485BPOS 1 mapplus485bfiling.htm 485(B) FILING

As filed with the Securities and Exchange Commission on February 14, 2005			Registration No. 333-109860 Registration No. 811-2513

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-4

Post-Effective Amendment No. 2 To REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 and Amendment to REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Variable Annuity Account C of ING Life Insurance and Annuity Company ING Life Insurance and Annuity Company 151 Farmington Avenue, TS31, Hartford, Connecticut 06156 Depositor's Telephone Number, including Area Code: (860) 723-2239 Michael A. Pignatella, Counsel ING US Legal Services 151 Farmington Avenue, TS31, Hartford, Connecticut 06156 (Name and Address of Agent for Service)

It is proposed that this filing will become effective:
		immediately upon filing pursuant to paragraph (b) of Rule 485

	X	on February 14, 2005 pursuant to paragraph (b) of Rule 485

The Prospectus and the Statement of Additional Information , each dated May 1, 2004, are incorporated into Parts A and B, respectively, of this Post-Effective Amendment No. 2 by reference to Registrant's filings under: Rule 485(b), as filed on April 16, 2004 and declared effective on May 1, 2004, Rule 479(e) as filed on August 5, 2004, August 18, 2004, October 29, 2004 and November 3, 2004 (File No. 333-109860).

A supplement to the Prospectus and a supplement to the Statement of Additional Information each dated February 14, 2005, are included in Parts A and B, respectively, of this Post-Effective Amendment.

ING Life Insurance and Annuity Company Variable Annuity Account C ING MAP Plus NP^SM Supplement dated February 14, 2005 to the Contract Prospectus and Contract Prospectus Summary, each dated May 1, 2004, as supplemented on August 5, 2004, August 18, 2004, October 29, 2004 and November 3, 2004
The information in this Supplement updates and amends certain information contained in the Contract Prospectus and Contract Prospectus Summary. You should read this Supplement along with the current Contract Prospectus and Contract Prospectus Summary.

1.	Effective February 14, 2005, the following new investment option may be available under your contract.
	ING Oppenheimer Global Portfolio (Initial Class)
2.	The minimum and maximum total fund operating expenses shown in the Contract Prospectus will not change with the addition of the funds in Item 1 of this supplement. Therefore, there is no change to the hypothetical examples shown in the Contract Prospectus and Contract Prospectus Summary.
3.	The following adds information about the new fund to the Fund Expense Table beginning on page 7 of the Contract Prospectus.

Fund Name	Management (Advisory) Fees	12b-1 Fee	Other Expenses	Total Annual Fund Operating Expenses	Fees and Expenses Waived or Reimbursed	Net Annual Fund Operating Expenses
ING Oppenheimer Global Portfolio (Initial Class)⁽⁶⁰⁾	0.60%	--	0.06%	0.66%	--	0.66%

4.	The Footnotes to "Fund Expense Table" beginning on page 9 of the Contract Prospectus are amended by adding the following footnote:
	(60)	Effective December 1, 2004, the administrative fees included in Other Expenses have been restated to reflect a decrease from 0.60% to 0.06% for ING Oppenheimer Global Portfolio.

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5.	The following replaces the paragraph labeled "Limits Imposed by the Funds" in the Investment Options section in the Contract Prospectus.
	Limits Imposed by Underlying Funds. Orders for the purchase of fund shares may be subject to acceptance or rejection by the underlying fund. We reserve the right to reject, without prior notice, any allocation of a purchase payment to a subaccount if the subaccount's investment in its corresponding fund is not accepted by the fund for any reason.
6.	The following replaces the paragraphs under "Limits on Frequent or Disruptive Transfers" and "Limits Imposed by the Funds" in the Transfers section in the Contract Prospectus and in section "4. Investment Options" of the Contract Prospectus Summary.
	Limits Imposed by Underlying Funds. Orders for the purchase of fund shares may be subject to acceptance or rejection by the underlying fund. We reserve the right to reject, without prior notice, any allocation of a purchase payment to a subaccount if the subaccount's investment in its corresponding fund is not accepted by the fund for any reason. Limits on Frequent or Disruptive Transfers. The contract is not designed to serve as a vehicle for frequent trading. Frequent trading can disrupt management of a fund and raise its expenses through: 1) increased trading and transaction costs; 2) forced and unplanned portfolio turnover; 3) lost opportunity costs; and 4) large asset swings that decrease the fund's ability to provide maximum investment return to all contract holders and participants. This in turn can have an adverse effect on fund performance. Accordingly, individuals or organizations that use market-timing investment strategies and make frequent transfers should not purchase the contract. We monitor transfer activity. With regard to frequent transfers, in the event that an individual's or organization's transfer activity: 1. exceeds our then-current monitoring standard for frequent trading; 2. is identified as problematic by an underlying fund even if the activity does not exceed our monitoring standard for frequent trading; or 3. if we determine in our sole discretion that such transfer activity may not be in the best interests of other contract holders or participants, we will take the following actions to deter such activity. Upon the first violation, we will send a one time warning letter. A second violation will result in the suspension of trading privileges via facsimile, telephone, email and internet, and limit trading privileges to submission by regular U.S. mail for a period of six months. At the end of that period, trading privileges will be reinstated. If there is another violation after such rights are reinstated, we will suspend such privileges permanently. We will notify you in writing if we take any of these actions. With regard to transfers initiated by a market-timing organization or individual or other party authorized to give transfer instructions on behalf of multiple contract owners or participants, we will also take the following actions, without prior notice: (1) not accepting transfer instructions from an agent acting on behalf of more than one contract holder or participant; and (2) not accepting preauthorized transfer forms from market timers or other entities acting on behalf of more than one contract holder or participant at a time.

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Our current definition of frequent trading is more than one purchase and sale of the same underlying fund within a 30-day period. We do not count transfers associated with scheduled dollar cost averaging or automatic rebalancing programs and transfers involving certain de minimis amounts when determining whether trading activity is excessive. We reserve the right to modify our general standard, or the standard as it may apply to a particular fund, at any time without prior notice, depending on, among other factors, the needs of the underlying fund(s), the best interests of contract holders, participants and fund investors and/or state or federal regulatory requirements. If we modify such standard, it will be applied uniformly to all contract holders and participants or, as applicable, to all contract holders and participants investing in the underlying fund.

In addition, if, due to the excessive dollar amounts of trades, even though not within our then current definition of frequent trading, an individual's or organization's transfer activity is determined, in our sole discretion, to be disruptive, we will take the same actions as are described above to limit frequent transfers.

The Company does not allow waivers to the above policy. Our excessive trading policy may not be completely successful in preventing market timing or excessive trading activity.

7.	The following information is added to Appendix IV - Fund Descriptions in the Contract Prospectus.

Fund Name	Investment Adviser/ Subadviser	Investment Objective(s)/Summary of Principal Investment Strategies
ING Partners, Inc. -- ING Oppenheimer Global Portfolio (Initial Class)	ING Life Insurance and Annuity Company Subadviser: OppenheimerFunds, Inc.	Seeks capital appreciation. Invests mainly in common stocks of companies in the U.S. and foreign countries. Can invest without limit in foreign securities and can invest in any country, including countries with developed or emerging markets.

Appendix V - Condensed Financial Information is added to the Contract Prospectus to provide information for (1) the accumulation unit value (AUV) at the beginning of the period, (2) the AUV at the end of the period and (3) the total number of accumulation units outstanding at the end of the period for each subaccount of Variable Annuity Account C available under the contracts for the period ended September 30, 2004. For those subaccounts that commenced operations during the period ended September 30, 2004 the "Value at beginning of period" shown is the value at first date of investment. For those subaccounts that ended operations during the period ended September 30, 2004 the "Value at end of period" shown is the value at the last date of investment. Appendix V - Condensed Financial Information is attached at the end of this supplement as Exhibit I.

9.	The following information is added to the Fund Expense Table on page 7 of the Contract Prospectus Summary.

	Column 1	Column 2	Column 3
	Maximum Total Subaccount Annual Charges	Total Annual Fund Operating Expenses	Total Annual Expenses (Subaccount Plus Fund Expenses)
ING Oppenheimer Global Portfolio (Initial Class)	2.25%	0.66%	2.91%

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EXHIBIT I TABLE I APPENDIX V CONDENSED FINANCIAL INFORMATION

FOR CONTRACTS WITH TOTAL SEPARATE ACCOUNT CHARGES OF 0.30%, 0.40%, 0.45%, 0.50%, 0.70%, 0.75% AND 0.80% (Selected data for accumulation units outstanding as of September 30, 2004)

	0.30%	0.40%	0.45%	0.50%	0.70%	0.75%	0.80%
AIM HEALTH SCIENCES FUND
Value at beginning of period							$9.10
Value at end of period							$9.28
Number of accumulation units outstanding at end of period							1,962
AIM MID CAP CORE EQUITY FUND
Value at beginning of period				$10.25
Value at end of period				$10.26
Number of accumulation units outstanding at end of period				17,257
ALLIANCEBERNSTEIN GROWTH AND INCOME FUND
Value at beginning of period						$9.83
Value at end of period						$9.91
Number of accumulation units outstanding at end of period						1,618
AMERICAN BALANCED FUND^®
Value at beginning of period	$10.09	$10.06		$9.97	$9.93		$9.90
Value at end of period	$10.03	$10.02		$10.02	$10.00		$10.00
Number of accumulation units outstanding at end of period	965	10,000		4,024	39,909		2,223
ARIEL APPRECIATION FUND
Value at beginning of period				$9.96	$9.92
Value at end of period				$9.98	$9.97
Number of accumulation units outstanding at end of period				7,667	7,499
BARON ASSET FUND
Value at beginning of period		$10.25			$10.32	$10.24
Value at end of period		$10.48			$10.46	$10.46
Number of accumulation units outstanding at end of period		666			70	1,382
BARON GROWTH FUND
Value at beginning of period	$10.23				$10.30	$10.25	$9.74
Value at end of period	$10.53				$10.50	$10.50	$10.49
Number of accumulation units outstanding at end of period	1,805				6,695	5,814	2,326
EUROPACIFIC GROWTH FUND^®
Value at beginning of period		$10.10		$10.10	$10.02
Value at end of period		$10.21		$10.20	$10.19
Number of accumulation units outstanding at end of period		2,715		12,590	13,416
EVERGREEN SPECIAL VALUES FUND
Value at beginning of period	$10.31			$10.30		$10.27
Value at end of period	$10.46			$10.44		$10.43
Number of accumulation units outstanding at end of period	1,877			2,634		1,477
FIDELITY^® ADVISOR MID CAP FUND
Value at beginning of period	$9.81	$9.78		$9.73	$9.90		$9.35
Value at end of period	$9.94	$9.94		$9.93	$9.92		$9.91
Number of accumulation units outstanding at end of period	439	10,068		5,359	8,891		1,613
FIDELITY^® VIP CONTRAFUND^® PORTFOLIO
Value at beginning of period	$10.32	$10.35	$10.42	$10.20	$9.97		$9.96
Value at end of period	$10.49	$10.48	$10.48	$10.47	$10.46		$10.45
Number of accumulation units outstanding at end of period	1,847	17,870	4,681	8,594	31		1,772
FIDELITY^® VIP EQUITY-INCOME PORTFOLIO
Value at beginning of period					$9.73
Value at end of period					$10.00
Number of accumulation units outstanding at end of period					135

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Condensed Financial Information (continued)


	0.30%	0.40%	0.45%	0.50%	0.70%	0.75%	0.80%
FIDELITY^® VIP GROWTH PORTFOLIO
Value at beginning of period							$8.93
Value at end of period							$9.10
Number of accumulation units outstanding at end of period							1,948
ING AMERICAN CENTURY SMALL CAP VALUE PORTFOLIO
Value at beginning of period		$10.34
Value at end of period		$10.46
Number of accumulation units outstanding at end of period		3,099
ING FINANCIAL SERVICES FUND
Value at beginning of period				$9.95
Value at end of period				$9.90
Number of accumulation units outstanding at end of period				1,349
ING GNMA INCOME FUND
Value at beginning of period	$10.15		$10.01		$9.85	$10.14	$10.09
Value at end of period	$10.16		$10.15		$10.13	$10.13	$10.13
Number of accumulation units outstanding at end of period	38		6,515		8,667	2,802	385
ING INTERMEDIATE BOND FUND
Value at beginning of period		$10.24	$9.95	$10.17		$10.20
Value at end of period		$10.19	$10.19	$10.18		$10.17
Number of accumulation units outstanding at end of period		15,448	1,343	5,137		8,067
ING PIMCO TOTAL RETURN PORTFOLIO
Value at beginning of period		$10.23	$10.00	$10.17	$9.82	$10.19
Value at end of period		$10.20	$10.19	$10.19	$10.18	$10.17
Number of accumulation units outstanding at end of period		13,210	10,216	6,452	11,000	1,114
ING REAL ESTATE FUND
Value at beginning of period			$10.46		$10.76	$10.58	$10.53
Value at end of period			$10.81		$10.79	$10.79	$10.78
Number of accumulation units outstanding at end of period			2,892		22	3,028	937
ING T. ROWE PRICE DIVERSIFIED MIDCAP GROWTH PORTFOLIO
Value at beginning of period			$9.68
Value at end of period			$9.23
Number of accumulation units outstanding at end of period			2,047
ING T. ROWE PRICE EQUITY INCOME PORTFOLIO
Value at beginning of period		$10.30		$10.30
Value at end of period		$10.30		$10.29
Number of accumulation units outstanding at end of period		1,013		1,646
ING T. ROWE PRICE GROWTH EQUITY PORTFOLIO
Value at beginning of period		$9.65
Value at end of period		$9.69
Number of accumulation units outstanding at end of period		13,333
ING VP INDEX PLUS LARGECAP PORTFOLIO
Value at beginning of period	$9.94	$9.88		$9.93		$9.80	$9.67
Value at end of period	$9.90	$9.90		$9.89		$9.87	$9.87
Number of accumulation units outstanding at end of period	7,880	4,036		745		1,934	953
ING VP INDEX PLUS MIDCAP PORTFOLIO
Value at beginning of period	$10.07	$10.05				$9.99	$9.73
Value at end of period	$10.16	$10.16				$10.13	$10.13
Number of accumulation units outstanding at end of period	3,774	789				540	355
ING VP INDEX PLUS SMALLCAP PORTFOLIO
Value at beginning of period		$10.29	$10.32			$10.27	$9.88
Value at end of period		$10.45	$10.45			$10.43	$10.42
Number of accumulation units outstanding at end of period		3,654	3,355			2,115	960

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Condensed Financial Information (continued)


	0.30%	0.40%	0.45%	0.50%	0.70%	0.75%	0.80%
ING VP INTERMEDIATE BOND PORTFOLIO
Value at beginning of period	$10.18			$9.95	$9.95		$10.09
Value at end of period	$10.20			$10.19	$10.18		$10.17
Number of accumulation units outstanding at end of period	3,001			1,006	4,234		1,407
ING VP INTERNATIONAL VALUE PORTFOLIO
Value at beginning of period	$10.03
Value at end of period	$10.26
Number of accumulation units outstanding at end of period	356
ING VP STRATEGIC ALLOCATION BALANCED PORTFOLIO
Value at beginning of period	$9.98			$10.02	$9.92	$9.96	$9.82
Value at end of period	$10.04			$10.03	$10.02	$10.01	$10.01
Number of accumulation units outstanding at end of period	16,912			16	845	16,501	989
ING VP STRATEGIC ALLOCATION GROWTH PORTFOLIO
Value at beginning of period	$10.01			$9.93	$9.88	$9.89	$9.73
Value at end of period	$9.99			$9.98	$9.96	$9.96	$9.96
Number of accumulation units outstanding at end of period	1,273			1,354	324	642	4,764
ING VP STRATEGIC ALLOCATION INCOME PORTFOLIO
Value at beginning of period	$10.08	$10.09		$10.06		$10.05	$9.91
Value at end of period	$10.09	$10.08		$10.08		$10.06	$10.06
Number of accumulation units outstanding at end of period	1,695	3		207		292	610
LORD ABBETT AFFILIATED FUND
Value at beginning of period			$9.91		$9.93	$9.94	$9.80
Value at end of period			$10.03		$10.01	$10.01	$10.01
Number of accumulation units outstanding at end of period			284		2,340	8,019	2,482
LORD ABBETT MID-CAP VALUE FUND
Value at beginning of period	$10.53		$10.43
Value at end of period	$10.65		$10.64
Number of accumulation units outstanding at end of period	1,220		5,240
LORD ABBETT SMALL-CAP VALUE FUND
Value at beginning of period			$10.44	$10.37	$10.05
Value at end of period			$10.63	$10.63	$10.61
Number of accumulation units outstanding at end of period			3,331	21,660	3,174
MASSACHUSETTS INVESTORS GROWTH STOCK FUND
Value at beginning of period			$9.65
Value at end of period			$9.52
Number of accumulation units outstanding at end of period			16,318
MUTUAL DISCOVERY FUND
Value at beginning of period			$10.18
Value at end of period			$10.39
Number of accumulation units outstanding at end of period			11,022
NEW PERSPECTIVE FUND^®
Value at beginning of period	$9.82				$9.90
Value at end of period	$9.96				$9.93
Number of accumulation units outstanding at end of period	880				10,675
OPPENHEIMER CAPITAL APPRECIATION FUND
Value at beginning of period			$9.74	$9.62	$9.69	$9.53
Value at end of period			$9.57	$9.57	$9.55	$9.55
Number of accumulation units outstanding at end of period			5,797	1,484	82	9,984
OPPENHEIMER DEVELOPING MARKETS FUND
Value at beginning of period			$9.82			$10.54
Value at end of period			$10.75			$10.73
Number of accumulation units outstanding at end of period			2,109			3,266
OPPENHEIMER GLOBAL SECURITIES FUND/VA
Value at beginning of period		$9.80			$9.73		$9.38
Value at end of period		$9.88			$9.86		$9.85
Number of accumulation units outstanding at end of period		9,349			3,041		2,453

I - 3

Condensed Financial Information (continued)


	0.30%	0.40%	0.45%	0.50%	0.70%	0.75%	0.80%
OPPENHEIMER MAIN STREET FUND®
Value at beginning of period					$9.89
Value at end of period					$9.79
Number of accumulation units outstanding at end of period					1,035
PAX WORLD BALANCED FUND, INC.
Value at beginning of period			$10.14
Value at end of period			$10.23
Number of accumulation units outstanding at end of period			20
PIMCO NFJ SMALL-CAP VALUE FUND
Value at beginning of period					$10.13
Value at end of period					$10.72
Number of accumulation units outstanding at end of period					3,625
PIONEER FUND VCT PORTFOLIO
Value at beginning of period				$10.01
Value at end of period				$10.03
Number of accumulation units outstanding at end of period				33
PIONEER HIGH YIELD FUND
Value at beginning of period		$10.11	$9.82			$10.07	$9.86
Value at end of period		$10.14	$10.14			$10.12	$10.11
Number of accumulation units outstanding at end of period		9,820	4,910			3,970	1,216
T. ROWE PRICE MID-CAP VALUE FUND
Value at beginning of period				$10.37	$10.18	$10.36
Value at end of period				$10.47	$10.45	$10.45
Number of accumulation units outstanding at end of period				936	12,326	7,084
TEMPLETON FOREIGN FUND
Value at beginning of period			$9.97	$9.94	$9.97	$9.99
Value at end of period			$10.07	$10.06	$10.05	$10.05
Number of accumulation units outstanding at end of period			11,018	12,483	116	1,090
TEMPLETON GROWTH FUND, INC.
Value at beginning of period						$10.03
Value at end of period						$10.10
Number of accumulation units outstanding at end of period						2,240
THE GROWTH FUND OF AMERICA^®
Value at beginning of period	$9.87			$9.91	$10.00
Value at end of period	$9.92			$9.90	$9.89
Number of accumulation units outstanding at end of period	1,197			19,218	31,224
THE INCOME FUND OF AMERICA^®
Value at beginning of period	$10.25	$10.28				$9.84
Value at end of period	$10.32	$10.31				$9.89
Number of accumulation units outstanding at end of period	2,439	2,184				3,514
UBS U.S. SMALL CAP GROWTH FUND
Value at beginning of period				$9.15
Value at end of period				$9.35
Number of accumulation units outstanding at end of period				4,629
VANGUARD^® EQUITY INCOME PORTFOLIO
Value at beginning of period				$10.11
Value at end of period				$10.32
Number of accumulation units outstanding at end of period				18,009
WASHINGTON MUTUAL INVESTORS FUND^SM
Value at beginning of period	$10.18		$9.97	$9.97	$9.95		$9.90
Value at end of period	$10.13		$10.12	$10.12	$10.11		$10.10
Number of accumulation units outstanding at end of period	1,575		21,716	21,459	28,017		567

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TABLE II CONDENSED FINANCIAL INFORMATION

FOR CONTRACTS WITH TOTAL SEPARATE ACCOUNT CHARGES OF 0.90%, 1.00%, 1.05%, 1.10%, 1.25%, 1.30% AND 1.40% (Selected data for accumulation units outstanding as of September 30, 2004)

	0.90%	1.00%	1.05%	1.10%	1.25%	1.30%	1.40%
AMERICAN BALANCED FUND^®
Value at beginning of period				$9.95	$9.91	$9.96	$9.74
Value at end of period				$9.98	$9.97	$9.96	$9.96
Number of accumulation units outstanding at end of period				53	51	30	6,155
ARIEL APPRECIATION FUND
Value at beginning of period	$9.67		$9.99
Value at end of period	$9.96		$9.95
Number of accumulation units outstanding at end of period	115		84
ARIEL FUND
Value at beginning of period	$9.90		$10.50
Value at end of period	$10.79		$10.78
Number of accumulation units outstanding at end of period	2,098		800
BARON GROWTH FUND
Value at beginning of period	$9.95		$10.22	$9.89		$10.46
Value at end of period	$10.49		$10.48	$10.47		$10.46
Number of accumulation units outstanding at end of period	2,881		31	152		4
EUROPACIFIC GROWTH FUND^®
Value at beginning of period	$9.54			$9.92			$9.53
Value at end of period	$10.17			$10.16			$10.14
Number of accumulation units outstanding at end of period	2,619			18			2,326
EVERGREEN SPECIAL VALUES FUND
Value at beginning of period					$10.14	$10.39
Value at end of period					$10.39	$10.39
Number of accumulation units outstanding at end of period					61	4
FIDELITY^® ADVISOR MID CAP FUND
Value at beginning of period	$9.52	$9.75	$9.95	$9.51		$9.88
Value at end of period	$9.90	$9.90	$9.89	$9.89		$9.88
Number of accumulation units outstanding at end of period	2,780	23	1,646	32		5
FIDELITY^® VIP CONTRAFUND^® PORTFOLIO
Value at beginning of period	$9.96	$10.31	$10.22		$10.31	$10.42	$9.95
Value at end of period	$10.45	$10.44	$10.44		$10.42	$10.42	$10.41
Number of accumulation units outstanding at end of period	3,227	51	12,477		63	8	5,557
FIDELITY^® VIP EQUITY-INCOME PORTFOLIO
Value at beginning of period					$9.92
Value at end of period					$9.96
Number of accumulation units outstanding at end of period					22
FIDELITY^® VIP GROWTH PORTFOLIO
Value at beginning of period					$9.50
Value at end of period					$9.07
Number of accumulation units outstanding at end of period					28
FRANKLIN SMALL-MID CAP GROWTH FUND
Value at beginning of period				$9.38	$10.22		$9.31
Value at end of period				$9.65	$10.88		$9.63
Number of accumulation units outstanding at end of period				5	10		4,819
ING AMERICAN CENTURY SMALL CAP VALUE PORTFOLIO
Value at beginning of period							$9.95
Value at end of period							$10.39
Number of accumulation units outstanding at end of period							3,441

I - 5

Condensed Financial Information (continued)


	0.90%	1.00%	1.05%	1.10%	1.25%	1.30%	1.40%
ING BARON SMALL CAP GROWTH PORTFOLIO
Value at beginning of period							$9.97
Value at end of period							$10.43
Number of accumulation units outstanding at end of period							1,377
ING GNMA INCOME FUND
Value at beginning of period	$9.82						$9.78
Value at end of period	$10.12						$10.09
Number of accumulation units outstanding at end of period	1,327						1,558
ING INTERMEDIATE BOND FUND
Value at beginning of period	$9.75		$10.15	$9.94
Value at end of period	$10.16		$10.15	$10.14
Number of accumulation units outstanding at end of period	1,097		26	149
ING PIMCO TOTAL RETURN PORTFOLIO
Value at beginning of period			$9.97		$9.80		$9.78
Value at end of period			$10.15		$10.14		$10.13
Number of accumulation units outstanding at end of period			34		51		6,755
ING REAL ESTATE FUND
Value at beginning of period	$9.07
Value at end of period	$10.78
Number of accumulation units outstanding at end of period	1,086
ING T. ROWE PRICE DIVERSIFIED MIDCAP GROWTH PORTFOLIO
Value at beginning of period					$9.56
Value at end of period					$9.18
Number of accumulation units outstanding at end of period					13
ING T. ROWE PRICE EQUITY INCOME PORTFOLIO
Value at beginning of period							$9.78
Value at end of period							$10.23
Number of accumulation units outstanding at end of period							8,306
ING T. ROWE PRICE GROWTH EQUITY PORTFOLIO
Value at beginning of period				$9.54	$10.03	$9.63
Value at end of period				$9.64	$9.63	$9.63
Number of accumulation units outstanding at end of period				120	8	9
ING VAN KAMPEN COMSTOCK PORTFOLIO
Value at beginning of period	$9.74				$9.86
Value at end of period	$10.33				$10.31
Number of accumulation units outstanding at end of period	1,347				22
ING VP INDEX PLUS LARGECAP PORTFOLIO
Value at beginning of period		$9.84		$9.56	$9.90	$9.84	$9.67
Value at end of period		$9.86		$9.85	$9.84	$9.84	$9.83
Number of accumulation units outstanding at end of period		37		132	17	4	2,426
ING VP INDEX PLUS MIDCAP PORTFOLIO
Value at beginning of period		$10.01		$9.85	$10.10		$10.02
Value at end of period		$10.12		$10.11	$10.10		$10.09
Number of accumulation units outstanding at end of period		24		32	12		1,193
ING VP INTERMEDIATE BOND PORTFOLIO
Value at beginning of period						$10.14	$9.73
Value at end of period						$10.14	$10.13
Number of accumulation units outstanding at end of period						9	1,110
ING VP INTERNATIONAL VALUE PORTFOLIO
Value at beginning of period					$10.22	$10.19
Value at end of period					$10.20	$10.19
Number of accumulation units outstanding at end of period					5	6
ING VP STRATEGIC ALLOCATION BALANCED PORTFOLIO
Value at beginning of period			$9.87				$9.63
Value at end of period			$9.99				$9.97
Number of accumulation units outstanding at end of period			4,160				6,220

I - 6

Condensed Financial Information (continued)


	0.90%	1.00%	1.05%	1.10%	1.25%	1.30%	1.40%
ING VP STRATEGIC ALLOCATION GROWTH PORTFOLIO
Value at beginning of period	$9.58		$9.85				$9.57
Value at end of period	$9.95		$9.94				$9.92
Number of accumulation units outstanding at end of period	340		268				2,881
ING VP STRATEGIC ALLOCATION INCOME PORTFOLIO
Value at beginning of period	$9.68		$9.89				$9.67
Value at end of period	$10.05		$10.04				$10.02
Number of accumulation units outstanding at end of period	574		609				1,158
LORD ABBETT AFFILIATED FUND
Value at beginning of period			$10.06	$9.89
Value at end of period			$9.99	$9.99
Number of accumulation units outstanding at end of period			162	7
LORD ABBETT MID-CAP VALUE FUND
Value at beginning of period			$10.59	$10.07			$9.95
Value at end of period			$10.60	$10.59			$10.57
Number of accumulation units outstanding at end of period			87	220			4,780
LORD ABBETT SMALL-CAP VALUE FUND
Value at beginning of period		$10.33					$9.99
Value at end of period		$10.59					$10.57
Number of accumulation units outstanding at end of period		3					1,563
OPPENHEIMER CAPITAL APPRECIATION FUND
Value at beginning of period			$9.66
Value at end of period			$9.53
Number of accumulation units outstanding at end of period			115
OPPENHEIMER DEVELOPING MARKETS FUND
Value at beginning of period	$9.10				$9.51
Value at end of period	$10.72				$10.69
Number of accumulation units outstanding at end of period	3,822				70
OPPENHEIMER GLOBAL SECURITIES FUND/VA
Value at beginning of period		$9.76	$9.79	$9.28	$9.80	$9.82	$9.67
Value at end of period		$9.84	$9.83	$9.83	$9.82	$9.82	$9.81
Number of accumulation units outstanding at end of period		7	71	291	14	6	756
PIONEER HIGH YIELD FUND
Value at beginning of period	$9.57			$9.76
Value at end of period	$10.11			$10.09
Number of accumulation units outstanding at end of period	2,284			191
PIONEER MID CAP VALUE VCT PORTFOLIO
Value at beginning of period					$10.16
Value at end of period					$10.54
Number of accumulation units outstanding at end of period					11
T. ROWE PRICE MID-CAP VALUE FUND
Value at beginning of period	$9.81					$10.41
Value at end of period	$10.44					$10.41
Number of accumulation units outstanding at end of period	7,322					5
TEMPLETON FOREIGN FUND
Value at beginning of period			$9.84				$9.40
Value at end of period			$10.03				$10.00
Number of accumulation units outstanding at end of period			625				4,697
TEMPLETON GROWTH FUND, INC.
Value at beginning of period	$9.63		$10.06
Value at end of period	$10.09		$10.08
Number of accumulation units outstanding at end of period	1,225		24
THE GROWTH FUND OF AMERICA^®
Value at beginning of period	$9.74	$9.84		$9.53	$9.99		$9.73
Value at end of period	$9.88	$9.87		$9.86	$9.85		$9.85
Number of accumulation units outstanding at end of period	4,328	32		478	78		10,512

I - 7

Condensed Financial Information (continued)


	0.90%	1.00%	1.05%	1.10%	1.25%	1.30%	1.40%
THE INCOME FUND OF AMERICA^®
Value at beginning of period	$9.65	$10.24			$9.86
Value at end of period	$10.28	$10.27			$10.25
Number of accumulation units outstanding at end of period	1,151	41			212
VANGUARD^® EQUITY INCOME PORTFOLIO
Value at beginning of period			$10.42
Value at end of period			$10.30
Number of accumulation units outstanding at end of period			5
WASHINGTON MUTUAL INVESTORS FUND^SM
Value at beginning of period	$9.75	$10.12		$10.00		$10.07	$9.95
Value at end of period	$10.09	$10.09		$10.08		$10.07	$10.06
Number of accumulation units outstanding at end of period	1,838	29		227		4	2,036

I - 8

ING Life Insurance and Annuity Company Variable Annuity Account C ING MAP Plus NP^SM Supplement dated February 14, 2005 to the Statement of Additional Information dated May 1, 2004, as supplemented on August 4, 2004, August 18, 2004 and November 3, 2004
The information in this Supplement updates and amends certain information contained in the Statement of Additional Information (SAI). You should read this Supplement along with the current SAI.

1.	Effective February 14, 2005, the following new investment option may be available under your contract.
	ING Oppenheimer Global Portfolio (Initial Class)
2.	The following unaudited financial statement information for the period ended September 30, 2004 is added to the Financial Statements of the Separate Account and to the Financial Statements of ING Life Insurance and Annuity Company and Subsidiaries.

X.SAI109860-04

February 2005

Financial Statements (Unaudited)
ING Life Insurance and Annuity Company
Variable Annuity Account C
Nine months ended September 30, 2004

This page intentionally left blank.

ING life insurance and annuity company

variable annuity account c

Financial Statements

Nine months ended September 30, 2004

(Unaudited)

Contents

Statements of Assets and Liabilities	1
Statements of Operations	29
Statements of Changes in Net Assets	58
Notes to Financial Statements	94

This page intentionally left blank.

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)


			AIM V.I.			AIM V.I.
		AIM Mid Cap	Capital	AIM V.I.	AIM V.I.	Premier
		Core Equity	Appreciation	Core Equity	Growth	Equity
Assets
Investments in mutual funds
	at fair value	$ 177	$ 19,360	$ 38,296	$ 16,661	$ 19,238
Total assets		177	19,360	38,296	16,661	19,238
Net assets		$ 177	$ 19,360	$ 38,296	$ 16,661	$ 19,238

Net assets
Accumulation units		$ 177	$ 19,360	$ 38,284	$ 16,661	$ 19,234
Contracts in payout (annuitization)
	period	-	-	12	-	4
Total net assets		$ 177	$ 19,360	$ 38,296	$ 16,661	$ 19,238

Total number of shares		6,252	938,913	1,803,865	1,148,237	975,572

Cost of shares		$ 176	$ 22,235	$ 44,944	$ 19,471	$ 21,829

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)

		Alliance		American
		Bernstein		Century®
		Growth and	American	Income	Ariel
		Income	Balanced	& Growth	Appreciation	Ariel
Assets
Investments in mutual funds
	at fair value	$ 16	$ 634	$ 3,328	$ 153	$ 31
Total assets		16	634	3,328	153	31
Net assets		$ 16	$ 634	$ 3,328	$ 153	$ 31

Net assets
Accumulation units		$ 16	$ 634	$ 3,328	$ 153	$ 31
Contracts in payout (annuitization)
	period	-	-	-	-	-
Total net assets		$ 16	$ 634	$ 3,328	$ 153	$ 31

Total number of shares		4,648	36,342	118,432	3,435	618

Cost of shares		$ 16	$ 634	$ 3,097	$ 153	$ 30

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)


				Calvert	EuroPacific	EuroPacific
		Baron	Baron	Social	Growth -	Growth -
		Asset	Growth	Balanced	Class R-3	Class R-4
Assets
Investments in mutual funds
	at fair value	$ 22	$ 207	$ 63,377	$ 343	$ 6,619
Total assets		22	207	63,377	343	6,619
Net assets		$ 22	$ 207	$ 63,377	$ 343	$ 6,619

Net assets
Accumulation units		$ 22	$ 207	$ 63,377	$ 343	$ 6,619
Contracts in payout (annuitization)
	period	-	-	-	-	-
Total net assets		$ 22	$ 207	$ 63,377	$ 343	$ 6,619

Total number of shares		463	5,317	35,248,679	10,911	210,068

Cost of shares		$ 22	$ 200	$ 68,661	$ 338	$ 6,490

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)


		Evergreen	Fidelity®	Fidelity® VIP		Fidelity®
		Special	Advisor	Asset	Fidelity® VIP	VIP Equity-
		Values	Mid Cap	Manager^SM	Contrafund®	Income
Assets
Investments in mutual funds
	at fair value	$ 35,355	$ 306	$ 21,118	$ 651,146	$ 367,182
Total assets		35,355	306	21,118	651,146	367,182
Net assets		$ 35,355	$ 306	$ 21,118	$ 651,146	$ 367,182

Net assets
Accumulation units		$ 35,355	$ 306	$ 21,118	$ 650,638	$ 366,635
Contracts in payout (annuitization)
	period	-	-	-	508	547
Total net assets		$ 35,355	$ 306	$ 21,118	$ 651,146	$ 367,182

Total number of shares		1,366,625	13,568	1,501,986	26,708,189	15,813,191

Cost of shares		$ 30,963	$ 302	$ 22,856	$ 571,454	$ 356,422

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)


						Franklin
		Fidelity® VIP	Fidelity® VIP	Fidelity® VIP	Fidelity® VIP	Small-Mid
		Growth	High Income	Index 500	Overseas	Cap Growth
Assets
Investments in mutual funds
	at fair value	$ 364,119	$ 5,988	$ 107,020	$ 36,397	$ 46
Total assets		364,119	5,988	107,020	36,397	46
Net assets		$ 364,119	$ 5,988	$ 107,020	$ 36,397	$ 46

Net assets
Accumulation units		$ 363,730	$ 5,897	$ 107,020	$ 36,397	$ 46
Contracts in payout (annuitization)
	period	389	91	-	-	-
Total net assets		$ 364,119	$ 5,988	$ 107,020	$ 36,397	$ 46

Total number of shares		12,338,834	894,994	848,022	2,374,252	1,538

Cost of shares		$ 493,633	$ 6,047	$ 114,712	$ 36,471	$ 46

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)

		Franklin	The	The	The
		SmallCap	Growth Fund	Growth Fund	Income Fund	ING GET
		Value	of America® -	of America® -	of America® -	Fund -
		Securities	Class R-3	Class R-4	Class R-3	Series G
Assets
Investments in mutual funds
	at fair value	$ 31,834	$ 698	$ 23,642	$ 62	$ 19,000
Total assets		31,834	698	23,642	62	19,000
Net assets		$ 31,834	$ 698	$ 23,642	$ 62	$ 19,000

Net assets
Accumulation units		$ 31,781	$ 698	$ 23,642	$ 62	$ 19,000
Contracts in payout (annuitization)
	period	53	-	-	-	-
Total net assets		$ 31,834	$ 698	$ 23,642	$ 62	$ 19,000

Total number of shares		2,277,123	28,148	946,825	3,550	2,019,172

Cost of shares		$ 29,047	$ 696	$ 23,427	$ 61	$ 20,174

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)


		ING GET	ING GET	ING GET	ING GET	ING GET
		Fund -	Fund -	Fund -	Fund -	Fund -
		Series H	Series I	Series J	Series K	Series L
Assets
Investments in mutual funds
	at fair value	$ 14,034	$ 828	$ 359	$ 1,532	$ 764
Total assets		14,034	828	359	1,532	764
Net assets		$ 14,034	$ 828	$ 359	$ 1,532	$ 764

Net assets
Accumulation units		$ 14,034	$ 828	$ 359	$ 1,532	$ 764
Contracts in payout (annuitization)
	period	-	-	-	-	-
Total net assets		$ 14,034	$ 828	$ 359	$ 1,532	$ 764

Total number of shares		1,460,399	85,540	37,433	155,388	78,527

Cost of shares		$ 14,728	$ 862	$ 376	$ 1,570	$ 791

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)


		ING GET	ING GET		ING VP	ING VP
		Fund -	Fund -	ING VP	Emerging	Intermediate
		Series Q	Series S	Balanced	Markets	Bond
Assets
Investments in mutual funds
	at fair value	$ 4,015	$ 25,265	$ 660,662	$ 8,839	$ 408,826
Total assets		4,015	25,265	660,662	8,839	408,826
Net assets		$ 4,015	$ 25,265	$ 660,662	$ 8,839	$ 408,826

Net assets
Accumulation units		$ 4,015	$ 25,265	$ 634,884	$ 8,839	$ 403,009
Contracts in payout (annuitization)
	period	-	-	25,778	-	5,817
Total net assets		$ 4,015	$ 25,265	$ 660,662	$ 8,839	$ 408,826

Total number of shares		392,425	2,460,036	52,516,824	1,288,479	29,884,974

Cost of shares		$ 3,930	$ 24,688	$ 758,220	$ 8,873	$ 400,149

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)

						ING
		ING VP	ING VP		ING MFS	T. Rowe
		Money	Natural	ING Julius	Total	Price
		Market	Resources	Baer Foreign	Return	Equity Income
Assets
Investments in mutual funds
	at fair value	$ 231,875	$ 15,545	$ 501	$ 20,066	$ 21,730
Total assets		231,875	15,545	501	20,066	21,730
Net assets		$ 231,875	$ 15,545	$ 501	$ 20,066	$ 21,730

Net assets
Accumulation units		$ 231,754	$ 15,545	$ 501	$ 20,066	$ 21,730
Contracts in payout (annuitization)
	period	121	-	-	-	-
Total net assets		$ 231,875	$ 15,545	$ 501	$ 20,066	$ 21,730

Total number of shares		17,998,282	910,659	47,419	1,121,641	1,704,318

Cost of shares		$ 231,949	$ 11,951	$ 489	$ 19,175	$ 21,024

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)

			ING Alger	ING Alger		ING American
		ING Aeltus	Aggressive	Aggressive		Century
		Enhanced	Growth -	Growth -	ING Alger	SmallCap
		Index	Initial Class	Service Class	Growth	Value
Assets
Investments in mutual funds
	at fair value	$ 1,346	$ 12	$ 10,126	$ 2,209	$ 19,477
Total assets		1,346	12	10,126	2,209	19,477
Net assets		$ 1,346	$ 12	$ 10,126	$ 2,209	$ 19,477

Net assets
Accumulation units		$ 1,346	$ 12	$ 10,118	$ 2,209	$ 19,439
Contracts in payout (annuitization)
	period	-	-	8	-	38
Total net assets		$ 1,346	$ 12	$ 10,126	$ 2,209	$ 19,477

Total number of shares		168,722	1,611	1,422,209	262,328	1,690,715

Cost of shares		$ 1,337	$ 9	$ 10,423	$ 2,280	$ 18,747

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)

			ING Goldman		ING
		ING Baron	Sachs®	ING	JPMorgan	ING MFS
		Small Cap	Capital	JPMorgan	MidCap	Capital
		Growth	Growth	International	Value	Opportunities
Assets
Investments in mutual funds
	at fair value	$ 38,548	$ 1,180	$ 124,931	$ 10,849	$ 137,066
Total assets		38,548	1,180	124,931	10,849	137,066
Net assets		$ 38,548	$ 1,180	$ 124,931	$ 10,849	$ 137,066

Net assets
Accumulation units		$ 38,530	$ 1,180	$ 124,894	$ 10,823	$ 136,824
Contracts in payout (annuitization)
	period	18	-	37	26	242
Total net assets		$ 38,548	$ 1,180	$ 124,931	$ 10,849	$ 137,066

Total number of shares		3,002,150	115,037	11,567,657	833,861	5,631,311

Cost of shares		$ 35,332	$ 1,127	$ 107,075	$ 9,859	$ 229,044

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)

			ING	ING	ING Salomon	ING Salomon
		ING MFS	OpCap	PIMCO	Brothers	Brothers
		Global	Balanced	Total	Aggressive	Fundamental
		Growth	Value	Return	Growth	Value
Assets
Investments in mutual funds
	at fair value	$ 1,695	$ 18,415	$ 39,057	$ 224,600	$ 11,035
Total assets		1,695	18,415	39,057	224,600	11,035
Net assets		$ 1,695	$ 18,415	$ 39,057	$ 224,600	$ 11,035

Net assets
Accumulation units		$ 1,695	$ 18,223	$ 39,004	$ 224,468	$ 10,983
Contracts in payout (annuitization)
	period	-	192	53	132	52
Total net assets		$ 1,695	$ 18,415	$ 39,057	$ 224,600	$ 11,035

Total number of shares		153,672	1,447,688	3,606,393	6,096,627	666,768

Cost of shares		$ 1,727	$ 17,558	$ 38,756	$ 299,256	$ 10,491

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)

		ING Salomon	ING T. Rowe	ING T. Rowe
		Brothers	Price Growth	Price Growth		ING UBS
		Investors	Equity -	Equity -	ING UBS U.S.	U.S. Large
		Value	Initial Class	Service Class	Allocation	Cap Equity
Assets
Investments in mutual funds
	at fair value	$ 5,701	$ 266,842	$ 131	$ 1,617	$ 124,578
Total assets		5,701	266,842	131	1,617	124,578
Net assets		$ 5,701	$ 266,842	$ 131	$ 1,617	$ 124,578

Net assets
Accumulation units		$ 5,701	$ 266,419	$ 131	$ 1,617	$ 124,067
Contracts in payout (annuitization)
	period	-	423	-	-	511
Total net assets		$ 5,701	$ 266,842	$ 131	$ 1,617	$ 124,578

Total number of shares		437,196	5,947,003	2,935	52,261	16,074,613

Cost of shares		$ 5,513	$ 283,322	$ 129	$ 1,565	$ 162,246

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

ING life insurance and annuity company

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)

			ING VP	ING VP	ING VP
		ING Van	Strategic	Strategic	Strategic	ING
		Kampen	Allocation	Allocation	Allocation	Financial
		Comstock	Balanced	Growth	Income	Services
Assets
Investments in mutual funds
	at fair value	$ 54,733	$ 65,540	$ 74,113	$ 35,378	$ 13
Total assets		54,733	65,540	74,113	35,378	13
Net assets		$ 54,733	$ 65,540	$ 74,113	$ 35,378	$ 13

Net assets
Accumulation units		$ 54,398	$ 65,165	$ 73,856	$ 35,234	$ 13
Contracts in payout (annuitization)
	period	335	375	257	144	-
Total net assets		$ 54,733	$ 65,540	$ 74,113	$ 35,378	$ 13

Total number of shares		4,860,811	5,060,971	5,502,062	2,848,442	596

Cost of shares		$ 49,175	$ 66,078	$ 76,518	$ 34,699	$ 13

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)


		ING VP	ING GET	ING GET	ING GET	ING GET
		Growth and	US Core -	US Core -	US Core -	US Core -
		Income	Series 1	Series 2	Series 3	Series 5
Assets
Investments in mutual funds
	at fair value	$ 2,082,776	$ 2,218	$ 20,156	$ 55,102	$ 661
Total assets		2,082,776	2,218	20,156	55,102	661
Net assets		$ 2,082,776	$ 2,218	$ 20,156	$ 55,102	$ 661

Net assets
Accumulation units		$ 1,931,696	$ 2,218	$ 20,156	$ 55,102	$ 661
Contracts in payout (annuitization)
	period	151,080	-	-	-	-
Total net assets		$ 2,082,776	$ 2,218	$ 20,156	$ 55,102	$ 661

Total number of shares		116,551,557	214,334	1,978,003	5,577,080	66,113

Cost of shares		$ 3,391,637	$ 2,145	$ 19,791	$ 55,809	$ 662

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)

					ING VP
		ING GET		ING	Global
		US Core -	ING GNMA	Intermediate	Science and	ING VP
		Series 6	Income	Bond	Technology	Growth
Assets
Investments in mutual funds
	at fair value	$ 6,351	$ 216	$ 318	$ 37,903	$ 84,999
Total assets		6,351	216	318	37,903	84,999
Net assets		$ 6,351	$ 216	$ 318	$ 37,903	$ 84,999

Net assets
Accumulation units		$ 6,351	$ 216	$ 318	$ 37,903	$ 84,805
Contracts in payout (annuitization)
	period	-	-	-	-	194
Total net assets		$ 6,351	$ 216	$ 318	$ 37,903	$ 84,999

Total number of shares		634,823	24,771	30,464	11,348,084	9,872,084

Cost of shares		$ 6,348	$ 214	$ 319	$ 39,220	$ 132,115

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)


		ING VP	ING VP	ING VP	ING VP	ING VP
		Index Plus	Index Plus	Index Plus	International	Small
		LargeCap	MidCap	SmallCap	Equity	Company
Assets
Investments in mutual funds
	at fair value	$ 530,022	$ 309,547	$ 129,300	$ 13,074	$ 164,283
Total assets		530,022	309,547	129,300	13,074	164,283
Net assets		$ 530,022	$ 309,547	$ 129,300	$ 13,074	$ 164,283

Net assets
Accumulation units		$ 526,052	$ 308,729	$ 128,869	$ 13,054	$ 163,845
Contracts in payout (annuitization)
	period	3,970	818	431	20	438
Total net assets		$ 530,022	$ 309,547	$ 129,300	$ 13,074	$ 164,283

Total number of shares		39,058,385	19,049,056	8,923,403	1,706,787	9,350,187

Cost of shares		$ 626,383	$ 269,840	$ 109,302	$ 12,634	$ 133,712

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)


		ING VP	ING VP	ING VP		ING VP
		Value	Financial	International	ING VP	MidCap
		Opportunity	Services	Value	MagnaCap	Opportunities
Assets
Investments in mutual funds
	at fair value	$ 107,627	$ 112	$ 45,799	$ 1,660	$ 5,028
Total assets		107,627	112	45,799	1,660	5,028
Net assets		$ 107,627	$ 112	$ 45,799	$ 1,660	$ 5,028

Net assets
Accumulation units		$ 107,627	$ 112	$ 45,695	$ 1,660	$ 5,028
Contracts in payout (annuitization)
	period	-	-	104	-	-
Total net assets		$ 107,627	$ 112	$ 45,799	$ 1,660	$ 5,028

Total number of shares		8,778,702	10,916	4,045,869	186,885	833,804

Cost of shares		$ 110,773	$ 111	$ 40,727	$ 1,480	$ 5,069

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)


			ING VP		INVESCO
		ING VP	SmallCap	ING	Health	Janus Aspen
		Real Estate	Opportunities	Real Estate	Sciences	Balanced
Assets
Investments in mutual funds
	at fair value	$ 12,986	$ 7,208	$ 86	$ 18	$ 359,544
Total assets		12,986	7,208	86	18	359,544
Net assets		$ 12,986	$ 7,208	$ 86	$ 18	$ 359,544

Net assets
Accumulation units		$ 12,986	$ 7,208	$ 86	$ 18	$ 359,295
Contracts in payout (annuitization)
	period	-	-	-	-	249
Total net assets		$ 12,986	$ 7,208	$ 86	$ 18	$ 359,544

Total number of shares		1,094,018	514,106	6,217	384	15,450,969

Cost of shares		$ 12,345	$ 7,249	$ 83	$ 18	$ 369,655

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)


		Janus Aspen	Janus Aspen		Janus Aspen	Janus Aspen
		Capital	Flexible	Janus Aspen	MidCap	Worldwide
		Appreciation	Income	Growth	Growth	Growth
Assets
Investments in mutual funds
	at fair value	$ 3,145	$ 80,367	$ 200,029	$ 431,030	$ 422,420
Total assets		3,145	80,367	200,029	431,030	422,420
Net assets		$ 3,145	$ 80,367	$ 200,029	$ 431,030	$ 422,420

Net assets
Accumulation units		$ 3,145	$ 80,367	$ 199,693	$ 431,030	$ 421,921
Contracts in payout (annuitization)
	period	-	-	336	-	499
Total net assets		$ 3,145	$ 80,367	$ 200,029	$ 431,030	$ 422,420

Total number of shares		145,069	6,465,571	10,954,495	19,216,688	17,347,840

Cost of shares		$ 2,689	$ 79,394	$ 311,625	$ 846,857	$ 648,244

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)

					Lord Abbett	Lord Abbett
				Lord Abbett	Mid-Cap	Mid-Cap
		Janus	Lord Abbett	Growth and	Value -	Value -
		Twenty	Affiliated	Income	Class VC	Class A
Assets
Investments in mutual funds
	at fair value	$ 641	$ 133	$ 89,471	$ 68,990	$ 123
Total assets		641	133	89,471	68,990	123
Net assets		$ 641	$ 133	$ 89,471	$ 68,990	$ 123

Net assets
Accumulation units		$ 641	$ 133	$ 88,996	$ 68,990	$ 123
Contracts in payout (annuitization)
	period	-	-	475	-	-
Total net assets		$ 641	$ 133	$ 89,471	$ 68,990	$ 123

Total number of shares		16,153	9,756	3,593,195	3,689,331	5,958

Cost of shares		$ 570	$ 131	$ 81,607	$ 61,382	$ 118

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)

		Lord Abbett	Massachusetts
		Small-Cap	Investors	MFS®		New
		Value -	Growth	Total	Mutual	Perspective -
		Class A	Stock	Return	Discovery	Class R-3
Assets
Investments in mutual funds
	at fair value	$ 316	$ 155	$ 67,221	$ 115	$ 115
Total assets		316	155	67,221	115	115
Net assets		$ 316	$ 155	$ 67,221	$ 115	$ 115

Net assets
Accumulation units		$ 316	$ 155	$ 67,221	$ 115	$ 115
Contracts in payout (annuitization)
	period	-	-	-	-	-
Total net assets		$ 316	$ 155	$ 67,221	$ 115	$ 115

Total number of shares		11,648	13,933	3,357,699	5,270	4,652

Cost of shares		$ 307	$ 156	$ 61,116	$ 112	$ 113

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)

						Oppenheimer
		New	Oppenheimer			Main Street
		Perspective -	Developing	Capital	Oppenheimer	Fund® -
		Class R-4	Markets	Appreciation	Global	Class A
Assets
Investments in mutual funds
	at fair value	$ 4,427	$ 13,267	$ 167	$ -	$ 10
Total assets		4,427	13,267	167	-	10
Net assets		$ 4,427	$ 13,267	$ 167	$ -	$ 10

Net assets
Accumulation units		$ 4,427	$ 13,267	$ 167	$ -	$ 10
Contracts in payout (annuitization)
	period	-	-	-	-	-
Total net assets		$ 4,427	$ 13,267	$ 167	$ -	$ 10

Total number of shares		178,437	588,881	4,390	5	307

Cost of shares		$ 4,339	$ 12,295	$ 167	$ -	$ 10

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)


		Oppenheimer	Oppenheimer	Oppenheimer	Oppenheimer	Oppenheimer
		Aggressive	Global	Main Street®	Main Street®	Strategic
		Growth	Securities	Fund/VA	Small Cap/VA	Bond
Assets
Investments in mutual funds
	at fair value	$ 3	$ 337,088	$ 41	$ 4	$ 40,866
Total assets		3	337,088	41	4	40,866
Net assets		$ 3	$ 337,088	$ 41	$ 4	$ 40,866

Net assets
Accumulation units		$ -	$ 336,280	$ -	$ 4	$ 40,787
Contracts in payout (annuitization)
	period	3	808	41	-	79
Total net assets		$ 3	$ 337,088	$ 41	$ 4	$ 40,866

Total number of shares		83	13,281,657	2,133	284	8,222,590

Cost of shares		$ 3	$ 299,280	$ 39	$ 4	$ 39,454

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)


			PIMCO NFJ			Pioneer
		Pax World	Small-Cap	PIMCO VIT	Pioneer	Equity
		Balanced	Value	Real Return	High Yield	Income
Assets
Investments in mutual funds
	at fair value	$ 9,476	$ 39	$ 3,893	$ 227	$ 17,458
Total assets		9,476	39	3,893	227	17,458
Net assets		$ 9,476	$ 39	$ 3,893	$ 227	$ 17,458

Net assets
Accumulation units		$ 9,476	$ 39	$ 3,893	$ 227	$ 17,363
Contracts in payout (annuitization)
	period	-	-	-	-	95
Total net assets		$ 9,476	$ 39	$ 3,893	$ 227	$ 17,458

Total number of shares		442,171	1,413	298,802	19,339	915,928

Cost of shares		$ 9,193	$ 37	$ 3,842	$ 225	$ 15,978

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)


			Pioneer	Pioneer	Scudder	T. Rowe Price
		Pioneer	High Yield	Mid Cap	Equity 500	Mid-Cap
		Fund	VCT	Value	Index	Value
Assets
Investments in mutual funds
	at fair value	$ 2,248	$ 3,656	$ 32,455	$ -	$ 289
Total assets		2,248	3,656	32,455	-	289
Net assets		$ 2,248	$ 3,656	$ 32,455	$ -	$ 289

Net assets
Accumulation units		$ 2,248	$ 3,656	$ 32,364	$ -	$ 289
Contracts in payout (annuitization)
	period	-	-	91	-	-
Total net assets		$ 2,248	$ 3,656	$ 32,455	$ -	$ 289

Total number of shares		118,961	319,341	1,461,955	2	13,263

Cost of shares		$ 2,081	$ 3,637	$ 29,474	$ -	$ 283

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)


					UBS U.S.
		Templeton	Templeton	Templeton	Small Cap	Vanguard®
		Foreign	Growth	Global	Growth	500 Index
Assets
Investments in mutual funds
	at fair value	$ 302	$ 35	$ 1,692	$ 43	$ 12
Total assets		302	35	1,692	43	12
Net assets		$ 302	$ 35	$ 1,692	$ 43	$ 12

Net assets
Accumulation units		$ 302	$ 35	$ 1,692	$ 43	$ 12
Contracts in payout (annuitization)
	period	-	-	-	-	-
Total net assets		$ 302	$ 35	$ 1,692	$ 43	$ 12

Total number of shares		27,394	1,635	165,387	3,601	113

Cost of shares		$ 296	$ 35	$ 1,658	$ 43	$ 12

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

ING life insurance and annuity company

variable annuity account c

Statements of Assets and Liabilities

September 30, 2004
(Dollars in thousands)

(Unaudited)

					Washington	Washington
		Vanguard®		Wanger U.S.	Mutual	Mutual
		Variable	Wanger	Smaller	Investors^SM -	Investors^SM -
		Insurance	Select	Companies	Class R-3	Class R-4
Assets
Investments in mutual funds
	at fair value	$ 186	$ 1,087	$ 1,138	$ 784	$ 16,451
Total assets		186	1,087	1,138	784	16,451
Net assets		$ 186	$ 1,087	$ 1,138	$ 784	$ 16,451

Net assets
Accumulation units		$ 186	$ 1,087	$ 1,138	$ 784	$ 16,451
Contracts in payout (annuitization)
	period	-	-	-	-	-
Total net assets		$ 186	$ 1,087	$ 1,138	$ 784	$ 16,451

Total number of shares		10,426	56,334	41,530	26,824	562,243

Cost of shares		$ 186	$ 1,077	$ 1,116	$ 780	$ 16,317

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


				AIM V.I.			AIM V.I.
			AIM Mid Cap	Capital	AIM V.I.	AIM V.I.	Premier
			Core Equity	Appreciation	Core Equity	Growth	Equity
Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ -	$ -	$ -
Total investment income			-	-	-	-	-
Expenses:
	Mortality and expense risk and
		other charges	-	161	329	140	155
Total expenses			-	161	329	140	155
Net investment income (loss)			-	(161)	(329)	(140)	(155)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			-	(1,555)	(3,423)	(2,313)	(1,718)
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		-	(1,555)	(3,423)	(2,313)	(1,718)
Net unrealized appreciation
	(depreciation) of investments		1	907	3,990	1,917	1,189
Net increase (decrease) in net assets
	resulting from operations		$ 1	$ (809)	$ 238	$ (536)	$ (684)

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)

			Alliance		American
			Bernstein		Century®
			Growth and	American	Income	Ariel
			Income	Balanced	& Growth	Appreciation	Ariel
Net investment income (loss)
Income:
	Dividends		$ -	$ 2	$ 41	$ -	$ -
Total investment income			-	2	41	-	-
Expenses:
	Mortality and expense risk and
		other charges	-	1	23	-	-
Total expenses			-	1	23	-	-
Net investment income (loss)			-	1	18	-	-

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			-	-	140	-	-
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		-	-	140	-	-
Net unrealized appreciation
	(depreciation) of investments		-	-	(106)	-	1
Net increase (decrease) in net assets
	resulting from operations		$ -	$ 1	$ 52	$ -	$ 1

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


					Calvert	EuroPacific	EuroPacific
			Baron	Baron	Social	Growth -	Growth -
			Asset	Growth	Balanced	Class R-3	Class R-4
Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ -	$ -	$ -
Total investment income			-	-	-	-	-
Expenses:
	Mortality and expense risk and
		other charges	-	-	481	-	12
Total expenses			-	-	481	-	12
Net investment income (loss)			-	-	(481)	-	(12)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			-	-	(19)	-	(8)
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		-	-	(19)	-	(8)
Net unrealized appreciation
	(depreciation) of investments		-	7	1,405	5	129
Net increase (decrease) in net assets
	resulting from operations		$ -	$ 7	$ 905	$ 5	$ 109

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


			Evergreen	Fidelity®	Fidelity® VIP		Fidelity®
			Special	Advisor	Asset	Fidelity® VIP	VIP Equity-
			Values	Mid Cap	Manager^SM	Contrafund®	Income
Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ 588	$ 2,008	$ 5,241
Total investment income			-	-	588	2,008	5,241
Expenses:
	Mortality and expense risk and
		other charges	177	-	165	4,728	2,758
Total expenses			177	-	165	4,728	2,758
Net investment income (loss)			(177)	-	423	(2,720)	2,483

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			237	-	(651)	5,488	(194)
Capital gains distributions			-	-	-	-	1,252
Total realized gain (loss) on investments
	and capital gains distributions		237	-	(651)	5,488	1,058
Net unrealized appreciation
	(depreciation) of investments		1,450	4	32	26,542	691
Net increase (decrease) in net assets
	resulting from operations		$ 1,510	$ 4	$ (196)	$ 29,310	$ 4,232

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


							Franklin
			Fidelity® VIP	Fidelity® VIP	Fidelity® VIP	Fidelity® VIP	Small-Mid
			Growth	High Income	Index 500	Overseas	Cap Growth
Net investment income (loss)
Income:
	Dividends		$ 997	$ 569	$ 1,349	$ 394	$ -
Total investment income			997	569	1,349	394	-
Expenses:
	Mortality and expense risk and
		other charges	3,048	46	803	291	-
Total expenses			3,048	46	803	291	-
Net investment income (loss)			(2,051)	523	546	103	-

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			(2,209)	(23)	(1,148)	1,916	-
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		(2,209)	(23)	(1,148)	1,916	-
Net unrealized appreciation
	(depreciation) of investments		(17,536)	(295)	1,085	(2,764)	-
Net increase (decrease) in net assets
	resulting from operations		$ (21,796)	$ 205	$ 483	$ (745)	$ -

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)

			Franklin	The	The	The
			SmallCap	Growth Fund	Growth Fund	Income Fund	ING GET
			Value	of America® -	of America® -	of America® -	Fund -
			Securities	Class R-3	Class R-4	Class R-3	Series D
Net investment income (loss)
Income:
	Dividends		$ 42	$ -	$ -	$ -	$ 5,799
Total investment income			42	-	-	-	5,799
Expenses:
	Mortality and expense risk and
		other charges	181	1	38	-	192
Total expenses			181	1	38	-	192
Net investment income (loss)			(139)	(1)	(38)	-	5,607

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			1,426	-	1	-	(18,597)
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		1,426	-	1	-	(18,597)
Net unrealized appreciation
	(depreciation) of investments		964	2	215	1	12,860
Net increase (decrease) in net assets
	resulting from operations		$ 2,251	$ 1	$ 178	$ 1	$ (130)

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


			ING GET	ING GET	ING GET	ING GET	ING GET
			Fund -	Fund -	Fund -	Fund -	Fund -
			Series E	Series G	Series H	Series I	Series J
Net investment income (loss)
Income:
	Dividends		$ 5,062	$ 931	$ 746	$ 36	$ 17
Total investment income			5,062	931	746	36	17
Expenses:
	Mortality and expense risk and
		other charges	681	218	172	12	5
Total expenses			681	218	172	12	5
Net investment income (loss)			4,381	713	574	24	12

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			(7,517)	(163)	(105)	(1)	(1)
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		(7,517)	(163)	(105)	(1)	(1)
Net unrealized appreciation
	(depreciation) of investments		2,594	(644)	(562)	(31)	(14)
Net increase (decrease) in net assets
	resulting from operations		$ (542)	$ (94)	$ (93)	$ (8)	$ (3)

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


			ING GET	ING GET	ING GET	ING GET
			Fund -	Fund -	Fund -	Fund -	ING VP
			Series K	Series L	Series Q	Series S	Balanced
Net investment income (loss)
Income:
	Dividends		$ 56	$ 37	$ 150	$ 749	$ 13,461
Total investment income			56	37	150	749	13,461
Expenses:
	Mortality and expense risk and
		other charges	15	8	39	281	5,457
Total expenses			15	8	39	281	5,457
Net investment income (loss)			41	29	111	468	8,004

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			2	(2)	19	403	(7,010)
Capital gains distributions			-	-	-	432	-
Total realized gain (loss) on investments
	and capital gains distributions		2	(2)	19	835	(7,010)
Net unrealized appreciation
	(depreciation) of investments		(50)	(30)	(144)	(1,353)	11,203
Net increase (decrease) in net assets
	resulting from operations		$ (7)	$ (3)	$ (14)	$ (50)	$ 12,197

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


			ING VP	ING VP	ING VP	ING VP
			Emerging	Intermediate	Money	Natural	ING Julius
			Markets	Bond	Market	Resources	Baer Foreign
Net investment income (loss)
Income:
	Dividends		$ 5	$ 17,623	$ 2,594	$ 143	$ -
Total investment income			5	17,623	2,594	143	-
Expenses:
	Mortality and expense risk and
		other charges	75	3,282	1,708	108	1
Total expenses			75	3,282	1,708	108	1
Net investment income (loss)			(70)	14,341	886	35	(1)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			713	5,060	(225)	701	6
Capital gains distributions			-	10,283	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		713	15,343	(225)	701	6
Net unrealized appreciation
	(depreciation) of investments		(596)	(18,899)	(872)	405	12
Net increase (decrease) in net assets
	resulting from operations		$ 47	$ 10,785	$ (211)	$ 1,141	$ 17

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)

				ING		ING Alger	ING Alger
			ING MFS	T. Rowe	ING Aeltus	Aggressive	Aggressive
			Total	Price	Enhanced	Growth -	Growth -
			Return	Equity Income	Index	Initial Class	Service Class
Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ 8	$ -	$ -
Total investment income			-	-	8	-	-
Expenses:
	Mortality and expense risk and
		other charges	117	99	10	-	91
Total expenses			117	99	10	-	91
Net investment income (loss)			(117)	(99)	(2)	-	(91)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			45	91	78	1	565
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		45	91	78	1	565
Net unrealized appreciation
	(depreciation) of investments		488	539	(74)	-	(1,101)
Net increase (decrease) in net assets
	resulting from operations		$ 416	$ 531	$ 2	$ 1	$ (627)

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)

				ING American		ING Goldman
				Century	ING Baron	Sachs®	ING
			ING Alger	SmallCap	Small Cap	Capital	JPMorgan
			Growth	Value	Growth	Growth	International
Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ -	$ 1	$ 1,453
Total investment income			-	-	-	1	1,453
Expenses:
	Mortality and expense risk and
		other charges	21	111	224	9	984
Total expenses			21	111	224	9	984
Net investment income (loss)			(21)	(111)	(224)	(8)	469

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			151	829	1,087	29	5,345
Capital gains distributions			-	151	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		151	980	1,087	29	5,345
Net unrealized appreciation
	(depreciation) of investments		(306)	(201)	923	(46)	(1,335)
Net increase (decrease) in net assets
	resulting from operations		$ (176)	$ 668	$ 1,786	$ (25)	$ 4,479

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)

			ING			ING	ING
			JPMorgan	ING MFS	ING MFS	OpCap	PIMCO
			MidCap	Capital	Global	Balanced	Total
			Value	Opportunities	Growth	Value	Return
Net investment income (loss)
Income:
	Dividends		$ -	$ 643	$ -	$ 161	$ -
Total investment income			-	643	-	161	-
Expenses:
	Mortality and expense risk and
		other charges	57	1,140	13	121	283
Total expenses			57	1,140	13	121	283
Net investment income (loss)			(57)	(497)	(13)	40	(283)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			120	(14,374)	136	231	(144)
Capital gains distributions			15	-	16	-	368
Total realized gain (loss) on investments
	and capital gains distributions		135	(14,374)	152	231	224
Net unrealized appreciation
	(depreciation) of investments		479	15,274	(143)	147	855
Net increase (decrease) in net assets
	resulting from operations		$ 557	$ 403	$ (4)	$ 418	$ 796

