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December 31, 2013 Annual Report
January, 2014
FOR MORE INFORMATION,PLEASE VISIT OUR WEBSITES AT:http://ing.uswww.ingretirementplans.comwww.ingannuities.com
Securities offered through ING FinancialAdvisers, LLC (member FINRA and SIPC),and other authorized broker-dealers withwhich ING has selling agreements.
Becoming Voya Financial™ in 2014
© 2014 ING North America Insurance Corporation
ANN.VAFB-13
ING Life Insurance and Annuity Company
One Orange WayWindsor, CT 06095-4774
Variable Annuity Account F
PRESORTEDSTANDARD
U.S. POSTAGE PAID
Toppan Vite
Not all funds may be available in all jurisdictions, under allcontracts or under all plans.
Separate Accounts - B1S PO Box 990063 Hartford CT 06199-0063
April 2014 Dear Valued Customer: Thank you for providing us with the opportunity to serve you. Fostering relationships with customers like you is the very foundation of our business. ING Life Insurance and Annuity Company, (“ING”) remains committed to providing you the necessary tools and information so you may continue to make informed decisions. As a result, included with this letter is your 2013 Separate Account annual report which provides updated financial information on the investment options available within your contract with ING. On behalf of our dedicated team of employees, we thank you again for your business and look forward to continuing to deliver exceptional service.
Sincerely,
Maliz Beams President ING Life Insurance and Annuity Company
Insurance products, annuities and funding agreements issued by (third party administrative services may also be provided by) ING Life Insurance and Annuity Company, One Orange Way, Windsor, CT 06095. Securities are distributed by ING Financial Advisers, LLC (member SIPC). Securities may also be distributed through other broker-dealers with which ING Financial Advisers, LLC has selling agreements. 158831 | 3015378.X.G-4 | CN1029-13461-1115
RETIREMENT INVESTMENTS INSURANCE
FINANCIAL STATEMENTS Variable Annuity Account F of ING Life Insurance and Annuity Company Year Ended December 31, 2013 with Report of Independent Auditors
This page intentionally left blank.
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Financial Statements Year Ended December 31, 2013
Contents Report of Independent Auditors 1 Audited Financial Statements Statements of Assets and Liabilities 3 Statements of Operations 17 Statements of Changes in Net Assets 33 Notes to Financial Statements 52
This page intentionally left blank.
Report of Independent Auditors
The Board of Directors and Participants ING Life Insurance and Annuity Company
We have audited the accompanying financial statements of Variable Annuity Account F of ING Life Insurance and Annuity Company (the “Account”), which comprise the statements of assets and liabilities of each of the investment divisions disclosed in Note 1 as of December 31, 2013, and the related statements of operations for the year or period then ended, and the statements of changes in net assets for the years or periods ended December 31, 2013 and 2012, and the related notes to the financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in conformity with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Account’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Account’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2013, by correspondence with the transfer agents or fund companies.
A member firm of Ernst & Young Global Limited
Ernst & Young LLP Suite 1000 55 Ivan Allen Jr. Boulevard Atlanta, GA 30308
Tel: +1 404 874 8300 Fax: +1 404 817 5589 ey.com
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of each of the investment divisions disclosed in Note 1 constituting Variable Annuity Account F of ING Life Insurance and Annuity Company at December 31, 2013, the results of their operations for the year or period then ended, and the changes in their net assets for the years or periods ended December 31, 2013 and 2012, in conformity with U.S. generally accepted accounting principles.
ey April 9, 2014
A member firm of Ernst & Young Global Limited
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements. 3
Invesco Diversified
Dividend Fund - Class A
American Balanced Fund® - Class R-4
American Century Ultra® Fund - Investor
Class
American Century
International Growth Fund - Investor Class
Ariel Fund - Investor Class
Assets
Investments in mutual funds
at fair value $ 351
$ 7,776
$ 2,653
$ -
$ 121 Total assets 351
7,776
2,653
-
121
Net assets $ 351
$ 7,776
$ 2,653
$ -
$ 121
Total number of mutual fund shares 20,693
318,958
77,654
15
1,636
Cost of mutual fund shares $ 280
$ 6,375
$ 1,683
$ -
$ 76
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements. 4
Baron Asset Fund - Retail
Shares
CRM Mid Cap Value Fund -
Investor Shares
EuroPacific Growth Fund® -
Class R-4
Fidelity® Advisor Equity Growth Fund -
Class T
Fidelity® Advisor Equity Income Fund -
Class T Assets
Investments in mutual funds
at fair value $ 90
$ 14,288
$ 2,440
$ 328
$ 2,300
Total assets 90
14,288
2,440
328
2,300 Net assets $ 90
$ 14,288
$ 2,440
$ 328
$ 2,300
Total number of mutual fund shares 1,454
419,746
50,645
3,958
70,736
Cost of mutual fund shares $ 74
$ 11,613
$ 2,072
$ 214
$ 1,677
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements. 5
Fidelity® Advisor Growth
Opportunities Fund - Class T
Goldman Sachs Mid Cap Value Fund - Class A
Growth Fund of America - Class R-4
ING Large Cap Value Fund -
Class I
ING GNMA Income Fund -
Class I Assets
Investments in mutual funds
at fair value $ 621
$ 1
$ 14,099
$ 23
$ 8,456
Total assets 621
1
14,099
23
8,456 Net assets $ 621
$ 1
$ 14,099
$ 23
$ 8,456
Total number of mutual fund shares 10,962
15
330,022
1,769
986,673
Cost of mutual fund shares $ 442
$ 1
$ 10,017
$ 22
$ 8,869
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements. 6
ING Intermediate Bond Fund -
Class I
ING BlackRock Large Cap
Growth Portfolio -
Institutional Class
ING FMRSM Diversified Mid Cap Portfolio - Service Class
ING Global Resources Portfolio -
Service Class
ING Invesco Growth and
Income Portfolio -
Institutional Class
Assets
Investments in mutual funds
at fair value $ 1,554
$ 1,250
$ 1
$ 17
$ 6,766 Total assets 1,554
1,250
1
17
6,766
Net assets $ 1,554
$ 1,250
$ 1
$ 17
$ 6,766
Total number of mutual fund shares 159,189
86,699
31
809
217,686
Cost of mutual fund shares $ 1,566
$ 785
$ 1
$ 13
$ 5,020
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements. 7
ING JPMorgan Emerging
Markets Equity Portfolio -
Service Class
ING T. Rowe Price Capital Appreciation
Portfolio - Service Class
ING U.S. Stock Index Portfolio -
Institutional Class
ING Baron Growth
Portfolio - Service Class
ING Global Bond Portfolio -
Service Class Assets
Investments in mutual funds
at fair value $ 1
$ 52
$ 21,493
$ 14
$ 524
Total assets 1
52
21,493
14
524 Net assets $ 1
$ 52
$ 21,493
$ 14
$ 524
Total number of mutual fund shares 55
1,817
1,475,156
446
50,019
Cost of mutual fund shares $ 1
$ 47
$ 15,552
$ 10
$ 560
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements. 8
ING Invesco Comstock Portfolio -
Service Class
ING JPMorgan Mid Cap Value
Portfolio - Service Class
ING Oppenheimer
Global Portfolio -
Initial Class
ING Solution 2015 Portfolio - Adviser Class
ING Solution 2015 Portfolio -
Initial Class Assets
Investments in mutual funds
at fair value $ 1
$ 459
$ 19,529
$ 351
$ 2,713
Total assets 1
459
19,529
351
2,713 Net assets $ 1
$ 459
$ 19,529
$ 351
$ 2,713
Total number of mutual fund shares 66
21,691
1,033,817
29,623
224,612
Cost of mutual fund shares $ 1
$ 325
$ 13,299
$ 309
$ 2,517
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements. 9
ING Solution 2025 Portfolio - Adviser Class
ING Solution 2025 Portfolio -
Initial Class
ING Solution 2035 Portfolio - Adviser Class
ING Solution 2035 Portfolio -
Initial Class
ING Solution 2045 Portfolio - Adviser Class
Assets
Investments in mutual funds
at fair value $ 1,080
$ 20,315
$ 454
$ 8,670
$ 250 Total assets 1,080
20,315
454
8,670
250
Net assets $ 1,080
$ 20,315
$ 454
$ 8,670
$ 250
Total number of mutual fund shares 82,698
1,522,860
32,506
608,399
17,166
Cost of mutual fund shares $ 867
$ 16,026
$ 364
$ 6,994
$ 203
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
10
ING Solution 2045 Portfolio -
Initial Class
ING Solution 2055 Portfolio - Adviser Class
ING Solution 2055 Portfolio -
Initial Class
ING Solution Income
Portfolio - Adviser Class
ING Solution Income
Portfolio - Initial Class
Assets
Investments in mutual funds
at fair value $ 4,940
$ 17
$ 724
$ 253
$ 318 Total assets 4,940
17
724
253
318
Net assets $ 4,940
$ 17
$ 724
$ 253
$ 318
Total number of mutual fund shares 332,869
1,160
49,440
22,507
27,633
Cost of mutual fund shares $ 3,963
$ 14
$ 624
$ 245
$ 307
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
11
ING T. Rowe Price Growth
Equity Portfolio - Initial
Class
ING T. Rowe Price Growth
Equity Portfolio -
Service Class
ING Capital Allocation
Fund - Class I
ING Core Equity Research
Fund - Class I
ING Corporate Leaders 100
Fund - Class I Assets
Investments in mutual funds
at fair value $ 11,303
$ 87
$ 1,054
$ 136
$ 602
Total assets 11,303
87
1,054
136
602 Net assets $ 11,303
$ 87
$ 1,054
$ 136
$ 602
Total number of mutual fund shares 126,848
990
99,216
7,831
38,057
Cost of mutual fund shares $ 7,228
$ 57
$ 917
$ 99
$ 486
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
12
ING Money Market Fund -
Class I
ING Small Company Fund -
Class I
ING Growth and Income Portfolio -
Class S
ING Russell™ Mid Cap
Growth Index Portfolio -
Class S
Lord Abbett Mid Cap Stock Fund - Class A
Assets
Investments in mutual funds
at fair value $ 6,493
$ 752
$ 5
$ 2
$ 526 Total assets 6,493
752
5
2
526
Net assets $ 6,493
$ 752
$ 5
$ 2
$ 526
Total number of mutual fund shares 6,492,501
41,533
151
82
22,592
Cost of mutual fund shares $ 6,493
$ 643
$ 4
$ 2
$ 327
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
13
Lord Abbett SmallCap Value Fund - Class A
Neuberger Berman Focus Fund - Trust
Class
Neuberger Berman Genesis
Fund - Trust Class
Neuberger Berman
Guardian Fund - Trust
Class
Neuberger Berman Short Duration Bond Fund - Trust
Class Assets
Investments in mutual funds
at fair value $ 457
$ 1,726
$ 1,105
$ 215
$ 318
Total assets 457
1,726
1,105
215
318 Net assets $ 457
$ 1,726
$ 1,105
$ 215
$ 318
Total number of mutual fund shares 13,686
90,226
17,115
14,881
41,965
Cost of mutual fund shares $ 422
$ 1,319
$ 776
$ 167
$ 325
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
14
PIMCO Total Return Fund - Administrative
Class
PIMCO Real Return
Portfolio - Administrative
Class
Pioneer Equity Income Fund -
Class Y
Pioneer Fund - Class Y
T. Rowe Price Equity Income
Fund Assets
Investments in mutual funds
at fair value $ 4,142
$ 156
$ 75
$ 3,590
$ 9,815
Total assets 4,142
156
75
3,590
9,815 Net assets $ 4,142
$ 156
$ 75
$ 3,590
$ 9,815
Total number of mutual fund shares 387,452
12,350
2,178
91,119
298,862
Cost of mutual fund shares $ 4,358
$ 161
$ 63
$ 3,365
$ 7,570
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
15
Templeton Foreign Fund -
Class A
Templeton Growth Fund, Inc. - Class A
Templeton Global Bond
Fund - Class A
Vanguard® Mid-Cap Index
Fund - Institutional
Shares
Vanguard® Small-Cap Index Fund - Signal®
Shares Assets
Investments in mutual funds
at fair value $ 4,919
$ 217
$ -
$ 6,557
$ 5,362
Total assets 4,919
217
-
6,557
5,362 Net assets $ 4,919
$ 217
$ -
$ 6,557
$ 5,362
Total number of mutual fund shares 591,921
8,686
25
217,997
112,904
Cost of mutual fund shares $ 4,154
$ 146
$ -
$ 4,980
$ 4,260
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
16
Washington Mutual
Investors Fund - Class R-4
Wells Fargo Advantage Diversified
Capital Builder Fund -
Institutional Class
Assets
Investments in mutual funds
at fair value $ 196
$ 575 Total assets 196
575
Net assets $ 196
$ 575
Total number of mutual fund shares 4,988
66,495
Cost of mutual fund shares $ 148
$ 418
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
17
Invesco Diversified
Dividend Fund - Class A
AllianzGI NFJ Dividend Value Fund - Class A
American Balanced Fund® -
Class R-4
American Century Ultra® Fund - Investor
Class
American Century
International Growth Fund - Investor Class
Net investment income (loss)
Investment Income:
Dividends $ 5
$ -
$ 126
$ 8
$ - Expenses:
Mortality and expense risk
charges 1
-
3
16
-
Total expenses 1
-
3
16
- Net investment income (loss) 4
-
123
(8)
-
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments 73
1
554
184
- Capital gains distributions 3
-
-
102
-
Total realized gain (loss) on investments
and capital gains distributions 76
1
554
286
-
Net unrealized appreciation
(depreciation) of investments 19
-
804
465
-
Net realized and unrealized gain (loss)
on investments 95
1
1,358
751
-
Net increase (decrease) in net assets
resulting from operations $ 99
$ 1
$ 1,481
$ 743
$ -
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
18
Ariel Fund - Investor Class
Baron Asset Fund - Retail
Shares
BlackRock Health Sciences Opportunities
Portfolio - Investor A
Shares
CRM Mid Cap Value Fund -
Investor Shares
EuroPacific Growth Fund® -
Class R-4 Net investment income (loss)
Investment Income:
Dividends $ 1
$ -
$ -
$ 64
$ 23
Expenses:
Mortality and expense risk
charges 2
1
-
-
2 Total expenses 2
1
-
-
2
Net investment income (loss) (1)
(1)
-
64
21
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments 130
25
7
891
203 Capital gains distributions -
7
-
2,063
-
Total realized gain (loss) on investments
and capital gains distributions 130
32
7
2,954
203
Net unrealized appreciation
(depreciation) of investments (54)
17
(3)
629
197
Net realized and unrealized gain (loss)
on investments 76
49
4
3,583
400
Net increase (decrease) in net assets
resulting from operations $ 75
$ 48
$ 4
$ 3,647
$ 421
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
19
Fidelity® Advisor Equity Growth Fund -
Class T
Fidelity® Advisor Equity Income Fund -
Class T
Fidelity® Advisor Growth
Opportunities Fund - Class T
Goldman Sachs Mid Cap Value Fund - Class A
Growth Fund of America - Class R-4
Net investment income (loss)
Investment Income:
Dividends $ -
$ 39
$ -
$ -
$ 41 Expenses:
Mortality and expense risk
charges 2
9
4
-
5
Total expenses 2
9
4
-
5 Net investment income (loss) (2)
30
(4)
-
36
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments 6
248
69
3
1,279 Capital gains distributions -
-
-
-
849
Total realized gain (loss) on investments
and capital gains distributions 6
248
69
3
2,128
Net unrealized appreciation
(depreciation) of investments 78
256
127
(2)
1,587
Net realized and unrealized gain (loss)
on investments 84
504
196
1
3,715
Net increase (decrease) in net assets
resulting from operations $ 82
$ 534
$ 192
$ 1
$ 3,751
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
20
ING Large Cap Value Fund -
Class I
ING Value Choice Fund -
Class I
ING GNMA Income Fund -
Class I
ING Intermediate Bond Fund -
Class I
ING BlackRock Large Cap
Growth Portfolio -
Institutional Class
Net investment income (loss)
Investment Income:
Dividends $ -
$ -
$ 321
$ 53
$ 16 Expenses:
Mortality and expense risk
charges -
-
1
7
6
Total expenses -
-
1
7
6 Net investment income (loss) -
-
320
46
10
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments 1
1
2
33
69 Capital gains distributions -
-
-
-
-
Total realized gain (loss) on investments
and capital gains distributions 1
1
2
33
69
Net unrealized appreciation
(depreciation) of investments 1
4
(476)
(91)
251
Net realized and unrealized gain (loss)
on investments 2
5
(474)
(58)
320
Net increase (decrease) in net assets
resulting from operations $ 2
$ 5
$ (154)
$ (12)
$ 330
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
21
ING Clarion Real Estate Portfolio -
Service Class
ING FMRSM Diversified Mid Cap Portfolio - Service Class
