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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-08220

ING Variable Products Trust

(Exact name of registrant as specified in charter)

7337 E. Doubletree Ranch Rd., Scottsdale, AZ 85258
(Address of principal executive offices)     (Zip code)

CT Corporation System, 101 Federal Street, Boston, MA 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-992-0180

Date of fiscal year end:      December 31

Date of reporting period:      September 30, 2005

Item 1. Schedule of Investments

The schedules of investments as of the close of the reporting period are set forth below for:

ING VP Convertible Portfolio
ING VP Disciplined LargeCap Portfolio
ING VP Financial Services Portfolio
ING VP High Yield Bond Portfolio
ING VP International Value Portfolio
ING VP LargeCap Growth Portfolio
ING VP MagnaCap Portfolio
ING VP MidCap Opportunities Portfolio
ING VP Real Estate Portfolio
ING VP SmallCap Opportunities Portfolio

The schedules are not audited.

ING VP Convertible Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)

Shares				Value
Common Stock: 5.1%
			Food: 0.4%
	861	@	Dean Foods Co.	$	33,458
	172	@	TreeHouse Foods, Inc.		4,623
					38,081
			Healthcare — Services: 0.6%
	640	@	WellPoint, Inc.		48,525
					48,525
			Investment Companies: 1.7%
	1,200		SPDR Trust Series 1		147,648
					147,648
			Miscellaneous Manufacturing: 0.4%
	900		General Electric Co.		30,303
					30,303
			Retail: 0.2%
	400		Wal-Mart Stores, Inc.		17,528
					17,528
			Software: 0.8%
	3,100	@	Open Solutions, Inc.		67,642
					67,642
			Telecommunications: 1.0%
	2,000		Qualcomm, Inc.		89,500
					89,500
			Total Common Stock
			(Cost $339,235)		439,227
Preferred Stock: 28.5%
			Advertising: 0.5%
	1,000		Interpublic Group of Cos., Inc.		42,950
					42,950
			Auto Manufacturers: 0.6%
	2,300	C	General Motors Corp.		54,809
					54,809
			Chemicals: 0.8%
	1,500		Huntsman Corp.		66,705
					66,705

 
ING VP Convertible Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Diversified Financial Services: 1.8%
	5,000		Citigroup Funding, Inc.	$	157,770
					157,770
			Electric: 1.1%
	80	#, C	NRG Energy, Inc.		97,880
					97,880
			Electrical Components & Equipment: 1.6%
	1,500	C	General Cable Corp.		135,938
					135,938
			Food: 0.4%
	1,500		Albertson’s, Inc.		37,350
					37,350
			Gas: 1.8%
	500	#, C	SEMCO Energy, Inc.		103,000
	1,000		Southern Union Co.		52,000
					155,000
			Insurance: 7.2%
	50	@@, #	Fortis Insurance		56,125
	2,250		Hartford Financial Services Group, Inc.		157,837
	2,000		Metlife, Inc.		56,140
	3,900		Reinsurance Group of America		230,100
	5,200	C	Travelers Property Casualty Corp.		125,112
					625,314
			Media: 0.6%
	1,100	C	Comcast Corp.		49,500
					49,500
			Mining: 1.3%
	100		Freeport-McMoRan Copper & Gold, Inc.		110,700
					110,700
			Oil & Gas: 3.8%
	2,000	#	Chesapeake Energy Corp.		329,000
					329,000
			Packaging & Containers: 2.3%
	5,300	C	Owens-Illinois, Inc.		195,570
					195,570

 
ING VP Convertible Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Real Estate Investment Trust: 0.9%
	3,000		FelCor Lodging Trust, Inc.	$	73,890
					73,890
			Retail: 0.8%
	3,100		Rite Aid Corp.		69,363
					69,363
			Savings & Loans: 0.8%
	1,600		Sovereign Capital Trust		71,000
					71,000
			Sovereign: 1.1%
	1	C	Fannie Mae		91,850
					91,850
			Telecommunications: 1.2%
	100	C	Lucent Technologies Capital Trust I		101,125
					101,125
			Total Preferred Stock
			(Cost $2,259,968)		2,465,714

 
ING VP Convertible Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount				Value
Convertible Corporate Bonds: 60.0%
			Advertising: 1.5%
$	120,000		Lamar Advertising Co., 2.875%, due 12/31/10	$	128,850
					128,850
			Aerospace/Defense: 3.6%
	150,000	#, C	L-3 Communications Corp., 3.000%, due 08/01/35		154,125
	179,000	C	Spacehab, Inc., 8.000%, due 10/15/07		156,401
					310,526
			Auto Parts & Equipment: 0.9%
	170,000	C	Lear Corp., 0.000%, due 02/20/22		77,138
					77,138
			Biotechnology: 2.5%
	215,000	C	Millennium Pharmaceuticals, Inc., 5.500%, due 01/15/07		213,119
					213,119
			Building Materials: 0.6%
	75,000	@@, C	Holcim Capital Corp. Ltd, 0.000%, due 06/10/17		53,250
					53,250
			Chemicals: 0.4%
	40,000		Hercules Trust II, 6.500%, due 06/30/29		31,000
					31,000
			Commercial Services: 2.2%
	125,000	#, C	Euronet Worldwide, Inc., 1.625%, due 12/15/24		132,031
	60,000	#, C	Euronet Worldwide, Inc., 3.500%, due 10/15/25		60,975
					193,006
			Computers: 0.7%
	55,000	C	Electronics For Imaging, 1.500%, due 06/01/23		56,788
					56,788
			Diversified Financial Services: 4.2%
	50,000	@@, #	AngloGold Holdings Plc, 2.375%, due 02/27/09		50,313
	200,000	C	E*Trade Financial Corp., 6.000%, due 02/01/07		203,250
	130,000	#, C	Ocwen Financial Corp., 3.250%, due 08/01/24		113,750
					367,313
			Electric: 1.2%
	75,000	C	Centerpoint Energy, Inc., 3.750%, due 05/15/23		99,656
					99,656

 
ING VP Convertible Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount				Value
			Electronics: 0.7%
	60,000	@@	Flextronics Intl. Ltd, 1.000%, due 08/01/10	$	61,050
					61,050
			Entertainment: 1.9%
	134,000	C	International Game Technology, 0.000%, due 01/29/33		85,760
	75,000	C	Shuffle Master, Inc., 1.250%, due 04/15/24		81,656
					167,416
			Healthcare — Products: 1.4%
	25,000	#, C	Advanced Medical Optics, Inc., 1.375%, due 07/01/25		23,906
	100,000	C	Advanced Medical Optics, Inc., 2.500%, due 07/15/24		98,000
					121,906
			Insurance: 1.0%
	80,000	C	PMA Capital Corp., 6.500%, due 09/30/22		84,800
					84,800
			Internet: 1.8%
	100,000	C	Amazon.com, Inc., 4.750%, due 02/01/09		98,250
	50,000		Openwave Systems, Inc., 2.750%, due 09/09/08		57,438
					155,688
			Leisure Time: 2.8%
	100,000	C	Carnival Corp., 1.132%, due 04/29/33		74,750
	100,000	#, C	Navigant Intl., Inc., 4.875%, due 11/01/23		102,000
	100,000	@@, C	Royal Caribbean Cruises Ltd., 0.000%, due 05/18/21		68,125
					244,875
			Lodging: 1.3%
	81,000	C	Hilton Hotels Corp., 3.375%, due 04/15/23		92,846
	20,000	C	Starwood Hotels & Resorts Worldwide, Inc., 3.500%, due 05/16/23		23,625
					116,471
			Media: 4.4%
	105,000		Citadel Broadcasting Corp., 1.875%, due 02/15/11		82,294
	200,000	C	EchoStar Communications Corp., 5.750%, due 05/15/08		199,000
	100,000	C	Liberty Media Corp., 3.500%, due 01/15/31		99,625
					380,919
			Mining: 0.8%
	45,000	@@, C	Inco Ltd., 1.094%, due 03/14/23		68,738
					68,738
			Miscellaneous Manufacturing: 1.4%
	100,000	@@, C	Tyco Intl. Group SA, 2.750%, due 01/15/18		123,375
					123,375

 
ING VP Convertible Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount				Value
			Oil & Gas: 2.0%
	100,000	C	Devon Energy Corp., 4.900%, due 08/15/08	$	123,500
	35,000	C	Nabors Industries, Inc., 0.000%, due 02/05/21		23,931
	25,000	@@, C	Transocean, Inc., 1.500%, due 05/15/21		25,906
					173,337
			Oil & Gas Services: 1.9%
	100,000	C	Cooper Cameron Corp., 1.500%, due 05/15/24		120,750
	40,000	@@, C	Schlumberger Ltd., 2.125%, due 06/01/23		47,350
					168,100
			Packaging & Containers: 0.4%
	40,000	#	Sealed Air Corp., 3.000%, due 06/30/33		38,650
					38,650
			Pharmaceuticals: 5.3%
	125,000	#, C	Abgenix, Inc., 1.750%, due 12/15/11		142,500
	80,000	C	Dov Pharmaceutical, Inc., 2.500%, due 01/15/25		75,600
	80,000	#, C	Isolagen, Inc., 3.500%, due 11/01/24		42,500
	75,000	#, C	Nabi Biopharmaceuticals, 2.875%, due 04/15/25		85,406
	125,000	C	NPS Pharmaceuticals, Inc., 3.000%, due 06/15/08		109,687
					455,693
			Real Estate Investment Trust: 1.2%
	100,000	C	Vornado Realty LP, 3.875%, due 04/15/25		107,250
					107,250
			Retail: 2.6%
	100,000	C	Costco Wholesale Corp., 0.000%, due 08/19/17		98,500
	125,000	C	Dick’s Sporting Goods, Inc., 1.606%, due 02/18/24		85,625
	40,000		Rite Aid Corp., 4.750%, due 12/01/06		39,900
					224,025
			Semiconductors: 3.7%
	200,000	C	Atmel Corp., 0.000%, due 05/23/21		95,250
	100,000	C	Cypress Semiconductor Corp., 1.250%, due 06/15/08		117,374
	150,000	C	Pixelworks, Inc., 1.750%, due 05/15/24		105,750
					318,374
			Software: 2.6%
	130,000	C	BEA Systems, Inc., 4.000%, due 12/15/06		129,025
	188,000	+, #, C	Open Solutions, Inc., 1.467%, due 02/02/35		99,170
					228,195

 
ING VP Convertible Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount						Value
			Telecommunications: 2.3%
$	125,000	C	Ciena Corp., 3.750%, due 02/01/08			$	114,219
	90,000	C	RF Micro Devices, Inc., 1.500%, due 07/01/10				83,925
							198,144
			Transportation: 2.6%
	130,000	@@, C	OMI Corp., 2.875%, due 12/01/24				119,763
	75,000	C	Yellow Corp., 5.000%, due 08/08/23				105,094
							224,857
			Total Convertible Bond
			(Cost $5,204,883)				5,192,509
Corporate Bonds/Notes: 3.1%
			Diversified Financial Services: 1.9%
	50,000	C	American Express Co., 1.850%, due 12/01/33				53,000
	100,000	@@, C	First Pacific Finance Ltd., 0.000%, due 01/18/10				108,496
							161,496
			Engineering & Construction: 1.2%
	100,000	@@	ABB Intl. Finance Ltd., 4.625%, due 05/16/07				103,750
							103,750
			Total Corporate Bonds/Notes
			(Cost $257,455)				265,246
			Total Long-Term Investments
			(Cost $8,061,531)			$	8,362,696
Short-Term Investments: 3.6%
			Repurchase Agreement: 3.6%
	312,000		Morgan Stanley Repurchase Agreement dated 09/30/05, 3.750%, due 10/03/05, $312,098 to be received upon repurchase (Collateralized by $325,000 Federal Home Loan Mortgage Corporation, 2.875% Market Value plus accrued interest $322,243, due 12/15/06)				312,000
			Total Short-Term Investments
			(Cost $312,000)				312,000
			Total Investments in Securities
			(Cost $8,373,531)*	100.3	%	$	8,674,696
			Other Assets and Liabilities-Net	(0.3	)		(26,507	)
			Net Assets	100.0	%	$	8,648,189

 
ING VP Convertible Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount			Value
	@	Non-income producing security
	@@	Foreign Issuer
	+	Step-up basis bonds. Interest rates shown reflect current coupon rates.
	#	Securities with purchases pursuant to Rule 144A, under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. These securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
	C	Bond may be called prior to maturity date.
	*	Cost for federal income tax purposes is $8,373,306.
		Net unrealized appreciation consists of:
		Gross Unrealized Appreciation	$	599,019
		Gross Unrealized Depreciation		(297,629	)
		Net Unrealized Appreciation	$	301,390

ING VP Disciplined LargeCap Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)

Shares				Value
Common Stock: 100.0%
			Aerospace/Defense: 3.5%
	1,250		Boeing Co.	$	84,938
	500		General Dynamics Corp.		59,775
	885		Lockheed Martin Corp.		54,020
	600		Rockwell Collins, Inc.		28,992
	660		United Technologies Corp.		34,214
					261,939
			Agriculture: 2.8%
	1,325		Altria Group, Inc.		97,666
	1,820		Archer-Daniels-Midland Co.		44,881
	710		Monsanto Co.		44,553
	300		Reynolds American, Inc.		24,906
					212,006
			Apparel: 1.3%
	1,170	@	Coach, Inc.		36,691
	555		Nike, Inc.		45,332
	320		VF Corp.		18,550
					100,573
			Auto Manufacturers: 0.6%
	4,560		Ford Motor Co.		44,962
					44,962
			Auto Parts & Equipment: 0.1%
	580	@	Goodyear Tire & Rubber Co.		9,042
					9,042
			Banks: 5.6%
	4,395		Bank of America Corp.		185,030
	1,280		Keycorp		41,280
	1,380		National City Corp.		46,147
	1,125		U.S. BanCorp		31,590
	1,000		Wachovia Corp.		47,590
	1,135		Wells Fargo & Co.		66,477
					418,114
			Beverages: 3.2%
	2,710		Coca-Cola Co.		117,045
	2,205		PepsiCo, Inc.		125,046
					242,091
			Biotechnology: 0.9%
	835	@	Amgen, Inc.		66,524
					66,524