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)

			ING Salomon	ING Salomon	ING Salomon	ING T. Rowe	ING T. Rowe
			Brothers	Brothers	Brothers	Price Growth	Price Growth
			Aggressive	Fundamental	Investors	Equity -	Equity -
			Growth	Value	Value	Initial Class	Service Class
Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ 45	$ 432	$ -
Total investment income			-	-	45	432	-
Expenses:
	Mortality and expense risk and
		other charges	1,861	93	47	2,081	-
Total expenses			1,861	93	47	2,081	-
Net investment income (loss)			(1,861)	(93)	(2)	(1,649)	-

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			(4,617)	228	302	385	-
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		(4,617)	228	302	385	-
Net unrealized appreciation
	(depreciation) of investments		7,244	(352)	(369)	(3,659)	2
Net increase (decrease) in net assets
	resulting from operations		$ 766	$ (217)	$ (69)	$ (4,923)	$ 2

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)

						ING VP	ING VP
				ING UBS	ING Van	Strategic	Strategic
			ING UBS U.S.	U.S. Large	Kampen	Allocation	Allocation
			Allocation	Cap Equity	Comstock	Balanced	Growth
Net investment income (loss)
Income:
	Dividends		$ 6	$ 1,029	$ -	$ 804	$ 794
Total investment income			6	1,029	-	804	794
Expenses:
	Mortality and expense risk and
		other charges	13	1,042	355	503	588
Total expenses			13	1,042	355	503	588
Net investment income (loss)			(7)	(13)	(355)	301	206

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			78	(3,522)	776	(416)	(472)
Capital gains distributions			-	-	249	-	-
Total realized gain (loss) on investments
	and capital gains distributions		78	(3,522)	1,025	(416)	(472)
Net unrealized appreciation
	(depreciation) of investments		(60)	7,098	1,959	1,216	1,231
Net increase (decrease) in net assets
	resulting from operations		$ 11	$ 3,563	$ 2,629	$ 1,101	$ 965

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)

			ING VP
			Strategic	ING	ING VP	ING GET	ING GET
			Allocation	Financial	Growth and	US Core -	US Core -
			Income	Services	Income	Series 1	Series 2
Net investment income (loss)
Income:
	Dividends		$ 635	$ -	$ 20,332	$ 16	$ 21
Total investment income			635	-	20,332	16	21
Expenses:
	Mortality and expense risk and
		other charges	267	-	18,695	21	191
Total expenses			267	-	18,695	21	191
Net investment income (loss)			368	-	1,637	(5)	(170)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			2	-	(200,798)	7	13
Capital gains distributions			-	-	-	2	-
Total realized gain (loss) on investments
	and capital gains distributions		2	-	(200,798)	9	13
Net unrealized appreciation
	(depreciation) of investments		323	-	152,727	(6)	211
Net increase (decrease) in net assets
	resulting from operations		$ 693	$ -	$ (46,434)	$ (2)	$ 54

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


			ING GET	ING GET	ING GET		ING
			US Core -	US Core -	US Core -	ING GNMA	Intermediate
			Series 3	Series 5	Series 6	Income	Bond
Net investment income (loss)
Income:
	Dividends		$ 1	$ -	$ -	$ 2	$ -
Total investment income			1	-	-	2	-
Expenses:
	Mortality and expense risk and
		other charges	559	1	4	-	-
Total expenses			559	1	4	-	-
Net investment income (loss)			(558)	(1)	(4)	2	-

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			(159)	-	-	-	-
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		(159)	-	-	-	-
Net unrealized appreciation
	(depreciation) of investments		(707)	(1)	3	2	(1)
Net increase (decrease) in net assets
	resulting from operations		$ (1,424)	$ (2)	$ (1)	$ 4	$ (1)

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)

			ING VP
			Global		ING VP	ING VP	ING VP
			Science and	ING VP	Index Plus	Index Plus	Index Plus
			Technology	Growth	LargeCap	MidCap	SmallCap
Net investment income (loss)
Income:
	Dividends		$ -	$ 116	$ 5,298	$ 1,204	$ 187
Total investment income			-	116	5,298	1,204	187
Expenses:
	Mortality and expense risk and
		other charges	338	710	4,053	2,082	849
Total expenses			338	710	4,053	2,082	849
Net investment income (loss)			(338)	(594)	1,245	(878)	(662)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			2,698	(7,504)	(8,620)	282	916
Capital gains distributions			-	-	-	-	647
Total realized gain (loss) on investments
	and capital gains distributions		2,698	(7,504)	(8,620)	282	1,563
Net unrealized appreciation
	(depreciation) of investments		(9,334)	4,153	9,240	9,346	6,616
Net increase (decrease) in net assets
	resulting from operations		$ (6,974)	$ (3,945)	$ 1,865	$ 8,750	$ 7,517

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


			ING VP	ING VP	ING VP	ING VP	ING VP
			International	Small	Value	Financial	Growth
			Equity	Company	Opportunity	Services	Opportunities
Net investment income (loss)
Income:
	Dividends		$ 158	$ 484	$ 972	$ -	$ -
Total investment income			158	484	972	-	-
Expenses:
	Mortality and expense risk and
		other charges	96	1,283	913	-	5
Total expenses			96	1,283	913	-	5
Net investment income (loss)			62	(799)	59	-	(5)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			1,123	2,172	(7,834)	-	162
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		1,123	2,172	(7,834)	-	162
Net unrealized appreciation
	(depreciation) of investments		(946)	(1,912)	9,743	1	(100)
Net increase (decrease) in net assets
	resulting from operations		$ 239	$ (539)	$ 1,968	$ 1	$ 57

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


			ING VP		ING VP		ING VP
			International	ING VP	MidCap	ING VP	SmallCap
			Value	MagnaCap	Opportunities	Real Estate	Opportunities
Net investment income (loss)
Income:
	Dividends		$ 402	$ 16	$ -	$ -	$ -
Total investment income			402	16	-	-	-
Expenses:
	Mortality and expense risk and
		other charges	301	14	42	22	50
Total expenses			301	14	42	22	50
Net investment income (loss)			101	2	(42)	(22)	(50)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			1,222	83	310	7	449
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		1,222	83	310	7	449
Net unrealized appreciation
	(depreciation) of investments		(228)	(77)	(512)	641	(832)
Net increase (decrease) in net assets
	resulting from operations		$ 1,095	$ 8	$ (244)	$ 626	$ (433)

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


				INVESCO		Janus Aspen	Janus Aspen
			ING	Health	Janus Aspen	Capital	Flexible
			Real Estate	Sciences	Balanced	Appreciation	Income
Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ 2,936	$ -	$ 2,160
Total investment income			-	-	2,936	-	2,160
Expenses:
	Mortality and expense risk and
		other charges	-	-	2,914	25	637
Total expenses			-	-	2,914	25	637
Net investment income (loss)			-	-	22	(25)	1,523

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			-	-	(1,627)	103	810
Capital gains distributions			-	-	-	-	656
Total realized gain (loss) on investments
	and capital gains distributions		-	-	(1,627)	103	1,466
Net unrealized appreciation
	(depreciation) of investments		3	-	6,249	41	(1,182)
Net increase (decrease) in net assets
	resulting from operations		$ 3	$ -	$ 4,644	$ 119	$ 1,807

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


				Janus Aspen	Janus Aspen
			Janus Aspen	MidCap	Worldwide	Janus	Lord Abbett
			Growth	Growth	Growth	Twenty	Affiliated
Net investment income (loss)
Income:
	Dividends		$ 56	$ -	$ 2,321	$ -	$ -
Total investment income			56	-	2,321	-	-
Expenses:
	Mortality and expense risk and
		other charges	1,739	3,549	3,854	5	-
Total expenses			1,739	3,549	3,854	5	-
Net investment income (loss)			(1,683)	(3,549)	(1,533)	(5)	-

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			(14,671)	(41,596)	(9,548)	(12)	-
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		(14,671)	(41,596)	(9,548)	(12)	-
Net unrealized appreciation
	(depreciation) of investments		3,305	62,910	(17,465)	67	2
Net increase (decrease) in net assets
	resulting from operations		$ (13,049)	$ 17,765	$ (28,546)	$ 50	$ 2

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)

				Lord Abbett	Lord Abbett	Lord Abbett	Massachusetts
			Lord Abbett	Mid-Cap	Mid-Cap	Small-Cap	Investors
			Growth and	Value -	Value -	Value -	Growth
			Income	Class VC	Class A	Class A	Stock
Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ -	$ -	$ -
Total investment income			-	-	-	-	-
Expenses:
	Mortality and expense risk and
		other charges	589	378	-	-	-
Total expenses			589	378	-	-	-
Net investment income (loss)			(589)	(378)	-	-	-

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			16	522	-	-	-
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		16	522	-	-	-
Net unrealized appreciation
	(depreciation) of investments		816	3,572	5	9	(1)
Net increase (decrease) in net assets
	resulting from operations		$ 243	$ 3,716	$ 5	$ 9	$ (1)

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


			MFS®		New	New	Oppenheimer
			Total	Mutual	Perspective -	Perspective -	Developing
			Return	Discovery	Class R-3	Class R-4	Markets
Net investment income (loss)
Income:
	Dividends		$ 1,034	$ -	$ -	$ -	$ -
Total investment income			1,034	-	-	-	-
Expenses:
	Mortality and expense risk and
		other charges	488	-	-	6	65
Total expenses			488	-	-	6	65
Net investment income (loss)			546	-	-	(6)	(65)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			79	-	-	1	414
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		79	-	-	1	414
Net unrealized appreciation
	(depreciation) of investments		1,343	3	2	88	559
Net increase (decrease) in net assets
	resulting from operations		$ 1,968	$ 3	$ 2	$ 83	$ 908

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)

					Oppenheimer
			Oppenheimer		Main Street	Oppenheimer	Oppenheimer
			Capital	Oppenheimer	Fund® -	Aggressive	Global
			Appreciation	Global	Class A	Growth	Securities
Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ -	$ -	$ 3,624
Total investment income			-	-	-	-	3,624
Expenses:
	Mortality and expense risk and
		other charges	-	-	-	-	2,282
Total expenses			-	-	-	-	2,282
Net investment income (loss)			-	-	-	-	1,342

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			-	-	-	-	(327)
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		-	-	-	-	(327)
Net unrealized appreciation
	(depreciation) of investments		-	-	-	-	2,987
Net increase (decrease) in net assets
	resulting from operations		$ -	$ -	$ -	$ -	$ 4,002

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


			Oppenheimer	Oppenheimer	Oppenheimer		PIMCO NFJ
			Main Street®	Main Street®	Strategic	Pax World	Small-Cap
			Fund/VA	Small Cap/VA	Bond	Balanced	Value
Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ 1,770	$ 26	$ -
Total investment income			-	-	1,770	26	-
Expenses:
	Mortality and expense risk and
		other charges	-	-	277	38	-
Total expenses			-	-	277	38	-
Net investment income (loss)			-	-	1,493	(12)	-

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			-	-	604	126	-
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		-	-	604	126	-
Net unrealized appreciation
	(depreciation) of investments		-	-	(999)	62	2
Net increase (decrease) in net assets
	resulting from operations		$ -	$ -	$ 1,098	$ 176	$ 2

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


					Pioneer		Pioneer
			PIMCO VIT	Pioneer	Equity	Pioneer	High Yield
			Real Return	High Yield	Income	Fund	VCT
Net investment income (loss)
Income:
	Dividends		$ 6	$ 1	$ 239	$ 14	$ 17
Total investment income			6	1	239	14	17
Expenses:
	Mortality and expense risk and
		other charges	6	-	105	15	3
Total expenses			6	-	105	15	3
Net investment income (loss)			-	1	134	(1)	14

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			31	-	519	57	40
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		31	-	519	57	40
Net unrealized appreciation
	(depreciation) of investments		51	2	202	(36)	19
Net increase (decrease) in net assets
	resulting from operations		$ 82	$ 3	$ 855	$ 20	$ 73

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


			Pioneer	Scudder	T. Rowe Price
			Mid Cap	Equity 500	Mid-Cap	Templeton	Templeton
			Value	Index	Value	Foreign	Growth
Net investment income (loss)
Income:
	Dividends		$ 83	$ -	$ -	$ -	$ -
Total investment income			83	-	-	-	-
Expenses:
	Mortality and expense risk and
		other charges	171	-	-	-	-
Total expenses			171	-	-	-	-
Net investment income (loss)			(88)	-	-	-	-

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			157	-	-	-	-
Capital gains distributions			218	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		375	-	-	-	-
Net unrealized appreciation
	(depreciation) of investments		1,493	-	6	6	-
Net increase (decrease) in net assets
	resulting from operations		$ 1,780	$ -	$ 6	$ 6	$ -

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)


				UBS U.S.		Vanguard®
			Templeton	Small Cap	Vanguard®	Variable	Wanger
			Global	Growth	500 Index	Insurance	Select
Net investment income (loss)
Income:
	Dividends		$ 10	$ -	$ -	$ -	$ -
Total investment income			10	-	-	-	-
Expenses:
	Mortality and expense risk and
		other charges	2	-	-	-	2
Total expenses			2	-	-	-	2
Net investment income (loss)			8	-	-	-	(2)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			-	-	-	-	-
Capital gains distributions			-	-	-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		-	-	-	-	-
Net unrealized appreciation
	(depreciation) of investments		34	-	-	-	10
Net increase (decrease) in net assets
	resulting from operations		$ 42	$ -	$ -	$ -	$ 8

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

ING life insurance and annuity company

variable annuity account c

Statements of Operations

For the nine months ended September 30, 2004
(Dollars in thousands)
(Unaudited)

				Washington	Washington
			Wanger U.S.	Mutual	Mutual
			Smaller	Investors^SM -	Investors^SM -
			Companies	Class R-3	Class R-4
Net investment income (loss)
Income:
	Dividends		$ -	$ 4	$ 69
Total investment income			-	4	69
Expenses:
	Mortality and expense risk and
		other charges	2	1	24
Total expenses			2	1	24
Net investment income (loss)			(2)	3	45

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			(11)	-	-
Capital gains distributions			-	-	-
Total realized gain (loss) on investments
	and capital gains distributions		(11)	-	-
Net unrealized appreciation
	(depreciation) of investments		22	4	134
Net increase (decrease) in net assets
	resulting from operations		$ 9	$ 7	$ 179

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


			AIM Mid	AIM V.I.
			Cap Core	Capital	AIM V.I.	AIM V.I.
			Equity	Appreciation	Core Equity	Growth
Net assets at January 1, 2003			$ -	$ 15,302	$ 34,728	$ 11,403

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	(133)	(294)	(107)
	Net realized gain (loss) on investments and capital gains
		distributions	-	(2,490)	(1,883)	(1,314)
	Net unrealized appreciation (depreciation) during the year		-	4,940	6,173	3,509
Net increase (decrease) in net assets from operations			-	2,317	3,996	2,088
Changes from principal transactions:
	Total unit transactions		-	965	134	1,784
Net increase (decrease) in assets derived from
	principal transactions		-	965	134	1,784
Total increase (decrease) in net assets			-	3,282	4,130	3,872
Net assets at September 30, 2003			$ -	$ 18,584	$ 38,858	$ 15,275


Net assets at January 1, 2004			$ -	$ 20,562	$ 42,522	$ 17,055

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	(161)	(329)	(140)
	Net realized gain (loss) on investments and capital gains
		distributions	-	(1,555)	(3,423)	(2,313)
	Net unrealized appreciation (depreciation) during the year		1	907	3,990	1,917
Net increase (decrease) in net assets from operations			1	(809)	238	(536)
Changes from contract transactions:
	Total unit transactions		176	(393)	(4,464)	142
Net increase (decrease) in assets derived from
	principal transactions		176	(393)	(4,464)	142
Total increase (decrease) in net assets			177	(1,202)	(4,226)	(394)
Net assets at September 30, 2004			$ 177	$ 17,382	$ 34,632	$ 14,881

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

				Alliance		American
			AIM V.I.	Bernstein		Century®
			Premier	Growth and	American	Income
			Equity	Income	Balanced	& Growth
Net assets at January 1, 2003			$ 15,977	$ -	$ -	$ 1,152

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(135)	-	-	6
	Net realized gain (loss) on investments and capital gains
		distributions	(990)	-	-	(40)
	Net unrealized appreciation (depreciation) during the year		3,185	-	-	216
Net increase (decrease) in net assets from operations			2,060	-	-	182
Changes from principal transactions:
	Total unit transactions		1,141	-	-	647
Net increase (decrease) in assets derived from
	principal transactions		1,141	-	-	647
Total increase (decrease) in net assets			3,201	-	-	829
Net assets at September 30, 2003			$ 19,178	$ -	$ -	$ 1,981


Net assets at January 1, 2004			$ 21,041	$ -	$ -	$ 2,491

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(155)	-	1	18
	Net realized gain (loss) on investments and capital gains
		distributions	(1,718)	-	-	140
	Net unrealized appreciation (depreciation) during the year		1,189	-	-	(106)
Net increase (decrease) in net assets from operations			(684)	-	1	52
Changes from contract transactions:
	Total unit transactions		(1,119)	16	633	785
Net increase (decrease) in assets derived from
	principal transactions		(1,119)	16	633	785
Total increase (decrease) in net assets			(1,803)	16	634	837
Net assets at September 30, 2004			$ 17,375	$ 16	$ 634	$ 2,818

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)



			Ariel		Baron	Baron
			Application	Ariel	Asset	Growth
Net assets at January 1, 2003			$ -	$ -	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	-	-
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	-	-
	Net unrealized appreciation (depreciation) during the year		-	-	-	-
Net increase (decrease) in net assets from operations			-	-	-	-
Changes from principal transactions:
	Total unit transactions		-	-	-	-
Net increase (decrease) in assets derived from
	principal transactions		-	-	-	-
Total increase (decrease) in net assets			-	-	-	-
Net assets at September 30, 2003			$ -	$ -	$ -	$ -


Net assets at January 1, 2004			$ -	$ -	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	-	-
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	-	-
	Net unrealized appreciation (depreciation) during the year		-	1	-	7
Net increase (decrease) in net assets from operations			-	1	-	7
Changes from contract transactions:
	Total unit transactions		153	30	22	200
Net increase (decrease) in assets derived from
	principal transactions		153	30	22	200
Total increase (decrease) in net assets			153	31	22	207
Net assets at September 30, 2004			$ 153	$ 31	$ 22	$ 207

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


			Calvert	Chapman	EuroPacific	EuroPacific
			Social	DEM®	Growth -	Growth -
			Balanced	Equity	Class R-3	Class R-4
Net assets at January 1, 2003			$ 49,766	$ 51	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(401)	-	-	-
	Net realized gain (loss) on investments and capital gains
		distributions	(515)	-	-	-
	Net unrealized appreciation (depreciation) during the year		6,127	-	-	-
Net increase (decrease) in net assets from operations			5,211	-	-	-
Changes from principal transactions:
	Total unit transactions		423	(51)	-	-
Net increase (decrease) in assets derived from
	principal transactions		423	(51)	-	-
Total increase (decrease) in net assets			5,634	(51)	-	-
Net assets at September 30, 2003			$ 55,400	$ -	$ -	$ -


Net assets at January 1, 2004			$ 60,576	$ -	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(481)	-	-	(12)
	Net realized gain (loss) on investments and capital gains
		distributions	(19)	-	-	(8)
	Net unrealized appreciation (depreciation) during the year		1,405	-	5	129
Net increase (decrease) in net assets from operations			905	-	5	109
Changes from contract transactions:
	Total unit transactions		1,896	-	338	6,510
Net increase (decrease) in assets derived from
	principal transactions		1,896	-	338	6,510
Total increase (decrease) in net assets			2,801	-	343	6,619
Net assets at September 30, 2004			$ 58,201	$ -	$ 343	$ 6,619

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


			Evergreen	Fidelity®	Fidelity® VIP
			Special	Advisor	Asset	Fidelity® VIP
			Values	Mid Cap	Manager^SM	Contrafund®
Net assets at January 1, 2003			$ 9,367	$ -	$ 18,235	$ 382,356

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(79)	-	548	(1,414)
	Net realized gain (loss) on investments and capital gains
		distributions	(273)	-	(311)	2,210
	Net unrealized appreciation (depreciation) during the year		2,107	-	1,622	57,202
Net increase (decrease) in net assets from operations			1,755	-	1,859	57,998
Changes from principal transactions:
	Total unit transactions		1,966	-	317	41,923
Net increase (decrease) in assets derived from
	principal transactions		1,966	-	317	41,923
Total increase (decrease) in net assets			3,721	-	2,176	99,921
Net assets at September 30, 2003			$ 13,088	$ -	$ 20,411	$ 482,277


Net assets at January 1, 2004			$ 17,138	$ -	$ 21,727	$ 564,372

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(177)	-	423	(2,720)
	Net realized gain (loss) on investments and capital gains
		distributions	237	-	(651)	5,488
	Net unrealized appreciation (depreciation) during the year		1,450	4	32	26,542
Net increase (decrease) in net assets from operations			1,510	4	(196)	29,310
Changes from contract transactions:
	Total unit transactions		16,707	302	(413)	57,464
Net increase (decrease) in assets derived from
	principal transactions		16,707	302	(413)	57,464
Total increase (decrease) in net assets			18,217	306	(609)	86,774
Net assets at September 30, 2004			$ 31,305	$ 306	$ 19,802	$ 569,051

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


			Fidelity®
			VIP Equity-	Fidelity®	Fidelity® VIP	Fidelity® VIP
			Income	VIP Growth	High Income	Index 500
Net assets at January 1, 2003			$ 226,895	$ 277,744	$ 3,569	$ 72,668

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		2,392	(1,568)	248	559
	Net realized gain (loss) on investments and capital gains
		distributions	(2,040)	(7,963)	687	(3,646)
	Net unrealized appreciation (depreciation) during the year		29,796	60,459	35	13,279
Net increase (decrease) in net assets from operations			30,148	50,928	970	10,192
Changes from principal transactions:
	Total unit transactions		16,143	3,483	2,822	5,015
Net increase (decrease) in assets derived from
	principal transactions		16,143	3,483	2,822	5,015
Total increase (decrease) in net assets			46,291	54,411	3,792	15,207
Net assets at September 30, 2003			$ 273,186	$ 332,155	$ 7,361	$ 87,875


Net assets at January 1, 2004			$ 327,820	$ 380,196	$ 7,292	$ 101,046

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		2,483	(2,051)	523	546
	Net realized gain (loss) on investments and capital gains
		distributions	1,058	(2,209)	(23)	(1,148)
	Net unrealized appreciation (depreciation) during the year		691	(17,536)	(295)	1,085
Net increase (decrease) in net assets from operations			4,232	(21,796)	205	483
Changes from contract transactions:
	Total unit transactions		35,130	5,719	(1,509)	5,491
Net increase (decrease) in assets derived from
	principal transactions		35,130	5,719	(1,509)	5,491
Total increase (decrease) in net assets			39,362	(16,077)	(1,304)	5,974
Net assets at September 30, 2004			$ 312,548	$ 316,078	$ 6,057	$ 93,849

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

					Franklin	The Growth
				Franklin	Small Cap	Fund of
			Fidelity® VIP	Small-Mid	Value	America® -
			Overseas	Cap Growth	Securities	Class R-3
Net assets at January 1, 2003			$ 14,076	$ -	$ 7,951	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(21)	-	(55)	-
	Net realized gain (loss) on investments and capital gains
		distributions	5,988	-	(553)	-
	Net unrealized appreciation (depreciation) during the year		(255)	-	1,728	-
Net increase (decrease) in net assets from operations			5,712	-	1,120	-
Changes from principal transactions:
	Total unit transactions		(118)	-	2,876	-
Net increase (decrease) in assets derived from
	principal transactions		(118)	-	2,876	-
Total increase (decrease) in net assets			5,594	-	3,996	-
Net assets at September 30, 2003			$ 19,670	$ -	$ 11,947	$ -


Net assets at January 1, 2004			$ 30,341	$ -	$ 15,883	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		103	-	(139)	(1)
	Net realized gain (loss) on investments and capital gains
		distributions	1,916	-	1,426	-
	Net unrealized appreciation (depreciation) during the year		(2,764)	-	964	2
Net increase (decrease) in net assets from operations			(745)	-	2,251	1
Changes from contract transactions:
	Total unit transactions		6,801	46	13,700	697
Net increase (decrease) in assets derived from
	principal transactions		6,801	46	13,700	697
Total increase (decrease) in net assets			6,056	46	15,951	698
Net assets at September 30, 2004			$ 25,726	$ 46	$ 27,898	$ 698

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

			The Growth	The Income
			Fund of	Fund of	ING GET	ING GET
			America® -	America® -	Fund -	Fund -
			Class R-4	Class R-3	Series D	Series E
Net assets at January 1, 2003			$ -	$ -	$ 234,066	$ 104,443

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	5,763	2,837
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	(4,524)	(416)
	Net unrealized appreciation (depreciation) during the year		-	-	(1,416)	(1,662)
Net increase (decrease) in net assets from operations			-	-	(177)	759
Changes from principal transactions:
	Total unit transactions		-	-	(53,721)	(16,564)
Net increase (decrease) in assets derived from
	principal transactions		-	-	(53,721)	(16,564)
Total increase (decrease) in net assets			-	-	(53,898)	(15,805)
Net assets at September 30, 2003			$ -	$ -	$ 180,168	$ 88,638


Net assets at January 1, 2004			$ -	$ -	$ 152,769	$ 79,656

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(38)	-	5,607	4,381
	Net realized gain (loss) on investments and capital gains
		distributions	1	-	(18,597)	(7,517)
	Net unrealized appreciation (depreciation) during the year		215	1	12,860	2,594
Net increase (decrease) in net assets from operations			178	1	(130)	(542)
Changes from contract transactions:
	Total unit transactions		23,464	61	(152,639)	(79,114)
Net increase (decrease) in assets derived from
	principal transactions		23,464	61	(152,639)	(79,114)
Total increase (decrease) in net assets			23,642	62	(152,769)	(79,656)
Net assets at September 30, 2004			$ 23,642	$ 62	$ 27,399	$ 8,982

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


			ING GET	ING GET	ING GET	ING GET
			Fund -	Fund -	Fund -	Fund -
			Series G	Series H	Series I	Series J
Net assets at January 1, 2003			$ 29,756	$ 23,282	$ 1,190	$ 394

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		816	632	24	9
	Net realized gain (loss) on investments and capital gains
		distributions	(46)	(1)	1	-
	Net unrealized appreciation (depreciation) during the year		(582)	(384)	(11)	(5)
Net increase (decrease) in net assets from operations			188	247	14	4
Changes from principal transactions:
	Total unit transactions		(2,951)	(3,357)	(68)	(12)
Net increase (decrease) in assets derived from
	principal transactions		(2,951)	(3,357)	(68)	(12)
Total increase (decrease) in net assets			(2,763)	(3,110)	(54)	(8)
Net assets at September 30, 2003			$ 26,993	$ 20,172	$ 1,136	$ 386


Net assets at January 1, 2004			$ 23,831	$ 18,535	$ 1,092	$ 386

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		713	574	24	12
	Net realized gain (loss) on investments and capital gains
		distributions	(163)	(105)	(1)	(1)
	Net unrealized appreciation (depreciation) during the year		(644)	(562)	(31)	(14)
Net increase (decrease) in net assets from operations			(94)	(93)	(8)	(3)
Changes from contract transactions:
	Total unit transactions		(4,737)	(4,408)	(256)	(24)
Net increase (decrease) in assets derived from
	principal transactions		(4,737)	(4,408)	(256)	(24)
Total increase (decrease) in net assets			(4,831)	(4,501)	(264)	(27)
Net assets at September 30, 2004			$ 22,162	$ 15,671	$ 872	$ 359

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


			ING GET	ING GET	ING GET	ING GET
			Fund -	Fund -	Fund -	Fund -
			Series K	Series L	Series Q	Series S
Net assets at January 1, 2003			$ 2,048	$ 1,187	$ 5,031	$ 46,558

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		40	31	(46)	(350)
	Net realized gain (loss) on investments and capital gains
		distributions	6	-	19	133
	Net unrealized appreciation (depreciation) during the year		(23)	(6)	171	1,371
Net increase (decrease) in net assets from operations			23	25	144	1,154
Changes from principal transactions:
	Total unit transactions		(249)	(6)	(564)	(10,061)
Net increase (decrease) in assets derived from
	principal transactions		(249)	(6)	(564)	(10,061)
Total increase (decrease) in net assets			(226)	19	(420)	(8,907)
Net assets at September 30, 2003			$ 1,822	$ 1,206	$ 4,611	$ 37,651


Net assets at January 1, 2004			$ 1,736	$ 1,049	$ 4,385	$ 32,661

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		41	29	111	468
	Net realized gain (loss) on investments and capital gains
		distributions	2	(2)	19	835
	Net unrealized appreciation (depreciation) during the year		(50)	(30)	(144)	(1,353)
Net increase (decrease) in net assets from operations			(7)	(3)	(14)	(50)
Changes from contract transactions:
	Total unit transactions		(197)	(282)	(356)	(7,346)
Net increase (decrease) in assets derived from
	principal transactions		(197)	(282)	(356)	(7,346)
Total increase (decrease) in net assets			(204)	(285)	(370)	(7,396)
Net assets at September 30, 2004			$ 1,618	$ 921	$ 4,241	$ 30,255

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


				ING VP	ING VP	ING VP
			ING VP	Emerging	Intermediate	Money
			Balanced	Markets	Bond	Market
Net assets at January 1, 2003			$ 597,925	$ 5,020	$ 458,178	$ 368,846

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		7,372	(42)	3,788	3,251
	Net realized gain (loss) on investments and capital gains
		distributions	(16,984)	1,563	4,402	(3,130)
	Net unrealized appreciation (depreciation) during the year		65,641	27	10,537	(300)
Net increase (decrease) in net assets from operations			56,029	1,548	18,727	(179)
Changes from principal transactions:
	Total unit transactions		(37,943)	(186)	(47,804)	(80,213)
Net increase (decrease) in assets derived from
	principal transactions		(37,943)	(186)	(47,804)	(80,213)
Total increase (decrease) in net assets			18,086	1,362	(29,077)	(80,392)
Net assets at September 30, 2003			$ 616,011	$ 6,382	$ 429,101	$ 288,454


Net assets at January 1, 2004			$ 659,370	$ 8,172	$ 408,185	$ 257,477

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		8,004	(70)	14,341	886
	Net realized gain (loss) on investments and capital gains
		distributions	(7,010)	713	15,343	(225)
	Net unrealized appreciation (depreciation) during the year		11,203	(596)	(18,899)	(872)
Net increase (decrease) in net assets from operations			12,197	47	10,785	(211)
Changes from contract transactions:
	Total unit transactions		(10,905)	620	(10,144)	(25,391)
Net increase (decrease) in assets derived from
	principal transactions		(10,905)	620	(10,144)	(25,391)
Total increase (decrease) in net assets			1,292	667	641	(25,602)
Net assets at September 30, 2004			$ 617,303	$ 7,049	$ 429,742	$ 262,852

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

						ING T. Rowe
			ING VP		ING MFS	Price
			Natural	ING Julius	Total	Equity
			Resources	Baer Foreign	Return	Income
Net assets at January 1, 2003			$ 11,897	$ -	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(90)	-	(4)	(2)
	Net realized gain (loss) on investments and capital gains
		distributions	(949)	-	(1)	2
	Net unrealized appreciation (depreciation) during the year		2,088	-	11	(3)
Net increase (decrease) in net assets from operations			1,049	-	6	(3)
Changes from principal transactions:
	Total unit transactions		(1,141)	-	2,703	1,213
Net increase (decrease) in assets derived from
	principal transactions		(1,141)	-	2,703	1,213
Total increase (decrease) in net assets			(92)	-	2,709	1,210
Net assets at September 30, 2003			$ 11,805	$ -	$ 2,709	$ 1,210


Net assets at January 1, 2004			$ 13,971	$ -	$ 8,289	$ 2,143

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		35	(1)	(117)	(99)
	Net realized gain (loss) on investments and capital gains
		distributions	701	6	45	91
	Net unrealized appreciation (depreciation) during the year		405	12	488	539
Net increase (decrease) in net assets from operations			1,141	17	416	531
Changes from contract transactions:
	Total unit transactions		433	484	11,361	19,056
Net increase (decrease) in assets derived from
	principal transactions		433	484	11,361	19,056
Total increase (decrease) in net assets			1,574	501	11,777	19,587
Net assets at September 30, 2004			$ 13,379	$ 501	$ 14,486	$ 20,797

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

				ING Alger	ING Alger
			ING Aeltus	Aggressive	Aggressive
			Enhanced	Growth -	Growth -	ING Alger
			Index	Initial Class	Service Class	Growth
Net assets at January 1, 2003			$ 126	$ -	$ 902	$ 255

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		1	-	(18)	(6)
	Net realized gain (loss) on investments and capital gains
		distributions	4	3	139	26
	Net unrealized appreciation (depreciation) during the year		22	2	163	60
Net increase (decrease) in net assets from operations			27	5	284	80
Changes from principal transactions:
	Total unit transactions		415	10	4,741	1,318
Net increase (decrease) in assets derived from
	principal transactions		415	10	4,741	1,318
Total increase (decrease) in net assets			442	15	5,025	1,398
Net assets at September 30, 2003			$ 568	$ 15	$ 5,927	$ 1,653


Net assets at January 1, 2004			$ 800	$ 16	$ 9,420	$ 2,194

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(2)	-	(91)	(21)
	Net realized gain (loss) on investments and capital gains
		distributions	78	1	565	151
	Net unrealized appreciation (depreciation) during the year		(74)	-	(1,101)	(306)
Net increase (decrease) in net assets from operations			2	1	(627)	(176)
Changes from contract transactions:
	Total unit transactions		544	(5)	1,333	191
Net increase (decrease) in assets derived from
	principal transactions		544	(5)	1,333	191
Total increase (decrease) in net assets			546	(4)	706	15
Net assets at September 30, 2004			$ 1,114	$ 11	$ 6,633	$ 1,668

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

			ING American	ING	ING Goldman
			Century	Baron	Sachs®	ING
			SmallCap	SmallCap	Capital	JPMorgan
			Value	Growth	Growth	International
Net assets at January 1, 2003			$ 1,834	$ 3,239	$ 347	$ 107,839

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(24)	(51)	(4)	315
	Net realized gain (loss) on investments and capital gains
		distributions	(11)	62	3	12,077
	Net unrealized appreciation (depreciation) during the year		477	1,168	52	3,267
Net increase (decrease) in net assets from operations			442	1,179	51	15,659
Changes from principal transactions:
	Total unit transactions		2,141	6,045	246	(12,886)
Net increase (decrease) in assets derived from
	principal transactions		2,141	6,045	246	(12,886)
Total increase (decrease) in net assets			2,583	7,224	297	2,773
Net assets at September 30, 2003			$ 4,417	$ 10,463	$ 644	$ 110,612


Net assets at January 1, 2004			$ 6,307	$ 15,257	$ 827	$ 126,504

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(111)	(224)	(8)	469
	Net realized gain (loss) on investments and capital gains
		distributions	980	1,087	29	5,345
	Net unrealized appreciation (depreciation) during the year		(201)	923	(46)	(1,335)
Net increase (decrease) in net assets from operations			668	1,786	(25)	4,479
Changes from contract transactions:
	Total unit transactions		12,502	21,505	378	(6,052)
Net increase (decrease) in assets derived from
	principal transactions		12,502	21,505	378	(6,052)
Total increase (decrease) in net assets			13,170	23,291	353	(1,573)
Net assets at September 30, 2004			$ 17,587	$ 33,754	$ 997	$ 109,039

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

			ING
			JPMorgan	ING MFS	ING MFS	ING OpCap
			Mid Cap	Capital	Global	Balanced
			Value	Opportunities	Growth	Value
Net assets at January 1, 2003			$ 1,038	$ 129,150	$ 202	$ 515

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(13)	(751)	(4)	63
	Net realized gain (loss) on investments and capital gains
		distributions	34	(7,984)	4	17
	Net unrealized appreciation (depreciation) during the year		194	27,271	69	153
Net increase (decrease) in net assets from operations			215	18,536	69	233
Changes from principal transactions:
	Total unit transactions		1,583	(7,914)	656	4,339
Net increase (decrease) in assets derived from
	principal transactions		1,583	(7,914)	656	4,339
Total increase (decrease) in net assets			1,798	10,622	725	4,572
Net assets at September 30, 2003			$ 2,836	$ 139,772	$ 927	$ 5,087


Net assets at January 1, 2004			$ 3,999	$ 151,497	$ 1,294	$ 9,183

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(57)	(497)	(13)	(283)
	Net realized gain (loss) on investments and capital gains
		distributions	135	(14,374)	152	224
	Net unrealized appreciation (depreciation) during the year		479	15,274	(143)	855
Net increase (decrease) in net assets from operations			557	403	(4)	796
Changes from contract transactions:
	Total unit transactions		6,293	(14,834)	405	7,034
Net increase (decrease) in assets derived from
	principal transactions		6,293	(14,834)	405	7,034
Total increase (decrease) in net assets			6,850	(14,431)	401	7,830
Net assets at September 30, 2004			$ 9,686	$ 125,341	$ 1,328	$ 12,917

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

				ING Salomon	ING Salomon	ING Salomon
				Brothers	Brothers	Brothers
			ING PIMCO	Aggressive	Fundamental	Investors
			Total Return	Growth	Value	Value
Net assets at January 1, 2003			$ 16,279	$ 175,927	$ 244	$ 635

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(199)	(1,536)	47	2
	Net realized gain (loss) on investments and capital gains
		distributions	631	(9,128)	172	4
	Net unrealized appreciation (depreciation) during the year		231	51,947	18	139
Net increase (decrease) in net assets from operations			663	41,283	237	145
Changes from principal transactions:
	Total unit transactions		11,136	3,256	5,161	2,450
Net increase (decrease) in assets derived from
	principal transactions		11,136	3,256	5,161	2,450
Total increase (decrease) in net assets			11,799	44,539	5,398	2,595
Net assets at September 30, 2003			$ 28,078	$ 220,466	$ 5,642	$ 3,230


Net assets at January 1, 2004			$ 31,227	$ 239,784	$ 9,414	$ 4,019

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(1,861)	(93)	(2)	(1,649)
	Net realized gain (loss) on investments and capital gains
		distributions	(4,617)	228	302	385
	Net unrealized appreciation (depreciation) during the year		7,244	(352)	(369)	(3,659)
Net increase (decrease) in net assets from operations			766	(217)	(69)	(4,923)
Changes from contract transactions:
	Total unit transactions		(15,950)	1,838	1,751	25,162
Net increase (decrease) in assets derived from
	principal transactions		(15,950)	1,838	1,751	25,162
Total increase (decrease) in net assets			(15,184)	1,621	1,682	20,239
Net assets at September 30, 2004			$ 12,894	$ 222,087	$ 7,324	$ 23,469

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

			ING T. Rowe	ING T. Rowe		ING
			Price Growth	Price Growth	ING	UBS U.S.
			Equity -	Equity -	UBS U.S.	Large Cap
			Initial Class	Service Class	Allocation	Equity
Net assets at January 1, 2003			$ 169,889	$ -	$ 474	$ 114,492

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(1,158)	-	(4)	(234)
	Net realized gain (loss) on investments and capital gains
		distributions	(1,854)	-	9	(6,648)
	Net unrealized appreciation (depreciation) during the year		30,510	-	55	19,912
Net increase (decrease) in net assets from operations			27,498	-	60	13,030
Changes from principal transactions:
	Total unit transactions		13,367	-	187	(8,861)
Net increase (decrease) in assets derived from
	principal transactions		13,367	-	187	(8,861)
Total increase (decrease) in net assets			40,865	-	247	4,169
Net assets at September 30, 2003			$ 210,754	$ -	$ 721	$ 118,661


Net assets at January 1, 2004			$ 246,603	$ -	$ 911	$ 128,075

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	(7)	(13)	40
	Net realized gain (loss) on investments and capital gains
		distributions	-	78	(3,522)	231
	Net unrealized appreciation (depreciation) during the year		2	(60)	7,098	147
Net increase (decrease) in net assets from operations			2	11	3,563	418
Changes from contract transactions:
	Total unit transactions		129	695	(7,060)	8,814
Net increase (decrease) in assets derived from
	principal transactions		129	695	(7,060)	8,814
Total increase (decrease) in net assets			131	706	(3,497)	9,232
Net assets at September 30, 2004			$ 210,885	$ 706	$ (2,776)	$ 127,893

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

				ING VP	ING VP	ING VP
			ING Van	Strategic	Strategic	Strategic
			Kampen	Allocation	Allocation	Allocation
			Comstock	Balanced	Growth	Income
Net assets at January 1, 2003			$ 8,175	$ 47,846	$ 56,046	$ 31,610

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(98)	379	76	500
	Net realized gain (loss) on investments and capital gains
		distributions	(58)	(684)	(1,201)	(494)
	Net unrealized appreciation (depreciation) during the year		1,807	4,950	7,664	1,994
Net increase (decrease) in net assets from operations			1,651	4,645	6,539	2,000
Changes from principal transactions:
	Total unit transactions		9,242	674	172	(1,943)
Net increase (decrease) in assets derived from
	principal transactions		9,242	674	172	(1,943)
Total increase (decrease) in net assets			10,893	5,319	6,711	57
Net assets at September 30, 2003			$ 19,068	$ 53,165	$ 62,757	$ 31,667


Net assets at January 1, 2004			$ 32,018	$ 58,446	$ 69,833	$ 33,837

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(355)	301	206	368
	Net realized gain (loss) on investments and capital gains
		distributions	1,025	(416)	(472)	2
	Net unrealized appreciation (depreciation) during the year		1,959	1,216	1,231	323
Net increase (decrease) in net assets from operations			2,629	1,101	965	693
Changes from contract transactions:
	Total unit transactions		20,086	5,993	3,315	848
Net increase (decrease) in assets derived from
	principal transactions		20,086	5,993	3,315	848
Total increase (decrease) in net assets			22,715	7,094	4,280	1,541
Net assets at September 30, 2004			$ 41,783	$ 60,259	$ 67,037	$ 33,208

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


			ING	ING VP	ING GET	ING GET
			Financial	Growth and	U.S. Core	U.S. Core
			Services	Income	Series 1	Series 2
Net assets at January 1, 2003			$ -	$ 2,141,418	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	(17,610)	(4)	-
	Net realized gain (loss) on investments and capital gains
		distributions	-	(333,335)	-	-
	Net unrealized appreciation (depreciation) during the year		-	564,928	10	-
Net increase (decrease) in net assets from operations			-	213,983	6	-
Changes from principal transactions:
	Total unit transactions		-	(225,724)	2,310	-
Net increase (decrease) in assets derived from
	principal transactions		-	(225,724)	2,310	-
Total increase (decrease) in net assets			-	(11,741)	2,316	-
Net assets at September 30, 2003			$ -	$ 2,129,677	$ 2,316	$ -


Net assets at January 1, 2004			$ -	$ 2,310,967	$ 2,378	$ 20,639

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	1,637	(5)	(170)
	Net realized gain (loss) on investments and capital gains
		distributions	-	(200,798)	9	13
	Net unrealized appreciation (depreciation) during the year		-	152,727	(6)	211
Net increase (decrease) in net assets from operations			-	(46,434)	(2)	54
Changes from contract transactions:
	Total unit transactions		13	(181,757)	(158)	(537)
Net increase (decrease) in assets derived from
	principal transactions		13	(181,757)	(158)	(537)
Total increase (decrease) in net assets			13	(228,191)	(160)	(483)
Net assets at September 30, 2004			$ 13	$ 1,901,486	$ 2,156	$ (483)

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


			ING GET	ING GET	ING GET
			U.S. Core	U.S. Core	U.S. Core	ING GNMA
			Series 3	Series 5	Series 6	Income
Net assets at January 1, 2003			$ -	$ -	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	-	-
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	-	-
	Net unrealized appreciation (depreciation) during the year		-	-	-	-
Net increase (decrease) in net assets from operations			-	-	-	-
Changes from principal transactions:
	Total unit transactions		-	-	-	-
Net increase (decrease) in assets derived from
	principal transactions		-	-	-	-
Total increase (decrease) in net assets			-	-	-	-
Net assets at September 30, 2003			$ -	$ -	$ -	$ -


Net assets at January 1, 2004			$ 207	$ -	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(558)	(1)	(4)	2
	Net realized gain (loss) on investments and capital gains
		distributions	(159)	-	-	-
	Net unrealized appreciation (depreciation) during the year		(707)	(1)	3	2
Net increase (decrease) in net assets from operations			(1,424)	(2)	(1)	4
Changes from contract transactions:
	Total unit transactions		56,319	663	6,352	212
Net increase (decrease) in assets derived from
	principal transactions		56,319	663	6,352	212
Total increase (decrease) in net assets			54,895	661	6,351	216
Net assets at September 30, 2004			$ 54,895	$ 661	$ 6,351	$ 216

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

				ING VP
			ING	Global		ING VP
			Intermediate	Science and	ING VP	Index Plus
			Bond	Technology	Growth	LargeCap
Net assets at January 1, 2003			$ -	$ 23,001	$ 76,539	$ 378,460

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	(214)	(639)	1,407
	Net realized gain (loss) on investments and capital gains
		distributions	-	(4,003)	(8,481)	(10,247)
	Net unrealized appreciation (depreciation) during the year		-	10,660	22,154	54,606
Net increase (decrease) in net assets from operations			-	6,443	13,034	45,766
Changes from principal transactions:
	Total unit transactions		-	7,584	(1,349)	18,674
Net increase (decrease) in assets derived from
	principal transactions		-	7,584	(1,349)	18,674
Total increase (decrease) in net assets			-	14,027	11,685	64,440
Net assets at September 30, 2003			$ -	$ 37,028	$ 88,224	$ 442,900


Net assets at January 1, 2004			$ -	$ 47,295	$ 95,972	$ 503,421

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	(338)	(594)	1,245
	Net realized gain (loss) on investments and capital gains
		distributions	-	2,698	(7,504)	(8,620)
	Net unrealized appreciation (depreciation) during the year		(1)	(9,334)	4,153	9,240
Net increase (decrease) in net assets from operations			(1)	(6,974)	(3,945)	1,865
Changes from contract transactions:
	Total unit transactions		319	(2,418)	(7,028)	24,736
Net increase (decrease) in assets derived from
	principal transactions		319	(2,418)	(7,028)	24,736
Total increase (decrease) in net assets			318	(9,392)	(10,973)	26,601
Net assets at September 30, 2004			$ 318	$ 27,636	$ 77,251	$ 469,501

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


			ING VP	ING VP	ING VP	ING VP
			Index Plus	Index Plus	International	Small
			MidCap	SmallCap	Equity	Company
Net assets at January 1, 2003			$ 144,261	$ 54,579	$ 8,248	$ 115,085

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(477)	(337)	32	(585)
	Net realized gain (loss) on investments and capital gains
		distributions	(2,199)	(431)	1,014	(10,516)
	Net unrealized appreciation (depreciation) during the year		27,681	11,380	152	37,229
Net increase (decrease) in net assets from operations			25,005	10,612	1,198	26,128
Changes from principal transactions:
	Total unit transactions		19,253	9,182	554	3,456
Net increase (decrease) in assets derived from
	principal transactions		19,253	9,182	554	3,456
Total increase (decrease) in net assets			44,258	19,794	1,752	29,584
Net assets at September 30, 2003			$ 188,519	$ 74,373	$ 10,000	$ 144,669


Net assets at January 1, 2004			$ 233,761	$ 93,931	$ 11,933	$ 167,432

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(878)	(662)	62	(799)
	Net realized gain (loss) on investments and capital gains
		distributions	282	1,563	1,123	2,172
	Net unrealized appreciation (depreciation) during the year		9,346	6,616	(946)	(1,912)
Net increase (decrease) in net assets from operations			8,750	7,517	239	(539)
Changes from contract transactions:
	Total unit transactions		67,036	27,852	902	(2,610)
Net increase (decrease) in assets derived from
	principal transactions		67,036	27,852	902	(2,610)
Total increase (decrease) in net assets			75,786	35,369	1,141	(3,149)
Net assets at September 30, 2004			$ 264,305	$ 109,742	$ 11,141	$ 141,520

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


			ING VP	ING VP	ING VP	ING VP
			Value	Financial	Growth	International
			Opportunity	Services	Opportunities	Value
Net assets at January 1, 2003			$ 115,345	$ -	$ 158	$ 12,825

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		55	-	(3)	102
	Net realized gain (loss) on investments and capital gains
		distributions	(6,090)	-	(5)	(618)
	Net unrealized appreciation (depreciation) during the year		17,499	-	61	3,269
Net increase (decrease) in net assets from operations			11,464	-	53	2,753
Changes from principal transactions:
	Total unit transactions		(3,300)	-	500	7,576
Net increase (decrease) in assets derived from
	principal transactions		(3,300)	-	500	7,576
Total increase (decrease) in net assets			8,164	-	553	10,329
Net assets at September 30, 2003			$ 123,509	$ -	$ 711	$ 23,154


Net assets at January 1, 2004			$ 133,176	$ -	$ 1,297	$ 32,591

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		59	-	(5)	101
	Net realized gain (loss) on investments and capital gains
		distributions	(7,834)	-	162	1,222
	Net unrealized appreciation (depreciation) during the year		9,743	1	(100)	(228)
Net increase (decrease) in net assets from operations			1,968	1	57	1,095
Changes from contract transactions:
	Total unit transactions		(27,517)	111	(1,354)	12,113
Net increase (decrease) in assets derived from
	principal transactions		(27,517)	111	(1,354)	12,113
Total increase (decrease) in net assets			(25,549)	112	(1,297)	13,208
Net assets at September 30, 2004			$ 97,960	$ 112	$ (586)	$ 36,362

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


				ING VP		ING VP
			ING VP	MidCap	ING VP	SmallCap
			MagnaCap	Opportunities	Real Estate	Opportunities
Net assets at January 1, 2003			$ 544	$ 457	$ -	$ 2,239

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(2)	(13)	-	(16)
	Net realized gain (loss) on investments and capital gains
		distributions	(41)	68	-	(277)
	Net unrealized appreciation (depreciation) during the year		152	204	-	879
Net increase (decrease) in net assets from operations			109	259	-	586
Changes from principal transactions:
	Total unit transactions		418	2,298	-	1,815
Net increase (decrease) in assets derived from
	principal transactions		418	2,298	-	1,815
Total increase (decrease) in net assets			527	2,557	-	2,401
Net assets at September 30, 2003			$ 1,071	$ 3,014	$ -	$ 4,640


Net assets at January 1, 2004			$ 1,571	$ 4,191	$ -	$ 8,045

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		2	(42)	(22)	(50)
	Net realized gain (loss) on investments and capital gains
		distributions	83	310	7	449
	Net unrealized appreciation (depreciation) during the year		(77)	(512)	641	(832)
Net increase (decrease) in net assets from operations			8	(244)	626	(433)
Changes from contract transactions:
	Total unit transactions		81	1,081	12,360	(404)
Net increase (decrease) in assets derived from
	principal transactions		81	1,081	12,360	(404)
Total increase (decrease) in net assets			89	837	12,986	(837)
Net assets at September 30, 2004			$ 1,160	$ 3,851	$ 12,986	$ 3,803

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

						Janus Aspen
				INVESCO	Janus Aspen	Series
			ING	Health	Series	Capital
			Real Estate	Sciences	Balanced	Appreciation
Net assets at January 1, 2003			$ -	$ -	$ 353,540	$ 2,019

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	1,714	(17)
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	2,332	(23)
	Net unrealized appreciation (depreciation) during the year		-	-	17,049	304
Net increase (decrease) in net assets from operations			-	-	21,095	264
Changes from principal transactions:
	Total unit transactions		-	-	3,918	761
Net increase (decrease) in assets derived from
	principal transactions		-	-	3,918	761
Total increase (decrease) in net assets			-	-	25,013	1,025
Net assets at September 30, 2003			$ -	$ -	$ 378,553	$ 3,044


Net assets at January 1, 2004			$ -	$ -	$ 385,094	$ 3,177

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	22	(25)
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	(1,627)	103
	Net unrealized appreciation (depreciation) during the year		3	-	6,249	41
Net increase (decrease) in net assets from operations			3	-	4,644	119
Changes from contract transactions:
	Total unit transactions		83	18	(30,194)	(151)
Net increase (decrease) in assets derived from
	principal transactions		83	18	(30,194)	(151)
Total increase (decrease) in net assets			86	18	(25,550)	(32)
Net assets at September 30, 2004			$ 86	$ 18	$ 353,003	$ 3,012

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

			Janus Aspen		Janus Aspen	Janus Aspen
			Series	Janus Aspen	Series	Series
			Flexible	Series	Mid Cap	Worldwide
			Income	Growth	Growth	Growth
Net assets at January 1, 2003			$ 92,271	$ 199,166	$ 369,184	$ 513,443

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		1,555	(1,630)	(3,080)	341
	Net realized gain (loss) on investments and capital gains
		distributions	1,599	(10,886)	(42,892)	(9,696)
	Net unrealized appreciation (depreciation) during the year		1,395	42,913	119,896	53,286
Net increase (decrease) in net assets from operations			4,549	30,397	73,924	43,931
Changes from principal transactions:
	Total unit transactions		(338)	(8,327)	(15,935)	(46,429)
Net increase (decrease) in assets derived from
	principal transactions		(338)	(8,327)	(15,935)	(46,429)
Total increase (decrease) in net assets			4,211	22,070	57,989	(2,498)
Net assets at September 30, 2003			$ 96,482	$ 221,236	$ 427,173	$ 510,945


Net assets at January 1, 2004			$ 89,994	$ 239,988	$ 459,241	$ 536,188

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		1,523	(1,683)	(3,549)	(1,533)
	Net realized gain (loss) on investments and capital gains
		distributions	1,466	(14,671)	(41,596)	(9,548)
	Net unrealized appreciation (depreciation) during the year		(1,182)	3,305	62,910	(17,465)
Net increase (decrease) in net assets from operations			1,807	(13,049)	17,765	(28,546)
Changes from contract transactions:
	Total unit transactions		(11,434)	(26,910)	(45,976)	(85,222)
Net increase (decrease) in assets derived from
	principal transactions		(11,434)	(26,910)	(45,976)	(85,222)
Total increase (decrease) in net assets			(9,627)	(39,959)	(28,211)	(113,768)
Net assets at September 30, 2004			$ 86,855	$ 181,277	$ 398,962	$ 397,177

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

						Lord Abbett
					Lord Abbett	Mid-Cap
			Janus	Lord Abbett	Growth and	Value -
			Twenty	Affiliated	Income	Class VC
Net assets at January 1, 2003			$ 383	$ -	$ 12,172	$ 10,124

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(3)	-	(164)	(116)
	Net realized gain (loss) on investments and capital gains
		distributions	(36)	-	(41)	(298)
	Net unrealized appreciation (depreciation) during the year		92	-	2,973	2,045
Net increase (decrease) in net assets from operations			53	-	2,768	1,631
Changes from principal transactions:
	Total unit transactions		42	-	17,732	8,851
Net increase (decrease) in assets derived from
	principal transactions		42	-	17,732	8,851
Total increase (decrease) in net assets			95	-	20,500	10,482
Net assets at September 30, 2003			$ 478	$ -	$ 32,672	$ 20,606


Net assets at January 1, 2004			$ 563	$ -	$ 50,532	$ 28,509

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(5)	-	(589)	(378)
	Net realized gain (loss) on investments and capital gains
		distributions	(12)	-	16	522
	Net unrealized appreciation (depreciation) during the year		67	2	816	3,572
Net increase (decrease) in net assets from operations			50	2	243	3,716
Changes from contract transactions:
	Total unit transactions		28	131	38,696	36,765
Net increase (decrease) in assets derived from
	principal transactions		28	131	38,696	36,765
Total increase (decrease) in net assets			78	133	38,939	40,481
Net assets at September 30, 2004			$ 556	$ 133	$ 71,611	$ 61,087

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

			Lord Abbett		Massachusetts
			Mid-Cap	Lord Abbett	Investors	MFS®
			Value -	Small-Cap	Growth	Total
			Class A	Value	Stock	Return
Net assets at January 1, 2003			$ 21	$ -	$ -	$ 39,338

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	-	441
	Net realized gain (loss) on investments and capital gains
		distributions	(2)	-	-	(232)
	Net unrealized appreciation (depreciation) during the year		-	-	-	3,377
Net increase (decrease) in net assets from operations			(2)	-	-	3,586
Changes from principal transactions:
	Total unit transactions		(19)	-	-	9,288
Net increase (decrease) in assets derived from
	principal transactions		(19)	-	-	9,288
Total increase (decrease) in net assets			(21)	-	-	12,874
Net assets at September 30, 2003			$ -	$ -	$ -	$ 52,212


Net assets at January 1, 2004			$ -	$ -	$ -	$ 58,033

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	-	546
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	-	79
	Net unrealized appreciation (depreciation) during the year		5	9	(1)	1,343
Net increase (decrease) in net assets from operations			5	9	(1)	1,968
Changes from contract transactions:
	Total unit transactions		118	307	156	7,220
Net increase (decrease) in assets derived from
	principal transactions		118	307	156	7,220
Total increase (decrease) in net assets			123	316	155	9,188
Net assets at September 30, 2004			$ 123	$ 316	$ 155	$ 61,400

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


				New	New	Oppenheimer
			Mutual	Perspective -	Perspective -	Developing
			Discovery	Class R-3	Class R-4	Markets
Net assets at January 1, 2003			$ -	$ -	$ -	$ 1,294

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	-	(14)
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	-	592
	Net unrealized appreciation (depreciation) during the year		-	-	-	21
Net increase (decrease) in net assets from operations			-	-	-	599
Changes from principal transactions:
	Total unit transactions		-	-	-	1,251
Net increase (decrease) in assets derived from
	principal transactions		-	-	-	1,251
Total increase (decrease) in net assets			-	-	-	1,850
Net assets at September 30, 2003			$ -	$ -	$ -	$ 3,144


Net assets at January 1, 2004			$ -	$ -	$ -	$ 6,248

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	(6)	(65)
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	1	414
	Net unrealized appreciation (depreciation) during the year		3	2	88	559
Net increase (decrease) in net assets from operations			3	2	83	908
Changes from contract transactions:
	Total unit transactions		112	113	4,344	6,111
Net increase (decrease) in assets derived from
	principal transactions		112	113	4,344	6,111
Total increase (decrease) in net assets			115	115	4,427	7,019
Net assets at September 30, 2004			$ 115	$ 115	$ 4,427	$ 10,163

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

					Oppenheimer
			Oppenheimer		Main Street	Oppenheimer
			Capital	Oppenheimer	Fund® -	Aggressive
			Appreciation	Global	Class A	Growth
Net assets at January 1, 2003			$ -	$ -	$ -	$ 3

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	-	-
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	-	-
	Net unrealized appreciation (depreciation) during the year		-	-	-	1
Net increase (decrease) in net assets from operations			-	-	-	1
Changes from principal transactions:
	Total unit transactions		-	-	-	-
Net increase (decrease) in assets derived from
	principal transactions		-	-	-	-
Total increase (decrease) in net assets			-	-	-	1
Net assets at September 30, 2003			$ -	$ -	$ -	$ 4


Net assets at January 1, 2004			$ -	$ -	$ -	$ 4

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	-	-
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	-	-
	Net unrealized appreciation (depreciation) during the year		-	-	-	-
Net increase (decrease) in net assets from operations			-	-	-	-
Changes from contract transactions:
	Total unit transactions		167	-	10	(1)
Net increase (decrease) in assets derived from
	principal transactions		167	-	10	(1)
Total increase (decrease) in net assets			167	-	10	(1)
Net assets at September 30, 2004			$ 167	$ -	$ 10	$ 3

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


			Oppenheimer	Oppenheimer	Oppenheimer	Oppenheimer
			Global	Main Street®	Main Street®	Strategic
			Securities	Fund/VA	Small Cap/VA	Bond
Net assets at January 1, 2003			$ 117,400	$ 28	$ -	$ 16,662

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(8)	-	-	1,189
	Net realized gain (loss) on investments and capital gains
		distributions	(5,578)	-	-	847
	Net unrealized appreciation (depreciation) during the year		33,523	3	-	753
Net increase (decrease) in net assets from operations			27,937	3	-	2,789
Changes from principal transactions:
	Total unit transactions		33,470	(2)	-	8,437
Net increase (decrease) in assets derived from
	principal transactions		33,470	(2)	-	8,437
Total increase (decrease) in net assets			61,407	1	-	11,226
Net assets at September 30, 2003			$ 178,807	$ 29	$ -	$ 27,888


Net assets at January 1, 2004			$ 251,043	$ 32	$ -	$ 32,607

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		1,342	-	-	1,493
	Net realized gain (loss) on investments and capital gains
		distributions	(327)	-	-	604
	Net unrealized appreciation (depreciation) during the year		2,987	-	-	(999)
Net increase (decrease) in net assets from operations			4,002	-	-	1,098
Changes from contract transactions:
	Total unit transactions		82,043	9	4	7,161
Net increase (decrease) in assets derived from
	principal transactions		82,043	9	4	7,161
Total increase (decrease) in net assets			86,045	9	4	8,259
Net assets at September 30, 2004			$ 264,852	$ 38	$ 4	$ 36,147

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


				PIMCO NFJ
			Pax World	Small-Cap	PIMCO VIT	Pioneer
			Balanced	Value	Real Return	High Yield
Net assets at January 1, 2003			$ 1,605	$ -	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(2)	-	-	-
	Net realized gain (loss) on investments and capital gains
		distributions	(35)	-	-	-
	Net unrealized appreciation (depreciation) during the year		175	-	-	-
Net increase (decrease) in net assets from operations			138	-	-	-
Changes from principal transactions:
	Total unit transactions		898	-	-	-
Net increase (decrease) in assets derived from
	principal transactions		898	-	-	-
Total increase (decrease) in net assets			1,036	-	-	-
Net assets at September 30, 2003			$ 2,641	$ -	$ -	$ -


Net assets at January 1, 2004			$ 3,605	$ -	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(12)	-	-	1
	Net realized gain (loss) on investments and capital gains
		distributions	126	-	31	-
	Net unrealized appreciation (depreciation) during the year		62	2	51	2
Net increase (decrease) in net assets from operations			176	2	82	3
Changes from contract transactions:
	Total unit transactions		5,695	37	3,811	224
Net increase (decrease) in assets derived from
	principal transactions		5,695	37	3,811	224
Total increase (decrease) in net assets			5,871	39	3,893	227
Net assets at September 30, 2004			$ 9,476	$ 39	$ 3,893	$ 227

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


			Pioneer		Pioneer	Pioneer
			Equity	Pioneer	High Yield	Mid Cap
			Income	Fund	VCT	Value
Net assets at January 1, 2003			$ 3,782	$ 432	$ -	$ 2,143

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		67	1	-	(15)
	Net realized gain (loss) on investments and capital gains
		distributions	(84)	(8)	-	16
	Net unrealized appreciation (depreciation) during the year		534	81	-	545
Net increase (decrease) in net assets from operations			517	74	-	546
Changes from principal transactions:
	Total unit transactions		3,661	611	-	2,791
Net increase (decrease) in assets derived from
	principal transactions		3,661	611	-	2,791
Total increase (decrease) in net assets			4,178	685	-	3,337
Net assets at September 30, 2003			$ 7,960	$ 1,117	$ -	$ 5,480


Net assets at January 1, 2004			$ 10,691	$ 1,522	$ -	$ 11,735

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		134	(1)	14	(88)
	Net realized gain (loss) on investments and capital gains
		distributions	519	57	40	375
	Net unrealized appreciation (depreciation) during the year		202	(36)	19	1,493
Net increase (decrease) in net assets from operations			855	20	73	1,780
Changes from contract transactions:
	Total unit transactions		5,912	706	3,583	18,940
Net increase (decrease) in assets derived from
	principal transactions		5,912	706	3,583	18,940
Total increase (decrease) in net assets			6,767	726	3,656	20,720
Net assets at September 30, 2004			$ 17,458	$ 2,248	$ 3,656	$ 32,455

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


			Scudder	T. Rowe Price
			Equity 500	Mid-Cap	Templeton	Templeton
			Index	Value	Foreign	Growth
Net assets at January 1, 2003			$ -	$ -	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	(6)	-
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	-	-
	Net unrealized appreciation (depreciation) during the year		-	-	-	-
Net increase (decrease) in net assets from operations			-	-	(6)	-
Changes from principal transactions:
	Total unit transactions		-	-	6	-
Net increase (decrease) in assets derived from
	principal transactions		-	-	6	-
Total increase (decrease) in net assets			-	-	-	-
Net assets at September 30, 2003			$ -	$ -	$ -	$ -


Net assets at January 1, 2004			$ -	$ -	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	-	-
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	-	-
	Net unrealized appreciation (depreciation) during the year		-	6	6	-
Net increase (decrease) in net assets from operations			-	6	6	-
Changes from contract transactions:
	Total unit transactions		-	283	296	35
Net increase (decrease) in assets derived from
	principal transactions		-	283	296	35
Total increase (decrease) in net assets			-	289	302	35
Net assets at September 30, 2004			$ -	$ 289	$ 302	$ 35

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)


				UBS U.S.		Vanguard®
			Templeton	Small Cap	Vanguard®	Variable
			Global	Growth	500 Index	Insurance
Net assets at January 1, 2003			$ -	$ -	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	-	-
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	-	-
	Net unrealized appreciation (depreciation) during the year		-	-	-	-
Net increase (decrease) in net assets from operations			-	-	-	-
Changes from principal transactions:
	Total unit transactions		-	-	-	-
Net increase (decrease) in assets derived from
	principal transactions		-	-	-	-
Total increase (decrease) in net assets			-	-	-	-
Net assets at September 30, 2003			$ -	$ -	$ -	$ -


Net assets at January 1, 2004			$ -	$ -	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		8	-	-	-
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	-	-
	Net unrealized appreciation (depreciation) during the year		34	-	-	-
Net increase (decrease) in net assets from operations			42	-	-	-
Changes from contract transactions:
	Total unit transactions		1,650	43	12	186
Net increase (decrease) in assets derived from
	principal transactions		1,650	43	12	186
Total increase (decrease) in net assets			1,692	43	12	186
Net assets at September 30, 2004			$ 1,692	$ 43	$ 12	$ 186

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

ING life insurance and annuity company

variable annuity account c

Statements of Changes in Net Assets

For the nine months ended September 30, 2004 and 2003
(Dollars in thousands)
(Unaudited)

					Washington	Washington
				Wanger U.S.	Mutual	Mutual
			Wanger	Smaller	Investors^SM -	Investors^SM -
			Select	Companies	Class R-3	Class R-4
Net assets at January 1, 2003			$ -	$ -	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		-	-	-	-
	Net realized gain (loss) on investments and capital gains
		distributions	-	-	-	-
	Net unrealized appreciation (depreciation) during the year		-	-	-	-
Net increase (decrease) in net assets from operations			-	-	-	-
Changes from principal transactions:
	Total unit transactions		-	-	-	-
Net increase (decrease) in assets derived from
	principal transactions		-	-	-	-
Total increase (decrease) in net assets			-	-	-	-
Net assets at September 30, 2003			$ -	$ -	$ -	$ -


Net assets at January 1, 2004			$ -	$ -	$ -	$ -

Increase (decrease) in net assets from operations
Operations:
	Net investment income (loss)		(2)	(2)	3	45
	Net realized gain (loss) on investments and capital gains
		distributions	-	(11)	-	-
	Net unrealized appreciation (depreciation) during the year		10	22	4	134
Net increase (decrease) in net assets from operations			8	9	7	179
Changes from contract transactions:
	Total unit transactions		1,079	1,129	777	16,272
Net increase (decrease) in assets derived from
	principal transactions		1,079	1,129	777	16,272
Total increase (decrease) in net assets			1,087	1,138	784	16,451
Net assets at September 30, 2004			$ 1,087	$ 1,138	$ 784	$ 16,451

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

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Organization

ING Life Insurance and Annuity Company Variable Annuity Account C (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 a wholly-owned subsidiary of ING America Insurance Holdings, Inc. ("ING AIH"), an insurance holding company domiciled in the State of Delaware. ING AIH is a wholly-owned subsidiary of ING Groep, N.V., a global financial services holding company based in The Netherlands.