ING Global Resources Portfolio -
Service Class
ING Invesco Growth and
Income Portfolio -
Institutional Class
ING JPMorgan Emerging
Markets Equity Portfolio -
Service Class Net investment income (loss)
Investment Income:
Dividends $ -
$ -
$ -
$ 93
$ -
Expenses:
Mortality and expense risk
charges -
-
-
-
- Total expenses -
-
-
-
-
Net investment income (loss) -
-
-
93
-
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments 1
-
2
320
- Capital gains distributions -
-
-
-
-
Total realized gain (loss) on investments
and capital gains distributions 1
-
2
320
-
Net unrealized appreciation
(depreciation) of investments (1)
-
1
1,225
(2)
Net realized and unrealized gain (loss)
on investments -
-
3
1,545
(2)
Net increase (decrease) in net assets
resulting from operations $ -
$ -
$ 3
$ 1,638
$ (2)
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
22
ING Large Cap Growth
Portfolio - Service Class
ING T. Rowe Price Capital Appreciation
Portfolio - Service Class
ING U.S. Stock Index Portfolio -
Institutional Class
ING Index Plus International Equity Fund -
Class I
ING American Century Small-Mid Cap Value
Portfolio - Service Class
Net investment income (loss)
Investment Income:
Dividends $ -
$ 1
$ 382
$ -
$ - Expenses:
Mortality and expense risk
charges -
-
-
-
-
Total expenses -
-
-
-
- Net investment income (loss) -
1
382
-
-
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments 78
25
(20)
-
1 Capital gains distributions -
9
459
-
-
Total realized gain (loss) on investments
and capital gains distributions 78
34
439
-
1
Net unrealized appreciation
(depreciation) of investments (53)
(8)
4,491
2
-
Net realized and unrealized gain (loss)
on investments 25
26
4,930
2
1
Net increase (decrease) in net assets
resulting from operations $ 25
$ 27
$ 5,312
$ 2
$ 1
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
23
ING Baron Growth
Portfolio - Service Class
ING Global Bond Portfolio -
Service Class
ING Invesco Comstock Portfolio -
Service Class
ING JPMorgan Mid Cap Value
Portfolio - Service Class
ING Oppenheimer
Global Portfolio - Initial
Class Net investment income (loss)
Investment Income:
Dividends $ -
$ 10
$ -
$ 3
$ 249
Expenses:
Mortality and expense risk
charges -
2
-
1
9 Total expenses -
2
-
1
9
Net investment income (loss) -
8
-
2
240
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments 14
5
-
31
938 Capital gains distributions -
14
-
15
-
Total realized gain (loss) on investments
and capital gains distributions 14
19
-
46
938
Net unrealized appreciation
(depreciation) of investments (8)
(52)
-
71
3,134
Net realized and unrealized gain (loss)
on investments 6
(33)
-
117
4,072
Net increase (decrease) in net assets
resulting from operations $ 6
$ (25)
$ -
$ 119
$ 4,312
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
24
ING Solution 2015 Portfolio - Adviser Class
ING Solution 2015 Portfolio -
Initial Class
ING Solution 2025 Portfolio - Adviser Class
ING Solution 2025 Portfolio -
Initial Class
ING Solution 2035 Portfolio - Adviser Class
Net investment income (loss)
Investment Income:
Dividends $ 15
$ 98
$ 20
$ 474
$ 7 Expenses:
Mortality and expense risk
charges 2
-
1
-
1
Total expenses 2
-
1
-
1 Net investment income (loss) 13
98
19
474
6
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments 18
21
12
15
15 Capital gains distributions -
-
-
-
-
Total realized gain (loss) on investments
and capital gains distributions 18
21
12
15
15
Net unrealized appreciation
(depreciation) of investments 1
129
114
2,448
54
Net realized and unrealized gain (loss)
on investments 19
150
126
2,463
69
Net increase (decrease) in net assets
resulting from operations $ 32
$ 248
$ 145
$ 2,937
$ 75
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
25
ING Solution 2035 Portfolio -
Initial Class
ING Solution 2045 Portfolio - Adviser Class
ING Solution 2045 Portfolio -
Initial Class
ING Solution 2055 Portfolio - Adviser Class
ING Solution 2055 Portfolio -
Initial Class Net investment income (loss)
Investment Income:
Dividends $ 173
$ 3
$ 84
$ -
$ 8
Expenses:
Mortality and expense risk
charges -
-
-
-
- Total expenses -
-
-
-
-
Net investment income (loss) 173
3
84
-
8
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments 454
67
249
-
17 Capital gains distributions -
-
-
-
10
Total realized gain (loss) on investments
and capital gains distributions 454
67
249
-
27
Net unrealized appreciation
(depreciation) of investments 918
(14)
631
2
86
Net realized and unrealized gain (loss)
on investments 1,372
53
880
2
113
Net increase (decrease) in net assets
resulting from operations $ 1,545
$ 56
$ 964
$ 2
$ 121
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
26
ING Solution Income
Portfolio - Adviser Class
ING Solution Income
Portfolio - Initial Class
ING T. Rowe Price Growth
Equity Portfolio - Initial
Class
ING T. Rowe Price Growth
Equity Portfolio -
Service Class
ING Capital Allocation
Fund - Class I Net investment income (loss)
Investment Income:
Dividends $ 1
$ 24
$ 2
$ -
$ 25
Expenses:
Mortality and expense risk
charges -
-
-
-
6 Total expenses -
-
-
-
6
Net investment income (loss) 1
24
2
-
19
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments 1
12
1,243
10
40 Capital gains distributions -
-
-
-
-
Total realized gain (loss) on investments
and capital gains distributions 1
12
1,243
10
40
Net unrealized appreciation
(depreciation) of investments 8
3
2,055
17
54
Net realized and unrealized gain (loss)
on investments 9
15
3,298
27
94
Net increase (decrease) in net assets
resulting from operations $ 10
$ 39
$ 3,300
$ 27
$ 113
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
27
ING Core Equity Research
Fund - Class I
ING Corporate Leaders 100
Fund - Class I
ING Money Market Fund -
Class I
ING Small Company Fund -
Class I
ING Growth and Income Portfolio -
Class S Net investment income (loss)
Investment Income:
Dividends $ 2
$ 9
$ -
$ -
$ -
Expenses:
Mortality and expense risk
charges 1
3
7
3
- Total expenses 1
3
7
3
-
Net investment income (loss) 1
6
(7)
(3)
-
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments 39
42
-
270
- Capital gains distributions -
-
2
76
-
Total realized gain (loss) on investments
and capital gains distributions 39
42
2
346
-
Net unrealized appreciation
(depreciation) of investments 6
95
-
(17)
1
Net realized and unrealized gain (loss)
on investments 45
137
2
329
1
Net increase (decrease) in net assets
resulting from operations $ 46
$ 143
$ (5)
$ 326
$ 1
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
28
ING Russell™ Mid Cap
Growth Index Portfolio -
Class S
Lord Abbett Mid Cap Stock Fund - Class A
Lord Abbett SmallCap Value Fund - Class A
Neuberger Berman Focus Fund - Trust
Class
Neuberger Berman Genesis
Fund - Trust Class
Net investment income (loss)
Investment Income:
Dividends $ -
$ 2
$ -
$ 16
$ 3 Expenses:
Mortality and expense risk
charges -
4
2
7
9
Total expenses -
4
2
7
9 Net investment income (loss) -
(2)
(2)
9
(6)
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments -
105
51
50
55 Capital gains distributions -
-
100
209
72
Total realized gain (loss) on investments
and capital gains distributions -
105
151
259
127
Net unrealized appreciation
(depreciation) of investments -
63
(11)
164
177
Net realized and unrealized gain (loss)
on investments -
168
140
423
304
Net increase (decrease) in net assets
resulting from operations $ -
$ 166
$ 138
$ 432
$ 298
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
29
Neuberger Berman
Guardian Fund - Trust
Class
Neuberger Berman Short Duration Bond Fund - Trust
Class
New Perspective Fund - Class R-4
Oppenheimer Gold & Special
Minerals Fund - Class A
PIMCO Total Return Fund - Administrative
Class Net investment income (loss)
Investment Income:
Dividends $ 1
$ 4
$ -
$ -
$ 101
Expenses:
Mortality and expense risk
charges 3
3
-
-
- Total expenses 3
3
-
-
-
Net investment income (loss) (2)
1
-
-
101
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments 66
(2)
-
(5)
(23) Capital gains distributions 25
-
-
-
29
Total realized gain (loss) on investments
and capital gains distributions 91
(2)
-
(5)
6
Net unrealized appreciation
(depreciation) of investments (5)
(1)
-
4
(223)
Net realized and unrealized gain (loss)
on investments 86
(3)
-
(1)
(217)
Net increase (decrease) in net assets
resulting from operations $ 84
$ (2)
$ -
$ (1)
$ (116)
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
30
PIMCO Real Return
Portfolio - Administrative
Class
Pioneer Equity Income Fund -
Class Y
Pioneer Fund - Class Y
T. Rowe Price Equity Income
Fund
Templeton Foreign Fund -
Class A Net investment income (loss)
Investment Income:
Dividends $ 3
$ 2
$ 42
$ 157
$ 63
Expenses:
Mortality and expense risk
charges 1
-
-
-
4 Total expenses 1
-
-
-
4
Net investment income (loss) 2
2
42
157
59
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments -
1
31
335
274 Capital gains distributions 1
2
291
245
168
Total realized gain (loss) on investments
and capital gains distributions 1
3
322
580
442
Net unrealized appreciation
(depreciation) of investments (16)
11
559
1,520
627
Net realized and unrealized gain (loss)
on investments (15)
14
881
2,100
1,069
Net increase (decrease) in net assets
resulting from operations $ (13)
$ 16
$ 923
$ 2,257
$ 1,128
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
31
Templeton Growth Fund, Inc. - Class A
Templeton Global Bond
Fund - Class A
Vanguard® Mid-Cap Index
Fund - Institutional
Shares
Vanguard® Small-Cap Index Fund - Signal®
Shares
Washington Mutual
Investors Fund - Class R-4
Net investment income (loss)
Investment Income:
Dividends $ 3
$ -
$ 76
$ 69
$ 5 Expenses:
Mortality and expense risk
charges 2
-
-
-
1
Total expenses 2
-
-
-
1 Net investment income (loss) 1
-
76
69
4
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments 32
-
423
329
41 Capital gains distributions -
-
-
-
4
Total realized gain (loss) on investments
and capital gains distributions 32
-
423
329
45
Net unrealized appreciation
(depreciation) of investments 23
-
1,157
922
14
Net realized and unrealized gain (loss)
on investments 55
-
1,580
1,251
59
Net increase (decrease) in net assets
resulting from operations $ 56
$ -
$ 1,656
$ 1,320
$ 63
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Operations For the Year Ended December 31, 2013
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
32
Wells Fargo Advantage Diversified
Capital Builder Fund -
Institutional Class
Net investment income (loss) Investment Income:
Dividends $ 10 Expenses:
Mortality and expense risk
charges 4
Total expenses 4 Net investment income (loss) 6
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments 30 Capital gains distributions - Total realized gain (loss) on investments
and capital gains distributions 30
Net unrealized appreciation
(depreciation) of investments 89
Net realized and unrealized gain (loss)
on investments 119
Net increase (decrease) in net assets
resulting from operations $ 125
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
33
Invesco Diversified
Dividend Fund - Class A
AllianzGI NFJ Dividend Value Fund - Class A
American Balanced Fund® - Class R-4
American Century Ultra® Fund - Investor
Class Net assets at January 1, 2012 $ 420
$ 5
$ 6,581
$ 1,942
Increase (decrease) in net assets Operations:
Net investment income (loss) 7
-
146
(4)
Total realized gain (loss) on investments
and capital gains distributions 20
-
829
36
Net unrealized appreciation (depreciation)
of investments 49
1
(15)
230
Net increase (decrease) in net assets resulting from
operations 76
1
960
262 Changes from principal transactions:
Total unit transactions 141
5
(250)
(101) Increase (decrease) in net assets derived from
principal transactions 141
5
(250)
(101) Total increase (decrease) in net assets 217
6
710
161
Net assets at December 31, 2012 637
11
7,291
2,103
Increase (decrease) in net assets Operations:
Net investment income (loss) 4
-
123
(8)
Total realized gain (loss) on investments
and capital gains distributions 76
1
554
286
Net unrealized appreciation (depreciation)
of investments 19
-
804
465
Net increase (decrease) in net assets resulting from
operations 99
1
1,481
743 Changes from principal transactions:
Total unit transactions (385)
(12)
(996)
(193) Increase (decrease) in net assets derived from
principal transactions (385)
(12)
(996)
(193) Total increase (decrease) in net assets (286)
(11)
485
550
Net assets at December 31, 2013 $ 351
$ -
$ 7,776
$ 2,653
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
34
American Century
International Growth Fund - Investor Class
Ariel Fund - Investor Class
Baron Asset Fund - Retail
Shares
BlackRock Health Sciences Opportunities
Portfolio - Investor A
Shares Net assets at January 1, 2012 $ -
$ 232
$ 126
$ 51
Increase (decrease) in net assets Operations:
Net investment income (loss) -
1
(1)
-
Total realized gain (loss) on investments
and capital gains distributions -
7
11
6
Net unrealized appreciation (depreciation)
of investments -
37
8
4
Net increase (decrease) in net assets resulting from
operations -
45
18
10 Changes from principal transactions:
Total unit transactions -
(7)
4
(18)
Increase (decrease) in net assets derived from
principal transactions -
(7)
4
(18)
Total increase (decrease) in net assets -
38
22
(8) Net assets at December 31, 2012 -
270
148
43
Increase (decrease) in net assets
Operations:
Net investment income (loss) -
(1)
(1)
-
Total realized gain (loss) on investments
and capital gains distributions -
130
32
7
Net unrealized appreciation (depreciation)
of investments -
(54)
17
(3)
Net increase (decrease) in net assets resulting from
operations -
75
48
4 Changes from principal transactions:
Total unit transactions -
(224)
(106)
(47)
Increase (decrease) in net assets derived from
principal transactions -
(224)
(106)
(47)
Total increase (decrease) in net assets -
(149)
(58)
(43) Net assets at December 31, 2013 $ -
$ 121
$ 90
$ -
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
35
CRM Mid Cap Value Fund -
Investor Shares
EuroPacific Growth Fund® -
Class R-4
Fidelity® Advisor Equity Growth Fund -
Class T
Fidelity® Advisor Equity Income Fund -
Class T Net assets at January 1, 2012 $ 13,049
$ 528
$ 193
$ 1,544
Increase (decrease) in net assets Operations:
Net investment income (loss) 117
35
(2)
35
Total realized gain (loss) on investments
and capital gains distributions 1,675
100
48
52
Net unrealized appreciation (depreciation)
of investments 339
192
(18)
172
Net increase (decrease) in net assets resulting from
operations 2,131
327
28
259 Changes from principal transactions:
Total unit transactions (3,936)
1,387
5
142
Increase (decrease) in net assets derived from
principal transactions (3,936)
1,387
5
142
Total increase (decrease) in net assets (1,805)
1,714
33
401 Net assets at December 31, 2012 11,244
2,242
226
1,945
Increase (decrease) in net assets
Operations:
Net investment income (loss) 64
21
(2)
30
Total realized gain (loss) on investments
and capital gains distributions 2,954
203
6
248
Net unrealized appreciation (depreciation)
of investments 629
197
78
256
Net increase (decrease) in net assets resulting from
operations 3,647
421
82
534 Changes from principal transactions:
Total unit transactions (603)
(223)
20
(179)
Increase (decrease) in net assets derived from
principal transactions (603)
(223)
20
(179)
Total increase (decrease) in net assets 3,044
198
102
355 Net assets at December 31, 2013 $ 14,288
$ 2,440
$ 328
$ 2,300
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
36
Fidelity® Advisor Growth
Opportunities Fund - Class T
Goldman Sachs Mid Cap Value Fund - Class A
Growth Fund of America - Class R-4
ING Large Cap Value Fund -
Class I Net assets at January 1, 2012 $ 344
$ 34
$ 12,456
$ -
Increase (decrease) in net assets Operations:
Net investment income (loss) (3)
-
80
-
Total realized gain (loss) on investments
