/13	205,615	202,592	3,023
Deutsche Bank AG	Hungarian Forint	61,293,181	Sell	09/20/13	271,000	268,320	2,680
Deutsche Bank AG	Brazilian Real	7,009,266	Sell	07/12/13	3,434,231	3,133,951	300,280
Deutsche Bank AG	Brazilian Real	290,475	Sell	07/12/13	142,320	129,876	12,444
Deutsche Bank AG	Hungarian Forint	122,545,630	Sell	09/20/13	536,807	536,463	344
Deutsche Bank AG	Philippine Peso	11,349,350	Sell	07/12/13	278,000	262,679	15,321
Deutsche Bank AG	Philippine Peso	27,801,825	Sell	07/12/13	681,000	643,469	37,531
Deutsche Bank AG	Philippine Peso	6,421,120	Sell	07/12/13	158,000	148,616	9,384
Deutsche Bank AG	Colombian Peso	2,610,160	Sell	07/12/13	1,436	1,356	80
Deutsche Bank AG	Philippine Peso	16,946,880	Sell	07/12/13	417,000	392,233	24,767
Deutsche Bank AG	Chinese Yuan	3,111,565	Sell	08/09/13	494,960	505,237	(10,277	)
Goldman Sachs & Co.	British Pound	172,494	Sell	07/12/13	262,000	262,338	(338	)
Goldman Sachs & Co.	Australian Dollar	645,130	Sell	07/12/13	600,000	589,557	10,443
Goldman Sachs & Co.	British Pound	374,354	Sell	07/12/13	576,000	569,337	6,663
Goldman Sachs & Co.	Norwegian Krone	398,112	Sell	07/12/13	68,000	65,517	2,483
Goldman Sachs & Co.	Norwegian Krone	3,863,230	Sell	07/12/13	654,000	635,767	18,233
Goldman Sachs & Co.	Norwegian Krone	2,411,669	Sell	07/12/13	413,000	396,885	16,115
Goldman Sachs & Co.	Norwegian Krone	1,885,488	Sell	07/12/13	325,000	310,292	14,708
Goldman Sachs & Co.	Swedish Krona	1,346,634	Sell	07/12/13	202,000	200,759	1,241
Goldman Sachs & Co.	British Pound	526,809	Sell	07/12/13	806,000	801,199	4,801
Goldman Sachs & Co.	Swedish Krona	1,324,518	Sell	07/12/13	199,000	197,462	1,538
Goldman Sachs & Co.	British Pound	229,605	Sell	07/12/13	350,000	349,194	806
Goldman Sachs & Co.	British Pound	193,464	Sell	07/12/13	294,000	294,230	(230	)
Goldman Sachs & Co.	Norwegian Krone	1,271,704	Sell	07/12/13	217,000	209,283	7,717
Goldman Sachs & Co.	Australian Dollar	582,079	Sell	07/12/13	574,000	531,938	42,062
Goldman Sachs & Co.	Norwegian Krone	2,231,190	Sell	07/12/13	382,000	367,184	14,816
Goldman Sachs & Co.	Norwegian Krone	2,197,500	Sell	07/12/13	378,000	361,640	16,360
Goldman Sachs & Co.	Norwegian Krone	2,653,052	Sell	07/12/13	457,000	436,609	20,391
Goldman Sachs & Co.	South African Rand	2,732,667	Sell	08/23/13	271,000	274,294	(3,294	)
Goldman Sachs & Co.	EU Euro	388,528	Sell	07/12/13	509,000	505,747	3,253
Goldman Sachs & Co.	Canadian Dollar	177,295	Sell	07/12/13	174,000	168,538	5,462
Goldman Sachs & Co.	British Pound	359,117	Sell	07/12/13	551,000	546,163	4,837
Goldman Sachs & Co.	South African Rand	2,340,939	Sell	08/23/13	232,000	234,974	(2,974	)
Goldman Sachs & Co.	Polish Zloty	893,634	Sell	08/23/13	272,000	268,042	3,958
Goldman Sachs & Co.	British Pound	534,583	Sell	07/12/13	814,000	813,022	978
Goldman Sachs & Co.	Norwegian Krone	1,286,250	Sell	07/12/13	224,000	211,677	12,323
HSBC	British Pound	186,522	Sell	07/12/13	292,000	283,672	8,328
HSBC	Brazilian Real	368,839	Sell	07/12/13	179,000	164,914	14,086
HSBC	Philippine Peso	21,945,385	Sell	07/12/13	539,000	507,923	31,077
JPMorgan Chase & Co.	British Pound	172,257	Sell	07/12/13	262,000	261,978	22
JPMorgan Chase & Co.	Brazilian Real	1,254,816	Sell	07/12/13	569,000	561,047	7,953