The Account is registered as a unit investment trust with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. 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 separate account, which is not part of the Account, as directed by the Contractowners. 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. The assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of ILIAC.

At September 30, 2004, the Account had 140 investment divisions (the "Divisions"), 76 of which invest in independently managed mutual funds and 64 of which invest in mutual funds managed by affiliates, either ING Investments, LLC or ING Life Insurance and Annuity Company. The assets in each Division are invested in shares of a designated fund ("Fund") of various investment trusts (the "Trusts"). Investment Divisions at September 30, 2004 and related Trusts are as follows:

AIM Growth Series:

AIM Mid Cap Core Equity Fund - Class A**

AIM Variable Insurance Funds:

AIM V.I. Capital Appreciation Fund - Series I

AIM V.I. Core Equity Fund - Series I

AIM V.I. Growth Fund - Series I

AIM V.I. Premier Equity Fund - Series I

Alliance Bernstein Growth and Income Fund - Class A**

American Balanced Fund® - Class R-3**

American Century® Income & Growth Fund-Advisor Class

Ariel Investment Trust:

Ariel Appreciation Fund**

Ariel Fund**

Baron Asset Fund**

Baron Growth Fund*

Calvert Variable Series, Inc.:

Calvert Social Balanced Portfolio

EuroPacific Growth Fund® - Class R-3**

EuroPacific Growth Fund® - Class R-4**

Evergreen Special Values Fund - Class A

Fidelity® Advisor Mid Cap Fund - Class T**

Fidelity® Variable Insurance Products:

Fidelity® VIP Asset Manager^SM Portfolio - Initial Class

Fidelity® VIP Contrafund® Portfolio - Initial Class

Fidelity® VIP Equity-Income Portfolio - Initial Class

Fidelity® VIP Growth Portfolio - Initial Class

Fidelity® VIP High Income Portfolio-Initial Class

Fidelity® VIP Index 500 Portfolio-Initial Class

Fidelity® VIP Overseas Portfolio-Initial Class

Franklin Strategic Series:

Franklin Small-Mid Cap Growth Fund - Class A**

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Franklin Templeton Variable Insurance Products Trust:

Franklin Small Cap Value Securities Fund-Class 2

The Growth Fund of America® - Class A*

The Growth Fund of America® - Class R-3**

The Growth Fund of America® - Class R-4**

The Income Fund of America® - Class R-3**

ING GET Funds:

ING GET Fund - Series G

ING GET Fund - Series H

ING GET Fund - Series I

ING GET Fund - Series J

ING GET Fund - Series K

ING GET Fund - Series L

ING GET Fund - Series Q

ING GET Fund - Series S

ING VP Balanced Portfolios, Inc. - Class I

ING VP Emerging Markets Fund

ING VP Intermediate Bond Portfolio - Class I

ING VP Money Market Portfolio - Class I

ING VP Natural Resources Trust

ING Investors Trust:

ING Julius Baer Foreign Portfolio - Service Class**

ING MFS Total Return Portfolio - Service*

ING T. Rowe Price Equity Income - Service*

ING Partners, Inc.:

ING Aeltus Enhanced Index Portfolio - Service Class*

ING Alger Aggressive Growth Portfolio - Initial Class

ING Alger Aggressive Growth Portfolio - Service Class

ING Alger Growth Portfolio - Service Class

ING American Century Small Cap Value Portfolio - Service Class

ING Baron Small Cap Growth Portfolio - Service Class

ING Goldman Sachs® Capital Growth Portfolio - Service Class

ING JPMorgan International Portfolio - Initial Class

ING JPMorgan Mid Cap Value Portfolio - Service Class

ING MFS Capital Opportunities Portfolio - Initial Class

ING MFS Global Growth Portfolio - Service Class

ING OpCap Balanced Value Portfolio - Service Class

ING Partners, Inc. (continued):

ING PIMCO Total Return Portfolio - Service Class

ING Salomon Brothers Aggressive Growth Portfolio - Initial Class

ING Salomon Brothers Fundamental Value Portfolio - Service Class

ING Salomon Brothers Investors Value Portfolio - Service Class

ING T. Rowe Price Growth Equity Portfolio - Initial Class

ING T. Rowe Price Growth Equity Portfolio - Service Class**

ING UBS U.S. Allocation Portfolio - Service Class

ING UBS Large Cap Equity Portfolio - Initial Class

ING Van Kampen Comstock Portfolio - Service Class

ING Strategic Allocation Portfolios, Inc.:

ING VP Strategic Allocation Balanced Portfolio - Class I

ING VP Strategic Allocation Growth Portfolio - Class I

ING VP Strategic Allocation Income Portfolio - Class I

ING Financial Services Fund - Class A**

ING Variable Funds:

ING VP Growth and Income Portfolio - Class I

ING Variable Insurance Trust:

ING GET US Core Portfolio - Series 1*

ING GET US Core Portfolio - Series 2*

ING GET US Core Portfolio - Series 3*

ING GET US Core Portfolio - Series 5**

ING GET US Core Portfolio - Series 6**

ING GNMA Income Fund - Class A

ING Intermediate Bond Fund - Class A

ING Variable Portfolios, Inc.:

ING VP Global Science and Technology Portfolio - Class I**

ING VP Growth Portfolio - Class I

ING VP Index Plus LargeCap Portfolio - Class I

ING VP Index Plus MidCap Portfolio - Class I

ING VP Index Plus SmallCap Portfolio - Class I

ING VP International Equity Portfolio - Class I

ING VP Small Company Portfolio - Class I

ING VP Value Opportunity Portfolio - Class I

ING Variable Products Trust:

ING VP Financial Services Portfolio - Class I**

ING VP Growth Opportunities Portfolio - Class I

ING VP International Value Portfolio - Class I

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

ING Variable Products Trust (continued):

ING VP MagnaCap Portfolio - Class I

ING VP MidCap Opportunities Portfolio-Class I

ING VP Real Estate Portfolio - Class I**

ING VP SmallCap Opportunities Portfolio-Class I

ING Real Estate Fund - Class A**

INVESCO Health Sciences Fund - Investor Class**

Janus Aspen Series:

Janus Aspen Balanced Portfolio-Institutional Shares

Janus Aspen Capital Appreciation Portfolio-Service Shares

Janus Aspen Flexible Income Portfolio-Institutional Shares

Janus Aspen Growth Portfolio-Institutional Shares

Janus Aspen Mid Cap Growth Portfolio-Institutional Shares

Janus Aspen Worldwide Growth Portfolio-Institutional Shares

Janus Twenty Fund

Lord Abbett Affiliated Fund - Class A**

Lord Abbett Series Fund, Inc.:

Lord Abbett Growth and Income Portfolio - Class VC

Lord Abbett Mid-Cap Value Portfolio-Class VC

Lord Abbett Mid Cap Value Fund - Class A**

Lord Abbett Small-Cap Value Fund - Class A**

Massachusetts Investors Growth Stock Fund - Class A**

MFS® Variable Insurance Trust^SM:

MFS® Total Return Series-Initial Class

Mutual Discovery Fund - Class R**

New Perspective Fund® - Class R-3**

New Perspective Fund® - Class R-4**

Oppenheimer Developing Markets Fund - Class A

Oppenheimer Capital Appreciation Fund - Class A**

Oppenheimer Global Fund**

Oppenheimer Main Street Fund® - Class A**

Oppenheimer Variable Account Funds:

Oppenheimer Aggressive Growth Fund/VA

Oppenheimer Global Securities Fund/VA

Oppenheimer Main Street® Fund/VA

Oppenheimer Main Street® Small Cap Fund/VA**

Oppenheimer Strategic Bond Fund/VA

Pax World Balanced Fund, Inc.

PIMCO NFJ Small-Cap Value Fund - Class A**

PIMCO VIT Real Return Portfolio - Admin Class**

Pioneer High Yield Fund - Class A**

Pioneer Variable Contracts Trust:

Pioneer Equity Income VCT Portfolio-Class I

Pioneer Fund VCT Portfolio-Class I

Pioneer High Yield VCT Portfolio - Class I**

Pioneer Mid Cap Value VCT Portfolio-Class I

Scudder Equity 500 Index Fund**

T. Rowe Price Mid-Cap Value Fund - R Class**

Templeton Foreign Fund - Class A*

Templeton Growth Fund, Inc. - Class A**

Templeton Income Trust:

Templeton Global Bond Fund - Class A**

UBS U.S. Small Cap Growth Fund - Class A**

Vanguard® 500 Index Fund - Investor Shares**

Vanguard® Variable Insurance Fund - Equity Income Portfolio**

Wangers Advisors Trust:

Wanger Select**

Wanger U.S. Smaller Companies**

Washington Mutual Investors Fund^SM - Class R-3**

Washington Mutual Investors Fund^SM - Class R-4**

* Investment Division added in 2003

** Investment Division added in 2004

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

The names of certain Divisions were changed during 2004. The following is a summary of current and former names for those Divisions:

Current Name

Former Name

ING GET Fund:

ING GET Fund:

ING VP Balanced Portfolio, Inc. - Class I

ING VP Balanced Portfolio, Inc. - Class R

ING VP Intermediate Bond Portfolio - Class I

ING VP Bond Portfolio - Class R

ING VP Money Market Portfolio - Class I

ING VP Money Market Portfolio - Class R

ING Partners, Inc.:

ING Partners, Inc.:

ING Aeltus Enhanced Index Portfolio - Service Class

ING DSI Enhanced Index Portfolio - Service Class

ING JP Morgan International Portfolio - Initial Class

ING JP Morgan Fleming International Portfolio -

Initial Class

ING UBS U.S. Allocation Portfolio - Service Class

ING UBS Tactical Asset Allocation Portfolio - Service

Class

ING UBS U.S. Large Cap Equity Portfolio - Initial

ING MFS Research Equity Portfolio

Class

ING Strategic Allocation Portfolios, Inc.:

ING Strategic Allocation Portfolios, Inc.:

ING VP Strategic Allocation Balanced Portfolio -

ING VP Strategic Allocation Balanced Portfolio -

Class I

Class R

ING VP Strategic Allocation Growth Portfolio - Class I

ING VP Strategic Allocation Growth Portfolio - Class R

ING VP Strategic Allocation Income Portfolio - Class I

ING VP Strategic Allocation Income Portfolio - Class R

ING Variable Funds:

ING Variable Funds:

ING VP Growth and Income Portfolio - Class I

ING VP Growth and Income Portfolio - Class R

ING Variable Portfolios, Inc.:

ING Variable Portfolios, Inc.:

ING VP Growth Portfolio - Class I

ING VP Growth Portfolio - Class R

ING VP Index Plus LargeCap Portfolio - Class I

ING VP Index Plus LargeCap Portfolio - Class R

ING VP Index Plus MidCap Portfolio - Class I

ING VP Index Plus MidCap Portfolio - Class R

ING VP Index Plus SmallCap Portfolio - Class I

ING VP Index Plus SmallCap Portfolio - Class R

ING VP International Equity Portfolio - Class I

ING VP International Equity Portfolio - Class R

ING VP Small Company Portfolio - Class I

ING VP Small Company Portfolio - Class R

ING VP Value Opportunity Portfolio - Class I

ING VP Value Opportunity Portfolio - Class R

ING Variable Products Trust:

ING Variable Products Trust:

ING VP International Value Portfolio - Class I

ING VP International Value Portfolio - Class R

ING VP MagnaCap Portfolio - Class I

ING VP MagnaCap Portfolio - Class R

ING VP MidCap Opportunities Portfolio - Class I

ING VP MidCap Opportunities Portfolio - Class R

ING VP SmallCap Opportunities Portfolio - Class I

ING VP SmallCap Opportunities Portfolio - Class R

During 2004, the Chapman DEMâ Equity Fund - International Shares and Lord Abbett Mid-Cap Value Fund - Class A were closed to Contractowners.

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Significant Accounting Policies

The following is a summary of the significant accounting policies of the Account:

Use of Estimates

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Investments

Investments are made in shares of a Fund and are recorded at fair value, determined by the net asset value per share of the respective Fund. Investment transactions in each Fund are recorded on the trade date. Distributions of net investment income and capital gains from each Fund are recognized on the ex-distribution date. Realized gains and losses on redemptions of the shares of the Fund are determined on a first-in, first-out basis. The difference between cost and current market value 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. Earnings and realized capital gains of the Account attributable to the Contractowners are excluded in the determination of the federal income tax liability of ILIAC.

Variable Annuity Reserves

Prior to the annuity date, the Contracts are redeemable for the net cash surrender value of the Contracts. The annuity reserves are equal to the aggregate account values of the Contractowners invested in the Account Divisions. Net assets allocated to contracts in the payout period are computed according to the 1983a Individual Annuitant Mortality Table. The assumed investment return is 3.5% unless the Contractowner elects otherwise, in which case the rate may vary from 3.5% to 7%, as regulated by the laws of the respective states. The mortality risk is fully borne by ILIAC and may result in additional amounts being transferred into the Account by ILIAC to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the Company.

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Charges and Fees

Under the terms of the Contracts, certain charges are allocated to the Contracts to cover ILIAC's expenses in connection with the issuance and administration of the Contracts. Following is a summary of these charges:

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 1.50% of the average daily net asset value of each Division of the Account to cover these risks, as specified in the Contract.

Administrative Charges

A daily charge at an annual rate of up to 0.25% of the assets attributable to the Contracts is deducted, as specified in the Contract, for administrative charges related to the Account.

Contract Maintenance Charges

For certain Contracts, 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.

Contingent Deferred Sales Charges

For certain Contracts, a contingent deferred sales charge is imposed as a percentage of each premium payment if the Contract is surrendered or an excess partial withdrawal is taken, and currently ranges up to 7%, as specified in the Contract.

Premium Taxes

For certain Contracts, premium taxes are deducted, where applicable, from the accumulation value of each Contract. The amount and timing of the deduction depends on the Contractowner's state of residence and currently ranges up to 4.0% of premiums.

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Related Party Transactions

During the nine months ended September 30, 2004, management and service fees were paid indirectly to ING Investments, LLC, an affiliate of the Company, in its capacity as investment adviser to the ING GET Fund, ING VP Intermediate Bond Portfolio, ING VP Money Market Portfolio, ING VP Balanced Portfolio, Inc., ING Variable Portfolios, Inc., ING VP Emerging Markets Fund, Inc., ING VP Natural Resources Trust, ING VP Growth and Income Portfolio, ING Strategic Allocation Portfolio, Inc., and ING Variable Products Trust. The annual fee rate ranged from 0.25% to 1.00% of the average net assets of each respective Fund or Fund of the Trust. In addition, management fees were paid to ING Life Insurance and Annuity Company, an affiliate, in its capacity as investment adviser to ING Partners, Inc. The annual fee rate ranged from 0.50% to 1.00% of the average net assets of each respective Fund of the Trust.

100

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Purchases and Sales of Investment Securities

The aggregate cost of purchases and proceeds from sales of investments follow:

Nine months ended September 30

2004

2003

Purchases

Sales

Purchases

Sales

(Dollars in thousands)

AIM Growth Series:

AIM Mid Cap Equity

$           177

$               1

$                -

$                -

AIM Variable Insurance Funds:

AIM V.I. Capital Appreciation

           1,370

           1,924

           2,628

           1,796

AIM V.I. Core Equity

           1,490

           6,283

           2,108

           2,268

AIM V.I. Growth

           1,772

           1,770

           2,444

              767

AIM V.I. Premier Equity

           1,356

           2,630

           2,035

           1,029

AllianceBernstein Growth and Income Fund

                16

                   -

                   -

                   -

American Balanced

              666

                32

                   -

                   -

American Century® Income & Growth

           1,442

              639

           1,441

              788

Ariel Investment Trust:

Ariel Appreciation

              153

                   -

                   -

                   -

Ariel

                30

                   -

                   -

                   -

Baron Asset

                22

                   -

                   -

                   -

Baron Growth

              201

                  1

              129

              129

Calvert Variable Series, Inc.:

Calvert Social Balanced

           5,995

           4,580

           3,623

           3,601

Chapman DEM® Equity

                   -

                   -

                  2

                53

EuroPacific Growth - R-3

              346

                  8

                   -

                   -

EuroPacific Growth - R-4

           8,718

           2,220

                   -

                   -

Evergreen Special Values

         17,849

           1,319

           3,836

           1,949

Fidelity® Advisor Mid Cap

              302

                   -

                   -

                   -

Fidelity® Variable Insurance Products:

Fidelity® VIP Asset Manager^SM

           4,070

           4,060

           2,220

           1,355

Fidelity® VIP Contrafund®

         74,393

         19,649

         53,504

         12,995

Fidelity® VIP Equity-Income

         47,687

           8,822

         30,268

         11,733

Fidelity® VIP Growth

         20,793

         17,125

         22,591

         20,676

Fidelity® VIP High Income

           5,305

           6,291

         25,466

         22,396

Fidelity® VIP Index 500

           9,805

           3,768

         13,017

           7,443

Fidelity® VIP Overseas

         23,484

         16,580

       370,790

       370,929

Franklin Strategic Series:

Franklin Small-Mid Cap Growth

                46

                   -

                   -

                   -

Franklin Templeton Variable Insurance

Products Trust:

Franklin Small Cap Value Securities

         21,154

           7,593

           9,710

           6,889

The Growth Fund of America® - Class R-3

              696

                   -

                   -

                   -

The Growth Fund of America® - Class R-4

         23,426

                   -

                   -

                   -

101

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Nine months ended September 30

2004

2003

Purchases

Sales

Purchases

Sales

(Dollars in thousands)

The Income Fund of America® - Class R-3

$             61

$                -

$                -

$                -

ING GET Funds:

ING GET Fund - Series D

           5,798

       152,830

           8,244

         56,202

ING GET Fund - Series E

           5,286

         80,019

           3,915

         17,642

ING GET Fund - Series G

           1,066

           5,090

           1,123

           3,258

ING GET Fund - Series H

              836

           4,670

              876

           3,601

ING GET Fund - Series I

                36

              268

                39

                83

ING GET Fund - Series J

                17

                29

                14

                17

ING GET Fund - Series K

                56

              212

              101

              310

ING GET Fund - Series L

                37

              290

                42

                17

ING GET Fund - Series Q

              149

              394

                   -

              610

ING GET Fund - Series S

           1,378

           7,824

                84

         10,495

ING VP Balanced

         30,278

         33,179

         22,684

         53,255

ING VP Emerging Markets

         10,027

           9,477

         53,401

         53,629

ING VP Intermediate Bond

         97,724

         83,244

         28,313

         72,329

ING VP Money Market

         58,242

         82,747

    1,079,953

    1,156,915

ING VP Natural Resources

           4,016

           3,548

           4,328

           5,559

ING Investors Trust:

ING Julius Baer Foreign

           1,019

              536

                   -

                   -

ING MFS Total Return

         11,765

              521

           2,778

                79

ING T. Rowe Price Equity Income

         19,648

              691

           1,249

                38

ING Partners, Inc.:

ING Aeltus Enhanced Index

           2,531

           1,989

              458

                42

ING Alger Aggressive Growth - Initial Class

                   -

                  5

              111

              101

ING Alger Aggressive Growth - Service Class

           5,340

           4,098

           5,758

           1,035

ING Alger Growth

           1,345

           1,175

           1,707

              395

ING American Century Small Cap Value

         15,487

           2,945

           2,328

              211

ING Baron Small Cap Growth

         24,907

           3,626

           6,627

              633

ING Goldman Sachs® Capital Growth

              563

              193

              411

              169

ING JPMorgan International

         22,038

         27,621

       667,384

       679,955

ING JPMorgan Mid Cap Value

           6,674

              423

           2,135

              565

ING MFS Capital Opportunities

           3,456

         18,787

           5,573

         14,238

ING MFS Global Growth

           2,047

           1,639

           1,141

              489

ING OpCap Balanced Value

           9,891

           1,037

           4,598

              196

ING PIMCO Total Return

         17,789

         10,670

         23,844

         12,762

ING Salomon Brothers Aggressive Growth

           8,327

         26,138

         19,964

         18,244

ING Salomon Brothers Fundamental Value

           3,354

           1,609

           8,841

           3,633

ING Salomon Brother Investors Value

           3,214

           1,465

           2,868

              416

ING T. Rowe Price Growth Equity - Initial Class

         31,357

           7,844

         21,970

           9,761

ING T. Rowe Price Growth Equity - Service Class

              129

                   -

                   -

                   -

102

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Nine months ended September 30

2004

2003

Purchases

Sales

Purchases

Sales

(Dollars in thousands)

ING Partners, Inc. (continued):

ING UBS U.S. Allocation

$        1,072

$           384

$           501

$           318

ING UBS U.S. Large Cap Equity

           5,412

         12,485

           2,933

         12,028

ING Van Kampen Comstock

         24,833

           4,853

           9,493

              349

ING Strategic Allocation Portfolios, Inc.:

ING VP Strategic Allocation Balanced

         11,358

           5,064

           4,411

           3,358

ING VP Strategic Allocation Growth

           9,343

           5,822

           3,886

           3,638

ING VP Strategic Allocation Income

         10,547

           9,331

           3,285

           4,728

ING Financial Services Fund

                13

                   -

                   -

                   -

ING Variable Funds:

ING VP Growth and Income

         63,169

       243,289

           5,471

       248,805

ING Variable Insurance Trust:

ING GET US Core - Series 1

                18

              179

           2,370

                64

ING GET US Core - Series 2

              149

              856

                   -

                   -

ING GET US Core - Series 3

         72,246

         16,485

                   -

                   -

ING GET US Core - Series 5

              673

                11

                   -

                   -

ING GET US Core - Series 6

           6,825

              477

                   -

                   -

ING GNMA Income

              214

                   -

                   -

                   -

ING Intermediate Bond

              319

                   -

                   -

                   -

ING Variable Portfolios, Inc.:

ING VP Global Science and Technology

           9,963

         12,719

         21,911

         14,541

ING VP Growth

           2,880

         10,502

           7,471

           9,459

ING VP Index Plus LargeCap

         53,898

         27,917

         46,833

         26,752

ING VP Index Plus MidCap

         69,023

           2,865

         30,175

         11,399

ING VP Index Plus SmallCap

         33,125

           5,288

         21,336

         12,491

ING VP International Equity

           7,751

           6,787

         22,850

         22,264

ING VP Small Company

         13,260

         16,669

         58,420

         55,549

ING VP Value Opportunity

           4,921

         32,379

           8,814

         12,059

ING Variable Products Trust:

ING VP Financial Services

              116

                  5

                   -

                   -

ING VP Growth Opportunities

              538

           1,897

              639

              142

ING VP International Value

         19,667

           7,453

         10,074

           2,396

ING VP MagnaCap

              464

              381

              607

              191

ING VP MidCap Opportunties

           2,846

           1,807

           2,947

              662

ING VP Real Estate

         12,408

                70

                   -

                   -

ING VP SmallCap Opportunities

           1,799

           2,253

           2,435

              636

ING Real Estate

                83

                   -

                   -

                   -

INVESCO Health Sciences

                18

                   -

                   -

                   -

103

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Nine months ended September 30

2004

2003

Purchases

Sales

Purchases

Sales

(Dollars in thousands)

Janus Aspen Series:

Janus Aspen Balanced

$      12,341

$      42,513

$      33,399

$      27,767

Janus Aspen Capital Appreciation

              548

              724

           1,188

              444

Janus Aspen Flexible Income

           9,086

         18,341

         22,796

         21,579

Janus Aspen Growth

           6,254

         34,847

           9,869

         19,826

Janus Aspen Mid Cap Growth

           5,393

         54,918

         22,760

         41,775

Janus Aspen Worldwide Growth

         11,587

         98,342

         24,347

         70,435

Janus Twenty

                77

                54

                96

                57

Lord Abbett Affiliated

              131

                   -

                   -

                   -

Lord Abbett Series Fund, Inc.:

Lord Abbett Growth and Income

         38,327

              220

         17,855

              287

Lord Abbett Mid-Cap Value - Class VC

         38,794

           2,407

         10,322

           1,587

Lord Abbett Mid-Cap Value - Class A

              118

                   -

                93

              112

Lord Abbett Small-Cap Value

              307

                   -

                   -

                   -

Massachusetts Investors Growth

              156

                   -

                   -

                   -

MFS® Variable Insurance Trust^SM:

MFS® Total Return

         10,191

           2,425

         12,111

           2,382

Mutual Discovery

              112

                   -

                   -

                   -

New Perspective - Class R-3

              113

                   -

                   -

                   -

New Perspective - Class R-4

           4,349

                11

                   -

                   -

Oppenheimer Developing Markets

         12,032

           5,986

         16,208

         14,971

Oppenheimer Capital Appreciation

              167

                   -

                   -

                   -

Oppenheimer Global

                   -

                   -

                   -

                   -

Oppenheimer Main Street - Class A

                10

                   -

                   -

                   -

Oppenheimer Variable Account Funds:

Oppenheimer Aggressive Growth

                   -

                  1

                  1

                  1

Oppenheimer Global Securities

         90,551

           7,166

         41,848

           8,386

Oppenheimer Main Street® - Fund/VA

                12

                  3

                   -

                  2

Oppenheimer Main Street® Small Cap/VA

                  4

                   -

                   -

                   -

Oppenheimer Strategic Bond

         15,441

           6,787

         31,243

         21,617

Pax World Balanced

           7,683

           2,000

           1,082

              186

PIMCO NFJ Small-Cap Value

                37

                   -

              118

              118

PIMCO VIT Real Return

           6,017

           2,206

                   -

                   -

Pioneer High Yield

              225

                   -

                   -

                   -

Pioneer Variable Contracts Trust:

Pioneer Equity Income

           8,835

           2,789

           4,968

           1,240

Pioneer Fund

           1,025

              320

              663

                51

Pioneer High Yield VCT

           7,235

           3,638

                   -

                   -

Pioneer Mid Cap Value

         19,580

              510

           4,153

           1,377

Scudder Equity 500 Index

                   -

                   -

                   -

                   -

104

ING LIFE INSURANCE AND ANNUITY COMPANY

variable annuity account c

Notes to Financial Statements (Unaudited)

Nine months ended September 30

2004

2003

Purchases

Sales

Purchases

Sales

(Dollars in thousands)

T. Rowe Price Mid-Cap Value

$           293

$             10

$                -

$                -

Templeton Foreign

              296

                   -

                60

                60

Templeton Growth

                35

                   -

                   -

                   -

Templeton Income Trust:

Templeton Global Bond

           1,658

                   -

                   -

                   -

UBS U.S. Small Cap Growth

                43

                   -

                   -

                   -

Vanguard® 500 Index

                12

                   -

                   -

                   -

Vanguard® Variable Insurance

              186

                   -

                   -

                   -

Wangers Advisors Trust:

                   -

                   -

Wanger Select

           1,077

                   -

                   -

                   -

Wanger U.S. Smaller Companies

           1,127

                   -

                   -

                   -

Washington Mutual Investors^SM - Class R-3

              780

                   -

                   -

                   -

Washington Mutual Investors^SM - Class R-4

         16,317

                   -

                   -

                   -

105

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Changes in Units

The changes in units outstanding were as follows:

Nine months ended September 30

2004

2003

Net Units Issued

Net Units Issued

(Redeemed)

(Redeemed)

AIM Growth Series:

AIM Mid Cap Equity

                      17,257

                                -

AIM Variable Insurance Funds:

AIM V.I. Capital Appreciation

                     (49,446)

                    136,874

AIM V.I. Core Equity

                   (587,294)

                      22,284

AIM V.I. Growth

                      14,885

                    397,384

AIM V.I. Premier Equity

                   (171,590)

                    187,403

AllianceBernstein Growth & Income

                        1,618

                                -

American Balanced

                      63,411

                                -

American Century® Income & Growth

                      85,794

                      84,788

Ariel Investment Trust:

Ariel Appreciation

                      15,364

                                -

Ariel

                        2,898

                                -

Baron Asset

                        2,118

                                -

Baron Growth

                      19,688

                                -

Calvert Variable Series, Inc.:

Calvert Social Balanced

                    164,586

                      47,129

Chapman DEM® Equity

                                -

                                -

EuroPacific Growth - R-3

                      33,684

                                -

EuroPacific Growth - R-4

                    654,119

                                -

Evergreen Special Values

                 1,043,737

                    157,180

Fidelity® Advisor Mid Cap

                      30,857

                                -

Fidelity® Variable Insurance Products:

Fidelity®  VIP Asset Manager^SM

                     (24,372)

                      19,573

Fidelity®  VIP Contrafund®

                 2,982,483

                 2,444,533

Fidelity®  VIP Equity-Income

                 2,164,151

                 1,203,245

Fidelity®  VIP Growth

                    511,380

                    369,316

Fidelity®  VIP High Income

                   (184,018)

                    391,121

Fidelity®  VIP Index 500

                    250,924

                    272,816

Fidelity®  VIP Overseas

                    567,852

                    129,709

Franklin Strategic Series:

Franklin Small-Mid Cap Growth

                        4,824

                                -

Franklin Templeton Variable Insurance Products Trust:

Franklin Small Cap Value Securities

                 1,082,131

                    298,486

The Growth Fund of America® - Class R-3

                      70,581

                                -

The Growth Fund of America® - Class R-4

                 2,385,119

                                -

The Income Fund of America® - Class R-3

                        6,027

                                -

106

ING LIFE INSURANCE AND ANNUITY COMPANY

variable annuity account c

Notes to Financial Statements (Unaudited)

Nine months ended September 30

2004

2003

Net Units Issued

Net Units Issued

(Redeemed)

(Redeemed)

ING GET Funds:

ING GET Fund - Series D

              (14,947,889)

                (5,237,768)

ING GET Fund - Series E

                (7,588,994)

                (1,586,725)

ING GET Fund - Series G

                   (457,893)

                   (284,946)

ING GET Fund - Series H

                   (420,555)

                   (322,016)

ING GET Fund - Series I

                     (24,934)

                       (6,646)

ING GET Fund - Series J

                       (2,393)

                       (1,166)

ING GET Fund - Series K

                     (19,086)

                     (24,552)

ING GET Fund - Series L

                     (27,226)

                          (503)

ING GET Fund - Series Q

                     (33,795)

                     (54,742)

ING GET Fund - Series S

                   (698,284)

                   (993,304)

ING VP Balanced

                     (27,653)

                (1,721,934)

ING VP Emerging Markets

                      43,137

                          (537)

ING VP Intermediate Bond

                   (148,740)

                (2,228,736)

ING VP Money Market

                (1,686,587)

                (4,362,814)

ING VP Natural Resources

                      31,632

                     (93,499)

ING Investors Trust:

ING Julius Baer Foreign

                      49,757

                                -

ING MFS Total Return

                    943,499

                    245,188

ING T. Rowe Price Equity Income

                 1,445,679

                    105,212

ING Partners, Inc.:

ING Aeltus Enhanced Index

                      69,563

                      59,928

ING Alger Aggressive Growth - Initial Class

                          (318)

                        1,153

ING Alger Aggressive Growth - Service Class

                    147,732

                    745,411

ING Alger Growth

                      16,698

                    174,196

ING American Century Small Cap Value

                 1,091,188

                    238,433

ING Baron Small Cap Growth

                 1,725,675

                    622,162

ING Goldman Sachs® Capital Growth

                      37,223

                      28,098

ING JPMorgan International

                   (257,634)

                   (524,516)

ING JPMorgan Mid Cap Value

                    504,649

                    153,499

ING MFS Capital Opportunities

                   (682,280)

                   (466,884)

ING MFS Global Growth

                      37,211

                      72,172

ING OpCap Balanced Value

                    686,248

                    394,346

ING PIMCO Total Return

                    647,680

                 1,033,330

ING Salomon Brothers Aggressive Growth

                (1,450,828)

                    464,208

ING Salomon Brothers Fundamental Value

                    113,071

                    368,173

ING Salomon Brother Investors Value

                    134,316

                    225,748

ING T. Rowe Price Growth Equity - Initial Class

                 1,467,350

                    863,208

ING T. Rowe Price Growth Equity - Service Class

                      13,507

                                -

ING UBS U.S. Allocation

                      23,950

                        4,926

107

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Nine months ended September 30

2004

2003

Net Units Issued

Net Units Issued

(Redeemed)

(Redeemed)

ING Partners, Inc.:

ING UBS U.S. Large Cap Equity

                   (547,835)

                   (758,328)

ING Van Kampen Comstock

                 1,747,491

                    983,673

ING Strategic Allocation Portfolios, Inc.:

ING VP Strategic Allocation Balanced

                    420,610

                      14,577

ING VP Strategic Allocation Growth

                    254,004

                      14,686

ING VP Strategic Allocation Income

                      76,339

                   (152,779)

ING Financial Services

                        1,349

                                -

ING Variable Funds:

ING VP Growth and Income

                (8,430,990)

              (13,793,631)

ING Variable Insurance Trust:

ING GET US Core - Series 1

                     (15,299)

                    231,162

ING GET US Core - Series 2

                     (52,612)

                      45,036

ING GET US Core - Series 3

                 5,617,572

                                -

ING GET US Core - Series 5

                      66,445

                                -

ING GET US Core - Series 6

                    635,102

                                -

ING GNMA Income

                      21,293

                                -

ING Intermediate Bond

                      31,266

                                -

ING Variable Portfolios, Inc.:

ING VP Global Science and Technology

                   (966,435)

                 2,365,284

ING VP Growth

                   (554,873)

                   (164,641)

ING VP Index Plus LargeCap

                 1,664,959

                 1,322,247

ING VP Index Plus MidCap

                 3,863,914

                 1,380,081

ING VP Index Plus SmallCap

                 2,105,300

                    883,250

ING VP International Equity

                    115,469

                      93,276

ING VP Small Company

                   (133,530)

                    165,218

ING VP Value Opportunity

                (1,669,924)

                   (301,658)

ING Variable Products Trust:

ING VP Financial Services

                      10,960

                                -

ING VP Growth Opportunities

                   (163,512)

                      73,421

ING VP International Value

                 1,134,484

                    924,832

ING VP MagnaCap

                        8,792

                      57,698

ING VP MidCap Opportunties

                    104,264

                    292,148

ING VP Real Estate

                 1,099,784

                                -

ING VP SmallCap Opportunities

                     (64,144)

                    301,953

ING Real Estate

                        7,965

                                -

INVESCO Health Sciences

                        1,962

                                -

108

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Nine months ended September 30

2004

2003

Net Units Issued

Net Units Issued

(Redeemed)

(Redeemed)

Janus Aspen Series:

Janus Aspen Balanced

                (1,337,160)

                    275,359

Janus Aspen Capital Appreciation

                     (24,248)

                    115,184

Janus Aspen Flexible Income

                   (627,806)

                        1,397

Janus Aspen Growth

                (1,657,759)

                   (685,018)

Janus Aspen Mid Cap Growth

                (2,695,409)

                (1,010,718)

Janus Aspen Worldwide Growth

                (4,738,198)

                (3,118,049)

Janus Twenty

                        5,340

                      10,854

Lord Abbett Affiliated

                      13,294

                                -

Lord Abbett Series Fund, Inc.:

Lord Abbett Growth and Income

                 3,700,434

                 2,081,414

Lord Abbett Mid-Cap Value - Class VC

                 3,297,954

                 1,015,113

Lord Abbett Mid-Cap Value - Class A

                      11,587

                                -

Lord Abbett Small-Cap Value

                      29,731

                                -

Massachusetts Investors Growth Stock

                      16,318

                                -

MFS® Variable Insurance Trust^SM:

MFS® Total Return

                    537,806

                    797,276

Mutual Discovery

                      11,022

                                -

New Perspective - Class R-3

                      11,555

                                -

New Perspective - Class R-4

                    437,463

                                -

Oppenheimer Developing Markets

                    326,813

                    118,302

Oppenheimer Capital Appreciation

                      17,462

                                -

Oppenheimer Global

                             22

                                -

Oppenheimer Main Street - Class A

                        1,035

                                -

Oppenheimer Variable Account Funds:

Oppenheimer Aggressive Growth

                                -

                                -

Oppenheimer Global Securities

                 5,103,241

                 2,702,958

Oppenheimer Main Street® - Fund/VA

                                -

                                -

Oppenheimer Main Street® Small Cap/VA

                           369

                                -

Oppenheimer Strategic Bond

                    531,179

                    723,206

Pax World Balanced

                    585,673

                    101,637

PIMCO NFJ Small-Cap Value

                        3,625

                                -

PIMCO VIT Real Return

                    369,511

                                -

Pioneer High Yield

                      22,390

                                -

Pioneer Variable Contracts Trust:

Pioneer Equity Income

                    571,432

                    437,430

Pioneer Fund

                      76,219

                      78,198

Pioneer High Yield VCT

                    347,340

                                -

Pioneer Mid Cap Value

                 1,489,641

                    281,480

Scudder Equity 500 Index Fund - Investment

                             17

                                -

109

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Nine months ended September 30

2004

2003

Net Units Issued

Net Units Issued

(Redeemed)

(Redeemed)

T. Rowe Price Mid-Cap Value

                      27,674

                                -

Templeton Foreign Fund

                      30,029

                                -

Templeton Growth

                        3,488

                                -

Templeton Income Trust:

Templeton Global Bond

                    157,456

                                -

UBS U.S. Small Cap Growth

                        4,629

                                -

Vanguard® 500 Index

                        1,177

                                -

Vanguard® Variable Insurance

                      18,014

                                -

Wangers Advisors Trust:

Wanger Select

                    108,700

                                -

Wanger U.S. Smaller Companies

                    112,093

                                -

Washington Mutual Investors^SM - Class R-3

                      77,468

                                -

Washington Mutual Investors^SM - Class R-4

                 1,611,129

                                -

110

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Unit Summary

Division/Contract

Units

Unit Value

Extended Value

AIM Mid Cap Core Equity

Contracts in accumulation period:

ING MAP PLUS NP11

             17,257.105

$             10.26

$            177,058

             17,257.105

$            177,058

AIM V.I. Capital Appreciation

Contracts in accumulation period:

Qualified VI

           990,822.160

$               8.41

$         8,332,814

Qualified VIII

               1,100.172

                  8.41

                   9,252

Qualified X (1.15)

               5,793.858

                  8.46

                 49,016

Qualified X (1.25)

             81,484.250

                  8.41

               685,283

Qualified XII (0.05)

             20,339.145

                  8.68

               176,544

Qualified XII (0.15)

               5,255.313

                  9.55

                 50,188

Qualified XII (0.25)

             30,463.165

                  8.88

               270,513

Qualified XII (0.30)

             23,383.291

                  8.86

               207,176

Qualified XII (0.45)

               4,147.962

                  8.78

                 36,419

Qualified XII (0.55)

               9,436.913

                  8.74

                 82,479

Qualified XII (0.60)

             18,265.878

                  8.71

               159,096

Qualified XII (0.65)

               7,785.784

                  8.69

                 67,658

Qualified XII (0.70)

             56,789.975

                  8.66

               491,801

Qualified XII (0.75)

             38,173.232

                  9.42

               359,592

Qualified XII (0.80)

           130,403.341

                  8.62

            1,124,077

Qualified XII (0.85)

           109,260.445

                  8.59

               938,547

Qualified XII (0.90)

               4,870.826

                  8.57

                 41,743

Qualified XII (0.95)

             78,347.596

                  8.55

               669,872

Qualified XII (1.00)

           222,349.116

                  8.52

            1,894,414

Qualified XII (1.05)

             30,261.755

                  8.50

               257,225

Qualified XII (1.10)

             32,292.252

                  8.48

               273,838

Qualified XII (1.15)

               8,595.347

                  8.46

                 72,717

Qualified XII (1.20)

               5,929.163

                  8.43

                 49,983

Qualified XII (1.25)

             26,273.577

                  8.41

               220,961

Qualified XII (1.30)

               3,325.593

                  8.39

                 27,902

Qualified XII (1.35)

               3,242.100

                  8.36

                 27,104

Qualified XII (1.40)

             14,424.617

                  8.34

               120,301

Qualified XII (1.45)

               2,394.794

                  8.32

                 19,925

Qualified XII (1.50)

             11,331.092

                  8.30

                 94,048

Qualified XV

               5,060.396

                  8.53

                 43,165

111

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

AIM V.I. Capital Appreciation (continued)

Qualified XVI

             19,963.972

$               8.30

$            165,701

Qualified XVII

                  907.020

                  8.41

                   7,628

Qualified XVIII

               6,333.819

                  8.41

                 53,267

Qualified XXI

             10,111.947

                  8.59

                 86,862

Qualified XXIV

             94,662.285

                  8.57

               811,256

Qualified XXV

             17,514.611

                  8.58

               150,275

Qualified XXVI

               3,349.434

                  8.53

                 28,571

Qualified XXVII

           221,649.477

                  5.26

            1,165,876

Qualified XXXII

                  828.867

                  9.84

                   8,156

Qualified XXXIV (0.60)

               3,093.101

                  9.42

                 29,137

        2,360,017.641

$       19,360,382

AIM V.I. Core Equity

Currently payable annuity contracts:

$              11,706

Contracts in accumulation period:

Qualified VI

        2,233,099.570

$               7.75

          17,306,522

Qualified VIII

                  726.447

                  7.75

                   5,630

Qualified X (1.15)

               1,345.205

                  7.79

                 10,479

Qualified X (1.25)

           148,324.389

                  7.75

            1,149,514

Qualified XII (0.05)

             18,661.643

                  8.00

               149,293

Qualified XII (0.15)

               2,678.305

                10.42

                 27,908

Qualified XII (0.25)

             75,836.804

                  8.19

               621,103

Qualified XII (0.30)

             21,857.996

                  8.16

               178,361

Qualified XII (0.45)

             11,191.097

                  8.10

                 90,648

Qualified XII (0.55)

             39,162.312

                  8.05

               315,257

Qualified XII (0.60)

             75,607.215

                  8.03

               607,126

Qualified XII (0.65)

               4,335.820

                  8.01

                 34,730

Qualified XII (0.70)

             66,661.961

                  7.99

               532,629

Qualified XII (0.75)

             42,366.303

                10.27

               435,102

Qualified XII (0.80)

           327,182.303

                  7.94

            2,597,827

Qualified XII (0.85)

           154,326.046

                  7.92

            1,222,262

Qualified XII (0.90)

               2,154.008

                  7.90

                 17,017

Qualified XII (0.95)

           122,975.371

                  7.88

               969,046

Qualified XII (1.00)

           774,535.736

                  7.86

            6,087,851

Qualified XII (1.05)

           101,609.996

                  7.84

               796,622

Qualified XII (1.10)

             62,390.617

                  7.81

               487,271

Qualified XII (1.15)

             33,422.127

                  7.79

               260,358

Qualified XII (1.20)

               4,173.553

                  7.77

                 32,429

Qualified XII (1.25)

             38,289.398

                  7.75

               296,743

Qualified XII (1.30)

               6,363.394

                  7.73

                 49,189

Qualified XII (1.35)

               4,341.225

                  7.71

                 33,471

Qualified XII (1.40)

             21,554.408

                  7.69

               165,753

112

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

AIM V.I. Core Equity (continued)

Qualified XII (1.45)

               3,142.422

$               7.67

$              24,102

Qualified XII (1.50)

             13,066.026

                  7.65

                 99,955

Qualified XV

               6,451.367

                  7.86

                 50,708

Qualified XVI

             42,609.884

                  7.65

               325,966

Qualified XVII

               2,775.709

                  7.75

                 21,512

Qualified XVIII

               7,453.279

                  7.75

                 57,763

Qualified XXI

               6,143.427

                  7.92

                 48,656

Qualified XXIV

             55,456.606

                  7.90

               438,107

Qualified XXV

             24,137.432

                  7.91

               190,927

Qualified XXVI

             22,675.544

                  7.86

               178,230

Qualified XXVII

           371,655.519

                  6.20

            2,304,264

Qualified XXXII

               3,035.689

                10.42

                 31,632

Qualified XXXIII (0.65)

                  170.944

                10.39

                   1,776

Qualified XXXIV (0.60)

               2,981.243

                10.27

                 30,617

        4,956,928.340

$       38,296,062

AIM V.I. Growth

Contracts in accumulation period:

Qualified VI

        1,361,129.069

$               5.30

$         7,213,984

Qualified X (1.15)

               1,094.894

                  5.33

                   5,836

Qualified X (1.25)

           130,932.695

                  5.30

               693,943

Qualified XII (0.05)

               8,242.164

                  5.49

                 45,249

Qualified XII (0.15)

               1,942.769

                  8.38

                 16,280

Qualified XII (0.25)

             28,415.046

                  5.60

               159,124

Qualified XII (0.30)

             20,465.042

                  5.58

               114,195

Qualified XII (0.45)

                  288.057

                  5.54

                   1,596

Qualified XII (0.55)

             19,058.027

                  5.51

               105,010

Qualified XII (0.60)

             18,874.175

                  5.49

               103,619

Qualified XII (0.65)

             10,712.703

                  5.48

                 58,706

Qualified XII (0.70)

             73,559.639

                  5.46

               401,636

Qualified XII (0.75)

             28,591.416

                  8.26

               236,165

Qualified XII (0.80)

           239,893.088

                  5.43

            1,302,619

Qualified XII (0.85)

           151,598.522

                  5.42

               821,664

Qualified XII (0.90)

               4,410.941

                  5.40

                 23,819

Qualified XII (0.95)

           117,936.437

                  5.39

               635,677

Qualified XII (1.00)

           315,703.994

                  5.37

            1,695,330

Qualified XII (1.05)

             46,829.028

                  5.36

               251,004

Qualified XII (1.10)

             47,352.968

                  5.34

               252,865

Qualified XII (1.15)

             12,405.064

                  5.33

                 66,119

Qualified XII (1.20)

             11,033.794

                  5.31

                 58,589

Qualified XII (1.25)

             40,077.578

                  5.30

               212,411

Qualified XII (1.30)

               1,190.214

                  5.28

                   6,284

113

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

AIM V.I. Growth (continued)

Qualified XII (1.35)

               2,940.328

$               5.27

$              15,496

Qualified XII (1.40)

             24,357.246

                  5.26

               128,119

Qualified XII (1.45)

               1,591.679

                  5.24

                   8,340

Qualified XII (1.50)

               9,605.189

                  5.23

                 50,235

Qualified XV

               9,174.394

                  5.39

                 49,450

Qualified XVI

             46,236.019

                  5.23

               241,814

Qualified XVII

               8,711.662

                  5.30

                 46,172

Qualified XVIII

               5,172.036

                  5.30

                 27,412

Qualified XXI

               9,130.030

                  5.43

                 49,576

Qualified XXIV

             55,360.479

                  5.40

               298,947

Qualified XXV

             19,235.999

                  5.41

               104,067

Qualified XXVI

             16,609.899

                  5.37

                 89,195

Qualified XXVII

           252,634.964

                  4.04

            1,020,645

Qualified XXXII

               1,913.710

                10.03

                 19,195

Qualified XXXIV (0.60)

               3,697.851

                  8.26

                 30,544

        3,158,108.809

$       16,660,931

AIM V.I. Premier Equity

Currently payable annuity contracts:

$                3,979

Contracts in accumulation period:

Qualified VI

           978,395.284

$               6.88

            6,731,360

Qualified VIII

                      4.548

                  6.88

                        31

Qualified X (1.15)

               9,247.945

                  6.92

                 63,996

Qualified X (1.25)

             97,196.979

                  6.88

               668,715

Qualified XII (0.05)

             10,813.891

                  7.10

                 76,779

Qualified XII (0.15)

               1,866.073

                  8.40

                 15,675

Qualified XII (0.25)

             17,127.675

                  7.27

               124,518

Qualified XII (0.30)

             19,212.746

                  7.25

               139,292

Qualified XII (0.45)

           142,454.037

                  7.19

            1,024,245

Qualified XII (0.55)

             36,256.925

                  7.15

               259,237

Qualified XII (0.60)

             20,788.547

                  7.13

               148,222

Qualified XII (0.65)

             11,110.337

                  7.11

                 78,994

Qualified XII (0.70)

           115,871.377

                  7.09

               821,528

Qualified XII (0.75)

             31,345.892

                  8.28

               259,544

Qualified XII (0.80)

           217,282.983

                  7.05

            1,531,845

Qualified XII (0.85)

             90,237.345

                  7.03

               634,369

Qualified XII (0.90)

               8,373.192

                  7.01

                 58,696

Qualified XII (0.95)

           152,873.496

                  6.99

            1,068,586

Qualified XII (1.00)

           256,352.251

                  6.97

            1,786,775

Qualified XII (1.05)

             46,495.377

                  6.96

               323,608

Qualified XII (1.10)

             49,118.446

                  6.94

               340,882

Qualified XII (1.15)

             14,108.472

                  6.92

                 97,631

114

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

AIM V.I. Premier Equity (continued)

Qualified XII (1.20)

               2,554.287

$               6.90

$              17,625

Qualified XII (1.25)

             39,648.126

                  6.88

               272,779

Qualified XII (1.30)

               1,273.243

                  6.86

                   8,734

Qualified XII (1.35)

             10,202.717

                  6.84

                 69,787

Qualified XII (1.40)

             16,698.933

                  6.82

               113,887

Qualified XII (1.45)

                  494.631

                  6.81

                   3,368

Qualified XII (1.50)

               3,704.602

                  6.79

                 25,154

Qualified XV

               4,802.436

                  6.97

                 33,473

Qualified XVI

             22,425.442

                  6.79

               152,269

Qualified XVII

             22,525.675

                  6.88

               154,977

Qualified XVIII

               2,026.974

                  6.88

                 13,946

Qualified XXI

               4,523.447

                  7.03

                 31,800

Qualified XXIV

             90,497.557

                  7.01

               634,388

Qualified XXV

               9,840.562

                  7.02

                 69,081

Qualified XXVI

               2,967.620

                  6.98

                 20,714

Qualified XXVII

           213,091.646

                  5.95

            1,267,895

Qualified XXXII

                  227.564

                  9.98

                   2,271

Qualified XXXIV (0.60)

             10,586.228

                  8.28

                 87,654

        2,784,625.508

$       19,238,309

AllianceBernstein Growth and Income

Contracts in accumulation period:

ING MAP PLUS NP16

               1,618.041

$               9.91

$              16,035

               1,618.041

$              16,035

American Balanced Fund®

Contracts in accumulation period:

ING MAP PLUS NP11

               4,023.738

$             10.02

$              40,318

ING MAP PLUS NP15

             39,909.477

                10.00

               399,095

ING MAP PLUS NP17

               2,223.307

                10.00

                 22,233

ING MAP PLUS NP23

                    53.014

                  9.98

                      529

ING MAP PLUS NP26

                    51.423

                  9.97

                      513

ING MAP PLUS NP27

                    30.110

                  9.96

                      300

ING MAP PLUS NP29

               6,154.540

                  9.96

                 61,299

ING MAP PLUS NP7

                  965.111

                10.03

                   9,680

ING MAP PLUS NP9

             10,000.259

                10.02

               100,203

             63,410.979

$            634,170

American Century® Income & Growth

Contracts in accumulation period:

Qualified XII (1.10)

               2,097.200

$             28.27

$              59,288

Qualified XXVII

           356,063.020

                  9.18

            3,268,659

           358,160.220

$         3,327,947

115

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Ariel Appreciation

Contracts in accumulation period:

ING MAP PLUS NP11

               7,666.605

$               9.98

$              76,513

ING MAP PLUS NP15

               7,499.222

                  9.97

                 74,767

ING MAP PLUS NP19

                  114.715

                  9.96

                   1,143

ING MAP PLUS NP22

                    83.624

                  9.95

                      832

             15,364.166

$            153,255

Ariel Fund

Contracts in accumulation period:

ING MAP PLUS NP19

               2,097.972

$             10.79

$              22,637

ING MAP PLUS NP22

                  799.833

                10.78

                   8,622

               2,897.805

$              31,259

Baron Asset

Contracts in accumulation period:

ING MAP PLUS NP15

                    69.923

$             10.46

$                   731

ING MAP PLUS NP16

               1,382.235

                10.46

                 14,458

ING MAP PLUS NP9

                  665.695

                10.48

                   6,976

               2,117.853

$              22,165

Baron Growth

Contracts in accumulation period:

ING MAP PLUS NP15

               6,695.498

$             10.50

$              70,303

ING MAP PLUS NP16

               5,814.108

                10.50

                 61,048

ING MAP PLUS NP17

               2,326.124

                10.49

                 24,401

ING MAP PLUS NP19

               2,881.181

                10.49

                 30,224

ING MAP PLUS NP22

                    31.431

                10.48

                      329

ING MAP PLUS NP23

                  151.914

                10.47

                   1,591

ING MAP PLUS NP27

                      4.179

                10.46

                        44

ING MAP PLUS NP7

               1,805.258

                10.53

                 19,009

             19,709.693

$            206,949

Calvert Social Balanced

Contracts in accumulation period:

Qualified V

                  325.092

$             20.91

$                6,798

Qualified VI

           937,178.099

                20.68

          19,380,843

Qualified VIII

               5,713.208

                18.78

               107,294

Qualified X (1.15)

               1,106.116

                10.67

                 11,802

Qualified X (1.25)

             65,535.826

                10.60

               694,680

Qualified XII (0.05)

               3,687.323

                21.56

                 79,499

Qualified XII (0.15)

               7,116.042

                10.49

                 74,647

Qualified XII (0.25)

             93,379.432

                11.47

            1,071,062

116

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Calvert Social Balanced

Qualified XII (0.30)

             92,025.176

$             11.43

$         1,051,848

Qualified XII (0.40)

             85,407.277

                15.87

            1,355,413

Qualified XII (0.45)

             23,627.422

                11.32

               267,462

Qualified XII (0.55)

             10,437.196

                11.25

               117,418

Qualified XII (0.60)

             17,755.228

                11.22

               199,214

Qualified XII (0.65)

             12,542.845

                11.18

               140,229

Qualified XII (0.70)

           132,800.780

                11.15

            1,480,729

Qualified XII (0.75)

           152,124.912

                11.11

            1,690,108

Qualified XII (0.80)

           130,808.823

                11.66

            1,525,231

Qualified XII (0.85)

           193,042.737

                15.50

            2,992,162

Qualified XII (0.90)

             10,119.668

                11.50

               116,376

Qualified XII (0.95)

             82,237.783

                15.37

            1,263,995

Qualified XII (1.00)

           413,082.977

                15.30

            6,320,170

Qualified XII (1.05)

             39,704.896

                15.24

               605,103

Qualified XII (1.10)

             56,175.029

                15.18

               852,737

Qualified XII (1.15)

             15,134.479

                15.11

               228,682

Qualified XII (1.20)

             11,111.467

                15.05

               167,228

Qualified XII (1.25)

             15,397.671

                14.99

               230,811

Qualified XII (1.30)

               3,130.070

                14.92

                 46,701

Qualified XII (1.35)

               2,363.535

                14.86

                 35,122

Qualified XII (1.40)

             14,313.545

                14.80

               211,840

Qualified XII (1.45)

               1,340.285

                14.74

                 19,756

Qualified XII (1.50)

               1,779.035

                14.68

                 26,116

Qualified XV

               2,920.452

                21.17

                 61,826

Qualified XVI

             37,545.671

                20.30

               762,177

Qualified XVII

                  703.139

                20.68

                 14,541

Qualified XVIII

               9,405.572

                10.60

                 99,699

Qualified XXI

               3,486.796

                21.34

                 74,408

Qualified XXIV

             28,793.769

                15.39

               443,136

Qualified XXV

               6,347.685

                21.10

               133,936

Qualified XXVI

                    32.982

                20.97

                      692

Qualified XXVII

           607,700.535

                27.72

          16,845,459

Qualified XXVIII

             91,095.262

                27.56

            2,510,585

Qualified XXXII

               1,362.675

                10.34

                 14,090

Qualified XXXIV (0.60)

               4,095.234

                11.11

                 45,498

        3,423,993.746

$       63,377,123

117

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

EuroPacific Growth Fund® - Class R-3

Contracts in accumulation period:

ING MAP PLUS NP11

             12,589.588

$             10.20

$            128,414

ING MAP PLUS NP15

             13,415.830

                10.19

               136,707

ING MAP PLUS NP19

               2,619.312

                10.17

                 26,638

ING MAP PLUS NP23

                    17.721

                10.16

                      180

ING MAP PLUS NP29

               2,326.060

                10.14

                 23,586

ING MAP PLUS NP9

               2,715.168

                10.21

                 27,722

             33,683.679

$            343,247

EuroPacific Growth Fund® - Class R-4

Contracts in accumulation period:

Qualified VI

           309,891.829

$             10.11

$         3,133,006

Qualified XII (0.70)

               8,895.923

                10.13

                 90,116

Qualified XII (0.75)

                  868.125

                10.13

                   8,794

Qualified XII (0.80)

           119,096.390

                10.13

            1,206,446

Qualified XII (0.85)

             17,824.370

                10.12

               180,383

Qualified XII (0.90)

                  578.831

                10.12

                   5,858

Qualified XII (0.95)

             12,464.610

                10.12

               126,142

Qualified XII (1.00)

           159,541.204

                10.12

            1,614,557

Qualified XII (1.05)

               7,368.038

                10.12

                 74,565

Qualified XII (1.10)

               7,933.673

                10.11

                 80,209

Qualified XII (1.15)

                    57.089

                10.11

                      577

Qualified XII (1.25)

               2,818.300

                10.11

                 28,493

Qualified XII (1.40)

               1,582.758

                10.10

                 15,986

Qualified XII (1.45)

                      1.133

                10.10

                        11

Qualified XVI

               1,500.101

                10.10

                 15,151

Qualified XXIV

               3,696.567

                10.54

                 38,962

           654,118.941

$         6,619,256

Evergreen Special Values

Contracts in accumulation period:

ING MAP PLUS NP11

               2,634.383

$             10.44

$              27,503

ING MAP PLUS NP16

               1,477.267

                10.43

                 15,408

ING MAP PLUS NP26

                    61.109

                10.39

                      635

ING MAP PLUS NP27

                      4.456

                10.39

                        46

ING MAP PLUS NP7

               1,877.356

                10.46

                 19,637

Qualified V

                  317.666

                16.22

                   5,153

Qualified VI

           306,568.985

                16.33

            5,006,272

Qualified XII (0.55)

               1,045.280

                16.81

                 17,571

Qualified XII (0.65)

                    12.742

                16.74

                      213

Qualified XII (0.70)

             12,048.387

                16.71

               201,329

Qualified XII (0.75)

               1,412.214

                16.67

                 23,542

118

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Evergreen Special Values

Qualified XII (0.80)

             18,662.344

$             16.64

$            310,541

Qualified XII (0.85)

             10,551.694

                16.60

               175,158

Qualified XII (0.90)

                    42.281

                16.57

                      701

Qualified XII (0.95)

             38,120.944

                16.54

               630,520

Qualified XII (1.00)

           242,450.351

                16.50

            4,000,431

Qualified XII (1.05)

               6,639.915

                16.47

               109,359

Qualified XII (1.10)

               4,081.806

                16.43

                 67,064

Qualified XII (1.15)

               1,652.765

                16.40

                 27,105

Qualified XII (1.20)

               1,145.401

                16.37

                 18,750

Qualified XII (1.25)

               3,195.173

                16.33

                 52,177

Qualified XII (1.35)

                      6.598

                16.26

                      107

Qualified XII (1.40)

                  123.414

                16.23

                   2,003

Qualified XII (1.45)

                    44.393

                16.20

                      719

Qualified XII (1.50)

                    72.602

                16.16

                   1,173

Qualified XVI

               7,578.710

                16.16

               122,472

Qualified XXIV

               5,055.188

                16.59

                 83,866

Qualified XXVII

        1,494,503.056

                16.35

          24,435,125

        2,161,386.480

$       35,354,580

Fidelity® Advisor Mid Cap

Contracts in accumulation period:

ING MAP PLUS NP11

               5,358.718

$               9.93

$              53,212

ING MAP PLUS NP15

               8,891.331

                  9.92

                 88,202

ING MAP PLUS NP17

               1,613.267

                  9.91

                 15,987

ING MAP PLUS NP19

               2,779.922

                  9.90

                 27,521

ING MAP PLUS NP21

                    23.133

                  9.90

                      229

ING MAP PLUS NP22

               1,646.228

                  9.89

                 16,281

ING MAP PLUS NP23

                    32.302

                  9.89

                      319

ING MAP PLUS NP27

                      4.900

                  9.88

                        48

ING MAP PLUS NP7

                  438.995

                  9.94

                   4,364

ING MAP PLUS NP9

             10,068.157

                  9.94

               100,077

             30,856.953

$            306,240

Fidelity® VIP Asset Manager^SM

Contracts in accumulation period:

Qualified XXVII

        1,119,654.296

$             17.30

$       19,370,019

Qualified XXVIII

           101,621.943

                17.20

            1,747,897

        1,221,276.239

$       21,117,916

119

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Fidelity® VIP Contrafund®

Currently payable annuity contracts:

$            508,132

Contracts in accumulation period:

ING MAP PLUS NP10

               4,681.043

$             10.48

                 49,057

ING MAP PLUS NP11

               8,593.883

                10.47

                 89,978

ING MAP PLUS NP15

                    31.278

                10.46

                      327

ING MAP PLUS NP17

               1,772.307

                10.45

                 18,521

ING MAP PLUS NP19

               3,227.137

                10.45

                 33,724

ING MAP PLUS NP21

                    50.638

                10.44

                      529

ING MAP PLUS NP22

             12,477.194

                10.44

               130,262

ING MAP PLUS NP26

                    62.938

                10.42

                      656

ING MAP PLUS NP27

                      8.255

                10.42

                        86

ING MAP PLUS NP29

               5,557.281

                10.41

                 57,851

ING MAP PLUS NP7

               1,847.173

                10.49

                 19,377

ING MAP PLUS NP9

             17,870.199

                10.48

               187,280

Qualified V

               6,634.536

                22.70

               150,604

Qualified VI

        9,839,447.748

                22.88

        225,126,564

Qualified VIII

               5,937.942

                23.01

               136,632

Qualified X (1.15)

             85,420.288

                25.94

            2,215,802

Qualified X (1.25)

           853,696.856

                25.70

          21,940,009

Qualified XII (0.05)

           105,510.708

                23.85

            2,516,430

Qualified XII (0.15)

             86,570.550

                12.12

            1,049,235

Qualified XII (0.25)

           678,770.979

                14.20

            9,638,548

Qualified XII (0.30)

           184,693.253

                14.16

            2,615,256

Qualified XII (0.40)

           442,628.516

                21.83

            9,662,581

Qualified XII (0.45)

           618,725.475

                14.02

            8,674,531

Qualified XII (0.55)

           236,099.910

                13.93

            3,288,872

Qualified XII (0.60)

           670,237.252

                13.89

            9,309,595

Qualified XII (0.65)

           121,098.656

                13.84

            1,676,005

Qualified XII (0.70)

           589,066.599

                13.80

            8,129,119

Qualified XII (0.75)

           756,095.197

                13.76

          10,403,870

Qualified XII (0.80)

        2,748,290.577

                15.08

          41,444,222

Qualified XII (0.85)

           588,148.109

                21.31

          12,533,436

Qualified XII (0.90)

             90,824.809

                14.64

            1,329,675

Qualified XII (0.95)

           803,155.703

                21.13

          16,970,680

Qualified XII (1.00)

        4,462,097.169

                21.05

          93,927,145

Qualified XII (1.05)

           334,445.555

                20.96

            7,009,979

Qualified XII (1.10)

           196,697.806

                20.87

            4,105,083

Qualified XII (1.15)

           228,027.850

                20.78

            4,738,419

Qualified XII (1.20)

             24,939.802

                20.70

               516,254

Qualified XII (1.25)

           113,562.699

                20.61

            2,340,527

Qualified XII (1.30)

               5,388.474

                20.52

               110,571

120

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Fidelity® VIP Contrafund®

Qualified XII (1.35)

             17,130.722

$             20.44

$            350,152

Qualified XII (1.40)

             43,892.219

                20.35

               893,207

Qualified XII (1.45)

               5,499.496

                20.27

               111,475

Qualified XII (1.50)

             18,415.963

                20.18

               371,634

Qualified XV

             32,820.051

                23.42

               768,646

Qualified XVI

           212,596.730

                22.45

            4,772,797

Qualified XVII

             28,795.988

                22.88

               658,852

Qualified XVIII

             30,211.529

                25.70

               776,436

Qualified XXI

             77,366.182

                23.61

            1,826,616

Qualified XXIV

           243,765.369

                21.17

            5,160,513

Qualified XXV

           106,903.086

                23.34

            2,495,118

Qualified XXVI

             16,693.752

                23.20

               387,295

Qualified XXVII

        3,814,496.796

                26.14

          99,710,946

Qualified XXVIII

        1,114,002.468

                25.99

          28,952,924

Qualified XXXII

             43,785.530

                10.85

               475,073

Qualified XXXIII (0.65)

             14,237.247

                12.08

               171,986

Qualified XXXIV (0.60)