and capital gains distributions 23
2
252
-
Net unrealized appreciation (depreciation)
of investments 44
3
2,152
-
Net increase (decrease) in net assets resulting from
operations 64
5
2,484
- Changes from principal transactions:
Total unit transactions 177
(23)
(3,391)
-
Increase (decrease) in net assets derived from
principal transactions 177
(23)
(3,391)
-
Total increase (decrease) in net assets 241
(18)
(907)
- Net assets at December 31, 2012 585
16
11,549
-
Increase (decrease) in net assets
Operations:
Net investment income (loss) (4)
-
36
-
Total realized gain (loss) on investments
and capital gains distributions 69
3
2,128
1
Net unrealized appreciation (depreciation)
of investments 127
(2)
1,587
1
Net increase (decrease) in net assets resulting from
operations 192
1
3,751
2 Changes from principal transactions:
Total unit transactions (156)
(16)
(1,201)
21
Increase (decrease) in net assets derived from
principal transactions (156)
(16)
(1,201)
21
Total increase (decrease) in net assets 36
(15)
2,550
23 Net assets at December 31, 2013 $ 621
$ 1
$ 14,099
$ 23
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
37
ING Value Choice Fund -
Class I
ING GNMA Income Fund -
Class I
ING Intermediate Bond Fund -
Class I
ING BlackRock Large Cap
Growth Portfolio -
Institutional Class
Net assets at January 1, 2012 $ 16
$ 15,364
$ 1,537
$ 1,184
Increase (decrease) in net assets Operations:
Net investment income (loss) -
545
87
3
Total realized gain (loss) on investments
and capital gains distributions -
516
28
(12)
Net unrealized appreciation (depreciation)
of investments (1)
(613)
37
179
Net increase (decrease) in net assets resulting from
operations (1)
448
152
170 Changes from principal transactions:
Total unit transactions 6
(6,012)
347
(60)
Increase (decrease) in net assets derived from
principal transactions 6
(6,012)
347
(60)
Total increase (decrease) in net assets 5
(5,564)
499
110 Net assets at December 31, 2012 21
9,800
2,036
1,294
Increase (decrease) in net assets
Operations:
Net investment income (loss) -
320
46
10
Total realized gain (loss) on investments
and capital gains distributions 1
2
33
69
Net unrealized appreciation (depreciation)
of investments 4
(476)
(91)
251
Net increase (decrease) in net assets resulting from
operations 5
(154)
(12)
330 Changes from principal transactions:
Total unit transactions (26)
(1,190)
(470)
(374)
Increase (decrease) in net assets derived from
principal transactions (26)
(1,190)
(470)
(374)
Total increase (decrease) in net assets (21)
(1,344)
(482)
(44) Net assets at December 31, 2013 $ -
$ 8,456
$ 1,554
$ 1,250
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
38
ING Clarion Real Estate Portfolio -
Service Class
ING FMRSM Diversified Mid Cap Portfolio - Service Class
ING Global Resources Portfolio -
Service Class
ING Invesco Growth and
Income Portfolio -
Institutional Class
Net assets at January 1, 2012 $ 3
$ 1
$ 35 $ 5,646
Increase (decrease) in net assets Operations:
Net investment income (loss) -
-
-
130
Total realized gain (loss) on investments
and capital gains distributions -
-
- 554
Net unrealized appreciation (depreciation)
of investments 1
-
(1) 109
Net increase (decrease) in net assets resulting from
operations 1
-
(1) 793
Changes from principal transactions:
Total unit transactions 4
-
-
(2,060)
Increase (decrease) in net assets derived from
principal transactions 4
-
-
(2,060)
Total increase (decrease) in net assets 5
-
(1) (1,267)
Net assets at December 31, 2012 8
1
34 4,379
Increase (decrease) in net assets
Operations:
Net investment income (loss) -
-
-
93
Total realized gain (loss) on investments
and capital gains distributions 1
-
2
320
Net unrealized appreciation (depreciation)
of investments (1)
-
1
1,225
Net increase (decrease) in net assets resulting from
operations -
-
3 1,638
Changes from principal transactions:
Total unit transactions (8)
-
(20)
749
Increase (decrease) in net assets derived from
principal transactions (8)
-
(20)
749
Total increase (decrease) in net assets (8)
-
(17) 2,387
Net assets at December 31, 2013 $ -
$ 1
$ 17 $ 6,766
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
39
ING JPMorgan Emerging
Markets Equity Portfolio -
Service Class
ING Large Cap Growth
Portfolio - Service Class
ING T. Rowe Price Capital Appreciation
Portfolio - Service Class
ING U.S. Stock Index Portfolio -
Institutional Class
Net assets at January 1, 2012 $ 12 $ 464
$ 133
$ 21,815
Increase (decrease) in net assets Operations:
Net investment income (loss) -
-
3
323
Total realized gain (loss) on investments
and capital gains distributions - 15
10
(940)
Net unrealized appreciation (depreciation)
of investments 2 64
8
3,847
Net increase (decrease) in net assets resulting from
operations 2 79
21
3,230
Changes from principal transactions:
Total unit transactions -
(62)
5
(8,264)
Increase (decrease) in net assets derived from
principal transactions -
(62)
5
(8,264)
Total increase (decrease) in net assets 2 17
26
(5,034)
Net assets at December 31, 2012 14 481
159
16,781
Increase (decrease) in net assets
Operations:
Net investment income (loss) -
-
1
382
Total realized gain (loss) on investments
and capital gains distributions -
78
34
439
Net unrealized appreciation (depreciation)
of investments (2)
(53)
(8)
4,491
Net increase (decrease) in net assets resulting from
operations (2) 25
27
5,312
Changes from principal transactions:
Total unit transactions (11)
(506)
(134)
(600)
Increase (decrease) in net assets derived from
principal transactions (11)
(506)
(134)
(600)
Total increase (decrease) in net assets (13) (481)
(107)
4,712
Net assets at December 31, 2013 $ 1 $ -
$ 52
$ 21,493
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
40
ING Index Plus International Equity Fund -
Class I
ING American Century Small-Mid Cap Value
Portfolio - Service Class
ING Baron Growth
Portfolio - Service Class
ING Global Bond Portfolio -
Service Class Net assets at January 1, 2012 $ 35
$ 2
$ 71
$ 574
Increase (decrease) in net assets Operations:
Net investment income (loss) 2
-
-
23
Total realized gain (loss) on investments
and capital gains distributions - 1
19
19
Net unrealized appreciation (depreciation)
of investments 5 -
(5)
(5)
Net increase (decrease) in net assets resulting from
operations 7 1
14
37
Changes from principal transactions:
Total unit transactions 3
8
(31)
(8)
Increase (decrease) in net assets derived from
principal transactions 3
8
(31)
(8)
Total increase (decrease) in net assets 10 9
(17)
29
Net assets at December 31, 2012 45 11
54
603
Increase (decrease) in net assets
Operations:
Net investment income (loss) -
-
-
8
Total realized gain (loss) on investments
and capital gains distributions -
1
14
19
Net unrealized appreciation (depreciation)
of investments 2
-
(8)
(52)
Net increase (decrease) in net assets resulting from
operations 2 1
6
(25)
Changes from principal transactions:
Total unit transactions (47)
(12)
(46)
(54)
Increase (decrease) in net assets derived from
principal transactions (47)
(12)
(46)
(54)
Total increase (decrease) in net assets (45) (11)
(40)
(79)
Net assets at December 31, 2013 $ - $ -
$ 14
$ 524
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
41
ING Invesco Comstock Portfolio -
Service Class
ING JPMorgan Mid Cap Value
Portfolio - Service Class
ING Oppenheimer
Global Portfolio -
Initial Class
ING Solution 2015 Portfolio - Adviser Class
Net assets at January 1, 2012 $ 3
$ 237
$ 19,139
$ 405
Increase (decrease) in net assets Operations:
Net investment income (loss) -
2
256
16
Total realized gain (loss) on investments
and capital gains distributions 1
10
(1,314)
2
Net unrealized appreciation (depreciation)
of investments -
40
4,785
27
Net increase (decrease) in net assets resulting from
operations 1
52
3,727
45 Changes from principal transactions:
Total unit transactions (3)
88
(6,567)
29
Increase (decrease) in net assets derived from
principal transactions (3)
88
(6,567)
29
Total increase (decrease) in net assets (2)
140
(2,840)
74 Net assets at December 31, 2012 1
377
16,299
479
Increase (decrease) in net assets
Operations:
Net investment income (loss) -
2
240
13
Total realized gain (loss) on investments
and capital gains distributions -
46
938
18
Net unrealized appreciation (depreciation)
of investments -
71
3,134
1
Net increase (decrease) in net assets resulting from
operations -
119
4,312
32 Changes from principal transactions:
Total unit transactions -
(37)
(1,082)
(160)
Increase (decrease) in net assets derived from
principal transactions -
(37)
(1,082)
(160)
Total increase (decrease) in net assets -
82
3,230
(128) Net assets at December 31, 2013 $ 1
$ 459
$ 19,529
$ 351
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
42
ING Solution 2015 Portfolio -
Initial Class
ING Solution 2025 Portfolio - Adviser Class
ING Solution 2025 Portfolio -
Initial Class
ING Solution 2035 Portfolio - Adviser Class
Net assets at January 1, 2012 $ 4,851
$ 728
$ 18,783
$ 284
Increase (decrease) in net assets Operations:
Net investment income (loss) 207
18
589
5
Total realized gain (loss) on investments
and capital gains distributions 375
2
(568)
4
Net unrealized appreciation (depreciation)
of investments (62)
77
2,470
34
Net increase (decrease) in net assets resulting from
operations 520
97
2,491
43 Changes from principal transactions:
Total unit transactions (2,714)
79
(3,537)
38
Increase (decrease) in net assets derived from
principal transactions (2,714)
79
(3,537)
38
Total increase (decrease) in net assets (2,194)
176
(1,046)
81 Net assets at December 31, 2012 2,657
904
17,737
365
Increase (decrease) in net assets
Operations:
Net investment income (loss) 98
19
474
6
Total realized gain (loss) on investments
and capital gains distributions 21
12
15
15
Net unrealized appreciation (depreciation)
of investments 129
114
2,448
54
Net increase (decrease) in net assets resulting from
operations 248
145
2,937
75 Changes from principal transactions:
Total unit transactions (192)
31
(359)
14
Increase (decrease) in net assets derived from
principal transactions (192)
31
(359)
14
Total increase (decrease) in net assets 56
176
2,578
89 Net assets at December 31, 2013 $ 2,713
$ 1,080
$ 20,315
$ 454
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
43
ING Solution 2035 Portfolio -
Initial Class
ING Solution 2045 Portfolio - Adviser Class
ING Solution 2045 Portfolio -
Initial Class
ING Solution 2055 Portfolio - Adviser Class
Net assets at January 1, 2012 $ 9,432
$ 282
$ 4,531
$ 2
Increase (decrease) in net assets Operations:
Net investment income (loss) 246
4
112
-
Total realized gain (loss) on investments
and capital gains distributions 687
2
562
-
Net unrealized appreciation (depreciation)
of investments 428
38
26
-
Net increase (decrease) in net assets resulting from
operations 1,361
44
700
- Changes from principal transactions:
Total unit transactions (3,231)
38
(1,107)
6
Increase (decrease) in net assets derived from
principal transactions (3,231)
38
(1,107)
6
Total increase (decrease) in net assets (1,870)
82
(407)
6 Net assets at December 31, 2012 7,562
364
4,124
8
Increase (decrease) in net assets
Operations:
Net investment income (loss) 173
3
84
-
Total realized gain (loss) on investments
and capital gains distributions 454
67
249
-
Net unrealized appreciation (depreciation)
of investments 918
(14)
631
2
Net increase (decrease) in net assets resulting from
operations 1,545
56
964
2 Changes from principal transactions:
Total unit transactions (437)
(170)
(148)
7
Increase (decrease) in net assets derived from
principal transactions (437)
(170)
(148)
7
Total increase (decrease) in net assets 1,108
(114)
816
9 Net assets at December 31, 2013 $ 8,670
$ 250
$ 4,940
$ 17
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
44
ING Solution 2055 Portfolio -
Initial Class
ING Solution Income
Portfolio - Adviser Class
ING Solution Income
Portfolio - Initial Class
ING T. Rowe Price Growth
Equity Portfolio -
Initial Class Net assets at January 1, 2012 $ 196
$ 9
$ 781
$ 10,122
Increase (decrease) in net assets Operations:
Net investment income (loss) 4
1
45
14
Total realized gain (loss) on investments
and capital gains distributions 12
-
25
833
Net unrealized appreciation (depreciation)
of investments 23
-
11
1,049
Net increase (decrease) in net assets resulting from
operations 39
1
81
1,896 Changes from principal transactions:
Total unit transactions 137
10
(143)
(2,829)
Increase (decrease) in net assets derived from
principal transactions 137
10
(143)
(2,829)
Total increase (decrease) in net assets 176
11
(62)
(933) Net assets at December 31, 2012 372
20
719
9,189
Increase (decrease) in net assets
Operations:
Net investment income (loss) 8
1
24
2
Total realized gain (loss) on investments
and capital gains distributions 27
1
12
1,243
Net unrealized appreciation (depreciation)
of investments 86
8
3
2,055
Net increase (decrease) in net assets resulting from
operations 121
10
39
3,300 Changes from principal transactions:
Total unit transactions 231
223
(440)
(1,186)
Increase (decrease) in net assets derived from
principal transactions 231
223
(440)
(1,186)
Total increase (decrease) in net assets 352
233
(401)
2,114 Net assets at December 31, 2013 $ 724
$ 253
$ 318
$ 11,303
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
45
ING T. Rowe Price Growth
Equity Portfolio -
Service Class
ING Capital Allocation
Fund - Class I
ING Core Equity Research
Fund - Class I
ING Corporate Leaders 100
Fund - Class I Net assets at January 1, 2012 $ 90
$ 827
$ 511
$ -
Increase (decrease) in net assets Operations:
Net investment income (loss) -
22
2
3
Total realized gain (loss) on investments
and capital gains distributions 4
13
94
12
Net unrealized appreciation (depreciation)
of investments 13
65
(26)
21
Net increase (decrease) in net assets resulting from
operations 17
100
70
36 Changes from principal transactions:
Total unit transactions (6)
(38)
(396)
429
Increase (decrease) in net assets derived from
principal transactions (6)
(38)
(396)
429
Total increase (decrease) in net assets 11
62
(326)
465 Net assets at December 31, 2012 101
889
185
465
Increase (decrease) in net assets
Operations:
Net investment income (loss) -
19
1
6
Total realized gain (loss) on investments
and capital gains distributions 10
40
39
42
Net unrealized appreciation (depreciation)
of investments 17
54
6
95
Net increase (decrease) in net assets resulting from
operations 27
113
46
143 Changes from principal transactions:
Total unit transactions (41)
52
(95)
(6)
Increase (decrease) in net assets derived from
principal transactions (41)
52
(95)
(6)
Total increase (decrease) in net assets (14)
165
(49)
137 Net assets at December 31, 2013 $ 87
$ 1,054
$ 136
$ 602
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
46
ING Money Market Fund -
Class I
ING Small Company
Fund - Class I
ING Growth and Income Portfolio -
Class S
ING Russell™ Mid Cap
Growth Index Portfolio -
Class S Net assets at January 1, 2012 $ 9,021
$ 1,004
$ 3
$ 6
Increase (decrease) in net assets Operations:
Net investment income (loss) (9)
-
-
-
Total realized gain (loss) on investments
and capital gains distributions -
88
-
-
Net unrealized appreciation (depreciation)
of investments -
46
-
-
Net increase (decrease) in net assets resulting from
operations (9)
134
-
- Changes from principal transactions:
Total unit transactions (1,356)
(60)
1
(5)
Increase (decrease) in net assets derived from
principal transactions (1,356)
(60)
1
(5)
Total increase (decrease) in net assets (1,365)
74
1
(5) Net assets at December 31, 2012 7,656
1,078
4
1
Increase (decrease) in net assets
Operations:
Net investment income (loss) (7)
(3)
-
-
Total realized gain (loss) on investments
and capital gains distributions 2
346
-
-
Net unrealized appreciation (depreciation)
of investments -
(17)
1
-
