Variable Annuity Account F · Variable Annuity Account F of ING Life Insurance and Annuity Company...

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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

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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

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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


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





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


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


419,746

50,645

3,958

70,736


$ 11,613

$ 2,072

$ 214

$ 1,677





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


at fair value $ 621

$ 1

$ 14,099

$ 23

$ 8,456

Total assets 621

1

14,099

23


$ 1

$ 14,099

$ 23

$ 8,456


15

330,022

1,769

986,673


$ 1

$ 10,017

$ 22

$ 8,869





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


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


86,699

31

809

217,686

Cost of mutual fund shares $ 1,566

$ 785

$ 1

$ 13

$ 5,020





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


ING Global Bond Portfolio -

Service Class Assets


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


$ 47

$ 15,552

$ 10

$ 560





ING Invesco Comstock Portfolio -

Service Class

ING JPMorgan Mid Cap Value


ING Oppenheimer

Global Portfolio -

Initial Class

ING Solution 2015 Portfolio - Adviser Class

ING Solution 2015 Portfolio -

Initial Class Assets


at fair value $ 1

$ 459

$ 19,529

$ 351

$ 2,713

Total assets 1

459

19,529

351


$ 459

$ 19,529

$ 351

$ 2,713

Total number of mutual fund shares 66

21,691

1,033,817

29,623

224,612


$ 325

$ 13,299

$ 309

$ 2,517







Initial Class



Initial Class


Assets



$ 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


1,522,860

32,506

608,399

17,166


$ 16,026

$ 364

$ 6,994

$ 203




The accompanying notes are an integral part of these financial statements.

10


Initial Class



Initial Class

ING Solution Income

Portfolio - Adviser Class

ING Solution Income

Portfolio - Initial Class

Assets



$ 17

$ 724

$ 253


17

724

253

318

Net assets $ 4,940

$ 17

$ 724

$ 253

$ 318


1,160

49,440

22,507

27,633


$ 14

$ 624

$ 245

$ 307





11

ING T. Rowe Price Growth

Equity Portfolio - Initial

Class


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



$ 87

$ 1,054

$ 136

$ 602

Total assets 11,303

87

1,054

136

602 Net assets $ 11,303

$ 87

$ 1,054

$ 136

$ 602


990

99,216

7,831

38,057


$ 57

$ 917

$ 99

$ 486





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



$ 752

$ 5

$ 2


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


$ 643

$ 4

$ 2

$ 327





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


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


90,226

17,115

14,881

41,965


$ 1,319

$ 776

$ 167

$ 325





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



$ 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


12,350

2,178

91,119

298,862


$ 161

$ 63

$ 3,365

$ 7,570





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



$ 217

$ -

$ 6,557

$ 5,362

Total assets 4,919

217

-

6,557

5,362 Net assets $ 4,919

$ 217

$ -

$ 6,557

$ 5,362


8,686

25

217,997

112,904


$ 146

$ -

$ 4,980

$ 4,260





16

Washington Mutual

Investors Fund - Class R-4

Wells Fargo Advantage Diversified

Capital Builder Fund -

Institutional Class

Assets


at fair value $ 196

$ 575 Total assets 196

575

Net assets $ 196

$ 575


66,495


$ 418


Statements of Operations For the Year Ended December 31, 2013



17

Invesco Diversified


AllianzGI NFJ Dividend Value Fund - Class A

American Balanced Fund® -

Class R-4


Class

American Century


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

$ -





18



Shares

BlackRock Health Sciences Opportunities

Portfolio - Investor A

Shares


Investor Shares


Class R-4 Net investment income (loss)

Investment Income:

Dividends $ 1

$ -

$ -

$ 64

$ 23

Expenses:


charges 2

1

-

-

2 Total expenses 2

1

-

-

2

Net investment income (loss) (1)

(1)

-

64

21


on investments


25

7

891

203 Capital gains distributions -

7

-

2,063

-



32

7

2,954

203


(depreciation) of investments (54)