             44,085.849

                13.76

               606,621

      30,797,091.321

$     651,145,715

Fidelity® VIP Equity-Income

Currently payable annuity contracts:

$            546,569

Contracts in accumulation period:

ING MAP PLUS NP15

                  134.723

$             10.00

                   1,347

ING MAP PLUS NP26

                    21.777

                  9.96

                      217

Qualified V

               1,356.162

                19.32

                 26,201

Qualified VI

        6,261,718.122

                19.67

        123,167,995

Qualified VIII

               8,111.251

                19.59

               158,899

Qualified X (1.15)

           129,578.059

                24.87

            3,222,606

Qualified X (1.25)

           930,636.393

                24.62

          22,912,268

Qualified XII (0.05)

             53,829.898

                20.51

            1,104,051

Qualified XII (0.15)

             72,101.808

                10.76

               775,815

Qualified XII (0.25)

           502,477.022

                11.91

            5,984,501

Qualified XII (0.30)

           195,983.990

                11.87

            2,326,330

Qualified XII (0.40)

           347,691.169

                17.97

            6,248,010

Qualified XII (0.45)

           291,713.517

                11.76

            3,430,551

Qualified XII (0.55)

           162,013.712

                11.69

            1,893,940

Qualified XII (0.60)

           786,980.580

                11.65

            9,168,324

Qualified XII (0.65)

             60,065.627

                11.61

               697,362

Qualified XII (0.70)

           445,038.631

                11.57

            5,149,097

Qualified XII (0.75)

           670,698.474

                11.54

            7,739,860

Qualified XII (0.80)

        1,859,354.639

                12.55

          23,334,901

Qualified XII (0.85)

           621,050.952

                17.55

          10,899,444

121

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Fidelity® VIP Equity-Income

Qualified XII (0.90)

             53,394.122

$             12.27

$            655,146

Qualified XII (0.95)

           533,903.304

                17.40

            9,289,917

Qualified XII (1.00)

        1,646,448.872

                17.33

          28,532,959

Qualified XII (1.05)

           219,170.226

                17.26

            3,782,878

Qualified XII (1.10)

           204,429.151

                17.18

            3,512,093

Qualified XII (1.15)

           118,920.310

                17.11

            2,034,727

Qualified XII (1.20)

             26,267.636

                17.04

               447,601

Qualified XII (1.25)

           108,843.302

                16.97

            1,847,071

Qualified XII (1.30)

               8,008.817

                16.90

               135,349

Qualified XII (1.35)

               8,560.817

                16.83

               144,079

Qualified XII (1.40)

             67,071.357

                16.76

            1,124,116

Qualified XII (1.45)

               5,148.691

                16.69

                 85,932

Qualified XII (1.50)

               9,840.805

                16.62

               163,554

Qualified XV

             31,440.748

                20.14

               633,217

Qualified XVI

           183,523.290

                19.31

            3,543,835

Qualified XVII

             17,030.470

                19.67

               334,989

Qualified XVIII

             24,525.752

                24.62

               603,824

Qualified XXI

             44,116.323

                20.30

               895,561

Qualified XXIV

           156,386.323

                17.43

            2,725,814

Qualified XXV

             55,764.779

                20.07

            1,119,199

Qualified XXVI

             27,627.331

                19.95

               551,165

Qualified XXVII

        2,386,484.263

                20.81

          49,662,738

Qualified XXVIII

        1,235,070.284

                20.69

          25,553,604

Qualified XXXII

             37,780.993

                10.61

               400,856

Qualified XXXIV (0.60)

             53,167.182

                11.54

               613,549

      20,663,481.654

$     367,182,061

Fidelity® VIP Growth

Currently payable annuity contracts:

$            389,349

Contracts in accumulation period:

ING MAP PLUS NP17

               1,948.210

$               9.10

                 17,729

ING MAP PLUS NP26

                    28.158

                  9.07

                      255

Qualified V

               1,043.327

                15.86

                 16,547

Qualified VI

        9,716,371.147

                15.89

        154,393,138

Qualified VIII

             11,125.627

                16.08

               178,900

Qualified X (1.15)

           143,217.431

                22.34

            3,199,477

Qualified X (1.25)

        1,131,177.017

                22.11

          25,010,324

Qualified XII (0.05)

             33,307.767

                16.57

               551,910

Qualified XII (0.15)

             94,758.873

                  8.79

               832,930

Qualified XII (0.25)

           666,079.613

                10.71

            7,133,713

Qualified XII (0.30)

           170,038.294

                10.68

            1,816,009

Qualified XII (0.45)

           564,449.691

                10.58

            5,971,878

Qualified XII (0.55)

           244,242.255

                10.51

            2,566,986

122

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Fidelity® VIP Growth

Qualified XII (0.60)

           582,263.055

$             10.48

$         6,102,117

Qualified XII (0.65)

           141,834.542

                10.44

            1,480,753

Qualified XII (0.70)

           677,602.348

                10.41

            7,053,840

Qualified XII (0.75)

        1,147,318.953

                10.38

          11,909,171

Qualified XII (0.80)

        2,360,475.847

                11.33

          26,744,191

Qualified XII (0.85)

        1,145,017.288

                14.91

          17,072,208

Qualified XII (0.90)

             92,183.655

                10.99

            1,013,098

Qualified XII (0.95)

           803,472.085

                14.78

          11,875,317

Qualified XII (1.00)

        3,040,917.914

                14.72

          44,762,312

Qualified XII (1.05)

           408,182.510

                14.66

            5,983,956

Qualified XII (1.10)

           248,118.592

                14.60

            3,622,531

Qualified XII (1.15)

           116,778.727

                14.54

            1,697,963

Qualified XII (1.20)

             49,031.604

                14.48

               709,978

Qualified XII (1.25)

           119,909.501

                14.42

            1,729,095

Qualified XII (1.30)

             23,709.665

                14.36

               340,471

Qualified XII (1.35)

             23,975.738

                14.30

               342,853

Qualified XII (1.40)

             75,497.309

                14.24

            1,075,082

Qualified XII (1.45)

               2,957.480

                14.18

                 41,937

Qualified XII (1.50)

             16,044.054

                14.12

               226,542

Qualified XV

             39,146.098

                16.27

               636,907

Qualified XVI

           254,246.512

                15.60

            3,966,246

Qualified XVII

             19,900.137

                15.89

               316,213

Qualified XVIII

             44,641.142

                22.11

               987,016

Qualified XXI

           108,272.784

                16.40

            1,775,674

Qualified XXIV

           330,331.402

                14.81

            4,892,208

Qualified XXV

           211,023.805

                16.21

            3,420,696

Qualified XXVI

             48,642.744

                16.12

               784,121

Qualified XXXII

             54,136.709

                  9.75

               527,833

Qualified XXXIII (0.65)

               3,642.696

                  8.77

                 31,946

Qualified XXXIV (0.60)

             88,389.628

                10.38

               917,484

      25,055,451.934

$     364,118,904

Fidelity® VIP High Income

Currently payable annuity contracts:

$              90,694

Contracts in accumulation period:

Qualified XXVII

           414,275.389

$               8.66

            3,587,625

Qualified XXVIII

           268,198.180

                  8.61

            2,309,186

           682,473.569

$         5,987,505

123

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Fidelity® VIP Index 500

Contracts in accumulation period:

Qualified XXVII

        4,405,199.705

$             21.61

$       95,196,366

Qualified XXVIII

           550,466.285

                21.48

          11,824,016

        4,955,665.990

$     107,020,382

Fidelity® VIP Overseas

Contracts in accumulation period:

Qualified V

                  203.887

$             12.95

$                2,640

Qualified VI

        1,300,409.166

                13.14

          17,087,376

Qualified VIII

                  795.612

                13.13

                 10,446

Qualified X (1.15)

             21,733.226

                13.68

               297,311

Qualified X (1.25)

           149,381.962

                13.54

            2,022,632

Qualified XII (0.05)

             20,675.189

                13.70

               283,250

Qualified XII (0.15)

               6,387.701

                10.75

                 68,668

Qualified XII (0.25)

           107,527.895

                  9.63

            1,035,494

Qualified XII (0.30)

             37,260.776

                  9.60

               357,703

Qualified XII (0.45)

             46,833.580

                  9.51

               445,387

Qualified XII (0.55)

             13,703.797

                  9.45

               129,501

Qualified XII (0.60)

             72,580.091

                  9.42

               683,704

Qualified XII (0.65)

             22,857.207

                  9.39

               214,629

Qualified XII (0.70)

             75,825.389

                  9.36

               709,726

Qualified XII (0.75)

             38,152.287

                10.59

               404,033

Qualified XII (0.80)

           218,728.007

                10.39

            2,272,584

Qualified XII (0.85)

             69,164.413

                12.99

               898,446

Qualified XII (0.90)

             11,769.110

                10.35

               121,810

Qualified XII (0.95)

             74,126.862

                12.88

               954,754

Qualified XII (1.00)

           222,319.050

                12.83

            2,852,353

Qualified XII (1.05)

             32,152.021

                12.77

               410,581

Qualified XII (1.10)

             24,995.623

                12.72

               317,944

Qualified XII (1.15)

             23,320.826

                12.67

               295,475

Qualified XII (1.20)

               7,349.726

                12.61

                 92,680

Qualified XII (1.25)

             16,544.375

                12.56

               207,797

Qualified XII (1.30)

               4,318.990

                12.51

                 54,031

Qualified XII (1.35)

               1,885.633

                12.45

                 23,476

Qualified XII (1.40)

               7,820.782

                12.40

                 96,978

Qualified XII (1.45)

               1,461.043

                12.35

                 18,044

Qualified XII (1.50)

               2,394.849

                12.30

                 29,457

Qualified XV

               7,664.848

                13.45

               103,092

Qualified XVI

             30,762.809

                12.90

               396,840

Qualified XVII

               5,238.340

                13.14

                 68,832

Qualified XVIII

               4,546.948

                13.54

                 61,566

124

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Fidelity® VIP Overseas (continued)

Qualified XXI

               8,232.014

$             13.56

$            111,626

Qualified XXIV

             47,030.823

                12.90

               606,698

Qualified XXV

             21,570.881

                13.41

               289,266

Qualified XXVI

               2,664.535

                13.33

                 35,518

Qualified XXVII

           309,493.406

                  7.30

            2,259,302

Qualified XXXII

               2,895.552

                10.37

                 30,027

Qualified XXXIV (0.60)

               3,364.381

                10.59

                 35,629

        3,076,143.612

$       36,397,306

Franklin Small-Mid Cap Growth

Contracts in accumulation period:

ING MAP PLUS NP23

                      4.829

$               9.65

$                     47

ING MAP PLUS NP29

               4,818.836

                  9.63

                 46,405

               4,823.665

$              46,452

Franklin Small Cap Value Securities

Currently payable annuity contracts:

$              53,202

Contracts in accumulation period:

ING MAP PLUS NP26

                    10.423

$             10.88

                      113

NYSUT 457

           116,118.580

                14.63

            1,698,815

Qualified V

                    67.830

                13.11

                      889

Qualified VI

           888,982.035

                13.18

          11,716,783

Qualified VIII

                      3.902

                13.18

                        51

Qualified X (1.15)

             21,502.817

                13.22

               284,267

Qualified X (1.25)

           109,563.873

                13.18

            1,444,052

Qualified XII (0.45)

                  488.489

                13.52

                   6,604

Qualified XII (0.55)

             24,345.919

                13.48

               328,183

Qualified XII (0.60)

             18,595.175

                13.46

               250,291

Qualified XII (0.65)

             18,145.718

                13.44

               243,878

Qualified XII (0.70)

             78,348.258

                13.41

            1,050,650

Qualified XII (0.75)

             15,309.663

                13.39

               204,996

Qualified XII (0.80)

             94,723.712

                13.37

            1,266,456

Qualified XII (0.85)

             86,286.845

                13.35

            1,151,929

Qualified XII (0.90)

               4,960.257

                13.33

                 66,120

Qualified XII (0.95)

           101,428.473

                13.31

            1,350,013

Qualified XII (1.00)

           453,562.241

                13.29

            6,027,842

Qualified XII (1.05)

             30,996.353

                13.26

               411,012

Qualified XII (1.10)

             20,609.034

                13.24

               272,864

Qualified XII (1.15)

               3,597.232

                13.22

                 47,555

Qualified XII (1.20)

               1,946.242

                13.20

                 25,690

Qualified XII (1.25)

             18,377.864

                13.18

               242,220

Qualified XII (1.30)

                  815.773

                13.16

                 10,736

125

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Franklin Small Cap Value Securities (continued)

Qualified XII (1.35)

                  311.614

$             13.14

$                4,095

Qualified XII (1.40)

               3,466.602

                13.12

                 45,482

Qualified XII (1.45)

                  424.568

                13.10

                   5,562

Qualified XII (1.50)

               1,055.733

                13.08

                 13,809

Qualified XV

               2,312.369

                13.31

                 30,778

Qualified XVI

             15,863.519

                13.08

               207,495

Qualified XVII

                  449.557

                13.18

                   5,925

Qualified XVIII

               3,350.208

                13.18

                 44,156

Qualified XXI

             14,754.108

                13.37

               197,262

Qualified XXIV

             50,847.462

                13.34

               678,305

Qualified XXV

             23,910.155

                13.39

               320,157

Qualified XXVI

             16,027.754

                13.33

               213,650

Qualified XXVIII

           144,706.666

                12.54

            1,814,622

Qualified XXXII

               2,764.842

                11.34

                 31,353

Qualified XXXIII (0.65)

               3,417.024

                13.50

                 46,130

Qualified XXXIV (0.60)

               1,507.009

                13.39

                 20,179

        2,393,955.898

$       31,834,171

The Growth Fund of America® - Class R-3

Contracts in accumulation period:

ING MAP PLUS NP11

             19,217.989

$               9.90

$            190,258

ING MAP PLUS NP15

             31,223.948

                  9.89

               308,805

ING MAP PLUS NP16

               3,513.516

                  9.89

                 34,749

ING MAP PLUS NP19

               4,327.866

                  9.88

                 42,759

ING MAP PLUS NP21

                    31.679

                  9.87

                      313

ING MAP PLUS NP23

                  477.980

                  9.86

                   4,713

ING MAP PLUS NP26

                    78.012

                  9.85

                      768

ING MAP PLUS NP29

             10,512.312

                  9.85

               103,546

ING MAP PLUS NP7

               1,197.329

                  9.92

                 11,878

             70,580.631

$            697,789

The Growth Fund of America® - Class R-4

Contracts in accumulation period:

Qualified V

               1,155.182

$               9.89

$              11,425

Qualified VI

           683,316.697

                  9.90

            6,764,835

Qualified XII (0.55)

               3,609.408

                  9.93

                 35,841

Qualified XII (0.60)

               6,996.730

                  9.93

                 69,478

Qualified XII (0.65)

               3,949.269

                  9.92

                 39,177

Qualified XII (0.70)

             37,775.280

                  9.92

               374,731

Qualified XII (0.75)

               7,728.780

                  9.92

                 76,669

Qualified XII (0.80)

           966,453.564

                  9.92

            9,587,219

Qualified XII (0.85)

             55,503.548

                  9.92

               550,595

126

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

The Growth Fund of America® - Class R-4 (continued)

Qualified XII (0.90)

               2,911.772

$               9.91

$              28,856

Qualified XII (0.95)

             21,493.223

                  9.91

               212,998

Qualified XII (1.00)

           499,726.333

                  9.91

            4,952,288

Qualified XII (1.05)

             32,298.565

                  9.91

               320,079

Qualified XII (1.10)

             16,581.634

                  9.91

               164,324

Qualified XII (1.15)

               2,701.828

                  9.90

                 26,748

Qualified XII (1.20)

                      1.276

                  9.90

                        13

Qualified XII (1.25)

             22,968.200

                  9.90

               227,385

Qualified XII (1.30)

                  668.501

                  9.90

                   6,618

Qualified XII (1.35)

                    13.686

                  9.90

                      135

Qualified XII (1.40)

               1,007.523

                  9.89

                   9,964

Qualified XII (1.45)

                  188.712

                  9.89

                   1,866

Qualified XII (1.50)

                  356.812

                  9.89

                   3,529

Qualified XVI

               7,735.992

                  9.89

                 76,509

Qualified XVII

               2,564.846

                  9.91

                 25,418

Qualified XXIV

               7,412.106

                10.19

                 75,529

        2,385,119.467

$       23,642,229

The Income Fund of America®

Contracts in accumulation period:

ING MAP PLUS NP19

               1,150.891

$             10.28

$              11,831

ING MAP PLUS NP21

                    40.754

                10.27

                      419

ING MAP PLUS NP26

                  212.272

                10.25

                   2,176

ING MAP PLUS NP7

               2,438.857

                10.32

                 25,169

ING MAP PLUS NP9

               2,183.817

                10.31

                 22,515

               6,026.591

$              62,110

ING GET Fund - Series G

Contracts in accumulation period:

Qualified VI

           619,216.251

$             10.26

$         6,353,159

Qualified X (1.15)

             42,519.772

                10.14

               431,150

Qualified X (1.25)

           229,691.741

                10.14

            2,329,074

Qualified XII (0.15)

             23,523.003

                10.77

               253,343

Qualified XII (0.30)

               4,238.418

                10.60

                 44,927

Qualified XII (0.80)

               1,379.596

                10.63

                 14,665

Qualified XII (0.85)

               5,333.668

                10.60

                 56,537

Qualified XII (0.90)

                  359.429

                10.58

                   3,803

Qualified XII (0.95)

               9,832.278

                10.55

               103,731

Qualified XII (1.00)

             15,448.666

                10.52

               162,520

Qualified XII (1.05)

             76,161.768

                10.50

               799,699

Qualified XII (1.10)

             53,392.338

                10.47

               559,018

Qualified XII (1.15)

               1,860.931

                10.44

                 19,428

Qualified XII (1.20)

             23,885.712

                10.42

               248,889

127

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING GET Fund - Series G (continued)

Qualified XII (1.25)

           281,084.924

$             10.39

$         2,920,472

Qualified XII (1.30)

             12,563.433

                10.36

               130,157

Qualified XII (1.35)

               1,289.758

                10.34

                 13,336

Qualified XII (1.40)

               3,564.442

                10.31

                 36,749

Qualified XII (1.45)

             13,155.946

                10.29

               135,375

Qualified XV

               1,106.761

                10.42

                 11,532

Qualified XVI

               5,334.840

                10.13

                 54,042

Qualified XVII

             29,299.597

                10.26

               300,614

Qualified XVIII

             66,339.731

                10.14

               672,685

Qualified XXI

               2,651.428

                10.50

                 27,840

Qualified XXIV

               3,944.034

                10.45

                 41,215

Qualified XXV

               8,441.490

                10.53

                 88,889

Qualified XXVI

               4,384.412

                10.47

                 45,905

Qualified XXVII

           293,317.266

                10.36

            3,038,767

Qualified XXXII

             10,350.279

                  9.94

               102,882

        1,843,671.912

$       19,000,403

ING GET Fund - Series H

Contracts in accumulation period:

Qualified VI

           633,210.890

$             10.41

$         6,591,725

Qualified X (1.15)

             46,133.107

                10.29

               474,710

Qualified X (1.25)

           123,647.246

                10.29

            1,272,330

Qualified XII (0.15)

             11,766.113

                10.84

               127,545

Qualified XII (0.30)

               3,362.096

                10.74

                 36,109

Qualified XII (0.50)

                  330.766

                10.92

                   3,612

Qualified XII (0.80)

               2,626.064

                10.76

                 28,256

Qualified XII (0.90)

               1,483.312

                10.71

                 15,886

Qualified XII (0.95)

               5,488.962

                10.68

                 58,622

Qualified XII (1.00)

             28,997.458

                10.66

               309,113

Qualified XII (1.05)

             51,982.861

                10.63

               552,578

Qualified XII (1.10)

               7,323.018

                10.61

                 77,697

Qualified XII (1.20)

               9,198.964

                10.56

                 97,141

Qualified XII (1.25)

           155,551.573

                10.53

            1,637,958

Qualified XII (1.30)

               2,558.097

                10.51

                 26,886

Qualified XII (1.35)

               9,447.663

                10.48

                 99,012

Qualified XII (1.40)

               5,908.277

                10.46

                 61,801

Qualified XV

                  500.719

                10.56

                   5,288

Qualified XVI

               5,813.461

                10.28

                 59,762

Qualified XVII

               3,820.767

                10.41

                 39,774

Qualified XVIII

             51,398.945

                10.29

               528,895

Qualified XXI

               1,215.079

                10.63

                 12,916

128

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING GET Fund - Series H (continued)

Qualified XXV

                  297.070

$             10.68

$                3,173

Qualified XXVI

               1,930.504

                10.62

                 20,502

Qualified XXVII

           168,134.328

                10.51

            1,767,092

Qualified XXXII

               9,633.793

                  9.95

                 95,856

Qualified XXXIV (0.60)

               2,827.173

                10.68

                 30,194

        1,344,588.306

$       14,034,433

ING GET Fund - Series I

Contracts in accumulation period:

Qualified X (1.15)

                  390.541

$             10.19

$                3,980

Qualified X (1.25)

             75,232.237

                10.19

               766,616

Qualified XVIII

               3,154.574

                10.19

                 32,145

Qualified XXXII

               2,549.374

                  9.92

                 25,290

             81,326.726

$            828,031

ING GET Fund - Series J

Contracts in accumulation period:

Qualified X (1.25)

             23,814.007

$             10.10

$            240,521

Qualified XVIII

               6,627.634

                10.10

                 66,939

Qualified XXXII

               5,145.436

                  9.94

                 51,146

             35,587.077

$            358,606

ING GET Fund - Series K

Contracts in accumulation period:

Qualified X (1.25)

               5,400.301

$             10.15

$              54,813

Qualified XXVII

           140,341.433

                10.34

            1,451,130

Qualified XXXII

               2,637.012

                  9.93

                 26,186

           148,378.746

$         1,532,129

ING GET Fund - Series L

Contracts in accumulation period:

Qualified XXVII

             74,253.854

$             10.29

$            764,072

             74,253.854

$            764,072

ING GET Fund - Series Q

Contracts in accumulation period:

Qualified XXVII

           383,796.310

$             10.46

$         4,014,509

           383,796.310

$         4,014,509

129

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING GET Fund - Series S

Contracts in accumulation period:

Qualified VI

           905,370.472

$             10.45

$         9,461,121

Qualified X (1.15)

             36,082.527

                10.45

               377,062

Qualified X (1.25)

           159,217.738

                10.45

            1,663,825

Qualified XII (0.15)

               5,815.988

                10.71

                 62,289

Qualified XII (0.50)

             78,090.135

                10.69

               834,784

Qualified XII (0.80)

               5,128.659

                10.61

                 54,415

Qualified XII (0.85)

               8,173.224

                10.61

                 86,718

Qualified XII (0.95)

             11,138.436

                10.58

               117,845

Qualified XII (1.00)

             49,281.775

                10.56

               520,416

Qualified XII (1.05)

           336,778.387

                10.55

            3,553,012

Qualified XII (1.10)

             63,865.124

                10.54

               673,138

Qualified XII (1.20)

             13,160.204

                10.51

               138,314

Qualified XII (1.25)

           341,388.299

                10.50

            3,584,577

Qualified XII (1.30)

               2,394.343

                10.49

                 25,117

Qualified XII (1.35)

               8,834.520

                10.47

                 92,497

Qualified XII (1.40)

             34,544.857

                10.46

               361,339

Qualified XII (1.50)

                  526.821

                10.44

                   5,500

Qualified XII (1.55)

                  615.916

                10.42

                   6,418

Qualified XII (1.65)

                  127.964

                10.40

                   1,331

Qualified XV

                  390.840

                10.52

                   4,112

Qualified XVI

             11,971.318

                10.39

               124,382

Qualified XVII

               8,901.054

                10.45

                 93,016

Qualified XVIII

             15,661.723

                10.45

               163,665

Qualified XXI

                  174.274

                10.56

                   1,840

Qualified XXIV

               2,545.364

                10.54

                 26,828

Qualified XXV

                  559.802

                10.61

                   5,939

Qualified XXVII

           297,514.877

                10.51

            3,126,881

Qualified XXXII

               1,379.812

                10.03

                 13,840

Qualified XXXIV (0.60)

               7,950.148

                10.61

                 84,351

        2,407,584.601

$       25,264,572

ING VP Balanced

Currently payable annuity contracts:

$       25,777,872

Contracts in accumulation period:

Qualified I

             29,792.545

$             31.75

               945,913

Qualified IX

               1,790.873

                23.01

                 41,208

Qualified V

                  737.860

                23.66

                 17,458

Qualified VI

      12,165,996.967

                23.96

        291,497,287

Qualified VII

           169,875.396

                23.14

            3,930,917

Qualified VIII

               3,936.777

                22.23

                 87,515

Qualified X (1.15)

           185,403.265

                24.22

            4,490,467

130

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Balanced (continued)

Qualified X (1.25)

        2,514,938.744

$             23.96

$       60,257,932

Qualified XII (0.00)

             81,508.304

                10.98

               894,961

Qualified XII (0.05)

           105,155.286

                24.98

            2,626,779

Qualified XII (0.25)

        1,017,750.210

                12.48

          12,701,523

Qualified XII (0.30)

           389,479.936

                12.44

            4,845,130

Qualified XII (0.40)

           150,421.420

                17.76

            2,671,484

Qualified XII (0.45)

           111,318.537

                12.32

            1,371,444

Qualified XII (0.55)

           168,922.174

                12.24

            2,067,607

Qualified XII (0.60)

           823,586.199

                12.20

          10,047,752

Qualified XII (0.65)

             79,713.193

                12.16

               969,312

Qualified XII (0.70)

           927,679.495

                12.13

          11,252,752

Qualified XII (0.75)

           865,201.065

                12.09

          10,460,281

Qualified XII (0.80)

        2,512,275.197

                12.86

          32,307,859

Qualified XII (0.85)

        1,019,439.357

                17.34

          17,677,078

Qualified XII (0.90)

             32,392.711

                12.56

               406,852

Qualified XII (0.95)

           333,782.263

                17.19

            5,737,717

Qualified XII (1.00)

        3,316,373.968

                17.12

          56,776,322

Qualified XII (1.05)

           226,414.371

                17.05

            3,860,365

Qualified XII (1.10)

           250,694.567

                16.98

            4,256,794

Qualified XII (1.15)

           161,417.540

                16.90

            2,727,956

Qualified XII (1.20)

             41,307.668

                16.83

               695,208

Qualified XII (1.25)

             49,035.791

                16.76

               821,840

Qualified XII (1.30)

                  948.947

                16.69

                 15,838

Qualified XII (1.35)

               3,324.787

                16.62

                 55,258

Qualified XII (1.40)

             26,953.877

                16.55

               446,087

Qualified XII (1.45)

               1,631.189

                16.48

                 26,882

Qualified XII (1.50)

               4,128.819

                16.42

                 67,795

Qualified XIX

             13,428.321

                32.34

               434,272

Qualified XV

             56,839.965

                24.53

            1,394,284

Qualified XVI

           272,595.208

                23.52

            6,411,439

Qualified XVII

           191,620.105

                24.40

            4,675,531

Qualified XVIII

           314,448.913

                24.40

            7,672,553

Qualified XX

             49,716.813

                32.04

            1,592,927

Qualified XXI

             82,500.614

                24.72

            2,039,415

Qualified XXIV

           319,820.794

                17.22

            5,507,314

Qualified XXIX

                  776.296

                31.46

                 24,422

Qualified XXV

           192,131.146

                24.59

            4,724,505

Qualified XXVI

             20,076.820

                24.44

               490,677

Qualified XXVII

        1,240,588.197

                31.78

          39,425,893

Qualified XXVIII

           138,236.773

                31.68

            4,379,341

Qualified XXX

             96,100.182

                31.16

            2,994,482

131

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Balanced (continued)

Qualified XXXII

           521,176.958

$             10.40

$         5,420,240

Qualified XXXIII (0.65)

                  341.427

                10.94

                   3,735

Qualified XXXIV (0.60)

             52,062.769

                12.20

               635,166

      31,335,790.599

$     660,661,641

ING VP Emerging Markets

Contracts in accumulation period:

Qualified XXVII

           720,098.931

$               8.71

$         6,272,062

Qualified XXVIII

           295,726.197

                  8.68

            2,566,903

        1,015,825.128

$         8,838,965

ING VP Intermediate Bond

Currently payable annuity contracts:

$         5,816,993

Contracts in accumulation period:

ING MAP PLUS NP11

               1,006.291

$             10.19

                 10,254

ING MAP PLUS NP15

               4,234.027

                10.18

                 43,102

ING MAP PLUS NP17

               1,407.452

                10.17

                 14,314

ING MAP PLUS NP27

                      9.175

                10.14

                        93

ING MAP PLUS NP29

               1,110.435

                10.13

                 11,249

ING MAP PLUS NP7

               3,001.112

                10.20

                 30,611

Qualified I

               7,935.932

                73.19

               580,831

Qualified IX

                  644.861

                17.78

                 11,466

Qualified V

                  563.479

                18.60

                 10,481

Qualified VI

        8,762,850.791

                18.58

        162,813,768

Qualified VII

           106,791.435

                17.26

            1,843,220

Qualified VIII

             12,710.496

                17.10

               217,349

Qualified X (1.15)

           168,784.391

                18.79

            3,171,459

Qualified X (1.25)

        1,286,413.009

                18.58

          23,901,554

Qualified XII (0.00)

             76,919.736

                12.08

               929,190

Qualified XII (0.05)

             43,344.657

                19.37

               839,586

Qualified XII (0.25)

           348,136.572

                14.67

            5,107,164

Qualified XII (0.30)

           197,181.853

                14.62

            2,882,799

Qualified XII (0.45)

           167,846.705

                14.48

            2,430,420

Qualified XII (0.55)

             78,512.449

                14.39

            1,129,794

Qualified XII (0.60)

           393,807.719

                14.34

            5,647,203

Qualified XII (0.65)

           131,161.785

                14.30

            1,875,614

Qualified XII (0.70)

           443,076.906

                14.25

            6,313,846

Qualified XII (0.75)

           572,520.154

                14.21

            8,135,511

Qualified XII (0.80)

        1,105,021.538

                14.36

          15,868,109

Qualified XII (0.85)

           894,311.375

                16.28

          14,559,389

Qualified XII (0.90)

             32,761.878

                14.29

               468,167

Qualified XII (0.95)

           546,180.602

                16.14

            8,815,355

132

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Intermediate Bond (continued)

Qualified XII (1.00)

        2,578,973.863

$             16.07

$       41,444,110

Qualified XII (1.05)

           262,224.940

                16.01

            4,198,221

Qualified XII (1.10)

           139,155.764

                15.94

            2,218,143

Qualified XII (1.15)

             86,814.434

                15.87

            1,377,745

Qualified XII (1.20)

             42,825.649

                15.81

               677,074

Qualified XII (1.25)

             67,643.315

                15.74

            1,064,706

Qualified XII (1.30)

               8,151.192

                15.67

               127,729

Qualified XII (1.35)

               9,853.949

                15.61

               153,820

Qualified XII (1.40)

             36,566.800

                15.54

               568,248

Qualified XII (1.45)

               4,755.458

                15.48

                 73,614

Qualified XII (1.50)

               8,375.577

                15.41

               129,068

Qualified XIX

               2,022.966

                74.00

               149,699

Qualified XV

             17,723.165

                19.02

               337,095

Qualified XVI

           182,551.139

                18.24

            3,329,733

Qualified XVII

           200,565.300

                18.79

            3,768,622

Qualified XVIII

           348,783.744

                18.79

            6,553,647

Qualified XX

             10,563.800

                72.85

               769,573

Qualified XXI

             30,291.789

                19.18

               580,997

Qualified XXIV

           175,578.786

                16.16

            2,837,353

Qualified XXIX

               1,323.035

                72.05

                 95,325

Qualified XXV

             93,410.238

                19.07

            1,781,333

Qualified XXVI

             29,319.761

                18.96

               555,903

Qualified XXVII

           640,005.630

                72.78

          46,579,610

Qualified XXVIII

           173,404.971

                72.55

          12,580,531

Qualified XXX

             19,832.891

                71.37

            1,415,473

Qualified XXXII

           137,435.475

                10.30

            1,415,585

Qualified XXXIII (0.65)

                  630.135

                12.03

                   7,581

Qualified XXXIV (0.60)

             38,844.110

                14.34

               557,025

      20,735,874.691

$     408,826,454

ING VP Money Market

Currently payable annuity contracts:

$            120,955

Contracts in accumulation period:

Qualified I

               5,087.098

$             48.73

               247,894

Qualified IX

               1,137.053

                13.98

                 15,896

Qualified V

             19,523.900

                13.67

               266,892

Qualified VI

        5,030,297.247

                13.89

          69,870,829

Qualified VII

           141,892.975

                13.85

            1,965,218

Qualified VIII

               3,496.304

                13.37

                 46,746

Qualified X (1.15)

             90,208.795

                14.04

            1,266,531

Qualified X (1.25)

        1,070,419.679

                13.89

          14,868,129

Qualified XII (0.00)

             11,778.183

                10.38

               122,258

Qualified XII (0.05)

             32,228.496

                14.48

               466,669

133

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Money Market (continued)

Qualified XII (0.25)

           432,213.353

$             12.19

$         5,268,681

Qualified XII (0.30)

           151,115.008

                12.15

            1,836,047

Qualified XII (0.45)

             95,278.231

                12.04

            1,147,150

Qualified XII (0.55)

           153,546.217

                11.96

            1,836,413

Qualified XII (0.60)

             93,020.486

                11.92

            1,108,804

Qualified XII (0.65)

             89,477.516

                11.88

            1,062,993

Qualified XII (0.70)

           710,627.382

                11.85

            8,420,934

Qualified XII (0.75)

           700,764.025

                11.81

            8,276,023

Qualified XII (0.80)

        1,491,086.397

                11.92

          17,773,750

Qualified XII (0.85)

           518,033.037

                12.84

            6,651,544

Qualified XII (0.90)

             47,389.551

                11.82

               560,144

Qualified XII (0.95)

           498,293.742

                12.73

            6,343,279

Qualified XII (1.00)

        2,010,868.260

                12.68

          25,497,810

Qualified XII (1.05)

           281,920.091

                12.63

            3,560,651

Qualified XII (1.10)

           213,045.728

                12.57

            2,677,985

Qualified XII (1.15)

           116,931.649

                12.52

            1,463,984

Qualified XII (1.20)

             44,343.288

                12.47

               552,961

Qualified XII (1.25)

           139,481.921

                12.42

            1,732,365

Qualified XII (1.30)

               8,458.745

                12.36

               104,550

Qualified XII (1.35)

             17,841.554

                12.31

               219,630

Qualified XII (1.40)

             45,518.920

                12.26

               558,062

Qualified XII (1.45)

               8,596.975

                12.21

               104,969

Qualified XII (1.50)

               8,978.118

                12.16

               109,174

Qualified XIX

               1,739.402

                48.73

                 84,761

Qualified XV

               7,992.324

                14.22

               113,651

Qualified XVI

           119,063.180

                13.63

            1,622,831

Qualified XVII

           226,007.089

                13.89

            3,139,238

Qualified XVIII

           378,094.623

                13.89

            5,251,734

Qualified XX

             19,881.056

                47.85

               951,309

Qualified XXI

             38,628.079

                14.33

               553,540

Qualified XXIV

           147,822.017

                12.75

            1,884,731

Qualified XXIX

               1,059.859

                47.85

                 50,714

Qualified XXV

             50,042.064

                14.25

               713,099

Qualified XXVI

             40,546.324

                14.17

               574,541

Qualified XXVII

           418,935.513

                49.90

          20,904,882

Qualified XXVIII

           183,682.468

                48.94

            8,989,420

Qualified XXX

               7,026.354

                47.39

               332,979

Qualified XXXII

             45,312.228

                  9.97

               451,763

Qualified XXXIII (0.65)

                  575.843

                10.34

                   5,954

Qualified XXXIV (0.60)

             10,435.096

                11.92

               124,386

      15,979,743.443

$     231,875,453

134

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Natural Resources

Contracts in accumulation period:

Qualified V

                    13.248

$             18.47

$                   245

Qualified VI

           294,008.986

                18.15

            5,336,263

Qualified VIII

               1,074.965

                15.72

                 16,898

Qualified XII (0.05)

                  272.574

                18.92

                   5,157

Qualified XII (0.15)

               2,800.150

                13.90

                 38,922

Qualified XII (0.25)

             33,112.938

                12.03

               398,349

Qualified XII (0.45)

               8,501.587

                11.88

               100,999

Qualified XII (0.55)

               2,653.385

                11.80

                 31,310

Qualified XII (0.60)

             14,679.876

                11.77

               172,782

Qualified XII (0.65)

                    92.663

                11.73

                   1,087

Qualified XII (0.70)

             52,458.008

                11.69

               613,234

Qualified XII (0.75)

             22,184.738

                13.71

               304,153

Qualified XII (0.80)

             69,730.524

                12.70

               885,578

Qualified XII (0.85)

             24,387.274

                14.52

               354,103

Qualified XII (0.90)

                  715.203

                12.63

                   9,033

Qualified XII (0.95)

             16,428.158

                14.40

               236,565

Qualified XII (1.00)

             65,676.297

                14.34

               941,798

Qualified XII (1.05)

               7,801.063

                14.28

               111,399

Qualified XII (1.10)

               9,430.830

                14.22

               134,106

Qualified XII (1.15)

               4,027.889

                14.16

                 57,035

Qualified XII (1.20)

                  148.934

                14.10

                   2,100

Qualified XII (1.25)

                  213.552

                14.04

                   2,998

Qualified XII (1.30)

                  153.997

                13.98

                   2,153

Qualified XII (1.35)

                  114.019

                13.92

                   1,587

Qualified XII (1.40)

                  207.410

                13.86

                   2,875

Qualified XV

               5,397.355

                18.58

               100,283

Qualified XVI

               4,354.428

                17.81

                 77,552

Qualified XVII

                  717.982

                18.15

                 13,031

Qualified XXI

               2,458.765

                18.73

                 46,053

Qualified XXIV

               8,347.733

                14.42

               120,374

Qualified XXV

               1,786.108

                18.58

                 33,186

Qualified XXVI

                  623.784

                18.40

                 11,478

Qualified XXVII

           239,857.058

                16.99

            4,075,171

Qualified XXVIII

             76,488.039

                16.94

            1,295,707

Qualified XXXIV (0.60)

                  828.825

                13.71

                 11,363

           971,748.345

$       15,544,927

135

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING Julius Baer Foreign

Contracts in accumulation period:

Qualified VI

             38,576.991

$             10.07

$            388,470

Qualified X (1.25)

                      0.490

                10.46

                          5

Qualified XII (0.70)

                    66.422

                10.09

                      670

Qualified XII (0.80)

                  543.655

                10.09

                   5,485

Qualified XII (0.85)

               2,260.165

                10.09

                 22,805

Qualified XII (0.95)

               4,393.659

                10.08

                 44,288

Qualified XII (1.00)

                  878.480

                10.08

                   8,855

Qualified XII (1.05)

                  506.199

                10.08

                   5,102

Qualified XII (1.10)

               1,016.644

                10.08

                 10,248

Qualified XII (1.15)

                  200.615

                10.08

                   2,022

Qualified XII (1.25)

                  113.796

                10.07

                   1,146

Qualified XII (1.40)

                      5.604

                10.07

                        56

Qualified XII (1.50)

                  386.662

                10.06

                   3,890

Qualified XVI

                  705.279

                10.06

                   7,095

Qualified XXIV

                  102.292

                10.57

                   1,081

             49,756.953

$            501,218

ING MFS Total Return

Contracts in accumulation period:

Qualified V

                  230.399

$             11.60

$                2,673

Qualified VI

           925,113.705

                12.12

          11,212,378

Qualified X (1.25)

               3,347.630

                10.31

                 34,514

Qualified XII (0.55)

               2,539.641

                12.46

                 31,644

Qualified XII (0.60)

               5,161.753

                12.45

                 64,264

Qualified XII (0.65)

               4,406.826

                12.44

                 54,821

Qualified XII (0.70)

             22,735.353

                12.43

               282,600

Qualified XII (0.75)

               5,036.666

                12.43

                 62,606

Qualified XII (0.80)

             92,293.941

                12.40

            1,144,445

Qualified XII (0.85)

             24,353.518

                12.37

               301,253

Qualified XII (0.90)

                  462.289

                12.38

                   5,723

Qualified XII (0.95)

             48,510.237

                12.36

               599,587

Qualified XII (1.00)

           344,155.998

                12.35

            4,250,327

Qualified XII (1.05)

             19,972.220

                12.34

               246,457

Qualified XII (1.10)

             49,516.661

                12.33

               610,540

Qualified XII (1.15)

             13,535.988

                12.33

               166,899

Qualified XII (1.20)

                  539.209

                12.32

                   6,643

Qualified XII (1.25)

             20,133.557

                12.31

               247,844

Qualified XII (1.30)

                  489.447

                12.30

                   6,020

Qualified XII (1.35)

                  131.192

                12.30

                   1,614

Qualified XII (1.40)

             12,451.200

                12.29

               153,025

136

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING MFS Total Return (continued)

Qualified XII (1.45)

                  206.793

$             12.28

$                2,539

Qualified XII (1.50)

                  788.965

                12.27

                   9,681

Qualified XV

                  539.322

                11.67

                   6,294

Qualified XVI

               6,953.271

                12.07

                 83,926

Qualified XVII

               9,259.400

                11.63

               107,687

Qualified XXI

                  396.308

                11.70

                   4,637

Qualified XXIV

             22,882.256

                11.69

               267,494

Qualified XXV

               7,005.192

                11.71

                 82,031

Qualified XXXIV (0.60)

               1,286.782

                12.43

                 15,995

        1,644,435.719

$       20,066,161

ING T. Rowe Price Equity Income

Contracts in accumulation period:

ING MAP PLUS NP11

               1,646.321

$             10.29

$              16,941

ING MAP PLUS NP29

               8,305.565

                10.23

                 84,966

ING MAP PLUS NP9

               1,013.243

                10.30

                 10,436

Qualified V

               4,025.932

                12.66

                 50,968

Qualified VI

           368,220.363

                13.50

            4,970,975

Qualified VIII

                  341.106

                12.69

                   4,329

Qualified X (1.25)

                  383.316

                10.41

                   3,990

Qualified XII (0.55)

               6,133.063

                13.63

                 83,594

Qualified XII (0.60)

               3,481.449

                13.63

                 47,452

Qualified XII (0.65)

               4,862.986

                13.62

                 66,234

Qualified XII (0.70)

             13,887.245

                13.61

               189,005

Qualified XII (0.75)

               4,668.094

                13.60

                 63,486

Qualified XII (0.80)

             23,637.486

                13.57

               320,761

Qualified XII (0.85)

             35,002.099

                13.54

               473,928

Qualified XII (0.90)

                  487.767

                13.55

                   6,609

Qualified XII (0.95)

             24,547.622

                13.53

               332,129

Qualified XII (1.00)

        1,066,566.847

                13.52

          14,419,984

Qualified XII (1.05)

             11,361.922

                13.51

               153,500

Qualified XII (1.10)

               4,426.325

                13.50

                 59,755

Qualified XII (1.15)

               3,301.620

                13.49

                 44,539

Qualified XII (1.20)

                    28.372

                13.48

                      382

Qualified XII (1.25)

               3,315.389

                13.48

                 44,691

Qualified XII (1.35)

                    32.884

                13.46

                      443

Qualified XII (1.40)

               1,295.844

                13.45

                 17,429

Qualified XII (1.45)

                    14.950

                13.44

                      201

Qualified XII (1.50)

                    25.750

                13.43

                      346

Qualified XV

                  958.331

                12.74

                 12,209

Qualified XVI

               7,348.798

                13.45

                 98,841

Qualified XVII

               1,292.491

                12.69

                 16,402

Qualified XXI

               1,059.058

                12.77

                 13,524

137

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING T. Rowe Price Equity Income (continued)

Qualified XXIV

               1,884.911

$             12.76

$              24,051

Qualified XXV

               5,803.629

                12.78

                 74,170

Qualified XXVI

               1,864.614

                12.75

                 23,774

        1,611,225.392

$       21,730,044

ING Alger Aggressive Growth - Initial Class

Contracts in accumulation period:

Qualified XXXI

                  836.018

$             13.84

$              11,570

                  836.018

$              11,570

ING Alger Aggressive Growth - Service Class

Currently payable annuity contracts:

$                7,906

Contracts in accumulation period:

ING MAP PLUS NP10

               2,047.052

$               9.23

                 18,894

ING MAP PLUS NP26

                    13.466

                  9.18

                      124

Qualified V

                    89.415

                  6.84

                      612

Qualified VI

           813,208.391

                  6.87

            5,586,742

Qualified VIII

                  643.314

                  6.87

                   4,420

Qualified X (1.15)

             10,840.230

                10.03

               108,728

Qualified X (1.25)

             61,659.512

                  9.82

               605,496

Qualified XII (0.45)

               5,110.042

                  7.03

                 35,924

Qualified XII (0.55)

               2,576.885

                  7.01

                 18,064

Qualified XII (0.60)

             13,149.420

                  7.00

                 92,046

Qualified XII (0.65)

             21,075.073

                  6.99

               147,315

Qualified XII (0.70)

               8,545.807

                  6.98

                 59,650

Qualified XII (0.75)

             68,159.643

                  6.97

               475,073

Qualified XII (0.80)

             55,340.538

                  6.96

               385,170

Qualified XII (0.85)

             29,610.177

                  6.95

               205,791

Qualified XII (0.90)

               3,493.636

                  6.94

                 24,246

Qualified XII (0.95)

             33,575.786

                  6.93

               232,680

Qualified XII (1.00)

           192,948.628

                  6.92

            1,335,205

Qualified XII (1.05)

             18,622.829

                  6.91

               128,684

Qualified XII (1.10)

               6,591.712

                  6.90

                 45,483

Qualified XII (1.15)

               1,295.860

                  6.89

                   8,928

Qualified XII (1.20)

               2,433.595

                  6.88

                 16,743

Qualified XII (1.25)

               7,342.369

                  6.87

                 50,442

Qualified XII (1.30)

                  346.048

                  6.86

                   2,374

Qualified XII (1.35)

                  635.604

                  6.85

                   4,354

Qualified XII (1.40)

               4,406.851

                  6.84

                 30,143

Qualified XII (1.45)

                  800.430

                  6.83

                   5,467

Qualified XII (1.50)

                  411.884

                  6.82

                   2,809

Qualified XV

               1,652.344

                  6.93

                 11,451

138

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING Alger Aggressive Growth - Service Class

(continued)

Qualified XVI

             12,634.612

$               6.82

$              86,168

Qualified XVII

               2,381.968

                  6.87

                 16,364

Qualified XVIII

                  715.123

                10.07

                   7,201

Qualified XXI

               2,881.941

                  6.96

                 20,058

Qualified XXIV

             24,563.396

                  6.94

               170,470

Qualified XXV

             18,688.721

                  6.97

               130,260

Qualified XXVI

               5,984.704

                  6.94

                 41,534

Qualified XXXII

                  314.834

                  9.87

                   3,107

        1,434,791.840

$       10,126,126

ING Alger Growth

Contracts in accumulation period:

Qualified VI

           127,950.054

$               8.12

$         1,038,954

Qualified X (1.15)

               2,225.971

                  9.07

                 20,190

Qualified X (1.25)

             16,711.240

                  8.56

               143,048

Qualified XII (0.55)

               3,249.021

                  8.29

                 26,934

Qualified XII (0.60)

               3,963.463

                  8.28

                 32,817

Qualified XII (0.65)

               2,377.512

                  8.26

                 19,638

Qualified XII (0.70)

               8,750.125

                  8.25

                 72,189

Qualified XII (0.75)

               1,780.230

                  8.24

                 14,669

Qualified XII (0.80)

               6,970.803

                  8.23

                 57,370

Qualified XII (0.85)

               6,676.508

                  8.22

                 54,881

Qualified XII (0.90)

                    40.476

                  8.20

                      332

Qualified XII (0.95)

               8,912.259

                  8.19

                 72,991

Qualified XII (1.00)

             52,186.173

                  8.18

               426,883

Qualified XII (1.05)

               6,829.339

                  8.17

                 55,796

Qualified XII (1.10)

               1,636.688

                  8.16

                 13,355

Qualified XII (1.15)

               1,287.671

                  8.14

                 10,482

Qualified XII (1.20)

                  412.944

                  8.13

                   3,357

Qualified XII (1.25)

               4,740.937

                  8.12

                 38,496

Qualified XII (1.35)

                  167.008

                  8.10

                   1,353

Qualified XII (1.40)

                  489.495

                  8.09

                   3,960

Qualified XII (1.45)

                      2.369

                  8.07

                        19

Qualified XII (1.50)

                  137.264

                  8.06

                   1,106

Qualified XV

                  717.389

                  8.19

                   5,875

Qualified XVI

               3,669.191

                  8.06

                 29,574

Qualified XVII

                  700.654

                  8.12

                   5,689

Qualified XXI

               1,366.756

                  8.23

                 11,248

Qualified XXIV

               2,402.024

                  8.21

                 19,721

Qualified XXV

               1,172.774

                  8.24

                   9,664

Qualified XXVI

                  811.177

                  8.20

                   6,652

139

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING Alger Growth (continued)

Qualified XXXII

                  656.585

$               9.78

$                6,421

Qualified XXXIII (0.40)

                  614.472

                  8.36

                   5,137

           269,608.572

$         2,208,801

ING American Century Small Cap Value

Currently payable annuity contracts:

$              37,856

Contracts in accumulation period:

ING MAP PLUS NP29

               3,440.936

$             10.39

                 35,751

ING MAP PLUS NP9

               3,099.090

                10.46

                 32,416

Qualified V

               5,038.456

                11.53

                 58,093

Qualified VI

           519,609.072

                11.57

            6,011,877

Qualified X (1.15)

             21,037.984

                11.60

               244,041

Qualified X (1.25)

             63,045.647

                11.57

               729,438

Qualified XII (0.05)

               8,841.010

                11.79

               104,236

Qualified XII (0.30)

             13,228.243

                11.84

               156,622

Qualified XII (0.45)

                  831.149

                11.80

                   9,808

Qualified XII (0.55)

               2,194.051

                11.77

                 25,824

Qualified XII (0.60)

               3,486.664

                11.75

                 40,968

Qualified XII (0.65)

               2,609.002

                11.74

                 30,630

Qualified XII (0.70)

             26,551.718

                11.73

               311,452

Qualified XII (0.75)

               2,759.125

                11.72

                 32,337

Qualified XII (0.80)

             20,097.222

                11.70

               235,137

Qualified XII (0.85)

             36,067.380

                11.68

               421,267

Qualified XII (0.90)

               2,459.742

                11.67

                 28,705

Qualified XII (0.95)

             20,556.095

                11.65

               239,479

Qualified XII (1.00)

           853,089.946

                11.64

            9,929,967

Qualified XII (1.05)

               7,201.730

                11.63

                 83,756

Qualified XII (1.10)

               4,952.822

                11.61

                 57,502

Qualified XII (1.15)

               3,001.848

                11.60

                 34,821

Qualified XII (1.20)

                  480.810

                11.58

                   5,568

Qualified XII (1.25)

               5,306.287

                11.57

                 61,394

Qualified XII (1.35)

                  299.185

                11.54

                   3,453

Qualified XII (1.40)

               5,108.280

                11.53

                 58,898

Qualified XII (1.45)

                  202.826

                11.51

                   2,335

Qualified XII (1.50)

                  229.171

                11.50

                   2,635

Qualified XV

                  167.831

                11.65

                   1,955

Qualified XVI

             12,709.527

                11.50

               146,160

Qualified XVII

               4,014.960

                11.57

                 46,453

Qualified XVIII

               1,526.534

                11.64

                 17,769

Qualified XXI

               3,826.411

                11.70

                 44,769

Qualified XXIV

               9,447.457

                11.68

               110,346

140

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING American Century Small Cap Value (continued)

Qualified XXV

               3,492.157

$             11.71

$              40,893

Qualified XXVI

                  896.015

                11.67

                 10,456

Qualified XXXII

                  360.913

                10.97

                   3,959

Qualified XXXIV (0.60)

               2,389.889

                11.72

                 28,009

        1,673,657.185

$       19,477,035

ING Baron Small Cap Growth

Currently payable annuity contracts:

$              17,557

Contracts in accumulation period:

ING MAP PLUS NP29

               1,377.379

$             10.43

                 14,366

NYSUT 457

           304,609.327

                14.21

            4,328,499

Qualified V

               4,629.804

                12.41

                 57,456

Qualified VI

        1,064,256.324

                12.46

          13,260,634

Qualified X (1.15)

             14,975.910

                12.49

               187,049

Qualified X (1.25)

             82,141.075

                12.46

            1,023,478

Qualified XII (0.05)

             11,593.828

                12.70

               147,242

Qualified XII (0.30)

               9,140.710

                12.75

               116,544

Qualified XII (0.45)

                      8.229

                12.70

                      105

Qualified XII (0.55)

               3,397.272

                12.67

                 43,043

Qualified XII (0.60)

               8,914.613

                12.65

               112,770

Qualified XII (0.65)

             16,594.418

                12.64

               209,753

Qualified XII (0.70)

             18,500.352

                12.62

               233,474

Qualified XII (0.75)

             11,815.554

                12.62

               149,112

Qualified XII (0.80)

           292,325.231

                12.59

            3,680,375

Qualified XII (0.85)

             49,430.728

                12.58

               621,839

Qualified XII (0.90)

               1,752.901

                12.56

                 22,016

Qualified XII (0.95)

             40,697.048

                12.55

               510,748

Qualified XII (1.00)

           966,837.346

                12.53

          12,114,472

Qualified XII (1.05)

             14,459.549

                12.52

               181,034

Qualified XII (1.10)

               8,322.471

                12.50

               104,031

Qualified XII (1.15)

               6,739.623

                12.49

                 84,178

Qualified XII (1.20)

               1,659.570

                12.47

                 20,695

Qualified XII (1.25)

             11,242.126

                12.46

               140,077

Qualified XII (1.30)

                    91.857

                12.44

                   1,143

Qualified XII (1.35)

               6,093.420

                12.43

                 75,741

Qualified XII (1.40)

               3,321.015

                12.41

                 41,214

Qualified XII (1.45)

                  510.911

                12.39

                   6,330

Qualified XII (1.50)

               1,017.498

                12.38

                 12,597

Qualified XV

               2,317.370

                12.55

                 29,083

Qualified XVI

             23,106.121

                12.38

               286,054

Qualified XVII

               1,557.344

                12.46

                 19,405

Qualified XVIII

                  633.730

                12.53

                   7,941

141

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING Baron Small Cap Growth (continued)

Qualified XXI

             11,938.784

$             12.59

$            150,309

Qualified XXIV

             23,503.388

                12.57

               295,438

Qualified XXV

               8,819.239

                12.61

               111,211

Qualified XXVI

               3,210.014

                12.56

                 40,318

Qualified XXXII

                  716.717

                11.13

                   7,977

Qualified XXXIII (0.40)

               3,194.248

                12.75

                 40,727

Qualified XXXIV (0.60)

               3,294.110

                12.62

                 41,572

        3,038,747.154

$       38,547,607

ING Aeltus Enhanced Index

Contracts in accumulation period:

Qualified VI

             91,166.511

$               7.80

$            711,099

Qualified X (1.15)

               2,585.648

                10.13

                 26,193

Qualified X (1.25)

               4,974.857

                  9.60

                 47,759

Qualified XII (0.60)

               1,700.900

                  7.94

                 13,505

Qualified XII (0.65)

                  482.492

                  7.93

                   3,826

Qualified XII (0.70)

                  230.540

                  7.92

                   1,826

Qualified XII (0.75)

                    19.041

                  7.91

                      151

Qualified XII (0.80)

             13,568.766

                  7.90

               107,193

Qualified XII (0.85)

                  840.217

                  7.89

                   6,629

Qualified XII (0.90)

                  411.405

                  7.87

                   3,238

Qualified XII (0.95)

               8,369.826

                  7.86

                 65,787

Qualified XII (1.00)

             29,438.597

                  7.85

               231,093

Qualified XII (1.05)

               3,719.184

                  7.84

                 29,158

Qualified XII (1.10)

               5,113.285

                  7.83

                 40,037

Qualified XII (1.15)

                    56.903

                  7.82

                      445

Qualified XII (1.20)

                  975.523

                  7.81

                   7,619

Qualified XII (1.25)

               1,237.344

                  7.80

                   9,651

Qualified XII (1.30)

                  229.758

                  7.78

                   1,788

Qualified XII (1.35)

               2,292.489

                  7.77

                 17,813

Qualified XII (1.40)

                  747.411

                  7.76

                   5,800

Qualified XII (1.50)

                    86.462

                  7.74

                      669

Qualified XVI

                  251.879

                  7.74

                   1,950

Qualified XVII

                  775.879

                  7.80

                   6,052

Qualified XXIV

                  653.731

                  7.88

                   5,151

Qualified XXV

                  249.380

                  7.91

                   1,973

           170,178.028

$         1,346,405

142

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING Goldman Sachs® Capital Growth

Contracts in accumulation period:

Qualified VI

             40,384.581

$               9.90

$            399,807

Qualified X (1.15)

               3,503.908

                  9.66

                 33,848

Qualified X (1.25)

             16,684.095

                  9.10

               151,825

Qualified XII (0.60)

               1,575.943

                10.09

                 15,901

Qualified XII (0.65)

               1,290.870

                10.07

                 12,999

Qualified XII (0.70)

               8,549.771

                10.06

                 86,011

Qualified XII (0.75)

                  410.431

                10.06

                   4,129

Qualified XII (0.80)

               8,974.231

                10.03

                 90,012

Qualified XII (0.85)

               3,913.522

                10.02

                 39,213

Qualified XII (0.90)

               2,766.751

                10.00

                 27,668

Qualified XII (0.95)

               1,932.278

                  9.99

                 19,303

Qualified XII (1.00)

             10,805.425

                  9.97

               107,730

Qualified XII (1.05)

                  462.168

                  9.96

                   4,603

Qualified XII (1.10)

               3,431.579

                  9.94

                 34,110

Qualified XII (1.15)

               1,458.907

                  9.93

                 14,487

Qualified XII (1.20)

                  400.007

                  9.91

                   3,964

Qualified XII (1.25)

               1,161.609

                  9.90

                 11,500

Qualified XII (1.35)

                  859.812

                  9.87

                   8,486

Qualified XII (1.40)

                  742.626

                  9.86

                   7,322

Qualified XII (1.45)

                  704.292

                  9.84

                   6,930

Qualified XII (1.50)

                  685.164

                  9.83

                   6,735

Qualified XV

                  676.973

                  9.99

                   6,763

Qualified XVI

                  978.441

                  9.83

                   9,618

Qualified XXI

               1,836.570

                10.03

                 18,421

Qualified XXIV

               2,594.474

                10.01

                 25,971

Qualified XXV

               3,116.835

                10.04

                 31,293

Qualified XXXIV (0.60)

                  161.860

                10.06

                   1,628

           120,063.123

$         1,180,277

ING JPMorgan International

Currently payable annuity contracts:

$              36,814

Contracts in accumulation period:

Qualified V

                  191.295

$             18.72

                   3,581

Qualified VI

        1,990,715.018

                19.16

          38,142,100

Qualified VIII

             16,497.272

                16.13

               266,101

Qualified X (1.15)

             35,315.299

                19.37

               684,057

Qualified X (1.25)

           247,252.432

                19.16

            4,737,357

Qualified XII (0.05)

             32,335.505

                19.97

               645,740

Qualified XII (0.15)

             25,230.784

                  9.96

               251,299

Qualified XII (0.25)

           261,660.587

                  9.96

            2,606,139

Qualified XII (0.30)

           168,443.482

                  9.93

            1,672,644

143

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING JPMorgan International (continued)

Qualified XII (0.45)

             53,460.408

$               9.84

$            526,050

Qualified XII (0.55)

             45,969.651

                  9.78

               449,583

Qualified XII (0.60)

           212,443.557

                  9.74

            2,069,200

Qualified XII (0.65)

             13,884.193

                  9.71

               134,816

Qualified XII (0.70)

           284,857.154

                  9.68

            2,757,417

Qualified XII (0.75)

           272,037.858

                  9.82

            2,671,412

Qualified XII (0.80)

           373,471.877

                10.86

            4,055,905

Qualified XII (0.85)

           401,611.207

                13.37

            5,369,542

Qualified XII (0.90)

             14,699.160

                10.79

               158,604

Qualified XII (0.95)

           169,666.046

                13.26

            2,249,772

Qualified XII (1.00)

        1,079,679.470

                13.20

          14,251,769

Qualified XII (1.05)

             96,125.288

                13.15

            1,264,048

Qualified XII (1.10)

             57,576.986

                13.09

               753,683

Qualified XII (1.15)

             38,794.515

                13.04

               505,880

Qualified XII (1.20)

               8,022.200

                12.98

               104,128

Qualified XII (1.25)

             10,130.068

                12.93

               130,982

Qualified XII (1.30)

                    99.947

                12.88

                   1,287

Qualified XII (1.35)

               1,940.717

                12.82

                 24,880

Qualified XII (1.40)

               8,463.348

                12.77

               108,077

Qualified XII (1.45)

               1,137.822

                12.71

                 14,462

Qualified XII (1.50)

               3,734.569

                12.66

                 47,280

Qualified XV

             25,390.601

                19.61

               497,910

Qualified XVI

             44,491.216

                18.80

               836,435

Qualified XVII

                  744.764

                19.16

                 14,270

Qualified XVIII

               4,127.594

                19.16

                 79,085

Qualified XXI

             24,730.241

                19.77

               488,917

Qualified XXIV

             42,405.860

                13.28

               563,150

Qualified XXV

             11,825.081

                19.54

               231,062

Qualified XXVI

               1,485.635

                19.42

                 28,851

Qualified XXVII

        1,610,014.041

                20.17

          32,473,983

Qualified XXVIII

           130,653.496

                20.11

            2,627,442

Qualified XXXII

             32,741.750

                10.89

               356,558

Qualified XXXIII (0.65)

                    13.430

                  9.93

                      133

Qualified XXXIV (0.60)

               3,897.788

                  9.82

                 38,276

        7,857,969.212

$     124,930,681

ING JPMorgan Mid Cap Value

Currently payable annuity contracts:

$              26,193

Contracts in accumulation period:

Qualified VI

           412,958.575

$             12.79

            5,281,740

Qualified X (1.15)

               2,756.106

                12.82

                 35,333

Qualified X (1.25)

             71,490.531

                12.79

               914,364

144

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING JPMorgan Mid Cap Value (continued)

Qualified XII (0.05)

             10,588.758

$             13.03

$            137,972

Qualified XII (0.45)

                  386.000

                13.04

                   5,033

Qualified XII (0.55)

               3,156.336

                13.01

                 41,064

Qualified XII (0.60)

               8,700.472

                12.99

               113,019

Qualified XII (0.65)

               2,270.525

                12.97

                 29,449

Qualified XII (0.70)

             35,243.610

                12.96

               456,757

Qualified XII (0.75)

               3,932.289

                12.96

                 50,962

Qualified XII (0.80)

               5,411.836

                12.93

                 69,975

Qualified XII (0.85)

             25,282.037

                12.91

               326,391

Qualified XII (0.90)

               1,345.580

                12.89

                 17,345

Qualified XII (0.95)

             28,952.629

                12.88

               372,910

Qualified XII (1.00)

           163,773.664

                12.86

            2,106,129

Qualified XII (1.05)

             11,228.779

                12.85

               144,290

Qualified XII (1.10)

               3,138.476

                12.83

                 40,267

Qualified XII (1.15)

               2,259.988

                12.82

                 28,973

Qualified XII (1.20)

                  240.122

                12.80

                   3,074

Qualified XII (1.25)

               3,206.635

                12.79

                 41,013

Qualified XII (1.35)

               4,701.475

                12.75

                 59,944

Qualified XII (1.40)

               1,854.697

                12.74

                 23,629

Qualified XII (1.45)

                    56.574

                12.72

                      720

Qualified XII (1.50)

               1,094.126

                12.71

                 13,906

Qualified XV

                  537.981

                12.88

                   6,929

Qualified XVI

               8,163.650

                12.71

               103,760

Qualified XVII

               2,453.997

                12.79

                 31,387

Qualified XVIII

                  291.499

                12.86

                   3,749

Qualified XXI

               2,300.611

                12.93

                 29,747

Qualified XXIV

             11,049.842

                12.91

               142,653

Qualified XXV

             11,307.521

                12.94

               146,319

Qualified XXVI

               1,995.002

                12.89

                 25,716

Qualified XXXII

                  744.262

                11.12

                   8,276

Qualified XXXIV (0.60)

                  751.621

                12.96

                   9,741

           843,625.806

$       10,848,729

ING MFS Capital Opportunities

Currently payable annuity contracts:

$            242,374

Contracts in accumulation period:

Qualified V

               1,045.531

$             21.15

                 22,113

Qualified VI

        1,816,280.894

                21.43

          38,922,900

Qualified VIII

               7,826.766

                18.41

               144,091

Qualified X (1.15)

               9,842.900

                  9.37

                 92,228

Qualified X (1.25)

           223,312.060

                  9.31

            2,079,035

Qualified XII (0.05)

             12,794.681

                22.34

               285,833

145

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING MFS Capital Opportunities (continued)

Qualified XII (0.15)

             13,927.376

$               8.78

$            122,282

Qualified XII (0.25)

           120,077.271

                10.04

            1,205,576

Qualified XII (0.30)

           102,245.015

                10.01

            1,023,473

Qualified XII (0.40)

           117,229.593

                14.61

            1,712,724

Qualified XII (0.45)

             25,272.385

                  9.92

               250,702

Qualified XII (0.55)

             54,286.211

                  9.85

               534,719

Qualified XII (0.60)

           102,871.994

                  9.82

            1,010,203

Qualified XII (0.65)

             24,790.484

                  9.79

               242,699

Qualified XII (0.70)

           260,568.826

                  9.76

            2,543,152

Qualified XII (0.75)

           245,680.532

                  9.73

            2,390,472

Qualified XII (0.80)

           376,199.259

                10.98

            4,130,668

Qualified XII (0.85)

           365,653.463

                14.26

            5,214,218

Qualified XII (0.90)

             17,727.632

                10.55

               187,027

Qualified XII (0.95)

           184,440.924

                14.14

            2,607,995

Qualified XII (1.00)

        1,268,700.049

                14.08

          17,863,297

Qualified XII (1.05)

             82,551.347

                14.03

            1,158,195

Qualified XII (1.10)

             66,232.781

                13.97

               925,272

Qualified XII (1.15)

             38,935.081

                13.91

               541,587

Qualified XII (1.20)