Net increase (decrease) in net assets resulting from
operations (5)
326
1
- Changes from principal transactions:
Total unit transactions (1,158)
(652)
-
1
Increase (decrease) in net assets derived from
principal transactions (1,158)
(652)
-
1
Total increase (decrease) in net assets (1,163)
(326)
1
1 Net assets at December 31, 2013 $ 6,493
$ 752
$ 5
$ 2
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
47
Lord Abbett Mid Cap Stock Fund - Class A
Lord Abbett SmallCap Value Fund - Class A
Neuberger Berman Focus Fund - Trust
Class
Neuberger Berman Genesis
Fund - Trust Class
Net assets at January 1, 2012 $ 478
$ 362
$ 1,179
$ 845
Increase (decrease) in net assets Operations:
Net investment income (loss) -
1
2
(6)
Total realized gain (loss) on investments
and capital gains distributions 1
32
110
87
Net unrealized appreciation (depreciation)
of investments 67
2
103
(9)
Net increase (decrease) in net assets resulting from
operations 68
35
215
72 Changes from principal transactions:
Total unit transactions 30
14
(201)
(67)
Increase (decrease) in net assets derived from
principal transactions 30
14
(201)
(67)
Total increase (decrease) in net assets 98
49
14
5 Net assets at December 31, 2012 576
411
1,193
850
Increase (decrease) in net assets
Operations:
Net investment income (loss) (2)
(2)
9
(6)
Total realized gain (loss) on investments
and capital gains distributions 105
151
259
127
Net unrealized appreciation (depreciation)
of investments 63
(11)
164
177
Net increase (decrease) in net assets resulting from
operations 166
138
432
298 Changes from principal transactions:
Total unit transactions (216)
(92)
101
(43)
Increase (decrease) in net assets derived from
principal transactions (216)
(92)
101
(43)
Total increase (decrease) in net assets (50)
46
533
255 Net assets at December 31, 2013 $ 526
$ 457
$ 1,726
$ 1,105
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
48
Neuberger Berman
Guardian Fund - Trust
Class
Neuberger Berman Short Duration Bond Fund - Trust
Class
New Perspective Fund -
Class R-4
Oppenheimer Gold & Special Minerals Fund -
Class A Net assets at January 1, 2012 $ 218
$ 529
$ 3
$ 26
Increase (decrease) in net assets Operations:
Net investment income (loss) 1
5
-
-
Total realized gain (loss) on investments
and capital gains distributions 13
(44)
1
(6)
Net unrealized appreciation (depreciation)
of investments 11
56
-
3
Net increase (decrease) in net assets resulting from
operations 25
17
1
(3) Changes from principal transactions:
Total unit transactions 11
(275)
(4)
(13)
Increase (decrease) in net assets derived from
principal transactions 11
(275)
(4)
(13)
Total increase (decrease) in net assets 36
(258)
(3)
(16) Net assets at December 31, 2012 254
271
-
10
Increase (decrease) in net assets
Operations:
Net investment income (loss) (2)
1
-
-
Total realized gain (loss) on investments
and capital gains distributions 91
(2)
-
(5)
Net unrealized appreciation (depreciation)
of investments (5)
(1)
-
4
Net increase (decrease) in net assets resulting from
operations 84
(2)
-
(1) Changes from principal transactions:
Total unit transactions (123)
49
-
(9)
Increase (decrease) in net assets derived from
principal transactions (123)
49
-
(9)
Total increase (decrease) in net assets (39)
47
-
(10) Net assets at December 31, 2013 $ 215
$ 318
$ -
$ -
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
49
PIMCO Total Return Fund - Administrative
Class
PIMCO Real Return
Portfolio - Administrative
Class
Pioneer Equity Income Fund -
Class Y
Pioneer Fund - Class Y
Net assets at January 1, 2012 $ 3,793
$ 104
$ 12
$ 3,815
Increase (decrease) in net assets Operations:
Net investment income (loss) 195
-
1
58
Total realized gain (loss) on investments
and capital gains distributions 177
6
-
990
Net unrealized appreciation (depreciation)
of investments 88
2
1
(682)
Net increase (decrease) in net assets resulting from
operations 460
8
2
366 Changes from principal transactions:
Total unit transactions 739
5
44
(1,259)
Increase (decrease) in net assets derived from
principal transactions 739
5
44
(1,259)
Total increase (decrease) in net assets 1,199
13
46
(893) Net assets at December 31, 2012 4,992
117
58
2,922
Increase (decrease) in net assets
Operations:
Net investment income (loss) 101
2
2
42
Total realized gain (loss) on investments
and capital gains distributions 6
1
3
322
Net unrealized appreciation (depreciation)
of investments (223)
(16)
11
559
Net increase (decrease) in net assets resulting from
operations (116)
(13)
16
923 Changes from principal transactions:
Total unit transactions (734)
52
1
(255)
Increase (decrease) in net assets derived from
principal transactions (734)
52
1
(255)
Total increase (decrease) in net assets (850)
39
17
668 Net assets at December 31, 2013 $ 4,142
$ 156
$ 75
$ 3,590
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
50
T. Rowe Price Equity Income
Fund
Templeton Foreign Fund -
Class A
Templeton Growth Fund, Inc. - Class A
Templeton Global Bond
Fund - Class A Net assets at January 1, 2012 $ -
$ 5,015
$ 247
$ -
Increase (decrease) in net assets Operations:
Net investment income (loss) 258
90
2
-
Total realized gain (loss) on investments
and capital gains distributions 715
274
7
-
Net unrealized appreciation (depreciation)
of investments 725
443
34
-
Net increase (decrease) in net assets resulting from
operations 1,698
807
43
- Changes from principal transactions:
Total unit transactions 5,803
(1,419)
(81)
-
Increase (decrease) in net assets derived from
principal transactions 5,803
(1,419)
(81)
-
Total increase (decrease) in net assets 7,501
(612)
(38)
- Net assets at December 31, 2012 7,501
4,403
209
-
Increase (decrease) in net assets
Operations:
Net investment income (loss) 157
59
1
-
Total realized gain (loss) on investments
and capital gains distributions 580
442
32
-
Net unrealized appreciation (depreciation)
of investments 1,520
627
23
-
Net increase (decrease) in net assets resulting from
operations 2,257
1,128
56
- Changes from principal transactions:
Total unit transactions 57
(612)
(48)
-
Increase (decrease) in net assets derived from
principal transactions 57
(612)
(48)
-
Total increase (decrease) in net assets 2,314
516
8
- Net assets at December 31, 2013 $ 9,815
$ 4,919
$ 217
$ -
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY
Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012
(Dollars in thousands)
The accompanying notes are an integral part of these financial statements.
51
Vanguard® Mid-Cap Index
Fund - Institutional
Shares
Vanguard® Small-Cap
Index Fund - Signal® Shares
Washington Mutual
Investors Fund - Class R-4
Wells Fargo Advantage Diversified
Capital Builder Fund -
Institutional Class
Net assets at January 1, 2012 $ 5,539
$ 3,315
$ 249
$ 543
Increase (decrease) in net assets Operations:
Net investment income (loss) 62
53
4
12
Total realized gain (loss) on investments
and capital gains distributions 707
265
13
25
Net unrealized appreciation (depreciation)
of investments 26
225
12
29
Net increase (decrease) in net assets resulting from
operations 795
543
29
66 Changes from principal transactions:
Total unit transactions (1,971)
(974)
(32)
(97)
Increase (decrease) in net assets derived from
principal transactions (1,971)
(974)
(32)
(97)
Total increase (decrease) in net assets (1,176)
(431)
(3)
(31) Net assets at December 31, 2012 4,363
2,884
246
512
Increase (decrease) in net assets
Operations:
Net investment income (loss) 76
69
4
6
Total realized gain (loss) on investments
and capital gains distributions 423
329
45
30
Net unrealized appreciation (depreciation)
of investments 1,157
922
14
89
Net increase (decrease) in net assets resulting from
operations 1,656
1,320
63
125 Changes from principal transactions:
Total unit transactions 538
1,158
(113)
(62)
Increase (decrease) in net assets derived from
principal transactions 538
1,158
(113)
(62)
Total increase (decrease) in net assets 2,194
2,478
(50)
63 Net assets at December 31, 2013 $ 6,557
$ 5,362
$ 196
$ 575
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY Notes to Financial Statements
52
1. Organization
Variable Annuity Account F of ING Life Insurance and Annuity Company (the “Account”) was established by ING Life Insurance and Annuity Company (“ILIAC” or the “Company”) to support the operations of variable annuity contracts (“Contracts”). The Company is an indirect, wholly owned subsidiary of Voya Financial, Inc. (name changed from ING U.S., Inc.) (“Voya Financial”), a holding company domiciled in the State of Delaware. In 2009, ING announced the anticipated separation of its global banking and insurance businesses, including the divestiture of Voya Financial, which together with its subsidiaries, including the Company, constitutes ING's U.S.-based retirement, investment management, and insurance operations. On May 2, 2013, the common stock of Voya Financial began trading on the New York Stock Exchange under the symbol “VOYA.” On May 7, 2013 and May 31, 2013, Voya Financial completed its initial public offering of common stock, including the issuance and sale by Voya Financial of 30,769,230 shares of common stock and the sale by ING Insurance International B.V. (“ING International”), an indirect, wholly owned subsidiary of ING Groep N.V. (“ING”) and previously the sole stockholder of Voya Financial, of 44,201,773 shares of outstanding common stock of Voya Financial (collectively, “the IPO”). On September 30, 2013, ING International transferred all of its shares of Voya Financial common stock to ING. On October 29, 2013, ING completed a sale of 37,950,000 shares of common stock of Voya Financial in a registered public offering (“Secondary Offering”), reducing ING's ownership of Voya Financial to 57%. On March 25, 2014, ING completed a sale of 30,475,000 shares of common stock of Voya Financial in a registered public offering. On March 25, 2014, pursuant to the terms of a share repurchase agreement between ING and Voya Financial, Voya Financial acquired 7,255,853 shares of its common stock from ING (the “Direct Share Buyback”) (the offering and the Direct Share Buyback collectively, the “Transactions”). Upon completion of the Transactions, ING’s ownership of Voya Financial was reduced to approximately 43%. On April 11, 2013, plans to rebrand ING U.S., Inc. as Voya Financial were announced, and in January 2014, additional details regarding the operational and legal work associated with the rebranding were announced. On April 7, 2014, ING U.S., Inc. changed its legal name to Voya Financial, Inc.; and based on current expectations, in May 2014 its Investment Management and Employee Benefits businesses will begin using the Voya Financial brand. In September 2014, Voya Financial’s remaining businesses will begin using the Voya Financial brand and all remaining Voya Financial legal entities that currently have names incorporating the “ING” brand, including the Company, will change their names to reflect the Voya brand. Voya Financial anticipates that the process of
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY Notes to Financial Statements
53
changing all marketing materials, operating materials and legal entity names containing the word “ING” or “Lion” to the new brand name will take approximately 24 months. The Account is not registered as a unit investment trust with the SEC under the Investment Company Act of 1940, by virtue of the provisions of Section 3 (c)(11) thereof. ILIAC provides for variable accumulation and benefits under the Contracts by crediting annuity considerations to one or more divisions within the Account or the fixed account (an investment option in the Company’s general account), as directed by the contract owners. The portion of the Account’s assets applicable to Contracts will not be charged with liabilities arising out of any other business ILIAC may conduct, but obligations of the Account, including the promise to make benefit payments, are obligations of ILIAC. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of ILIAC. At December 31, 2013, the Account had 67 active investment divisions (the “Divisions”), 31 of which invest in independently managed mutual funds and 36 of which invest in mutual funds managed by an affiliate, either ING Investments, LLC (“IIL”) or Directed Services LLC (“DSL”). The assets in each Division are invested in shares of a designated fund (“Fund”) of various investment trusts (the “Trusts”). Investment Divisions with assets balance at December 31, 2013 and related Trusts are as follows:
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY Notes to Financial Statements
54
AIM Equity Funds: Invesco Diversified Dividend Fund - Class A
American Balanced Fund®, Inc.: American Balanced Fund® - Class R-4 American Century Mutual Funds, Inc.: American Century Ultra® Fund - Investor Class American Century World Mutual Funds, Inc.: American Century International Growth Fund - Investor
Class Ariel Investment Trust: Ariel Fund - Investor Class Baron Investment Funds Trust: Baron Asset Fund - Retail Shares CRM Mutual Fund Trust: CRM Mid Cap Value Fund - Investor Shares EuroPacific Growth Fund®: EuroPacific Growth Fund® - Class R-4 Fidelity® Advisor Series I: Fidelity® Advisor Equity Growth Fund - Class T Fidelity® Advisor Equity Income Fund - Class T Fidelity® Advisor Growth Opportunities Fund -
Class T Goldman Sachs Trust: Goldman Sachs Mid Cap Value Fund - Class A Growth Fund of America: Growth Fund of America - Class R-4 ING Equity Trust: ING Large Cap Value Fund - Class I ING Funds Trust: ING GNMA Income Fund - Class I ING Intermediate Bond Fund - Class I ING Investors Trust: ING BlackRock Large Cap Growth Portfolio -
Institutional Class ING FMRSM Diversified Mid Cap Portfolio - Service
Class ING Global Resources Portfolio - Service Class ING Invesco Growth and Income Portfolio -
Institutional Class ING JPMorgan Emerging Markets Equity Portfolio - Service Class ING T. Rowe Price Capital Appreciation Portfolio -
Service Class ING U.S. Stock Index Portfolio - Institutional Class ING Partners, Inc.:
ING Baron Growth Portfolio - Service Class ING Global Bond Portfolio - Service Class ING Invesco Comstock Portfolio - Service Class ING JPMorgan Mid Cap Value Portfolio - Service
Class ING Oppenheimer Global Portfolio - Initial Class ING Solution 2015 Portfolio - Adviser Class ING Solution 2015 Portfolio - Initial Class ING Solution 2025 Portfolio - Adviser Class ING Solution 2025 Portfolio - Initial Class ING Solution 2035 Portfolio - Adviser Class ING Solution 2035 Portfolio - Initial Class ING Solution 2045 Portfolio - Adviser Class
ING Partners, Inc. (continued): ING Solution 2045 Portfolio - Initial Class ING Solution 2055 Portfolio - Adviser Class
ING Solution 2055 Portfolio - Initial Class ING Solution Income Portfolio - Adviser Class ING Solution Income Portfolio - Initial Class ING T. Rowe Price Growth Equity Portfolio - Initial
Class ING T. Rowe Price Growth Equity Portfolio - Service
Class ING Series Fund, Inc.: ING Capital Allocation Fund - Class I ING Core Equity Research Fund - Class I ING Corporate Leaders 100 Fund - Class I ING Money Market Fund - Class I ING Small Company Fund - Class I ING Variable Funds: ING Growth and Income Portfolio - Class S ING Variable Portfolios, Inc.: ING Russell™ Mid Cap Growth Index Portfolio -
Class S Lord Abbett Mid Cap Stock Fund, Inc.: Lord Abbett Mid Cap Stock Fund - Class A Lord Abbett Research Fund, Inc.: Lord Abbett SmallCap Value Fund - Class A Neuberger Berman Equity Funds®: Neuberger Berman Focus Fund - Trust Class Neuberger Berman Genesis Fund - Trust Class Neuberger Berman Guardian Fund - Trust Class Neuberger Berman Income Funds: Neuberger Berman Short Duration Bond Fund - Trust