See Accompanying Notes to Financial Statements

26

JPMorgan Chase & Co.	Colombian Peso	263,092,000	Sell	07/12/13	136,000	136,759	(759		)
JPMorgan Chase & Co.	Taiwan New Dollar	4,567,144	Sell	07/12/13	152,000	152,397	(397		)
JPMorgan Chase & Co.	Philippine Peso	11,315,700	Sell	07/12/13	270,000	261,900	8,100
JPMorgan Chase & Co.	EU Euro	68,680	Sell	07/12/13	88,718	89,400	(682		)
JPMorgan Chase & Co.	Chinese Yuan	2,240,547	Sell	08/09/13	361,000	363,806	(2,806		)
JPMorgan Chase & Co.	Singapore Dollar	252,017	Sell	08/23/13	199,000	198,847	153
JPMorgan Chase & Co.	Peruvian Nuevo Sol	215,677	Sell	08/23/13	77,000	77,164	(164		)
JPMorgan Chase & Co.	Romanian New Leu	233,314	Sell	08/23/13	68,000	67,615	385
JPMorgan Chase & Co.	Mexican Peso	2,764,835	Sell	08/23/13	209,000	212,351	(3,351		)
JPMorgan Chase & Co.	British Pound	330,556	Sell	07/12/13	515,000	502,727	12,273
JPMorgan Chase & Co.	Mexican Peso	3,470,235	Sell	08/23/13	269,000	266,528	2,472
JPMorgan Chase & Co.	British Pound	418,518	Sell	07/12/13	648,000	636,504	11,496
JPMorgan Chase & Co.	Russian Ruble	56,594,960	Sell	08/23/13	1,732,508	1,705,916	26,592
JPMorgan Chase & Co.	Australian Dollar	544,249	Sell	07/12/13	556,000	497,366	58,634
JPMorgan Chase & Co.	New Zealand Dollar	820,799	Sell	07/12/13	694,000	635,609	58,391
HSBC	Russian Ruble	83,224,460	Sell	08/23/13	2,547,701	2,508,597	39,104
JPMorgan Chase & Co.	Norwegian Krone	3,199,862	Sell	07/12/13	544,000	526,597	17,403
JPMorgan Chase & Co.	Swedish Krona	3,553,269	Sell	07/12/13	545,000	529,729	15,271
JPMorgan Chase & Co.	Australian Dollar	530,113	Sell	07/12/13	544,000	484,448	59,552
JPMorgan Chase & Co.	Australian Dollar	531,723	Sell	07/12/13	546,000	485,919	60,081
JPMorgan Chase & Co.	Norwegian Krone	5,586,060	Sell	07/12/13	970,000	919,291	50,709
JPMorgan Chase & Co.	British Pound	416,936	Sell	07/12/13	640,000	634,097	5,903
JPMorgan Chase & Co.	Australian Dollar	251,043	Sell	07/12/13	263,000	229,418	33,582
JPMorgan Chase & Co.	New Zealand Dollar	4,695	Sell	07/12/13	4,000	3,636	364
JPMorgan Chase & Co.	Brazilian Real	581,431	Sell	07/12/13	271,000	259,967	11,033
UBS Warburg LLC	British Pound	142,630	Sell	07/12/13	223,000	216,918	6,082
UBS Warburg LLC	New Zealand Dollar	253,954	Sell	07/12/13	213,000	196,656	16,344
UBS Warburg LLC	New Zealand Dollar	842,893	Sell	07/12/13	709,000	652,718	56,282
UBS Warburg LLC	New Zealand Dollar	1,285,743	Sell	07/12/13	1,094,000	995,651	98,349
UBS Warburg LLC	Swedish Krona	1,040,430	Sell	07/12/13	163,000	155,109	7,891
UBS Warburg LLC	EU Euro	1,471,042	Sell	07/12/13	1,930,000	1,914,854	15,146
							$	2,436,386

See Accompanying Notes to Financial Statements

27

ING Balanced Portfolio Open Futures Contracts on June 30, 2013:

Contract Description	Number of Contracts	Expiration Date	Notional Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
30-year German Government Bond	3	09/06/13	$	501,939		$	(10,595	)
Australia 10-Year Bond	2	09/16/13	216,548			(5,367		)
Australia 3-Year Bond	5	09/16/13	499,378			(2,938		)
Canada 10-Year Bond	9	09/19/13	1,124,551			(29,257		)
Euro-Bobl 5-Year	23	09/06/13	3,748,210			(32,176		)
Euro-Schatz	49	09/06/13	7,038,496			5,511
Japan 10-Year Bond (TSE)	3	09/10/13	4,316,394			(8,279		)
Long Gilt	18	09/26/13	3,063,515			(109,106		)
Mini MSCI Emerging Markets Index	34	09/20/13	1,587,290			(5,614		)
S&P 500 E-Mini	76	09/20/13	6,077,340			(30,691		)
Short Gilt	5	09/26/13	796,374			1,635
U.S. Treasury 2-Year Note	63	09/30/13	13,860,000			(11,217		)
U.S. Treasury 5-Year Note	85	09/30/13	10,288,985			(43,014		)
U.S. Treasury Long Bond	64	09/19/13	8,694,000			(305,079		)
			$	61,813,020		$	(586,187	)
Short Contracts
Euro-Bund	(7)	09/06/13	(1,289,459		)	19,912
Medium Gilt	(11)	09/26/13	(1,861,273		)	32,061
U.S. Treasury 10-Year Note	(135)	09/19/13	(17,085,937		)	203,681
U.S. Treasury Ultra Long Bond	(21)	09/19/13	(3,093,562		)	109,478
			$	(23,330,231	)	$	365,132

ING Balanced Portfolio Over-the-Counter Credit Default Swap Agreements Outstanding on June 30, 2013:

Credit Default Swaps on Credit Indices - Buy Protection(1)

Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Fixed Rate (%)		Termination Date	Notional Amount(2)			Fair Value(3)			Upfront Payments Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	CDX.EM.19 Index	Buy	(5.000	)	06/20/18	USD	2,306,000		$	(183,866	)	$	(251,846	)	$	67,980
									$	(183,866	)	$	(251,846	)	$	67,980
Credit Default Swaps on Corporate and Sovereign Issues - Buy Protection(1)
Counterparty	Reference Entity/Obligation	Buy/Sell Protection	(Pay)/ Receive Fixed Rate (%)		Termination Date	Notional Amount(2)			Fair Value(3)			Upfront Payments Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Citigroup, Inc.	Citigroup, Inc.	Buy	(5.000	)	06/20/18	USD		2,631,000	(209,780		)	(288,630		)	78,850
Deutsche Bank AG	Republic of Turkey	Buy	(1.000	)	06/20/18	USD		215,000	8,606			4,148			4,458
									$	(201,174	)	(284,482		)	$	83,308

(1)	If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)	The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.
(3)	The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring.

ING Balanced Portfolio Centrally Cleared Interest Rate Swap Agreements Outstanding on June 30, 2013:

	Termination Date	Notional Amount		Fair Value		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 3.345% and pay a floating rate based on 6-month AUD-BBR-BBSW	06/25/15	AUD	16,085,000	$	49,510	$	49,510
Receive a fixed rate equal to 3.180% and pay a floating rate based on 6-month AUD-BBR-BBSW	06/26/15	AUD	12,295,000	19,894		19,894
Receive a floating rate based on 6-month GBP-LIBOR-BBA and pay a fixed rate equal to 0.779%	06/12/15	GBP	2,150,000	1,303		1,303
				$	70,707	$	70,707

See Accompanying Notes to Financial Statements

28

ING Balanced Portfolio Over-the-Counter Interest Rate Swap Agreements Outstanding on June 30, 2013:

	Termination Date	Notional Amount		Fair Value			Upfront Payments Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Receive a fixed rate equal to 8.860% and pay a floating rate based on the Brazil Cetip Interbank Deposit Rate Counterparty: Deutsche Bank AG	01/02/17	BRL	1,000,000	$	(19,060	)	$	—	$	(19,060	)
Receive a fixed rate equal to 9.705% and pay a floating rate based on the Brazil Cetip Interbank Deposit Rate Annualized Counterparty: HSBC	01/02/17	BRL	5,000,000	(57,693		)	—		(57,693		)
Receive a floating rate based on the 3-month CAD-BA-CDOR and pay a fixed rate equal to 1.505% Counterparty: Citigroup, Inc.	06/12/15	CAD	3,460,000	2,826			—		2,826
Receive a fixed rate equal to 5.285% and pay a floating rate based on the 28-day MXN TIIE-BANXICO Counterparty: Deutsche Bank AG	05/02/23	MXN	4,925,000	(40,923		)	—		(40,923		)
Receive a fixed rate equal to 5.290% and pay a floating rate based on the 28-day MXN TIIE-BANXICO Counterparty: HSBC	05/02/23	MXN	8,200,000	(67,878		)	—		(67,878		)
Receive a fixed rate equal to 5.280% and pay a floating rate based on the 28-day MXN TIIE-BANXICO Counterparty: HSBC	05/03/23	MXN	8,200,000	(68,474		)	—		(68,474		)
Receive a fixed rate equal to 3.015% and pay a floating rate based on 3-month NZD-BBR-FRA Counterparty: Citigroup, Inc.	06/14/15	NZD	8,660,000	(17,384		)	—		(17,384		)
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 3.571% Counterparty: Citigroup, Inc.	06/08/45	USD	807,000	27,836			—		27,836
Receive a fixed rate equal to 2.333% and pay a floating rate based on 3-month USD-LIBOR Counterparty: Citigroup, Inc.	06/08/20	USD	3,227,000	(68,696		)	—		(68,696		)
				$	(309,446	)	$	—	$	(309,446	)

ING Balanced Portfolio Written OTC Options on June 30, 2013:

Notional Amount	Counterparty	Description	Exercise Price	Expiration Date	Premiums Received		Fair Value
Options on Currencies
5,300,000	Barclays Bank PLC	EUR Put vs. USD Call Currency Option	1.220 USD	09/09/13	$	42,400	$	(11,556	)
			Total Written OTC Options		$	42,400	$	(11,556	)

See Accompanying Notes to Financial Statements

29

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The Board has a Nominating Committee for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board.  The Committee currently consists of all Independent Trustees of the Board (6 individuals).  The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider and present to the Board the candidates it proposes for nomination to fill vacancies on the Board. In evaluating candidates, the Nominating Committee may consider a variety of factors, but it has not at this time set any specific minimum qualifications that must be met.  Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.

The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews its own nominees.  A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include at a minimum the following information as to each individual proposed for nomination as trustee: such individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a trustee (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of trustees, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.

The Secretary shall submit all nominations received in a timely manner to the Nominating Committee.  To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90th day prior to such meeting and not later than the close of business on the later of the 60th day prior to such meeting or the 10th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the Securities and Exchange Commission.

ITEM 11. CONTROLS AND PROCEDURES.

(a)

Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b)

There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)	The Code of Ethics is not required for the semi-annual filing.
(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.
(a)(3)	Not required for semi-annual filing.
(b)	The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): ING Balanced Portfolio, Inc.
By	/s/		Shaun P. Mathews
			Shaun P. Mathews
			President and Chief Executive Officer
Date:		September 4, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By	/s/		Shaun P. Mathews
			Shaun P. Mathews
			President and Chief Executive Officer
Date:		September 4, 2013
By	/s/		Todd Modic
			Todd Modic
			Senior Vice President and Chief Financial Officer
Date:		September 4, 2013

EX-99.CERT

EXHIBIT 99.CERT

CERTIFICATION

I, Shaun P. Mathews, certify that:

1.I have reviewed this report on Form N-CSR of ING Balanced Portfolio, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:   September 4, 2013	/s/ Shaun P. Mathews
	Shaun P. Mathews
	President and Chief Executive Officer

CERTIFICATION

I, Todd Modic, certify that:

1.I have reviewed this report on Form N-CSR of ING Balanced Portfolio, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:   September 4, 2013	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

EX-99.906CERT

EXHIBIT 99.906CERT

CERTIFICATION

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant:	ING Balanced Portfolio, Inc.
Date of Form N-CSR:	June 30, 2013

The undersigned, the principal executive officer of the above named registrant (the “Fund”), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

1.             such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.             the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

A signed original of this written statement required by Section 906 has been provided to ING Balanced Portfolio, Inc. and will be retained by ING Balanced Portfolio, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 4th day of September, 2013.

/s/ Shaun P. Mathews

Shaun P. Mathews

President and Chief Executive Officer

CERTIFICATION

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant:	ING Balanced Portfolio, Inc.
Date of Form N-CSR:	June 30, 2013

The undersigned, the principal financial officer of the above named registrant (the “Fund”), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

1.             such Form N-CSR fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.             the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

A signed original of this written statement required by Section 906 has been provided to ING Balanced Portfolio, Inc. and will be retained by ING Balanced Portfolio, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 4thday of September, 2013.

/s/ Todd Modic

Todd Modic

Senior Vice President and Chief Financial Officer