               7,517.860

                13.85

               104,122

Qualified XII (1.25)

             20,469.538

                13.79

               282,275

Qualified XII (1.30)

               1,832.451

                13.73

                 25,160

Qualified XII (1.35)

               1,726.858

                13.68

                 23,623

Qualified XII (1.40)

             24,070.043

                13.62

               327,834

Qualified XII (1.45)

                    10.377

                13.56

                      141

Qualified XII (1.50)

               3,273.045

                13.51

                 44,219

Qualified XV

             19,665.726

                21.94

               431,466

Qualified XVI

             33,856.532

                21.03

               712,003

Qualified XVII

               2,202.154

                21.43

                 47,192

Qualified XVIII

               5,044.408

                  9.31

                 46,963

Qualified XXI

             19,821.049

                22.11

               438,243

Qualified XXIV

             53,189.198

                14.16

               753,159

Qualified XXV

             24,379.632

                21.86

               532,939

Qualified XXVI

               4,982.170

                21.73

               108,263

Qualified XXVII

        1,646,716.640

                26.30

          43,308,648

Qualified XXVIII

           159,499.583

                26.22

            4,182,079

Qualified XXXII

               5,205.879

                10.35

                 53,881

Qualified XXXIV (0.60)

             19,635.441

                  9.73

               191,053

        7,591,591.639

$     137,066,098

146

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING MFS Global Growth

Contracts in accumulation period:

Qualified VI

             68,575.178

$             10.81

$            741,298

Qualified X (1.15)

               2,555.534

                10.84

                 27,702

Qualified X (1.25)

             29,578.628

                10.81

               319,745

Qualified XII (0.60)

               1,369.139

                10.98

                 15,033

Qualified XII (0.65)

                  741.212

                10.97

                   8,131

Qualified XII (0.70)

               1,812.056

                10.95

                 19,842

Qualified XII (0.75)

                  680.296

                10.95

                   7,449

Qualified XII (0.80)

                  610.339

                10.93

                   6,671

Qualified XII (0.85)

               7,020.778

                10.91

                 76,597

Qualified XII (0.90)

                    13.319

                10.90

                      145

Qualified XII (0.95)

               5,656.081

                10.89

                 61,595

Qualified XII (1.00)

             19,550.508

                10.88

               212,710

Qualified XII (1.05)

               3,076.767

                10.86

                 33,414

Qualified XII (1.10)

               1,530.718

                10.85

                 16,608

Qualified XII (1.15)

                  242.962

                10.84

                   2,634

Qualified XII (1.20)

                  116.059

                10.82

                   1,256

Qualified XII (1.25)

               3,366.764

                10.81

                 36,395

Qualified XII (1.35)

                    72.288

                10.78

                      779

Qualified XII (1.40)

                  476.549

                10.77

                   5,132

Qualified XII (1.45)

                  171.207

                10.76

                   1,842

Qualified XII (1.50)

                  358.801

                10.74

                   3,854

Qualified XV

                  294.999

                10.89

                   3,213

Qualified XVI

                  376.320

                10.74

                   4,042

Qualified XXI

               1,394.651

                10.93

                 15,244

Qualified XXIV

               5,436.670

                10.91

                 59,314

Qualified XXV

               1,297.405

                10.94

                 14,194

Qualified XXVI

                    10.208

                10.90

                      111

Qualified XXXIV (0.60)

                      4.594

                10.95

                        50

           156,390.030

$         1,695,000

ING OpCap Balanced Value

Currently payable annuity contracts:

$            192,453

Contracts in accumulation period:

Qualified VI

           689,517.320

$             12.83

            8,846,507

Qualified VIII

                  892.164

                12.82

                 11,438

Qualified X (1.15)

               9,277.457

                11.14

               103,351

Qualified X (1.25)

           123,228.855

                10.65

            1,312,387

Qualified XII (0.55)

                  835.690

                13.09

                 10,939

Qualified XII (0.60)

               5,596.159

                13.07

                 73,142

Qualified XII (0.65)

               3,731.893

                13.05

                 48,701

Qualified XII (0.70)

             20,412.280

                13.03

               265,972

147

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING OpCap Balanced Value (continued)

Qualified XII (0.75)

               6,900.142

$             13.03

$              89,909

Qualified XII (0.80)

             52,778.518

                12.99

               685,593

Qualified XII (0.85)

             38,021.636

                12.98

               493,521

Qualified XII (0.90)

                  702.714

                12.96

                   9,107

Qualified XII (0.95)

             43,989.089

                12.94

               569,219

Qualified XII (1.00)

           307,632.794

                12.92

            3,974,616

Qualified XII (1.05)

               6,490.814

                12.90

                 83,732

Qualified XII (1.10)

             15,168.629

                12.88

               195,372

Qualified XII (1.15)

               4,860.706

                12.86

                 62,509

Qualified XII (1.20)

                  800.205

                12.85

                 10,283

Qualified XII (1.25)

               9,795.125

                12.83

               125,671

Qualified XII (1.30)

                  779.942

                12.81

                   9,991

Qualified XII (1.35)

                    60.262

                12.79

                      771

Qualified XII (1.40)

               1,760.981

                12.77

                 22,488

Qualified XII (1.45)

                    45.777

                12.75

                      584

Qualified XII (1.50)

                  428.153

                12.73

                   5,450

Qualified XV

                  634.375

                12.94

                   8,209

Qualified XVI

             12,988.435

                12.73

               165,343

Qualified XVII

               5,302.569

                12.83

                 68,032

Qualified XVIII

               5,832.050

                11.18

                 65,202

Qualified XXI

               1,545.377

                12.99

                 20,074

Qualified XXIV

               4,880.388

                12.97

                 63,299

Qualified XXV

             57,422.100

                13.01

               747,062

Qualified XXVI

               2,439.534

                12.96

                 31,616

Qualified XXXII

               2,630.840

                10.67

                 28,071

Qualified XXXIV (0.60)

               1,102.958

                13.03

                 14,372

        1,438,485.931

$       18,414,986

ING PIMCO Total Return

Currently payable annuity contracts:

$              52,570

Contracts in accumulation period:

ING MAP PLUS NP10

             10,216.064

$             10.19

               104,102

ING MAP PLUS NP11

               6,451.702

                10.19

                 65,743

ING MAP PLUS NP15

             11,000.023

                10.18

               111,980

ING MAP PLUS NP16

               1,114.458

                10.17

                 11,334

ING MAP PLUS NP22

                    34.014

                10.15

                      345

ING MAP PLUS NP26

                    51.005

                10.14

                      517

ING MAP PLUS NP29

               6,755.386

                10.13

                 68,432

ING MAP PLUS NP9

             13,209.708

                10.20

               134,739

NYSUT 457

           403,357.619

                10.37

            4,182,819

Qualified VI

        1,499,767.286

                11.25

          16,872,382

Qualified VIII

                  519.928

                11.24

                   5,844

148

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING PIMCO Total Return (continued)

Qualified X (1.15)

               1,310.130

$             11.27

$              14,765

Qualified X (1.25)

           149,209.849

                11.25

            1,678,611

Qualified XII (0.45)

             17,927.351

                11.47

               205,627

Qualified XII (0.55)

             12,459.660

                11.44

               142,539

Qualified XII (0.60)

             28,940.394

                11.43

               330,789

Qualified XII (0.65)

             43,685.328

                11.41

               498,450

Qualified XII (0.70)

             66,750.156

                11.40

               760,952

Qualified XII (0.75)

             58,176.977

                11.40

               663,218

Qualified XII (0.80)

             88,839.679

                11.37

            1,010,107

Qualified XII (0.85)

             77,497.096

                11.36

               880,367

Qualified XII (0.90)

             26,908.054

                11.34

               305,137

Qualified XII (0.95)

           208,393.542

                11.33

            2,361,099

Qualified XII (1.00)

           372,828.757

                11.32

            4,220,422

Qualified XII (1.05)

             72,119.870

                11.30

               814,955

Qualified XII (1.10)

             67,557.373

                11.29

               762,723

Qualified XII (1.15)

             20,986.574

                11.27

               236,519

Qualified XII (1.20)

               2,256.422

                11.26

                 25,407

Qualified XII (1.25)

             29,993.840

                11.25

               337,431

Qualified XII (1.30)

               5,948.753

                11.23

                 66,804

Qualified XII (1.35)

               7,288.218

                11.22

                 81,774

Qualified XII (1.40)

             19,138.620

                11.21

               214,544

Qualified XII (1.45)

               1,202.426

                11.19

                 13,455

Qualified XII (1.50)

               9,802.204

                11.18

               109,589

Qualified XV

               1,750.790

                11.33

                 19,836

Qualified XVI

             29,348.929

                11.18

               328,121

Qualified XVII

               5,061.872

                11.25

                 56,946

Qualified XVIII

                  612.934

                11.32

                   6,938

Qualified XXI

               7,824.703

                11.37

                 88,967

Qualified XXIV

             30,006.051

                11.35

               340,569

Qualified XXV

             13,020.200

                11.38

               148,170

Qualified XXVI

               8,195.714

                11.34

                 92,939

Qualified XXVIII

             42,810.465

                11.32

               484,614

Qualified XXXII

               1,186.356

                10.23

                 12,136

Qualified XXXIII (0.40)

               4,545.239

                11.52

                 52,361

Qualified XXXIV (0.60)

               6,960.332

                11.40

                 79,348

        3,493,022.051

$       39,057,036

149

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING Salomon Brothers Aggressive Growth

Currently payable annuity contracts:

$            131,874

Contracts in accumulation period:

Qualified V

               1,615.481

$             12.76

                 20,614

Qualified VI

        6,713,360.127

                12.93

          86,803,746

Qualified VIII

             11,953.232

                13.54

               161,847

Qualified X (1.15)

             78,427.868

                13.07

            1,025,052

Qualified X (1.25)

           816,933.443

                12.93

          10,562,949

Qualified XII (0.05)

           120,435.451

                13.48

            1,623,470

Qualified XII (0.15)

           104,997.605

                  9.08

               953,378

Qualified XII (0.25)

           548,510.659

                  7.89

            4,327,749

Qualified XII (0.30)

           308,790.869

                  7.87

            2,430,184

Qualified XII (0.40)

           325,492.771

                  9.08

            2,955,474

Qualified XII (0.45)

             91,511.671

                  7.79

               712,876

Qualified XII (0.55)

             77,394.545

                  7.74

               599,034

Qualified XII (0.60)

           483,508.346

                  7.72

            3,732,684

Qualified XII (0.65)

             47,031.720

                  7.69

               361,674

Qualified XII (0.70)

           705,740.528

                  7.67

            5,413,030

Qualified XII (0.75)

           663,503.322

                  8.95

            5,938,355

Qualified XII (0.80)

        1,555,041.068

                  8.22

          12,782,438

Qualified XII (0.85)

           860,764.063

                  8.86

            7,626,370

Qualified XII (0.90)

             55,936.221

                  7.91

               442,456

Qualified XII (0.95)

           499,741.707

                  8.79

            4,392,730

Qualified XII (1.00)

        2,947,054.767

                  8.75

          25,786,729

Qualified XII (1.05)

           353,306.783

                  8.71

            3,077,302

Qualified XII (1.10)

           134,905.777

                  8.68

            1,170,982

Qualified XII (1.15)

           108,357.448

                  8.64

               936,208

Qualified XII (1.20)

             22,075.063

                  8.60

               189,846

Qualified XII (1.25)

             72,997.198

                  8.57

               625,586

Qualified XII (1.30)

               6,803.714

                  8.53

                 58,036

Qualified XII (1.35)

               2,558.892

                  8.50

                 21,751

Qualified XII (1.40)

             29,108.136

                  8.46

               246,255

Qualified XII (1.45)

                  686.159

                  8.43

                   5,784

Qualified XII (1.50)

             12,427.894

                  8.39

               104,270

Qualified XV

             19,301.136

                13.24

               255,547

Qualified XVI

           124,629.826

                12.69

            1,581,552

Qualified XVII

               8,495.511

                12.93

               109,847

Qualified XVIII

             14,720.539

                12.93

               190,337

Qualified XXI

           112,436.183

                13.34

            1,499,899

Qualified XXII

                  235.453

                13.46

                   3,169

Qualified XXIV

           229,664.696

                  8.80

            2,021,049

Qualified XXV

             97,892.047

                13.19

            1,291,196

150

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING Salomon Brothers Aggressive Growth (continued)

Qualified XXVI

             19,136.512

$             13.11

$            250,880

Qualified XXVII

        2,011,351.718

                13.17

          26,489,502

Qualified XXVIII

           370,573.081

                13.12

            4,861,919

Qualified XXXII

             27,529.730

                10.54

               290,163

Qualified XXXIV (0.60)

             59,671.141

                  8.95

               534,057

      20,856,610.101

$     224,599,850

ING Salomon Brothers Fundamental Value

Currently payable annuity contracts:

$              52,092

Contracts in accumulation period:

Qualified VI

           372,145.518

$             16.34

            6,080,858

Qualified X (1.15)

             13,473.726

                10.54

               142,013

Qualified X (1.25)

             42,962.474

                10.27

               441,225

Qualified XII (0.55)

               2,114.164

                16.67

                 35,243

Qualified XII (0.60)

               6,540.961

                16.65

               108,907

Qualified XII (0.65)

               1,606.298

                16.62

                 26,697

Qualified XII (0.70)

               6,212.935

                16.60

               103,135

Qualified XII (0.75)

               4,379.768

                16.59

                 72,660

Qualified XII (0.80)

             49,348.348

                16.55

               816,715

Qualified XII (0.85)

               9,826.464

                16.53

               162,431

Qualified XII (0.90)

                  575.301

                16.50

                   9,492

Qualified XII (0.95)

             20,390.413

                16.48

               336,034

Qualified XII (1.00)

           105,401.669

                16.45

            1,733,857

Qualified XII (1.05)

               6,330.399

                16.43

               104,008

Qualified XII (1.10)

               5,036.279

                16.41

                 82,645

Qualified XII (1.15)

               5,567.247

                16.38

                 91,192

Qualified XII (1.20)

                  337.254

                16.36

                   5,517

Qualified XII (1.25)

               5,044.104

                16.34

                 82,421

Qualified XII (1.30)

                  284.718

                16.31

                   4,644

Qualified XII (1.35)

                    74.943

                16.29

                   1,221

Qualified XII (1.40)

               1,067.557

                16.26

                 17,358

Qualified XII (1.45)

                    10.680

                16.24

                      173

Qualified XII (1.50)

                  470.201

                16.22

                   7,627

Qualified XV

                  438.143

                16.48

                   7,221

Qualified XVI

               4,054.172

                16.22

                 65,759

Qualified XVII

               2,517.588

                16.34

                 41,137

Qualified XVIII

                  786.204

                10.58

                   8,318

Qualified XXI

               1,262.865

                16.55

                 20,900

Qualified XXIV

               9,065.168

                16.52

               149,757

Qualified XXV

             10,099.750

                16.57

               167,353

Qualified XXVI

               3,310.177

                16.50

                 54,618

Qualified XXXIV (0.60)

                  107.419

                16.59

                   1,782

           690,842.907

$       11,035,010

151

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING Salomon Brothers Investors Value

Contracts in accumulation period:

Qualified VI

           225,727.075

$             12.77

$         2,882,535

Qualified X (1.15)

             10,589.971

                10.20

               108,018

Qualified X (1.25)

             35,114.434

                  9.92

               348,335

Qualified XII (0.55)

               2,305.587

                13.03

                 30,042

Qualified XII (0.60)

               5,750.592

                13.01

                 74,815

Qualified XII (0.65)

               2,946.589

                12.99

                 38,276

Qualified XII (0.70)

               1,282.062

                12.97

                 16,628

Qualified XII (0.75)

               4,906.753

                12.97

                 63,641

Qualified XII (0.80)

               6,294.853

                12.94

                 81,455

Qualified XII (0.85)

               3,839.463

                12.92

                 49,606

Qualified XII (0.90)

               1,645.822

                12.90

                 21,231

Qualified XII (0.95)

             16,520.877

                12.88

               212,789

Qualified XII (1.00)

             96,699.118

                12.86

            1,243,551

Qualified XII (1.05)

               2,448.591

                12.84

                 31,440

Qualified XII (1.10)

               8,390.083

                12.82

               107,561

Qualified XII (1.15)

                  553.576

                12.81

                   7,091

Qualified XII (1.20)

                  715.293

                12.79

                   9,149

Qualified XII (1.25)

               4,204.650

                12.77

                 53,693

Qualified XII (1.35)

                    39.376

                12.73

                      501

Qualified XII (1.40)

               1,522.293

                12.71

                 19,348

Qualified XII (1.45)

                      7.675

                12.70

                        97

Qualified XII (1.50)

                  141.059

                12.68

                   1,789

Qualified XV

               1,852.755

                12.88

                 23,863

Qualified XVI

               3,066.691

                12.68

                 38,886

Qualified XVIII

                  630.161

                10.24

                   6,453

Qualified XXI

                  441.463

                12.94

                   5,713

Qualified XXIV

               7,434.301

                12.91

                 95,977

Qualified XXV

               1,741.612

                12.96

                 22,571

Qualified XXVI

               6,237.399

                12.90

                 80,462

Qualified XXXII

               1,728.427

                10.45

                 18,062

Qualified XXXIV (0.60)

                  574.725

                12.97

                   7,454

           455,353.326

$         5,701,032

ING T. Rowe Price Growth Equity - Initial Class

Currently payable annuity contracts:

$            422,722

Contracts in accumulation period:

Qualified V

               5,241.411

$             18.57

                 97,333

Qualified VI

        5,242,851.005

                18.45

          96,730,601

Qualified VIII

               4,601.921

                18.83

                 86,654

Qualified X (1.15)

             44,930.864

                20.87

               937,707

Qualified X (1.25)

           525,764.601

                20.67

          10,867,554

152

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING T. Rowe Price Growth Equity - Initial Class (continued)

Qualified XII (0.05)

             26,763.757

$             19.24

$            514,935

Qualified XII (0.15)

             35,877.346

                10.24

               367,384

Qualified XII (0.25)

           349,853.379

                11.92

            4,170,252

Qualified XII (0.30)

           109,581.791

                11.89

            1,302,927

Qualified XII (0.40)

           175,152.481

                18.01

            3,154,496

Qualified XII (0.45)

             89,790.117

                11.77

            1,056,830

Qualified XII (0.55)

             62,004.162

                11.70

               725,449

Qualified XII (0.60)

           323,451.867

                11.66

            3,771,449

Qualified XII (0.65)

             63,560.221

                11.62

               738,570

Qualified XII (0.70)

           386,372.262

                11.59

            4,478,055

Qualified XII (0.75)

           501,599.959

                11.55

            5,793,480

Qualified XII (0.80)

        1,029,446.174

                12.68

          13,053,377

Qualified XII (0.85)

           364,355.340

                17.58

            6,405,367

Qualified XII (0.90)

             34,727.804

                12.24

               425,068

Qualified XII (0.95)

           358,328.534

                17.43

            6,245,666

Qualified XII (1.00)

        1,980,113.731

                17.36

          34,374,774

Qualified XII (1.05)

           160,205.099

                17.29

            2,769,946

Qualified XII (1.10)

           103,595.411

                17.22

            1,783,913

Qualified XII (1.15)

             51,134.018

                17.14

               876,437

Qualified XII (1.20)

               9,513.599

                17.07

               162,397

Qualified XII (1.25)

             41,657.743

                17.00

               708,182

Qualified XII (1.30)

               6,314.301

                16.93

               106,901

Qualified XII (1.35)

               3,687.127

                16.86

                 62,165

Qualified XII (1.40)

             21,946.255

                16.79

               368,478

Qualified XII (1.45)

               1,258.042

                16.72

                 21,034

Qualified XII (1.50)

               2,888.646

                16.65

                 48,096

Qualified XV

             14,045.408

                18.89

               265,318

Qualified XVI

           116,585.557

                18.11

            2,111,364

Qualified XVII

             23,171.244

                18.45

               427,509

Qualified XVIII

             18,202.340

                20.67

               376,242

Qualified XXI

             49,577.840

                19.04

               943,962

Qualified XXII

                    51.380

                19.21

                      987

Qualified XXIV

           120,811.136

                17.46

            2,109,362

Qualified XXV

             53,015.681

                18.83

               998,285

Qualified XXVI

             28,891.401

                18.71

               540,558

Qualified XXVII

        1,780,839.791

                21.50

          38,288,056

Qualified XXVIII

           805,740.831

                21.43

          17,267,026

Qualified XXXI

               1,661.171

                12.88

                 21,396

Qualified XXXII

             21,999.896

                10.19

               224,179

Qualified XXXIII (0.65)

               4,442.745

                10.21

                 45,360

Qualified XXXIV (0.60)

             51,447.036

                11.55

               594,213

      15,207,052.425

$     266,842,016

153

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING T. Rowe Price Growth Equity - Service Class

Contracts in accumulation period:

ING MAP PLUS NP23

                  120.306

$               9.64

$                1,160

ING MAP PLUS NP26

                      7.924

                  9.63

                        76

ING MAP PLUS NP27

                      8.932

                  9.63

                        86

ING MAP PLUS NP9

             13,333.199

                  9.69

               129,199

Qualified XII (1.00)

                    36.181

                10.99

                      398

             13,506.542

$            130,919

ING UBS U.S. Allocation

Contracts in accumulation period:

Qualified VI

             23,747.182

$             30.07

$            714,078

Qualified VIII

               1,629.381

                30.07

                 48,995

Qualified X (1.15)

               4,211.562

                10.24

                 43,126

Qualified X (1.25)

             25,053.748

                  9.71

               243,272

Qualified XII (0.55)

                  378.427

                30.69

                 11,614

Qualified XII (0.60)

                  774.938

                30.65

                 23,752

Qualified XII (0.65)

                    95.433

                30.60

                   2,920

Qualified XII (0.70)

               1,787.202

                30.56

                 54,617

Qualified XII (0.75)

                  714.257

                30.54

                 21,813

Qualified XII (0.85)

                  434.260

                30.42

                 13,210

Qualified XII (0.95)

               5,590.098

                30.34

               169,604

Qualified XII (1.00)

               3,617.355

                30.29

               109,570

Qualified XII (1.05)

                  823.976

                30.25

                 24,925

Qualified XII (1.10)

                  173.097

                30.21

                   5,229

Qualified XII (1.15)

                    89.813

                30.16

                   2,709

Qualified XII (1.20)

                  118.338

                30.12

                   3,564

Qualified XII (1.25)

               1,486.629

                30.07

                 44,703

Qualified XII (1.35)

                  209.079

                29.99

                   6,270

Qualified XII (1.40)

                  289.431

                29.94

                   8,666

Qualified XII (1.45)

                      4.239

                29.90

                      127

Qualified XII (1.50)

                  102.978

                29.86

                   3,075

Qualified XV

                  228.171

                30.34

                   6,923

Qualified XVI

                  473.591

                29.86

                 14,141

Qualified XVIII

               1,013.176

                10.28

                 10,415

Qualified XXI

                    98.829

                30.47

                   3,011

Qualified XXIV

                  272.677

                30.41

                   8,292

Qualified XXV

                  569.845

                30.51

                 17,386

Qualified XXVI

                    46.297

                30.38

                   1,407

Qualified XXXIV (0.60)

                      1.631

                30.54

                        50

             74,035.640

$         1,617,464

154

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING UBS U.S. Large Cap Equity

Currently payable annuity contracts:

$            511,356

Contracts in accumulation period:

Qualified IX

               2,814.629

$             11.99

                 33,747

Qualified V

               1,461.672

                13.95

                 20,390

Qualified VI

        4,173,915.142

                14.22

          59,353,073

Qualified VII

             81,628.339

                12.03

               981,989

Qualified VIII

               9,873.432

                11.99

               118,382

Qualified X (1.15)

               7,951.032

                14.38

               114,336

Qualified X (1.25)

           465,366.745

                14.22

            6,617,515

Qualified XII (0.05)

             25,055.778

                14.83

               371,577

Qualified XII (0.15)

             66,975.377

                  9.56

               640,285

Qualified XII (0.25)

           328,601.445

                  9.52

            3,128,286

Qualified XII (0.30)

           134,610.164

                  9.49

            1,277,450

Qualified XII (0.40)

             78,591.613

                  9.48

               745,048

Qualified XII (0.45)

             45,512.972

                  9.40

               427,822

Qualified XII (0.55)

             39,415.466

                  9.34

               368,140

Qualified XII (0.60)

           180,294.805

                  9.31

            1,678,545

Qualified XII (0.65)

             71,273.526

                  9.28

               661,418

Qualified XII (0.70)

           201,460.300

                  9.25

            1,863,508

Qualified XII (0.75)

           235,565.132

                  9.42

            2,219,024

Qualified XII (0.80)

           370,349.251

                10.17

            3,766,452

Qualified XII (0.85)

           559,118.696

                  9.26

            5,177,439

Qualified XII (0.90)

             19,379.746

                  9.85

               190,890

Qualified XII (0.95)

           238,799.116

                  9.18

            2,192,176

Qualified XII (1.00)

           984,585.118

                  9.14

            8,999,108

Qualified XII (1.05)

           101,711.652

                  9.10

               925,576

Qualified XII (1.10)

             46,227.857

                  9.07

               419,287

Qualified XII (1.15)

             75,015.525

                  9.03

               677,390

Qualified XII (1.20)

             15,112.658

                  8.99

               135,863

Qualified XII (1.25)

             17,294.613

                  8.95

               154,787

Qualified XII (1.30)

                  632.587

                  8.91

                   5,636

Qualified XII (1.35)

                  105.094

                  8.88

                      933

Qualified XII (1.40)

               8,463.130

                  8.84

                 74,814

Qualified XII (1.45)

                  860.122

                  8.80

                   7,569

Qualified XII (1.50)

               3,653.290

                  8.77

                 32,039

Qualified XIX

               3,676.140

                  9.36

                 34,409

Qualified XV

             21,965.748

                14.56

               319,821

Qualified XVI

             99,857.765

                13.96

            1,394,014

Qualified XVII

             89,069.174

                14.22

            1,266,564

Qualified XVIII

             20,713.661

                14.22

               294,548

Qualified XX

               4,787.843

                12.33

                 59,034

155

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING UBS U.S. Large Cap Equity (continued)

Qualified XXI

             37,379.210

$             14.68

$            548,727

Qualified XXIV

           167,291.227

                  9.19

            1,537,406

Qualified XXIX

               1,221.908

                12.33

                 15,066

Qualified XXV

             28,326.780

                14.51

               411,022

Qualified XXVI

             13,021.011

                14.42

               187,763

Qualified XXVII

           831,259.785

                13.62

          11,321,758

Qualified XXVIII

             70,966.786

                13.58

               963,729

Qualified XXX

             48,874.694

                12.21

               596,760

Qualified XXXII

           119,441.140

                10.61

            1,267,270

Qualified XXXIV (0.60)

             49,735.501

                  9.42

               468,508

      10,199,264.397

$     124,578,249

ING Van Kampen Comstock

Currently payable annuity contracts:

$            334,537

Contracts in accumulation period:

ING MAP PLUS NP19

               1,346.595

$             10.33

                 13,910

ING MAP PLUS NP26

                    22.164

                10.31

                      229

NYSUT 457

           645,585.190

                13.24

            8,547,548

Qualified VI

        1,886,775.065

                11.27

          21,263,955

Qualified X (1.15)

             12,672.627

                11.30

               143,201

Qualified X (1.25)

           153,701.813

                11.27

            1,732,219

Qualified XII (0.55)

                  612.769

                11.47

                   7,028

Qualified XII (0.60)

               9,192.792

                11.45

               105,257

Qualified XII (0.65)

               1,440.233

                11.44

                 16,476

Qualified XII (0.70)

             47,551.951

                11.42

               543,043

Qualified XII (0.75)

             56,322.201

                11.42

               643,200

Qualified XII (0.80)

           451,686.843

                11.40

            5,149,230

Qualified XII (0.85)

             60,519.314

                11.38

               688,710

Qualified XII (0.90)

               8,014.920

                11.37

                 91,130

Qualified XII (0.95)

             41,727.635

                11.35

               473,609

Qualified XII (1.00)

        1,074,606.679

                11.34

          12,186,040

Qualified XII (1.05)

             38,628.239

                11.33

               437,658

Qualified XII (1.10)

             10,730.231

                11.31

               121,359

Qualified XII (1.15)

               4,938.025

                11.30

                 55,800

Qualified XII (1.20)

                  272.984

                11.29

                   3,082

Qualified XII (1.25)

             19,939.943

                11.27

               224,723

Qualified XII (1.30)

                  506.192

                11.26

                   5,700

Qualified XII (1.35)

               1,311.498

                11.24

                 14,741

Qualified XII (1.40)

               2,769.905

                11.23

                 31,106

Qualified XII (1.45)

                  139.186

                11.22

                   1,562

Qualified XII (1.50)

               1,285.395

                11.20

                 14,396

Qualified XV

               4,380.863

                11.35

                 49,723

156

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING Van Kampen Comstock (continued)

Qualified XVI

             17,351.608

$             11.20

$            194,338

Qualified XVII

               7,832.208

                11.27

                 88,269

Qualified XVIII

               6,328.249

                11.34

                 71,762

Qualified XXI

               3,373.099

                11.40

                 38,453

Qualified XXIV

           110,537.865

                11.38

            1,257,921

Qualified XXV

               9,581.181

                11.41

               109,321

Qualified XXVI

               1,264.205

                11.37

                 14,374

Qualified XXXII

                  565.886

                11.09

                   6,276

Qualified XXXIII (0.40)

               1,886.127

                11.54

                 21,766

Qualified XXXIV (0.60)

               2,721.683

                11.42

                 31,082

        4,698,123.363

$       54,732,734

ING VP Strategic Allocation Balanced

Currently payable annuity contracts:

$            375,462

Contracts in accumulation period:

ING MAP PLUS NP11

                    16.092

$             10.03

                      161

ING MAP PLUS NP15

                  845.244

                10.02

                   8,469

ING MAP PLUS NP16

             16,501.007

                10.01

               165,175

ING MAP PLUS NP17

                  988.864

                10.01

                   9,899

ING MAP PLUS NP22

               4,159.788

                  9.99

                 41,556

ING MAP PLUS NP29

               6,219.692

                  9.97

                 62,010

ING MAP PLUS NP7

             16,911.683

                10.04

               169,793

Qualified V

                    60.750

                15.83

                      962

Qualified VI

        1,675,858.624

                16.06

          26,914,290

Qualified X (1.15)

               9,289.767

                16.60

               154,210

Qualified X (1.25)

           211,999.365

                16.44

            3,485,270

Qualified XII (0.00)

             11,432.089

                10.78

               123,238

Qualified XII (0.05)

             29,293.426

                16.75

               490,665

Qualified XII (0.25)

             89,687.243

                11.04

               990,147

Qualified XII (0.30)

             11,856.259

                11.01

               130,537

Qualified XII (0.40)

           213,853.782

                15.20

            3,250,577

Qualified XII (0.45)

               7,489.476

                10.90

                 81,635

Qualified XII (0.55)

             10,163.766

                10.83

               110,074

Qualified XII (0.60)

             28,831.539

                10.80

               311,381

Qualified XII (0.65)

           112,672.766

                10.76

            1,212,359

Qualified XII (0.70)

           121,986.293

                10.73

            1,308,913

Qualified XII (0.75)

           226,317.159

                10.70

            2,421,594

Qualified XII (0.80)

           144,674.308

                11.24

            1,626,139

Qualified XII (0.85)

           164,762.128

                14.84

            2,445,070

Qualified XII (0.90)

               1,149.814

                11.03

                 12,682

Qualified XII (0.95)

             77,920.134

                14.72

            1,146,984

Qualified XII (1.00)

           293,774.722

                14.66

            4,306,737

157

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Strategic Allocation Balanced (continued)

Qualified XII (1.05)

           389,210.112

$             14.60

$         5,682,468

Qualified XII (1.10)

             61,166.177

                14.54

               889,356

Qualified XII (1.15)

             97,882.493

                14.47

            1,416,360

Qualified XII (1.20)

             23,989.382

                14.41

               345,687

Qualified XII (1.25)

             28,488.169

                14.35

               408,805

Qualified XII (1.30)

               4,795.311

                14.29

                 68,525

Qualified XII (1.35)

               4,739.281

                14.23

                 67,440

Qualified XII (1.40)

             16,803.254

                14.17

               238,102

Qualified XII (1.45)

                  210.182

                14.12

                   2,968

Qualified XII (1.50)

             10,864.334

                14.06

               152,753

Qualified XV

               2,810.598

                16.44

                 46,206

Qualified XVI

             37,130.975

                15.77

               585,555

Qualified XVII

             10,242.970

                16.48

               168,804

Qualified XVIII

             14,231.269

                16.87

               240,082

Qualified XXI

               6,022.722

                16.58

                 99,857

Qualified XXII

                  509.018

                16.72

                   8,511

Qualified XXIV

               9,577.307

                14.74

               141,170

Qualified XXV

               7,006.827

                16.49

               115,543

Qualified XXVII

             85,944.018

                16.23

            1,394,871

Qualified XXVIII

           119,843.047

                16.18

            1,939,061

Qualified XXXII

               4,392.627

                10.41

                 45,727

Qualified XXXIII (0.65)

                    93.764

                10.74

                   1,007

Qualified XXXIV (0.60)

             11,585.727

                10.80

               125,126

        4,436,255.344

$       65,539,973

ING VP Strategic Allocation Growth

Currently payable annuity contracts:

$            256,983

Contracts in accumulation period:

ING MAP PLUS NP11

               1,353.562

$               9.98

                 13,509

ING MAP PLUS NP15

                  323.597

                  9.96

                   3,223

ING MAP PLUS NP16

                  642.329

                  9.96

                   6,398

ING MAP PLUS NP17

               4,764.336

                  9.96

                 47,453

ING MAP PLUS NP19

                  340.150

                  9.95

                   3,384

ING MAP PLUS NP22

                  267.911

                  9.94

                   2,663

ING MAP PLUS NP29

               2,881.299

                  9.92

                 28,582

ING MAP PLUS NP7

               1,272.794

                  9.99

                 12,715

Qualified V

                    17.494

                16.05

                      281

Qualified VI

        2,067,828.164

                16.28

          33,664,243

Qualified VIII

                      8.563

                16.27

                      139

Qualified X (1.15)

             18,269.203

                16.90

               308,750

Qualified X (1.25)

           263,175.621

                16.75

            4,408,192

Qualified XII (0.00)

               7,306.664

                10.57

                 77,231

Qualified XII (0.05)

               2,964.488

                16.98

                 50,337

158

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Strategic Allocation Growth (continued)

Qualified XII (0.25)

           160,625.738

$             10.35

$         1,662,476

Qualified XII (0.30)

               9,684.835

                10.31

                 99,851

Qualified XII (0.40)

             76,379.633

                15.16

            1,157,915

Qualified XII (0.45)

             19,018.851

                10.22

               194,373

Qualified XII (0.55)

               2,406.865

                10.15

                 24,430

Qualified XII (0.60)

             19,859.881

                10.42

               206,940

Qualified XII (0.65)

           308,227.585

                10.09

            3,110,016

Qualified XII (0.70)

           177,507.530

                10.06

            1,785,726

Qualified XII (0.75)

           261,926.645

                10.02

            2,624,505

Qualified XII (0.80)

           152,544.784

                10.62

            1,620,026

Qualified XII (0.85)

           213,841.982

                14.80

            3,164,861

Qualified XII (0.90)

               1,420.295

                10.41

                 14,785

Qualified XII (0.95)

             85,764.068

                14.68

            1,259,017

Qualified XII (1.00)

           545,608.860

                14.62

            7,976,802

Qualified XII (1.05)

           138,743.759

                14.56

            2,020,109

Qualified XII (1.10)

             57,141.403

                14.50

               828,550

Qualified XII (1.15)

             84,492.432

                14.43

            1,219,226

Qualified XII (1.20)

             16,010.413

                14.37

               230,070

Qualified XII (1.25)

             21,789.659

                14.31

               311,810

Qualified XII (1.30)

               6,043.635

                14.25

                 86,122

Qualified XII (1.35)

               2,130.092

                14.19

                 30,226

Qualified XII (1.40)

             17,987.113

                14.13

               254,158

Qualified XII (1.45)

                  742.404

                14.08

                 10,453

Qualified XII (1.50)

             10,897.153

                14.02

               152,778

Qualified XV

               3,565.313

                16.67

                 59,434

Qualified XVI

             40,046.403

                15.98

               639,942

Qualified XVII

                  682.547

                16.71

                 11,405

Qualified XVIII

               3,919.140

                17.18

                 67,331

Qualified XXI

               9,890.838

                16.80

               166,166

Qualified XXII

               1,446.019

                16.95

                 24,510

Qualified XXIV

             24,591.694

                14.70

               361,498

Qualified XXV

             13,185.579

                16.71

               220,331

Qualified XXVI

                  441.832

                16.61

                   7,339

Qualified XXVII

             80,358.303

                16.45

            1,321,894

Qualified XXVIII

           121,369.981

                16.40

            1,990,468

Qualified XXXII

               7,674.166

                10.44

                 80,118

Qualified XXXIII (0.65)

                  903.318

                10.53

                   9,512

Qualified XXXIV (0.60)

             21,450.651

                10.42

               223,516

        5,091,737.574

$       74,112,772

159

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Strategic Allocation Income

Currently payable annuity contracts:

$            144,110

Contracts in accumulation period:

ING MAP PLUS NP11

                  207.078

$             10.08

                   2,087

ING MAP PLUS NP16

                  292.430

                10.06

                   2,942

ING MAP PLUS NP17

                  609.813

                10.06

                   6,135

ING MAP PLUS NP19

                  574.003

                10.05

                   5,769

ING MAP PLUS NP22

                  608.872

                10.04

                   6,113

ING MAP PLUS NP29

               1,157.708

                10.02

                 11,600

ING MAP PLUS NP7

               1,694.653

                10.09

                 17,099

ING MAP PLUS NP9

                      3.169

                10.08

                        32

Qualified V

                      1.869

                16.01

                        30

Qualified VI

           796,139.474

                16.25

          12,937,266

Qualified X (1.15)

             19,598.766

                16.47

               322,792

Qualified X (1.25)

           163,938.062

                16.32

            2,675,469

Qualified XII (0.00)

               6,710.925

                11.00

                 73,820

Qualified XII (0.05)

             22,613.063

                16.94

               383,065

Qualified XII (0.25)

             33,061.901

                12.18

               402,694

Qualified XII (0.30)

             22,401.705

                12.14

               271,957

Qualified XII (0.40)

             64,075.351

                15.70

            1,005,983

Qualified XII (0.45)

               8,866.104

                12.03

               106,659

Qualified XII (0.55)

             11,116.982

                11.95

               132,848

Qualified XII (0.60)

             13,940.055

                11.91

               166,026

Qualified XII (0.65)

               6,869.667

                11.87

                 81,543

Qualified XII (0.70)

             75,431.248

                11.84

               893,106

Qualified XII (0.75)

             85,373.841

                11.80

            1,007,411

Qualified XII (0.80)

           124,922.683

                12.20

            1,524,057

Qualified XII (0.85)

             72,788.217

                15.33

            1,115,843

Qualified XII (0.90)

               2,416.029

                12.04

                 29,089

Qualified XII (0.95)

             47,070.697

                15.20

               715,475

Qualified XII (1.00)

           288,725.560

                15.14

            4,371,305

Qualified XII (1.05)

             55,535.195

                15.07

               836,915

Qualified XII (1.10)

             44,171.083

                15.01

               663,008

Qualified XII (1.15)

             34,737.941

                14.95

               519,332

Qualified XII (1.20)

               7,257.801

                14.88

               107,996

Qualified XII (1.25)

             12,923.652

                14.82

               191,529

Qualified XII (1.30)

               2,002.683

                14.76

                 29,560

Qualified XII (1.35)

                  168.467

                14.70

                   2,476

Qualified XII (1.40)

               5,912.091

                14.64

                 86,553

Qualified XII (1.45)

               2,087.412

                14.58

                 30,434

Qualified XII (1.50)

               1,291.947

                14.51

                 18,746

Qualified XV

                  443.513

                16.63

                   7,376

160

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Strategic Allocation Income (continued)

Qualified XVI

             19,105.995

$             15.95

$            304,741

Qualified XVII

             13,850.695

                16.67

               230,891

Qualified XVIII

             34,924.375

                16.74

               584,634

Qualified XXI

               4,153.144

                16.77

                 69,648

Qualified XXIV

               4,574.585

                15.22

                 69,625

Qualified XXV

               7,985.373

                16.67

               133,116

Qualified XXVI

                  641.979

                16.57

                 10,638

Qualified XXVII

           128,794.775

                16.41

            2,113,522

Qualified XXVIII

             48,963.893

                16.36

               801,049

Qualified XXXII

               6,807.927

                10.37

                 70,598

Qualified XXXIII (0.65)

                  870.853

                10.96

                   9,545

Qualified XXXIV (0.60)

               6,162.255

                11.91

                 73,392

        2,314,577.559

$       35,377,649

ING Financial Services

Contracts in accumulation period:

ING MAP PLUS NP11

               1,348.801

$               9.90

$              13,353

               1,348.801

$              13,353

ING VP Growth and Income

Currently payable annuity contracts:

$     151,079,656

Contracts in accumulation period:

Qualified I

             51,206.987

$           240.00

          12,289,677

Qualified IX

               8,124.010

                17.77

               144,364

Qualified V

                  794.284

                18.37

                 14,591

Qualified VI

      49,575,844.239

                18.58

        921,119,186

Qualified VII

        4,291,615.632

                17.58

          75,446,603

Qualified VIII

             50,086.186

                17.25

               863,987

Qualified X (1.15)

           414,121.857

                18.78

            7,777,208

Qualified X (1.25)

        8,087,086.014

                18.58

        150,258,058

Qualified XII (0.00)

           529,867.974

                  8.89

            4,710,526

Qualified XII (0.05)

           315,782.770

                19.37

            6,116,712

Qualified XII (0.25)

        3,804,983.944

                  7.97

          30,325,722

Qualified XII (0.30)

           652,949.926

                  7.95

            5,190,952

Qualified XII (0.40)

           209,428.420

                13.02

            2,726,758

Qualified XII (0.45)

           450,404.817

                  7.87

            3,544,686

Qualified XII (0.55)

           589,388.175

                  7.82

            4,609,016

Qualified XII (0.60)

        2,342,617.758

                  8.77

          20,544,758

Qualified XII (0.65)

           327,045.430

                  7.77

            2,541,143

Qualified XII (0.70)

        1,910,799.986

                  7.75

          14,808,700

Qualified XII (0.75)

        4,044,931.369

                  7.72

          31,226,870

Qualified XII (0.80)

        6,208,186.817

                  8.44

          52,397,097

161

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Growth and Income (continued)

Qualified XII (0.85)

        4,340,350.447

$             12.71

$       55,165,854

Qualified XII (0.90)

           201,800.698

                  8.16

            1,646,694

Qualified XII (0.95)

        2,075,980.624

                12.61

          26,178,116

Qualified XII (1.00)

      10,289,770.679

                12.55

        129,136,622

Qualified XII (1.05)

           707,205.811

                12.50

            8,840,073

Qualified XII (1.10)

           388,018.417

                12.45

            4,830,829

Qualified XII (1.15)

           340,187.500

                12.40

            4,218,325

Qualified XII (1.20)

             47,364.436

                12.34

               584,477

Qualified XII (1.25)

             99,313.204

                12.29

            1,220,559

Qualified XII (1.30)

             10,151.887

                12.24

               124,259

Qualified XII (1.35)

               3,862.798

                12.19

                 47,088

Qualified XII (1.40)

             32,819.654

                12.14

               398,431

Qualified XII (1.45)

                  347.967

                12.09

                   4,207

Qualified XII (1.50)

               9,939.976

                12.04

               119,677

Qualified XIX

             21,616.202

              244.43

            5,283,648

Qualified XV

           407,725.029

                19.02

            7,754,930

Qualified XVI

           840,792.954

                18.24

          15,336,063

Qualified XVII

        2,653,517.140

                18.92

          50,204,544

Qualified XVIII

        2,840,720.142

                18.92

          53,746,425

Qualified XX

             65,627.297

              185.33

          12,162,707

Qualified XXI

           282,486.187

                19.17

            5,415,260

Qualified XXII

                  894.235

                19.34

                 17,295

Qualified XXIV

        1,105,816.536

                12.63

          13,966,463

Qualified XXIX

               1,707.329

              181.97

               310,683

Qualified XXV

           526,789.648

                19.07

          10,045,879

Qualified XXVI

             74,860.897

                18.95

            1,418,614

Qualified XXVII

           846,813.286

              183.81

        155,652,750

Qualified XXVIII

             12,290.495

              183.23

            2,251,987

Qualified XXX

             39,916.442

              180.24

            7,194,540

Qualified XXXII

           792,299.160

                10.22

            8,097,297

Qualified XXXIV (0.60)

           417,900.660

                  8.77

            3,664,989

    113,344,154.332

$  2,082,775,555

ING GET U.S. Core - Series 1

Contracts in accumulation period:

Qualified XXVII

           216,003.356

$             10.27

$         2,218,354

           216,003.356

$         2,218,354

162

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING GET U.S. Core - Series 2

Contracts in accumulation period:

Qualified V

               1,391.953

$             10.03

$              13,961

Qualified VI

           304,332.194

                10.04

            3,055,495

Qualified XII (0.80)

           436,578.870

                10.09

            4,405,081

Qualified XII (1.00)

           962,528.661

                10.06

            9,683,038

Qualified XII (1.10)

               3,209.549

                10.05

                 32,256

Qualified XII (1.25)

                  100.249

                10.04

                   1,006

Qualified XVII

             19,859.621

                10.05

               199,589

Qualified XXVII

             57,893.856

                10.07

               582,991

Qualified XXVIII

           216,725.863

                10.07

            2,182,429

        2,002,620.816

$       20,155,846

ING GET U.S. Core - Series 3

Contracts in accumulation period:

Qualified VI

        1,714,873.779

$               9.77

$       16,754,317

Qualified X (1.15)

             54,809.877

                  9.76

               534,944

Qualified X (1.25)

           676,437.929

                  9.75

            6,595,270

Qualified XII (0.80)

           612,548.099

                  9.79

            5,996,846

Qualified XII (0.95)

               7,175.268

                  9.78

                 70,174

Qualified XII (1.00)

        1,312,156.886

                  9.77

          12,819,773

Qualified XII (1.10)

               6,704.591

                  9.77

                 65,504

Qualified XII (1.15)

             34,493.024

                  9.76

               336,652

Qualified XII (1.25)

               1,414.947

                  9.75

                 13,796

Qualified XVI

                  641.367

                  9.75

                   6,253

Qualified XVII

             10,604.594

                  9.77

               103,607

Qualified XVIII

           119,459.652

                  9.76

            1,165,926

Qualified XXIV

             25,890.145

                  9.80

               253,723

Qualified XXVII

           960,922.394

                  9.79

            9,407,430

Qualified XXVIII

             30,540.270

                  9.79

               298,989

Qualified XXXII

             69,573.423

                  9.75

               678,341

        5,638,246.245

$       55,101,545

ING GET U.S. Core - Series 5

Contracts in accumulation period:

Qualified X (1.25)

             47,610.595

$               9.95

$            473,725

Qualified XXXII

             18,834.422

                  9.95

               187,402

             66,445.017

$            661,127

163

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING GET U.S. Core - Series 6

Contracts in accumulation period:

Qualified X (1.15)

             78,957.777

$             10.00

$            789,578

Qualified X (1.25)

           449,682.503

                10.00

            4,496,825

Qualified XVIII

             48,919.141

                10.00

               489,191

Qualified XXXII

             57,542.376

                10.00

               575,424

           635,101.797

$         6,351,018

ING GNMA Income

Contracts in accumulation period:

ING MAP PLUS NP10

               6,515.341

$             10.15

$              66,131

ING MAP PLUS NP15

               8,667.372

                10.13

                 87,800

ING MAP PLUS NP16

               2,801.701

                10.13

                 28,381

ING MAP PLUS NP17

                  385.390

                10.13

                   3,904

ING MAP PLUS NP19

               1,327.298

                10.12

                 13,432

ING MAP PLUS NP29

               1,557.598

                10.09

                 15,716

ING MAP PLUS NP7

                    38.098

                10.16

                      387

             21,292.798

$            215,751

ING Intermediate Bond

Contracts in accumulation period:

ING MAP PLUS NP10

               1,342.910

$             10.19

$              13,684

ING MAP PLUS NP11

               5,136.674

                10.18

                 52,291

ING MAP PLUS NP16

               8,066.917

                10.17

                 82,041

ING MAP PLUS NP19

               1,097.070

                10.16

                 11,146

ING MAP PLUS NP22

                    26.023

                10.15

                      264

ING MAP PLUS NP23

                  148.776

                10.14

                   1,509

ING MAP PLUS NP9

             15,447.849

                10.19

               157,414

             31,266.219

$            318,349

ING VP Global Science and Technology

Contracts in accumulation period:

Qualified V

               2,289.671

$               3.14

$                7,190

Qualified VI

        4,838,298.709

                  3.16

          15,289,024

Qualified VIII

               1,746.042

                  3.16

                   5,517

Qualified X (1.15)

             32,535.284

                  3.17

               103,137

Qualified X (1.25)

           361,711.152

                  3.16

            1,143,007

Qualified XII (0.00)

             22,856.453

                  7.79

               178,052

Qualified XII (0.05)

           159,281.803

                  3.26

               519,259

Qualified XII (0.25)

           285,893.437

                  3.30

               943,448

Qualified XII (0.30)

             73,173.445

                  3.30

               241,472

Qualified XII (0.55)

             74,655.347

                  3.26

               243,376

Qualified XII (0.60)

           106,254.704

                  7.68

               816,036

164

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Global Science and Technology (continued)

Qualified XII (0.65)

             22,033.640

$               3.24

$              71,389

Qualified XII (0.70)

           145,021.019

                  3.24

               469,868

Qualified XII (0.75)

           209,798.579

                  3.23

               677,649

Qualified XII (0.80)

        1,300,646.764

                  3.22

            4,188,083

Qualified XII (0.85)

           324,462.951

                  3.22

            1,044,771

Qualified XII (0.90)

             19,499.226

                  3.21

                 62,593

Qualified XII (0.95)

           474,150.220

                  3.20

            1,517,281

Qualified XII (1.00)

        1,481,385.128

                  3.19

            4,725,619

Qualified XII (1.05)

           107,821.809

                  3.19

               343,952

Qualified XII (1.10)

             64,065.630

                  3.18

               203,729

Qualified XII (1.15)

             19,316.928

                  3.17

                 61,235

Qualified XII (1.20)

               6,286.617

                  3.17

                 19,929

Qualified XII (1.25)

             60,053.826

                  3.16

               189,770

Qualified XII (1.30)

                  586.138

                  3.15

                   1,846

Qualified XII (1.35)

               8,438.694

                  3.14

                 26,497

Qualified XII (1.40)

             32,835.209

                  3.14

               103,103

Qualified XII (1.45)

                  601.073

                  3.13

                   1,881

Qualified XII (1.50)

               3,714.301

                  3.12

                 11,589

Qualified XV

             19,223.657

                  3.20

                 61,516

Qualified XVI

             64,016.310

                  3.13

               200,371

Qualified XVII

             10,182.451

                  3.20

                 32,584

Qualified XVIII

             10,074.451

                  3.20

                 32,238

Qualified XXI

           147,797.755

                  3.22

               475,909

Qualified XXIV

           171,771.091

                  3.21

               551,385

Qualified XXV

             85,432.065

                  3.24

               276,800

Qualified XXVI

             24,942.320

                  3.22

                 80,314

Qualified XXVII

           910,551.876

                  3.12

            2,840,922

Qualified XXXII

               2,659.465

                  8.77

                 23,324

Qualified XXXIV (0.60)

             15,216.694

                  7.68

               116,864

      11,701,281.934

$       37,902,529

ING VP Growth

Currently payable annuity contracts:

$            193,927

Contracts in accumulation period:

Qualified VI

        2,699,409.345

$             12.92

          34,876,369

Qualified VIII

                  554.983

                12.91

                   7,165

Qualified X (1.15)

             31,862.622

                13.02

               414,851

Qualified X (1.25)

           331,955.867

                12.92

            4,288,870

Qualified XII (0.00)

             44,268.551

                  8.51

               376,725

Qualified XII (0.05)

             25,353.658

                13.46

               341,260

Qualified XII (0.25)

           128,461.041

                  8.77

            1,126,603

Qualified XII (0.30)

             74,097.720

                  8.75

               648,355

165

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Growth (continued)

Qualified XII (0.40)

           305,769.420

$             13.65

$         4,173,753

Qualified XII (0.45)

           123,742.082

                  8.66

            1,071,606

Qualified XII (0.55)

             17,480.871

                  8.61

               150,510

Qualified XII (0.60)

             56,081.312

                  8.58

               481,178

Qualified XII (0.65)

             27,255.567

                  8.55

               233,035

Qualified XII (0.70)

           275,526.809

                  8.53

            2,350,244

Qualified XII (0.75)

           430,338.089

                  8.50

            3,657,874

Qualified XII (0.80)

           599,384.873

                  9.65

            5,784,064

Qualified XII (0.85)

           161,975.618

                13.31

            2,155,895

Qualified XII (0.90)

             19,478.006

                  9.33

               181,730

Qualified XII (0.95)

           136,319.874

                13.21

            1,800,786

Qualified XII (1.00)

           912,951.957

                13.16

          12,014,448

Qualified XII (1.05)

             86,251.467

                13.12

            1,131,619

Qualified XII (1.10)

             46,336.069

                13.07

               605,612

Qualified XII (1.15)

             41,288.923

                13.02

               537,582

Qualified XII (1.20)

               7,008.509

                12.97

                 90,900

Qualified XII (1.25)

             29,164.676

                12.92

               376,808

Qualified XII (1.30)

               7,174.219

                12.87

                 92,332

Qualified XII (1.35)

               1,801.664

                12.82

                 23,097

Qualified XII (1.40)

             13,607.379

                12.78

               173,902

Qualified XII (1.45)

               1,419.392

                12.73

                 18,069

Qualified XII (1.50)

               4,142.848

                12.68

                 52,531

Qualified XV

               7,119.705

                13.21

                 94,051

Qualified XVI

             58,289.977

                12.68

               739,117

Qualified XVII

             24,536.890

                12.92

               317,017

Qualified XVIII

             40,861.214

                13.26

               541,820

Qualified XXI

             37,076.816

                13.32

               493,863

Qualified XXIV

             70,342.101

                13.24

               931,329

Qualified XXV

             60,988.021

                13.26

               808,701

Qualified XXVI

             18,214.664

                13.18

               240,069

Qualified XXVII

           241,029.562

                  4.85

            1,168,993

Qualified XXXII

             11,341.966

                  9.88

               112,059

Qualified XXXIV (0.60)

             13,976.959

                  8.58

               119,922

        7,224,241.286

$       84,998,641

ING VP Index Plus LargeCap

Currently payable annuity contracts:

$         3,970,069

Contracts in accumulation period:

ING MAP PLUS NP11

                  744.648

$               9.89

                   7,365

ING MAP PLUS NP16

               1,934.495

                  9.87

                 19,093

ING MAP PLUS NP17

                  953.087

                  9.87

                   9,407

ING MAP PLUS NP21

                    36.527

                  9.86

                      360

166

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Index Plus LargeCap (continued)

ING MAP PLUS NP23

                  132.374

$               9.85

$                1,304

ING MAP PLUS NP26

                    17.416

                  9.84

                      171

ING MAP PLUS NP27

                      3.811

                  9.84

                        38

ING MAP PLUS NP29

               2,425.648

                  9.83

                 23,844

ING MAP PLUS NP7

               7,879.903

                  9.90

                 78,011

ING MAP PLUS NP9

               4,035.562

                  9.90

                 39,952

Qualified V

                  258.792

                16.81

                   4,350

Qualified VI

      12,428,448.504

                17.03

        211,656,478

Qualified VIII

               5,834.431

                17.02

                 99,302

Qualified X (1.15)

           147,520.773

                17.17

            2,532,932

Qualified X (1.25)

        1,243,762.463

                17.03

          21,181,275

Qualified XII (0.00)

           110,036.196

                  9.82

            1,080,555

Qualified XII (0.05)

           404,466.015

                17.76

            7,183,316

Qualified XII (0.25)

           693,217.758

                10.88

            7,542,209

Qualified XII (0.30)

             94,934.716

                10.84

            1,029,092

Qualified XII (0.40)

           460,393.760

                18.02

            8,296,296

Qualified XII (0.45)

           430,084.524

                10.74

            4,619,108

Qualified XII (0.55)

           244,207.803

                10.67

            2,605,697

Qualified XII (0.60)

           330,677.761

                10.64

            3,518,411

Qualified XII (0.65)

             83,899.609

                10.60

               889,336

Qualified XII (0.70)

           562,896.368

                10.57

            5,949,815

Qualified XII (0.75)

        1,357,463.481

                10.54

          14,307,665

Qualified XII (0.80)

        3,336,750.710

                11.72

          39,106,718

Qualified XII (0.85)

           728,633.368

                17.59

          12,816,661

Qualified XII (0.90)

             66,277.039

                11.30

               748,931

Qualified XII (0.95)

           674,144.189

                17.45

          11,763,816

Qualified XII (1.00)

        4,606,043.493

                17.38

          80,053,036

Qualified XII (1.05)

           281,635.213

                17.31

            4,875,106

Qualified XII (1.10)

           199,426.941

                17.24

            3,438,120

Qualified XII (1.15)

           286,331.632

                17.17

            4,916,314

Qualified XII (1.20)

             20,698.154

                17.10

               353,938

Qualified XII (1.25)

           113,769.813

                17.03

            1,937,500

Qualified XII (1.30)

             17,115.579

                16.96

               290,280

Qualified XII (1.35)

             17,393.728

                16.89

               293,780

Qualified XII (1.40)

             63,336.246

                16.83

            1,065,949

Qualified XII (1.45)

               2,979.370

                16.76

                 49,934

Qualified XII (1.50)

               9,558.055

                16.69

               159,524

Qualified XV

             36,529.406

                17.43

               636,708

Qualified XVI

           189,563.904

                16.72

            3,169,508

Qualified XVII

             80,616.292

                17.16

            1,383,376

Qualified XVIII

             72,816.805

                17.47

            1,272,110

167

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Index Plus LargeCap (continued)

Qualified XXI

           138,930.703

$             17.57

$         2,441,012

Qualified XXIV

           138,794.722

                17.48

            2,426,132

Qualified XXV

           135,205.054

                17.48

            2,363,384

Qualified XXVI

             29,578.692

                17.37

               513,782

Qualified XXVII

        2,485,505.823

                17.20

          42,750,700

Qualified XXVIII

           755,344.385

                17.15

          12,954,156

Qualified XXXII

             74,694.616

                10.42

               778,318

Qualified XXXIII (0.65)

               4,292.917

                  9.78

                 41,985

Qualified XXXIV (0.60)

             72,936.278

                10.64

               776,042

      33,255,169.552

$     530,022,271

ING VP Index Plus MidCap

Currently payable annuity contracts:

$            818,417

Contracts in accumulation period:

ING MAP PLUS NP16

                  539.793

$             10.13

                   5,468

ING MAP PLUS NP17

                  354.739

                10.13

                   3,594

ING MAP PLUS NP21

                    23.715

                10.12

                      240

ING MAP PLUS NP23

                    32.287

                10.11

                      326

ING MAP PLUS NP26

                    12.459

                10.10

                      126

ING MAP PLUS NP29

               1,193.169

                10.09

                 12,039

ING MAP PLUS NP7

               3,774.240

                10.16

                 38,346

ING MAP PLUS NP9

                  788.878

                10.16

                   8,015

Qualified V

               7,774.680

                16.70

               129,837

Qualified VI

        5,609,788.736

                16.87

          94,637,136

Qualified VIII

               1,857.794

                16.86

                 31,322

Qualified X (1.15)

             64,396.304

                16.98

            1,093,449

Qualified X (1.25)

           515,756.048

                16.87

            8,700,805

Qualified XII (0.05)

           203,050.645

                17.52

            3,557,447

Qualified XII (0.15)

             73,777.578

                12.25

               903,775

Qualified XII (0.25)

           275,640.368

                18.40

            5,071,783

Qualified XII (0.30)

           107,669.101

                18.35

            1,975,728

Qualified XII (0.40)

           140,588.615

                17.76

            2,496,854

Qualified XII (0.45)

           190,743.188

                18.17

            3,465,804

Qualified XII (0.55)

             96,916.702

                18.06

            1,750,316

Qualified XII (0.60)

           401,728.350

                18.00

            7,231,110

Qualified XII (0.65)

             87,736.103

                17.94

            1,573,986

Qualified XII (0.70)

           272,348.133

                17.89

            4,872,308

Qualified XII (0.75)

           309,431.598

                17.83

            5,517,165

Qualified XII (0.80)

        2,029,223.577

                17.37

          35,247,614

Qualified XII (0.85)

           489,865.220

                17.31

            8,479,567

Qualified XII (0.90)

             23,186.455

                17.25

               399,966

Qualified XII (0.95)

           355,990.662

                17.20

            6,123,039

168

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Index Plus MidCap (continued)

Qualified XII (1.00)

        2,797,724.717

$             17.14

$       47,953,002

Qualified XII (1.05)

           197,952.368

                17.09

            3,383,006

Qualified XII (1.10)

           140,412.733

                17.03

            2,391,229

Qualified XII (1.15)

             84,299.659

                16.98

            1,431,408

Qualified XII (1.20)

             15,250.223

                16.92

               258,034

Qualified XII (1.25)

           102,930.705

                16.87

            1,736,441

Qualified XII (1.30)

             12,725.085

                16.82

               214,036

Qualified XII (1.35)

               7,709.161

                16.76

               129,206

Qualified XII (1.40)

             48,897.378

                16.71

               817,075

Qualified XII (1.45)

               6,089.766

                16.65

               101,395

Qualified XII (1.50)

               7,612.450

                16.60

               126,367

Qualified XV

             17,176.208

                17.20

               295,431

Qualified XVI

           104,716.196

                16.60

            1,738,289

Qualified XVII

             22,350.611

                16.87

               377,055

Qualified XVIII

             25,436.836

                16.87

               429,119

Qualified XXI

             55,636.102

                17.34

               964,730

Qualified XXIV

           180,657.462

                17.24

            3,114,535

Qualified XXV

             93,431.869

                17.31

            1,617,306

Qualified XXVI

             29,505.606

                17.21

               507,791

Qualified XXVII

        1,517,361.091

                17.74

          26,917,986

Qualified XXVIII

        1,149,666.680

                17.68

          20,326,107

Qualified XXXII

             14,880.994

                10.52

               156,548

Qualified XXXIII (0.65)

               1,763.358

                12.21

                 21,531

Qualified XXXIV (0.60)

             21,885.242

                18.00

               393,934

      17,920,261.637

$     309,547,143

ING VP Index Plus SmallCap

Currently payable annuity contracts:

$            430,909

Contracts in accumulation period:

ING MAP PLUS NP10

               3,354.544

$             10.45

                 35,055

ING MAP PLUS NP16

               2,115.061

                10.43

                 22,060

ING MAP PLUS NP17

                  959.501

                10.42

                   9,998

ING MAP PLUS NP9

               3,653.658

                10.45

                 38,181

Qualified VI

        3,093,290.165

                13.04

          40,336,504

Qualified VIII

                  809.199

                13.03

                 10,544

Qualified X (1.15)

             62,536.346

                13.12

               820,477

Qualified X (1.25)

           287,525.568

                13.04

            3,749,333

Qualified XII (0.00)

             16,456.099

                13.00

               213,929

Qualified XII (0.05)

           183,049.353

                13.54

            2,478,488

Qualified XII (0.25)

           164,250.401

                14.46

            2,375,061

Qualified XII (0.30)

             70,397.897

                14.41

            1,014,434

Qualified XII (0.45)

             82,934.774

                14.27

            1,183,479

Qualified XII (0.55)

             36,708.687

                14.18

               520,529

169

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Index Plus SmallCap (continued)

Qualified XII (0.60)

           195,893.191

$             14.14

$         2,769,930

Qualified XII (0.65)

             32,580.447

                14.09

               459,058

Qualified XII (0.70)

           132,138.994

                14.05

            1,856,553

Qualified XII (0.75)

           190,136.873

                14.00

            2,661,916

Qualified XII (0.80)

        1,032,100.197

                13.42

          13,850,785

Qualified XII (0.85)

           320,871.783

                13.38

            4,293,264

Qualified XII (0.90)

             12,771.102

                13.33

               170,239

Qualified XII (0.95)

           211,215.044

                13.29

            2,807,048

Qualified XII (1.00)

           966,338.369

                13.25

          12,803,983

Qualified XII (1.05)

             56,971.834

                13.20

               752,028

Qualified XII (1.10)

             46,928.214

                13.16

               617,575

Qualified XII (1.15)

             66,725.846

                13.12

               875,443

Qualified XII (1.20)

               9,201.650

                13.08

               120,358

Qualified XII (1.25)

             61,920.152

                13.04

               807,439

Qualified XII (1.30)

               1,070.699

                12.99

                 13,908

Qualified XII (1.35)

               4,723.723

                12.95

                 61,172

Qualified XII (1.40)

             23,967.455

                12.91

               309,420

Qualified XII (1.45)

               2,293.474

                12.87

                 29,517

Qualified XII (1.50)

               2,849.052

                12.83

                 36,553

Qualified XV

             16,183.603

                13.29

               215,080

Qualified XVI

             69,397.205

                12.83

               890,366

Qualified XVII

             19,158.962

                13.04

               249,833

Qualified XVIII

             42,628.957

                13.04

               555,882

Qualified XXI

             18,793.113

                13.40

               251,828

Qualified XXIV

             89,964.086

                13.32

            1,198,322

Qualified XXV

             50,845.080

                13.38

               680,307

Qualified XXVI

             11,680.650

                13.30

               155,353

Qualified XXVII

        1,022,078.023

                13.68

          13,982,027

Qualified XXVIII

           895,141.500

                13.63

          12,200,779

Qualified XXXII

             13,580.734

                10.90

               148,030

Qualified XXXIII (0.65)

               1,557.737

                12.95

                 20,173

Qualified XXXIV (0.60)

             15,342.679

                14.14

               216,945

        9,645,091.681

$     129,300,095

ING VP International Equity

Currently payable annuity contracts:

$              20,175

Contracts in accumulation period:

Qualified VI

           665,446.395

$               8.29

            5,516,551

Qualified VIII

                    12.959

                  8.29

                      107

Qualified X (1.15)