Class PIMCO Funds: PIMCO Total Return Fund - Administrative Class PIMCO Variable Insurance Trust: PIMCO Real Return Portfolio - Administrative Class Pioneer Equity Income Fund: Pioneer Equity Income Fund - Class Y Pioneer Fund: Pioneer Fund - Class Y T. Rowe Price Equity Income Fund:
T. Rowe Price Equity Income Fund Templeton Funds, Inc.: Templeton Foreign Fund - Class A Templeton Growth Fund, Inc.: Templeton Growth Fund, Inc. - Class A Templeton Income Trust:
Templeton Global Bond Fund - Class A Vanguard® Index Funds: Vanguard® Mid-Cap Index Fund - Institutional
Shares Vanguard® Small-Cap Index Fund - Signal® Shares Washington Mutual Investors Fund: Washington Mutual Investors Fund - Class R-4 Wells Fargo Funds Trust: Wells Fargo Advantage Diversified Capital Builder
Fund - Institutional Class
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY Notes to Financial Statements
55
The names of certain Divisions were changed during 2013. The following is a summary of current and former names for those Divisions:
Current Name
Former Name
Allianz Funds: Allianz Funds:
AllianzGI NFJ Dividend Value Fund - Class A
Allianz NFJ Dividend Value Fund - Class A
ING Investors Trust:
ING Investors Trust:
ING Invesco Growth and Income Portfolio - Institutional Class
ING Invesco Van Kampen Growth and Income Portfolio - Institutional Class
ING Partners, Inc.:
ING Partners, Inc.:
ING Invesco Comstock Portfolio - Service Class
ING Invesco Van Kampen Comstock Portfolio - Service Class
During 2013, the following Trust and Divisions were closed to contract owners: Allianz Funds:
AllianzGI NFJ Dividend Value Fund - Class A
BlackRock FundsSM:
BlackRock Health Sciences Opportunities Portfolio - Investor A Shares
ING Equity Trust:
ING Value Choice Fund - Class I
ING Investors Trust:
ING Clarion Real Estate Portfolio - Service Class ING Large Cap Growth Portfolio - Service Class ING Mutual Funds: ING Index Plus International Equity Fund - Class I ING Partners, Inc.: ING American Century Small-Mid Cap Value Portfolio - Service Class New Perspective Fund: New Perspective Fund - Class R-4 Oppenheimer Gold & Special Minerals Fund: Oppenheimer Gold & Special Minerals Fund - Class A
2. Significant Accounting Policies
The following is a summary of the significant accounting policies of the Account: Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from reported results using those estimates. Investments Investments are made in shares of a Division and are recorded at fair value, determined by the net asset value per share of the respective Division. Investment transactions in each Division are recorded on the trade date. Distributions of net investment income and capital gains from each Division are recognized on the ex-distribution date. Realized
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY Notes to Financial Statements
56
gains and losses on redemptions of the shares of the Division are determined on a first-in, first-out basis. The difference between cost and current fair value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments. Federal Income Taxes Operations of the Account form a part of, and are taxed with, the total operations of ILIAC, which is taxed as a life insurance company under the Internal Revenue Code (“IRC”). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited to contract owners. Accordingly, earnings and realized capital gains of the Account attributable to the contract owners are excluded in the determination of the federal income tax liability of ILIAC, and no charge is being made to the Account for federal income taxes for these amounts. The Company will review this tax accounting in the event of changes in the tax law. Such changes in the law may result in a charge for federal income taxes. Contract Owner Reserves The annuity reserves of the Account are represented by net assets on the Statements of Assets and Liabilities and are equal to the aggregate account values of the contract owners invested in the Account Divisions. To the extent that benefits to be paid to the contract owners exceed their account values, ILIAC will contribute additional funds to the benefit proceeds. Conversely, if amounts allocated exceed amounts required, transfers may be made to ILIAC. Prior to the annuity date, the Contracts are redeemable for the net cash surrender value of the Contracts. Changes from Principal Transactions Included in Changes from principal transactions on the Statements of Changes in Net Assets are items which relate to contract owner activity, including deposits, surrenders and withdrawals, benefits, and contract charges. Also included are transfers between the fixed account and the Divisions, transfers between Divisions, and transfers to (from) ILIAC related to gains and losses resulting from actual mortality experience (the full responsibility for which is assumed by ILIAC). Any net unsettled transactions as of the reporting date would be included in Payable to related parties on the Statements of Assets and Liabilities. Future Adoption of Accounting Pronouncements In June 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-08, “Financial Services-Investment Companies (Accounting Standards Codification (“ASC”) Topic 946): Amendments to the Scope,
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY Notes to Financial Statements
57
Measurement, and Disclosure Requirements” (“ASU 2013-08”), which provides comprehensive guidance for assessing whether an entity is an investment company and requires an investment company to measure noncontrolling ownership interests in other investment companies at fair value. ASU 2013-08 also requires an entity to disclose that it is an investment company and any changes to that status, as well as information about financial support provided or required to be provided to investees. The provisions of ASU 2013-08 are effective for interim and annual reporting periods in years beginning after December 15, 2013, and should be applied prospectively for entities that are investment companies upon the effective date of the amendments. The Account is currently in the process of assessing the requirements of ASU 2013-08, but does not expect ASU 2013-08 to have an impact on its net assets or results of operations. Subsequent Events The Account has evaluated subsequent events for recognition and disclosure through April 9, 2014, which is the date the financial statements as of December 31, 2013 and for the years ended December 31, 2013 and 2012, were available to be issued.
3. Financial Instruments
The Account invests assets in shares of open-end mutual funds, which process orders to purchase and redeem shares on a daily basis at the fund's next computed net asset values (“NAV”). The fair value of the Account’s assets is based on the NAVs of mutual funds, which are obtained from the custodian and reflect the fair values of the mutual fund investments. The NAV is calculated daily upon close of the New York Stock Exchange and is based on the fair values of the underlying securities. The Account’s financial assets are recorded at fair value on the Statements of Assets and Liabilities and are categorized as Level 1 as of December 31, 2013 based on the priority of the inputs to the valuation technique below. There were no transfers among the levels for the year ended December 31, 2013. The Account had no financial liabilities as of December 31, 2013. The Account categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active
market. The Account defines an active market as a market in which transactions
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY Notes to Financial Statements
58
take place with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 - Quoted prices in markets that are not active or valuation techniques that require inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in non-active
markets; c) Inputs other than quoted market prices that are observable; and d) Inputs that are derived principally from or corroborated by observable market
data through correlation or other means. Level 3 - Prices or valuation techniques that require inputs that are both
unobservable and significant to the overall fair value measurement. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability.
4. Charges and Fees
Under the terms of the Contracts, certain charges and fees incurred by the Contracts to cover ILIAC’s expenses in connection with the issuance and administration of the Contracts. Following is a summary of these charges and fees: Mortality and Expense Risk Charges ILIAC assumes mortality and expense risks related to the operations of the Account and, in accordance with the terms of the Contracts, deducts a daily charge from the assets of the Account. Daily charges are deducted at annual rates of up to 1.20% of the average daily net asset value of each Division of the Account to cover these risks, as specified in the Contracts. These charges are assessed through a reduction in unit values.
Contract Maintenance Charges An annual Contract maintenance fee of up to $30 may be deducted from the accumulation value of Contracts to cover ongoing administrative expenses, as specified in the Contract. These charges are assessed through the redemption of units.
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY Notes to Financial Statements
59
5. Related Party Transactions
During the year ended December 31, 2013, management fees were paid to DSL, an affiliate of the Company, in its capacity as investment adviser to ING Investors Trust and ING Partners, Inc. The Trusts’ advisory agreements provided for fees at annual rates ranging from 0.11% to 1.25% of the average net assets of each respective Fund. Management fees were also paid to IIL, an affiliate of the Company, in its capacity as investment adviser to the ING Equity Trust, ING Funds Trust, ING Mutual Funds, ING Series Fund, Inc., ING Variable Funds, and ING Variable Portfolios, Inc. The Trusts’ advisory agreements provided for fees at annual rates ranging from 0.17% to 0.82% of the average net assets of each respective Fund.
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY Notes to Financial Statements
60
6. Purchases and Sales of Investment Securities
The aggregate cost of purchases and proceeds from sales of investments for the year ended December 31, 2013 follow:
Purchases Sales
(Dollars in thousands)
AIM Equity Funds:
Invesco Diversified Dividend Fund - Class A $ 48
$ 426
Allianz Funds:
AllianzGI NFJ Dividend Value Fund - Class A -
12
American Balanced Fund®, Inc.:
American Balanced Fund® - Class R-4 1,615
2,488
American Century Mutual Funds, Inc.:
American Century Ultra® Fund - Investor Class 396
494
American Century World Mutual Funds, Inc.:
American Century International Growth Fund - Investor Class -
-
Ariel Investment Trust:
Ariel Fund - Investor Class 8
233
Baron Investment Funds Trust:
Baron Asset Fund - Retail Shares 19
118
BlackRock FundsSM:
BlackRock Health Sciences Opportunities Portfolio - Investor A Shares -
47
CRM Mutual Fund Trust:
CRM Mid Cap Value Fund - Investor Shares 3,712
2,187
EuroPacific Growth Fund®:
EuroPacific Growth Fund® - Class R-4 1,022
1,224
Fidelity® Advisor Series I:
Fidelity® Advisor Equity Growth Fund - Class T 31
13
Fidelity® Advisor Equity Income Fund - Class T 348
497
Fidelity® Advisor Growth Opportunities Fund - Class T 78
237
Goldman Sachs Trust:
Goldman Sachs Mid Cap Value Fund - Class A -
17
Growth Fund of America:
Growth Fund of America - Class R-4 2,207
2,524
ING Equity Trust:
ING Large Cap Value Fund - Class I 42
21
ING Value Choice Fund - Class I 13
39
ING Funds Trust:
ING GNMA Income Fund - Class I 1,347
2,217
ING Intermediate Bond Fund - Class I 131
555
ING Investors Trust:
ING BlackRock Large Cap Growth Portfolio - Institutional Class 111
475
ING Clarion Real Estate Portfolio - Service Class -
8
ING FMRSM Diversified Mid Cap Portfolio - Service Class -
-
ING Global Resources Portfolio - Service Class 1
22
ING Invesco Growth and Income Portfolio - Institutional Class 1,809
967
ING JPMorgan Emerging Markets Equity Portfolio - Service Class 1
12
ING Large Cap Growth Portfolio - Service Class 2
508
ING T. Rowe Price Capital Appreciation Portfolio - Service Class 22
146
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY Notes to Financial Statements
61
Purchases Sales
(Dollars in thousands)
ING Investors Trust (continued):
ING U.S. Stock Index Portfolio - Institutional Class $ 2,530
$ 2,289
ING Mutual Funds:
ING Index Plus International Equity Fund - Class I 1
48
ING Partners, Inc.:
ING American Century Small-Mid Cap Value Portfolio - Service Class -
11
ING Baron Growth Portfolio - Service Class 1
47
ING Global Bond Portfolio - Service Class 55
88
ING Invesco Comstock Portfolio - Service Class -
-
ING JPMorgan Mid Cap Value Portfolio - Service Class 54
75
ING Oppenheimer Global Portfolio - Initial Class 2,516
3,359
ING Solution 2015 Portfolio - Adviser Class 46
192
ING Solution 2015 Portfolio - Initial Class 531
625
ING Solution 2025 Portfolio - Adviser Class 106
57
ING Solution 2025 Portfolio - Initial Class 2,303
2,188
ING Solution 2035 Portfolio - Adviser Class 89
68
ING Solution 2035 Portfolio - Initial Class 1,670
1,934
ING Solution 2045 Portfolio - Adviser Class 65
233
ING Solution 2045 Portfolio - Initial Class 903
967
ING Solution 2055 Portfolio - Adviser Class 6
-
ING Solution 2055 Portfolio - Initial Class 382
132
ING Solution Income Portfolio - Adviser Class 234
9
ING Solution Income Portfolio - Initial Class 113
529
ING T. Rowe Price Growth Equity Portfolio - Initial Class 1,235
2,419
ING T. Rowe Price Growth Equity Portfolio - Service Class 7
48
ING Series Fund, Inc.:
ING Capital Allocation Fund - Class I 316
245
ING Core Equity Research Fund - Class I 21
116
ING Corporate Leaders 100 Fund - Class I 221
221
ING Money Market Fund - Class I 3,222
4,385
ING Small Company Fund - Class I 238
817
ING Variable Funds:
ING Growth and Income Portfolio - Class S 1
-
ING Variable Portfolios, Inc.:
ING Russell™ Mid Cap Growth Index Portfolio - Class S 1
-
Lord Abbett Mid Cap Stock Fund, Inc.:
Lord Abbett Mid Cap Stock Fund - Class A 47
264
Lord Abbett Research Fund, Inc.:
Lord Abbett SmallCap Value Fund - Class A 130
123
Neuberger Berman Equity Funds®:
Neuberger Berman Focus Fund - Trust Class 417
98
Neuberger Berman Genesis Fund - Trust Class 127
105
Neuberger Berman Guardian Fund - Trust Class 43
144
VARIABLE ANNUITY ACCOUNT F OF ING LIFE INSURANCE AND ANNUITY COMPANY Notes to Financial Statements
62
Purchases Sales
(Dollars in thousands)
Neuberger Berman Income Funds:
Neuberger Berman Short Duration Bond Fund - Trust Class $ 64
$ 14
New Perspective Fund:
New Perspective Fund - Class R-4 -
-
Oppenheimer Gold & Special Minerals Fund:
Oppenheimer Gold & Special Minerals Fund - Class A -
9
PIMCO Funds:
PIMCO Total Return Fund - Administrative Class 1,667
2,270
PIMCO Variable Insurance Trust:
PIMCO Real Return Portfolio - Administrative Class 57
3
Pioneer Equity Income Fund:
Pioneer Equity Income Fund - Class Y 13
8
Pioneer Fund:
Pioneer Fund - Class Y 988
910
T. Rowe Price Equity Income Fund:
T. Rowe Price Equity Income Fund 1,934
1,475
Templeton Funds, Inc.:
Templeton Foreign Fund - Class A 1,357
1,742
Templeton Growth Fund, Inc.:
Templeton Growth Fund, Inc. - Class A 21
68
Templeton Income Trust:
Templeton Global Bond Fund - Class A -
-
Vanguard® Index Funds:
Vanguard® Mid-Cap Index Fund - Institutional Shares 1,894
1,279
Vanguard® Small-Cap Index Fund - Signal® Shares 2,792
1,565
Washington Mutual Investors Fund:
Washington Mutual Investors Fund - Class R-4 33
138
Wells Fargo Funds Trust:
Wells Fargo Advantage Diversified Capital Builder Fund - Institutional Class 65
121
VA
RIA
BL
E A
NN
UIT
Y A
CC
OU
NT
F O
F IN
G L
IFE
INSU
RA
NC
E A
ND
AN
NU
ITY
CO
MPA
NY
N
otes
to F
inan
cial
Sta
tem
ents
63
7.