 
ING VP Disciplined LargeCap Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Chemicals: 1.1%
	575		Dow Chemical Co.	$	23,960
	595		E.I. Du Pont de Nemours & Co.		23,306
	585		PPG Industries, Inc.		34,626
					81,892
			Commercial Services: 1.0%
	390		Equifax, Inc.		13,627
	920		McKesson Corp.		43,654
	500		Robert Half Intl., Inc.		17,795
					75,076
			Computers: 5.1%
	1,430	@	Apple Computer, Inc.		76,662
	3,295	@	Dell, Inc.		112,689
	3,923		Hewlett-Packard Co.		114,552
	1,010		International Business Machines Corp.		81,022
	2,600	@, X	Seagate Technology, Inc.		—
					384,925
			Cosmetics/Personal Care: 1.2%
	1,565		Procter & Gamble Co.		93,055
					93,055
			Distribution/Wholesale: 0.3%
	600		Genuine Parts Co.		25,740
					25,740
			Diversified Financial Services: 3.9%
	780		American Express Co.		44,803
	700		CIT Group, Inc.		31,626
	595		Fannie Mae		26,668
	300		Goldman Sachs Group, Inc.		36,474
	580		Lehman Brothers Holdings, Inc.		67,558
	565		Merrill Lynch & Co., Inc.		34,663
	705		Morgan Stanley		38,028
	915	@	Providian Financial Corp.		16,177
					295,997
			Electric: 2.8%
	900	@	CMS Energy Corp.		14,805
	300		Dominion Resources, Inc.		25,842
	1,280		Edison Intl.		60,518
	575		Exelon Corp.		30,728
	700		TXU Corp.		79,016
					210,909

 
ING VP Disciplined LargeCap Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Electronics: 0.2%
	2,947	@	Solectron Corp.	$	11,523
					11,523
			Food: 0.8%
	447		Supervalu, Inc.		13,911
	600		Wm. Wrigley Jr. Co.		43,128
					57,039
			Hand/Machine Tools: 0.3%
	240		Black & Decker Corp.		19,702
					19,702
			Healthcare — Products: 2.2%
	1,905		Johnson & Johnson		120,548
	795		Medtronic, Inc.		42,628
					163,176
			Healthcare — Services: 3.8%
	660		Aetna, Inc.		56,852
	300	@	Coventry Health Care, Inc.		25,806
	570	@	Humana, Inc.		27,292
	1,790		UnitedHealth Group, Inc.		100,598
	1,010	@	WellPoint, Inc.		76,578
					287,126
			Household Products/Wares: 0.4%
	500		Clorox Co.		27,770
					27,770
			Insurance: 7.7%
	859	@@	ACE Ltd.		40,433
	1,180		Allstate Corp.		65,242
	1,710		American Intl. Group, Inc.		105,952
	495		Chubb Corp.		44,327
	700		Hartford Financial Services Group, Inc.		54,019
	600		Lincoln National Corp.		31,212
	473		Loews Corp.		43,710
	1,410		Metlife, Inc.		70,260
	300		MGIC Investment Corp.		19,260
	900		Principal Financial Group		42,633
	1,380		St. Paul Travelers Cos., Inc.		61,921
					578,969
			Internet: 1.3%
	700	@	eBay, Inc.		28,840
	400	@	Monster Worldwide, Inc.		12,284
	2,540	@	Symantec Corp.		57,556
					98,680

 
ING VP Disciplined LargeCap Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Iron/Steel: 0.4%
	500		Nucor Corp.	$	29,495
					29,495
			Leisure Time: 0.2%
	300		Carnival Corp.		14,994
					14,994
			Media: 3.0%
	1,380	@	Comcast Corp.		40,544
	1,000		McGraw-Hill Cos, Inc.		48,040
	1,580		News Corp., Inc.		24,632
	2,805		Time Warner, Inc.		50,799
	985		Viacom, Inc.		32,515
	1,305		Walt Disney Co.		31,490
					228,020
			Mining: 0.9%
	600		Freeport-McMoRan Copper & Gold, Inc.		29,154
	300		Phelps Dodge Corp.		38,979
					68,133
			Miscellaneous Manufacturing: 4.5%
	450		3M Co.		33,012
	700		Danaher Corp.		37,681
	6,790		General Electric Co.		228,619
	1,000	@@	Ingersoll-Rand Co.		38,230
					337,542
			Oil & Gas: 12.0%
	745		Burlington Resources, Inc.		60,583
	2,314		ChevronTexaco Corp.		149,785
	1,576		ConocoPhillips		110,178
	785		Devon Energy Corp.		53,882
	5,115		Exxon Mobil Corp.		325,007
	680		Marathon Oil Corp.		46,872
	700		Occidental Petroleum Corp.		59,801
	400		Sunoco, Inc.		31,280
	565		Valero Energy Corp.		63,879
					901,267
			Pharmaceuticals: 4.9%
	1,000		Abbott Laboratories		42,400
	310		AmerisourceBergen Corp.		23,963
	905		Cardinal Health, Inc.		57,413
	700		Eli Lilly & Co.		37,464
	500	@	Express Scripts, Inc.		31,100
	500	@	Hospira, Inc.		20,485
	800	@	King Pharmaceuticals, Inc.		12,304

 
ING VP Disciplined LargeCap Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Pharmaceuticals: 4.9% (continued)
	4,788		Pfizer, Inc.	$	119,556
	500		Wyeth		23,135
					367,820
			Retail: 8.0%
	1,082		Best Buy Co., Inc.		47,099
	440		Darden Restaurants, Inc.		13,363
	700		Federated Department Stores		46,809
	1,355		Home Depot, Inc.		51,680
	825		JC Penney Co., Inc.		39,122
	480		Lowe’s Cos., Inc.		30,912
	2,225		McDonald’s Corp.		74,515
	700		Nordstrom, Inc.		24,024
	1,000	@	Office Depot, Inc.		29,700
	1,980		Staples, Inc.		42,214
	100	@	Starbucks Corp.		5,010
	525		Target Corp.		27,263
	1,595		Wal-Mart Stores, Inc.		69,893
	1,770		Walgreen Co.		76,908
	400		Wendy’s Intl., Inc.		18,060
					596,572
			Savings & Loans: 0.9%
	1,680		Washington Mutual, Inc.		65,890
					65,890
			Semiconductors: 3.4%
	900	@	Broadcom Corp.		42,219
	3,975		Intel Corp.		97,984
	1,100		National Semiconductor Corp.		28,930
	2,585		Texas Instruments, Inc.		87,632
					256,765
			Software: 4.7%
	780		Autodesk, Inc.		36,223
	700	@	BMC Software, Inc.		14,770
	500	@	Citrix Systems, Inc.		12,570
	1,515	@	Compuware Corp.		14,393
	600	@	Intuit, Inc.		26,886
	5,930		Microsoft Corp.		152,579
	1,180	@	Novell, Inc.		8,791
	6,310	@	Oracle Corp.		78,181
	885	@	Parametric Technology Corp.		6,168
					350,561
			Telecommunications: 5.2%
	1,100		CenturyTel, Inc.		38,478
	3,835	@	Cisco Systems, Inc.		68,762
	3,920		Motorola, Inc.		86,593

 
ING VP Disciplined LargeCap Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares						Value
			Telecommunications: 5.2% (continued)
	1,075		Qualcomm, Inc.			$	48,106
	4,630		Verizon Communications, Inc.				151,355
							393,294
			Toys/Games/Hobbies: 0.1%
	479		Hasbro, Inc.				9,412
							9,412
			Transportation: 1.7%
	680		CSX Corp.				31,606
	1,149		Norfolk Southern Corp.				46,603
	700		United Parcel Service, Inc.				48,391
							126,600
			Total Investments in Securities
			(Cost $6,853,981)*	100.0	%	$	7,513,195
			Other Assets and Liabilities-Net	(0.0	)		(2,807	)
			Net Assets	100.0	%	$	7,510,388
		@	Non-income producing security
		@@	Foreign Issuer
		*	Cost for federal income tax purposes is $6,970,599.
			Net unrealized appreciation consists of:
			Gross Unrealized Appreciation			$	701,870
			Gross Unrealized Depreciation				(159,274	)
			Net Unrealized Appreciation			$	542,596

ING VP Financial Services Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)

Shares				Value
Common Stock: 96.2%
			Banks: 25.7%
	67,848		Bank of America Corp.	$	2,856,401
	20,115		City National Corp.		1,409,860
	35,700		PNC Financial Services Group, Inc.		2,071,314
	45,305		Prosperity Bancshares, Inc.		1,370,476
	61,823		The Bank of New York Co., Inc.		1,818,214
	82,218		U.S. BanCorp		2,308,681
	24,417		Wachovia Corp.		1,162,005
	64,154		Wells Fargo & Co.		3,757,500
	21,334		Zions Bancorporation		1,519,194
					18,273,645
			Diversified Financial Services: 38.7%
	30,659	@	Affiliated Managers Group, Inc.		2,220,325
	20,345		American Express Co.		1,168,617
	23,767		Capital One Financial Corp.		1,889,952
	31,673		CIT Group, Inc.		1,430,986
	100,617		Citigroup, Inc.		4,580,086
	53,522		Countrywide Financial Corp.		1,765,156
	28,093	@	E*TRADE Financial Corp.		494,437
	25,723		Fannie Mae		1,152,905
	10,342		Franklin Resources, Inc.		868,314
	22,795		Freddie Mac		1,287,006
	21,490		Goldman Sachs Group, Inc.		2,612,754
	76,866		JPMorgan Chase & Co.		2,608,063
	10,226		Lehman Brothers Holdings, Inc.		1,191,124
	37,416		Merrill Lynch & Co., Inc.		2,295,472
	36,965		Morgan Stanley		1,993,892
					27,559,089
			Home Builders: 2.3%
	44,956		DR Horton, Inc.		1,628,306
					1,628,306
			Insurance: 25.6%
	33,794	@@	ACE Ltd.		1,590,684
	29,659		AFLAC, Inc.		1,343,553
	12,463		Allstate Corp.		689,079
	45,132		American Intl. Group, Inc.		2,796,379
	23,500	@@	Endurance Specialty Holdings Ltd.		801,585
	46,593		Genworth Financial, Inc.		1,502,158
	18,885		Hartford Financial Services Group, Inc.		1,457,355
	30,339		Lincoln National Corp.		1,578,235
	18,201		PMI Group, Inc.		725,674
	17,585		Prudential Financial, Inc.		1,188,043
	13,559		Radian Group, Inc.		719,983
	17,300		Reinsurance Group Of America		773,310
	23,084	@@	RenaissanceRe Holdings Ltd.		1,009,463
	46,588		St. Paul Travelers Cos., Inc.		2,090,404
					18,265,905

ING VP Financial Services Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares			Value
		Real Estate Investment Trust: 0.8%
	27,225	KKR Financial Corp.	$	605,484
				605,484
		Software: 3.1%
	55,377	First Data Corp.		2,215,080
				2,215,080
		Total Common Stock
		(Cost $67,491,788)		68,547,509

ING VP Financial Services Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount						Value
Short-Term Investments: 2.2%
			Repurchase Agreement: 2.2%
$	1,539,000		Morgan Stanley Repurchase Agreement dated 09/30/05, 3.750%, due 10/03/05, $1,539,481 to be received upon repurchase (Collateralized by $1,580,000 Federal Home Loan Mortgage Corporation, 3.800% Market Value plus accrued interest $1,586,457, due 12/27/06)			$	1,539,000
			Total Short-Term Investments
			(Cost $1,539,000)				1,539,000
			Total Investments in Securities
			(Cost $69,030,788)*	98.4	%	$	70,086,509
			Other Assets and Liabilities-Net	1.6			1,134,665
			Net Assets	100.0	%	$	71,221,174
		@	Non-income producing security
		@@	Foreign Issuer
		*	Cost for federal income tax purposes is $69,639,298. Net unrealized appreciation consists of:
			Gross Unrealized Appreciation			$	1,012,618
			Gross Unrealized Depreciation				(565,407	)
			Net Unrealized Appreciation			$	447,211

ING VP High Yield Bond Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)

Principal
Amount				Value
Corporate Bond/Note: 95.4%
			Advertising: 0.2%
$	27,000	#, C	Lamar Media Corp., 6.625%, due 08/15/15	$	27,608
	145,000	#, C	Vertis, Inc., 13.500%, due 12/07/09		123,975
					151,583
			Aerospace/Defense: 1.3%
	39,000	C	Argo-Tech Corp., 9.250%, due 06/01/11		41,535
	41,000	C	Armor Holdings, Inc., 8.250%, due 08/15/13		44,383
	416,000	C	DRS Technologies, Inc., 6.875%, due 11/01/13		403,518
	25,000	C	L-3 Communications Corp., 6.125%, due 07/15/13		25,000
	86,000	C	L-3 Communications Corp., 6.125%, due 01/15/14		85,570
	27,000	#, C	L-3 Communications Corp., 6.375%, due 10/15/15		27,338
	285,000	C	L-3 Communications Corp., 7.625%, due 06/15/12		300,675
	16,000	C	Orbital Sciences Corp., 9.000%, due 07/15/11		17,440
	25,000	C	Sequa Corp., 8.875%, due 04/01/08		26,125
	55,000	C	Sequa Corp., 9.000%, due 08/01/09		58,575
					1,030,159
			Airlines: 0.0%
	97,000	C,**	Northwest Airlines, Inc., 8.875%, due 06/01/06		27,645
					27,645
			Apparel: 1.5%
	89,000	C	Broder Brothers, 11.250%, due 10/15/10		88,555
	215,000	C	Levi Strauss & Co., 8.804%, due 04/01/12		215,538
	53,000	C	Perry Ellis International, Inc., 8.875%, due 09/15/13		54,590
	300,000	C	Phillips-Van Heusen, 8.125%, due 05/01/13		316,500
	73,000	#, C	Quiksilver, Inc., 6.875%, due 04/15/15		70,445
	365,000	C	Russell Corp., 9.250%, due 05/01/10		370,474
	23,000	C	Warnaco, Inc., 8.875%, due 06/15/13		24,955
					1,141,057
			Auto Manufacturers: 0.3%
	325,000		Ford Motor Co., 7.450%, due 07/16/31		255,125
					255,125
			Auto Parts & Equipment: 0.9%
	313,000	C	Accuride Corp., 8.500%, due 02/01/15		308,305
	75,000	#, C	Commercial Vehicle Group, Inc., 8.000%, due 07/01/13		75,750
	52,000	C	Cooper Standard Automotive, Inc., 8.375%, due 12/15/14		43,940
	110,000	C	Dura Operating Corp., 8.625%, due 04/15/12		98,450
	51,000	C	TRW Automotive, Inc., 9.375%, due 02/15/13		55,590
	165,000	C	Visteon Corp., 8.250%, due 08/01/10		157,575
					739,610
			Beverages: 0.1%
	67,000	C	Constellation Brands, Inc., 8.125%, due 01/15/12		71,104
					71,104