17

(3)

629

197


on investments 76

49

4

3,583

400



$ 48

$ 4

$ 3,647

$ 421





19


Class T


Class T






Investment Income:

Dividends $ -

$ 39

$ -

$ -

$ 41 Expenses:


charges 2

9

4

-

5

Total expenses 2

9

4

-

5 Net investment income (loss) (2)

30

(4)

-

36


on investments


248

69

3

1,279 Capital gains distributions -

-

-

-

849



248

69

3

2,128



256

127

(2)

1,587


on investments 84

504

196

1

3,715



$ 534

$ 192

$ 1

$ 3,751





20


Class I

ING Value Choice Fund -

Class I


Class I


Class I


Growth Portfolio -

Institutional Class


Investment Income:

Dividends $ -

$ -

$ 321

$ 53

$ 16 Expenses:


charges -

-

1

7

6

Total expenses -

-

1

7

6 Net investment income (loss) -

-

320

46

10


on investments


1

2

33


-

-

-

-



1

2

33

69



4

(476)

(91)

251


on investments 2

5

(474)

(58)

320



$ 5

$ (154)

$ (12)

$ 330





21

ING Clarion Real Estate Portfolio -

Service Class



Service Class


Income Portfolio -

Institutional Class



Service Class Net investment income (loss)

Investment Income:

Dividends $ -

$ -

$ -

$ 93

$ -

Expenses:


charges -

-

-

-

- Total expenses -

-

-

-

-

Net investment income (loss) -

-

-

93

-


on investments


-

2

320

- Capital gains distributions -

-

-

-

-



-

2

320

-



-

1

1,225

(2)


on investments -

-

3

1,545

(2)


resulting from operations $ -

$ -

$ 3

$ 1,638

$ (2)





22

ING Large Cap Growth





Institutional Class

ING Index Plus International Equity Fund -

Class I

ING American Century Small-Mid Cap Value



Investment Income:

Dividends $ -

$ 1

$ 382

$ -

$ - Expenses:


charges -

-

-

-

-

Total expenses -

-

-

-

- Net investment income (loss) -

1

382

-

-


on investments


25

(20)

-


9

459

-

-



34

439

-

1



(8)

4,491

2

-


on investments 25

26

4,930

2

1



$ 27

$ 5,312

$ 2

$ 1





23

ING Baron Growth



Service Class


Service Class



ING Oppenheimer

Global Portfolio - Initial

Class Net investment income (loss)

Investment Income:

Dividends $ -

$ 10

$ -

$ 3

$ 249

Expenses:


charges -

2

-

1

9 Total expenses -

2

-

1

9


8

-

2

240


on investments


5

-

31


14

-

15

-



19

-

46

938



(52)

-

71

3,134


on investments 6

(33)

-

117

4,072



$ (25)

$ -

$ 119

$ 4,312





24



Initial Class



Initial Class



Investment Income:

Dividends $ 15

$ 98

$ 20

$ 474

$ 7 Expenses:


charges 2

-

1

-

1

Total expenses 2

-

1

-

1 Net investment income (loss) 13

98

19

474

6


on investments


21

12

15


-

-

-

-



21

12

15

15



129

114

2,448

54


on investments 19

150

126

2,463

69



$ 248

$ 145

$ 2,937

$ 75





25


Initial Class



Initial Class



Initial Class Net investment income (loss)

Investment Income:

Dividends $ 173

$ 3

$ 84

$ -

$ 8

Expenses:


charges -

-

-

-

- Total expenses -

-

-

-

-

Net investment income (loss) 173

3

84

-

8


on investments


67

249

-


-

-

-

10



67

249

-

27



(14)

631

2

86


on investments 1,372

53

880

2

113


resulting from operations $ 1,545

$ 56

$ 964

$ 2

$ 121





26

ING Solution Income


ING Solution Income



Equity Portfolio - Initial

Class


Equity Portfolio -

Service Class


Fund - Class I Net investment income (loss)