               6,359.101

                  8.35

                 53,098

Qualified X (1.25)

             87,388.060

                  8.29

               724,447

Qualified XII (0.05)

               2,242.227

                  8.61

                 19,306

170

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP International Equity (continued)

Qualified XII (0.15)

               1,948.898

$               9.74

$              18,982

Qualified XII (0.25)

             25,653.870

                  8.62

               221,136

Qualified XII (0.30)

             11,771.629

                  8.59

               101,118

Qualified XII (0.40)

             95,710.832

                  8.73

               835,556

Qualified XII (0.45)

             25,424.776

                  8.51

               216,365

Qualified XII (0.55)

               2,346.379

                  8.45

                 19,827

Qualified XII (0.60)

             35,482.928

                  9.60

               340,636

Qualified XII (0.65)

               5,661.822

                  8.40

                 47,559

Qualified XII (0.70)

             53,690.281

                  8.37

               449,388

Qualified XII (0.75)

             60,558.399

                  8.35

               505,663

Qualified XII (0.80)

             67,300.537

                  8.54

               574,747

Qualified XII (0.85)

             49,683.109

                  8.51

               422,803

Qualified XII (0.90)

               1,906.240

                  8.48

                 16,165

Qualified XII (0.95)

             51,192.058

                  8.45

               432,573

Qualified XII (1.00)

           142,932.813

                  8.43

            1,204,924

Qualified XII (1.05)

             14,240.329

                  8.40

               119,619

Qualified XII (1.10)

             14,033.403

                  8.37

               117,460

Qualified XII (1.15)

               7,847.070

                  8.35

                 65,523

Qualified XII (1.20)

               1,671.485

                  8.32

                 13,907

Qualified XII (1.25)

             14,239.046

                  8.29

               118,042

Qualified XII (1.35)

                  660.923

                  8.24

                   5,446

Qualified XII (1.40)

               6,185.620

                  8.21

                 50,784

Qualified XII (1.45)

                    28.692

                  8.19

                      235

Qualified XII (1.50)

               1,660.077

                  8.16

                 13,546

Qualified XV

               2,122.958

                  8.45

                 17,939

Qualified XVI

             12,529.686

                  8.16

               102,242

Qualified XVIII

               6,844.798

                  8.29

                 56,743

Qualified XXI

               6,406.862

                  8.52

                 54,586

Qualified XXIV

             21,334.879

                  8.48

               180,920

Qualified XXV

             12,345.467

                  8.51

               105,060

Qualified XXVI

                  368.459

                  8.46

                   3,117

Qualified XXVII

             51,080.344

                  5.90

               301,374

Qualified XXXII

                  465.894

                10.71

                   4,990

Qualified XXXIV (0.60)

                  139.378

                  9.60

                   1,338

        1,566,918.683

$       13,073,997

ING VP Small Company

Currently payable annuity contracts:

$            437,929

Contracts in accumulation period:

Qualified V

                  309.746

$             19.37

                   6,000

Qualified VI

        2,788,098.543

                19.60

          54,646,731

Qualified VIII

               1,103.596

                19.59

                 21,619

171

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Small Company (continued)

Qualified X (1.15)

             39,059.636

$             19.75

$            771,428

Qualified X (1.25)

           331,974.385

                19.60

            6,506,698

Qualified XII (0.00)

             33,981.493

                11.00

               373,796

Qualified XII (0.05)

             39,628.249

                20.42

               809,209

Qualified XII (0.25)

           124,580.122

                13.99

            1,742,876

Qualified XII (0.30)

             78,008.247

                13.95

            1,088,215

Qualified XII (0.40)

           215,688.874

                20.70

            4,464,760

Qualified XII (0.45)

             97,401.850

                13.81

            1,345,120

Qualified XII (0.55)

             58,317.331

                13.73

               800,697

Qualified XII (0.60)

           285,637.200

                13.68

            3,907,517

Qualified XII (0.65)

             37,350.370

                13.64

               509,459

Qualified XII (0.70)

           257,153.199

                13.60

            3,497,284

Qualified XII (0.75)

           520,580.876

                13.55

            7,053,871

Qualified XII (0.80)

        1,931,572.788

                14.41

          27,833,964

Qualified XII (0.85)

           222,470.397

                20.20

            4,493,902

Qualified XII (0.90)

             21,457.298

                13.95

               299,329

Qualified XII (0.95)

           151,992.011

                20.04

            3,045,920

Qualified XII (1.00)

        1,098,339.943

                19.97

          21,933,849

Qualified XII (1.05)

             93,256.301

                19.90

            1,855,800

Qualified XII (1.10)

             64,552.947

                19.82

            1,279,439

Qualified XII (1.15)

             99,052.978

                19.75

            1,956,296

Qualified XII (1.20)

             14,115.022

                19.67

               277,642

Qualified XII (1.25)

             42,874.207

                19.60

               840,334

Qualified XII (1.30)

               5,288.482

                19.53

               103,284

Qualified XII (1.35)

               1,119.528

                19.45

                 21,775

Qualified XII (1.40)

             26,455.584

                19.38

               512,709

Qualified XII (1.45)

               2,048.475

                19.31

                 39,556

Qualified XII (1.50)

               5,821.573

                19.24

               112,007

Qualified XV

               9,485.587

                20.04

               190,091

Qualified XVI

             59,758.641

                19.24

            1,149,756

Qualified XVII

               9,987.391

                19.60

               195,753

Qualified XVIII

             14,641.655

                20.11

               294,444

Qualified XXI

             25,981.356

                20.21

               525,083

Qualified XXIV

             95,216.959

                20.08

            1,911,957

Qualified XXV

             42,671.156

                20.12

               858,544

Qualified XXVI

             10,728.269

                19.99

               214,458

Qualified XXVII

           560,321.657

                  9.74

            5,457,533

Qualified XXVIII

             47,122.128

                10.37

               488,656

Qualified XXXII

             16,094.110

                10.19

               163,999

Qualified XXXIII (0.65)

                  191.765

                10.96

                   2,102

Qualified XXXIV (0.60)

             17,646.027

                13.68

               241,398

        9,599,137.952

$     164,282,789

172

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Value Opportunity

Contracts in accumulation period:

Qualified V

                  320.803

$             16.58

$                5,319

Qualified VI

        1,973,030.651

                16.78

          33,107,454

Qualified VIII

                  644.844

                16.77

                 10,814

Qualified X (1.15)

             43,829.271

                16.91

               741,153

Qualified X (1.25)

           200,546.885

                16.78

            3,365,177

Qualified XII (0.00)

             31,230.459

                  9.03

               282,011

Qualified XII (0.05)

               4,510.698

                17.48

                 78,847

Qualified XII (0.25)

           179,426.226

                11.81

            2,119,024

Qualified XII (0.30)

             53,537.808

                11.77

               630,140

Qualified XII (0.45)

             21,686.369

                11.66

               252,863

Qualified XII (0.55)

           182,401.966

                11.59

            2,114,039

Qualified XII (0.60)

           180,454.020

                11.55

            2,084,244

Qualified XII (0.65)

             15,483.658

                11.51

               178,217

Qualified XII (0.70)

           252,073.232

                11.48

            2,893,801

Qualified XII (0.75)

           343,534.886

                11.44

            3,930,039

Qualified XII (0.80)

           667,370.240

                12.56

            8,382,170

Qualified XII (0.85)

           177,531.369

                17.29

            3,069,517

Qualified XII (0.90)

             22,459.165

                12.24

               274,900

Qualified XII (0.95)

           151,873.077

                17.16

            2,606,142

Qualified XII (1.00)

           956,788.146

                17.10

          16,361,077

Qualified XII (1.05)

             69,434.050

                17.03

            1,182,462

Qualified XII (1.10)

             36,010.596

                16.97

               611,100

Qualified XII (1.15)

             62,857.376

                16.91

            1,062,918

Qualified XII (1.20)

             23,152.876

                16.84

               389,894

Qualified XII (1.25)

             33,979.970

                16.78

               570,184

Qualified XII (1.30)

               6,727.758

                16.72

               112,488

Qualified XII (1.35)

               2,779.200

                16.65

                 46,274

Qualified XII (1.40)

             15,416.139

                16.59

               255,754

Qualified XII (1.45)

                  930.060

                16.53

                 15,374

Qualified XII (1.50)

               2,662.076

                16.47

                 43,844

Qualified XV

               3,333.973

                17.16

                 57,211

Qualified XVI

             34,621.638

                16.47

               570,218

Qualified XVII

             11,947.261

                16.78

               200,475

Qualified XVIII

               7,628.442

                17.21

               131,285

Qualified XXI

             24,621.582

                17.30

               425,953

Qualified XXIV

             45,870.838

                17.19

               788,520

Qualified XXV

             30,887.793

                17.22

               531,888

Qualified XXVI

               7,606.023

                17.12

               130,215

Qualified XXVII

           861,158.598

                12.78

          11,005,607

Qualified XXVIII

           530,258.236

                12.74

            6,755,490

173

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Value Opportunity (continued)

Qualified XXXII

               8,255.793

$             10.56

$              87,181

Qualified XXXIII (0.65)

                    12.970

                  8.99

                      117

Qualified XXXIV (0.60)

             14,328.429

                11.55

               165,493

        7,293,215.450

$     107,626,893

ING VP Financial

Contracts in accumulation period:

Qualified VI

               5,080.684

$             10.19

$              51,772

Qualified X (1.25)

                    34.324

                10.48

                      360

Qualified XII (0.80)

               1,470.479

                10.21

                 15,014

Qualified XII (0.85)

                  453.859

                10.21

                   4,634

Qualified XII (1.00)

               3,235.749

                10.20

                 33,005

Qualified XII (1.05)

                    48.376

                10.20

                      493

Qualified XII (1.15)

                    28.854

                10.20

                      294

Qualified XII (1.25)

                  521.562

                10.19

                   5,315

Qualified XXIV

                    86.365

                10.39

                      897

             10,960.252

$            111,784

ING VP International Value

Currently payable annuity contracts:

$            103,516

Contracts in accumulation period:

ING MAP PLUS NP26

                      5.128

$             10.20

                        52

ING MAP PLUS NP27

                      6.180

                10.19

                        63

ING MAP PLUS NP7

                  355.929

                10.26

                   3,652

Qualified V

               6,313.441

                10.47

                 66,102

Qualified VI

           773,619.887

                10.53

            8,146,217

Qualified X (1.15)

             24,059.959

                10.56

               254,073

Qualified X (1.25)

           147,113.451

                10.53

            1,549,105

Qualified XII (0.30)

               4,724.051

                10.85

                 51,256

Qualified XII (0.40)

             68,694.818

                10.82

               743,278

Qualified XII (0.45)

               4,194.637

                10.80

                 45,302

Qualified XII (0.55)

             25,369.764

                10.76

               272,979

Qualified XII (0.60)

             10,349.279

                10.75

               111,255

Qualified XII (0.65)

             19,995.844

                10.73

               214,555

Qualified XII (0.70)

             59,876.471

                10.71

               641,277

Qualified XII (0.75)

           181,136.827

                10.70

            1,938,164

Qualified XII (0.80)

           325,560.223

                10.68

            3,476,983

Qualified XII (0.85)

             49,017.723

                10.66

               522,529

Qualified XII (0.90)

               2,117.384

                10.64

                 22,529

Qualified XII (0.95)

             62,185.506

                10.63

               661,032

Qualified XII (1.00)

        2,192,991.830

                10.61

          23,267,643

Qualified XII (1.05)

             24,108.037

                10.59

               255,304

174

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP International Value (continued)

Qualified XII (1.10)

             17,958.152

$             10.58

$            189,997

Qualified XII (1.15)

             61,951.226

                10.56

               654,205

Qualified XII (1.20)

                  472.378

                10.54

                   4,979

Qualified XII (1.25)

             11,336.668

                10.53

               119,375

Qualified XII (1.30)

                  411.377

                10.51

                   4,324

Qualified XII (1.35)

                  865.081

                10.49

                   9,075

Qualified XII (1.40)

               4,626.754

                10.48

                 48,488

Qualified XII (1.45)

                    98.222

                10.46

                   1,027

Qualified XII (1.50)

               1,104.543

                10.44

                 11,531

Qualified XV

               7,112.397

                10.63

                 75,605

Qualified XVI

             11,494.464

                10.44

               120,002

Qualified XVIII

             10,171.218

                10.53

               107,103

Qualified XXI

               2,572.681

                10.68

                 27,476

Qualified XXIV

             24,303.257

                10.66

               259,073

Qualified XXV

               8,325.457

                10.73

                 89,332

Qualified XXVI

               1,005.840

                10.64

                 10,702

Qualified XXVIII

           140,219.602

                11.82

            1,657,396

Qualified XXXII

                  505.272

                10.79

                   5,452

Qualified XXXIII (0.65)

               2,307.022

                10.67

                 24,616

Qualified XXXIV (0.60)

               3,047.375

                10.70

                 32,607

        4,291,685.355

$       45,799,231

ING VP MagnaCap

Contracts in accumulation period:

Qualified VI

           101,134.303

$               8.88

$            898,073

Qualified XII (0.60)

                  111.044

                  9.02

                   1,002

Qualified XII (0.65)

                  159.440

                  9.01

                   1,437

Qualified XII (0.70)

                  249.136

                  9.00

                   2,242

Qualified XII (0.75)

                  352.981

                  8.99

                   3,173

Qualified XII (0.80)

               3,894.939

                  8.97

                 34,938

Qualified XII (0.85)

             23,808.539

                  8.96

               213,325

Qualified XII (0.90)

                  197.514

                  8.95

                   1,768

Qualified XII (0.95)

               5,629.767

                  8.94

                 50,330

Qualified XII (1.00)

             25,878.814

                  8.93

               231,098

Qualified XII (1.05)

               2,256.593

                  8.92

                 20,129

Qualified XII (1.10)

                  980.896

                  8.91

                   8,740

Qualified XII (1.15)

               1,363.509

                  8.90

                 12,135

Qualified XII (1.20)

                    81.720

                  8.89

                      726

Qualified XII (1.25)

               3,139.790

                  8.88

                 27,881

Qualified XII (1.30)

                    89.038

                  8.86

                      789

Qualified XII (1.35)

                  155.979

                  8.85

                   1,380

Qualified XII (1.40)

                  103.896

                  8.84

                      918

175

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP MagnaCap (continued)

Qualified XII (1.45)

                      4.214

$               8.83

$                     37

Qualified XII (1.50)

                    16.665

                  8.82

                      147

Qualified XVI

                    70.677

                  8.82

                      623

Qualified XXI

               1,157.971

                  8.97

                 10,387

Qualified XXIV

             12,813.785

                  8.96

               114,812

Qualified XXV

               2,417.022

                  9.01

                 21,777

Qualified XXVI

                  163.315

                  8.95

                   1,462

Qualified XXXIV (0.60)

                    22.759

                  8.99

                      205

           186,254.306

$         1,659,534

ING VP MidCap Opportunities

Contracts in accumulation period:

Qualified VI

           275,268.253

$               9.07

$         2,496,683

Qualified X (1.15)

             10,818.495

                  9.10

                 98,448

Qualified X (1.25)

             46,283.642

                  9.07

               419,793

Qualified XII (0.55)

             16,194.035

                  9.27

               150,119

Qualified XII (0.60)

               3,223.996

                  9.26

                 29,854

Qualified XII (0.65)

               1,807.371

                  9.24

                 16,700

Qualified XII (0.70)

               5,139.764

                  9.23

                 47,440

Qualified XII (0.75)

               2,726.580

                10.06

                 27,429

Qualified XII (0.80)

             36,319.531

                  9.20

               334,140

Qualified XII (0.85)

               8,610.429

                  9.18

                 79,044

Qualified XII (0.90)

                  735.534

                  9.17

                   6,745

Qualified XII (0.95)

             35,281.252

                  9.15

               322,823

Qualified XII (1.00)

             52,726.690

                  9.14

               481,922

Qualified XII (1.05)

               6,070.913

                  9.12

                 55,367

Qualified XII (1.10)

               5,215.340

                  9.11

                 47,512

Qualified XII (1.15)

               1,273.785

                  9.10

                 11,591

Qualified XII (1.20)

                  915.705

                  9.08

                   8,315

Qualified XII (1.25)

               5,063.882

                  9.07

                 45,929

Qualified XII (1.35)

                  266.454

                  9.04

                   2,409

Qualified XII (1.40)

               2,522.247

                  9.02

                 22,751

Qualified XII (1.45)

               1,141.411

                  9.01

                 10,284

Qualified XII (1.50)

                  565.612

                  8.99

                   5,085

Qualified XVI

               9,204.895

                  8.99

                 82,752

Qualified XVIII

               4,040.297

                  9.07

                 36,645

Qualified XXI

               1,195.359

                  9.20

                 10,997

Qualified XXIV

             10,294.738

                  9.18

                 94,506

Qualified XXV

               4,692.354

                  9.24

                 43,357

Qualified XXVI

               1,357.709

                  9.17

                 12,450

Qualified XXXII

               1,973.949

                  9.95

                 19,641

Qualified XXXIV (0.60)

                  706.391

                10.06

                   7,106

           551,636.613

$         5,027,837

176

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP Real Estate

Contracts in accumulation period:

Qualified VI

           387,727.417

$             11.81

$         4,579,061

Qualified X (1.15)

               1,231.947

                11.81

                 14,549

Qualified X (1.25)

             20,646.500

                11.81

               243,835

Qualified XII (0.70)

                  471.714

                11.84

                   5,585

Qualified XII (0.75)

               1,064.062

                11.83

                 12,588

Qualified XII (0.80)

           410,413.816

                11.83

            4,855,195

Qualified XII (0.85)

               8,444.878

                11.83

                 99,903

Qualified XII (0.90)

                    22.329

                11.83

                      264

Qualified XII (0.95)

               5,411.451

                11.82

                 63,963

Qualified XII (1.00)

           157,142.862

                11.82

            1,857,429

Qualified XII (1.05)

               5,413.271

                11.82

                 63,985

Qualified XII (1.10)

               2,268.564

                11.82

                 26,814

Qualified XII (1.15)

               6,465.849

                11.81

                 76,362

Qualified XII (1.25)

               2,058.339

                11.81

                 24,309

Qualified XII (1.35)

                    14.878

                11.80

                      176

Qualified XII (1.40)

                    19.325

                11.80

                      228

Qualified XII (1.50)

                  487.260

                11.80

                   5,750

Qualified XVI

               1,695.173

                11.80

                 20,003

Qualified XXIV

             46,326.367

                11.53

               534,143

Qualified XXVII

             42,458.083

                11.82

               501,855

        1,099,784.085

$       12,985,997

ING VP SmallCap Opportunities

Contracts in accumulation period:

Qualified V

                  112.777

$               6.39

$                   721

Qualified VI

           285,502.487

                  6.42

            1,832,926

Qualified VIII

                  126.453

                  6.42

                      812

Qualified X (1.25)

             51,952.917

                  6.42

               333,538

Qualified XII (0.40)

             77,804.781

                  6.60

               513,512

Qualified XII (0.45)

             10,154.946

                  6.58

                 66,820

Qualified XII (0.55)

           347,543.077

                  6.56

            2,279,883

Qualified XII (0.60)

               5,786.955

                  6.55

                 37,905

Qualified XII (0.65)

               8,198.486

                  6.54

                 53,618

Qualified XII (0.70)

             12,706.062

                  6.53

                 82,971

Qualified XII (0.75)

             48,149.178

                  6.98

               336,081

Qualified XII (0.80)

             78,841.913

                  6.51

               513,261

Qualified XII (0.85)

               4,777.425

                  6.50

                 31,053

Qualified XII (0.90)

                  247.066

                  6.49

                   1,603

Qualified XII (0.95)

             11,922.102

                  6.48

                 77,255

Qualified XII (1.00)

             81,245.039

                  6.47

               525,655

177

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

ING VP SmallCap Opportunities (continued)

Qualified XII (1.05)

               7,308.884

$               6.46

$              47,215

Qualified XII (1.10)

               4,421.105

                  6.45

                 28,516

Qualified XII (1.15)

               1,181.499

                  6.44

                   7,609

Qualified XII (1.20)

               2,861.275

                  6.43

                 18,398

Qualified XII (1.25)

               8,444.538

                  6.42

                 54,214

Qualified XII (1.35)

                  492.282

                  6.40

                   3,151

Qualified XII (1.40)

               3,003.199

                  6.39

                 19,190

Qualified XII (1.45)

                  274.171

                  6.38

                   1,749

Qualified XII (1.50)

               2,789.604

                  6.37

                 17,770

Qualified XV

                  418.164

                  6.48

                   2,710

Qualified XVI

               8,193.794

                  6.37

                 52,194

Qualified XVIII

               5,766.178

                  6.42

                 37,019

Qualified XXI

                  653.699

                  6.51

                   4,256

Qualified XXIV

             20,255.176

                  6.50

               131,659

Qualified XXV

             13,262.580

                  6.54

                 86,737

Qualified XXVI

               1,077.027

                  6.49

                   6,990

Qualified XXXIV (0.60)

                  110.597

                  6.98

                      772

        1,105,585.436

$         7,207,763

ING Real Estate

Contracts in accumulation period:

ING MAP PLUS NP10

               2,891.514

$             10.81

$              31,257

ING MAP PLUS NP15

                    22.255

                10.79

                      240

ING MAP PLUS NP16

               3,028.498

                10.79

                 32,677

ING MAP PLUS NP17

                  936.883

                10.78

                 10,100

ING MAP PLUS NP19

               1,085.903

                10.78

                 11,706

               7,965.053

$              85,980

INVESCO Health Sciences

Contracts in accumulation period:

ING MAP PLUS NP17

               1,962.133

$               9.28

$              18,209

               1,962.133

$              18,209

Janus Aspen Balanced

Currently payable annuity contracts:

$            248,577

Contracts in accumulation period:

Qualified V

                  670.575

$             23.48

                 15,745

Qualified VI

        6,374,768.557

                23.83

        151,910,735

Qualified VIII

               4,109.052

                23.81

                 97,837

Qualified X (1.15)

             92,517.414

                24.96

            2,309,235

Qualified X (1.25)

           744,748.280

                24.72

          18,410,177

Qualified XII (0.05)

             59,188.812

                24.84

            1,470,250

Qualified XII (0.15)

           103,827.738

                10.83

            1,124,454

178

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Janus Aspen Balanced (continued)

Qualified XII (0.25)

           322,220.921

$             15.00

$         4,833,314

Qualified XII (0.30)

           146,528.005

                14.95

            2,190,594

Qualified XII (0.40)

           535,807.374

                22.47

          12,039,592

Qualified XII (0.45)

           550,027.397

                14.81

            8,145,906

Qualified XII (0.55)

           490,585.982

                14.71

            7,216,520

Qualified XII (0.60)

           561,669.776

                14.67

            8,239,696

Qualified XII (0.65)

             54,602.934

                14.62

               798,295

Qualified XII (0.70)

           386,901.799

                14.57

            5,637,159

Qualified XII (0.75)

           782,643.186

                14.53

          11,371,805

Qualified XII (0.80)

           988,311.131

                15.65

          15,467,069

Qualified XII (0.85)

           356,662.677

                21.94

            7,825,179

Qualified XII (0.90)

             40,391.638

                15.25

               615,972

Qualified XII (0.95)

           444,723.565

                21.75

            9,672,738

Qualified XII (1.00)

        2,135,981.982

                21.66

          46,265,370

Qualified XII (1.05)

           272,559.644

                21.57

            5,879,112

Qualified XII (1.10)

           180,171.330

                21.48

            3,870,080

Qualified XII (1.15)

           107,496.624

                21.39

            2,299,353

Qualified XII (1.20)

             29,798.814

                21.30

               634,715

Qualified XII (1.25)

           106,286.127

                21.21

            2,254,329

Qualified XII (1.30)

             10,116.752

                21.12

               213,666

Qualified XII (1.35)

             16,191.224

                21.04

               340,663

Qualified XII (1.40)

             56,130.981

                20.95

            1,175,944

Qualified XII (1.45)

               4,595.407

                20.86

                 95,860

Qualified XII (1.50)

               7,298.392

                20.77

               151,588

Qualified XV

             16,301.160

                24.39

               397,585

Qualified XVI

           138,400.401

                23.39

            3,237,185

Qualified XVII

               8,986.009

                23.83

               214,137

Qualified XVIII

             28,451.638

                24.72

               703,324

Qualified XXI

             54,824.697

                24.59

            1,348,139

Qualified XXIV

           151,574.046

                21.79

            3,302,798

Qualified XXV

           182,314.043

                24.31

            4,432,054

Qualified XXVI

             28,008.541

                24.16

               676,686

Qualified XXVII

        1,206,047.631

                  9.48

          11,433,332

Qualified XXXII

             44,491.467

                10.31

               458,707

Qualified XXXIII (0.65)

               4,353.924

                10.80

                 47,022

Qualified XXXIV (0.60)

             32,451.785

                14.53

               471,524

      17,863,739.432

$     359,544,022

179

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Janus Aspen Capital Appreciation

Contracts in accumulation period:

Qualified X (1.25)

             38,377.963

$             10.26

$            393,758

Qualified XVIII

               2,915.094

                10.26

                 29,909

Qualified XXVII

           357,143.540

                  7.62

            2,721,434

           398,436.597

$         3,145,101

Janus Aspen Flexible Income

Contracts in accumulation period:

Qualified V

                  332.764

$             19.98

$                6,649

Qualified VI

        1,491,882.368

                20.30

          30,285,212

Qualified VIII

                  200.893

                20.28

                   4,074

Qualified X (1.15)

             11,784.568

                13.74

               161,920

Qualified X (1.25)

           179,281.372

                13.65

            2,447,191

Qualified XII (0.05)

             19,297.556

                21.16

               408,336

Qualified XII (0.15)

             14,610.943

                12.17

               177,815

Qualified XII (0.25)

             93,356.230

                14.52

            1,355,532

Qualified XII (0.30)

           127,511.620

                14.47

            1,845,093

Qualified XII (0.40)

           172,097.376

                17.96

            3,090,869

Qualified XII (0.45)

             90,621.853

                14.33

            1,298,611

Qualified XII (0.55)

             63,367.653

                14.24

               902,355

Qualified XII (0.60)

           103,301.620

                14.20

            1,466,883

Qualified XII (0.65)

             49,609.810

                14.15

               701,979

Qualified XII (0.70)

           253,202.530

                14.11

            3,572,688

Qualified XII (0.75)

           250,083.453

                14.06

            3,516,173

Qualified XII (0.80)

           280,043.678

                14.31

            4,007,425

Qualified XII (0.85)

           173,747.278

                17.54

            3,047,527

Qualified XII (0.90)

               9,933.413

                14.22

               141,253

Qualified XII (0.95)

           149,031.521

                17.39

            2,591,658

Qualified XII (1.00)

           654,950.647

                17.32

          11,343,745

Qualified XII (1.05)

             62,026.170

                17.25

            1,069,951

Qualified XII (1.10)

             96,939.989

                17.17

            1,664,460

Qualified XII (1.15)

             21,952.672

                17.10

               375,391

Qualified XII (1.20)

             19,799.245

                17.03

               337,181

Qualified XII (1.25)

             41,126.743

                16.96

               697,510

Qualified XII (1.30)

               1,762.835

                16.89

                 29,774

Qualified XII (1.35)

               7,986.130

                16.82

               134,327

Qualified XII (1.40)

             21,784.568

                16.75

               364,892

Qualified XII (1.45)

               3,590.634

                16.68

                 59,892

Qualified XII (1.50)

               4,514.980

                16.61

                 74,994

Qualified XV

               8,835.688

                20.78

               183,606

Qualified XVI

             34,758.089

                19.92

               692,381

180

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Janus Aspen Flexible Income (continued)

Qualified XVII

               3,566.289

$             20.30

$              72,396

Qualified XVIII

             11,985.902

                13.65

               163,608

Qualified XXI

             15,525.912

                20.95

               325,268

Qualified XXIV

             41,516.323

                17.42

               723,214

Qualified XXV

             30,554.574

                20.71

               632,785

Qualified XXVI

             10,340.468

                20.58

               212,807

Qualified XXXII

               3,054.440

                10.24

                 31,277

Qualified XXXIII (0.65)

                  670.009

                12.14

                   8,134

Qualified XXXIV (0.60)

               9,973.048

                14.06

               140,221

        4,640,513.854

$       80,367,057

Janus Aspen Growth

Currently payable annuity contracts:

$            336,049

Contracts in accumulation period:

Qualified I

                    48.379

$             14.12

                      683

Qualified V

               1,476.560

                16.14

                 23,832

Qualified VI

        4,473,747.723

                16.36

          73,190,513

Qualified VIII

               2,803.511

                16.37

                 45,893

Qualified X (1.15)

             35,818.450

                17.66

               632,554

Qualified X (1.25)

           475,568.253

                17.50

            8,322,444

Qualified XII (0.05)

             22,733.297

                17.06

               387,830

Qualified XII (0.15)

             82,056.474

                  8.77

               719,635

Qualified XII (0.25)

           232,212.032

                  9.82

            2,280,322

Qualified XII (0.30)

           144,980.459

                  9.79

            1,419,359

Qualified XII (0.40)

           397,822.079

                14.82

            5,895,723

Qualified XII (0.45)

           141,161.764

                  9.70

            1,369,269

Qualified XII (0.55)

             64,055.898

                  9.64

               617,499

Qualified XII (0.60)

           416,517.432

                  9.61

            4,002,733

Qualified XII (0.65)

             66,347.884

                  9.57

               634,949

Qualified XII (0.70)

           493,215.587

                  9.54

            4,705,277

Qualified XII (0.75)

           321,748.243

                  9.51

            3,059,826

Qualified XII (0.80)

           904,622.637

                10.44

            9,444,260

Qualified XII (0.85)

           471,754.558

                14.47

            6,826,288

Qualified XII (0.90)

             47,758.783

                10.08

               481,409

Qualified XII (0.95)

           332,592.945

                14.34

            4,769,383

Qualified XII (1.00)

        1,147,083.234

                14.28

          16,380,349

Qualified XII (1.05)

           157,191.507

                14.22

            2,235,263

Qualified XII (1.10)

           145,641.446

                14.17

            2,063,739

Qualified XII (1.15)

             64,658.102

                14.11

               912,326

Qualified XII (1.20)

             19,202.170

                14.05

               269,790

Qualified XII (1.25)

             62,997.555

                13.99

               881,336

Qualified XII (1.30)

               2,332.012

                13.93

                 32,485

181

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Janus Aspen Growth (continued)

Qualified XII (1.35)

               5,382.425

$             13.87

$              74,654

Qualified XII (1.40)

             28,869.388

                13.81

               398,686

Qualified XII (1.45)

               1,055.055

                13.76

                 14,518

Qualified XII (1.50)

             12,599.269

                13.70

               172,610

Qualified XV

             23,618.386

                16.75

               395,608

Qualified XVI

           111,064.222

                16.06

            1,783,691

Qualified XVII

             16,853.588

                16.36

               275,725

Qualified XVIII

             26,118.553

                17.50

               457,075

Qualified XXI

             74,453.243

                16.89

            1,257,515

Qualified XXII

                  264.330

                17.03

                   4,502

Qualified XXIV

           122,189.993

                14.37

            1,755,870

Qualified XXV

           114,007.358

                16.69

            1,902,783

Qualified XXVI

             23,126.696

                16.59

               383,672

Qualified XXVII

        1,887,607.321

                18.03

          34,033,560

Qualified XXVIII

           252,945.293

                17.93

            4,535,309

Qualified XXXII

             37,699.191

                  9.64

               363,420

Qualified XXXIII (0.65)

                  164.424

                  8.74

                   1,437

Qualified XXXIV (0.60)

             29,171.587

                  9.51

               277,422

      13,495,339.296

$     200,029,075

Janus Aspen Mid Cap Growth

Contracts in accumulation period:

Qualified I

                    41.204

$             12.94

$                   533

Qualified V

                  873.078

                18.22

                 15,907

Qualified VI

        9,450,999.268

                18.51

        174,937,996

Qualified VIII

               9,452.199

                18.50

               174,866

Qualified X (1.15)

             27,945.422

                18.04

               504,135

Qualified X (1.25)

           844,173.885

                17.87

          15,085,387

Qualified XII (0.05)

           120,925.419

                19.30

            2,333,861

Qualified XII (0.15)

           210,619.542

                  9.51

            2,002,992

Qualified XII (0.25)

           569,004.979

                11.37

            6,469,587

Qualified XII (0.30)

           436,150.647

                11.33

            4,941,587

Qualified XII (0.45)

           484,323.827

                11.23

            5,438,957

Qualified XII (0.55)

           125,210.067

                11.15

            1,396,092

Qualified XII (0.60)

           819,048.106

                11.12

            9,107,815

Qualified XII (0.65)

           101,269.924

                11.08

            1,122,071

Qualified XII (0.70)

           752,665.989

                11.05

            8,316,959

Qualified XII (0.75)

           989,752.328

                11.01

          10,897,173

Qualified XII (0.80)

        1,886,019.762

                11.84

          22,330,474

Qualified XII (0.85)

        1,082,496.825

                12.80

          13,855,959

Qualified XII (0.90)

             61,980.009

                11.57

               717,109

Qualified XII (0.95)

           861,291.456

                12.69

          10,929,789

182

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Janus Aspen Mid Cap Growth (continued)

Qualified XII (1.00)

        3,105,527.097

$             12.64

$       39,253,863

Qualified XII (1.05)

           364,162.988

                12.58

            4,581,170

Qualified XII (1.10)

           311,469.580

                12.53

            3,902,714

Qualified XII (1.15)

           170,112.836

                12.48

            2,123,008

Qualified XII (1.20)

             48,160.230

                12.43

               598,632

Qualified XII (1.25)

           135,422.215

                12.37

            1,675,173

Qualified XII (1.30)

               7,727.189

                12.32

                 95,199

Qualified XII (1.35)

             25,059.618

                12.27

               307,482

Qualified XII (1.40)

             76,993.538

                12.22

               940,861

Qualified XII (1.45)

               2,154.566

                12.17

                 26,221

Qualified XII (1.50)

             27,791.830

                12.12

               336,837

Qualified XV

             66,658.442

                18.95

            1,263,177

Qualified XVI

           223,025.569

                18.17

            4,052,375

Qualified XVII

             36,932.716

                18.51

               683,625

Qualified XVIII

             31,461.595

                17.87

               562,219

Qualified XXI

           185,794.654

                19.11

            3,550,536

Qualified XXII

                    43.825

                19.27

                      845

Qualified XXIV

           378,900.702

                12.71

            4,815,828

Qualified XXV

           270,763.113

                18.89

            5,114,715

Qualified XXVI

             81,648.686

                18.77

            1,532,546

Qualified XXVII

        2,626,148.422

                21.51

          56,488,453

Qualified XXVIII

           324,657.011

                21.38

            6,941,167

Qualified XXXII

             33,628.962

                10.68

               359,157

Qualified XXXIV (0.60)

           113,106.336

                11.01

            1,245,301

      27,481,595.656

$     431,030,353

Janus Aspen Worldwide Growth

Currently payable annuity contracts:

$            499,198

Contracts in accumulation period:

Qualified V

                  870.190

$             18.52

                 16,116

Qualified VI

        9,027,865.964

                18.66

        168,459,979

Qualified VIII

             10,236.370

                18.59

               190,294

Qualified X (1.15)

             53,217.131

                21.15

            1,125,542

Qualified X (1.25)

           848,889.461

                20.95

          17,784,234

Qualified XII (0.05)

             91,430.662

                19.45

            1,778,326

Qualified XII (0.15)

           129,276.291

                  8.58

            1,109,191

Qualified XII (0.25)

           759,281.964

                  9.51

            7,220,771

Qualified XII (0.30)

           208,175.434

                  9.48

            1,973,503

Qualified XII (0.40)

           391,409.526

                16.18

            6,333,006

Qualified XII (0.45)

           701,852.553

                  9.39

            6,590,395

Qualified XII (0.55)

           165,914.452

                  9.33

            1,547,982

Qualified XII (0.60)

           818,884.991

                  9.30

            7,615,630

Qualified XII (0.65)

           108,487.077

                  9.27

            1,005,675

183

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Janus Aspen Worldwide Growth (continued)

Qualified XII (0.70)

           907,588.540

$               9.24

$         8,386,118

Qualified XII (0.75)

        1,093,265.950

                  9.21

          10,068,979

Qualified XII (0.80)

        1,788,371.103

                10.80

          19,314,408

Qualified XII (0.85)

           815,294.399

                15.80

          12,881,652

Qualified XII (0.90)

             74,158.087

                10.50

               778,660

Qualified XII (0.95)

           696,545.154

                15.66

          10,907,897

Qualified XII (1.00)

        2,330,258.497

                15.60

          36,352,033

Qualified XII (1.05)

           365,427.781

                15.53

            5,675,093

Qualified XII (1.10)

           233,730.779

                15.47

            3,615,815

Qualified XII (1.15)

           192,307.382

                15.40

            2,961,534

Qualified XII (1.20)

             35,076.926

                15.34

               538,080

Qualified XII (1.25)

             81,653.478

                15.27

            1,246,849

Qualified XII (1.30)

               7,625.777

                15.21

               115,988

Qualified XII (1.35)

             14,947.721

                15.15

               226,458

Qualified XII (1.40)

             54,800.398

                15.08

               826,390

Qualified XII (1.45)

               2,608.350

                15.02

                 39,177

Qualified XII (1.50)

             20,886.126

                14.96

               312,456

Qualified XV

             49,065.484

                19.10

               937,151

Qualified XVI

           206,766.510

                18.31

            3,785,895

Qualified XVII

             45,488.604

                18.66

               848,817

Qualified XVIII

             39,695.490

                20.95

               831,621

Qualified XXI

           111,194.666

                19.25

            2,140,497

Qualified XXII

               1,017.531

                19.42

                 19,760

Qualified XXIV

           262,107.007

                15.69

            4,112,459

Qualified XXV

           146,521.128

                19.03

            2,788,297

Qualified XXVI

             50,754.781

                18.92

               960,280

Qualified XXVII

        2,792,911.177

                21.06

          58,818,709

Qualified XXVIII

           395,021.133

                20.94

            8,271,743

Qualified XXXII

             59,347.623

                  9.84

               583,981

Qualified XXXIV (0.60)

             89,388.577

                  9.21

               823,269

      26,279,618.225

$     422,419,908

Janus Twenty

Contracts in accumulation period:

Qualified XII (0.95)

             82,804.611

$               5.24

$            433,896

Qualified XII (1.10)

             39,739.067

                  5.21

               207,041

           122,543.678

$            640,937

184

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Lord Abbett Affiliated

Contracts in accumulation period:

ING MAP PLUS NP10

                  283.644

$             10.03

$                2,845

ING MAP PLUS NP15

               2,340.118

                10.01

                 23,425

ING MAP PLUS NP16

               8,019.269

                10.01

                 80,273

ING MAP PLUS NP17

               2,481.628

                10.01

                 24,841

ING MAP PLUS NP22

                  162.092

                  9.99

                   1,619

ING MAP PLUS NP23

                      6.856

                  9.99

                        68

             13,293.607

$            133,071

Lord Abbett Growth and Income

Currently payable annuity contracts:

$            474,599

Contracts in accumulation period:

Qualified V

               1,394.525

$             10.17

                 14,182

Qualified VI

        3,643,823.766

                10.22

          37,239,879

Qualified VIII

               4,402.258

                10.22

                 44,991

Qualified X (1.15)

             86,013.672

                10.26

               882,500

Qualified X (1.25)

           579,171.971

                10.22

            5,919,138

Qualified XII (0.45)

                  795.949

                10.49

                   8,350

Qualified XII (0.55)

           194,982.185

                10.46

            2,039,514

Qualified XII (0.60)

             43,968.901

                10.44

               459,035

Qualified XII (0.65)

             64,045.753

                10.42

               667,357

Qualified XII (0.70)

           167,443.985

                10.41

            1,743,092

Qualified XII (0.75)

           239,738.264

                10.70

            2,565,199

Qualified XII (0.80)

           533,226.559

                10.37

            5,529,559

Qualified XII (0.85)

           397,176.516

                10.36

            4,114,749

Qualified XII (0.90)

             22,150.241

                10.34

               229,033

Qualified XII (0.95)

           249,653.900

                10.32

            2,576,428

Qualified XII (1.00)

        1,688,710.053

                10.31

          17,410,601

Qualified XII (1.05)

           141,914.831

                10.29

            1,460,304

Qualified XII (1.10)

           114,697.121

                10.27

            1,177,939

Qualified XII (1.15)

             33,121.655

                10.26

               339,828

Qualified XII (1.20)

             16,350.901

                10.24

               167,433

Qualified XII (1.25)

             71,773.598

                10.22

               733,526

Qualified XII (1.30)

               2,329.541

                10.21

                 23,785

Qualified XII (1.35)

               3,622.252

                10.19

                 36,911

Qualified XII (1.40)

             28,751.925

                10.17

               292,407

Qualified XII (1.45)

               1,444.249

                10.16

                 14,674

Qualified XII (1.50)

             24,670.352

                10.14

               250,157

Qualified XV

             10,467.561

                10.32

               108,025

Qualified XVI

             71,012.320

                10.14

               720,065

Qualified XVII

               8,412.808

                10.22

                 85,979

185

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Lord Abbett Growth and Income (continued)

Qualified XVIII

             24,427.755

$             10.22

$            249,652

Qualified XXI

             39,936.363

                10.37

               414,140

Qualified XXIV

             57,137.387

                10.35

               591,372

Qualified XXV

             60,897.676

                10.39

               632,727

Qualified XXVI

               8,869.875

                10.34

                 91,715

Qualified XXXII

               4,241.830

                10.50

                 44,539

Qualified XXXIV (0.60)

             10,947.528

                10.70

               117,139

        8,651,726.026

$       89,470,523

Lord Abbett Mid-Cap Value - Class A

Contracts in accumulation period:

ING MAP PLUS NP10

               5,239.917

$             10.64

$              55,753

ING MAP PLUS NP22

                    87.300

                10.60

                      925

ING MAP PLUS NP23

                  220.089

                10.59

                   2,331

ING MAP PLUS NP29

               4,779.766

                10.57

                 50,522

ING MAP PLUS NP7

               1,220.077

                10.65

                 12,994

Qualified XII (1.00)

                    39.796

                12.62

                      502

             11,586.945

$            123,027

Lord Abbett Mid-Cap Value - Class VC

Contracts in accumulation period:

NYSUT 457

           315,407.732

$             13.91

$         4,387,322

Qualified V

             10,826.441

                11.09

               120,065

Qualified VI

        1,723,132.845

                11.15

          19,212,931

Qualified X (1.15)

             63,497.719

                11.18

               709,904

Qualified X (1.25)

           289,755.896

                11.15

            3,230,778

Qualified XII (0.30)

             18,702.849

                11.49

               214,896

Qualified XII (0.45)

             27,541.594

                11.44

               315,076

Qualified XII (0.55)

           120,278.040

                11.40

            1,371,170

Qualified XII (0.60)

             28,664.889

                11.38

               326,206

Qualified XII (0.65)

               5,298.864

                11.36

                 60,195

Qualified XII (0.70)

             61,822.872

                11.35

               701,690

Qualified XII (0.75)

             39,321.155

                12.58

               494,660

Qualified XII (0.80)

           261,332.428

                11.31

            2,955,670

Qualified XII (0.85)

           144,502.623

                11.29

            1,631,435

Qualified XII (0.90)

               7,536.127

                11.27

                 84,932

Qualified XII (0.95)

           118,661.326

                11.26

            1,336,127

Qualified XII (1.00)

        1,935,557.773

                11.24

          21,755,669

Qualified XII (1.05)

             53,245.983

                11.22

               597,420

Qualified XII (1.10)

             22,672.460

                11.20

               253,932

Qualified XII (1.15)

             18,148.622

                11.18

               202,902

Qualified XII (1.20)

             11,609.728

                11.17

               129,681

186

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Lord Abbett Mid-Cap Value - Class VC (continued)

Qualified XII (1.25)

             26,388.761

$             11.15

$            294,235

Qualified XII (1.30)

               8,145.267

                11.13

                 90,657

Qualified XII (1.35)

               3,347.063

                11.11

                 37,186

Qualified XII (1.40)

             10,949.155

                11.09

               121,426

Qualified XII (1.45)

               2,629.340

                11.08

                 29,133

Qualified XII (1.50)

               3,882.274

                11.06

                 42,938

Qualified XV

               3,967.498

                11.26

                 44,674

Qualified XVI

             37,334.393

                11.06

               412,918

Qualified XVII

               2,461.421

                11.15

                 27,445

Qualified XVIII

               5,648.930

                11.15

                 62,986

Qualified XXI

             33,977.140

                11.31

               384,281

Qualified XXIV

             75,941.063

                11.29

               857,375

Qualified XXV

             26,211.028

                11.33

               296,971

Qualified XXVI

               5,348.894

                11.27

                 60,282

Qualified XXVIII

           495,061.804

                12.06

            5,970,445

Qualified XXXII

               7,537.679

                11.23

                 84,648

Qualified XXXIII (0.65)

               3,981.127

                12.72

                 50,640

Qualified XXXIV (0.60)

               2,351.399

                12.58

                 29,581

        6,032,682.202

$       68,990,482

Lord Abbett Small-Cap Value

Contracts in accumulation period:

ING MAP PLUS NP10

               3,330.983

$             10.63

$              35,408

ING MAP PLUS NP11

             21,659.776

                10.63

               230,243

ING MAP PLUS NP15

               3,174.240

                10.61

                 33,679

ING MAP PLUS NP21

                      3.215

                10.59

                        34

ING MAP PLUS NP29

               1,562.996

                10.57

                 16,521

             29,731.210

$            315,885

Massachusetts Investors Growth

Contracts in accumulation period:

ING MAP PLUS NP10

             16,318.420

$               9.52

$            155,351

             16,318.420

$            155,351

MFS® Total Return

Contracts in accumulation period:

Qualified XXVII

        2,166,578.002

$             13.62

$       29,508,792

Qualified XXVIII

        2,785,253.284

                13.54

          37,712,329

        4,951,831.286

$       67,221,121

187

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Mutual Discovery

Contracts in accumulation period:

ING MAP PLUS NP10

             11,021.605

$             10.39

$            114,514

             11,021.605

$            114,514

New Perspective Fund® - Class R-3

Contracts in accumulation period:

ING MAP PLUS NP15

             10,675.273

$               9.93

$            106,005

ING MAP PLUS NP7

                  880.011

                  9.96

                   8,765

             11,555.284

$            114,770

New Perspective Fund® - Class R-4

Contracts in accumulation period:

Qualified VI

           184,746.718

$             10.11

$         1,867,789

Qualified XII (0.55)

                  363.602

                10.14

                   3,687

Qualified XII (0.70)

               9,357.988

                10.13

                 94,796

Qualified XII (0.75)

               3,153.768

                10.13

                 31,948

Qualified XII (0.80)

           118,174.210

                10.13

            1,197,105

Qualified XII (0.85)

             20,579.639

                10.13

               208,472

Qualified XII (0.90)

                  175.287

                10.13

                   1,776

Qualified XII (0.95)

               8,754.446

                10.12

                 88,595

Qualified XII (1.00)

             78,158.767

                10.12

               790,967

Qualified XII (1.05)

               3,292.636

                10.12

                 33,321

Qualified XII (1.10)

               2,542.298

                10.12

                 25,728

Qualified XII (1.15)

               1,639.270

                10.11

                 16,573

Qualified XII (1.25)

               4,228.864

                10.11

                 42,754

Qualified XII (1.35)

                      6.865

                10.11

                        69

Qualified XII (1.40)

                  350.715

                10.10

                   3,542

Qualified XII (1.50)

                  412.384

                10.10

                   4,165

Qualified XVI

                  433.761

                10.10

                   4,381

Qualified XXIV

               1,091.691

                10.41

                 11,365

           437,462.909

$         4,427,033

Oppenheimer Developing Markets

Contracts in accumulation period:

ING MAP PLUS NP10

               2,109.323

$             10.75

$              22,675

ING MAP PLUS NP16

               3,266.252

                10.73

                 35,047

ING MAP PLUS NP19

               3,822.136

                10.72

                 40,973

ING MAP PLUS NP26

                    70.361

                10.69

                      752

Qualified V

                  129.752

                23.58

                   3,060

Qualified VI

           102,015.028

                23.74

            2,421,837

Qualified XII (0.65)

                    29.836

                24.34

                      726

Qualified XII (0.70)

               2,572.006

                24.29

                 62,474

188

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Oppenheimer Developing Markets (continued)

Qualified XII (0.75)

               1,829.522

$             24.24

$              44,348

Qualified XII (0.80)

               4,881.276

                24.19

               118,078

Qualified XII (0.85)

               5,438.250

                24.14

               131,279

Qualified XII (0.90)

                    15.215

                24.09

                      367

Qualified XII (0.95)

               4,805.799

                24.04

               115,531

Qualified XII (1.00)

             38,913.015

                23.99

               933,523

Qualified XII (1.05)

               2,243.235

                23.94

                 53,703

Qualified XII (1.10)

               1,263.077

                23.89

                 30,175

Qualified XII (1.15)

               1,785.204

                23.84

                 42,559

Qualified XII (1.20)

                    24.756

                23.79

                      589

Qualified XII (1.25)

               1,496.190

                23.74

                 35,520

Qualified XII (1.30)

                    49.244

                23.69

                   1,167

Qualified XII (1.35)

                    34.948

                23.64

                      826

Qualified XII (1.40)

                    62.822

                23.59

                   1,482

Qualified XII (1.45)

                    17.823

                23.54

                      420

Qualified XII (1.50)

                      3.079

                23.50

                        72

Qualified XVI

               1,109.820

                23.50

                 26,081

Qualified XXIV

               1,433.107

                24.12

                 34,567

Qualified XXVII

           576,196.506

                15.81

            9,109,667

           755,617.582

$       13,267,498

Oppenheimer Capital Appreciation

Contracts in accumulation period:

ING MAP PLUS NP10

               5,796.930

$               9.57

$              55,477

ING MAP PLUS NP11

               1,483.894

                  9.57

                 14,201

ING MAP PLUS NP15

                    82.463

                  9.55

                      788

ING MAP PLUS NP16

               9,983.688

                  9.55

                 95,344

ING MAP PLUS NP22

                  115.474

                  9.53

                   1,100

             17,462.449

$            166,910

Oppenheimer Main Street® - Class A

Contracts in accumulation period:

ING MAP PLUS NP15

               1,034.777

$               9.79

$              10,130

               1,034.777

$              10,130

Oppenheimer Aggressive Growth

Currently payable annuity contracts:

$                3,243

$                3,243

189

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Oppenheimer Global

Contracts in accumulation period:

Qualified XII (1.00)

                    22.030

$             12.58

$                   277

                    22.030

$                   277

Oppenheimer Global Securities

Currently payable annuity contracts:

$            807,729

Contracts in accumulation period:

ING MAP PLUS NP15

               3,041.308

$               9.86

                 29,987

ING MAP PLUS NP17

               2,453.287

                  9.85

                 24,165

ING MAP PLUS NP21

                      6.962

                  9.84

                        69

ING MAP PLUS NP22

                    71.162

                  9.83

                      700

ING MAP PLUS NP23

                  290.855

                  9.83

                   2,859

ING MAP PLUS NP26

                    13.697

                  9.82

                      135

ING MAP PLUS NP27

                      6.417

                  9.82

                        63

ING MAP PLUS NP29

                  756.330

                  9.81

                   7,420

ING MAP PLUS NP9

               9,348.986

                  9.88

                 92,368

Qualified V

               1,303.232

                15.43

                 20,109

Qualified VI

        6,521,029.626

                15.59

        101,662,852

Qualified VIII

               1,409.363

                15.58

                 21,958

Qualified X (1.15)

             65,201.846

                15.69

            1,023,017

Qualified X (1.25)

           577,699.795

                15.59

            9,006,340

Qualified XII (0.05)

           140,021.658

                16.19

            2,266,951

Qualified XII (0.15)

             44,014.712

                11.29

               496,926

Qualified XII (0.25)

           486,491.816

                16.58

            8,066,034

Qualified XII (0.30)

           113,489.166

                16.52

            1,874,841

Qualified XII (0.45)

           117,944.072

                16.37

            1,930,744

Qualified XII (0.55)

           193,232.378

                16.26

            3,141,958

Qualified XII (0.60)

           461,677.132

                16.21

            7,483,786

Qualified XII (0.65)

             76,514.478

                16.16

            1,236,474

Qualified XII (0.70)

           324,981.512

                16.11

            5,235,452

Qualified XII (0.75)

           687,529.527

                16.06

          11,041,724

Qualified XII (0.80)

        2,542,946.307

                16.05

          40,814,288

Qualified XII (0.85)

           572,101.311

                16.00

            9,153,621

Qualified XII (0.90)

             28,315.951

                15.95

               451,639

Qualified XII (0.95)

           391,828.954

                15.89

            6,226,162

Qualified XII (1.00)

        2,823,652.690

                15.84

          44,726,659

Qualified XII (1.05)

           238,159.256

                15.79

            3,760,535

Qualified XII (1.10)

           160,820.702

                15.74

            2,531,318

Qualified XII (1.15)

             75,788.311

                15.69

            1,189,119

Qualified XII (1.20)

             16,708.076

                15.64

               261,314

Qualified XII (1.25)

           111,771.084

                15.59

            1,742,511

190

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Oppenheimer Global Securities (continued)

Qualified XII (1.30)

             11,496.968

$             15.54

$            178,663

Qualified XII (1.35)

               7,454.529

                15.49

               115,471

Qualified XII (1.40)

             52,329.768

                15.44

               807,972

Qualified XII (1.45)

               2,672.049

                15.39

                 41,123

Qualified XII (1.50)

               8,093.579

                15.34

               124,156

Qualified XV

             14,774.128

                15.89

               234,761

Qualified XVI

           135,090.420

                15.34

            2,072,287

Qualified XVII

             18,334.485

                15.59

               285,835

Qualified XVIII

             12,290.147

                15.59

               191,603

Qualified XXI

             59,320.653

                16.02

               950,317

Qualified XXIV

           189,858.569

                15.93

            3,024,447

Qualified XXV

             85,198.039

                15.90

            1,354,649

Qualified XXVI

             21,221.980

                15.81

               335,520

Qualified XXVII

        2,387,258.250

                16.19

          38,649,711

Qualified XXVIII

        1,346,523.938

                16.10

          21,679,035

Qualified XXXII

             17,070.225

                10.67

               182,139

Qualified XXXIII (0.65)

               8,583.060

                11.26

                 96,645

Qualified XXXIV (0.60)

             26,903.059

                16.06

               432,063

      21,195,095.805

$     337,088,224

Oppenheimer Main Street®

Currently payable annuity contracts:

$              40,845

$              40,845

Oppenheimer Main Street® Small Cap

Contracts in accumulation period:

Qualified X (1.25)

                  369.191

$             10.78

$                3,980

                  369.191

$                3,980

Oppenheimer Strategic Bond

Currently payable annuity contracts:

$              79,232

Contracts in accumulation period:

Qualified V

               1,373.961

$             13.26

                 18,219

Qualified VI

           959,531.896

                13.40

          12,857,727

Qualified VIII

               1,286.808

                13.39

                 17,230

Qualified X (1.15)

             37,650.086

                13.49

               507,900

Qualified X (1.25)

           145,576.772

                13.40

            1,950,729

Qualified XII (0.05)

             21,119.614

                13.91

               293,774

Qualified XII (0.15)

               6,793.751

                13.22

                 89,813

Qualified XII (0.25)

             52,279.233

                14.29

               747,070

Qualified XII (0.30)

             37,960.102

                14.25

               540,931

Qualified XII (0.40)

             82,110.322

                14.11

            1,158,577

Qualified XII (0.45)

             23,971.875

                14.11

               338,243

191

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Oppenheimer Strategic Bond (continued)

Qualified XII (0.55)

             21,805.788

$             14.02

$            305,717

Qualified XII (0.60)

             50,342.618

                13.98

               703,790

Qualified XII (0.65)

             23,561.893

                13.93

               328,217

Qualified XII (0.70)

             77,519.235

                13.89

            1,076,742

Qualified XII (0.75)

             95,787.591

                13.85

            1,326,658

Qualified XII (0.80)

           149,722.955

                13.79

            2,064,680

Qualified XII (0.85)

             91,889.820

                13.75

            1,263,485

Qualified XII (0.90)

               6,034.421

                13.71

                 82,732

Qualified XII (0.95)

             78,009.276

                13.66

            1,065,607

Qualified XII (1.00)

           269,168.064

                13.62

            3,666,069

Qualified XII (1.05)

             43,185.138

                13.57

               586,022

Qualified XII (1.10)

             26,677.609

                13.53

               360,948

Qualified XII (1.15)

               7,140.602

                13.49

                 96,327

Qualified XII (1.20)

               2,981.086

                13.44

                 40,066

Qualified XII (1.25)

             26,631.390

                13.40

               356,861

Qualified XII (1.30)

               2,780.241

                13.36

                 37,144

Qualified XII (1.35)

               2,907.844

                13.31

                 38,703

Qualified XII (1.40)

             12,048.303

                13.27

               159,881

Qualified XII (1.45)

               1,303.178

                13.23

                 17,241

Qualified XII (1.50)

                  885.329

                13.19

                 11,677

Qualified XV

               6,284.926

                13.66

                 85,852

Qualified XVI

             20,545.986

                13.19

               271,002

Qualified XVII

               4,049.431

                13.40

                 54,262

Qualified XVIII

               5,349.345

                13.40

                 71,681

Qualified XXI

               3,727.279

                13.77

                 51,325

Qualified XXIV

             28,988.920

                13.70

               397,148

Qualified XXV

             34,058.696

                13.67

               465,582

Qualified XXVI

               3,165.606

                13.59

                 43,021

Qualified XXVII

           330,472.720

                13.59

            4,491,124

Qualified XXVIII

           194,052.552

                13.51

            2,621,650

Qualified XXXII

               6,723.893

                10.41

                 69,996

Qualified XXXIV (0.60)

               4,015.553

                13.85

                 55,615

        3,001,471.708

$       40,866,270

Pax World Balanced

Contracts in accumulation period:

ING MAP PLUS NP10

                    19.728

$             10.23

$                   202

Qualified VI

           188,311.221

                  9.73

            1,832,268

Qualified XII (0.65)

                    45.458

                  9.98

                      454

Qualified XII (0.70)

             10,268.892

                  9.96

               102,278

Qualified XII (0.75)

             36,410.591

                  9.94

               361,921

Qualified XII (0.80)

             20,731.088

                  9.92

               205,652

192

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Pax World Balanced (continued)

Qualified XII (0.85)

             23,315.070

$               9.90

$            230,819

Qualified XII (0.95)

               5,845.135

                  9.86

                 57,633

Qualified XII (1.00)

           157,272.247

                  9.83

            1,545,986

Qualified XII (1.05)

             17,417.276

                  9.81

               170,863

Qualified XII (1.10)

                  350.578

                  9.79

                   3,432

Qualified XII (1.15)

                  205.547

                  9.77

                   2,008

Qualified XII (1.25)

               5,280.506

                  9.73

                 51,379

Qualified XII (1.35)

                      3.066

                  9.69

                        30

Qualified XII (1.40)

                    81.582

                  9.67

                      789

Qualified XII (1.45)

                    19.718

                  9.65

                      190

Qualified XVI

                    74.343

                  9.63

                      716

Qualified XVII

               2,905.083

                  9.73

                 28,266

Qualified XXIV

               4,481.978

                  9.89

                 44,327

Qualified XXVII

           490,517.987

                  9.86

            4,836,507

           963,557.094

$         9,475,720

PIMCO NFJ Small-Cap Value

Contracts in accumulation period:

ING MAP PLUS NP15

               3,625.497

$             10.72

$              38,865

               3,625.497

$              38,865

PIMCO VIT Real Return

Contracts in accumulation period:

Qualified VI

           162,405.719

$             10.53

$         1,710,132

Qualified X (1.25)

                  240.181

                10.19

                   2,447

Qualified XII (0.60)

                  194.783

                10.56

                   2,057

Qualified XII (0.70)

             10,942.729

                10.56

               115,555

Qualified XII (0.75)

                  590.502

                10.56

                   6,236

Qualified XII (0.80)

             24,728.359

                10.55

               260,884

Qualified XII (0.85)

               6,695.382

                10.55

                 70,636

Qualified XII (0.95)

             14,254.958

                10.55

               150,390

Qualified XII (1.00)

           136,108.107

                10.54

            1,434,579

Qualified XII (1.05)

               4,065.030

                10.54

                 42,845

Qualified XII (1.10)

               1,540.278

                10.54

                 16,235

Qualified XII (1.15)

               3,037.579

                10.54

                 32,016

Qualified XII (1.25)

               3,218.351

                10.53

                 33,889

Qualified XII (1.35)

                      1.138

                10.53

                        12

Qualified XII (1.40)

                  230.274

                10.53

                   2,425

Qualified XII (1.45)

                    23.280

                10.52

                      245

Qualified XII (1.50)

                    22.057

                10.52

                      232

Qualified XVI

                  230.086

                10.52

                   2,421

Qualified XXIV

                  981.744

                10.34

                 10,151

           369,510.537

$         3,893,387

193

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Pioneer High Yield

Contracts in accumulation period:

ING MAP PLUS NP10

               4,910.136

$             10.14

$              49,789

ING MAP PLUS NP16

               3,969.718

                10.12

                 40,174

ING MAP PLUS NP17

               1,215.845

                10.11

                 12,292

ING MAP PLUS NP19

               2,284.178

                10.11

                 23,093

ING MAP PLUS NP23

                  190.715

                10.09

                   1,924

ING MAP PLUS NP9

               9,819.599

                10.14

                 99,571

             22,390.191

$            226,843

Pioneer Equity Income

Currently payable annuity contracts:

$              94,759

Contracts in accumulation period:

NYSUT 457

             40,110.436

$             12.90

               517,425

Qualified VI

           591,625.218

                10.26

            6,070,075

Qualified VIII

               4,449.415

                10.26

                 45,651

Qualified X (1.15)

               3,865.628

                10.29

                 39,777

Qualified X (1.25)

             83,954.564

                10.26

               861,374

Qualified XII (0.30)

               8,498.871

                10.58

                 89,918

Qualified XII (0.45)

               3,127.119

                10.53

                 32,929

Qualified XII (0.55)

             53,661.335

                10.49

               562,907

Qualified XII (0.60)

               3,333.582

                10.48

                 34,936

Qualified XII (0.65)

             36,053.899

                10.46

               377,124

Qualified XII (0.70)

             19,397.646

                10.44

               202,511

Qualified XII (0.75)

             84,545.972

                10.66

               901,260

Qualified XII (0.80)

           323,603.176

                10.41

            3,368,709

Qualified XII (0.85)

             70,426.347

                10.39

               731,730

Qualified XII (0.90)

               8,364.532

                10.38

                 86,824

Qualified XII (0.95)

             54,210.341

                10.36

               561,619

Qualified XII (1.00)

           151,677.697

                10.34

            1,568,347

Qualified XII (1.05)

             16,926.988

                10.33

               174,856

Qualified XII (1.10)

             11,354.396

                10.31

               117,064

Qualified XII (1.15)

             27,298.218

                10.29

               280,899

Qualified XII (1.20)

               1,509.980

                10.28

                 15,523

Qualified XII (1.25)

             12,798.955

                10.26

               131,317

Qualified XII (1.30)

               1,501.625

                10.25

                 15,392

Qualified XII (1.35)

               1,216.704

                10.23

                 12,447

Qualified XII (1.40)

               3,080.747

                10.21

                 31,454

Qualified XII (1.45)

               1,132.356

                10.20

                 11,550

Qualified XII (1.50)

                  341.882

                10.18

                   3,480

Qualified XV

                  110.314

                10.36

                   1,143

Qualified XVI

               5,906.559

                10.18

                 60,129

194

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Pioneer Equity Income (continued)

Qualified XVII

               3,495.778

$             10.26

$              35,867

Qualified XVIII

                  655.251

                10.26

                   6,723

Qualified XXI

               4,543.320

                10.41

                 47,296

Qualified XXIV

               7,163.619

                10.39

                 74,430

Qualified XXV

             10,567.397

                10.43

               110,218

Qualified XXVI

               2,705.175

                10.38

                 28,080

Qualified XXXII

                  820.878

                11.00

                   9,030

Qualified XXXIII (0.65)

             11,693.398

                10.78

               126,055

Qualified XXXIV (0.60)

               1,570.852

                10.66

                 16,745

        1,667,300.170

$       17,457,573

Pioneer Fund

Contracts in accumulation period:

ING MAP PLUS NP11

                    32.846

$             10.03

$                   329

Qualified VI

             86,615.291

                  9.29

               804,656

Qualified X (1.25)

             39,925.516

                  9.29

               370,908

Qualified XII (0.55)

               2,165.094

                  9.50

                 20,568

Qualified XII (0.65)

               1,742.668

                  9.47

                 16,503

Qualified XII (0.70)

               6,079.966

                  9.45

                 57,456

Qualified XII (0.75)

               3,127.465

                  9.77

                 30,555

Qualified XII (0.80)

             17,964.213

                  9.42

               169,223

Qualified XII (0.85)

             19,681.973

                  9.41

               185,207

Qualified XII (0.90)

                  263.215

                  9.39

                   2,472

Qualified XII (0.95)

             16,225.343

                  9.38

               152,194

Qualified XII (1.00)

             21,792.389

                  9.36

               203,977

Qualified XII (1.05)

               5,227.122

                  9.35

                 48,874

Qualified XII (1.10)

               1,326.976

                  9.33

                 12,381

Qualified XII (1.15)

               1,967.841

                  9.32

                 18,340

Qualified XII (1.20)

                  683.364

                  9.30

                   6,355

Qualified XII (1.25)

               8,749.700

                  9.29

                 81,285

Qualified XII (1.35)

                  416.655

                  9.26

                   3,858

Qualified XII (1.40)

                  706.713

                  9.24

                   6,530

Qualified XII (1.50)

                      0.839

                  9.21

                          8

Qualified XVI

               1,860.298

                  9.21

                 17,133

Qualified XVII

                  865.556

                  9.29

                   8,041

Qualified XXI

                  919.531

                  9.42

                   8,662

Qualified XXIV

               2,053.487

                  9.40

                 19,303

Qualified XXV

                  190.788

                  9.44

                   1,801

Qualified XXXIV (0.60)

                  177.642

                  9.77

                   1,736

           240,762.491

$         2,248,355

195

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Pioneer High Yield VCT

Contracts in accumulation period:

Qualified VI

             59,532.463

$             10.34

$            615,566

Qualified X (1.25)

                    51.719

                10.40

                      538

Qualified XII (0.65)

                    16.335

                10.37

                      169

Qualified XII (0.70)