ING VP High Yield Bond Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount				Value
			Building Materials: 1.2%
	52,000	@@, C	Ainsworth Lumber Co. Ltd., 6.750%, due 03/15/14	$	47,060
	566,000	@@, C	Ainsworth Lumber Co. Ltd., 6.750%, due 03/15/14		515,060
	40,000	C	Nortek Inc-Old, 8.500%, due 09/01/14		37,000
	245,000	C	Ply Gem Industries, Inc., 9.000%, due 02/15/12		207,025
	42,000	#, C	RMCC Acquisition Co., 9.500%, due 11/01/12		42,630
	6,000	#, C	Texas Industries, Inc., 7.250%, due 07/15/13		6,270
	45,000	C	US Concrete, Inc., 8.375%, due 04/01/14		45,450
					900,495
			Chemicals: 3.7%
	88,000	C	Equistar Chemicals LP, 10.125%, due 09/01/08		95,040
	40,000	C	Equistar Chemicals LP, 10.625%, due 05/01/11		43,800
	106,000	C	Huntsman Intl. LLC, 9.875%, due 03/01/09		112,493
	250,000		IMC Global, Inc., 10.875%, due 06/01/08		283,750
	45,000	C	IMC Global, Inc., 10.875%, due 08/01/13		53,325
	1,045,000	C	Lyondell Chemical Co., 9.625%, due 05/01/07		1,102,474
	101,000	C	Millennium America, Inc., 9.250%, due 06/15/08		109,080
	78,000	@@, #	Montell Finance Co. BV, 8.100%, due 03/15/27		75,660
	260,000	C	Nalco Co., 7.750%, due 11/15/11		267,150
	61,000	C	Nalco Co., 8.875%, due 11/15/13		62,906
	67,000	C	OM Group, Inc., 9.250%, due 12/15/11		68,508
	255,000	C	PolyOne Corp., 8.875%, due 05/01/12		243,206
	44,000	C	PolyOne Corp., 10.625%, due 05/15/10		45,540
	24,000	@@, C	Rhodia SA, 7.625%, due 06/01/10		23,520
	85,000	#, C	Rockwood Specialties GRP, 7.500%, due 11/15/14		82,875
	237,000	C	Rockwood Specialties Group, Inc., 10.625%, due 05/15/11		259,515
					2,928,842
			Coal: 0.1%
	40,000	C	James River Coal Co., 9.375%, due 06/01/12		42,800
					42,800
			Commercial Services: 1.8%
	26,000	C	American Color Graphics, Inc., 10.000%, due 06/15/10		19,435
	245,000	C	Cenveo Corp., 7.875%, due 12/01/13		237,650
	14,000	C	Coinmach Corp., 9.000%, due 02/01/10		14,385
	24,000	C	Concentra Operating Corp., 9.125%, due 06/01/12		25,080
	44,000	C	Corrections Corp. of America, 6.250%, due 03/15/13		43,780
	445,000	C	Corrections Corp. of America, 7.500%, due 05/01/11		461,130
	37,000	C	Geo Group, Inc./The, 8.250%, due 07/15/13		37,000
	39,000	C	Great Lakes Dredge & Dock Corp., 7.750%, due 12/15/13		35,978
	13,000	#, C	Mac-Gray Corp., 7.625%, due 08/15/15		13,325
	85,000	C	Mail-Well I, Corp., 9.625%, due 03/15/12		91,588
	51,000	C	Quintiles Transnational Corp., 10.000%, due 10/01/13		57,630
	14,000	#, C	Rural/Metro Corp., 9.875%, due 03/15/15		14,980
	61,000	C	Team Health, Inc., 9.000%, due 04/01/12		64,965
	195,000	C	United Rentals North America, Inc., 6.500%, due 02/15/12		189,150
	80,000	C	United Rentals North America, Inc., 7.000%, due 02/15/14		74,600
	26,000	C	United Rentals North America, Inc., 7.750%, due 11/15/13		25,220
					1,405,896

ING VP High Yield Bond Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount				Value
			Computers: 1.0%
	645,000	#, C	Sungard Data Systems, Inc., 9.125%, due 08/15/13	$	671,606
	125,000	#, C	Sungard Data Systems , Inc., 10.250%, due 08/15/15		127,188
					798,794
			Cosmetics/Personal Care: 0.0%
	27,000	C	Revlon Consumer Products Corp., 8.625%, due 02/01/08		25,954
					25,954
			Distribution/Wholesale: 0.1%
	55,000	C	Aviall, Inc., 7.625%, due 07/01/11		56,925
	42,000	C	Nebraska Book Co., Inc., 8.625%, due 03/15/12		39,690
					96,615
			Diversified Financial Services: 6.3%
	89,000	C	AES Red Oak LLC, 8.540%, due 11/30/19		100,125
	15,000	C	Alamosa Delaware, Inc., 8.500%, due 01/31/12		16,088
	30,000	C	Alamosa Delaware, Inc., 12.000%, due 07/31/09		33,375
	200,000	#	Astoria Depositor Corp., 8.144%, due 05/01/21		198,855
	19,000	C	Athena Neuro Finance LLC, 7.250%, due 02/21/08		18,335
	29,000	C	BCP Crystal US Holdings Corp., 9.625%, due 06/15/14		32,408
	73,000	C	Cellu Tissue Holdings, Inc., 9.750%, due 03/15/10		73,548
	41,000	#, C	E*Trade Financial Corp., 7.375%, due 09/15/13		41,615
	140,000		Ford Motor Credit Co., 4.950%, due 01/15/08		133,299
	131,000		Ford Motor Credit Co., 6.625%, due 06/16/08		128,114
	135,000		General Motors Acceptance Corp., 5.125%, due 05/09/08		125,745
	40,000		General Motors Acceptance Corp., 5.625%, due 05/15/09		36,700
	140,000		General Motors Acceptance Corp., 6.125%, due 02/01/07		139,221
	52,000		General Motors Acceptance Corp., 6.311%, due 11/30/07		50,283
	110,000		General Motors Acceptance Corp., 6.750%, due 12/01/14		95,839
	280,000		General Motors Acceptance Corp., 6.875%, due 09/15/11		254,992
	55,000		General Motors Acceptance Corp., 8.000%, due 11/01/31		48,144
	115,000	C	Global Cash Finance Corp., 8.750%, due 03/15/12		124,200
	35,000	C	Huntsman Advanced Materials LLC, 11.000%, due 07/15/10		39,375
	460,000	C	Jostens IH Corp., 7.625%, due 10/01/12		466,900
	50,000	C	Madison River Capital LLC/Madison River Finance Corp., 13.250%, due 03/01/10		53,500
	332,000	#, C	Rainbow National Services LLC, 8.750%, due 09/01/12		355,655
	20,000	C	Standard Aero Holdings, Inc., 8.250%, due 09/01/14		19,450
	2,021,659	#	TRAINS, 7.651%, due 06/15/15		2,063,001
	250,000	C	Universal City Development Partners, 11.750%, due 04/01/10		283,750
	45,000	C	Universal City Florida Holding Co. I/II, 8.443%, due 05/01/10		46,913
					4,979,430
			Electric: 8.5%
	199,000	C	AES Corp., 7.750%, due 03/01/14		211,935
	870,000	#, C	AES Corp., 8.750%, due 05/15/13		957,000
	90,000	C	AES Corp., 8.875%, due 02/15/11		98,100
	71,000	C	Allegheny Energy Supply, 7.800%, due 03/15/11		78,100
	245,000	#, C	Allegheny Energy, Inc., 8.250%, due 04/15/12		276,850

ING VP High Yield Bond Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount				Value
			Electric: 8.5% (continued)
	540,000		Aquila, Inc., 7.625%, due 11/15/09	$	567,000
	17,000	@@, C	Calpine Canada Energy Finance Ulc, 8.500%, due 05/01/08		10,243
	59,000	C	Calpine Corp., 8.750%, due 07/15/07		36,875
	54,000	#, C	Calpine Corp., 8.750%, due 07/15/13		38,475
	54,000	C	Calpine Generating Co. LLC, 9.610%, due 04/01/10		54,810
	1,075,000	C	CMS Energy Corp., 7.500%, due 01/15/09		1,131,436
	57,000	C	CMS Energy, Corp., 8.900%, due 07/15/08		61,916
	59,646	C	Homer City Funding LLC, 8.734%, due 10/01/26		71,277
	365,000	#, C	Inergy LP, 6.875%, due 12/15/14		350,400
	52,000	C	LSP Energy LP/LSP Batesville Funding Corp., 7.164%, due 01/15/14		53,908
	650,000	C	Midwest Generation LLC, 8.300%, due 07/02/09		684,531
	121,000	C	Midwest Generation LLC, 8.560%, due 01/02/16		133,176
	65,000	C	Midwest Generation LLC, 8.750%, due 05/01/34		72,719
	398,000	C	Nevada Power Co., 10.875%, due 10/15/09		441,780
	505,000	C	Nevada Power Co., 5.875%, due 01/15/15		500,281
	39,000		Reliant Energy Mid-Atlantic Power Holdings LLC, 9.237%, due 07/02/17		43,737
	16,000	#, C	South Point Energy Center LLC/Broad River Energy LLC/Rockgen Energy LLC, 8.400%, due 05/30/12		15,290
	500,000	C	TECO Energy, Inc., 7.500%, due 06/15/10		540,000
	50,000	#, C	Texas Genco LLC, 6.875%, due 12/15/14		51,125
	210,000	C	TXU Corp., 5.550%, due 11/15/14		200,409
					6,681,373
			Electrical Components & Equipment: 0.1%
	42,000	C	Superior Essex Communications LLC/Essex Group, Inc., 9.000%, due 04/15/12		42,630
					42,630
			Electronics: 0.7%
	145,000	@@, C	Celestica, Inc., 7.625%, due 07/01/13		145,363
	300,000	@@, C	Flextronics Intl. Ltd, 6.500%, due 05/15/13		307,500
	68,000	C	Sanmina-SCI Corp., 6.750%, due 03/01/13		64,940
	58,000	C	Viasystems, Inc., 10.500%, due 01/15/11		57,275
					575,078
			Engineering & Construction: 0.0%
	13,000	#, C	Ahern Rentals, Inc., 9.250%, due 08/15/13		13,358
					13,358
			Entertainment: 2.9%
	25,000	C	AMC Entertainment, Inc., 8.000%, due 03/01/14		22,125
	67,000	C	AMC Entertainment, Inc., 9.875%, due 02/01/12		64,823
	595,000	C	American Casino and Entertainment, 7.850%, due 02/01/12		616,568
	40,000	C	Cinemark USA, Inc., 9.000%, due 02/01/13		41,500
	95,000	@@, C	Intrawest Corp., 7.500%, due 10/15/13		97,731
	50,000	C	Loews Cineplex Entertainment Corp., 9.000%, due 08/01/14		48,875
	300,000	C	Marquee, Inc., 8.625%, due 08/15/12		303,000
	402,000	C	Pinnacle Entertainment, Inc., 8.250%, due 03/15/12		404,010
	26,000	C	River Rock Entertainment Authority, 9.750%, due 11/01/11		28,990
	31,000	C	Seneca Gaming Corp., 7.250%, due 05/01/12		31,930
	597,000	C	Warner Music Group, 7.375%, due 04/15/14		601,478
					2,261,030