Investment Income:

Dividends $ 1

$ 24

$ 2

$ -

$ 25

Expenses:


charges -

-

-

-

6 Total expenses -

-

-

-

6


24

2

-

19


on investments


12

1,243

10


-

-

-

-



12

1,243

10

40



3

2,055

17

54


on investments 9

15

3,298

27

94



$ 39

$ 3,300

$ 27

$ 113





27


Fund - Class I


Fund - Class I


Class I

ING Small Company Fund -

Class I


Class S Net investment income (loss)

Investment Income:

Dividends $ 2

$ 9

$ -

$ -

$ -

Expenses:


charges 1

3

7

3

- Total expenses 1

3

7

3

-


6

(7)

(3)

-


on investments


42

-

270

- Capital gains distributions -

-

2

76

-



42

2

346

-



95

-

(17)

1


on investments 45

137

2

329

1



$ 143

$ (5)

$ 326

$ 1





28



Class S




Class


Fund - Trust Class


Investment Income:

Dividends $ -

$ 2

$ -

$ 16

$ 3 Expenses:


charges -

4

2

7

9

Total expenses -

4

2

7

9 Net investment income (loss) -

(2)

(2)

9

(6)


on investments

Net realized gain (loss) on investments -

105

51

50


-

100

209

72


and capital gains distributions -

105

151

259

127


(depreciation) of investments -

63

(11)

164

177


on investments -

168

140

423

304


resulting from operations $ -

$ 166

$ 138

$ 432

$ 298





29

Neuberger Berman


Class


Class

New Perspective Fund - Class R-4

Oppenheimer Gold & Special

Minerals Fund - Class A


Class Net investment income (loss)

Investment Income:

Dividends $ 1

$ 4

$ -

$ -

$ 101

Expenses:


charges 3

3

-

-

- Total expenses 3

3

-

-

-


1

-

-

101


on investments


(2)

-

(5)

(23) Capital gains distributions 25

-

-

-

29



(2)

-

(5)

6



(1)

-

4

(223)


on investments 86

(3)

-

(1)

(217)



$ (2)

$ -

$ (1)

$ (116)





30

PIMCO Real Return


Class


Class Y



Fund


Class A Net investment income (loss)

Investment Income:

Dividends $ 3

$ 2

$ 42

$ 157

$ 63

Expenses:


charges 1

-

-

-

4 Total expenses 1

-

-

-

4


2

42

157

59


on investments

Net realized gain (loss) on investments -

1

31

335

274 Capital gains distributions 1

2

291

245

168



3

322

580

442



11

559

1,520

627


on investments (15)

14

881

2,100

1,069


resulting from operations $ (13)

$ 16

$ 923

$ 2,257

$ 1,128





31



Fund - Class A



Shares

Vanguard® Small-Cap Index Fund - Signal®

Shares

Washington Mutual



Investment Income:

Dividends $ 3

$ -

$ 76

$ 69

$ 5 Expenses:


charges 2

-

-

-

1

Total expenses 2

-

-

-

1 Net investment income (loss) 1

-

76

69

4


on investments


-

423

329


-

-

-

4



-

423

329

45



-

1,157

922

14


on investments 55

-

1,580

1,251

59



$ -

$ 1,656

$ 1,320

$ 63





32



Institutional Class

Net investment income (loss) Investment Income:

Dividends $ 10 Expenses:


charges 4

Total expenses 4 Net investment income (loss) 6


on investments

Net realized gain (loss) on investments 30 Capital gains distributions - Total realized gain (loss) on investments





on investments 119




Statements of Changes in Net Assets For the Years Ended December 31, 2013 and 2012



33

Invesco Diversified



American Balanced Fund® - Class R-4


Class Net assets at January 1, 2012 $ 420

$ 5

$ 6,581

$ 1,942

Increase (decrease) in net assets Operations:


-

146

(4)



-

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



-

123

(8)



1

554

286


of investments 19

-

804

465


operations 99

1

1,481


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





34

American Century




Shares

BlackRock Health Sciences Opportunities

Portfolio - Investor A

Shares Net assets at January 1, 2012 $ -

$ 232

$ 126

$ 51



1

(1)

-



7

11

6


of investments -

37

8

4


operations -

45

18


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:


(1)

(1)

-



130

32

7


of investments -

(54)

17

(3)


operations -

75

48



(224)

(106)

(47)



(224)

(106)

(47)


(149)

(58)

(43) Net assets at December 31, 2013 $ -

$ 121

$ 90

$ -





35


Investor Shares


Class R-4


Class T


Class T Net assets at January 1, 2012 $ 13,049

$ 528

$ 193

$ 1,544



35

(2)

35


and capital gains distributions 1,675

100

48

52


of investments 339

192

(18)

172


operations 2,131

327

28


Total unit transactions (3,936)

1,387

5

142


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


Operations:


21

(2)

30


and capital gains distributions 2,954

203

6

248


of investments 629

197

78

256


operations 3,647

421

82



(223)

20

(179)



(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





36






Class I Net assets at January 1, 2012 $ 344

$ 34

$ 12,456

$ -



-

80

-



2

252

-


of investments 44

3

2,152

-


operations 64

5

2,484

- Changes from principal transactions:


(23)

(3,391)

-



(23)

(3,391)

-

Total increase (decrease) in net assets 241

(18)

(907)

- Net assets at December 31, 2012 585

16

11,549

-


Operations:


-

36

-



3

2,128

1


of investments 127

(2)

1,587

1


operations 192

1

3,751



(16)

(1,201)

21



(16)

(1,201)

21


(15)

2,550

23 Net assets at December 31, 2013 $ 621

$ 1

$ 14,099

$ 23





37

ING Value Choice Fund -

Class I


Class I


Class I


Growth Portfolio -

Institutional Class

Net assets at January 1, 2012 $ 16

$ 15,364

$ 1,537

$ 1,184



545

87

3



516

28

(12)


of investments (1)

(613)

37

179


operations (1)

448

152



(6,012)

347

(60)



(6,012)

347

(60)


(5,564)

499

110 Net assets at December 31, 2012 21

9,800

2,036

1,294


Operations:


320

46

10



2

33

69


of investments 4

(476)

(91)

251


operations 5

(154)

(12)



(1,190)

(470)

(374)



(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





38

ING Clarion Real Estate Portfolio -

Service Class



Service Class


Income Portfolio -

Institutional Class


$ 1

$ 35 $ 5,646



-

-

130



-

- 554


of investments 1

-

(1) 109


operations 1

-

(1) 793

Changes from principal transactions:


-

-

(2,060)



-

-

(2,060)


-

(1) (1,267)

Net assets at December 31, 2012 8

1

34 4,379


Operations:


-

-

93



-

2

320


of investments (1)

-

1

1,225


operations -

-

3 1,638



-

(20)

749



-

(20)

749


-

(17) 2,387

Net assets at December 31, 2013 $ -

$ 1

$ 17 $ 6,766





39



Service Class

ING Large Cap Growth





Institutional Class

Net assets at January 1, 2012 $ 12 $ 464

$ 133

$ 21,815



-

3

323


and capital gains distributions - 15

10

(940)


of investments 2 64

8

3,847


operations 2 79

21

3,230



(62)

5

(8,264)



(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


Operations:


-

1

382



78

34

439


of investments (2)

(53)

(8)

4,491


operations (2) 25

27

5,312



(506)

(134)

(600)



(506)

(134)

(600)

Total increase (decrease) in net assets (13) (481)

(107)