               5,019.289

                10.37

                 52,050

Qualified XII (0.75)

                  409.718

                10.37

                   4,249

Qualified XII (0.80)

               3,550.527

                10.36

                 36,783

Qualified XII (0.85)

               5,454.695

                10.36

                 56,511

Qualified XII (0.95)

               6,363.472

                10.36

                 65,926

Qualified XII (1.00)

             82,156.372

                10.35

               850,318

Qualified XII (1.05)

               2,689.178

                10.35

                 27,833

Qualified XII (1.10)

                    72.952

                10.35

                      755

Qualified XII (1.25)

               1,293.975

                10.34

                 13,380

Qualified XII (1.35)

                      4.572

                10.34

                        47

Qualified XII (1.40)

                      3.597

                10.34

                        37

Qualified XII (1.50)

                    33.359

                10.33

                      345

Qualified XVI

               3,821.435

                10.33

                 39,475

Qualified XXIV

           176,866.749

                10.70

            1,892,474

           347,340.407

$         3,656,456

Pioneer Mid Cap Value

Currently payable annuity contracts:

$              90,579

Contracts in accumulation period:

ING MAP PLUS NP26

                    10.701

$             10.54

                      113

NYSUT 457

           157,326.395

                14.68

            2,309,551

Qualified VI

        1,035,961.344

                12.91

          13,374,261

Qualified X (1.15)

             16,032.774

                12.95

               207,624

Qualified X (1.25)

           127,022.909

                12.91

            1,639,866

Qualified XII (0.55)

             17,097.471

                13.20

               225,687

Qualified XII (0.60)

             11,702.548

                13.18

               154,240

Qualified XII (0.65)

               9,954.855

                13.16

               131,006

Qualified XII (0.70)

             47,068.919

                13.14

               618,486

Qualified XII (0.75)

             82,674.504

                13.24

            1,094,610

Qualified XII (0.80)

           279,050.210

                13.10

            3,655,558

Qualified XII (0.85)

             50,371.830

                13.08

               658,864

Qualified XII (0.90)

               6,517.641

                13.06

                 85,120

Qualified XII (0.95)

             51,394.590

                13.03

               669,672

Qualified XII (1.00)

           393,718.962

                13.01

            5,122,284

Qualified XII (1.05)

             26,508.912

                12.99

               344,351

Qualified XII (1.10)

             20,995.933

                12.97

               272,317

Qualified XII (1.15)

               3,973.449

                12.95

                 51,456

196

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Pioneer Mid Cap Value (continued)

Qualified XII (1.20)

               2,343.428

$             12.93

$              30,301

Qualified XII (1.25)

             14,164.748

                12.91

               182,867

Qualified XII (1.30)

               2,347.326

                12.89

                 30,257

Qualified XII (1.35)

               1,863.128

                12.87

                 23,978

Qualified XII (1.40)

               7,659.735

                12.85

                 98,428

Qualified XII (1.45)

               3,182.573

                12.83

                 40,832

Qualified XII (1.50)

               1,038.437

                12.81

                 13,302

Qualified XV

               1,765.910

                13.03

                 23,010

Qualified XVI

             24,376.798

                12.81

               312,267

Qualified XVII

                  459.855

                12.91

                   5,937

Qualified XVIII

               4,127.706

                12.91

                 53,289

Qualified XXI

             11,113.141

                13.10

               145,582

Qualified XXIV

             18,165.213

                13.07

               237,419

Qualified XXV

             27,839.536

                13.12

               365,255

Qualified XXVI

               6,374.789

                13.06

                 83,255

Qualified XXXII

               5,861.534

                11.18

                 65,532

Qualified XXXIII (0.65)

                  841.390

                13.39

                 11,266

Qualified XXXIV (0.60)

               2,010.810

                13.24

                 26,623

        2,472,920.004

$       32,455,045

Scudder Equity 500 Index

Contracts in accumulation period:

Qualified XII (1.00)

                    17.481

$             11.33

$                   198

                    17.481

$                   198

T. Rowe Price Mid-Cap Value

Contracts in accumulation period:

ING MAP PLUS NP11

                  936.480

$             10.47

$                9,805

ING MAP PLUS NP15

             12,326.490

                10.45

               128,812

ING MAP PLUS NP16

               7,084.120

                10.45

                 74,029

ING MAP PLUS NP19

               7,322.034

                10.44

                 76,442

ING MAP PLUS NP27

                      4.956

                10.41

                        52

             27,674.080

$            289,140

Templeton Foreign

Contracts in accumulation period:

ING MAP PLUS NP10

             11,017.672

$             10.07

$            110,948

ING MAP PLUS NP11

             12,482.606

                10.06

               125,575

ING MAP PLUS NP15

                  115.987

                10.05

                   1,166

ING MAP PLUS NP16

               1,089.673

                10.05

                 10,951

ING MAP PLUS NP22

                  625.255

                10.03

                   6,271

ING MAP PLUS NP29

               4,697.356

                10.00

                 46,974

             30,028.549

$            301,885

197

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Templeton Growth

Contracts in accumulation period:

ING MAP PLUS NP16

               2,239.571

$             10.10

$              22,620

ING MAP PLUS NP19

               1,224.925

                10.09

                 12,359

ING MAP PLUS NP22

                    23.679

                10.08

                      239

               3,488.175

$              35,218

Templeton Global Bond

Contracts in accumulation period:

Qualified V

                  509.521

$             10.55

$                5,375

Qualified VI

             64,183.629

                10.55

               677,137

Qualified XII (0.60)

                    22.028

                15.90

                      350

Qualified XII (0.70)

               4,050.578

                15.85

                 64,202

Qualified XII (0.75)

                  657.434

                15.83

                 10,407

Qualified XII (0.80)

                  879.030

                15.80

                 13,889

Qualified XII (0.85)

                  591.985

                10.57

                   6,257

Qualified XII (0.95)

             11,111.832

                10.57

               117,452

Qualified XII (1.00)

             69,723.583

                10.56

               736,281

Qualified XII (1.05)

               1,305.996

                10.56

                 13,791

Qualified XII (1.10)

                    52.171

                10.56

                      551

Qualified XII (1.20)

                      1.872

                10.55

                        20

Qualified XII (1.25)

                  114.835

                10.55

                   1,212

Qualified XII (1.35)

                      2.847

                10.55

                        30

Qualified XII (1.40)

                      2.221

                10.55

                        23

Qualified XVI

               3,383.061

                10.54

                 35,657

Qualified XXIV

                  863.165

                10.74

                   9,270

           157,455.788

$         1,691,904

UBS U.S. Small Cap Growth

Contracts in accumulation period:

ING MAP PLUS NP11

               4,629.043

$               9.35

$              43,282

               4,629.043

$              43,282

Vanguard® 500 Index

Contracts in accumulation period:

Qualified XXXI

               1,176.860

$               9.91

$              11,663

               1,176.860

$              11,663

Vanguard® Variable Insurance

Contracts in accumulation period:

ING MAP PLUS NP11

             18,008.690

$             10.32

$            185,850

ING MAP PLUS NP22

                      4.820

                10.30

                        50

             18,013.510

$            185,900

198

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Wanger Select

Contracts in accumulation period:

Qualified VI

             40,321.599

$               9.99

$            402,813

Qualified XII (0.70)

               2,177.459

                10.01

                 21,796

Qualified XII (0.75)

                      6.649

                10.01

                        67

Qualified XII (0.80)

               1,648.753

                10.01

                 16,504

Qualified XII (0.85)

               9,349.497

                10.01

                 93,588

Qualified XII (0.90)

                      6.170

                10.00

                        62

Qualified XII (0.95)

               5,270.348

                10.00

                 52,703

Qualified XII (1.00)

             37,016.751

                10.00

               370,168

Qualified XII (1.05)

               7,229.809

                10.00

                 72,298

Qualified XII (1.10)

               1,421.187

                10.00

                 14,212

Qualified XII (1.15)

               1,026.388

                  9.99

                 10,254

Qualified XII (1.20)

                  601.877

                  9.99

                   6,013

Qualified XII (1.25)

                  186.783

                  9.99

                   1,866

Qualified XII (1.40)

                    34.691

                  9.98

                      346

Qualified XVI

                  675.977

                  9.98

                   6,746

Qualified XXIV

               1,726.160

                10.32

                 17,814

           108,700.098

$         1,087,250

Wanger U.S. Smaller Companies

Contracts in accumulation period:

Qualified VI

             52,910.302

$             10.14

$            536,510

Qualified XII (0.65)

                    12.946

                10.16

                      132

Qualified XII (0.70)

               6,147.225

                10.16

                 62,456

Qualified XII (0.75)

                  134.717

                10.16

                   1,369

Qualified XII (0.80)

               2,155.583

                10.16

                 21,901

Qualified XII (0.85)

               8,633.869

                10.15

                 87,634

Qualified XII (0.95)

               1,070.001

                10.15

                 10,861

Qualified XII (1.00)

             35,597.405

                10.15

               361,314

Qualified XII (1.05)

               1,074.898

                10.14

                 10,899

Qualified XII (1.10)

                  385.504

                10.14

                   3,909

Qualified XII (1.15)

                  627.585

                10.14

                   6,364

Qualified XII (1.25)

               1,100.107

                10.14

                 11,155

Qualified XII (1.40)

                      1.617

                10.13

                        16

Qualified XII (1.50)

                      6.917

                10.13

                        70

Qualified XVI

                  715.110

                10.13

                   7,244

Qualified XXIV

               1,519.407

                10.32

                 15,680

           112,093.193

$         1,137,514

199

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Division/Contract

Units

Unit Value

Extended Value

Washington Mutual Investors FundSM - Class R-3

Contracts in accumulation period:

ING MAP PLUS NP10

             21,716.177

$             10.12

$            219,768

ING MAP PLUS NP11

             21,459.402

                10.12

               217,169

ING MAP PLUS NP15

             28,017.120

                10.11

               283,253

ING MAP PLUS NP17

                  566.934

                10.10

                   5,726

ING MAP PLUS NP19

               1,837.778

                10.09

                 18,543

ING MAP PLUS NP21

                    29.423

                10.09

                      297

ING MAP PLUS NP23

                  226.910

                10.08

                   2,287

ING MAP PLUS NP27

                      3.725

                10.07

                        38

ING MAP PLUS NP29

               2,035.782

                10.06

                 20,480

ING MAP PLUS NP7

               1,575.207

                10.13

                 15,957

             77,468.458

$            783,518

Washington Mutual Investors FundSM - Class R-4

Contracts in accumulation period:

Qualified VI

           589,558.781

$             10.20

$         6,013,500

Qualified XII (0.55)

               2,498.837

                10.23

                 25,563

Qualified XII (0.60)

               5,461.100

                10.23

                 55,867

Qualified XII (0.65)

                      0.781

                10.23

                          8

Qualified XII (0.70)

             13,682.475

                10.22

               139,835

Qualified XII (0.75)

               3,229.583

                10.22

                 33,006

Qualified XII (0.80)

           531,946.806

                10.22

            5,436,496

Qualified XII (0.85)

             27,455.578

                10.22

               280,596

Qualified XII (0.90)

               3,491.247

                10.22

                 35,681

Qualified XII (0.95)

             16,364.373

                10.21

               167,080

Qualified XII (1.00)

           331,675.131

                10.21

            3,386,403

Qualified XII (1.05)

             11,290.445

                10.21

               115,275

Qualified XII (1.10)

             25,626.521

                10.21

               261,647

Qualified XII (1.15)

               7,006.724

                10.21

                 71,539

Qualified XII (1.20)

               1,172.393

                10.20

                 11,958

Qualified XII (1.25)

             18,317.303

                10.20

               186,836

Qualified XII (1.35)

                      7.949

                10.20

                        81

Qualified XII (1.40)

                  257.963

                10.19

                   2,629

Qualified XII (1.50)

                    43.191

                10.19

                      440

Qualified XVI

             10,944.243

                10.19

               111,522

Qualified XVII

               2,556.061

                10.21

                 26,097

Qualified XXIV

               8,541.999

                10.44

                 89,178

        1,611,129.484

$       16,451,237

200

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Qualified I

Individual Contracts issued prior to May 1, 1975 in connection with "Qualified Corporate Retirement Plans" established pursuant to Section 401 of the Internal Revenue Code ("Code"); tax-deferred annuity Plans established by the public school systems and tax-exempt organizations pursuant to Section 403(b) of the Code, and certain individual retirement annuity plans established by or on behalf of individuals pursuant to section 408(b) of the Code; individual Contracts issued prior to November 1, 1975 in connection with "H.R. 10 Plans" established by persons entitled to the benefits of the Self-Employed Individuals Tax Retirement Act of 1962, as amended; allocated group Contracts issued prior to May 1, 1975 in connection with qualified corporate retirement plans; and group Contracts issued prior to October 1, 1978 in connection with tax-deferred annuity plans.

Qualified V

Certain group AetnaPlus Contracts issued since August 28, 1992 in connection with "Optional Retirement Plans" established pursuant to Section 403(b) or 401(a) of the Internal Revenue Code.

Qualified VI

Certain group AetnaPlus Contracts issued in connection with tax-deferred annuity plans, Retirement Plus plans and deferred compensation plans since August 28, 1992.

Qualified VII

Certain existing Contracts that were converted to ACES, an administrative system (previously valued under Qualified I).

Qualified VIII

Group AetnaPlus Contracts issued in connection with Tax-Deferred Annuity Plans and Deferred Compensation Plans adopted by state and local governments since June 30, 1993.

Qualified IX

Certain large group Contracts (Jumbo) that were converted to ACES, an administrative system (previously valued under Qualified VI).

Qualified X

Individual retirement annuity and Simplified Employee Pension ("SEP") plans issued or converted to ACES, an administrative system.

201

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Qualified XII

Group Retirement Plus and Voluntary TDA Contracts issued since 1996 in connection with plans established pursuant to Section 403(b) or 401(a) of the Internal Revenue Code, shown separately by applicable daily charge; and Contracts issued since October 1, 1996 in connection with optional retirement plans established pursuant to Section 403(b) or 403(a) of the Internal Revenue Code.

Qualified XIII

Certain existing Contracts issued in connection with deferred compensation plans issued through product exchange on May 25, 1996 (previously valued under Qualified VI).

Qualified XV

Certain existing Contracts issued in connection with deferred compensation plans issued through product exchange on December 16, 1996 (previously valued under Qualified VI), and new Contracts issued after that date in connection with certain deferred compensation plans.

Qualified XVI

Group AetnaPlus Contracts assessing an administrative expense charge effective April 7, 1997 issued in connection with tax-deferred annuity plans, Retirement Plus plans and deferred compensation plans.

Qualified XVII

Group AetnaPlus Contracts containing contractual limits on fees issued in connection with tax-deferred annuity plans and deferred compensation plans, which resulted in reduced daily charges for certain funding options effective May 29, 1997.

Qualified XVIII

Individual retirement annuity and SEP plan Contracts containing contractual limits on fees, which resulted in reduced daily charges for certain funding options effective May 29, 1997.

Qualified XIX

Group Corporate 401 Contracts containing contractual limits on fees, which resulted in reduced daily charges for certain funding options effective May 29, 1997.

202

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Qualified XX

Group HR 10 Contracts containing contractual limits on fees, which resulted in reduced daily charges for certain funding options effective May 29, 1997.

Qualified XXI

Certain existing Contracts issued in connection with deferred compensation plans having Contract modifications effective May 20, 1999.

Qualified XXII

Certain existing Contracts issued in connection with deferred compensation plans having Contract modifications effective May 20, 1999.

Qualified XXIII

Group Contracts issued in connection with the ING Retirement Master plans, effective in 2003 (previously valued under Qualified XII).

Qualified XXIV

Group Contract issued in connection with optional retirement plans having Contract modifications effective July 2000 to lower mortality and expense fee.

Qualified XXV

Group Contract issued in connection with Aetna Government Custom Choice plans having Contract modifications effective October 2000 to lower mortality and expense fee.

Qualified XXVI

Group Contract issued in connection with Aetna Government Custom Choice plans having Contract modifications effective October 2000 to lower mortality and expense fee.

Qualified XXVII

Group Contract issued in connection with tax deferred annuity plans having Contract modifications effective February 2000 to lower mortality and expense fee.

Qualified XXVIII

Group Contract issued in connection with optional retirement plans having Contract modifications effective February 2000 to lower mortality and expense fee.

203

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Qualified XXIX

Individual Contracts issued in connection with tax-deferred annuity plans and individual retirement annuity plans since May 1, 1975, H.R. 10 Plans since November 1, 1975; group Contracts issued since October 1, 1978 in connection with tax-deferred annuity plans and group Contracts issued since May 1, 1979 in connection with deferred compensation plans adopted by state and local governments and H.R. 10 Plans.

Qualified XXX

Qualified XXXI

Group Contract issued in connection with the San Bernadino 457F Plan at a zero basis point charge, effective in 2004.

Qualified XXXII

Individual Contracts issued in connection with the 1992/1994 Pension IRA at 125 basis points, effective in 2004.

Qualified XXXIV

Group Contract issued in connection with ING Custom Choice plans at 60 basis points.

204

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Financial Highlights

A summary of unit values and units outstanding for variable annuity Contracts, expense ratios, excluding expenses of underlying funds, investment income ratios, and total return for the nine months ended September 30, 2004 and 2003, and the years ended December 31, 2002 and 2001, along with units outstanding and unit values for the year ended December 31, 2000, follows:

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

AIM Mid Cap Core Equity

2004*

           17

$10.26

$          177

(e)

%

0.65%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

AIM V.I. Capital Appreciation

2004*

      2,360

$5.26 to $9.84

        19,360

-

0.25% to 1.50%

-4.16% to 5.02%

2003*

      2,424

$4.90 to $8.22

        18,584

-

0.25% to 1.50%

14.58% to 15.61%

2002

      2,288

$4.26 to $7.11

        15,302

-

0.00% to 1.50%

-25.48% to -24.62%

2001

      2,119

$5.69 to $9.39

        19,027

        7.37

0.00% to 1.75%

-24.43% to -23.55%

2000

      1,839

$7.50 to $12.29

        21,974

(a)

(a)

(a)

AIM V.I. Core Equity

2004*

      4,957

$6.20 to $10.42

        38,296

-

0.25% to 1.50%

0.26% to 30.00%

2003*

      5,597

$5.58 to $7.31

        38,858

-

0.25% to 1.50%

11.04% to 12.17%

2002

      5,575

$5.00 to $6.54

        34,728

        0.33

0.00% to 1.50%

-16.84% to -15.71%

2001

      5,919

$5.99 to $7.76

        44,279

        0.05

0.00% to 1.75%

-23.99% to -23.10%

2000

      5,023

$7.84 to $10.04

        48,981

(a)

(a)

(a)

AIM V.I. Growth

2004*

      3,158

$4.04 to $10.03

        16,661

-

0.25% to 1.50%

-3.32% to 47.50%

2003*

      3,120

$3.75 to $5.16

        15,275

-

0.25% to 1.50%

16.75% to 17.97%

2002

      2,722

$3.20 to $4.38

        11,403

-

0.25% to 1.50%

-32.00% to -31.21%

2001

      2,533

$4.69 to $6.34

        15,568

        0.21

0.00% to 1.75%

-34.87% to -34.11%

2000

      2,061

$7.16 to $9.62

        19,441

(a)

(a)

(a)

205

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

AIM V.I. Premier Equity

2004*

      2,785

$5.95 to $9.98

$     19,238

-

%

0.25% to 1.50%

-3.55% to 13.58%

2003*

      2,964

$5.59 to $6.77

        19,178

-

0.25% to 1.50%

12.02% to 13.09%

2002

      2,777

$4.97 to $5.99

        15,977

        0.34

0.25% to 1.50%

-31.30% to -30.50%

2001

      2,682

$7.19 to $8.58

        22,335

        2.33

0.00% to 1.75%

-13.87% to -12.88%

2000

      1,903

$8.32 to $9.94

        18,487

(a)

(a)

(a)

Alliance Bernstein Growth and Income

2004*

             2

$9.91

               16

(e)

0.95%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

American Balanced

2004*

           63

$9.96 to $10.03

             634

(e)

0.30% to 1.40%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

American Century® Income & Growth

2004*

         358

$9.18 to $28.27

          3,328

        1.41

1.00% to 1.10%

1.98% to 2.11%

2003*

         244

$7.96 to $24.55

          1,981

        1.15

1.00% to 1.10%

13.29% to 13.39%

2002

         159

$7.02 to $21.67

          1,152

        1.30

1.00% to 1.10%

-20.84% to -20.40%

2001

           62

$8.82 to $27.26

             629

(b)

0.00% to 1.75%

(b)

2000

(b)

(b)

(b)

(b)

(b)

(b)

Ariel Appreciation

2004*

           15

$5.95 to $9.98

             153

(e)

0.85% to 1.40%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

206

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

Ariel

2004*

             3

$10.78 to $10.79

$            31

(e)

%

1.25% to 1.40%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Baron Asset

2004*

             2

$10.46 to $10.48

               22

(e)

0.60% to 0.95%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Baron Growth

2004*

           20

$10.46 to $10.53

             207

             -

0.50% to 1.50%

-

2003*

             -

$12.91

                 -

(d)

0.00%

(d)

2002

(d)

(d)

(d)

(d)

(d)

(d)

2001

(d)

(d)

(d)

(d)

(d)

(d)

2000

(d)

(d)

(d)

(d)

(d)

(d)

Calvert Social Balanced

2004*

      3,424

$10.34 to $27.72

        63,377

             -

0.25% to 1.50%

1.15% to 2.14%

2003*

      3,159

$9.80 to $25.56

        55,400

             -

0.25% to 1.50%

10.12% to 11.23%

2002

      3,111

$8.88 to $23.11

        49,766

        2.70

0.00% to 1.50%

-13.46% to -12.46%

2001

      3,120

$10.23 to $26.58

        58,340

        5.40

0.00% to 1.75%

-8.34% to -7.27%

2000

      3,005

$11.13 to $28.86

        63,262

(a)

(a)

(a)

EuroPacific Growth - Class R-3

2004*

           34

$10.14 to $10.21

             343

(e)

0.40% to 1.40%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

207

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

EuroPacific Growth - Class R-4

2004*

         654

$10.10 to $10.54

$       6,619

(e)

%

0.70% to 1.50%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Evergreen Special Values

2004*

      2,161

$10.39 to $16.81

        35,355

-

0.55% to 1.55%

6.65% to 6.71%

2003*

         976

$13.41 to $13.56

        13,088

-

0.95% to 1.00%

17.22% to 17.30%

2002

         819

$11.44 to $11.56

          9,367

-

0.95% to 1.00%

-7.97% to -7.92%

2001

         316

$12.43 to $12.56

          3,926

(b)

0.00% to 1.75%

(b)

2000

(b)

(b)

(b)

(b)

(b)

(b)

Fidelity® Advisor Mid Cap

2004*

           31

$9.88 to $9.94

             306

(e)

0.35% to 1.35%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Fidelity® VIP Asset Manager^SM

2004*

      1,221

$17.20 to $17.30

        21,118

        2.74

1.00% to 1.10%

-.92% to -0.86%

2003*

      1,240

$16.38 to $16.46

        20,411

        3.59

1.00% to 1.10%

10.08% to 10.17%

2002

      1,221

$14.88 to $14.94

        18,235

        3.97

1.00% to 1.10%

-9.73% to -9.64%

2001

      1,306

$16.48 to $16.54

        21,589

        5.70

1.05% to 1.25%

-5.29% to -5.10%

2000

      1,362

$17.41 to $17.43

        23,730

(a)

(a)

(a)

Fidelity® VIP Contrafund®

2004*

    30,797

$10.41 to $26.14

      651,146

        0.33

0.25% to 1.80%

4.56% to 5.58%

2003*

    26,255

$10.31 to $22.40

      482,277

        0.44

0.25% to 1.50%

13.97% to 15.05%

2002

    23,810

$10.26 to $19.58

      382,356

        0.79

0.00% to 1.50%

-10.70% to -9.48%

2001

    20,685

$11.40 to $21.82

      375,287

        3.44

0.00% to 1.75%

-13.56% to -12.55%

2000

    19,961

$11.84 to $25.13

      420,902

(a)

(a)

(a)

208

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

Fidelity® VIP Equity-Income

2004*

    20,663

$9.96 to $24.87

$   367,182

        1.51

%

0.25% to 1.95%

0.94% to 1.89%

2003*

    17,470

$9.95 to $21.54

      273,186

        1.73

0.25% to 1.50%

12.62% to 13.68%

2002

    16,267

$8.79 to $19.07

      226,895

        1.66

0.00% to 1.50%

-18.19% to -17.24%

2001

    13,666

$10.66 to $23.23

      237,314

        5.91

0.00% to 1.75%

-6.38% to -5.29%

2000

    10,367

$11.30 to $24.73

      195,903

(a)

(a)

(a)

Fidelity® VIP Growth

2004*

    25,055

$8.77 to $22.34

      364,119

        0.27

0.25% to 1.65%

-5.74% to -4.88%

2003*

    23,626

$8.33 to $21.32

      332,155

        0.26

0.25% to 1.50%

18.08% to 19.18%

2002

    23,257

$8.30 to $18.00

      277,744

        0.25

0.00% to 1.50%

-31.15% to -30.35%

2001

    22,173

$11.97 to $26.05

      388,351

        7.04

0.00% to 1.75%

-18.89% to -17.94%

2000

    20,583

$14.65 to $32.00

      448,872

(a)

(a)

(a)

Fidelity® VIP High Income

2004*

         682

$8.61 to $8.66

          5,988

        8.57

1.00% to 1.50%

3.96% to 3.99%

2003*

         920

$7.88 to $7.92

          7,361

        5.32

1.00% to 1.50%

19.76% to 19.82%

2002

         529

$6.58 to $6.61

          3,569

        8.54

1.00% to 1.50%

2.31% to 2.41%

2001

         411

$6.43 to $6.45

          2,694

      12.33

0.75% to 1.50%

-12.83% to -12.67%

2000

         332

$7.38 to $7.39

          2,450

(a)

(a)

(a)

Fidelity® VIP Index 500

2004*

      4,956

$21.48 to $21.61

      107,020

        1.30

1.00% to 1.10%

0.51% to 0.56%

2003*

      4,575

$19.12 to $19.22

        87,875

        1.45

1.00% to 1.10%

13.61% to 13.73%

2002

      4,302

$16.83 to $16.90

        72,668

        1.32

1.00% to 1.10%

-23.10% to -23.32%

2001

      4,378

$21.89 to $21.96

        96,097

        1.12

1.05% to 1.25%

-13.20% to -13.03%

2000

      4,146

$25.21 to $25.25

      104,650

(a)

(a)

(a)

Fidelity® VIP Overseas

2004*

      3,076

$7.30 to $13.70

        36,397

        1.18

0.25% to 1.50%

-1.68% to 12.18%

2003*

      1,849

$6.38 to $11.96

        19,670

        0.66

0.25% to 1.50%

21.78% to 22.97%

2002

      1,719

$5.21 to $9.79

        14,076

        0.74

0.00% to 1.50%

-21.47% to -20.56%

2001

      1,306

$6.61 to $12.42

        14,766

      13.21

0.00% to 1.75%

-22.35% to -21.44%

2000

      1,232

$8.47 to $15.94

        18,192

(a)

(a)

(a)

209

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

Franklin Small-Mid Cap Growth

2004*

             5

$9.63 to $9.65

$            46

(e)

%

1.30% to 1.60%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Franklin Small Cap Value Securities

2004*

      2,394

$10.88 to $14.63

        31,834

        0.18

0.45% to 1.50%

9.34% to 10.13%

2003*

      1,158

$9.75 to $11.36

        11,947

        0.23

0.55% to 1.50%

11.10% to 11.83%

2002

         860

$9.19 to $9.32

          7,951

        0.55

0.55% to 1.50%

-10.62% to -10.12%

2001

           13

$10.28 to $10.30

             130

(b)

0.00% to 1.75%

(b)

2000

(b)

(b)

(b)

(b)

(b)

(b)

The Growth Fund of America® - Class R-3

2004*

           71

$9.85 to $9.92

             698

(e)

0.30% to 1.40%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

The Growth Fund of America® - Class R-4

2004*

      2,385

$9.89 to $10.19

        23,642

(e)

0.55% to 1.50%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

The Income Fund of America® - Class R-3

2004*

             6

$10.25 to $10.32

               62

(e)

0.30% to 1.25%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

210

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

ING GET Fund - Series G

2004*

      1,844

$9.94 to $10.77

$     19,000

        4.35

%

0.50% to 1.75%

-0.78% to 0.19%

2003*

      2,611

$10.20 to $10.60

        26,993

        3.92

0.70% to 1.75%

0.39% to 1.15%

2002

      2,896

$10.16 to $10.48

        29,756

        3.84

0.25% to 1.75%

3.15% to 4.13%

2001

      3,400

$9.85 to $10.11

        33,746

        0.39

0.25% to 1.75%

-0.35% to 0.08%

2000

      3,829

$9.88 to $10.03

        38,004

(a)

(a)

(a)

ING GET Fund - Series H

2004*

      1,345

$9.95 to $10.92

        14,034

        4.58

0.50% to 1.75%

-0.87% to 0.09%

2003*

      1,929

$10.32 to $10.82

        20,172

        3.94

0.50% to 1.75%

0.88% to 1.88%

2002

      2,251

$10.23 to $10.62

        23,282

        3.60

0.25% to 1.75%

2.95% to 3.93%

2001

      2,578

$9.93 to $10.17

        25,808

        0.47

0.25% to 1.75%

-1.09% to 0.08%

2000

      2,894

$9.87 to $10.16

        29,176

(a)

(a)

(a)

ING GET Fund - Series I

2004*

           81

$9.92 to $10.19

             828

        3.75

1.75%

-1.00% to -0.97%

2003*

         111

$10.27

          1,136

        3.35

1.75%

1.18%

2002

         117

$10.15

          1,190

        3.54

1.75%

3.52%

2001

         128

$9.80

          1,252

        0.24

1.75%

-0.60%

2000

         138

$9.86

          1,364

(a)

(a)

(a)

ING GET Fund - Series J

2004*

           36

$9.94 to $10.10

             359

        4.56

1.75%

-0.80% to -0.79%

2003*

           38

$10.19

             386

        3.59

1.75%

0.89%

2002

           39

$10.10

             394

        3.47

1.75%

4.23%

2001

           39

$9.69

             381

        0.16

1.75%

-0.46%

2000

           47

$9.73

             457

(a)

(a)

(a)

ING GET Fund - Series K

2004*

         148

$9.93 to $10.34

          1,532

        3.43

1.25% to 1.75%

-0.80% to -0.39%

2003*

         175

$10.26 to $10.41

          1,822

        3.00

1.25% to 1.75%

0.88% to 1.36%

2002

         200

$10.17 to $10.27

          2,048

        2.74

1.25% to 1.75%

3.90% to 4.41%

2001

         231

$9.79 to $9.84

          2,275

-

1.30% to 1.75%

-2.52% to -2.09%

2000

         285

$10.04 to $10.05

          2,863

(a)

(a)

(a)

211

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

ING GET Fund - Series L

2004*

           74

$10.29

$          764

        4.08

%

1.25%

-0.48%

2003*

         117

$10.33

          1,206

        3.51

1.25%

2.08%

2002

         117

$10.12

          1,187

        0.05

1.25%

1.41%

2001

         131

$9.98

          1,305

        4.60

1.30%

-0.36%

2000

             2

$10.02

               16

(a)

(a)

(a)

ING GET Fund - Series Q

2004*

         384

$10.46

          4,015

        3.57

1.25%

-0.38%

2003*

         443

$10.41

          4,611

-

1.25%

2.97%

2002

         498

$10.11

          5,031

        2.28

1.25%

1.10%

2001

         364

$10.00

          3,642

(b)

1.05%

(b)

2000

(b)

(b)

(b)

(b)

(b)

(b)

ING GET Fund - Series S

2004*

      2,408

$10.03 to $10.71

        25,265

        2.59

0.50% to 1.75%

-0.59% to 0.38%

2003*

      3,630

$10.31 to $10.48

        37,651

        0.09

0.50% to 1.75%

2.69% to 3.66%

2002

      4,624

$10.04 to $10.11

        46,558

(c)

0.25% to 1.75%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

ING VP Balanced

2004*

    31,336

$10.40 to $32.34

      660,662

        2.04

0.25% to 1.50%

1.56% to 2.55%

2003*

    30,754

$9.99 to $29.59

      616,011

        2.04

0.25% to 1.50%

9.43% to 10.53%

2002

    32,476

$10.03 to $26.92

      597,925

        1.06

0.00% to 1.50%

-11.64% to -10.62%

2001

    36,765

$11.27 to $30.30

      768,043

        5.73

0.00% to 1.75%

-5.66% to -4.54%

2000

    38,718

$11.85 to $31.93

      875,436

(a)

(a)

(a)

ING VP Emerging Markets

2004*

      1,016

$8.68 to $8.71

          8,839

        0.06

1.00%

3.57% to 3.58%

2003*

         870

$7.32 to $7.34

          6,382

-

1.00%

27.21% to 27.30%

2002

         871

$5.75 to $5.77

          5,020

-

1.00%

-10.24% to -10.23%

2001

         859

$6.41 to $6.43

          5,519

      20.84

1.00% to 1.25%

-11.54% to -11.37%

2000

         878

$7.24 to $7.25

          6,367

(a)

(a)

(a)

211

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

ING VP Intermediate Bond

2004*

    20,736

$10.13 to $74.00

$   408,826

        4.31

%

0.25% to 1.95%

2.46% to 3.46%

2003*

    21,979

$11.56 to $71.39

      429,101

        1.68

0.25% to 1.50%

4.00% to 5.01%

2002

    24,208

$13.07 to $68.41

      458,178

        3.22

0.00% to 1.50%

6.72% to 7.96%

2001

    23,313

$12.15 to $63.81

      409,596

        6.40

0.00% to 1.75%

7.12% to 8.37%

2000

    17,978

$11.26 to $59.29

      301,919

(a)

(a)

(a)

ING VP Money Market

2004*

    15,980

$9.97 to $49.90

      231,875

        1.06

0.25% to 1.50%

-0.51% to 0.42%

2003*

    19,524

$10.31 to $49.64

      288,454

        1.70

0.25% to 1.50%

-0.49% to .42%

2002

    23,887

$11.78 to $49.45

      368,846

        3.78

0.00% to 1.50%

0.11% to 1.27%

2001

    24,401

$11.68 to $48.83

      374,569

        5.45

0.00% to 1.75%

2.38% to 3.62%

2000

    21,736

$11.32 to $47.51

      322,714

(a)

(a)

(a)

ING VP Natural Resources

2004*

         972

$11.69 to $18.92

        15,545

        0.97

0.25% to 1.50%

7.74% to 27.42%

2003*

         928

$9.13 to $14.76

        11,805

-

0.25% to 1.50%

9.33% to 10.35%

2002

      1,022

$8.30 to $13.46

        11,897

        0.18

0.00% to 1.50%

-3.56% to -2.54%

2001

      1,061

$8.54 to $13.82

        12,751

-

0.00% to 1.75%

-17.19% to -16.23%

2000

      1,140

$10.24 to $16.64

        16,696

(a)

(a)

(a)

ING Julius Baer Foreign

2004*

           50

$10.06 to $10.57

             501

(e)

0.70% to 1.50%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

ING MFS Total Return

2004*

      1,644

$10.31 to $12.46

        20,066

-

0.55% to 1.50%

2.81% to 3.57%

2003*

         245

$10.59 to $11.25

          2,709

(d)

0.55% to 1.50%

(d)

2002

(d)

(d)

(d)

(d)

(d)

(d)

2001

(d)

(d)

(d)

(d)

(d)

(d)

2000

(d)

(d)

(d)

(d)

(d)

(d)

212

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

ING T. Rowe Price Equity Income

2004*

      1,611

$10.23 to $13.63

$     21,730

-

%

0.50% to 1.50%

4.02% to 4.77%

2003*

         105

$10.84 to $11.55

          1,210

(d)

0.60% to 1.50%

(d)

2002

(d)

(d)

(d)

(d)

(d)

(d)

2001

(d)

(d)

(d)

(d)

(d)

(d)

2000

(d)

(d)

(d)

(d)

(d)

(d)

ING Aeltus Enhanced Index

2004*

         170

$7.74 to $10.13

          1,346

        0.75

0.60% to 1.50%

-0.26% to 0.38%

2003*

           79

$6.98 to $9.10

             568

        0.86

0.60% to 1.50%

2.90% to 13.60%

2002

           19

$6.18 to $8.04

             126

(c)

0.60% to 1.50%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

ING Alger Aggressive Growth-Initial Class

2004*

             1

$13.84

               12

-

0.00%

-2.95%

2003*

             1

$12.61

               15

-

0.00%

-

2002

-

$9.58

                 -

(c)

0.00%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

ING Alger Aggressive Growth-Service Class

2004*

      1,435

$6.82 to $10.07

        10,126

-

0.45% to 1.50%

-4.35% to -3.57%

2003*

         911

$6.33 to $9.28

          5,927

-

0.45% to 1.50%

26.55% to 27.27%

2002

         166

$5.00 to $7.32

             902

(c)

0.60% to 1.50%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

ING Alger Growth

2004*

         270

$8.06 to $9.78

          2,209

-

0.40% to 1.50%

-5.95% to -5.26%

2003*

         213

$7.68 to $8.13

          1,653

-

0.40% to 1.50%

18.52% to 19.30%

2002

           39

$6.48 to $6.85

             255

(c)

0.75% to 1.50%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

213

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

ING American Century Small Cap Value

2004*

      1,674

$10.39 to $11.84

$     19,477

-

%

0.25% to 1.50%

6.77% to 7.59%

2003*

         465

$9.45 to $9.58

          4,417

-

0.55% to 1.50%

17.10% to 17.98%

2002

         227

$8.07 to $8.12

          1,834

(c)

0.55% to 1.50%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

ING Baron Small Cap Growth

2004*

      3,039

$10.43 to $14.21

        38,548

-

0.25% to 1.50%

8.60% to 9.41%

2003*

         995

$10.35 to $11.82

        10,463

-

0.40% to 1.50%

19.38% to 20.27%

2002

         372

$8.67 to $8.73

          3,239

(c)

0.55% to 1.50%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

ING Goldman Sachs® Capital Growth

2004*

         120

$9.10 to $10.09

          1,180

        0.10

0.60% to 1.50%

-1.99% to -1.37%

2003*

           71

$8.48 to $9.34

             644

-

0.60% to 1.50%

11.52% to 12.27%

2002

           43

$7.59 to $8.32

             347

(c)

0.60% to 1.50%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

ING JPMorgan International

2004*

      7,858

$9.68 to $20.17

      124,931

        1.16

0.25% to 1.50%

3.18% to 5.59%

2003*

      8,152

$8.01 to $16.78

      110,612

        1.05

0.25% to 1.50%

9.98% to 11.07%

2002

      8,676

$7.24 to $15.19

      107,839

        0.62

0.00% to 1.50%

-19.30% to -18.37%

2001

      9,398

$8.90 to $18.73

      145,566

      23.69

0.00% to 1.75%

-28.02% to -27.18%

2000

    10,064

$12.27 to $25.91

      219,543

(a)

(a)

(a)

ING JPMorgan Mid Cap Value

2004*

         844

$11.12 to $13.04

        10,849

-

0.25% to 1.50%

8.35% to 9.30%

2003*

         267

$10.58 to $10.72

          2,836

-

0.55% to 1.50%

15.61% to 16.40%

2002

         113

$9.15 to $9.21

          1,038

(c)

0.60% to 1.50%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

214

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

ING MFS Capital Opportunities

2004*

      7,592

$8.78 to $26.30

$   137,066

        0.45

%

0.55% to 1.50%

-0.14% to 0.81%

2003*

      8,344

$8.45 to $23.81

      139,772

        0.20

0.25% to 1.50%

14.65% to 15.77%

2002

      8,811

$7.36 to $20.69

      129,150

-

0.00% to 1.50%

-31.20% to -30.41%

2001

      9,985

$10.67 to $29.93

      216,006

      18.63

0.00% to 1.75%

-25.88% to -25.02%

2000

      9,596

$14.36 to $40.20

      291,499

(a)

(a)

(a)

ING MFS Global Growth

2004*

         156

$10.74 to $10.98

          1,695

-

0.60% to 1.50%

-0.37% to 0.27%

2003*

           96

$9.55 to $9.67

             927

-

0.65% to 1.50%

15.16% to 15.71%

2002

           24

$8.30 to $8.35

             202

(c)

0.70% to 1.50%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

ING OpCap Balanced Value

2004*

      1,438

$10.65 to $13.09

        18,415

        1.17

0.55% to 1.50%

3.24% to 4.05%

2003*

         454

$9.48 to $11.57

          5,087

        2.82

0.55% to 1.50%

18.44% to 19.11%

2002

           59

$8.00 to $9.69

             515

(c)

0.70% to 1.50%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

ING PIMCO Total Return

2004*

      3,493

$10.13 to $11.52

        39,057

-

0.40% to 1.50%

1.91% to 2.78%

2003*

      2,551

$10.14 to $11.20

        28,078

-

0.40% to 1.50%

2.71% to 3.44%

2002

      1,518

$10.70 to $10.77

        16,279

(c)

0.55% to 1.50%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

ING Salomon Brothers Aggressive Growth

2004*

    20,857

$7.67 to $13.54

      224,600

-

0.25% to 1.50%

0.00% to 17.76%

2003*

    22,443

$6.89 to $12.27

      220,466

-

0.25% to 1.50%

23.70% to 24.87%

2002

    21,979

$5.54 to $9.90

      175,927

-

0.00% to 1.50%

-36.27% to -35.53%

2001

    24,305

$8.63 to $15.50

      305,237

        6.20

0.00% to 1.75%

-26.33% to -25.47%

2000

    24,658

$11.63 to $20.98

      425,188

(a)

(a)

(a)

215

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

ING Salomon Brothers Fundamental Value

2004*

         691

$10.27 to $16.67

$     11,035

-

%

0.55% to 1.50%

-1.34% to -0.66%

2003*

         391

$9.19 to $14.82

          5,642

        2.28

0.55% to 1.50%

22.68% to 23.44%

2002

           23

$7.48 to $11.99

             244

(c)

0.60% to 1.50%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

ING Salomon Brothers Investors Value

2004*

         455

$9.92 to $13.03

          5,701

        0.93

0.55% to 1.50%

0.16% to 0.86%

2003*

         293

$8.74 to $11.40

          3,230

        0.83

0.55% to 1.50%

14.49% to 15.20%

2002

           67

$7.62 to $9.89

             635

(c)

0.60% to 1.40%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

ING T. Rowe Price Growth Equity - Initial Class

2004*

    15,207

$10.19 to $21.50

      266,842

        0.17

0.00% to 1.50%

-2.00% to -0.92%

2003*

    13,049

$9.28 to $19.61

      210,754

        0.17

0.00% to 1.50%

15.84% to 17.01%

2002

    12,185

$9.02 to $16.86

      169,889

        0.19

0.00% to 1.50%

-24.44% to -23.64%

2001

    12,122

$11.85 to $22.20

      223,753

      15.67

0.00% to 1.75%

-11.56% to -10.53%

2000

    11,636

$13.30 to $24.99

      244,865

(a)

(a)

(a)

ING T. Rowe Price Growth Equity - Service Class

2004*

           14

$9.63 to $10.99

             131

(e)

0.40% to 1.30%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

ING UBS U.S. Allocation

2004*

           74

$9.71 to $30.69

          1,617

        0.47

0.55% to 1.50%

1.46% to 2.17%

2003*

           47

$8.57 to $26.88

             721

        0.17

0.60% to 1.50%

12.37% to 13.13%

2002

           42

$7.61 to $23.76

             474

(c)

0.60% to 1.50%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

216

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

ING UBS U.S. Large Cap Equity

2004*

    10,199

$8.77 to $14.83

$   124,578

        0.81

%

0.25% to 1.50%

2.50% to 5.25%

2003*

    10,907

$7.75 to $12.96

      118,661

        0.60

0.25% to 1.50%

11.51% to 12.74%

2002

    11,666

$6.95 to $11.58

      114,492

        0.20

0.00% to 1.50%

-26.01% to -25.15%

2001

    12,954

$9.39 to $15.50

      172,262

      20.46

0.00% to 1.75%

-22.07% to -21.20%

2000

    13,514

$12.05 to $19.72

      234,529

(a)

(a)

(a)

ING Van Kampen Comstock

2004*

      4,698

$10.31 to $13.24

        54,733

-

0.40% to 1.95%

5.76% to 6.60%

2003*

      1,967

$9.53 to $11.21

        19,068

-

0.40% to 1.50%

14.94% to 15.71%

2002

         983

$8.29 to $8.35

          8,175

(c)

0.55% to 1.50%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

ING VP Strategic Allocation Balanced

2004*

      4,436

$9.97 to $16.87

        65,540

        1.30

0.25% to 1.55%

1.48% to 2.45%

2003*

      3,921

$9.72 to $15.36

        53,165

        1.56

0.25% to 1.50%

9.35% to 10.33%

2002

      3,907

$8.84 to $13.98

        47,846

        2.59

0.00% to 1.50%

-10.89% to -9.85%

2001

      4,144

$9.85 to $15.59

        57,038

        2.54

0.00% to 1.75%

-8.39% to -7.32%

2000

      4,127

$10.67 to $16.92

        62,530

(a)

(a)

(a)

ING VP Strategic Allocation Growth

2004*

      5,092

$9.92 to $17.18

        74,113

        1.10

0.25% to 1.55%

1.08% to 4.83%

2003*

      4,754

$8.95 to $15.37

        62,757

        0.93

0.25% to 1.50%

11.39% to 12.47%

2002

      4,739

$7.99 to $13.73

        56,046

        1.75

0.00% to 1.50%

-15.04% to -14.06%

2001

      4,817

$9.34 to $16.07

        67,010

        1.60

0.00% to 1.75%

-12.87% to -11.85%

2000

      4,801

$10.63 to $18.33

        77,057

(a)

(a)

(a)

ING VP Strategic Allocation Income

2004*

      2,315

$10.02 to $16.94

        35,378

        1.83

0.25% to 1.55%

1.68% to 2.70%

2003*

      2,194

$10.15 to $15.64

        31,667

        2.38

0.25% to 1.50%

6.35% to 7.26%

2002

      2,347

$10.23 to $14.66

        31,610

        3.44

0.00% to 1.50%

-5.77% to -4.68%

2001

      2,600

$10.77 to $15.41

        37,096

        4.35

0.00% to 1.75%

-3.84% to -2.71%

2000

      2,622

$11.12 to $15.89

        39,124

(a)

(a)

(a)

217

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

ING Financial Services

2004*

           13

$9.90

$              1

(e)

%

0.50%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

ING VP Growth and Income

2004*

  113,344

$7.72 to $244.43

   2,082,776

        0.93

0.25% to 1.50%

-2.47% to 10.45%

2003*

  125,499

$6.98 to $221.43

   2,129,677

-

0.25% to 1.50%

10.29% to 11.34%

2002

  139,292

$6.29 to $199.83

   2,141,418

        0.84

0.00% to 1.50%

-26.11% to -25.25%

2001

  162,099

$8.45 to $268.94

   3,399,498

        0.60

0.00% to 1.75%

-19.62% to -18.68%

2000

  178,363

$10.44 to $332.72

   4,739,548

(a)

(a)

(a)

ING GET Fund US Core - Series 1

2004*

         216

$10.27

          2,218

        0.70

1.25%

-0.10%

2003*

         231

$10.02

          2,316

(d)

1.25%

0.20%

2002

(d)

(d)

(d)

(d)

(d)

(d)

2001

(d)

(d)

(d)

(d)

(d)

(d)

2000

(d)

(d)

(d)

(d)

(d)

(d)

ING GET Fund US Core - Series 2

2004*

      2,003

$10.03 to $10.09

        20,156

        0.10

1.00% to 1.65%

0.00% to 0.40%

2003*

           45

$9.99

             450

(d)

0.80% to 1.00%

0.00%

2002

(d)

(d)

(d)

(d)

(d)

(d)

2001

(d)

(d)

(d)

(d)

(d)

(d)

2000

(d)

(d)

(d)

(d)

(d)

(d)

ING GET Fund US Core - Series 3

2004*

      5,638

$9.75 to $9.80

        55,102

-

1.00% to 1.75%

-2.50% to -2.00%

2003*

             -

-

                 -

(d)

-

(d)

2002

(d)

(d)

(d)

(d)

(d)

(d)

2001

(d)

(d)

(d)

(d)

(d)

(d)

2000

(d)

(d)

(d)

(d)

(d)

(d)

218

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

ING GET Fund US Core - Series 5

2004*

           66

$9.95

$          661

(e)

%

1.75%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

ING GET Fund US Core - Series 6

2004*

         635

$10.00

          6,351

(e)

1.00% to 1.25%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

ING GNMA Income

2004*

           21

$10.09 to $10.16

             216

(e)

0.30% to 1.40%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

ING Intermediate Bond

2004*

           31

$10.14 to $10.19

             318

(e)

0.40% to 1.10%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

ING VP Global Science and Technology

2004*

    11,701

$3.12 to $8.77

        37,903

-

0.25% to 1.50%

-14.75% to 103.17%

2003*

    11,269

$3.22 to $3.38

        37,028

-

0.25% to 1.50%

26.85% to 28.14%

2002

      8,904

$2.53 to $2.64

        23,001

-

0.00% to 1.50%

-42.16% to -41.49%

2001

      7,145

$4.35 to $4.50

        31,754

-

0.00% to 1.75%

-24.13% to -23.22%

2000

      4,262

$5.71 to $5.87

        24,855

(a)

(a)

(a)

219

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

ING VP Growth

2004*

      7,224

$4.85 to $13.65

$     84,999

        0.13

%

0.25% to 1.50%

-4.52% to -3.65%

2003*

      7,798

$4.59 to $12.86

        88,224

-

0.25% to 1.50%

16.83% to 17.86%

2002

      7,963

$3.92 to $10.79

        76,539

-

0.00% to 1.50%

-30.00% to -29.19%

2001

      8,753

$5.57 to $15.43

      120,765

      11.29

0.00% to 1.75%

-28.16% to -27.32%

2000

      8,901

$7.72 to $21.24

      171,159

(a)

(a)

(a)

ING VP Index Plus LargeCap

2004*

    33,255

$9.78 to $18.02

      530,022

        1.03

0.25% to 1.95%

0.12% to 1.12%

2003*

    30,899

$8.68 to $15.96

      442,900

        1.12

0.00% to 1.50%

11.31% to 12.69%

2002

    29,577

$8.36 to $14.03

      378,460

        0.24

0.00% to 1.50%

-22.70% to -21.80%

2001

    27,743

$10.73 to $18.18

      459,606

        4.07

0.00% to 1.75%

-14.92% to -13.92%

2000

    25,137

$12.52 to $21.13

      488,938

(a)

(a)

(a)

ING VP Index Plus MidCap

2004*

    17,920

$10.09 to $18.40

      309,547

        0.44

0.25% to 1.80%

3.16% to 4.10%

2003*

    12,744

$10.44 to $15.67

      188,519

        0.45

0.25% to 1.50%

16.06% to 17.12%

2002

    11,364

$12.33 to $13.38

      144,261

        0.45

0.00% to 1.50%

-13.40% to -12.40%

2001

      6,071

$14.24 to $15.20

        88,491

        5.86

0.00% to 1.75%

-2.80% to-1.67%

2000

      3,705

$14.65 to $15.46

        55,395

(a)

(a)

(a)

ING VP Index Plus SmallCap

2004*

      9,645

$10.42 to $14.46

      129,300

        0.17

0.25% to 1.50%

6.74% to 7.75%

2003*

      6,792

$10.57 to $11.77

        74,373

        0.20

0.25% to 1.50%

17.97% to 19.13%

2002

      5,909

$8.96 to $9.88

        54,579

        0.17

0.00% to 1.50%

-14.50% to -13.51%

2001

      2,687

$10.48 to $11.37

        28,860

        4.91

0.00% to 1.75%

0.87% to 2.05%

2000

      1,211

$9.94 to $11.14

        12,843

(a)

(a)

(a)

ING VP International Equity

2004*

      1,567

$5.90 to $10.71

        13,074

        1.26

0.25% to 1.50%

1.49% to 16.50%

2003*

      1,409

$5.01 to $7.37

        10,000

        1.12

0.25% to 1.50%

12.72% to 13.86%

2002

      1,316

$4.43 to $6.40

          8,248

        0.22

0.00% to 1.50%

-27.77% to -26.93%

2001

      1,269

$6.10 to $8.79

        10,978

        0.11

0.00% to 1.75%

-25.02% to -24.14%

2000

      1,117

$8.09 to $11.62

        12,949

(a)

(a)

(a)

220

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

ING VP Small Company

2004*

      9,599

$9.74 to $20.70

$   164,283

        0.29

%

0.25% to 1.50%

-0.31% to 0.59%

2003*

      9,280

$8.79 to $18.58

      144,669

        0.27

0.00% to 1.50%

22.53% to 23.89%

2002

      9,115

$7.15 to $14.86

      115,085

        0.48

0.00% to 1.50%

-24.37% to -23.50%

2001

      7,976

$9.41 to $19.68

      134,200

        3.51

0.00% to 1.75%

2.44% to 3.64%

2000

      6,314

$9.15 to $19.00

      104,712

(a)

(a)

(a)

ING VP Value Opportunity

2004*

      7,293

$8.99 to $17.48

      107,627

        0.81

0.25% to 1.50%

1.23% to 2.16%

2003*

      9,331

$10.02 to $15.24

      123,509

        0.80

0.25% to 1.50%

9.66% to 10.65%

2002

      9,633

$9.09 to $13.82

      115,345

        0.46

0.00% to 1.50%

-27.07% to -26.22%

2001

      7,322

$12.37 to $18.98

      118,660

        4.66

0.00% to 1.75%

-10.97% to -9.93%

2000

      3,530

$13.79 to $20.91

        63,066

(a)

(a)

(a)

ING VP Financial Services

2004*

           11

$10.19 to $10.48

             112

(e)

0.80% to 1.25%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

ING VP International Value

2004*

      4,292

$10.19 to $11.82

        45,799

        1.03

0.30% to 1.50%

2.65% to 3.54%

2003*

      2,528

$9.06 to $10.21

        23,154

        1.28

0.40% to 1.50%

13.96% to 14.99%

2002

      1,603

$7.95 to $8.07

        12,825

        0.86

0.45% to 1.50%

-16.56% to -16.17%

2001

         160

$9.54 to $9.56

          1,529

(b)

0.00% to 1.75%

(b)

2000

(b)

(b)

(b)

(b)

(b)

(b)

ING VP MagnaCap

2004*

         186

$8.82 to $9.02

          1,660

        0.99

0.60% to 1.50%

0.23% to 1.01%

2003*

         137

$7.76 to $7.86

          1,071

        0.62

0.60% to 1.50%

13.91% to 14.43%

2002

           80

$6.82 to $6.86

             544

(c)

0.60% to 1.40%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

221

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

222

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

Janus Aspen Balanced

2004*

    17,864

$9.48 to $24.96

$   359,544

        0.79

%

0.25% to 1.95%

0.92% to 1.90%

2003*

    19,992

$8.78 to $23.15

      378,553

        1.25

0.25% to 1.50%

5.53% to 6.57%

2002

    19,717

$8.29 to $21.87

      353,540

        2.57

0.00% to 1.50%

-7.84% to -6.77%

2001

    17,000

$8.95 to $23.65

      338,450

        2.71

0.00% to 1.75%

-6.13% to -5.04%

2000

    13,548

$9.49 to $25.11

      296,054

(a)

(a)

(a)

Janus Aspen Capital Appreciation

2004*

         398

$7.62 to $10.26

          3,145

-

1.00% to 1.25%

3.85% to 4.10%

2003*

         441

$6.73 to $9.08

          3,044

        0.16

1.00% to 1.25%

9.13% to 9.43%

2002

         326

$6.15 to $8.32

          2,019

        0.33

1.00% to 1.25%

-16.77%

2001

           72

$7.39

             530

(b)

0.00% to 1.75%

(b)

2000

(b)

(b)

(b)

(b)

(b)

(b)

Janus Aspen Flexible Income

2004*

      4,641

$10.24 to $21.16

        80,367

        2.54

0.25% to 1.50%

1.84% to 2.83%

2003*

      5,627

$11.80 to $20.50

        96,482

        2.43

0.25% to 1.50%

4.61% to 5.59%

2002

      5,626

$12.74 to $19.53

        92,271

        4.52

0.00% to 1.50%

8.83% to 10.09%

2001

      3,776

$11.67 to $17.78

        56,744

        6.11

0.00% to 1.75%

6.13% to 7.36%

2000

      2,595

$10.97 to $16.61

        36,898

(a)

(a)

(a)

Janus Aspen Growth

2004*

    13,495

$8.74 to $18.03

      200,029

        0.03

0.25% to 1.50%

-6.08% to -5.21%

2003*

    15,661

$8.19 to $16.96

      221,236

-

0.00% to 1.50%

15.17% to 16.53%

2002

    16,346

$7.70 to $14.67

      199,166

-

0.00% to 1.50%

-27.61% to -26.77%

2001

    18,060

$10.56 to $20.16

      305,619

        0.25

0.00% to 1.75%

-25.86% to -25.00%

2000

    17,916

$14.14 to $27.07

      412,686

(a)

(a)

(a)

Janus Aspen Mid Cap Growth

2004*

    27,482

$9.51 to $21.51

      431,030

-

0.25% to 1.50%

3.65% to 4.60%

2003*

    30,852

$9.53 to $18.67

      427,173

-

0.00% to 1.50%

20.35% to 21.61%

2002

    31,862

$7.88 to $15.46

      369,184

-

0.00% to 1.50%

-29.01% to -28.04%

2001

    34,630

$11.02 to $21.67

      569,410

-

0.00% to 1.75%

-40.36% to -39.66%

2000

    33,795

$18.33 to $36.17

      950,193

(a)

(a)

(a)

223

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

Janus Aspen Worldwide Growth

2004*

    26,280

$8.58 to $21.15

$   422,420

        0.48

%

0.25% to 1.50%

-6.29% to -5.44%

2003*

    33,089

$8.67 to $19.99

      510,945

        0.83

0.00% to 1.50%

8.56% to 9.80%

2002

    36,207

$7.94 to $18.36

      513,443

        0.87

0.00% to 1.50%

-26.61% to -25.61%

2001

    40,344

$10.75 to $24.94

      783,656

        0.45

0.00% to 1.75%

-23.60% to -22.71%

2000

    42,211

$13.96 to $32.52

   1,083,720

(a)

(a)

(a)

Janus Twenty

2004*

         123

$5.21 to $5.24

             641

-

0.95% to 1.10%

8.77% to 8.94%

2003*

         110

$4.35 to $4.37

             478

-

0.95% to 1.10%

12.63% to 12.69%

2002

           99

$3.86 to $3.88

             383

        0.63

0.95% to 1.10%

-24.85% to -24.74%

2001

           97

$5.14 to $5.15

             497

(b)

0.00% to 1.75%

(b)

2000

(b)

(b)

(b)

(b)

(b)

(b)

Lord Abbett Affiliated

2004*

           13

$9.99 to $10.03

             133

(e)

0.65% to 1.30%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Lord Abbet Growth and Income

2004*

      8,652

$10.14 to $10.70

        89,471

-

0.45% to 1.95%

0.40% to 3.98%

2003*

      3,627

$8.92 to $9.13

        32,672

-

0.45% to 1.50%

13.92% to 14.88%

2002

      1,545

$7.83 to $7.93

        12,172

        1.05

0.55% to 1.50%

-19.17% to -18.81%

2001

         126

$9.70 to $9.72

          1,226

(b)

0.00% to 1.75%

(b)

2000

(b)

(b)

(b)

(b)

(b)

(b)

Lord Abbett Mid-Cap Value - Class VC

2004*

      6,033

$11.06 to $13.91

        68,990

-

0.30% to 1.50%

8.51% to 21.19%

2003*

      2,228

$9.10 to $11.39

        20,606

-

0.45% to 1.50%

9.77% to 10.48%

2002

      1,213

$8.29 to $8.41

        10,124

        1.08

0.55% to 1.50%

-10.91% to -10.64%

2001

           28

$9.34 to $9.35

             265

(b)

0.00% to 1.75%

(b)

2000

(b)

(b)

(b)

(b)

(b)

(b)

224

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

Lord Abbett Mid Cap

2004*

           12

$10.57 to $12.62

$          123

(e)

%

0.50% to 1.60%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Lord Abbett Small-Cap Value

2004*

           30

$10.57 to $10.63

             316

(e)

0.65% to 1.60%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Massachusetts Investors Growth Stock

2004*

           16

$9.52

             155

(e)

0.70%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

MFS® Total Return

2004*

      4,952

$13.54 to $13.62

        67,221

        1.65

1.00% to 1.10%

3.20% to 3.26%

2003*

      4,241

$12.29 to $12.35

        52,212

        1.76

1.00% to 1.10%

7.71% to 7.86%

2002

      3,443

$11.41 to $11.45

        39,338

        1.50

1.00% to 1.10%

-6.21% to -6.11%

2001

      1,743

$12.16 to $12.20

        21,228

        3.77

1.05% to 1.25%

-1.00% to -0.81%

2000

         395

$12.28 to $12.30

          4,860

(a)

(a)

(a)

Mutual Discovery

2004*

           11

$10.39

             115

(e)

0.45%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

225

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

New Perspective - Class R-3

2004*

           12

$9.93 to $9.96

$          115

(e)

%

0.30% to 0.70%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

New Perspective - Class R-4

2004*

         437

$10.10 to $10.41

          4,427

(e)

0.55% to 1.50%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Oppenheimer Developing Markets

2004*

         756

$10.69 to $24.34

        13,267

-

0.65% to 1.50%

8.51%

2003*

         264

$11.93

          3,144

-

1.00%

33.89%

2002

         145

$8.91

          1,294

        2.50

1.00%

-2.58%

2001

           24

$9.15 to $13.82

             223

(b)

0.00% to 1.75%

(b)

2000

(b)

(b)

(b)

(b)

(b)

(b)

Oppenheimer Capital Appreciation

2004*

           17

$9.53 to $9.57

             167

(e)

0.65% to 1.25%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Oppenheimer Global

2004*

             -

$12.58

                 -

(e)

1.00%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

226

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

Oppenheimer Main Street - Class A

2004*

             1

$9.79

$            10

(e)

%

0.90%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Oppenheimer Aggressive Growth

2004*

             -

-

                 3

-

1.25%

-

2003*

             -

-

                 4

-

1.25%

-

2002

             -

-

                 3

(c)

1.25%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

Oppenheimer Global Securities

2004*

    21,195

$9.81 to $16.58

      337,088

        1.23

0.25% to 1.80%

1.32% to 2.35%

2003*

    13,343

$9.46 to $13.87

      178,807

        0.69

0.25% to 1.50%

21.04% to 22.10%

2002

    10,640

$10.74 to $11.36

      117,400

        0.51

0.00% to 1.50%

-23.30% to -22.41%

2001

      6,078

$14.01 to $14.59

        86,986

      10.25

0.00% to 1.75%

-13.36% to -12.34%

2000

      3,052

$16.17 to $16.76

        50,259

(a)

(a)

(a)

Oppenheimer Main Street®

2004*

             -

-

               41

-

1.25% to 1.50%

-

2003*

             -

-

               29

-

1.25% to 1.50%

-

2002

             -

-

               28

(c)

1.25% to 1.50%

(c)

2001

(c)

(c)

(c)

(c)

(c)

(c)

2000

(c)

(c)

(c)

(c)

(c)

(c)

Oppenheimer Main Street® Small Cap

2004*

             -

$10.78

                 4

(e)

1.25%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

227

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

228

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

Pioneer Equity Income

2004*

      1,667

$10.18 to $12.90

$     17,458

        1.70

%

0.30% to 1.95%

5.91% to 8.89%

2003*

         909

$8.63 to $10.88

          7,960

        1.89

0.45% to 1.50%

8.42% to 9.17%

2002

         472

$7.96 to $8.07

          3,782

        2.54

0.55% to 1.50%

-16.99% to -16.62%

2001

             9

$9.60 to $9.62

               88

(b)

0.00% to 1.75%

(b)

2000

(b)

(b)

(b)

(b)

(b)

(b)

Pioneer Fund

2004*

         241

$9.21 to $10.03

          2,248

        0.74

0.55% to 1.50%

0.66% to 4.83%

2003*

         135

$8.17 to $8.34

          1,117

        0.90

0.55% to 1.50%

8.79% to 9.71%

2002

           57

$7.51 to $7.61

             432

        1.24

0.55% to 1.50%

-20.16% to -19.80%

2001

             1

$9.41 to $9.43

                 9

(b)

0.00% to 1.75%

(b)

2000

(b)

(b)

(b)

(b)

(b)

(b)

Pioneer High Yield VCT

2004*

         347

$10.33 to $10.70

          3,656

(e)

0.65% to 1.50%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Pioneer Mid Cap Value

2004*

      2,473

$10.54 to $14.68

        32,455

        0.38

0.55% to 1.60%

8.65% to 10.33%

2003*

         526

$10.29 to $11.74

          5,480

        0.29

0.55% to 1.50%

18.28% to 19.16%

2002

         245

$8.70 to $8.82

          2,143

        0.33

0.55% to 1.50%

-12.53% to -12.05%

2001

             8

$9.95 to $9.97

               81

(b)

0.00% to 1.75%

(b)

2000

(b)

(b)

(b)

(b)

(b)

(b)

Scudder Equity 500 Index

2004*

             -

$11.33

                 -

(e)

1.00%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

229

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

T. Rowe Price Mid-Cap Value

2004*

           28

$10.41 to $10.47

$          289

(e)

%

0.50% to 1.30%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Templeton Foreign

2004*

           30

$10.00 to $10.07

             302

(e)

0.65% to 1.60%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Templeton Growth

2004*

             3

$10.08 to $10.10

               35

(e)

0.95% to 1.25%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Templeton Global Bond

2004*

         157

$10.54 to $15.90

          1,692

(e)

0.60% to 1.50%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

UBS U.S. Small Cap Growth

2004*

             5

$9.35

               43

(e)

0.70%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

230

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

Vanguard® 500 Index

2004*

             1

$9.91

$            12

(e)

%

0.00%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Vanguard® Variable Insurance

2004*

           18

$10.30 to $10.32

             186

(e)

1.10% to 1.65%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Wanger Select

2004*

         109

$9.98 to $10.32

          1,087

(e)

0.70% to 1.50%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Wanger U.S. Smaller Companies

2004*

         112

$10.13 to $10.32

          1,138

(e)

0.65% to 1.50%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

Washington Mutual Investors^SM - Class R-3

2004*

           77

$10.06 to $10.13

             784

(e)

0.30% to 1.40%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

231

ING life insurance and annuity company

variable annuity account c

Notes to Financial Statements (Unaudited)

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio^B

Total Return^C

Division

(000's)

(lowest to highest)

(000's)

Ratio^A

(lowest to highest)

(lowest to highest)

Washington Mutual Investors^SM - Class R-4

2004*

1,611

$10.19 to $10.44

$ 16,451

(e)

%

0.55% to 1.50%

(e)

2003*

(e)

(e)

(e)

(e)

(e)

(e)

2002

(e)

(e)

(e)

(e)

(e)

(e)

2001

(e)

(e)

(e)

(e)

(e)

(e)

2000

(e)

(e)

(e)

(e)

(e)

(e)

*

Data for 2004 and 2003 is presented as of September 30. The Investment Income Ratio and Total Return are calculated for the preceeding nine month period.