ING VP High Yield Bond Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount				Value
			Environmental Control: 1.9%
	415,000	#, C	Allied Waste North America, Inc., 7.250%, due 03/15/15	$	410,850
	1,046,000	C	Allied Waste North America, Inc., 8.500%, due 12/01/08		1,095,685
					1,506,535
			Food: 4.4%
	25,000	C	Ahold Finance USA, Inc., 8.250%, due 07/15/10		27,375
	28,000	C	Del Monte Corp., 8.625%, due 12/15/12		30,240
	600,000	C	Delhaize America, Inc., 8.125%, due 04/15/11		653,287
	565,000	C	Dole Food Co., Inc., 8.625%, due 05/01/09		593,250
	140,000	C	Land O’ Lakes, Inc., 9.000%, due 12/15/10		155,050
	465,000	C	Roundy’s, Inc., 8.875%, due 06/15/12		516,150
	43,000		Smithfield Foods, Inc., 7.000%, due 08/01/11		44,075
	300,000		Smithfield Foods, Inc., 7.750%, due 05/15/13		316,500
	390,000	C	Stater Brothers Holdings, 8.125%, due 06/15/12		387,075
	650,000	C	Swift & Co., 10.125%, due 10/01/09		702,813
	25,000	C	Swift & Co., 12.500%, due 01/01/10		27,375
					3,453,190
			Forest Products & Paper: 3.3%
	510,000	C	Appleton Papers, Inc., 8.125%, due 06/15/11		502,348
	78,000	C	Boise Cascade LLC, 7.125%, due 10/15/14		74,295
	27,000	@@, C	Domtar, Inc., 7.125%, due 08/15/15		24,891
	44,000	@@, #, C	Fraser Papers, Inc., 8.750%, due 03/15/15		38,940
	20,000		Georgia-Pacific Corp., 7.375%, due 07/15/08		21,050
	280,000	C	Georgia-Pacific Corp., 7.750%, due 11/15/29		301,700
	567,000	C	Georgia-Pacific Corp., 8.875%, due 02/01/10		635,040
	520,000	C	Georgia-Pacific Corp., 9.375%, due 02/01/13		582,400
	43,000	C	Mercer International, Inc.-Sbi, 9.250%, due 02/15/13		36,765
	83,000	@@, C	Millar Western, 7.750%, due 11/15/13		71,173
	31,000	C	Neenah Paper, Inc., 7.375%, due 11/15/14		29,993
	220,000	@@, C	Norske Skog Canada Ltd., 7.375%, due 03/01/14		210,100
	26,000	@@, C	Tembec Industries, Inc., 8.500%, due 02/01/11		17,095
	39,000	@@, C	Tembec Industries, Inc., 8.625%, due 06/30/09		26,715
					2,572,505
			Gas: 1.1%
	815,000	#, C	Colorado Interstate Gas Co., 5.950%, due 03/15/15		794,573
	15,000	C	SEMCO Energy, Inc., 7.125%, due 05/15/08		15,357
	17,000	C	SEMCO Energy, Inc., 7.750%, due 05/15/13		17,899
					827,829
			Healthcare — Products: 0.8%
	40,000	C	Inverness Medical Innovations, Inc., 8.750%, due 02/15/12		40,800
	275,000	C	Medical Device Manufacturers, Inc., 10.000%, due 07/15/12		299,750
	305,000	C	VWR Intl., Inc., 8.000%, due 04/15/14		298,519
					639,069
			Healthcare — Services: 2.7%
	485,000	C	Alliance Imaging, Inc., 7.250%, due 12/15/12		446,200
	60,000	C	Community Health Systems, Inc., 6.500%, due 12/15/12		60,450

ING VP High Yield Bond Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount				Value
			Healthcare — Services: 2.7% (continued)
	105,000	C	Genesis HealthCare Corp., 8.000%, due 10/15/13	$	113,663
	780,000	C	HCA, Inc., 6.375%, due 01/15/15		775,594
	145,000	C	HCA, Inc., 7.500%, due 11/06/33		145,390
	41,000	#, C	Insight Health Services Corp., 9.174%, due 11/01/11		40,180
	155,000	#, C	Psychiatric Solutions, Inc., 7.750%, due 07/15/15		160,813
	47,000	C	Select Medical Corp., 7.625%, due 02/01/15		45,238
	71,000	C	Tenet Healthcare Corp., 6.375%, due 12/01/11		66,563
	223,000	C	Tenet Healthcare Corp., 9.875%, due 07/01/14		234,150
					2,088,241
			Holding Companies — Diversified: 0.8%
	155,000	C	Atlantic Broadband Finance LLC, 9.375%, due 01/15/14		147,250
	43,000		Kansas City Southern Railway, 9.500%, due 10/01/08		47,354
	425,000	@@, #, C	Nell AF Sarl, 8.375%, due 08/15/15		417,562
					612,166
			Home Builders: 2.4%
	280,000		DR Horton, Inc., 6.875%, due 05/01/13		294,766
	290,000		DR Horton, Inc., 7.875%, due 08/15/11		318,119
	40,000	C	KB Home, 6.375%, due 08/15/11		40,295
	310,000	#, C	Stanley-Martin Communities, 9.750%, due 08/15/15		304,575
	145,000	C	Technical Olympic USA, Inc., 10.375%, due 07/01/12		153,338
	42,000	C	Technical Olympic USA, Inc., 9.000%, due 07/01/10		43,680
	585,000	C	Technical Olympic USA, Inc., 9.000%, due 07/01/10		608,399
	30,000	C	WCI Communities, Inc., 9.125%, due 05/01/12		31,050
	105,000	C	WCI Communities, Inc., 10.625%, due 02/15/11		112,088
					1,906,310
			Home Furnishings: 0.1%
	45,000	C	Norcraft Finance Corp., 9.000%, due 11/01/11		46,800
					46,800
			Household Products/Wares: 1.0%
	65,000	C	American Achievement Corp., 8.250%, due 04/01/12		65,975
	27,000	#, C	Gregg Appliances, Inc., 9.000%, due 02/01/13		25,515
	463,000	C	Playtex Products, Inc., 8.000%, due 03/01/11		487,308
	79,000	C	Spectrum Brands, Inc., 7.375%, due 02/01/15		71,495
	150,000	C	Visant Holding Corp., 0.000%, due 12/01/13		108,750
					759,043
			Housewares: 0.1%
	37,000	C	Ames True Temper, 8.150%, due 01/15/12		34,595
	28,000	C	Ames True Temper, 10.000%, due 07/15/12		21,980
					56,575
			Iron/Steel: 0.5%
	105,000	C	AK Steel Corp., 7.875%, due 02/15/09		102,375
	40,000	C	California Steel Industries, Inc., 6.125%, due 03/15/14		37,800
	187,000	#, C	Chaparral Steel Co., 10.000%, due 07/15/13		198,220
	47,000	@@, C	IPSCO, Inc., 8.750%, due 06/01/13		52,170
					390,565

ING VP High Yield Bond Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount				Value
			Leisure Time: 1.1%
	369,000	@@, #, C	NCL Corp., 11.625%, due 07/15/14	$	391,140
	40,000	@@	Royal Caribbean Cruises Ltd., 7.500%, due 10/15/27		42,800
	314,000	@@	Royal Caribbean Cruises Ltd., 8.000%, due 05/15/10		341,475
	92,000	@@	Royal Caribbean Cruises Ltd., 8.750%, due 02/02/11		103,730
					879,145
			Lodging: 4.9%
	680,000	C	Aztar Corp., 7.875%, due 06/15/14		714,000
	52,000	@@, #, C	Grupo Posadas SA de CV, 8.750%, due 10/04/11		55,900
	200,000		Mandalay Resort Group, 7.625%, due 07/15/13		209,000
	615,000	C	MGM Mirage, 5.875%, due 02/27/14		587,325
	67,000	#, C	MGM Mirage, 6.625%, due 07/15/15		66,581
	750,000	C	MGM Mirage, 8.500%, due 09/15/10		819,375
	26,000	C	Poster Financial Group, Inc., 8.750%, due 12/01/11		26,878
	418,000	C	Starwood Hotels & Resorts Worldwide, Inc., 7.875%, due 05/01/12		457,710
	500,000	C	Station Casinos, Inc., 6.500%, due 02/01/14		502,500
	425,000	C	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 6.625%, due 12/01/14		408,531
					3,847,800
			Machinery — Construction & Mining: 0.6%
	355,000	C	Terex Corp., 7.375%, due 01/15/14		360,325
	95,000	C	Terex Corp., 9.250%, due 07/15/11		102,600
					462,925
			Machinery — Diversified: 0.2%
	40,000	C	Case New Holland, Inc., 9.250%, due 08/01/11		42,500
	27,000	#, C	Columbus McKinnon Corp./NY, 8.875%, due 11/01/13		27,405
	28,000	C	Manitowoc Co., 10.500%, due 08/01/12		31,430
	75,000		Wabtec Corp., 6.875%, due 07/31/13		77,344
					178,679
			Media: 10.3%
	212,000	**	Adelphia Communications Corp., 10.875%, due 10/01/10		159,000
	28,000		Adelphia Communications Corp., 9.250%, due 10/01/02		20,720
	51,000	C	Allbritton Communications Co., 7.750%, due 12/15/12		50,873
	245,000	C	American Media Operations, Inc., 10.250%, due 05/01/09		239,488
	270,000	C	Block Communications, Inc., 9.250%, due 04/15/09		287,550
	210,000	C	Cablevision Systems Corp., 8.000%, due 04/15/12		204,750
	25,000		Cablevision Systems Corp., 8.716%, due 04/01/09		25,750
	35,000	@@, C	CanWest Media, Inc., 10.625%, due 05/15/11		38,238
	285,000	@@, C	CanWest Media, Inc., 7.625%, due 04/15/13		311,719
	222,057	@@, C	CanWest Media, Inc., 8.000%, due 09/15/12		236,768
	300,000	C	CBD Media, Inc., 8.625%, due 06/01/11		311,250
	280,000	#, C	CCH I LLC, 11.000%, due 10/01/15		274,400
	124,000		Century Communications, 9.500%, due 03/01/05		134,850
	320,000	C	Charter Communications Holdings LLC, 10.250%, due 09/15/10		329,600
	38,000	C	Charter Communications Holdings LLC, 11.125%, due 01/15/11		29,450
	28,000	C	Charter Communications Holdings LLC, 9.920%, due 04/01/11		20,370

ING VP High Yield Bond Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount				Value
			Media: 10.3% (continued)
	642,000	#, C	Charter Communications Operating LLC, 8.000%, due 04/30/12	$	650,020
	98,000		CSC Holdings, Inc., 7.625%, due 04/01/11		96,775
	422,000	C	Dex Media Finance/West, 9.875%, due 08/15/13		467,893
	41,000	C	Dex Media, Inc., 0.000%, due 11/15/13		32,493
	290,000	C	Dex Media, Inc., 8.000%, due 11/15/13		299,425
	89,000	C, W	Echostar DBS Corp., 5.750%, due 10/01/08		88,221
	430,000	C	Echostar DBS Corp., 6.375%, due 10/01/11		428,388
	295,000	C	Echostar DBS Corp., 6.625%, due 10/01/14		293,525
	260,000	C	Emmis Communications Corp., 9.745%, due 06/15/12		263,250
	74,000	C	Granite Broadcasting Corp., 9.750%, due 12/01/10		68,080
	210,000	C	Houghton Mifflin Co., 8.250%, due 02/01/11		217,875
	165,000	C	Houghton Mifflin Co., 9.875%, due 02/01/13		175,725
	130,000	C	Insight Communications Co., Inc., 0.000%, due 02/15/11		133,250
	155,000	C	Liberty Media Corp., 5.700%, due 05/15/13		141,828
	325,000	C	LIN Television Corp., 6.500%, due 05/15/13		309,563
	250,000	#, C	Mediacom Broadband LLC, 8.500%, due 10/15/15		242,500
	15,000	+, C	Nexstar Finance Holdings LLC, 0.000%, due 04/01/13		11,175
	150,000	C	Paxson Communications Corp., 10.750%, due 07/15/08		148,125
	80,000	C, **	Pegasus Communications Corp., 9.625%, due 10/15/05		20,800
	37,000	C	Primedia, Inc., 8.000%, due 05/15/13		37,463
	240,000	C	Primedia, Inc., 8.875%, due 05/15/11		252,600
	35,000	@@, C	Quebecor Media, Inc., 11.125%, due 07/15/11		38,412
	240,000	@@, C	Shaw Communications, Inc., 7.200%, due 12/15/11		254,700
	363,000	@@, C	Videotron Ltee, 6.875%, due 01/15/14		374,344
	76,000	C	Xm Satellite Radio, Inc., 12.000%, due 06/15/10		87,020
	305,000	C	Young Broadcasting, Inc., 10.000%, due 03/01/11		289,750
					8,097,976
			Metal Fabricate/Hardware: 0.1%
	24,000	C	Autocam Corp., 10.875%, due 06/15/14		16,200
	36,000	C	Valmont Industries, Inc., 6.875%, due 05/01/14		36,900
	44,000	#, C	Wolverine Tube, Inc., 7.375%, due 08/01/08		38,060
					91,160
			Mining: 0.1%
	27,000	C	Century Aluminum Co., 7.500%, due 08/15/14		27,945
	27,000	#	Southern Peru Copper Corp./US, 7.500%, due 07/27/35		27,127
					55,072
			Miscellaneous Manufacturing: 0.1%
	28,000	C	Aearo Co. I, 8.250%, due 04/15/12		28,140
	38,000	C	Hexcel Corp., 6.750%, due 02/01/15		37,810
	58,000	C	Park-Ohio Industries, Inc., 8.375%, due 11/15/14		50,605
					116,555
			Oil & Gas: 4.6%
	475,000	C	Chesapeake Energy Corp., 6.250%, due 01/15/18		467,875
	825,000	C	Chesapeake Energy Corp., 6.375%, due 06/15/15		833,250
	315,000	C	Chesapeake Energy Corp., 7.500%, due 09/15/13		337,050
	68,000	#, C	Clayton Williams Energy, Inc., 7.750%, due 08/01/13		66,810
	113,000		El Paso CGP Co., 7.750%, due 06/15/10		115,825
	45,000	C	El Paso Production Holding Co., 7.750%, due 06/01/13		47,250