Cha
nges
in U
nits
The
net c
hang
es in
uni
ts o
utst
andi
ng fo
llow
:
Yea
r E
nded
Dec
embe
r 31
2013
2012
Uni
ts
U
nits
Net
Incr
ease
Uni
ts
U
nits
Net
Incr
ease
Issu
ed
R
edee
med
(Dec
reas
e)
Is
sued
Red
eem
ed
(D
ecre
ase)
AIM
Equ
ity F
unds
:
Inve
sco
Div
ersi
fied
Div
iden
d Fu
nd -
Cla
ss A
22,4
88
51
,214
(
28,7
26)
28
,170
16,5
54
11
,616
A
llian
z Fu
nds:
Alli
anzG
I NFJ
Div
iden
d V
alue
Fun
d - C
lass
A
8
1
,239
(1,2
31)
2
,504
1,9
50
554
A
mer
ican
Bal
ance
d Fu
nd®
, Inc
.:
Am
eric
an B
alan
ced
Fund
® -
Cla
ss R
-4
112
,707
1
69,2
15
(56
,508
)
2
52,9
66
266
,700
(
13,7
34)
Am
eric
an C
entu
ry M
utua
l Fun
ds, I
nc.:
A
mer
ican
Cen
tury
Ultr
a® F
und
- Inv
esto
r Cla
ss
44
,585
50,5
72
(5
,987
)
38,3
63
42
,096
(3,7
33)
Am
eric
an C
entu
ry W
orld
Mut
ual F
unds
, Inc
.:
Am
eric
an C
entu
ry In
tern
atio
nal G
row
th F
und
- Inv
esto
r Cla
ss
-
-
-
-
-
-
Arie
l Inv
estm
ent T
rust
:
Arie
l Fun
d - I
nves
tor C
lass
4,6
53
12
,060
(7,4
07)
396
6
79
(283
) B
aron
Inve
stm
ent F
unds
Tru
st:
B
aron
Ass
et F
und
- Ret
ail S
hare
s
1,4
96
6
,072
(4,5
76)
1
,780
1,6
24
156
B
lack
Roc
k Fu
ndsSM
:
Bla
ckR
ock
Hea
lth S
cien
ces O
ppor
tuni
ties P
ortfo
lio -
Inve
stor
A S
hare
s
17
3,6
67
(3
,650
)
8
27
2
,304
(1,4
77)
CR
M M
utua
l Fun
d Tr
ust:
C
RM
Mid
Cap
Val
ue F
und
- Inv
esto
r Sha
res
65
,544
85,2
17
(19
,673
)
90,8
40
249
,478
(1
58,6
38)
Euro
Paci
fic G
row
th F
und®
:
Euro
Paci
fic G
row
th F
und®
- C
lass
R-4
70,9
37
81
,916
(
10,9
79)
189
,661
1
08,6
22
81
,039
Fi
delit
y® A
dvis
or S
erie
s I:
Fi
delit
y® A
dvis
or E
quity
Gro
wth
Fun
d - C
lass
T
5
,756
5,1
46
610
7,1
82
6
,989
1
93
Fi
delit
y® A
dvis
or E
quity
Inco
me
Fund
- C
lass
T
40
,493
44,6
65
(4
,172
)
39,9
56
35
,809
4,1
47
Fi
delit
y® A
dvis
or G
row
th O
ppor
tuni
ties F
und
- Cla
ss T
3,2
47
8
,946
(5,6
99)
11
,511
3,4
52
8
,059
G
oldm
an S
achs
Tru
st:
G
oldm
an S
achs
Mid
Cap
Val
ue F
und
- Cla
ss A
53
1,4
95
(1
,442
)
42
2,2
74
(2
,232
) G
row
th F
und
of A
mer
ica:
Gro
wth
Fun
d of
Am
eric
a - C
lass
R-4
1
27,9
06
188
,004
(
60,0
98)
181
,350
3
82,5
01
(201
,151
)
VA
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BL
E A
NN
UIT
Y A
CC
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F O
F IN
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IFE
INSU
RA
NC
E A
ND
AN
NU
ITY
CO
MPA
NY
N
otes
to F
inan
cial
Sta
tem
ents
64
Yea
r E
nded
Dec
embe
r 31
2013
2012
Uni
ts
U
nits
Net
Incr
ease
Uni
ts
U
nits
Net
Incr
ease
Issu
ed
R
edee
med
(Dec
reas
e)
Is
sued
Red
eem
ed
(D
ecre
ase)
ING
Equ
ity T
rust
:
ING
Lar
ge C
ap V
alue
Fun
d - C
lass
I
3,6
36
1
,736
1,9
00
-
-
-
IN
G V
alue
Cho
ice
Fund
- C
lass
I
-
1,6
96
(1
,696
)
1,9
52
1
,500
4
52
ING
Fun
ds T
rust
:
ING
GN
MA
Inco
me
Fund
- C
lass
I
92,3
21
172
,591
(
80,2
70)
163
,154
5
63,3
55
(400
,201
)
IN
G In
term
edia
te B
ond
Fund
- C
lass
I
89,9
67
121
,911
(
31,9
44)
117
,078
92,5
89
24
,489
IN
G In
vest
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rust
:
ING
Bla
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Larg
e C
ap G
row
th P
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Inst
itutio
nal C
lass
46,2
99
80
,122
(
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23)
46
,723
51,9
31
(5
,208
)
IN
G C
lario
n R
eal E
stat
e Po
rtfol
io -
Serv
ice
Cla
ss
6
495
(4
89)
263
5
2
58
IN
G F
MR
SM D
iver
sifie
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id C
ap P
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1
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G G
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6,1
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59
-
159
IN
G In
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row
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com
e Po
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Inst
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lass
1
53,6
51
92
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61,4
97
87
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2
84,1
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IN
G JP
Mor
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Emer
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kets
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ity P
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Gro
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tfolio
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e C
lass
1
47
32
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2
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7,2
81
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)
IN
G T
. Row
e Pr
ice
Cap
ital A
ppre
ciat
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33
570
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221
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228
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(798
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) IN
G M
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ds:
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$15.
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69
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20
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1.20
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12
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20
09
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2013
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70
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20
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11
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20
09
15
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11
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12
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13
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20
09
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1
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71
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8
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20
11
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09
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82
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34
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Ret
urnC
(0
00's
)
(low
est t
o hi
ghes
t)
(0
00's
)
Rat
ioA
(lo
wes
t to
high
est)
(low
est t
o hi
ghes
t)
ING
Glo
bal B
ond
Portf
olio
- Se
rvic
e C
lass
2013
36
$1
3.55
to
$1
4.98
$
524
1.
77%
0.10
%
to
1.20
%
-5
.44%
to
-4
.52%
20
12
39
$14.
33
to
$15.
61
$
60
3
4.25
%
0.
15%
to
1.
20%
3.39
%
to
7.43
%
20
11
40
$13.
86
to
$14.
47
$
57
4
6.92
%
0.
20%
to
1.
20%
2.67
%
to
2.98
%
20
10
46
$13.
50
to
$13.
88
$
64
0
4.17
%
0.
35%
to
1.
20%
14.9
2%
to
19.4
5%
20
09
43
$11.
53
to
$11.
93
$
51
0
3.19
%
0.
35%
to
1.
20%
16.5
5%
to
21.8
7%
ING
Inve
sco
Com
stoc
k Po
rtfol
io -
Serv
ice
Cla
ss
2013
-
$2
0.42
$
1
-
0.
60%
34.1
7%
20
12
-
$15.
22
$
1
-
0.60
%
17
.98%
20
11
-
$12.
59
to
$12.
90
$
3
-
0.60
%
to
0.85
%
-2
.93%
to
-2
.71%
20
10
1
$12.
97
to
$13.
26
$
7
-
0.60
%
to
0.85
%
14
.17%
to
14
.51%
20
09
-
$11.
36
to
$11.
58
$
5
0.89
%
0.
60%
to
0.
85%
27.6
7%
ING
JPM
orga
n M
id C
ap V
alue
Por
tfolio
- Se
rvic
e C
lass
20
13
19
$23.
06
to
$24.
62
$
45
9
0.72
%
0.
10%
to
0.
80%
30.5
0%
to
30.7
2%
20
12
20
$17.
67
to
$18.
66
$
37
7
0.98
%
0.
15%
to
0.
80%
19.3
2%
20
11
16
$15.
06
to
$15.
51
$
23
7
0.79
%
0.
20%
to
0.
60%
1.21
%
to
1.27
%
20
10
18
$14.
88
to
$15.
07
$
26
9
0.96
%
0.
40%
to
0.
60%
22.2
7%
to
22.3
9%
20
09
12
$11.
98
to
$12.
24
$
14
8
1.69
%
0.
50%
to
0.
90%
24.5
3%
to
25.0
3%
ING
Opp
enhe
imer
Glo
bal P
ortfo
lio -
Initi
al C
lass
20
13
92
3
$1
8.98
to
$2
1.24
$
19,
529
1.
39%
0.00
%
to
1.20
%
25
.61%
to
27
.11%
20
12
98
1
$1
5.11
to
$1
6.71
$
16,
299
1.
51%
0.00
%
to
1.20
%
16
.86%
to
21
.70%
20
11
1,
399
$12.
89
to
$13.
73
$
1
9,13
9
1.53
%
0.
00%
to
1.
20%
-8.9
0%
to
-8.1
6%
20
10
1,
458
$14.
15
to
$14.
95
$
2
1,69
6
1.55
%
0.
00%
to
1.
20%
15.1
3%
to
19.8
8%
20
09
1,
505
$12.
07
to
$12.
88
$
1
9,27
4
2.46
%
0.
00%
to
1.
20%
34.1
8%
to
39.5
4%
ING
Sol
utio
n 20
15 P
ortfo
lio -
Adv
iser
Cla
ss
2013
27
$1
2.58
to
$1
3.25
$
351
3.
61%
0.10
%
to
0.80
%
8.
62%
20
12
40
$11.
79
to
$12.
14
$
47
9
4.07
%
0.
15%
to
0.
60%
10.3
9%
to
10.8
5%
20
11
37
$10.
68
to
$10.
91
$
40
5
2.44
%
0.
20%
to
0.
60%
-1.2
8%
20
10
23
$10.
93
to
$10.
96
$
25
2
3.56
%
0.
35%
to
0.
40%
10.2
9%
to
10.4
8%
20
09
3
$9.7
4
to
$9.9
2
$
2
9
-
0.35
%
to
0.90
%
21
.14%
to
21
.74%
VA
RIA
BL
E A
NN
UIT
Y A
CC
OU
NT
F O
F IN
G L
IFE
INSU
RA
NC
E A
ND
AN
NU
ITY
CO
MPA
NY
N
otes
to F
inan
cial
Sta
tem
ents
73
Inve
stm
ent
Uni
ts
U
nit F
air
Val
ue
N
et A
sset
s
Inco
me
E
xpen
se R
atio
B
T
otal
Ret
urnC
(0
00's
)
(low
est t
o hi
ghes
t)
(0
00's
)
Rat
ioA
(lo
wes
t to
high
est)
(low
est t
o hi
ghes
t)
ING
Sol
utio
n 20
15 P
ortfo
lio -
Initi
al C
lass
2013
222
$12.
22
$
2,71
3
3.65
%
-
9.
40%
20
12
23
8
$1
1.17
$
2,
657
5.
51%
-
11.7
0%
20
11
48
5
$1
0.00
$
4,
851
3.
65%
-
-0.4
0%
20
10
45
5
$1
0.04
$
4,
567
2.
35%
-
11.4
3%
20
09
42
6
$9
.01
$
3,
841
4.
06%
-
22.7
5%
ING
Sol
utio
n 20
25 P
ortfo
lio -
Adv
iser
Cla
ss
2013
80
$1
2.88
to
$1
3.57
$
1,
080
2.
02%
0.10
%
to
0.80
%
15
.79%
20
12
78
$11.
33
to
$11.
66
$
90
4
2.45
%
0.
15%
to
0.
60%
12.5
1%
to
12.9
6%
20
11
71
$10.
07
to
$10.
29
$
72
8
1.88
%
0.
20%
to
0.
60%
-3.7
8%
20
10
72
$10.
58
to
$10.
60
$
75
8
2.11
%
0.
35%
to
0.
40%
13.0
3%
to
13.1
3%
20
09
20
$9.2
0
to
$9.3
7
$
18
9
1.61
%
0.
35%
to
0.
90%
24.3
2%
to
24.9
7%
ING
Sol
utio
n 20
25 P
ortfo
lio -
Initi
al C
lass
2013
1,65
3
$1
2.29
$
20,
315
2.
49%
-
16.4
9%
20
12
1,
681
$10.
55
$
1
7,73
7
3.23
%
-
13
.81%
20
11
2,
026
$9.2
7
$
1
8,78
3
2.34
%
-
-2
.93%
20
10
2,
003
$9.5
5
$
1
9,13
3
1.72
%
-
14
.10%
20
09
1,
982
$8.3
7
$
1
6,59
1
3.33
%
-
26
.24%
IN
G S
olut
ion
2035
Por
tfolio
- A
dvis
er C
lass
20
13
33
$13.
28
to
$13.
99
$
45
4
1.71
%
0.
10%
to
0.
80%
19.7
4%
20
12
32
$11.
29
to
$11.
62
$
36
5
1.85
%
0.
15%
to
0.
60%
14.1
6%
to
14.5
8%
20
11
28
$9.8
9
to
$10.
10
$
28
4
1.46
%
0.
20%
to
0.
60%
-5.3
1%
20
10
25
$10.
55
to
$10.
57
$
26
3
1.25
%
0.
35%
to
0.
40%
13.8
1%
to
13.9
0%
20
09
6
$9.1
1
to
$9.2
8
$
5
6
2.27
%
0.
35%
to
0.
90%
26.8
8%
to
27.5
1%
ING
Sol
utio
n 20
35 P
ortfo
lio -
Initi
al C
lass
2013
697
$12.
44
$
8,67
0
2.13
%
-
20
.66%
20
12
73
3
$1
0.31
$
7,
562
2.