4,712

Net assets at December 31, 2013 $ 1 $ -

$ 52

$ 21,493





40

ING Index Plus International Equity Fund -

Class I

ING American Century Small-Mid Cap Value


ING Baron Growth



Service Class Net assets at January 1, 2012 $ 35

$ 2

$ 71

$ 574



-

-

23


and capital gains distributions - 1

19

19


of investments 5 -

(5)

(5)


operations 7 1

14

37



8

(31)

(8)



8

(31)

(8)

Total increase (decrease) in net assets 10 9

(17)

29

Net assets at December 31, 2012 45 11

54

603


Operations:


-

-

8



1

14

19


of investments 2

-

(8)

(52)


operations 2 1

6

(25)



(12)

(46)

(54)



(12)

(46)

(54)

Total increase (decrease) in net assets (45) (11)

(40)

(79)

Net assets at December 31, 2013 $ - $ -

$ 14

$ 524





41


Service Class



ING Oppenheimer

Global Portfolio -

Initial Class



$ 237

$ 19,139

$ 405



2

256

16



10

(1,314)

2


of investments -

40

4,785

27


operations 1

52

3,727



88

(6,567)

29



88

(6,567)

29


140

(2,840)


377

16,299

479


Operations:


2

240

13



46

938

18


of investments -

71

3,134

1


operations -

119

4,312



(37)

(1,082)

(160)



(37)

(1,082)

(160)


82

3,230

(128) Net assets at December 31, 2013 $ 1

$ 459

$ 19,529

$ 351





42


Initial Class



Initial Class


Net assets at January 1, 2012 $ 4,851

$ 728

$ 18,783

$ 284



18

589

5



2

(568)

4


of investments (62)

77

2,470

34


operations 520

97

2,491



79

(3,537)

38



79

(3,537)

38


176

(1,046)


904

17,737

365


Operations:


19

474

6



12

15

15


of investments 129

114

2,448

54


operations 248

145

2,937



31

(359)

14



31

(359)

14


176

2,578


$ 1,080

$ 20,315

$ 454





43


Initial Class



Initial Class



$ 282

$ 4,531

$ 2



4

112

-



2

562

-


of investments 428

38

26

-


operations 1,361

44

700



38

(1,107)

6



38

(1,107)

6


82

(407)


364

4,124

8


Operations:


3

84

-



67

249

-


of investments 918

(14)

631

2


operations 1,545

56

964



(170)

(148)

7



(170)

(148)

7


(114)

816


$ 250

$ 4,940

$ 17





44


Initial Class

ING Solution Income


ING Solution Income



Equity Portfolio -

Initial Class Net assets at January 1, 2012 $ 196

$ 9

$ 781

$ 10,122



1

45

14



-

25

833


of investments 23

-

11

1,049


operations 39

1

81

1,896 Changes from principal transactions:


10

(143)

(2,829)



10

(143)

(2,829)


11

(62)

(933) Net assets at December 31, 2012 372

20

719

9,189


Operations:


1

24

2



1

12

1,243


of investments 86

8

3

2,055


operations 121

10

39

3,300 Changes from principal transactions:


223

(440)

(1,186)



223

(440)

(1,186)


233

(401)

2,114 Net assets at December 31, 2013 $ 724

$ 253

$ 318

$ 11,303





45


Equity Portfolio -

Service Class


Fund - Class I


Fund - Class I


Fund - Class I Net assets at January 1, 2012 $ 90

$ 827

$ 511

$ -



22

2

3



13

94

12


of investments 13

65

(26)

21


operations 17

100

70



(38)

(396)

429



(38)

(396)

429


62

(326)


889

185

465


Operations:


19

1

6



40

39

42


of investments 17

54

6

95


operations 27

113

46



52

(95)

(6)



52

(95)

(6)


165

(49)


$ 1,054

$ 136

$ 602





46


Class I

ING Small Company

Fund - Class I


Class S



Class S Net assets at January 1, 2012 $ 9,021

$ 1,004

$ 3

$ 6



-

-

-



88

-

-


of investments -

46

-

-


operations (9)