ING VP High Yield Bond Portfolio nbsp; PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount				Value
			Oil & Gas: 4.6% (continued)
	120,000	C	Energy Partners Ltd., 8.750%, due 08/01/10	$	126,000
	501,000	C	Newfield Exploration Co., 6.625%, due 09/01/14		523,545
	39,000	@@, C	Paramount Resources Ltd., 8.500%, due 01/31/13		40,170
	99,000	C	Parker Drilling Co., 8.620%, due 09/01/10		102,465
	113,000	@@	Petrobras International Finance Co., 9.125%, due 07/02/13		132,210
	23,000	C	Premcor Refining Group, Inc./The, 7.500%, due 06/15/15		24,725
	14,000	C	Stone Energy Corp., 6.750%, due 12/15/14		13,825
	600,000	C	Swift Energy Co., 7.625%, due 07/15/11		621,000
	95,000	C	Swift Energy Co., 9.375%, due 05/01/12		103,075
	55,000	@@, C	Western Oil Sands, Inc., 8.375%, due 05/01/12		63,456
					3,618,531
			Oil & Gas Services: 0.8%
	429,000	C	Hanover Compressor Co., 9.000%, due 06/01/14		478,871
	120,000	C	Hanover Equipment Trust, 8.750%, due 09/01/11		128,100
					606,971
			Packaging & Containers: 1.9%
	28,000	C	Constar International, Inc., 11.000%, due 12/01/12		17,780
	31,000	@@, C	Crown European Holdings SA, 9.500%, due 03/01/11		34,100
	610,000	@@, C	Crown European Holdings SA, 10.875%, due 03/01/13		710,650
	220,000	C	Graham Packaging Co., Inc., 8.500%, due 10/15/12		220,000
	51,000	C	Jefferson Smurfit Corp. US, 7.500%, due 06/01/13		46,155
	44,000	C	Owens Brockway Glass Container, Inc., 7.750%, due 05/15/11		45,980
	209,000	C	Owens Brockway Glass Container, Inc., 8.250%, due 05/15/13		218,405
	52,000	C	Owens Brockway Glass Container, Inc., 8.750%, due 11/15/12		56,420
	18,000	C	Pliant Corp., 11.125%, due 09/01/09		15,570
	76,000	#, C	Pliant Corp., 11.625%, due 06/15/09		80,940
	37,000	C	US Can Corp., 10.875%, due 07/15/10		39,035
					1,485,035
			Pharmaceuticals: 0.1%
	14,000	@@, #, C	Elan Finance PLC/Elan Finance Corp., 7.750%, due 11/15/11		12,390
	1,000	#, C	NBTY, Inc., 7.125%, due 10/01/15		985
	90,000	C	Valeant Pharmaceuticals International, 7.000%, due 12/15/11		89,100
					102,475
			Pipelines: 2.1%
	260,000	C	El Paso Corp., 6.950%, due 12/15/07		264,875
	70,000	C	El Paso Corp., 7.875%, due 06/15/12		72,800
	80,000	C	El Paso Natural Gas Co., 7.625%, due 08/01/10		83,582
	76,000	#, C	MarkWest Energy Finance Corp., 6.875%, due 11/01/14		75,620
	33,000	C	Pacific Energy Partners LP / Pacific Energy Finance Corp., 7.125%, due 06/15/14		34,403
	128,000	C	Sonat, Inc., 7.625%, due 07/15/11		130,560
	110,000	C	Southern Natural Gas Co., 8.000%, due 03/01/32		122,005
	7,000	C	Southern Natural Gas Co., 8.875%, due 03/15/10		7,601
	130,000	C	Transcontinental Gas Pipe LN, 7.250%, due 12/01/26		142,188
	590,000	C	Transcontinental Gas Pipe LN, 8.875%, due 07/15/12		691,036
	39,000	C	Williams Cos., Inc., 7.125%, due 09/01/11		41,048
					1,665,718

ING VP High Yield Bond Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount				Value
			Real Estate Investment Trust: 1.8%
	340,000	C	Felcor Lodging LP, 7.780%, due 06/01/11	$	356,150
	560,000	C	Host Marriott LP, 7.125%, due 11/01/13		574,700
	36,000	C	Host Marriott LP, 9.250%, due 10/01/07		38,115
	54,000	C	iStar Financial, Inc., 6.500%, due 12/15/13		55,748
	25,000	C	La Quinta Properties, Inc., 8.875%, due 03/15/11		26,875
	360,000		Meristar Hospitality Corp., 9.000%, due 01/15/08		376,650
	20,000	C	Ventas Realty LP/Ventas Capital Corp., 8.750%, due 05/01/09		21,500
					1,449,738
			Retail: 5.2%
	34,000	C	Couche-Tard US LP/Couche-Tard Finance Corp., 7.500%, due 12/15/13		35,190
	320,000	C	Denny’s Holdings, Inc., 10.000%, due 10/01/12		321,600
	135,000	C	General Nutrition Centers, Inc., 8.500%, due 12/01/10		115,763
	175,000	C	General Nutrition Centers, Inc., 8.625%, due 01/15/11		168,875
	170,000	#, C	GSC Holdings Corp., 7.875%, due 10/01/11		171,063
	235,000	#, C	GSC Holdings Corp., 8.000%, due 10/01/12		235,000
	345,000		JC Penney Co., Inc., 9.000%, due 08/01/12		407,963
	12,000	@@, C	Jean Coutu Group, Inc., 7.625%, due 08/01/12		12,270
	718,000	@@, C	Jean Coutu Group, Inc., 8.500%, due 08/01/14		718,000
	39,000	C	Landry’s Restaurants, Inc., 7.500%, due 12/15/14		37,245
	555,000	#, C	Neiman-Marcus Group, Inc., 9.000%, due 10/15/15		559,162
	75,000	C	Pantry, Inc./The, 7.750%, due 02/15/14		75,375
	63,000	C	PEP Boys-Manny Moe & Jack, 7.500%, due 12/15/14		58,905
	200,000	#, C	Restaurant Co./The, 10.000%, due 10/01/13		193,000
	28,000	#	Rite Aid Corp., 6.125%, due 12/15/08		26,740
	43,000	C	Rite Aid Corp., 7.125%, due 01/15/07		43,484
	27,000	C	Rite Aid Corp., 8.125%, due 05/01/10		27,675
	520,000	#, C	School Specialty, Inc., 10.000%, due 10/01/13		523,900
	395,000	C	Toys R Us, 7.375%, due 10/15/18		317,975
					4,049,185
			Savings & Loans: 0.0%
	34,000	C	Western Financial Bank, 9.625%, due 05/15/12		39,100
					39,100
			Semiconductors: 0.5%
	24,000	C	Amkor Technology, Inc., 7.750%, due 05/15/13		20,640
	100,000	C	Freescale Semiconductor, Inc., 6.875%, due 07/15/11		105,500
	14,000	@@, C	MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co., 8.000%, due 12/15/14		12,950
	163,000	@@, #, C	STATS ChipPAC Ltd, 7.500%, due 07/19/10		165,445
	53,000	@@, C	STATS ChipPAC Ltd., 6.750%, due 11/15/11		51,675
					356,210
			Telecommunications: 10.8%
	21,000	C	AirGate PCS, Inc., 7.900%, due 10/15/11		21,735
	135,000	C	American Cellular Corp., 10.000%, due 08/01/11		147,825
	326,000	C	American Tower Corp., 7.125%, due 10/15/12		343,930
	305,000	C	American Tower Corp., 7.250%, due 12/01/11		325,588
	282,000	C	Centennial Cellular Communications Corp., 10.125%, due 06/15/13		318,660
	90,000	C	Cincinnati Bell, Inc., 7.000%, due 02/15/15		87,300
	15,000	C	Cincinnati Bell, Inc., 7.250%, due 07/15/13		16,013

ING VP High Yield Bond Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount				Value
			Telecommunications: 10.8% (continued)
	220,000	C	Citizens Communications Co., 9.250%, due 05/15/11	$	242,550
	115,000	C	Dobson Cellular Systems, 9.875%, due 11/01/12		126,500
	222,000	#, C	Dobson Communications Corp., 8.400%, due 10/15/12		220,058
	57,000	C	Dobson Communications Corp., 8.875%, due 10/01/13		57,285
	54,000	@@	Empresa Brasileira de Telecom SA, 11.000%, due 12/15/08		61,830
	195,000	#, C	Hawaiian Telcom Communications, Inc., 12.500%, due 05/01/15		197,925
	24,000	@@, C	Inmarsat Finance PLC, 7.625%, due 06/30/12		24,840
	113,000	@@, C	Innova S de RL, 9.375%, due 09/19/13		128,820
	985,000	C	Insight Midwest LP/Insight Capital, Inc., 10.500%, due 11/01/10		1,039,169
	568,000	@@, #, C	Intelsat Bermuda Ltd., 8.250%, due 01/15/13		574,390
	545,000	@@, #, C	Intelsat Bermuda Ltd., 8.625%, due 01/15/15		558,625
	29,000	C	iPCS, Inc., 11.500%, due 05/01/12		33,640
	10,000	C	IWO Holdings, Inc., 7.900%, due 01/15/12		10,450
	126,000	C	LCI Intl., Inc., 7.250%, due 06/15/07		123,480
	15,000		Lucent Technologies, Inc., 6.450%, due 03/15/29		13,200
	85,000	C	MCI, Inc., 8.735%, due 05/01/14		94,988
	68,000	C	Nextel Communications, Inc., 5.950%, due 03/15/14		69,702
	51,000	C	Nextel Partners, Inc., 8.125%, due 07/01/11		55,335
	725,000	C	Qwest Capital Funding, Inc., 6.375%, due 07/15/08		712,313
	57,000	C	Qwest Capital Funding, Inc., 7.000%, due 08/03/09		56,003
	20,000	C	Qwest Capital Funding, Inc., 7.250%, due 02/15/11		19,150
	100,000	C	Qwest Capital Funding, Inc., 7.750%, due 08/15/06		101,500
	68,000	+, C	Qwest Communications Intl., Inc., 7.250%, due 02/15/11		66,555
	65,000	C	Qwest Corp., 6.875%, due 09/15/33		56,713
	100,000	#	Qwest Corp., 7.120%, due 06/15/13		104,500
	149,000	C	Qwest Corp., 7.875%, due 09/01/11		156,078
	30,000	C	Qwest Corp., 8.875%, due 03/15/12		32,925
	295,000	C	Qwest Services Corp., 13.500%, due 12/15/10		339,250
	65,000	@@, C	Rogers Cable, Inc., 8.000%, due 12/15/12		68,981
	291,000	@@, C	Rogers Wireless, Inc., 7.250%, due 12/15/12		309,188
	105,000	@@, C	Rogers Wireless, Inc., 7.500%, due 03/15/15		113,663
	285,000	C	Rural Cellular Corp., 8.250%, due 03/15/12		300,675
	27,000	C	Rural Cellular Corp., 9.625%, due 05/15/08		27,270
	125,000	C	Rural Cellular Corp., 9.750%, due 01/15/10		126,875
	263,000	C	Rural Cellular Corp., 9.875%, due 02/01/10		277,465
	124,000	C	SBA Communications Corp., 8.500%, due 12/01/12		135,470
	131,000	C, W	SBA Telecommunications, Inc., 0.000%, due 12/15/11		119,538
	125,000	C	SunCom Wireless Holdings, Inc., 8.500%, due 06/01/13		119,688
	30,000	#, C	TTI Holding Corp., 10.000%, due 03/15/13		28,500
	139,000	C	Ubiquitel, Inc., 9.875%, due 03/01/11		154,985
	43,000	C	US Unwired, Inc., 8.120%, due 06/15/10		44,666
	33,000	C	US Unwired, Inc., 10.000%, due 06/15/12		38,115
	35,000	C	Valor Telecommunications Enterprises LLC/Finance Corp., 7.750%, due 02/15/15		34,125
					8,438,029
			Textiles: 0.1%
	45,000	#, C	Invista, 9.250%, due 05/01/12		49,163
					49,163
			Transportation: 0.3%
	55,000	@@, C	CHC Helicopter Corp., 7.375%, due 05/01/14		56,650
	78,000	@@, #, C	Grupo Transportacion Ferroviaria Mexicana SA DE CV, 9.375%, due 05/01/12		84,630
	123,000	@@	Grupo Transportacion Ferroviaria Mexicana SA DE CV, 10.250%, due 06/15/07		132,225
					273,505
			Total Corporate Bond/Note
			(Cost $74,918,905)		74,890,378

ING VP High Yield Bond Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares				Value
Common Stock: 0.2%
			Telecommunications: 0.2%
	908	@, I	Adelphia Business Solutions	$	—
	1,107	@	iPCS, Inc.		46,051
	150	@, I	Jordan Tellecommunications		3,636
	4,577	@, @@	Telewest Global, Inc.		105,042
					154,729
			Total Common Stock
			(Cost $147,662)		154,729
Preferred Stock: 0.3%
			Diversified Financial Services: 0.2%
	2,545	C	AES Trust VII		123,114
					123,114
			Media: 0.0%
	228	C	Paxson Communications		15,534
					15,534
			Telecommunications: 0.1%
	72	C	Alamosa Holdings, Inc.		91,845
					91,845
			Total Preferred Stock
			(Cost $236,904)		230,493
Warrants: 0.1%
			Building Materials: 0.0%
	195	@, #, I	Dayton Superior Corp.		2
					2
			Commercial Services: 0.0%
	20	@	Travelcenters of America, Inc.		24
	62	@	Travelcenters Of America, Inc.		74
					98
			Media: 0.0%
	48	@	XM Satellite Radio Holdings, Inc.		3,888
					3,888
			Telecommunications: 0.1%
	25	@	American Tower Corp.		8,805
	151	@, #	American Tower Corp.		53,179
	1,753	@	McLeodUSA, Inc.		14
					61,997
			Total Warrants
			(Cost $59,556)		65,986
			Total Long-Term Investments
			(Cost $75,363,026)	$	75,341,586

ING VP High Yield Bond Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount						Value
Short-Term Investment: 5.5%
			Repurchase Agreement: 5.5%
$4,305,000			Morgan Stanley Repurchase Agreement dated 09/30/05, 3.750%, due 10/03/05, $4,306,345 to be received upon repurchase (Collateralized by $10,770,000, various Resolution Funding Corporation, 8.625%-9.375%, Market Value plus accrued interest $4,392,027 due 10/15/20-01/15/30).			$	4,305,000
			Total Short-Term Investment
			(Cost $4,305,000)				4,305,000
			Total Investments in Securities
			(Cost $79,668,026)*	101.5	%	$	79,646,586
			Other Assets and Liabilities-Net	(1.5	)		(1,210,953	)
			Net Assets	100.0	%	$	78,435,633
	@		Non-income producing security
	@@		Foreign Issuer
	+		Step-up basis bonds. Interest rates shown reflect current coupon rates.
	#		Securities with purchases pursuant to Rule 144A, under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. These securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
	C		Bond may be called prior to maturity date.
	I		Illiquid Securities
	W		When-issued or delayed delivery security.
	*	*	Defaulted Security
	*		Cost for federal income tax purposes is $79,707,769.
			Net unrealized depreciation consists of:
			Gross Unrealized Appreciation			$	496,628
			Gross Unrealized Depreciation				(557,811	)
			Net Unrealized Depreciation			$	(61,183	)

Illiquid Securities

Pursuant to guidelines adopted by the Portfolio’s Board, the following securities have been deemed to be illiquid. ING Global Resources Portfolio currently limits investment in illiquid securities to 15% of the Portfolio’s net assets, at market value, at time of purchase. Fair value of these securities was determined by the ING Funds Valuation committee appointed by the Portfolio’s Board of Directors/Trustees.