90%
-
15.4
5%
20
11
1,
056
$8.9
3
$
9,43
2
1.80
%
-
-4
.49%
20
10
99
9
$9
.35
$
9,
339
1.
39%
-
14.7
2%
20
09
77
3
$8
.15
$
6,
302
3.
17%
-
28.7
5%
VA
RIA
BL
E A
NN
UIT
Y A
CC
OU
NT
F O
F IN
G L
IFE
INSU
RA
NC
E A
ND
AN
NU
ITY
CO
MPA
NY
N
otes
to F
inan
cial
Sta
tem
ents
74
Inve
stm
ent
Uni
ts
U
nit F
air
Val
ue
N
et A
sset
s
Inco
me
E
xpen
se R
atio
B
T
otal
Ret
urnC
(0
00's
)
(low
est t
o hi
ghes
t)
(0
00's
)
Rat
ioA
(lo
wes
t to
high
est)
(low
est t
o hi
ghes
t)
ING
Sol
utio
n 20
45 P
ortfo
lio -
Adv
iser
Cla
ss
2013
18
$1
4.04
$
250
(h
)
0.10
%
(h
)
20
12
32
$11.
20
to
$11.
38
$
36
4
1.55
%
0.
15%
to
0.
40%
14.7
5%
20
11
29
$9.7
6
to
$9.8
7
$
28
2
1.18
%
0.
20%
to
0.
40%
-5.7
9%
20
10
22
$10.
36
$
22
8
0.51
%
0.
40%
14.4
8%
20
09
19
$8.9
0
to
$9.0
5
$
16
7
1.59
%
0.
40%
to
0.
90%
28.2
4%
to
28.7
3%
ING
Sol
utio
n 20
45 P
ortfo
lio -
Initi
al C
lass
2013
399
$12.
38
$
4,94
0
1.85
%
-
23
.80%
20
12
41
2
$1
0.00
$
4,
124
2.
59%
-
15.7
4%
20
11
52
4
$8
.64
$
4,
531
1.
44%
-
-4.9
5%
20
10
44
9
$9
.09
$
4,
082
1.
03%
-
15.5
0%
20
09
44
1
$7
.87
$
3,
468
2.
82%
-
30.0
8%
ING
Sol
utio
n 20
55 P
ortfo
lio -
Adv
iser
Cla
ss
2013
1
$1
5.16
$
17
(h
)
0.10
%
(h
)
20
12
1
$12.
30
$
8
(g)
0.
15%
(g)
20
11
-
$10.
67
$
2
(c)
0.
20%
(c)
20
10
(c
)
(c)
(c
)
(c)
(c
)
(c)
20
09
(c
)
(c)
(c
)
(c)
(c
)
(c)
ING
Sol
utio
n 20
55 P
ortfo
lio -
Initi
al C
lass
2013
47
$1
5.51
$
724
1.
46%
-
23.8
8%
20
12
30
$12.
52
$
37
2
1.41
%
-
15
.82%
20
11
18
$10.
81
$
19
6
-
-
-4.9
3%
20
10
9
$11.
37
$
10
8
(b)
-
(b
)
20
09
(b
)
(b)
(b
)
(b)
(b
)
(b)
ING
Sol
utio
n In
com
e Po
rtfol
io -
Adv
iser
Cla
ss
2013
19
$1
3.51
to
$1
3.66
$
253
(h
)
0.10
%
to
0.25
%
(h
)
20
12
2
$12.
77
$
2
0
(g)
0.
15%
(g)
20
11
1
$11.
64
$
9
-
0.20
%
-
20
10
1
$11.
55
$
9
-
0.40
%
8.
86%
20
09
-
$10.
43
to
$10.
61
$
5
-
0.40
%
to
0.90
%
15
.89%
VA
RIA
BL
E A
NN
UIT
Y A
CC
OU
NT
F O
F IN
G L
IFE
INSU
RA
NC
E A
ND
AN
NU
ITY
CO
MPA
NY
N
otes
to F
inan
cial
Sta
tem
ents
75
Inve
stm
ent
Uni
ts
U
nit F
air
Val
ue
N
et A
sset
s
Inco
me
E
xpen
se R
atio
B
T
otal
Ret
urnC
(0
00's
)
(low
est t
o hi
ghes
t)
(0
00's
)
Rat
ioA
(lo
wes
t to
high
est)
(low
est t
o hi
ghes
t)
ING
Sol
utio
n In
com
e Po
rtfol
io -
Initi
al C
lass
20
13
25
$12.
84
$
31
8
4.63
%
-
7.
27%
20
12
60
$11.
97
$
71
9
6.00
%
-
10
.12%
20
11
72
$10.
87
$
78
1
4.50
%
-
0.
56%
20
10
76
$10.
81
$
81
8
3.21
%
-
9.
86%
20
09
69
$9.8
4
$
67
7
6.15
%
-
17
.56%
IN
G T
. Row
e Pr
ice
Gro
wth
Equ
ity P
ortfo
lio -
Initi
al C
lass
20
13
70
3
$1
6.08
$
11,
303
0.
02%
-
39.2
2%
20
12
79
6
$1
1.55
$
9,
189
0.
14%
-
18.9
5%
20
11
1,
042
$9.7
1
$
1
0,12
2
-
-
-1.1
2%
20
10
1,
060
$9.8
2
$
1
0,41
3
0.03
%
-
16
.90%
20
09
1,
024
$8.4
0
$
8,60
4
0.18
%
-
42
.86%
IN
G T
. Row
e Pr
ice
Gro
wth
Equ
ity P
ortfo
lio -
Serv
ice
Cla
ss
20
13
4
$21.
92
to
$23.
08
$
8
7
-
0.25
%
to
0.80
%
37
.86%
to
38
.54%
20
12
6
$15.
90
to
$16.
66
$
10
1
-
0.25
%
to
0.80
%
17
.86%
to
18
.32%
20
11
6
$13.
72
to
$14.
08
$
9
0
-
0.25
%
to
0.60
%
-1
.93%
to
-1
.76%
20
10
13
$13.
99
to
$14.
21
$
18
0
-
0.35
%
to
0.60
%
15
.91%
to
16
.19%
20
09
10
$12.
07
to
$12.
23
$
11
6
-
0.35
%
to
0.60
%
41
.83%
to
42
.04%
IN
G C
apita
l Allo
catio
n Fu
nd -
Cla
ss I
2013
40
$2
3.94
to
$2
6.77
$
1,
054
2.
57%
0.60
%
to
1.20
%
13
.08%
to
13
.72%
20
12
38
$21.
17
to
$24.
39
$
88
9
3.26
%
0.
40%
to
1.
20%
11.7
2%
to
12.6
6%
20
11
40
$18.
95
to
$21.
65
$
82
7
2.49
%
0.
40%
to
1.
20%
-2.8
2%
to
-2.0
8%
20
10
59
$19.
50
to
$22.
28
$
1,26
0
2.09
%
0.
35%
to
1.
20%
12.6
5%
to
46.1
3%
20
09
20
$14.
38
to
$19.
65
$
37
0
2.84
%
0.
35%
to
1.
20%
-9.0
7%
to
17.3
1%
ING
Cor
e Eq
uity
Res
earc
h Fu
nd -
Cla
ss I
2013
4
$3
1.72
to
$3
7.88
$
136
1.
25%
0.25
%
to
1.20
%
29
.52%
to
30
.76%
20
12
7
$24.
49
to
$28.
97
$
18
5
1.44
%
0.
25%
to
1.
20%
16.4
5%
to
17.5
7%
20
11
22
$21.
03
to
$24.
64
$
51
1
1.01
%
0.
25%
to
1.
20%
-1.2
7%
to
-0.5
5%
20
10
29
$21.
30
to
$24.
34
$
67
8
0.66
%
0.
35%
to
1.
20%
11.7
4%
to
92.2
6%
20
09
36
$12.
66
to
$22.
78
$
54
3
0.76
%
0.
00%
to
1.
20%
-13.
44%
to
90
.46%
VA
RIA
BL
E A
NN
UIT
Y A
CC
OU
NT
F O
F IN
G L
IFE
INSU
RA
NC
E A
ND
AN
NU
ITY
CO
MPA
NY
N
otes
to F
inan
cial
Sta
tem
ents
76
Inve
stm
ent
Uni
ts
U
nit F
air
Val
ue
N
et A
sset
s
Inco
me
E
xpen
se R
atio
B
T
otal
Ret
urnC
(0
00's
)
(low
est t
o hi
ghes
t)
(0
00's
)
Rat
ioA
(lo
wes
t to
high
est)
(low
est t
o hi
ghes
t)
ING
Cor
pora
te L
eade
rs 1
00 F
und
- Cla
ss I
20
13
43
$13.
77
to
$13.
99
$
602
1.
69%
0.25
%
to
1.20
%
32
.28%
to
33
.62%
20
12
45
$10.
41
to
$10.
47
$
465
(d
)
0.25
%
to
1.20
%
(d
)
20
11
(d
)
(d)
(d
) (d
)
(d)
(d
)
20
10
(d
)
(d)
(d
) (d
)
(d)
(d
)
20
09
(d
)
(d)
(d
) (d
)
(d)
(d
) IN
G M
oney
Mar
ket F
und
- Cla
ss I
2013
394
$13.
42
to
$16.
82
$
6,49
3
-
0.00
%
to
1.20
%
-1
.18%
20
12
46
5
$1
3.58
to
$1
6.82
$
7,
656
0.
02%
0.00
%
to
1.20
%
-1
.16%
to
0.
06%
20
11
54
9
$1
3.74
to
$1
6.81
$
9,
021
0.
01%
0.00
%
to
1.20
%
-1
.22%
20
10
48
4
$1
3.91
to
$1
6.81
$
7,
890
-
0.
00%
to
1.
20%
-1.1
4%
to
21.1
7%
20
09
54
8
$1
3.13
to
$1
6.81
$
8,
724
0.
08%
0.00
%
to
1.20
%
-1
7.99
%
to
8.77
%
ING
Sm
all C
ompa
ny F
und
- Cla
ss I
2013
12
$5
2.56
to
$6
4.22
$
752
-
0.
10%
to
1.
20%
35.5
7%
to
36.8
9%
20
12
24
$38.
77
to
$46.
45
$
1,07
8
0.38
%
0.
15%
to
1.
20%
12.7
7%
to
13.8
1%
20
11
26
$34.
38
to
$40.
43
$
1,00
4
0.19
%
0.
20%
to
1.
20%
-3.9
9%
to
-3.2
1%
20
10
27
$35.
81
to
$40.
75
$
1,09
0
-
0.35
%
to
1.20
%
22
.55%
to
59
.68%
20
09
33
$25.
52
to
$31.
82
$
93
1
-
0.35
%
to
1.20
%
7.
44%
to
40
.21%
IN
G G
row
th a
nd In
com
e Po
rtfol
io -
Cla
ss S
2013
-
$1
4.77
$
5
-
0.
85%
29.2
2%
20
12
-
$11.
43
$
4
-
0.85
%
14
.53%
20
11
-
$9.9
8
$
3
-
0.85
%
-1
.38%
20
10
1
$10.
12
to
$10.
22
$
1
0
-
0.40
%
to
0.85
%
12
.95%
to
13
.30%
20
09
5
$8.9
6
to
$9.0
7
$
4
2
-
0.00
%
to
0.85
%
29
.60%
IN
G R
usse
ll™ M
id C
ap G
row
th In
dex
Portf
olio
- C
lass
S
2013
-
$2
3.88
$
2
-
0.
80%
33.8
6%
20
12
-
$17.
84
$
1
(g)
0.
80%
(g)
20
11
-
$15.
55
to
$15.
70
$
6
-
0.50
%
to
0.85
%
-3
.05%
to
-2
.67%
20
10
1
$16.
04
to
$16.
13
$
2
0
-
0.50
%
to
0.85
%
24
.82%
to
25
.23%
20
09
-
$12.
85
to
$12.
88
$
5
(a)
0.
50%
to
0.
85%
(a)
VA
RIA
BL
E A
NN
UIT
Y A
CC
OU
NT
F O
F IN
G L
IFE
INSU
RA
NC
E A
ND
AN
NU
ITY
CO
MPA
NY
N
otes
to F
inan
cial
Sta
tem
ents
77
Inve
stm
ent
Uni
ts
U
nit F
air
Val
ue
N
et A
sset
s
Inco
me
E
xpen
se R
atio
B
T
otal
Ret
urnC
(0
00's
)
(low
est t
o hi
ghes
t)
(0
00's
)
Rat
ioA
(lo
wes
t to
high
est)
(low
est t
o hi
ghes
t)
Lord
Abb
ett M
id C
ap S
tock
Fun
d - C
lass
A
20
13
25
$19.
13
to
$21.
37
$
52
6
0.36
%
0.
50%
to
1.
45%
28.4
8%
to
29.6
7%
20
12
36
$14.
89
to
$16.
48
$
57
6
0.76
%
0.
50%
to
1.
45%
12.8
0%
to
13.8
9%
20
11
34
$13.
20
to
$14.
47
$
47
8
0.20
%
0.
50%
to
1.
45%
-5.3
1%
to
-4.7
7%
20
10
34
$13.
94
to
$15.
01
$
50
5
0.43
%
0.
60%
to
1.
45%
23.6
9%
to
24.7
7%
20
09
36
$11.
27
to
$12.
03
$
42
6
0.42
%
0.
60%
to
1.
45%
24.9
4%
to
25.9
7%
Lord
Abb
ett S
mal
lCap
Val
ue F
und
- Cla
ss A
20
13
16
$28.
03
$
45
7
(h)
0.
35%
(h)
20
12
20
$20.
95
$
41
1
(g)
0.
40%
(g)
20
11
19
$18.
96
$
36
2
-
0.45
%
-
20
10
18
$19.
71
$
35
2
(f)
0.
65%
(f)
20
09
18
$15.
29
$
27
9
-
1.15
%
28
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N
eube
rger
Ber
man
Foc
us F
und
- Tru
st C
lass
20
13
41
$35.
24
to
$43.
30
$
1,72
6
1.10
%
0.
35%
to
1.
45%
33.1
8%
to
33.9
8%
20
12
38
$26.
46
to
$31.
87
$
1,19
3
0.76
%
0.
40%
to
1.
45%
17.7
6%
to
18.4
8%
20
11
45
$22.
47
to
$26.
56
$
1,17
9
0.46
%
0.
45%
to
1.
45%
-4.4
2%
to
-3.8
3%
20
10
55
$23.
51
to
$26.
87
$
1,44
5
0.62
%
0.
60%
to
1.
45%
10.5
4%
to
49.0
8%
20
09
49
$15.
77
to
$23.
81
$
1,12
1
0.76
%
0.
70%
to
1.
45%
-6.0
8%
to
27.7
6%
Neu
berg
er B
erm
an G
enes
is F
und
- Tru
st C
lass
20
13
13
$77.
44
to
$86.
48
$
1,10
5
0.31
%
0.
85%
to
1.
45%
34.9
1%
to
35.7
2%
20
12
14
$57.
40
to
$63.
72
$
85
0
0.24
%
0.
85%
to
1.
45%
8.24
%
to
8.89
%
20
11
15
$53.
03
to
$59.
49
$
84
5
0.61
%
0.
75%
to
1.
45%
3.42
%
to
3.82
%
20
10
31
$53.
05
to
$58.
64
$
1,79
6
-
0.60
%
to
1.25
%
19
.98%
to
61
.11%
20
09
47
$32.
44
to
$47.
56
$
1,68
6
-
0.70
%
to
1.25
%
-6
.49%
to
69
.19%
N
eube
rger
Ber
man
Gua
rdia
n Fu
nd -
Trus
t Cla
ss
2013
6
$3
1.04
to
$3
4.75
$
215
0.