134

-



(60)

1

(5)



(60)

1

(5)


74

1

(5) Net assets at December 31, 2012 7,656

1,078

4

1


Operations:


(3)

-

-



346

-

-


of investments -

(17)

1

-


operations (5)

326

1



(652)

-

1



(652)

-

1


(326)

1


$ 752

$ 5

$ 2





47




Class


Fund - Trust Class


$ 362

$ 1,179

$ 845



1

2

(6)



32

110

87


of investments 67

2

103

(9)


operations 68

35

215



14

(201)

(67)



14

(201)

(67)


49

14


411

1,193

850


Operations:


(2)

9

(6)



151

259

127


of investments 63

(11)

164

177


operations 166

138

432



(92)

101

(43)



(92)

101

(43)


46

533


$ 457

$ 1,726

$ 1,105





48

Neuberger Berman


Class


Class

New Perspective Fund -

Class R-4

Oppenheimer Gold & Special Minerals Fund -

Class A Net assets at January 1, 2012 $ 218

$ 529

$ 3

$ 26



5

-

-



(44)

1

(6)


of investments 11

56

-

3


operations 25

17

1

(3) Changes from principal transactions:


(275)

(4)

(13)



(275)

(4)

(13)


(258)

(3)

(16) Net assets at December 31, 2012 254

271

-

10


Operations:


1

-

-



(2)

-

(5)


of investments (5)

(1)

-

4


operations 84

(2)

-

(1) Changes from principal transactions:


49

-

(9)



49

-

(9)


47

-

(10) Net assets at December 31, 2013 $ 215

$ 318

$ -

$ -





49


Class

PIMCO Real Return


Class


Class Y



$ 104

$ 12

$ 3,815



-

1

58



6

-

990


of investments 88

2

1

(682)


operations 460

8

2



5

44

(1,259)



5

44

(1,259)


13

46


117

58

2,922


Operations:


2

2

42



1

3

322


of investments (223)

(16)

11

559


operations (116)

(13)

16



52

1

(255)



52

1

(255)


39

17


$ 156

$ 75

$ 3,590





50


Fund


Class A



Fund - Class A Net assets at January 1, 2012 $ -

$ 5,015

$ 247

$ -



90

2

-



274

7

-


of investments 725

443

34

-


operations 1,698

807

43


Total unit transactions 5,803

(1,419)

(81)

-


principal transactions 5,803

(1,419)

(81)

-


(612)

(38)

- Net assets at December 31, 2012 7,501

4,403

209

-


Operations:


59

1

-



442

32

-


of investments 1,520

627

23

-


operations 2,257

1,128

56



(612)

(48)

-



(612)

(48)

-


516

8

- Net assets at December 31, 2013 $ 9,815

$ 4,919

$ 217

$ -





51



Shares

Vanguard® Small-Cap

Index Fund - Signal® Shares

Washington Mutual




Institutional Class


$ 3,315

$ 249

$ 543



53

4

12



265

13

25


of investments 26

225

12

29


operations 795

543

29



(974)

(32)

(97)



(974)

(32)

(97)


(431)

(3)


2,884

246

512


Operations:


69

4

6



329

45

30


of investments 1,157

922

14

89


operations 1,656

1,320

63



1,158

(113)

(62)



1,158

(113)

(62)


2,478

(50)


$ 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


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:


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


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:


Allianz NFJ Dividend Value Fund - Class A

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:


BlackRock FundsSM:

BlackRock Health Sciences Opportunities Portfolio - Investor A Shares

ING Equity Trust:

ING Value Choice Fund - Class I


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


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,


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


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.


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.


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


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 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


61

Purchases Sales


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


57

ING Solution 2025 Portfolio - Initial Class 2,303

2,188


68

ING Solution 2035 Portfolio - Initial Class 1,670

1,934


233


967


-


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


62

Purchases Sales


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

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16,5

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11

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1

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1,4

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6

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65

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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.

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

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