			Initial						Percentage
			Acquisition						of Net
Security	Shares		Date		Cost		Value		Assets
Adelphia Business Solutions		908		7/20/00	$	—	$	—		0.0	%
Dayton Superior Corp.		150		8/7/00		2,792		2		0.0	%
Jordan Telecommunication		150		1/31/00	$	—		3,636		0.0	%
					$	2,792	$	3,638		0.0	%

ING VP International Value Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)

Shares				Value
Common Stock: 96.9%
			Belgium: 2.1%
	36,800		Belgacom SA	$	1,253,037
	2,981		Electrabel		1,501,068
	146,500		Fortis		4,268,225
					7,022,330
			Canada: 1.8%
	100,700		EnCana Corp.		5,887,037
					5,887,037
			Denmark: 3.9%
	65,600		H Lundbeck A/S		1,671,759
	209,800		TDC A/S		11,322,722
					12,994,481
			Finland: 0.6%
	92,900		UPM-Kymmene OYJ		1,866,924
					1,866,924
			France: 6.2%
	115,900	@, L	Business Objects SA		4,039,527
	15,000		Gaz de France		503,118
	56,588		Societe Generale		6,485,692
	26,670		Total SA		7,282,969
	17,600	L	Total SA ADR		2,390,432
					20,701,738
			Germany: 10.7%
	73,844		Allianz AG		10,007,364
	106,900		Deutsche Bank AG		10,038,118
	75,800		Henkel KGaA		6,921,928
	48,650		Schering AG		3,093,974
	69,651		Siemens AG		5,399,261
					35,460,645
			Greece: 0.7%
	84,288		Alpha Bank AE		2,394,754
					2,394,754
			Hong Kong: 4.7%
	235,500	L	China Mobile Hong Kong Ltd. ADR		5,802,720
	754,000		Hang Lung Properties Ltd.		1,203,788
	726,000		Hong Kong Exchanges and Clearing Ltd.		2,493,037
	1,258,000		HongKong Electric Holdings		6,282,579
					15,782,124

 
ING VP International Value Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Ireland: 0.5%
	94,000		Irish Life & Permanent PLC	$	1,718,725
					1,718,725
			Japan: 25.1%
	82,010		Acom Co., Ltd.		5,982,174
	509,000		Amada Co., Ltd.		4,087,242
	269,000		Amano Corp.		4,186,087
	442,000		Bank of Kyoto Ltd.		4,436,960
	31,600	L	Kyocera Corp.		2,209,032
	899		Mitsubishi Tokyo Financial Group, Inc.		11,789,211
	32,140		Nippon Television Network Corp.		4,963,380
	28,300		ORIX Corp.		5,137,265
	50,000		Promise Co., Ltd.		3,728,478
	1,351	@	Resona Holdings, Inc.		3,513,365
	99,300		Sankyo Co., Ltd.		5,258,148
	228,200		Sekisui House Ltd.		2,814,952
	94,000		Sharp Corp.		1,369,664
	322,000		Sumitomo Electric Industries Ltd.		4,366,772
	307,000	L	Sumitomo Trust & Banking Co., Ltd.		2,543,607
	147,200	L	Takeda Chemical Industries Ltd.		8,826,415
	193,000		Tokuyama Corp.		1,902,055
	137,400	L	Toyota Motor Corp.		6,350,094
					83,464,901
			Malaysia: 1.7%
	2,002,900		Tenaga Nasional BHD		5,739,273
					5,739,273
			Netherlands: 7.5%
	88,854		European Aeronautic Defense and Space Co.		3,164,342
	162,942	L	Heineken NV		5,259,401
	300,689		Royal Dutch Shell PLC		9,958,582
	91,700		Unilever NV		6,550,756
					24,933,081
			Singapore: 1.1%
	2,432,000		Singapore Telecommunications Ltd.		3,532,015
					3,532,015
			South Africa: 1.9%
	519,600		JD Group Ltd.		6,339,979
					6,339,979
			South Korea: 2.1%
	116,600		Kookmin Bank		6,919,379
					6,919,379

ING VP International Value Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Spain: 2.0%
	210,100		Repsol YPF SA	$	6,808,806
					6,808,806
			Sweden: 1.3%
	423,000		Nordea AB		4,243,878
					4,243,878
			Switzerland: 9.5%
	16,719	@	Barry Callebaut AG		4,946,775
	107,034		Credit Suisse Group		4,768,562
	31,610		Nestle SA		9,322,200
	46,906		Novartis AG		2,395,414
	27,500		Novartis AG ADR		1,402,500
	87,200		STMicroelectronics NV		1,511,738
	34,752		UBS AG		2,974,286
	160,115		Xstrata PLC		4,168,292
					31,489,767
			United Kingdom: 13.5%
	46,570		AstraZeneca PLC		2,182,262
	408,048		Barclays PLC		4,133,965
	653,487		BP PLC		7,739,699
	427,901		HBOS PLC		6,471,525
	233,000		HSBC Holdings PLC		3,783,427
	3,141,183		Legal & General Group PLC		6,311,759
	128,000		Royal Bank of Scotland Group PLC		3,646,925
	133,257		Severn Trent PLC		2,340,124
	3,206,958		Vodafone Group PLC		8,368,612
					44,978,298
			Total Common Stock
			(Cost $282,688,624)		322,278,135

ING VP International Value Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount						Value
Short-Term Investment: 6.1%
			Repurchase Agreement: 2.7%
	$ 8,803,000		Morgan Stanley Repurchase Agreement dated 09/30/05, 3.750%, due 10/03/05, $8,805,751 to be received upon repurchase (Collateralized by $9,060,000 Federal Home Loan Mortgage Corporation, 2.875% Market Value plus accrued interest $8,983,130, due 12/15/06)			$	8,803,000
			Total Repurchase Agreement
			(Cost $8,803,000)				8,803,000
			Securities Lending Collateralcc: 3.4%
	11,451,385		The Bank of New York Institutional Cash Reserves Fund				11,451,385
			Total Securities Lending Collateral
			(Cost $11,451,385)				11,451,385
			Total Short-Term Investments
			(Cost $20,254,385)				20,254,385
			Total Investments in Securities
			(Cost $302,943,009)*	103.0	%	$	342,532,520
			Other Assets and Liabilities-Net	(3.0	)		(9,826,116	)
			Net Assets	100.0	%	$	332,706,404
		@	Non-income producing security
		ADR	American Depositary Receipt
		cc	Securities purchased with cash collateral for securities loaned.
		L	Loaned security, a portion or all of the security is on loan at September 30, 2005.
		*	Cost for federal income tax purposes is $303,274,353.
			Net unrealized appreciation consists of:
			Gross Unrealized Appreciation			$	41,847,506
			Gross Unrealized Depreciation				(2,589,339	)
			Net Unrealized Appreciation			$	39,258,167

ING VP LargeCap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)

Shares				Value
Common Stock: 97.0%
			Advertising: 1.7%
	440		Omnicom Group	$	36,797
					36,797
			Aerospace/Defense: 5.1%
	900		Boeing Co.		61,155
	420		General Dynamics Corp.		50,211
					111,366
			Banks: 2.1%
	1,510		Commerce BanCorp, Inc.		46,342
					46,342
			Biotechnology: 3.8%
	740	@	Amgen, Inc.		58,956
	320	@	Genzyme Corp.		22,925
					81,881
			Commercial Services: 1.2%
	530		Moody’s Corp.		27,072
					27,072
			Computers: 7.3%
	400	@	Apple Computer, Inc.		21,444
	2,245	@	Dell, Inc.		76,779
	1,450	@	Network Appliance, Inc.		34,423
	380	@, @@	Research In Motion Ltd.		25,992
					158,638
			Cosmetics/Personal Care: 2.4%
	870		Procter & Gamble Co.		51,730
					51,730
			Diversified Financial Services: 13.3%
	540		Capital One Financial Corp.		42,941
	210		Chicago Mercantile Exchange		70,833
	2,922		Countrywide Financial Corp.		96,367
	420		Franklin Resources, Inc.		35,263
	400		Legg Mason, Inc.		43,876
					289,280
			Healthcare — Products: 3.8%
	1,540		Medtronic, Inc.		82,575
					82,575

ING VP LargeCap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Healthcare — Services: 5.1%
	280	@	Coventry Health Care, Inc.	$	24,086
	1,540		UnitedHealth Group, Inc.		86,548
					110,634
			Insurance: 1.1%
	240		Progressive Corp.		25,145
					25,145
			Internet: 7.1%
	240	@	Google, Inc.		75,950
	2,350	@	Yahoo!, Inc.		79,524
					155,474
			Lodging: 1.9%
	710		Starwood Hotels & Resorts Worldwide, Inc.		40,591
					40,591
			Media: 4.4%
	2,650	@	Xm Satellite Radio, Inc.		95,162
					95,162
			Mining: 1.3%
	530	@@	Cameco Corp.		28,355
					28,355
			Miscellaneous Manufacturing: 6.0%
	1,000		Danaher Corp.		53,830
	2,270		General Electric Co.		76,431
					130,261
			Oil & Gas: 4.4%
	1,600	@@	Petro — Canada		66,768
	410	@@, @	Petroleo Brasileiro SA ADR		29,311
					96,079
			Oil & Gas Services: 2.5%
	810		Halliburton Co.		55,501
					55,501
			Pharmaceuticals: 10.4%
	470		Abbott Laboratories		19,928
	2,095	@@	AstraZeneca PLC ADR		98,675
	590	@	Gilead Sciences, Inc.		28,768
	710	@@	Sanofi-Synthelabo SA ADR		29,501
	2,370		Schering-Plough Corp.		49,888
					226,760

 
ING VP LargeCap Growth Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares						Value
			Retail: 1.1%
	440		Abercrombie & Fitch Co.			$	21,934
	80		Petsmart, Inc.				1,742
							23,676
			Savings & Loans: 0.7%
	250		Golden West Financial Corp.				14,848
							14,848
			Software: 7.0%
	1,610	@	Electronic Arts, Inc.				91,593
	1,895		Microsoft Corp.				48,758
	270	@	Pixar, Inc.				12,018
							152,369
			Telecommunications: 3.3%
	1,070	@@	America Movil SA de CV ADR				28,162
	1,000		Qualcomm, Inc.				44,750
							72,912
			Total Investments in Securities
			(Cost $1,814,357)*	97.0	%	$	2,113,448
			Other Assets and Liabilities-Net	3.0			64,789
			Net Assets	100.0	%	$	2,178,237
		@	Non-income producing security
		@@	Foreign Issuer
		ADR	American Depositary Receipt
		*	Cost for federal income tax purposes is $1,822,196.
			Net unrealized appreciation consists of:
			Gross Unrealized Appreciation			$	310,185
			Gross Unrealized Depreciation				(18,933	)
			Net Unrealized Appreciation			$	291,252

ING VP MagnaCap Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)

Shares				Value
Common Stock: 98.5%
			Aerospace/Defense: 3.0%
	5,900		General Dynamics Corp.	$	705,345
	7,400		United Technologies Corp.		383,616
					1,088,961
			Agriculture: 3.0%
	14,800		Altria Group, Inc.		1,090,908
					1,090,908
			Apparel: 1.2%
	5,100		Nike, Inc.		416,568
					416,568
			Banks: 10.3%
	33,600		Bank of America Corp.		1,414,560
	9,500		Hibernia Corp.		285,380
	12,700		The Bank of New York Co., Inc.		373,507
	21,500		Wells Fargo & Co.		1,259,255
	5,200		Zions Bancorporation		370,292
					3,702,994
			Beverages: 1.9%
	8,800		Coca-Cola Co.		380,072
	4,500		Molson Coors Brewing Co.		288,045
					668,117
			Biotechnology: 0.7%
	5,700	@	Charles River Laboratories Intl., Inc.		248,634
					248,634
			Building Materials: 1.6%
	18,600		Masco Corp.		570,648
					570,648
			Chemicals: 3.8%
	14,800		Dow Chemical Co.		616,716
	4,500		E.I. du Pont de Nemours & Co.		176,265
	9,300		Lyondell Chemical Co.		266,166
	6,300		Praxair, Inc.		301,959
					1,361,106
			Coal: 2.0%
	8,500		Peabody Energy Corp.		716,975
					716,975

	PORTFOLIO OF INVESTMENTS
ING VP MagnaCap Portfolio	as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Computers: 1.6%
	7,200		International Business Machines Corp.	$	577,584
					577,584
			Cosmetics/Personal Care: 0.7%
	9,300		Avon Products, Inc.		251,100
					251,100
			Distribution/Wholesale: 0.5%
	5,400	@	WESCO Intl., Inc.		182,898
					182,898
			Diversified Financial Services: 15.2%
	5,900		Capital One Financial Corp.		469,168
	19,600		Citigroup, Inc.		892,192
	23,700		Countrywide Financial Corp.		781,626
	12,600		Freddie Mac		711,396
	24,600		JPMorgan Chase & Co.		834,678
	2,100		Lehman Brothers Holdings, Inc.		244,608
	12,300		Merrill Lynch & Co., Inc.		754,605
	14,800		Morgan Stanley		798,312
					5,486,585
			Electric: 1.3%
	12,300		PG&E Co.		482,775
					482,775
			Electronics: 1.5%
	20,100	@, @@	Flextronics Intl. Ltd.		258,285
	10,500	@@	Koninklijke Philips Electronics NV		280,140
					538,425
			Entertainment: 0.5%
	9,900		Regal Entertainment Group		198,396
					198,396
			Food: 2.2%
	11,600		McCormick & Co., Inc.		378,508
	14,425	@	Smithfield Foods, Inc.		428,134
					806,642
			Forest Products & Paper: 0.5%
	5,700		International Paper Co.		169,860
					169,860