43%
0.85
%
to
1.45
%
36
.62%
to
37
.46%
20
12
10
$22.
72
to
$25.
28
$
25
4
1.69
%
0.
85%
to
1.
45%
10.9
9%
to
11.6
1%
20
11
10
$20.
47
to
$22.
65
$
21
8
0.87
%
0.
85%
to
1.
45%
-4.4
4%
to
-3.8
6%
20
10
11
$21.
42
to
$23.
56
$
24
3
0.44
%
0.
85%
to
1.
45%
17.6
3%
to
18.3
9%
20
09
11
$18.
21
to
$19.
90
$
21
6
0.51
%
0.
85%
to
1.
45%
27.9
7%
to
28.7
2%
VA
RIA
BL
E A
NN
UIT
Y A
CC
OU
NT
F O
F IN
G L
IFE
INSU
RA
NC
E A
ND
AN
NU
ITY
CO
MPA
NY
N
otes
to F
inan
cial
Sta
tem
ents
78
Inve
stm
ent
Uni
ts
U
nit F
air
Val
ue
N
et A
sset
s
Inco
me
E
xpen
se R
atio
B
T
otal
Ret
urnC
(0
00's
)
(low
est t
o hi
ghes
t)
(0
00's
)
Rat
ioA
(lo
wes
t to
high
est)
(low
est t
o hi
ghes
t)
Neu
berg
er B
erm
an S
hort
Dur
atio
n B
ond
Fund
- Tr
ust C
lass
20
13
24
$13.
28
$
31
8
(h)
0.
95%
(h)
20
12
21
$13.
14
$
27
1
(g)
1.
05%
(g)
20
11
38
$13.
78
$
52
9
2.69
%
1.
15%
-0.2
9%
20
10
37
$13.
82
$
51
2
3.09
%
1.
15%
14.4
0%
20
09
43
$12.
08
to
$12.
52
$
52
5
5.00
%
0.
60%
to
1.
15%
2.90
%
to
11.7
9%
PIM
CO
Tot
al R
etur
n Fu
nd -
Adm
inis
trativ
e C
lass
20
13
31
4
$1
3.17
$
4,
142
2.
21%
-
-2.1
5%
20
12
37
1
$1
3.46
$
4,
992
4.
44%
-
10.0
6%
20
11
31
0
$1
2.23
$
3,
793
3.
58%
-
3.91
%
20
10
26
2
$1
1.77
$
3,
081
3.
41%
-
8.58
%
20
09
14
8
$1
0.84
$
1,
606
(a
)
-
(a)
PIM
CO
Rea
l Ret
urn
Portf
olio
- A
dmin
istra
tive
Cla
ss
2013
11
$1
4.19
$
156
2.
20%
0.50
%
-9
.68%
20
12
7
$15.
71
$
11
7
0.90
%
0.
50%
8.20
%
20
11
7
$14.
52
$
10
4
5.43
%
0.
50%
-
20
10
6
$13.
00
$
8
0
2.06
%
0.
60%
7.44
%
20
09
1
$12.
10
$
1
7
(a)
0.
60%
(a)
Pion
eer E
quity
Inco
me
Fund
- C
lass
Y
2013
5
$1
4.69
to
$1
4.82
$
75
3.
01%
0.35
%
to
0.50
%
28
.63%
20
12
5
$11.
33
to
$11.
47
$
5
8
2.86
%
0.
40%
to
0.
65%
9.47
%
20
11
1
$10.
35
to
$10.
43
$
1
2
-
0.45
%
to
0.65
%
6.
15%
20
10
2
$9.7
5
$
1
9
-
0.65
%
18
.90%
20
09
1
$8.2
0
$
6
(a)
0.
65%
(a)
Pion
eer F
und
- Cla
ss Y
20
13
25
1
$1
4.02
to
$1
4.31
$
3,
590
1.
29%
0.00
%
to
0.35
%
33
.49%
20
12
27
3
$1
0.51
to
$1
0.72
$
2,
922
1.
72%
0.00
%
to
0.40
%
10
.29%
20
11
39
3
$9
.55
to
$9
.72
$
3,
815
1.
53%
0.00
%
to
0.45
%
-4
.24%
20
10
38
6
$1
0.15
$
3,
917
1.
28%
-
16.2
7%
20
09
35
5
$8
.73
$
3,
097
1.
77%
-
24.7
1%
VA
RIA
BL
E A
NN
UIT
Y A
CC
OU
NT
F O
F IN
G L
IFE
INSU
RA
NC
E A
ND
AN
NU
ITY
CO
MPA
NY
N
otes
to F
inan
cial
Sta
tem
ents
79
Inve
stm
ent
Uni
ts
U
nit F
air
Val
ue
N
et A
sset
s
Inco
me
E
xpen
se R
atio
B
T
otal
Ret
urnC
(0
00's
)
(low
est t
o hi
ghes
t)
(0
00's
)
Rat
ioA
(lo
wes
t to
high
est)
(low
est t
o hi
ghes
t)
T. R
owe
Pric
e Eq
uity
Inco
me
Fund
20
13
63
6
$1
5.42
$
9,
815
1.
81%
-
29.6
9%
20
12
63
1
$1
1.89
$
7,
501
(d
)
-
(d)
20
11
(d
)
(d)
(d
)
(d)
(d
)
(d)
20
10
(d
)
(d)
(d
)
(d)
(d
)
(d)
20
09
(d
)
(d)
(d
)
(d)
(d
)
(d)
Tem
plet
on F
orei
gn F
und
- Cla
ss A
20
13
12
2
$3
1.24
to
$4
0.98
$
4,
919
1.
35%
0.00
%
to
1.45
%
25
.36%
to
27
.15%
20
12
13
9
$2
4.92
to
$3
2.23
$
4,
403
2.
00%
0.00
%
to
1.45
%
16
.83%
to
18
.58%
20
11
18
7
$2
1.33
to
$2
7.18
$
5,
015
2.
53%
0.00
%
to
1.45
%
-1
3.96
%
to
-12.
72%
20
10
19
6
$2
4.79
to
$3
1.14
$
5,
990
1.
73%
0.00
%
to
1.45
%
6.
95%
to
38
.56%
20
09
22
1
$1
9.17
to
$2
8.70
$
6,
141
1.
89%
0.00
%
to
1.45
%
18
.70%
to
49
.71%
Te
mpl
eton
Gro
wth
Fun
d, In
c. -
Cla
ss A
20
13
6
$38.
26
to
$41.
62
$
21
7
1.41
%
0.
50%
to
0.
95%
29.5
0%
20
12
7
$29.
15
to
$32.
14
$
20
9
1.75
%
0.
50%
to
1.
05%
20.9
6%
20
11
10
$23.
84
to
$26.
57
$
24
7
2.18
%
0.
50%
to
1.
15%
-7.4
5%
to
-7.2
6%
20
10
11
$25.
76
to
$28.
08
$
30
4
1.47
%
0.
60%
to
1.
15%
6.31
%
to
6.89
%
20
09
15
$24.
23
to
$26.
27
$
37
4
1.17
%
0.
60%
to
1.
15%
29.3
0%
to
93.1
6%
Tem
plet
on G
loba
l Bon
d Fu
nd -
Cla
ss A
20
13
-
$39.
62
-
-
0.
85%
1.36
%
20
12
-
$39.
09
-
(d
)
0.85
%
(d
)
20
11
(d
)
(d)
(d)
(d
)
(d)
(d
)
20
10
(d
)
(d)
(d)
(d
)
(d)
(d
)
20
09
(d
)
(d)
(d)
(d
)
(d)
(d
) V
angu
ard®
Mid
-Cap
Inde
x Fu
nd -
Inst
itutio
nal S
hare
s
20
13
39
4
$1
6.65
$
6,
557
1.
39%
-
35.1
5%
20
12
35
4
$1
2.32
$
4,
363
1.
25%
-
16.0
1%
20
11
52
2
$1
0.62
$
5,
539
1.
39%
-
-1.9
4%
20
10
49
8
$1
0.83
$
5,
389
1.
47%
-
25.6
4%
20
09
40
0
$8
.62
$
3,
449
1.
58%
-
40.3
9%
VA
RIA
BL
E A
NN
UIT
Y A
CC
OU
NT
F O
F IN
G L
IFE
INSU
RA
NC
E A
ND
AN
NU
ITY
CO
MPA
NY
N
otes
to F
inan
cial
Sta
tem
ents
80
Inve
stm
ent
Uni
ts
U
nit F
air
Val
ue
N
et A
sset
s
Inco
me
E
xpen
se R
atio
B
T
otal
Ret
urnC
(0
00's
)
(low
est t
o hi
ghes
t)
(0
00's
)
Rat
ioA
(lo
wes
t to
high
est)
(low
est t
o hi
ghes
t)
Van
guar
d® S
mal
l-Cap
Inde
x Fu
nd -
Sign
al®
Sha
res
2013
305
$17.
56
$
5,36
2
1.67
%
-
37
.83%
20
12
22
6
$1
2.74
$
2,
884
1.
71%
-
18.1
8%
20
11
30
7
$1
0.78
$
3,
315
1.
37%
-
-2.6
2%
20
10
29
5
$1
1.07
$
3,
269
1.
58%
-
27.8
3%
20
09
16
3
$8
.66
$
1,
408
1.
54%
-
36.3
8%
Was
hing
ton
Mut
ual I
nves
tors
Fun
d - C
lass
R-4
20
13
10
$18.
11
to
$19.
34
$
19
6
2.26
%
0.
35%
to
1.
05%
30.4
8%
20
12
17
$13.
88
to
$14.
66
$
24
6
2.42
%
0.
40%
to
1.
05%
11.5
3%
20
11
19
$12.
66
to
$13.
04
$
24
9
2.39
%
0.
45%
to
0.
85%
6.12
%
to
6.16
%
20
10
21
$11.
93
to
$12.
08
$
25
3
2.73
%
0.
65%
to
0.
85%
12.3
4%
to
12.4
5%
20
09
24
$10.
45
to
$10.
68
$
25
9
2.85
%
0.
75%
to
1.
15%
17.6
8%
to
18.1
4%
Wel
ls F
argo
Adv
anta
ge D
iver
sifie
d C
apita
l Bui
lder
Fun
d - I
nstit
utio
nal C
lass
2013
39
$1
3.99
to
$1
5.43
$
575
1.
84%
0.35
%
to
1.45
%
24
.25%
to
24
.98%
20
12
43
$11.
26
to
$12.
23
$
51
2
3.22
%
0.
40%
to
1.
45%
12.1
5%
to
12.9
1%
20
11
52
$10.
04
to
$10.
76
$
54
3
2.08
%
0.
45%
to
1.
45%
-6.3
4%
to
-5.7
2%
20
10
64
$10.
72
to
$11.
24
$
70
8
1.94
%
0.
65%
to
1.
45%
20.0
4%
to
21.0
0%
20
09
70
$8.9
3
to
$9.2
4
$
63
4
1.67
%
0.
75%
to
1.
45%
39.5
3%
to
40.4
6%
(a
) A
s inv
estm
ent D
ivis
ion
had
no in
vest
men
ts u
ntil
2009
, thi
s dat
a is
not
mea
ning
ful a
nd is
ther
efor
e no
t pre
sent
ed.
(b)
As i
nves
tmen
t Div
isio
n ha
d no
inve
stm
ents
unt
il 20
10, t
his d
ata
is n
ot m
eani
ngfu
l and
is th
eref
ore
not p
rese
nted
.
(c
) A
s inv
estm
ent D
ivis
ion
had
no in
vest
men
ts u
ntil
2011
, thi
s dat
a is
not
mea
ning
ful a
nd is
ther
efor
e no
t pre
sent
ed.
(d)
As i
nves
tmen
t Div
isio
n ha
d no
inve
stm
ents
unt
il 20
12, t
his d
ata
is n
ot m
eani
ngfu
l and
is th
eref
ore
not p
rese
nted
.
(e
) A
s inv
estm
ent D
ivis
ion
had
no in
vest
men
ts u
ntil
2013
, thi
s dat
a is
not
mea
ning
ful a
nd is
ther
efor
e no
t pre
sent
ed.
(f)
As i
nves
tmen
t Div
isio
n is
who
lly c
ompr
ised
of n
ew c
ontra
cts a
t Dec
embe
r 31,
201
0, th
is d
ata
is n
ot m
eani
ngfu
l and
is th
eref
ore
not p
rese
nted
.
(g
) A
s inv
estm
ent D
ivis
ion
is w
holly
com
pris
ed o
f new
con
tract
s at D
ecem
ber 3
1, 2
012,
this
dat
a is
not
mea
ning
ful a
nd is
ther
efor
e no
t pre
sent
ed.
(h)
As i
nves
tmen
t Div
isio
n is
who
lly c
ompr
ised
of n
ew c
ontra
cts a
t Dec
embe
r 31,
201
3, th
is d
ata
is n
ot m
eani
ngfu
l and
is th
eref
ore
not p
rese
nted
.
VA
RIA
BL
E A
NN
UIT
Y A
CC
OU
NT
F O
F IN
G L
IFE
INSU
RA
NC
E A
ND
AN
NU
ITY
CO
MPA
NY
N
otes
to F
inan
cial
Sta
tem
ents
81
A
The
Inve
stm
ent I
ncom
e R
atio
repr
esen
ts d
ivid
ends
rece
ived
by
the
Div
isio
n, e
xclu
ding
cap
ital g
ains
dis
tribu
tions
, div
ided
by
the
aver
age
net a
sset
s.
Th
e re
cogn
ition
of i
nves
tmen
t inc
ome
is d
eter
min
ed b
y th
e tim
ing
of th
e de
clar
atio
n of
div
iden
ds b
y th
e un
derly
ing
fund
in w
hich
the
Div
isio
n in
vest
s.
B
Th
e Ex
pens
e R
atio
con
side
rs o
nly
the
annu
aliz
ed c
ontra
ct e
xpen
ses b
orne
dire
ctly
by
the
Acc
ount
, exc
ludi
ng e
xpen
ses c
harg
ed th
roug
h th
e re
dem
ptio
n of
uni
ts, a
nd is
equ
al to
the
mor
talit
y an
d ex
pens
e, a
dmin
istra
tive,
and
oth
er c
harg
es, a
s def
ined
in th
e C
harg
es a
nd F
ees n
ote.
Cer
tain
item
s in
this
tabl
e ar
e pr
esen
ted
as a
rang
e of
min
imum
and
max
imum
val
ues;
how
ever
, suc
h in
form
atio
n is
cal
cula
ted
inde
pend
ently
for e
ach
colu
mn
in th
e ta
ble.
C
Tota
l Ret
urn
is c
alcu
late
d as
the
chan
ge in
uni
t val
ue fo
r eac
h C
ontra
ct p
rese
nted
in th
e St
atem
ents
of A
sset
s and
Lia
bilit
ies.
Cer
tain
item
s in
this
ta
ble
are
pres
ente
d as
a ra
nge
of m
inim
um a
nd m
axim
um v
alue
s; h
owev
er, s
uch
info
rmat
ion
is c
alcu
late
d in
depe
nden
tly fo
r eac
h co
lum
n in
the
tabl
e.
�����������������������������������������������������������������
December 31, 2013 Annual Report
January, 2014
FOR MORE INFORMATION,PLEASE VISIT OUR WEBSITES AT:http://ing.uswww.ingretirementplans.comwww.ingannuities.com
Securities offered through ING FinancialAdvisers, LLC (member FINRA and SIPC),and other authorized broker-dealers withwhich ING has selling agreements.
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© 2014 ING North America Insurance Corporation
ANN.VAFB-13
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Variable Annuity Account F
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