	PORTFOLIO OF INVESTMENTS
ING VP MagnaCap Portfolio	as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Gas: 1.4%
	10,800		Sempra Energy	$	508,248
					508,248
			Household Products/Wares: 1.6%
	9,900		Kimberly-Clark Corp.		589,347
					589,347
			Insurance: 4.5%
	10,000		American Intl. Group, Inc.		619,600
	15,800		Metlife, Inc.		787,314
	4,800		St. Paul Cos.		215,376
					1,622,290
			Leisure Time: 1.1%
	9,100		Royal Caribbean Cruises Ltd.		393,120
					393,120
			Lodging: 1.9%
	4,900		Harrah’s Entertainment, Inc.		319,431
	6,500	@, @@	Kerzner Intl. Ltd.		361,075
					680,506
			Media: 3.2%
	8,900		Gannett Co., Inc.		612,587
	10,600		Time Warner, Inc.		191,966
	10,100		Tribune Co.		342,289
					1,146,842
			Mining: 0.7%
	9,600		Alcoa, Inc.		234,432
					234,432
			Miscellaneous Manufacturing: 2.2%
	19,100		General Electric Co.		643,097
	5,600	@@	Tyco Intl. Ltd.		155,960
					799,057
			Office/Business Equipment: 0.8%
	21,600	@	Xerox Corp.		294,840
					294,840
			Oil & Gas: 12.4%
	6,000		Apache Corp.		451,320
	10,200		Cabot Oil & Gas Corp.		515,202
	8,300		ConocoPhillips		580,253
	21,700		Exxon Mobil Corp.		1,378,818
	7,800	@	Newfield Exploration Co.		382,980

	PORTFOLIO OF INVESTMENTS
ING VP MagnaCap Portfolio	as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Oil & Gas: 12.4% (continued)
	17,800	@	Plains Exploration & Production Co.	$	762,196
	8,800		XTO Energy, Inc.		398,816
					4,469,585
			Oil & Gas Services: 4.8%
	13,700		BJ Services Co.		493,063
	19,300	@	Dresser-Rand Group, Inc.		475,359
	10,900		Halliburton Co.		746,868
					1,715,290
			Pharmaceuticals: 4.8%
	44,900		Pfizer, Inc.		1,121,153
	18,400	@@	Teva Pharmaceutical Industries Ltd. ADR		614,928
					1,736,081
			Real Estate Investment Trust: 1.0%
	16,100		KKR Financial Corp.		358,064
					358,064
			Retail: 1.7%
	4,800		Abercrombie & Fitch Co.		239,280
	10,700		McDonald’s Corp.		358,343
					597,623
			Savings & Loans: 0.9%
	15,200		Sovereign Bancorp, Inc.		335,008
					335,008
			Semiconductors: 1.0%
	43,200	@@	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		355,104
					355,104
			Software: 0.9%
	12,300		Microsoft Corp.		316,479
					316,479
			Telecommunications: 2.1%
	32,000		SBC Communications, Inc.		767,040
					767,040
			Total Common Stock
			(Cost $31,329,823)		35,478,132

	PORTFOLIO OF INVESTMENTS
ING VP MagnaCap Portfolio	as of September 30, 2005 (Unaudited)(continued)

Principal
Amount						Value
Short-Term Investment: 0.4%
			Repurchase Agreement: 0.4%
$	133,000		Morgan Stanley Repurchase Agreement dated 09/30/05, 3.750%, due 10/03/05, $133,042 to be received upon repurchase (Collateralized by $140,000 Federal Home Loan Mortgage Corporation, 2.875%, Market Value plus accrued interest $138,812, due 12/15/06)			$	133,000
			Total Short-Term Investment
			(Cost $133,000)				133,000
			Total Investments in Securities
			(Cost $31,462,823)*	98.9	%	$	35,611,132
			Other Assets and Liabilities-Net	1.1			392,076
			Net Assets	100.0	%	$	36,006,208
		@	Non-income producing security
		@@	Foreign Issuer
		ADR	American Depositary Receipt
		*	Cost for federal income tax purposes is $31,494,136.
			Net unrealized appreciation consists of:
			Gross Unrealized Appreciation			$	5,031,378
			Gross Unrealized Depreciation				(914,382	)
			Net Unrealized Appreciation			$	4,116,996

ING VP MidCap Opportunities Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)

Shares				Value
Common Stock: 99.4%
			Advertising: 1.3%
	18,700	@, L	Getty Images, Inc.	$	1,608,948
					1,608,948
			Apparel: 2.9%
	55,100	@	Coach, Inc.		1,727,936
	36,500		Polo Ralph Lauren Corp.		1,835,950
					3,563,886
			Auto Parts & Equipment: 1.8%
	38,300	L	BorgWarner, Inc.		2,162,418
					2,162,418
			Banks: 1.5%
	25,770	L	Zions Bancorporation		1,835,082
					1,835,082
			Biotechnology: 2.6%
	35,200	@, L	Celgene Corp.		1,912,064
	36,500	@	Medimmune, Inc.		1,228,225
					3,140,289
			Building Materials: 1.7%
	43,800		American Standard Cos., Inc.		2,038,890
					2,038,890
			Coal: 2.0%
	28,700		Peabody Energy Corp.		2,420,845
					2,420,845
			Commercial Services: 0.5%
	18,700	@	Education Management Corp.		602,888
					602,888
			Computers: 5.0%
	31,800	@	Anteon Intl. Corp.		1,359,768
	40,900	@	CACI Intl., Inc.		2,478,540
	49,656	@	Micros Systems, Inc.		2,172,450
					6,010,758
			Distribution/Wholesale: 0.7%
	26,400	@	Wesco Intl., Inc.		894,168
					894,168

ING VP MidCap Opportunities Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Diversified Financial Services: 1.0%
	42,900	@, L	Refco, Inc.	$	1,212,783
					1,212,783
			Electrical Components & Equipment: 1.6%
	43,800		Ametek, Inc.		1,882,086
					1,882,086
			Electronics: 1.8%
	70,254	@	Jabil Circuit, Inc.		2,172,254
					2,172,254
			Entertainment: 1.0%
	22,400		International Speedway Corp.		1,175,328
					1,175,328
			Equity Fund: 1.1%
	10,480	L	Midcap SPDR Trust Series 1		1,372,042
					1,372,042
			Hand/Machine Tools: 1.1%
	29,400		Stanley Works		1,372,392
					1,372,392
			Healthcare — Products: 9.1%
	24,300	@, L	Advanced Neuromodulation Systems, Inc.		1,153,278
	28,500		CR Bard, Inc.		1,881,855
	55,600	@	Gen-Probe, Inc.		2,749,420
	38,400	@	Hologic, Inc.		2,217,600
	8,550	@	Inamed Corp.		647,064
	50,800		St. Jude Medical, Inc.		2,377,440
					11,026,657
			Healthcare — Services: 7.4%
	48,000	@	Community Health Systems, Inc.		1,862,880
	36,500	@	Coventry Health Care, Inc.		3,139,730
	31,600		Quest Diagnostics		1,597,064
	30,800	@, L	WellChoice, Inc.		2,337,720
					8,937,394
			Home Furnishings: 1.6%
	19,200		Harman Intl. Industries, Inc.		1,963,584
					1,963,584
			Household Products/Wares: 0.5%
	7,000		Fortune Brands, Inc.		569,310
					569,310

ING VP MidCap Opportunities Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Insurance: 1.2%
	32,300	@, L	ProAssurance Corp.	$	1,507,441
					1,507,441
			Lodging: 4.0%
	31,900		Harrah’s Entertainment, Inc.		2,079,561
	53,900		Hilton Hotels Corp.		1,203,048
	23,100	L	Station Casinos, Inc.		1,532,916
					4,815,525
			Machinery — Diversified: 3.0%
	34,300		Graco, Inc.		1,175,804
	47,100		Rockwell Automation, Inc.		2,491,590
					3,667,394
			Miscellaneous Manufacturing: 3.4%
	24,100		Donaldson Co., Inc.		735,773
	15,500		ITT Industries, Inc.		1,760,800
	42,000		Roper Industries, Inc.		1,650,180
					4,146,753
			Oil & Gas: 9.7%
	103,400		Chesapeake Energy Corp.		3,955,050
	35,000		ENSCO Intl., Inc.		1,630,650
	59,600		Patterson-UTI Energy, Inc.		2,150,368
	17,100	@	Southwestern Energy Co.		1,255,140
	61,900		XTO Energy, Inc.		2,805,308
					11,796,516
			Oil & Gas Services: 2.9%
	62,000	@	Dresser-Rand Group, Inc.		1,527,060
	13,100	@, L	National-Oilwell, Inc.		861,980
	34,000		Smith Intl., Inc.		1,132,540
					3,521,580
			Packaging & Containers: 1.0%
	59,900	@	Owens-Illinois, Inc.		1,235,138
					1,235,138
			Pharmaceuticals: 3.3%
	32,700	@	Barr Pharmaceuticals, Inc.		1,795,884
	22,726	@	Kos Pharmaceuticals, Inc.		1,521,051
	34,500		Mylan Laboratories		664,470
					3,981,405

ING VP MidCap Opportunities Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Retail: 7.2%
	41,850	@	Advance Auto Parts	$	1,618,758
	24,300	@, L	Chico’s FAS, Inc.		894,240
	103,158	@	Office Depot, Inc.		3,063,793
	65,850	@, L	Pacific Sunwear of California		1,411,824
	56,700	@	Ruth’s Chris Steak House		1,042,146
	24,198	@	Sonic Corp.		661,815
					8,692,576
			Savings & Loans: 1.2%
	66,000		Sovereign Bancorp, Inc.		1,454,640
					1,454,640
			Semiconductors: 6.3%
	53,200	@, L	Advanced Micro Devices, Inc.		1,340,640
	81,600	@, L	Altera Corp.		1,559,376
	40,400		Linear Technology Corp.		1,518,636
	28,871	@, L	Marvell Technology Group Ltd.		1,331,242
	70,300		National Semiconductor Corp.		1,848,890
					7,598,784
			Software: 4.2%
	53,806	@	Activision, Inc.		1,100,333
	38,600	L	Adobe Systems, Inc.		1,152,210
	24,100	@	D&B Corp.		1,587,467
	13,800	@	Fiserv, Inc.		633,006
	18,400	@	Progress Software Corp.		584,568
					5,057,584
			Telecommunications: 3.3%
	83,500	@	Comverse Technology, Inc.		2,193,545
	169,100	@	Tellabs, Inc.		1,778,932
					3,972,477
			Transportation: 2.5%
	22,100	L	CH Robinson Worldwide, Inc.		1,417,052
	43,500		Forward Air Corp.		1,602,540
					3,019,592
			Total Common Stock
			(Cost $95,451,464)		120,429,407

ING VP MidCap Opportunities Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Principal
Amount						Value
Short-Term Investment: 18.1%
			Repurchase Agreement: 1.4%
$	1,689,000		Morgan Stanley Repurchase Agreement dated 09/30/05, 3.750%, due 10/03/05 $1,689,528 to be received upon repurchase (Collateralized by $3,355,000 Resolution Funding Corporation, 0.000% Market Value plus accrued interest $1,724,403, due 10/15/19)			$	1,689,000
			Total Repurchase Agreements
			(Cost $1,689,000)				1,689,000
			Securities Lending Collateralcc 16.7%
	20,354,239		The Bank of New York Institutional Cash Reserves				20,354,239
			Total Securities Lending Collateral
			(Cost $20,354,239)				20,354,239
			Total Short-Term Investments
			(Cost $22,043,239)				22,043,239
			Total Investments in Securities
			(Cost $117,494,703)*	117.5	%	$	142,472,646
			Other Assets and Liabilities-Net	(17.5	)		(21,264,546	)
			Net Assets	100.0	%	$	121,208,100
		@	Non-income producing security
		L	Loaned security, a portion or all of the security is on loan at September 30, 2005.
		*	Cost for federal income tax purposes is the same as for financial reporting purposes. Net unrealized appreciation consists of:
			Gross Unrealized Appreciation			$	25,863,686
			Gross Unrealized Depreciation				(885,743	)
			Net Unrealized Appreciation			$	24,977,943

ING VP Real Estate Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)

Shares			Value
REAL ESTATE INVESTMENT TRUSTS: 94.4%
		Apartments: 16.1%
	34,700	Archstone-Smith Trust	$	1,383,489
	33,110	AvalonBay Communities, Inc.		2,837,527
	16,400	BRE Properties		729,800
	32,980	Camden Property Trust		1,838,635
	65,400	Equity Residential		2,475,390
	18,700	Post Properties, Inc.		696,575
	59,500	United Dominion Realty Trust, Inc.		1,410,150
				11,371,566
		Diversified: 10.3%
	15,300	American Campus Communities, Inc.		367,506
	14,600	GMH Communities Trust		214,182
	41,700	Liberty Property Trust		1,773,918
	51,400	Reckson Associates Realty Corp.		1,775,870
	36,500	Vornado Realty Trust		3,161,630
				7,293,106
		Healthcare: 2.1%
	44,900	Ventas, Inc.		1,445,780
				1,445,780
		Hotels: 3.5%
	61,680	Host Marriott Corp.		1,042,392
	21,100	LaSalle Hotel Properties		726,895
	38,800	Strategic Hotel Capital, Inc.		708,488
				2,477,775
		Office Property: 23.4%
	43,100	Arden Realty, Inc.		1,774,427
	21,000	BioMed Realty Trust, Inc.		520,800
	43,500	Boston Properties, Inc.		3,084,149
	19,500	Carramerica Realty Corp.		701,025
	31,550	Corporate Office Properties Trust SBI MD		1,102,673
	63,500	Equity Office Properties Trust		2,077,085
	35,300	Highwoods Properties, Inc.		1,041,703
	49,000	Maguire Properties, Inc.		1,472,450
	31,100	SL Green Realty Corp.		2,120,398
	115,610	Trizec Properties, Inc.		2,665,967
				16,560,677
		Regional Malls: 16.5%
	2,080	CBL & Associates Properties, Inc.		85,259
	67,900	General Growth Properties, Inc.		3,050,747
	22,100	Macerich Co.		1,435,174
	31,800	Mills Corp.		1,751,544
	67,600	Simon Property Group, Inc.		5,010,512
	11,100	Taubman Centers, Inc.		351,870
				11,685,106

	PORTFOLIO OF INVESTMENTS
ING VP Real Estate Portfolio	as of September 30, 2005 (Unaudited)

Shares						Value
			Shopping Centers: 10.4%
	38,500		Acadia Realty Trust			$	692,615
	45,700		Developers Diversified Realty Corp.				2,134,190
	23,500		Federal Realty Investors Trust				1,431,855
	21,300		Pan Pacific Retail Properties, Inc.				1,403,670
	30,100		Regency Centers Corp.				1,729,245
							7,391,575
			Storage: 4.1%
	23,100		Extra Space Storage, Inc.				355,278
	38,200		Public Storage, Inc.				2,559,400
							2,914,678
			Warehouse: 8.0%
	45,900		AMB Property Corp.				2,060,910
	80,700		ProLogis				3,575,817
							5,636,727
			Total Real Estate Investment Trusts
			(Cost $61,393,484)				66,776,990
COMMON STOCK: 4.4%
			Lodging: 2.9%
	35,600		Starwood Hotels & Resorts Worldwide, Inc.				2,035,252
							2,035,252
			Real Estate Oper/Develop: 1.5%
	36,400	@@	Brookfield Properties Co.				1,072,708
							1,072,708
			Total Common Stock
			(Cost $3,119,545)				3,107,960
			Total Investments In Securities
			(Cost $64,513,029)*	98.8	%	$	69,884,950
			Other Assets and Liabilities—Net	1.2			867,413
			Net Assets	100.0	%	$	70,752,363
		@@	Foreign issuer
		REIT	Real Estate Investment Trust
		*	Cost for federal income tax purposes is $64,331,739
			Net unrealized appreciation consists of:
			Gross Unrealized Appreciation			$	5,707,646
			Gross Unrealized Depreciation				(154,435	)
			Net Unrealized Appreciation			$	5,553,211

ING VP SmallCap Opportunities Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)

Shares				Value
Common Stock: 98.0%
			Aerospace/Defense: 1.1%
	52,000		Engineered Support Systems, Inc.	$	2,134,080
					2,134,080
			Apparel: 1.2%
	41,001	@, L	Carter’s, Inc.		2,328,857
					2,328,857
			Banks: 1.3%
	46,900		East-West Bancorp, Inc.		1,596,476
	38,500		Whitney Holding Corp.		1,041,040
					2,637,516
			Biotechnology: 2.3%
	82,700	@, L	Encysive Pharmaceuticals, Inc.		974,206
	41,500	@, L	Enzo Biochem, Inc.		637,440
	73,700	@, L	Integra LifeSciences Holdings Corp.		2,819,762
					4,431,408
			Commercial Services: 5.1%
	41,600		Arbitron, Inc.		1,657,344
	88,950	L	Healthcare Services Group		1,712,288
	800	@	Huron Consulting Group, Inc.		21,456
	39,829	@, L	iPayment, Inc.		1,507,129
	71,300	@	Labor Ready, Inc.		1,828,845
	80,000	@	Navigant Consulting, Inc.		1,532,800
	56,700	@, L	Resources Connection, Inc.		1,680,021
					9,939,883
			Computers: 5.8%
	46,074	@	Anteon Intl. Corp.		1,970,124
	12,200	@	CACI Intl., Inc.		739,320
	89,700		Jack Henry & Associates, Inc.		1,740,180
	51,600	@, L	Kronos, Inc.		2,303,424
	53,258	@	Micros Systems, Inc.		2,330,038
	28,500	@, L	Palm, Inc.		807,405
	83,600	@, L	Synaptics, Inc.		1,571,680
					11,462,171
			Distribution/Wholesale: 4.6%
	60,602	@, L	Aviall, Inc.		2,047,136
	30,700		Hughes Supply, Inc.		1,000,820
	56,025	@, L	Nuco2, Inc.		1,442,644
	73,023		SCP Pool Corp.		2,550,693
	58,300	@	WESCO Intl., Inc.		1,974,621
					9,015,914

ING VP SmallCap Opportunities Portfolio PORTFOLIO OF INVESTMENTS
as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Diversified Financial Services: 0.5%
	23,700		National Financial Partners Corp.	$	1,069,818
					1,069,818
			Electrical Components & Equipment: 0.9%
	66,177	@, L	Intermagnetics General Corp.		1,848,985
					1,848,985
			Electronics: 2.8%
	26,400	@	Dionex Corp.		1,432,200
	60,800	L	Keithley Instruments, Inc.		887,680
	89,063	@, L	Measurement Specialties, Inc.		1,888,136
	425		Symbol Technologies, Inc.		4,114
	36,000	@	Trimble Navigation Ltd.		1,212,840
					5,424,970
			Engineering & Construction: 0.3%
	10,000	@	EMCOR Group, Inc.		593,000
					593,000
			Entertainment: 3.0%
	28,000	@, L	Penn National Gaming, Inc.		871,080
	90,900	@	Scientific Games Corp.		2,817,900
	81,225	@, L	Shuffle Master, Inc.		2,146,777
					5,835,757
			Healthcare — Products: 6.9%
	90,100	@, L	Arthrocare Corp.		3,623,822
	44,900	@	Gen-Probe, Inc.		2,220,305
	37,647	@	Intuitive Surgical, Inc.		2,759,149
	60,104	@, L	Kyphon, Inc.		2,640,970
	32,932	@, L	Laserscope		928,024
	53,309	@, L	Viasys Healthcare, Inc.		1,332,192
					13,504,462
			Healthcare — Services: 6.4%
	51,000	@, L	Amedisys, Inc.		1,989,000
	87,262	@, L	Amsurg Corp.		2,387,488
	48,700	@	Pediatrix Medical Group, Inc.		3,741,134
	16,800	@, L	Psychiatric Solutions, Inc.		911,064
	92,245	@	United Surgical Partners Intl., Inc.		3,607,702
					12,636,388
			Household Products/Wares: 1.0%
	80,400		Yankee Candle Co., Inc.		1,969,800
					1,969,800

	PORTFOLIO OF INVESTMENTS
ING VP SmallCap Opportunities Portfolio	as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Housewares: 0.5%
	29,100		Toro Co.	$	1,069,716
					1,069,716
			Insurance: 2.5%
	27,500		Hilb Rogal & Hamilton Co.		1,026,300
	22,032	@	Philadelphia Consolidated Holding Co.		1,870,517
	41,747	@	ProAssurance Corp.		1,948,332
					4,845,149
			Internet: 5.8%
	70,362	@	Digital Insight Corp.		1,833,634
	40,800	@, L	Equinix, Inc.		1,699,320
	30,400	@	F5 Networks, Inc.		1,321,488
	53,000	@, L	Openwave Systems, Inc.		952,940
	183,800	@, L	Sapient Corp.		1,148,750
	177,400	@, L	Valueclick, Inc.		3,031,766
	58,900	@	WebEx Communications, Inc.		1,443,639
					11,431,537
			Iron/Steel: 0.6%
	14,500	L	Cleveland-Cliffs, Inc.		1,263,095
					1,263,095
			Investment Companies: 5.1%
	83,230	L	iShares Russell 2000 Growth Index Fund		5,725,392
	63,800	L	iShares Russell 2000 Index Fund		4,235,682
					9,961,074
			Leisure Time: 0.5%
	18,200	L	Polaris Industries, Inc.		901,810
					901,810
			Lodging: 0.3%
	8,253		Station Casinos, Inc.		547,669
					547,669
			Machinery — Diversified: 0.9%
	23,833	@, L	Middleby Corp.		1,727,893
					1,727,893
			Metal Fabricate/Hardware: 0.4%
	22,100	@	NS Group, Inc.		867,425
					867,425
			Miscellaneous Manufacturing: 0.4%
	21,894	@, L	Ceradyne, Inc.		803,072
					803,072

	PORTFOLIO OF INVESTMENTS
ING VP SmallCap Opportunities Portfolio	as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Oil & Gas: 4.9%
	20,000		Cabot Oil & Gas Corp.	$	1,010,200
	17,300		Holly Corp.		1,106,854
	22,000	@	Pride Intl., Inc.		627,220
	44,500	@	Southwestern Energy Co.		3,266,300
	65,300	@	Unit Corp.		3,609,784
					9,620,358
			Oil & Gas Services: 2.7%
	8,400	@	Cal Dive Intl., Inc.		532,644
	65,700	@	Dresser-Rand Group, Inc.		1,618,191
	23,700	@	FMC Technologies, Inc.		998,007
	18,400	@	Oil States Intl., Inc.		668,104
	63,000	@, L	Superior Energy Services		1,454,670
					5,271,616
			Packaging & Containers: 0.5%
	17,800		Greif, Inc.		1,069,780
					1,069,780
			Pharmaceuticals: 5.8%
	126,600	@, L	Abgenix, Inc.		1,605,288
	62,500	@, L	Alkermes, Inc.		1,050,000
	15,000	@, L	Amylin Pharmaceuticals, Inc.		521,850
	85,000	@, L	First Horizon Pharmaceutical Corp.		1,688,950
	99,500	@, L	HealthExtras, Inc.		2,127,310
	37,100	@, L	Neurocrine Biosciences, Inc.		1,824,949
	22,100	@, L	United Therapeutics Corp.		1,542,580
	39,400	@	VCA Antech, Inc.		1,005,488
					11,366,415
			Real Estate Investment Trust: 0.4%
	49,500	L	Omega Healthcare Investors, Inc.		689,040
					689,040
			Retail: 6.9%
	64,267	L	Applebees Intl., Inc.		1,329,684
	56,476	@	Copart, Inc.		1,348,082
	70,200	@, L	Dave & Buster’s, Inc.		937,170
	31,200	@, L	Dick’s Sporting Goods, Inc.		939,432
	61,100	@, L	GameStop Corp.		1,922,817
	117,843	@	Pacific Sunwear of California, Inc.		2,526,552
	46,700	@, L	Petco Animal Supplies, Inc.		988,172
	34,700	@, L	Red Robin Gourmet Burgers, Inc.		1,590,648
	61,185	@	Sonic Corp.		1,673,410
	7,000	@	Tractor Supply Co.		319,550
					13,575,517

	PORTFOLIO OF INVESTMENTS
ING VP SmallCap Opportunities Portfolio	as of September 30, 2005 (Unaudited)(continued)

Shares				Value
			Semiconductors: 4.2%
	68,500	@	Actel Corp.	$	990,510
	29,500	@, L	Advanced Analogic Technologies, Inc.		330,105
	50,700	@, L	Formfactor, Inc.		1,156,974
	60,900	@, L	Micrel, Inc.		683,907
	56,500		Microsemi Corp.		1,443,010
	66,000	@	Semtech Corp.		1,087,020
	61,400	@, L	Tessera Technologies, Inc.		1,836,474
	18,800	@, L	Varian Semiconductor Equipment Associates, Inc.		796,556
					8,324,556
			Software: 6.3%
	61,900	@	Ansys, Inc.		2,382,531
	68,100	@	Filenet Corp.		1,899,990
	26,500		Global Payments, Inc.		2,059,580
	33,800	@	Informatica Corp.		406,276
	71,000	@	Progress Software Corp.		2,255,670
	55,900	@	THQ, Inc.		1,191,788
	101,719	@, L	Witness Systems, Inc.		2,124,910
					12,320,745
			Storage/Warehousing: 1.5%
	67,000	@, L	Mobile Mini, Inc.		2,904,450
					2,904,450
			Telecommunications: 1.7%
	118,080	@, L	Powerwave Technologies, Inc.		1,533,859
	89,300	@, L	Tekelec		1,870,835
					3,404,694
			Transportation: 2.9%
	64,960		Forward Air Corp.		2,393,126
	36,800	@	HUB Group, Inc.		1,350,928
	80,200		Knight Transportation, Inc.		1,953,672
					5,697,726
			Total Common Stock
			(Cost $163,382,565)		192,496,346

	PORTFOLIO OF INVESTMENTS
ING VP SmallCap Opportunities Portfolio	as of September 30, 2005 (Unaudited)(continued)

Principal
Amount						Value
Short-Term Investment: 31.1%
			Repurchase Agreement: 2.8%
$	5,412,000		Morgan Stanley Repurchase Agreement dated 09/30/05, 3.750%, due 10/03/05, $5,413,691 to be received upon repurchase (Collateralized by $10,745,000 Resolution Funding Corporation, 8.125% Market Value plus accrued interest $5,522,715, due 10/15/19)			$	5,412,000
			Total Repurchase Agreement
			(Cost $5,412,000)				5,412,000
			Securities Lending Collateralcc: 28.3%
	55,886,595		The Bank of New York Institutional Cash Reserves Fund				55,668,595
			Total Securities Lending Collateral
			(Cost $55,886,595)				55,668,595
			Total Short-Term Investments
			(Cost $61,298,595)				61,080,595
			Total Investments in Securities
			(Cost $224,681,160)*	129.1	%	$	253,576,941
			Other Assets and Liabilities-Net	(29.1	)		(57,096,763	)
			Net Assets	100.0	%	$	196,480,178
		@	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 September 30, 2005.
		*	Cost for federal income tax purposes is $224,700,367.
			Net unrealized appreciation consists of:
			Gross Unrealized Appreciation			$	33,585,272
			Gross Unrealized Depreciation				(4,490,698	)
			Net Unrealized Appreciation			$	29,094,574

Item 2. 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-Q 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-Q and the officer certifications of such Form N-Q.

(b)

There were no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last 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 3. Exhibits.

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.

SIGNATURES

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

(Registrant): ING Variable Products Trust
By	/s/ James M. Hennessy
	James M. Hennessy
	President and Chief Executive Officer
Date:	November 28, 2005

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

By	/s/ James M. Hennessy
	James M. Hennessy
	President and Chief Executive Officer
Date:	November 28, 2005
By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer
Date:	November 28, 2005