(a)

Not provided for 2000

(b)

As this investment Division was not available until 2001, this data is not meaningful and therefore is not presented

(c)

As this investment Division was not available until 2002, this data is not meaningful and therefore is not presented

(d)

As this investment Division was not available until 2003, this data is not meaningful and therefore is not presented

(e)

As this investment Division was not available until 2004, this data is not meaningful and therefore is not presented

A

The Investment Income Ratio represents dividends received by the Division, excluding capital gains distributions, divided by the average net assets.

The recognition of investment income is determined by the timing of the declaration of dividends by the underlying fund in which the Division invests.

B

The Expense Ratio considers only the expenses borne directly by the Account and is equal to the mortality and expense charge, as defined in Note 3. Certain

items in this table are presented as a range of minimum and maximum values; however, such information is calculated independently for each column in the table.

C

Total Return is calculated as the change in unit value for each Contract presented in the Statements of Assets and Liabilities. Certain items in this

table are presented as a range of minimum and maximum values; however, such information is calculated independently for each column in the table.

232

ING Life Insurance and Annuity Company and Subsidiaries

(A wholly-owned subsidiary of Lion Connecticut Holdings Inc.)

For the period ended September 30, 2004

INDEX

PAGE

FINANCIAL STATEMENTS (Unaudited)

	Condensed Consolidated Statements of Income	2

	Condensed Consolidated Balance Sheets	3

	Condensed Consolidated Statements of Changes in Shareholder's Equity	5

	Condensed Consolidated Statements of Cash Flows	6

	Notes to Condensed Consolidated Financial Statements	7

ING Life Insurance and Annuity Company and Subsidiaries

(A wholly-owned subsidiary of Lion Connecticut Holdings Inc.)

Condensed Consolidated Statements of Income

(Unaudited)

(Millions)

			Three months ended September 30,		Nine months ended September 30,
			2004	2003	2004	2003
Revenue:
	Premiums		$ 9.7	$ 9.1	$ 31.6	$ 42.3
	Fee income		114.1	105.4	349.1	294.5
	Net investment income		251.4	237.1	730.3	718.1
	Net realized capital gains (losses)		3.8	(0.2)	19.7	33.2
Total revenue			379.0	351.4	1,130.7	1,088.1
Benefits, losses and expenses:
	Benefits:
		Interest credited and other benefits to policyholders	189.6	193.6	561.2	561.3
	Underwriting, acquisition, and insurance expenses:
		General expenses	101.7	100.9	308.7	308.5
		Commissions	30.9	30.4	94.1	88.7
		Policy acquisition costs deferred	(39.1)	(39.4)	(122.5)	(119.0)
	Amortization of deferred policy acquisition
		costs and value of business acquired	34.6	40.4	108.8	96.4
Total benefits, losses and expenses			317.7	325.9	950.3	935.9
Income before income taxes			61.3	25.5	180.4	152.2
Income tax (benefit) expense			(14.3)	0.6	23.1	41.1
Net income			$ 75.6	$ 24.9	$ 157.3	$ 111.1

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

ING Life Insurance and Annuity Company and Subsidiaries

(A wholly-owned subsidiary of Lion Connecticut Holdings Inc.)

Condensed Consolidated Balance Sheets

(Millions, except share data)

				September 30	December 31,
				2004	2003
				(Unaudited)
Assets
Investments:
	Fixed maturities, available for sale, at fair value (amortized cost of
		$15,886.4 at 2004 and $15,455.0 at 2003)		$ 16,412.2	$ 16,049.7
	Equity securities, available for sale, at fair value:
		Nonredeemable preferred stock (cost of $59.3 at 2004 and $34.1 at 2003)		59.7	34.4
		Investment in affiliated mutual funds (cost of $89.7 at 2004
			and $112.3 at 2003)	99.5	127.4
		Common stock (cost of $0.1 at 2004 and 2003)		0.1	0.1
	Mortgage loans on real estate			1,059.3	754.5
	Policy loans			264.4	270.3
	Short-term investments			268.1	1.0
	Other investments			58.4	52.6
	Securities pledged (amortized cost of $1,735.8 at 2004 and $1,624.4 at 2003)			1,753.8	1,644.8
Total investments				19,975.5	18,934.8

Cash and cash equivalents				169.3	57.8
Short-term investments under securities loan agreement				744.6	123.9
Accrued investment income				187.8	169.6
Reinsurance recoverable				3,009.8	2,953.2
Receivables for securities sold				144.8	-
Deferred policy acquisition costs				380.0	307.9
Sales inducements to contractholders				19.0	-
Value of business acquired				1,364.5	1,415.4
Property, plant and equipment (net of accumulated depreciation
	of $82.4 at 2004 and $79.8 at 2003)			27.4	31.7
Due from affiliates				9.9	41.5
Other assets				3.8	174.5
Assets held in separate accounts				30,739.4	33,014.7
Total assets				$ 56,775.8	$ 57,225.0

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

ING Life Insurance and Annuity Company and Subsidiaries

(A wholly-owned subsidiary of Lion Connecticut Holdings Inc.)

Condensed Consolidated Balance Sheets

(Millions, except share data)

	September 30,	December 31,
	2004	2003
	(Unaudited)
Liabilities and Shareholder's Equity
Policy liabilities and accruals:
Future policy benefits and claims reserves	$ 3,229.1	$ 3,379.9
Unpaid claims and claim expenses	30.6	25.4
Other policyholders' funds	17,647.6	15,871.3
Total policy liabilities and accruals	20,907.3	19,276.6
Due to affiliates	42.1	92.4
Payables under securities loan agreement	744.6	123.9
Borrowed money	1,029.1	1,519.3
Current income taxes	39.8	85.6
Deferred income taxes	193.9	184.7
Payables for securities purchased	133.5	5.4
Other liabilities	184.6	276.5
Liabilities related to separate accounts	30,739.4	33,014.7
Total liabilities	54,014.3	54,579.1
Shareholder's equity
Common stock (100,000 shares authorized, 55,000 shares issued and
outstanding, $50.00 per share par value)	2.8	2.8
Additional paid-in capital	4,646.5	4,646.5
Accumulated other comprehensive income	67.2	106.8
Retained deficit	(1,955.0)	(2,110.2)
Total shareholder's equity	2,761.5	2,645.9
Total liabilities and shareholder's equity	$ 56,775.8	$ 57,225.0

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

ING Life Insurance and Annuity Company and Subsidiaries

(A wholly-owned subsidiary of Lion Connecticut Holdings Inc.)

Condensed Consolidated Statements of Changes in Shareholder's Equity

(Unaudited)

(Millions)

			Nine months ended September 30,
			2004	2003
Shareholder's equity, beginning of period			$ 2,645.9	$ 2,262.8
Comprehensive income:
	Net income		157.3	111.1
	Other comprehensive (loss) income net of tax: Unrealized (loss) gain
		on securities ($(60.9) and $16.8, pretax year to date)	(39.6)	10.9
	Other		(2.1)	-
Total comprehensive income			115.6	122.0
Capital contributions			-	200.0
Shareholder's equity, end of period			$ 2,761.5	$ 2,584.8

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

ING Life Insurance and Annuity Company and Subsidiaries

(A wholly-owned subsidiary of Lion Connecticut Holdings Inc.)

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Millions)

			Nine months ended September 30,
			2004	2003
Net cash provided by operating activities			$ 430.5	$ 1,363.2
Cash flows from investing activities
	Proceeds from the sale, maturity or repayment of:
		Fixed maturities, available for sale	21,641.5	21,924.3
		Equity securities, available for sale	43.1	92.3
		Short-term and other investments	418.4	0.3
		Mortgages	12.4	12.7
	Acquisition of investments:
		Fixed maturities, available for sale	(21,306.0)	(23,516.4)
		Equity securities, available for sale	(41.6)	(23.3)
		Short-term and other investments	(685.7)	-
		Mortgages	(317.2)	(191.6)
	Sale of property and equipment		13.4	(2.8)
	Other, net		(13.6)	13.4
Net cash provided by (used for) investing activities			(235.3)	(1,691.1)
Cash flows from financing activities
	Deposits for investment contracts and interest credited		1,033.4	444.2
	Maturities and withdrawals from investment contracts		(1,309.1)	(247.1)
	Capital contribution		-	200.0
	Transfers from (to) separate accounts		192.0	(37.0)
Net cash (used for) provided by financing activities			(83.7)	360.1
Net increase in cash and cash equivalents			111.5	32.2
Cash and cash equivalents, beginning of period			57.8	65.4
Cash and cash equivalents, end of period			$ 169.3	$ 97.6

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

ING Life Insurance and Annuity Company ("ILIAC"), and its wholly-owned subsidiaries (collectively, the "Company") are providers of financial products and services in the United States. These condensed consolidated financial statements include ILIAC and its wholly-owned subsidiaries, ING Insurance Company of America ("IICA"), ING Financial Advisers, LLC, and, through February 28, 2002, Aetna Investment Adviser Holding Company, Inc. ("IA Holdco"). ILIAC was a wholly-owned subsidiary of ING Retirement Holdings, Inc. ("HOLDCO"), which was a wholly-owned subsidiary of ING Retirement Services, Inc. ("IRSI"). IRSI was a wholly-owned subsidiary of Lion Connecticut Holdings Inc. ("Lion"), which in turn was ultimately owned by ING Groep N.V. ("ING"), a financial services company based in The Netherlands. However, on March 30, 2003, a series of mergers occurred in the following order: IRSI merged into Lion, HOLDCO merged into Lion and IA Holdco merged into Lion. As a result, ILIAC is now a direct wholly-owned subsidiary of Lion.

On February 28, 2002, ILIAC contributed 100% of the stock of IA Holdco and its subsidiaries to HOLDCO, (former ILIAC parent company), resulting in a distribution totaling $60.1 million. As a result of this transaction, the Investment Management Services segment is no longer reflected as an operating segment of the Company.

The condensed consolidated financial statements and notes as of September 30, 2004 and December 31, 2003 and for the three and nine-months ended September 30, 2004 and 2003 ("interim periods") have been prepared in accordance with U.S. generally accepted accounting principles and are unaudited. The condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals), which are, in the opinion of management, necessary for the fair presentation of the consolidated financial position, results of operations and cash flows for the interim periods. These condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and related notes as presented in the Company's 2003 Annual Report on Form 10-K. The results of operations for the interim periods may not be considered indicative of results to be expected for the full year. Certain reclassifications have been made to 2003 financial information to conform to the 2004 presentation.

The Company conducts its business through one reporting segment, U.S. Financial Services ("USFS"), and revenue reported by the Company is predominantly derived from external customers.

ING Life Insurance and Annuity Company and Subsidiaries

(A wholly-owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to Condensed Consolidated Financial Statements (Unaudited)
Recently Adopted Accounting Standards
Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts

The Company adopted Statement of Position ("SOP") 03-1, "Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts," on January 1, 2004. SOP 03-1 establishes several new accounting and disclosure requirements for certain nontraditional long-duration contracts and for separate accounts including, among other things, a requirement that assets and liabilities of separate account arrangements that do not meet certain criteria be accounted for as general account assets and liabilities, and that revenues and expenses related to such arrangements be consolidated with the respective revenue and expense lines in the Condensed Consolidated Statement of Operations. In addition, the SOP requires additional liabilities be established for certain guaranteed death and other benefits and for Universal Life products with certain patterns of cost of insurance charges, and that sales inducements provided to contractholders be recognized on the balance sheet separately from deferred acquisition costs and amortized as a component of benefits expense using methodology and assumptions consistent with those used for amortization of deferred policy acquisition costs.

The Company evaluated all requirements of SOP 03-1 and determined that it is affected by the SOP's requirements to account for certain separate account arrangements as general account arrangements and to defer, amortize, and recognize separately, sales inducements to contractholders. Requirements to establish additional liabilities for minimum guarantee benefits are also applicable to the Company, however, the Company's policies on contract liabilities have historically been, and continue to be, in conformity with the requirements newly established. Requirements for recognition of additional liabilities for products with certain patterns of cost of insurance charges are not applicable to the Company.

The adoption of SOP 03-1 did not have a significant effect on the Company's results of operations, and had no impact on the Company's net income.

The implementation of SOP 03-1 raised questions regarding the interpretation of the requirements of Financial Accounting Standard ("FAS") No. 97, concerning when it is appropriate to record an unearned revenue liability related to the insurance benefit function. To clarify its position, the Financial Accounting Standards Board ("FASB") issued FASB Staff Position No. FAS 97-1 ("FSP FAS 97-1"), "Situations in Which Paragraphs 17(b) and 20 of FASB Statement No. 97, 'Accounting and Reporting by Insurance Enterprises for Certain Long-Duration Contracts and for Realized Gains and Losses from the Sale of Investments,' Permit or Require Accrual of an Unearned Revenue Liability," effective for fiscal periods beginning subsequent to the date the guidance was issued, June 18, 2004. The Company adopted FSP FAS 97-1 on July 1, 2004 and has evaluated the impact of the guidance on whether the Company is required to establish an additional unearned revenue reserve on its existing and new business. The

ING Life Insurance and Annuity Company and Subsidiaries

(A wholly-owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to Condensed Consolidated Financial Statements (Unaudited)

adoption of FSP FAS 97-1 did not have an impact on the Company's financial position, results of operations or cash flows.

The Meaning of Other Than Temporary Impairment and its Application to Certain Investments

In March 2004, the Emerging Issues Task Force ("EITF") reached a consensus on EITF Issue No. 03-1 ("EITF 03-1"), "The Meaning of Other Than Temporary Impairment and Its Application to Certain Investments," requiring that a three-step impairment model be applied to securities within its scope. The three-step model is to be applied on a security-by-security basis as follows:

Step 1: Determine whether an investment is impaired. An investment is impaired if the fair value of the investment is less than its cost basis.

Step 2: Evaluate whether an impairment is other than temporary.

Step 3: If the impairment is other than temporary, recognize an impairment loss equal to the difference between the investment's cost and its fair value.

On September 30, 2004, the FASB issued FASB Staff Position No. EITF Issue 03-1-1 ("FSP EITF 03-1-1"), "Effective Date of Paragraphs 10-20 of EITF Issue No. 03-1, 'The Meaning of Other Than Temporary Impairment and Its Application to Certain Investments,'" which delayed EITF 03-1's original effective date of July 1, 2004 for the paragraphs of the guidance surrounding steps two and three of the impairment model introduced. The delay is in effect until a final consensus can be reached on such guidance. Despite the delay of the implementation of steps two and three, other than temporary impairments are still to be recognized as required by existing guidance.

Earlier consensus reached by the EITF on this issue required that certain quantitative and qualitative disclosures be made for unrealized losses on debt and equity securities that have not been recognized as other than temporary impairments. These disclosures were adopted by the Company, effective December 31, 2003, and included in the Investments footnote of the Notes to Consolidated Financial Statements included in the Company's December 31, 2003 Form 10-K. In addition to the disclosure requirements adopted by the Company effective December 31, 2003, the final consensus of EITF 03-1 reached in March 2004 included additional disclosure requirements that are effective for annual financial statements for fiscal years ending after June 15, 2004.

New Accounting Pronouncements

In September 2004, the AICPA issued Technical Practice Aid 6300.05-6300.08 "Q&As Related to the Implementation of SOP 03-1, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts" (the "TPA"). The TPA provides additional guidance regarding certain implicit assessments that may be used in testing of the base mortality function on contracts, which is performed to determine whether additional liabilities are required in conjunction with SOP 03-1. In addition, the TPA provides additional guidance

ING Life Insurance and Annuity Company and Subsidiaries

(A wholly-owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to Condensed Consolidated Financial Statements (Unaudited)

surrounding the allowed level of aggregation of additional liabilities determined under the SOP. The Company is currently evaluating the impact of the TPA and anticipates it will have no impact on the Company's financial position, results of operations or cash flows.

Deferred Policy Acquisition Costs and Value of Business Acquired

Deferred Policy Acquisition Costs ("DAC") is an asset, which represents certain costs of acquiring certain insurance business, which are deferred and amortized. These costs, all of which vary with and are primarily related to the production of new and renewal business, consist principally of commissions, certain underwriting and contract issuance expenses, and certain agency expenses. Value of business acquired ("VOBA") is an asset, which represents the present value of estimated net cash flows embedded in the Company's contracts, which existed at the time the Company was acquired by ING. DAC and VOBA are evaluated for recoverability at each balance sheet date and these assets would be reduced to the extent that gross profits are inadequate to recover the asset.

The amortization methodology varies by product type based upon two accounting standards: FAS No. 60, "Accounting and Reporting by Insurance Enterprises" ("FAS No. 60") and FAS No. 97, "Accounting and Reporting by Insurance Enterprises for Certain Long-Duration Contracts and Realized Gains and Losses from the Sale of Investments" ("FAS No. 97").

Under FAS No. 60, acquisition costs for traditional life insurance products, which primarily include whole life and term life insurance contracts, are amortized over the premium payment period in proportion to the premium revenue recognition.

Under FAS No. 97, acquisition costs for universal life and investment-type products, which include universal life policies and fixed and variable deferred annuities, are amortized over the life of the blocks of policies (usually 25 years) in relation to the emergence of estimated gross profits from surrender charges, investment margins, mortality and expense margins, asset-based fee income, and actual realized gains (losses) on investments. Amortization is adjusted retrospectively when estimates of current or future gross profits to be realized from a group of products are revised.

ING Life Insurance and Annuity Company and Subsidiaries

(A wholly-owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to Condensed Consolidated Financial Statements (Unaudited)

VOBA activity for the nine month periods ended September 30, 2004 and 2003 was as follows:

(Millions)

2004

2003

Balance at December 31

$              1,415.4

$              1,438.4

Adjustment for FAS No. 115

                        5.3

                        2.8

Additions

                      37.4

                      42.7

Interest accrued at 5% to 7%

                      69.4

                      71.8

Amortization

                  (163.0)

                  (156.6)

Balance at September 30

$              1,364.5

$              1,399.1

Investments
Impairments

During the three months ended September 30, 2004, the Company determined that 26 fixed maturities had other than temporary impairments. As a result, for the three months ended September 30, 2004, the Company recognized a pre-tax loss of $5.6 million to reduce the carrying value of the fixed maturities to their fair value at the time of impairment. During the three months ended September 30, 2003, the Company determined that 5 fixed maturities had other than temporary impairments. As a result, for the three months ended September 30, 2003, the Company recognized a pre-tax loss of $8.5 million to reduce the carrying value of the fixed maturities to their fair value at the time of impairment.

During the nine months ended September 30, 2004, the Company determined that 50 fixed maturities had other than temporary impairments. As a result, for the nine months ended September 30, 2004, the Company recognized a pre-tax loss of $11.4 million to reduce the carrying value of the fixed maturities to their fair value at the time of impairment. During the nine months ended September 30, 2003, the Company determined that 80 fixed maturities had other than temporary impairments. As a result, for the nine months ended September 30, 2003, the Company recognized a pre-tax loss of $74.7 million to reduce the carrying value of the fixed maturities to their fair value at the time of impairment.

The fair value of the remaining impaired fixed maturities at September 30, 2004 and 2003 is $145.1 million and $156.8 million, respectively.

Separate Account assets and liabilities generally represent funds maintained to meet specific investment objectives of contractholders who bear the investment risk, subject, in limited cases, to minimum guaranteed rates. Investment income and investment gains and losses generally accrue directly to such contractholders. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company.

Separate Account assets supporting variable options under universal life and annuity contracts are invested, as designated by the policyholder or participant (who bears the investment risk subject, in limited cases, to minimum guaranteed rates) under a contract in shares of mutual funds which are managed by the Company, or in other selected mutual funds not managed by the Company.

Separate Account assets and liabilities are carried at fair value and shown as separate captions in the Condensed Consolidated Balance Sheets. Deposits, investment income and net realized and unrealized capital gains and losses of the Separate Accounts are not reflected in the Condensed Consolidated Financial Statements (with the exception of realized and unrealized capital gains and losses on the assets supporting the guaranteed interest option). The Condensed Consolidated Statements of Cash Flows do not reflect investment activity of the Separate Accounts.

Assets and liabilities of separate account arrangements that do not meet the criteria in SOP 03-1 for separate presentation in the Condensed Consolidated Balance Sheets (those arrangements supporting the guaranteed interest option), and revenues and expenses related to such arrangements, were reclassified to the general account on January 1, 2004, in accordance with the SOP requirements.

Additional Insurance Benefits and Minimum Guarantees

Under SOP 03-1, the Company calculates an additional liability (the "SOP reserve") for certain guaranteed benefits in order to recognize the expected value of death benefits in excess of the projected account balance over the accumulation period based on total expected assessments.

ING Life Insurance and Annuity Company and Subsidiaries

(A wholly-owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to Condensed Consolidated Financial Statements (Unaudited)

The SOP reserve calculated is the minimum guaranteed death benefits ("MGDB") reserve and is determined each period by estimating the expected value of death benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments. The Company regularly evaluates estimates used to adjust the additional liability balance, with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised. The following assumptions and methodology were used to determine the MGDB SOP reserve at September 30, 2004:

Area

Assumptions/Basis for Assumptions

Data used

Based on 101 investment performance scenarios stratified based on

10,000 random generated scenarios

Mean investment performance

8.5%

Volatility

18.0%

Mortality

60.0%, 60.0%, 75.0% of the 90-95 ultimate mortality table for standard,

rachet, and rollup, respectively

Lapse rates

Vary by contract type and duration; range between 1.0% and 40.0%

Discount rates

6.5%, based on the portfolio earned rate of the general account

As of September 30, 2004, the separate account liability subject to SOP 03-1 for minimum guaranteed benefits and the additional liability recognized related to minimum guarantees is $4,361.5 million and $0.9 million, respectively. During the nine months ended September 30, 2004, incurred guaranteed benefits and paid guaranteed benefits were $0.3 million and $0.1 million, respectively. The net amount at risk (net of reinsurance) and the weighted average attained age of contractholders is $44.5 million and 67, respectively, as of September 30, 2004.

The aggregate fair value of equity securities (including mutual funds), by major investment asset category, supporting separate accounts with additional insurance benefits and minimum investment return guarantees as of September 30, 2004 is $4,361.5 million.

Sales Inducements

Sales inducements represent benefits paid to contractholders that are incremental to the amounts the Company credits on similar contracts and are higher than the contract's expected ongoing crediting rates for periods after the inducement. As of January 1, 2004, such amounts are reported separately on the balance sheet in accordance with SOP 03-1. Prior to 2004, sales inducements were recorded as a component of other assets on the Condensed Consolidated Balance Sheets. Sales inducements are amortized as a component of benefit expense using methodology and assumptions consistent with those used for amortization of DAC. During the three months ended September 30, 2004, the Company capitalized $0.8 million and amortized $1.8 million of sales inducements, respectively. During the nine months ended September 30, 2004, the Company capitalized $2.1 million and amortized $5.1 million of sales inducements, respectively.

ING Life Insurance and Annuity Company and Subsidiaries

(A wholly-owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to Condensed Consolidated Financial Statements (Unaudited)

The unamortized balance of capitalized sales inducements as of September 30, 2004 is $19.0 million.

Benefit Plans
Non-Qualified Retirement Plans

As of December 31, 2001, the Company, in conjunction with ING, offers certain eligible employees (excluding, among others, Career Agents) the Supplemental ING Retirement Plan for Aetna Financial Services and Aetna International Employees ("SERP"). Effective January 1, 2002, the Company, in conjunction with ING, offers certain employees (other than Career Agents) supplemental retirement benefits under the ING Americas Supplemental Executive Retirement Plan (the "Americas Supplemental Plan"). The Company, in conjunction with ING, sponsors the Pension Plan for Certain Producers of ING Life Insurance and Annuity Company (formerly the Pension Plan for Certain Producers of Aetna Life Insurance and Annuity Company) (the "Agents Non-Qualified Plan"), a non-qualified defined benefit pension plan. The Company also sponsors the Producers' Incentive Savings Plan ("PIP"), which is a non-qualified deferred compensation plan for eligible Career Agents and certain other individuals who meet the eligibility criteria specified in the PIP. The Company also sponsors the Producers' Deferred Compensation Plan ("DCP"), which is a non-qualified deferred compensation plan for eligible Career Agents and certain other individuals who meet the eligibility criteria specified in the DCP. Benefit accruals under the SERPs ceased effective as of December 31, 2001.

Net periodic benefit costs for the SERP and the Agents Non-Qualified Plan for the periods ended September 30, 2004 and 2003 were as follows:

Three months ended September 30,

Nine months ended September 30,

(Millions)

2004

2003

2004

2003

Interest cost

$                     1.4

$                     1.7

$                     4.4

$                     5.2

Net actuarial loss

recognized in the year

                        0.1

                        0.2

                        0.1

                        0.6

Unrecognized past service cost

recognized during the year

                        0.1

                        0.1

                        0.2

                        0.2

Net periodic benefit cost

$                     1.6

$                     2.0

$                     4.7

$                     6.0

Contributions for the SERP and Agents' Non-Qualified Plan are expected to be $9.7 million during 2004.

In addition to providing pension benefits, the Company, in conjunction with ING, provides certain health care and life insurance benefits for retired employees and certain agents, including certain Career Agents. Generally, retired employees and eligible Career Agents pay a portion of the cost of these post-retirement benefits, usually based on their years of service with the Company. The amount a retiree or eligible Career Agent pays for such coverage is subject to change in the future.

Net periodic benefit costs for retired employees' and retired agents' post-retirement health care benefits for the periods ended September 30, 2004 and 2003 were as follows:

Three months ended September 30,

Nine months ended September 30,

(Millions)

2004

2003

2004

2003

Service cost

$                     0.3

$                     0.2

$                     0.9

$                     0.6

Interest cost

                        0.4

                        0.5

                        1.3

                        1.3

Net actuarial loss

recognized in the year

                        0.2

                        0.1

                        0.5

                        0.3

Unrecognized past service cost

recognized during the year

                      (0.5)

                      (0.1)

                      (0.7)

                      (0.3)

Net periodic benefit cost

$                     0.4

$                     0.7

$                     2.0

$                     1.9

Contributions for retired employees' and retired agents' post-retirement health care benefits are expected to be $1.3 million during 2004.

Changes in Assumptions

Changes in the weighted-average assumptions used in the measurement of the benefit obligation for the Retirement Plan were as follows:

2004

2003

Discount rate at beginning of period

6.25%

6.75%

Change to Post Retirement Health and Welfare Plan

On August 1, 2004, the Post Retirement Health and Welfare Plan (the "Plan") was amended to change the age and service required to qualify for benefits. The Plan now requires five years of continuous service beginning on or after age 50. Whereas previously service cost was attributed throughout the employee's career with the Company, it will now be attributed beginning at age 50. The change is accounted for as a negative plan amendment and curtailment. A remeasurement was performed as of

ING Life Insurance and Annuity Company and Subsidiaries

(A wholly-owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to Condensed Consolidated Financial Statements (Unaudited)

August 1, 2004, using best estimate assumptions as of that date. The impact of the amendment and subsequent remeasurement was as follows:

Accumulated post retirement benefit obligation

$                   7.2

Unrecognized (gain) loss

                    (0.4)

Unrecognized past service cost

                    (6.9)

Net (liability) asset

$                 (0.1)

Net periodic cost for the quarter

$                 (0.3)

Net periodic cost year to date

$                 (0.3)

Effect of Recently Enacted Legislation

On December 8, 2003, President Bush signed into law the Medicare Prescription Drug Improvement and Modernization Act of 2003 (the "Act"). The Act expands Medicare, primarily by including a prescription drug benefit starting in 2006. Employers currently sponsoring such prescription drug programs will have a range of options to potentially reduce program costs. In May 2004, the FASB issued Staff Position No. FAS 106-2, "Accounting and Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003" (FSP FAS 106-2), which superceded FSP FAS 106-1 and provides guidance on how companies should account for the impact of the Act on postretirement health care plans. To encourage employers to maintain postretirement drug benefits, beginning in 2006, the federal government will provide non-taxable subsidy payments to employers who sponsor retiree drug benefits that are "actuarially equivalent" to the Medicare Part D benefits. The Company has determined that its postretirement medical plan's prescription drug benefits are likely to qualify as actuarially equivalent to Part D benefits. The resulting subsidy, when received by the Company, will be passed through to the retirees in the form of lower contributions on the part of plan participants. The Company is currently in the process of amending the Plan to reflect the reduction of participant contributions, and therefore, the subsidy is not expected to have a significant impact on the Company's financial position or results of operations.

Income Taxes

The Company's effective tax rates for the three months ended September 30, 2004 and 2003 were (23.3)% and 2.4%, respectively. Effective tax rates for the nine months ended September 30, 2004 and 2003 were 12.8% and 27.0%, respectively. The decrease in effective rates for both the three and nine months ended September 30, 2004, is primarily due to the tax benefit associated with the settlement of the 1998-2000 IRS audit. The benefit, which relates primarily to the separate account dividends received deduction, reduced the three-month and nine month year over year effective rates by 53.8% and 18.3%, respectively.

Through the normal course of investment operations, the Company commits to either purchase or sell securities, commercial mortgage loans or money market instruments at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments. At September 30, 2004 and December 31, 2003, the Company had off-balance sheet commitments to purchase investments equal to the fair value of $225.9 million and $154.3 million, respectively.

Litigation

The Company is a party to threatened or pending lawsuits/arbitrations arising from the normal conduct of business. Due to the climate in insurance and business litigation, suits against the Company sometimes include claims for substantial compensatory, consequential or punitive damages and other types of relief. Moreover, certain claims are asserted as class actions, purporting to represent a group of similarly situated individuals. While it is not possible to forecast the outcome of such lawsuits/arbitrations, in light of existing insurance, reinsurance and established reserves, it is the opinion of management that the disposition of such lawsuits/arbitrations will not have a materially adverse effect on the Company's operations or financial position.

VARIABLE ANNUITY ACCOUNT C PART C - OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a)	Financial Statements:
(1)		Incorporated by reference in Part A: Condensed Financial Information
(1)(a)		Condensed Financial Information for period ended September 30, 2004 included in Part A
(2)		Incorporated by reference in Part B: Financial Statements of Variable Annuity Account C:
-			Report of Independent Auditors
-			Statement of Assets and Liabilities as of December 31, 2003
-			Statement of Operations for the year ended December 31, 2003
-			Statements of Changes in Net Assets for the years ended December 31, 2003 and 2002
-			Notes to Financial Statements
		Financial Statements of ING Life Insurance and Annuity Company:
-			Report of Independent Auditors
-			Consolidated Income Statements for the years ended December 31, 2003, 2002 and 2001
-			Consolidated Balance Sheets as of December 31, 2003 and 2002
-			Consolidated Statements of Changes in Shareholder's Equity for the years ended December 31, 2003, 2002 and 2001
-			Consolidated Statements of Cash Flows for the years ended December 31, 2003, 2002 and 2001
-			Notes to Consolidated Financial Statements
(2)(a)		Unaudited Financial Statements of Variable Annuity Account C Included in Part B
-			Unaudited Statements of Assets and Liabilities as of September 30, 2004
-			Unaudited Statements of Operations for the nine months ended September 30, 2004
-			Unaudited Statements of Changes in Net Assets for the nine months ended September 30, 2004 and 2003
-			Unaudited Notes to Financial Statements
		Unaudited Financial Statements of ING Life Insurance and Annuity Company Included in Part B
-			Unaudited Condensed Consolidated Statements of Income for the three months ended September 30, 2004 and 2003, and for the nine months ended September 30, 2004 and 2003
-			Unaudited Condensed Consolidated Balance Sheets as of September 30, 2004 and December 31, 2003
-			Unaudited Condensed Consolidated Statements of Changes in Shareholder's Equity for the nine months ended September 30, 2004 and 2003
-			Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2004 and 2003
-			Notes to Unaudited Condensed Consolidated Financial Statements

(b)	Exhibits
	(1)	Resolution establishing Variable Annuity Account C · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 33-75986), as filed on April 22, 1996.
	(2)	Not applicable
	(3.1)	Broker-Dealer Agreement · Incorporated by reference to Registration Statement on Form N-4 (File No. 333-56297), as filed on June 8, 1998.
	(3.2)	Alternative Form of Wholesaling Agreement and Related Selling Agreement · Incorporated by reference to Post-Effective Amendment No. 5 to Registration Statement on Form N-4 (File No. 33-75986), as filed on April 12, 1996.
	(3.3)	Broker-Dealer Agreement dated June 7, 2000 between Aetna Life Insurance and Annuity Company and Aetna Investment Services, Inc. (AISI) and Letter of Assignment to AISI · Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-49176), as filed on November 30, 2000.
	(3.4)	Underwriting Agreement dated November 17, 2000 between Aetna Life Insurance and Annuity Company and Aetna Investment Services, LLC · Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-49176), as filed on November 30, 2000.
	(4.1)	Variable Annuity Contract (G-CDA(12/99)) · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(4.2)	Variable Annuity Contract Certificate (C-CDA(12/99)) · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(4.3)	Endorsement (E-MMLOAN(12/99)) to Contract G-CDA(12/99) and Contract Certificate C-CDA(12/99) · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(4.4)	Endorsement (E-MMFPEX-99R) to Contract G-CDA(12/99) and Contract Certificate C-CDA(12/99) · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(4.5)	Endorsement (E-MMGDB(12/99)) to Contract G-CDA(12/99) and Contract Certificate C-CDA(12/99) · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(4.6)	Endorsement (E-MMLSWC(12/99)) to Contract G-CDA(12/99) and Contract Certificate C-CDA(12/99) · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(4.7)	Endorsement (E-MMTC(12/99)) to Contract G-CDA(12/99) and Contract Certificate C-CDA(12/99) · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(4.8)	Endorsement (EMM-DAC-03) to Contract G-CDA(12/99) and Contract Certificate C-CDA(12/99) · Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on December 30, 2003.
	(4.9)	Endorsement (EMM-TABCert-03) to Contract Certificate C-CDA(12/99) · Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on December 30, 2003.
	(4.10)	Endorsement (EMM-TABCont-03) to Contract C-CDA(12/99) · Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on December 30, 2003.
	(4.11)	Schedules: MM-HC401a-03; MM-HC401K-03; MMH-HC403b-03; MM-HC403bv-03; MM-HC457bTE-03; and MM-HC457g-03 to Contract G-CDA(12/99) and Contract Certificate C-CDA(12/99) · Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on December 30, 2003.
	(4.12)	Variable Annuity Contract (G-CDA-99(NY)) · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(4.13)	Variable Annuity Contract Certificate (C-CDA-99(NY)) · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(4.14)	Endorsement (E-MMGDB-99(NY)) to Contract G-CDA-99(NY) and Contract Certificate C-CDA-99(NY) · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(4.15)	Endorsement (E-MMLOAN-99(NY)) to Contract G-CDA-99(NY) and Contract Certificate C-CDA-99(NY) · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(4.16)	Variable Annuity Contract (G-CDA(99)) · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(4.17)	Variable Annuity Contract Certificate (C-CDA(99)) · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(4.18)	Endorsement E457b-C-01 to Contract G-CDA(12/99) and Contract Certificate C-CDA(12/99) · Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement on Form N-4 (File No. 333-01107), as filed on November 14, 2001.
	(4.19)	Endorsement E457b-T-01 to Contract G-CDA(12/99) and Contract Certificate C-CDA(12/99) · Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement on Form N-4 (File No. 333-01107), as filed on November 14, 2001.
	(4.20)	Endorsement EEGTRRA-HEG(01) to Contracts GST-CDA-HO, GLIT-CDA-HO, GIT-CDA-HO, GSD-CDA-HO, GLID-CDA-HO, GID-CDA-HO, G-CDA-HD, G-CDA-HF, G-CDA-IA(RP), G-CDA-IB(AORP), G-CDA-IB(ORP), G-CDA-IB(ATORP), G-CDA-IB(TORP), G-CDA-96(TORP), G-CDA-96(ORP), G-CDA(12/99), A001RP95, A0Z0RV95, IA-CDA-IA, I-CDA-HD and I-CDA-98(ORP) and Contract Certificates GTCC-HO, GDCC-HO, GTCC-HD, GDCC-HD, GTCC-HF, GDCC-HF, GTCC-IA(RP), GTCC-IB(AORP), GTCC-IB(AORP), GTCC-IB(ATORP), GTCC-96(TORP), GTCC-96(ORP), C-CDA(12/99), A007RC95 and A027RV95 · Incorporated by reference to Post-Effective Amendment No. 22 to Registration Statement on Form N-4 (File No. 33-81216), as filed on February 15, 2002.
	(4.21)	Variable Annuity Contract (G-CDA-01(NY)) · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 10, 2002.
	(4.22)	Variable Annuity Contract Certificate (C-CDA-01(NY)) · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 10, 2002.
	(4.23)	Appendix A (Variable Provisions in Group Annuity Contract G-CDA-01(NY)) and Certificate C-CDA-01(NY) · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 10, 2002.
	(4.24)	Statement of Variability to Contract G-CDA-01(NY) · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 10, 2002.
	(4.25)	Endorsement (E-MMLOAN-01(NY)) to Contract G-CDA-01(NY) and Certificate C-CDA-01(NY) · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 10, 2002.
	(4.26)	Endorsement (E-GDB-01(NY)) to Contract G-CDA-01(NY) and Certificate C-CDA-01(NY) · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 10, 2002.
	(4.27)	Endorsement (EMMCC-01) to Contract G-CDA-01(NY) and Certificate C-CDA-01(NY) · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 10, 2002.
	(5.1)	Variable Annuity Contract Application (300 MOP-02(04/02)) · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 10, 2002.
	(6.1)	Restated Certificate of Incorporation (amended and restated as of January 1, 2002) of ING Life Insurance and Annuity Company · Incorporated by reference to ING Life Insurance and Annuity Company annual report on Form 10-K (File No. 33-23376), as filed on March 28, 2002.
	(6.2)	By-Laws restated as of January 1, 2002 of ING Life Insurance and Annuity Company · Incorporated by reference to ING Life Insurance and Annuity Company annual report on Form 10-K (File No. 33-23376), as filed on March 28, 2002.
	(7)	Not applicable
	(8.1)	Fund Participation Agreement dated February 1, 1994 and amended on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996 and March 1, 1996 between Aetna Life Insurance and Annuity Company, Variable Insurance Products Fund and Fidelity Distributors Corporation · Incorporated by reference to Post-Effective Amendment No. 12 to Registration Statement on Form N-4 (File No. 33-75964), as filed on February 11, 1997.
	(8.2)	Fifth Amendment dated as of May 1, 1997 to the Fund Participation Agreement dated February 1, 1994 and amended on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996 and March 1, 1996 between Aetna Life Insurance and Annuity Company, Variable Insurance Products Fund and Fidelity Distributors Corporation · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 33-34370), as filed on September 29, 1997.
	(8.3)	Sixth Amendment dated November 6, 1997 to the Fund Participation Agreement dated February 1, 1994 and amended on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1, 1996 and May 1, 1997 between Aetna Life Insurance and Annuity Company, Variable Insurance Products Fund and Fidelity Distributors Corporation · Incorporated by reference to Post-Effective Amendment No. 16 to Registration Statement on Form N-4 (File No. 33-75964), as filed on February 9, 1998.
	(8.4)	Seventh Amendment dated as of May 1, 1998 to the Fund Participation Agreement dated February 1, 1994 and amended on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1, 1996, May 1, 1997 and November 6, 1997 between Aetna Life Insurance and Annuity Company, Variable Insurance Products Fund and Fidelity Distributors Corporation · Incorporated by reference to Registration Statement on Form N-4 (File No. 333-56297), as filed on June 8, 1998.
	(8.5)	Eighth Amendment dated December 1, 1999 to Fund Participation Agreement dated February 1, 1994 and amended on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1, 1996, May 1, 1997, November 6, 1997 and May 1, 1998 between Aetna Life Insurance and Annuity Company, Variable Insurance Products Fund and Fidelity Distributors Corporation · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(8.6)	Fund Participation Agreement dated February 1, 1994 and amended on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996 and March 1, 1996 between Aetna Life Insurance and Annuity Company, Variable Insurance Products Fund II and Fidelity Distributors Corporation · Incorporated by reference to Post-Effective Amendment No. 12 to Registration Statement on Form N-4 (File No. 33-75964), as filed on February 11, 1997.
	(8.7)	Fifth Amendment dated as of May 1, 1997 to the Fund Participation Agreement dated February 1, 1994 and amended on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996 and March 1, 1996 between Aetna Life Insurance and Annuity Company, Variable Insurance Products Fund II and Fidelity Distributors Corporation · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 33-34370), as filed on September 29, 1997.
	(8.8)	Sixth Amendment dated as of January 20, 1998 to the Fund Participation Agreement dated February 1, 1994 and amended on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1, 1996 and May 1, 1997 between Aetna Life Insurance and Annuity Company, Variable Insurance Products Fund II and Fidelity Distributors Corporation · Incorporated by reference to Post-Effective Amendment No. 7 to Registration Statement on Form S-6 (File No. 33-75248), as filed on February 24, 1998.
	(8.9)	Seventh Amendment dated as of May 1, 1998 to the Fund Participation Agreement dated February 1, 1994 and amended on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1, 1996, May 1, 1997 and January 20, 1998 between Aetna Life Insurance and Annuity Company, Variable Insurance Products Fund II and Fidelity Distributors Corporation · Incorporated by reference to Registration Statement on Form N-4 (File No. 333-56297), as filed on June 8, 1998.
	(8.10)	Eighth Amendment dated December 1, 1999 to Fund Participation Agreement dated February 1, 1994 and amended on December 15, 1994, February 1, 1995, May 1, 1995, January 1, 1996, March 1, 1996, May 1, 1997, January 20, 1998 and May 1, 1998 between Aetna Life Insurance and Annuity Company, Variable Insurance Products Fund II and Fidelity Distributors Corporation · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(8.11)	Service Agreement effective as of June 1, 2002 by and between Fidelity Investments Institutional Operations Company, Inc. and ING Financial Advisers, LLC · Incorporated by reference to Post-Effective Amendment No. 33 to Registration Statement on Form N-4 (File No. 33-75988), as filed on August 5, 2004.
	(8.12)	Service Contract effective as of June 1, 2002 by and between Directed Services, Inc., ING Financial Advisers, LLC, and Fidelity Distributors Corporation · Incorporated by reference to Post-Effective Amendment No. 33 to Registration Statement on Form N-4 (File No. 33-75988), as filed on August 5, 2004.
	(8.13)	Participation Agreement dated as of July 20, 2001 between Franklin Templeton Variable Insurance Products Trust, Franklin Templeton Distributors, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 27 to Registration Statement on Form N-4 (File No. 333-01107), as filed on October 26, 2001.
	(8.14)	Amendment dated as of January 2, 2002 to Participation Agreement dated as of July 20, 2001 by and among Franklin Templeton Variable Insurance Products Trust, Franklin Templeton Distributors, Inc., Aetna Life Insurance and Annuity Company, Aetna Insurance Company of America, Golden American Life Insurance Company and Direct Services, Inc. · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 10, 2002.
	(8.15)	Second Amendment dated December 10, 2003 to Participation Agreement dated July 20, 2001 and as amended on January 2, 2002 by and among Franklin Templeton Variable Insurance Products Trust, Franklin Templeton Distributors, Inc., ING Life Insurance and Annuity Company, ING Insurance Company of America, Golden American Life Insurance Company and Directed Services, Inc. · Incorporated by reference to Post-Effective Amendment No. 27 to Registration Statement on Form N-4 (File No. 333-01107), as filed on October 26, 2001.
	(8.16)	Administrative Services Agreement dated as of July 20, 2001 between Franklin Templeton Services, LLC, Aetna Life Insurance and Annuity Company and Aetna Insurance Company of America · Incorporated by reference to Post-Effective Amendment No. 27 to Registration Statement on Form N-4 (File No. 333-01107), as filed on October 26, 2001.
	(8.17)	Participation Agreement dated as of November 28, 2001 among Portfolio Partners, Inc., Aetna Life Insurance and Annuity Company and Aetna Investment Services, LLC · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 33-75962), as filed on April 8, 2002.
	(8.18)	Amendment dated May 1, 2003 between ING Partners, Inc., ING Life Insurance and Annuity Company and ING Financial Advisers, LLC to the Participation Agreement dated as of November 28, 2001 and subsequently amended on March 5, 2002 · Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4 of Separate Account B of Golden American Life Insurance Company (File No. 333-70600), as filed on June 5, 2003.
	(8.19)	Amendment dated March 5, 2002 between Portfolio Partners, Inc. (to be renamed ING Partners, Inc. effective May 1, 2002), Aetna Life Insurance and Annuity Company (to be renamed ING Life Insurance and Annuity Company effective May 1, 2002) and Aetna Investment Services LLC (to be renamed ING Financial Advisers, LLC) to Participation Agreement dated November 28, 2001 · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 33-75962), as filed on April 8, 2002.
	(8.20)	Amendment dated November 1, 2004 to the Participation Agreement between ING Partners, INC., ING Life Insurance and Annuity Company and ING Financial Advisers, LLC dated as of November 28, 2001 and subsequently amended on March 5, 2002 and May 1, 2003 · Incorporated by reference to Post-Effective Amendment No. 39 to Registration Statement on Form N-4 (File No. 33-75962), as filed on December 17, 2004.
	(8.21)	Shareholder Servicing Agreement (Service Class Shares) dated as of November 27, 2001 between Portfolio Partners, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 33-75962), as filed on April 8, 2002.
	(8.22)	Amendment dated March 5, 2002 between Portfolio Partners, Inc. (to be renamed ING Partners, Inc. effective May 1, 2002) and Aetna Life Insurance and Annuity Company (to be renamed ING Life Insurance and Annuity Company effective May 1, 2002) to the Shareholder Servicing Agreement dated November 27, 2001 · Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4 of Separate Account B of Golden American Life Insurance Company (File No. 333-70600), as filed on June 5, 2003.
	(8.23)	Amendment dated May 1, 2003 by and between ING Partners, Inc. and ING Life Insurance and Annuity Company to the Shareholder Servicing Agreement (Service Class Shares) dated November 27, 2001, as amended on March 5, 2002 · Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4 of Separate Account B of Golden American Life Insurance Company (File No. 333-70600), as filed on June 5, 2003.
	(8.24)	Amendment dated November 1, 2004 to the Shareholder Servicing Agreement (Service Class Shares) by and between ING Partners, Inc. and ING Life Insurance and Annuity Company dated November 27, 2001, as amended on March 5, 2002 and May 1, 2003 · Incorporated by reference to Post-Effective Amendment No. 39 to Registration Statement on Form N-4 (File No. 33-75962), as filed on December 17, 2004.
	(8.25)	Fund Participation Agreement dated April 30, 2003 between The GCG Trust (renaming effective May 1, 2003 - ING Investors Trust) ING Life Insurance and Annuity Company and ING Investors Trust · Incorporated by reference to Post-Effective Amendment No. 54 to Registration Statement on Form N-1A (File No. 33-23512), as filed on August 1, 2003.
	(8.26)	Fund Participation Agreement dated as of May 1, 1998 by and among Aetna Life Insurance and Annuity Company and Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of each of its series, Aetna Variable Portfolios, Inc. on behalf of each of its series, and Aeltus Investment Management, Inc. · Incorporated by reference to Registration Statement on Form N-4 (File No. 333-56297), as filed on June 8, 1998.
	(8.27)	Amendment dated November 9, 1998 to Fund Participation Agreement dated as of May 1, 1998 by and among Aetna Life Insurance and Annuity Company and Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of each of its series, Aetna Variable Portfolios, Inc. on behalf of each of its series, and Aeltus Investment Management, Inc. · Incorporated by reference to Post-Effective Amendment No. 2 to Registration Statement on Form N-4 (File No. 333-56297), as filed on December 14, 1998.
	(8.28)	Second Amendment dated December 31, 1999 to Fund Participation Agreement dated as of May 1, 1998 and amended on November 9, 1998 by and among Aetna Life Insurance and Annuity Company and Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of each of its series, Aetna Variable Portfolios, Inc. on behalf of each of its series, and Aeltus Investment Management, Inc. · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(8.29)	Third Amendment dated February 11, 2000 to Fund Participation Agreement dated as of May 1, 1998 and amended on November 9, 1998 and December 31, 1999 by and among Aetna Life Insurance and Annuity Company and Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of each of its series, Aetna Variable Portfolios, Inc. on behalf of each of its series, and Aeltus Investment Management, Inc. · Incorporated by reference to Post-Effective Amendment No. 20 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 4, 2000.
	(8.30)	Fourth Amendment dated May 1, 2000 to Fund Participation Agreement dated as of May 1, 1998 and amended on November 9, 1998, December 31, 1999 and February 11, 2000 by and among Aetna Life Insurance and Annuity Company and Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of each of its series, Aetna Variable Portfolios, Inc. on behalf of each of its series, and Aeltus Investment Management, Inc. · Incorporated by reference to Post-Effective Amendment No. 20 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 4, 2000.
	(8.31)	Fifth Amendment dated February 27, 2001 to Fund Participation Agreement dated as of May 1, 1998 and amended on November 9, 1998, December 31, 1999, February 11, 2000 and May 1, 2000 by and among Aetna Life Insurance and Annuity Company and Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of each of its series, Aetna Variable Portfolios, Inc. on behalf of each of its series, and Aeltus Investment Management, Inc. · Incorporated by reference to Post-Effective Amendment No. 24 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 13, 2001.
	(8.32)	Sixth Amendment dated as of June 19, 2001 to Fund Participation Agreement dated as of May 1, 1998 and amended on November 9, 1998, December 31, 1999, February 11, 2000, May 1, 2000 and February 27, 2001 among Aetna Life Insurance and Annuity Company, Aeltus Investment Management, Inc. and Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund, on behalf of each of its series, Aetna Generations Portfolios, Inc., on behalf of each of its series, and Aetna Variable Portfolios, Inc., on behalf of each of its series · Incorporated by reference to Post-Effective Amendment No. 32 to Registration Statement on Form N-4 (File No. 33-75988), as filed on April 13, 2004.
	(8.33)	Service Agreement dated as of May 1, 1998 between Aeltus Investment Management, Inc. and Aetna Life Insurance and Annuity Company in connection with the sale of shares of Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of each of its series, and Aetna Variable Portfolios, Inc. on behalf of each of its series · Incorporated by reference to Registration Statement on Form N-4 (File No. 333-56297), as filed on June 8, 1998.
	(8.34)	Amendment dated November 4, 1998 to Service Agreement dated as of May 1, 1998 between Aeltus Investment Management, Inc. and Aetna Life Insurance and Annuity Company in connection with the sale of shares of Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of each of its series and Aetna Variable Portfolios, Inc. on behalf of each of its series · Incorporated by reference to Post-Effective Amendment No. 2 to Registration Statement on Form N-4 (File No. 333-56297), as filed on December 14, 1998.
	(8.35)	Second Amendment dated February 11, 2000 to Service Agreement dated as of May 1, 1998 and amended on November 4, 1998 between Aeltus Investment Management, Inc. and Aetna Life Insurance and Annuity Company in connection with the sale of shares of Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of each of its series and Aetna Variable Portfolios, Inc. on behalf of each of its series · Incorporated by reference to Post-Effective Amendment No. 20 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 4, 2000.
	(8.36)	Third Amendment dated May 1, 2000 to Service Agreement dated as of May 1, 1998 and amended on November 4, 1998 and February 11, 2000 between Aeltus Investment Management, Inc. and Aetna Life Insurance and Annuity Company in connection with the sale of shares of Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of each of its series and Aetna Variable Portfolios, Inc. on behalf of each of its series · Incorporated by reference to Post-Effective Amendment No. 20 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 4, 2000.
	(8.37)	Fourth Amendment dated as of June 26, 2001 to Service Agreement with Investment Advisor effective as of May 1, 1998, as amended on November 4, 1998, February 11, 2000 and May 1, 2000 between Aeltus Investment Management, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 32 to Registration Statement on Form N-4 (File No. 33-75988), as filed on April 13, 2004.
	(8.38)	Fund Participation Agreement dated as of May 1, 2001 among Pilgrim Variable Products Trust, Aetna Life Insurance and Annuity Company and ING Pilgrim Securities, Inc. · Incorporated by reference to Post-Effective Amendment No. 26 to Registration Statement on Form N-4 (File No. 333-01107), as filed on July 13, 2001.
	(8.39)	Amendment dated August 30, 2002 between ING Life Insurance and Annuity Company, ING Variable Products Trust (formerly known as Pilgrim Variable Products Trust) and ING Funds Distributor to Fund Participation Agreement dated May 1, 2001 · Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement on Form N-4 (File No. 33-75988), as filed on April 10, 2003.
	(8.40)	Administrative and Shareholder Services Agreement dated April 1, 2001 between ING Funds Services, LLC and ING Life Insurance and Annuity Company (Administrator for ING Variable Products Trust) · Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement on Form N-4 (File No. 33-75988), as filed on April 10, 2003.
	(8.41)	Fund Participation Agreement dated March 11, 1997 between Aetna Life Insurance and Annuity Company and Oppenheimer Variable Annuity Account Funds and Oppenheimer Funds, Inc. · Incorporated by reference to Post-Effective Amendment No. 27 to Registration Statement on Form N-4 (File No. 33-34370), as filed on April 16, 1997.
	(8.42)	First Amendment dated December 1, 1999 to Fund Participation Agreement dated March 11, 1997 between Aetna Life Insurance and Annuity Company and Oppenheimer Variable Annuity Account Funds and Oppenheimer Funds, Inc. · Incorporated by reference to Post-Effective Amendment No. 19 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 16, 2000.
	(8.43)	Service Agreement effective as of March 11, 1997 between Oppenheimer Funds, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 27 to Registration Statement on Form N-4 (File No. 33-34370), as filed on April 16, 1997.
	(8.44)	Fund Participation Agreement dated as of July 1, 2001 between Pioneer Variable Contracts Trust and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 27 to Registration Statement on Form N-4 (File No. 333-01107), as filed on October 26, 2001.
	(8.45)	Participation Agreement dated as of March 30, 2004 among Vanguard Variable Insurance Fund and The Vanguard Group, Inc. and Vanguard Marketing Corporation and ING Life Insurance and Annuity Company
	(8.46)	(Retail) Participation Agreement dated as of October 1, 2000 by and Among AIM Equity Funds, AIM Distributors, Inc., and Aetna Life Insurance and Annuity Company · Incorporated by reference to Registration Statement on Form N-4 (File No. 333-105479), as filed on May 22, 2003.
	(8.47)	(Retail) Shareholder Services Agreement dated as of October 1, 1998 for Sale of Shares of The AIM Mutual Funds · Incorporated by reference to Post-Effective Amendment No. 20 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 4, 2000.
	(8.48)	(Retail) Amendment dated as of October 1, 2000 to Shareholder Services Agreement dated as of October 1, 998 for Sale of Shares of The AIM Mutual Funds · Incorporated by reference to Registration Statement on Form N-4 (File No. 333-105479), as filed on May 22, 2003.
	(8.49)	(Retail) Fund Participation Agreement dated as of October 26, 2000 between Alliance Fund Distributors, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.50)	(Retail) Fund Participation Agreement dated as of April 30, 2003 among Golden American Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company, Southland Life Insurance Company, ING Life Insurance and Annuity Company, ING Insurance Company of America, American Funds Insurance Series and Capital Research and Management Company · Incorporated by reference to Post-Effective Amendment No. 20 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 4, 2000.
	(8.51)	(Retail) Business Agreement dated as of April 30, 2003 by and among Golden American Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company, Southland Life Insurance Company, ING Life Insurance and Annuity Company, ING Insurance Company of America, ING American Equities, Inc., Directed Services, Inc., American Funds Distributors, Inc. and Capital Research and Management Company · Incorporated by reference to Post-Effective Amendment No. 20 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 4, 2000.
	(8.52)	(Retail) Fund Participation Agreement dated as of April 1, 1998 between Ariel Growth Fund and such other funds as referenced in the Agreement, Ariel Distributors, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.53)	(Retail) First Amendment dated as of October 1, 2000 to Fund Participation Agreement dated as of April 1, 1998 between Ariel Fund (formerly Ariel Growth Fund) and Ariel Distributors, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.54)	(Retail) Second Amendment to Fund Participation Agreement dated as of May 1, 2002 to Fund Participation Agreement dated as of April 1, 1998 and amended on October 1, 2000 between Ariel Fund (formerly Growth Fund) and Ariel Distributors, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.55)	(Retail) Fund Participation Agreement effective as of September 15, 2000 between Aetna Life Insurance and Annuity Company, Baron Asset Fund and all series thereof and Baron Capital, Inc. · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.56)	(Retail) First Amendment dated February, 2001 to Fund Participation Agreement effective as of September 15, 2000 between Aetna Life Insurance and Annuity Company, Baron Asset Fund and all series thereof and Baron Capital, Inc. · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.57)	(Retail) Fund Participation Agreement dated as of August 15, 2000 by and between Federated Services Company, Federated Distributors, Wachovia Bank, NA and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 23 to Registration Statement on Form N-4 (File No. 333-01107), as filed on December 13, 2000.
	(8.58)	(Retail) Shareholder Services Agreement dated October 4, 1999 between Federated Administrative Services for the Wachovia Funds and the Wachovia Municipal Funds and Aetna Investment Services, Inc. · Incorporated by reference to Post-Effective Amendment No. 23 to Registration Statement on Form N-4 (File No. 333-01107), as filed on December 13, 2000.
	(8.59)	(Retail) First Amendment dated August 15, 2000 to the Shareholder Services Agreement by and among Aetna Investment Services, Inc. and Federated Administrative Services · Incorporated by reference to Post-Effective Amendment No. 23 to Registration Statement on Form N-4 (File No. 333-01107), as filed on December 13, 2000.
	(8.60)	(Retail) Participation Agreement dated as of February 17, 1994 between Fidelity Distributors Corporation and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.61)	(Retail) First Amendment dated as of February 1 1995 to Fund Participation Agreement dated as of February 17, 1994 between Fidelity Distributors Corporation and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.62)	(Retail) Second Amendment dated as of May 1 1995 to Fund Participation Agreement dated as of February 17, 1994 between Fidelity Distributors Corporation and Aetna Life Insurance and Annuity Company. · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.63)	(Retail) Third Amendment dated as of November 1 1995 to Fund Participation Agreement dated as of February 17, 1994 between Fidelity Distributors Corporation and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.64)	(Retail) Fourth Amendment dated as of September 21 1998 to Fund Participation Agreement dated as of February 17, 1994 between Fidelity Distributors Corporation and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.65)	(Retail) Fifth Amendment dated as of October 10 2000 to Fund Participation Agreement dated as of February 17, 1994 between Fidelity Distributors Corporation and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.66)	(Retail) Master Shareholder Services Agreement effective as of August 28, 2000 among Franklin Templeton Distributors, Inc, Franklin Templeton Investor Services, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.67)	(Retail) Amendment dated November 21, 2000 to Master Shareholder Services Agreement effective as of August 28, 2000 among Franklin Templeton Distributors, Inc, Franklin Templeton Investor Services, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.68)	(Retail) Second Amendment effective as of February 1, 2002 to Master Shareholder Services Agreement effective as of August 28, 2000 among Franklin Templeton Distributors, Inc, Franklin Templeton Investor Services, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.69)	(Retail) Form of Third Amendment effective as of February 1, 2002 to Master Shareholder Services Agreement effective as of August 28, 2000 among Franklin Templeton Distributors, Inc., Franklin Templeton Investor Services, Inc. and Aetna Life Insurance and Annuity Company
	(8.70)	Form of (Retail) Fund Participation Agreement between ING Equity Trust and ING Life Insurance and Annuity Company
	(8.71)	Form of (Retail) Fund Participation Agreement between ING Funds Trust and ING Life Insurance and Annuity Company.
	(8.72)	Form of (Retail) Fund Participation Agreement between ING Mutual Funds and ING Life Insurance and Annuity Company
	(8.73)	(Retail) Fund Participation Agreement dated as of October 30, 2000 among INVESCO Funds Group, Inc. and INVESCO Distributors, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.74)	(Retail) Fund Participation Agreement dated as of February 1, 2001 between Legg Mason Wood Walker, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.75)	(Retail ) Selling and Service Agreement dated as of February 1, 2001 by and among Aetna Investment Services, LLC ("AIS"), Aetna Life Insurance and Annuity Company ("ALIAC") and Legg Mason Wood Walker, Inc. · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.76)	(Retail) Participation Agreement dated as of May 1, 1996 between Aetna Life Insurance and Annuity Company, Lord Abbett Family of Funds, Lord, Abbett & Co., Lord Abbett Distributor LLC · Incorporated by reference to Registration Statement on Form N-4 (File No. 333-105479), as filed on May 22, 2003.
	(8.77)	(Retail) Amendment No. 1 dated February 1, 2001 to Participation Agreement dated as of May 1, 1996 between Aetna Life Insurance and Annuity Company, Lord Abbett Family of Funds, Lord, Abbett & Co., Lord Abbett Distributor LLC · Incorporated by reference to Registration Statement on Form N-4 (File No. 333-105479), as filed on May 22, 2003.
	(8.78)	(Retail) Fund Participation Agreement dated as of September 15, 2000 between MFS Fund Distributors, Inc. and ING Life Insurance and Annuity Company
	(8.79)	(Retail) Participation Agreement dated as of August 15, 2000 between Aetna Life Insurance and Annuity Company, OppenheimerFunds Distributor, Inc. and Oppenheimer Funds Services · Incorporated by reference to Post-Effective Amendment No. 23 to Registration Statement on Form N-4 (File No. 333-01107), as filed on December 13, 2000.
	(8.80)	(Retail) Fund Participation Agreement dated as of August 8, 2000 between Aetna Life Insurance and Annuity Company and PAX World Balanced Fund, Inc. · Incorporated by reference to Post-Effective Amendment No. 23 to Registration Statement on Form N-4 (File No. 333-01107), as filed on December 13, 2000.
	(8.81)	(Retail) Selling and Services Agreement and Fund Participation Agreement dated as of March 11, 2003 by and among ING Life Insurance and Annuity Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, ING Financial Advisers, LLC and PIMCO Advisors Distributors LLC · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.82)	(Retail) Fund Participation Agreement dated as of September 21, 2000 between Aetna Life Insurance and Annuity Company, Pioneer Services Corporation, and Pioneer Funds Distributor, Inc. · Incorporated by reference to Registration Statement on Form N-4 (File No. 333-105479), as filed on May 22, 2003.
	(8.83)	(Retail) Amendment dated as of August 5, 2003 to Fund Participation Agreement dated as of September 21, 2000 among Pioneering Services Corporation, Pioneer Funds Distributor, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.84)	(Retail) Trust Networking Agreement dated as of November 7, 2000 by and between Pioneer Investment Management Shareholder Services, Inc. and ING Financial Advisers, LLC · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.85)	(Retail) Fund Participation Agreement dated as of October 10, 2000 between Aetna Life Insurance and Annuity Company, T. Rowe Price Services, Inc.
	(8.86)	(Retail) Amendment effective January 1, 2001 to Fund Participation Agreement dated as of October 10, 2000 between Aetna Life Insurance and Annuity Company, T. Rowe Price Services, Inc. · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.87)	(Retail) Amendment effective January 1, 2002 to Fund Participation Agreement dated as of October 10, 2000 between Aetna Life Insurance and Annuity Company, T. Rowe Price Services, Inc. · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.88)	(Retail) Amendment effective January 1, 2003 to Fund Participation Agreement dated as of October 10, 2000 between Aetna Life Insurance and Annuity Company, T. Rowe Price Services, Inc. · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.89)	(Retail) Amendment effective March 4, 2003 to Fund Participation Agreement dated as of October 10, 2000 between Aetna Life Insurance and Annuity Company, T. Rowe Price Services, Inc. · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.90)	(Retail) Selling and Services Agreement and Fund Participation Agreement dated as of November 1, 2002 by and among ING Life Insurance and Annuity Company, ING Financial Advisers, LLC, UBS Global Asset Management (US) Inc. and The UBS Funds · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.91)	(Retail) First Amendment dated as of December 31, 2003 to Selling and Services Agreement and Fund Participation Agreement dated as of March 11, 2003 by and between ING Life Insurance and Annuity Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York and ING Financial Advisers, LLC · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(9)	Opinion and Consent of Counsel
	(10)	Consent of Independent Registered Public Accounting Firm
	(11)	Not applicable
	(12)	Not applicable
	(13.1)	Powers of Attorney · Incorporated herein by reference to Registration Statement on Form N-4 for Separate Account N of Reliastar Life Insurance Company, as filed with the Securities and Exchange Commission on November 19, 2004 (File Nos. 333-120636, 811-09002).
	(13.2)	Authorization for Signatures · Incorporated by reference to Post-Effective Amendment No. 5 to Registration Statement on Form N-4 (File No. 33-75986), as filed on April 12, 1996.

Item 25. Directors and Officers of the Depositor*
Name and Principal Business Address							Positions and Offices with Depositor
Keith Gubbay¹							Director
Thomas Joseph McInerney¹							Director
Kathleen Ann Murphy¹							Director
Catherine H. Smith²							Director
Jacques de Vaucleroy¹							Director and Senior Vice President
David A. Wheat¹							Director, Senior Vice President and Chief Financial Officer
Brian D. Comer²							President
Robert L. Francis 6140 Stonehedge Mall Rd., Ste. 375 Pleasanton, California 94588							Senior Vice President
Shaun Patrick Mathews²							Senior Vice President
Stephen Joseph Preston³							Senior Vice President
Boyd George Combs¹							Senior Vice President, Tax
James G. Auger²							Vice President
Marie M. Augsberger²							Vice President
Pamela M. Barcia²							Vice President
Ronald R. Barhorst 7676 Hazard Ctr. Dr. San Diego, California 92108							Vice President
Linda Beblo³							Vice President
Jeoffrey A. Block⁴							Vice President
Kevin P. Brown²							Vice President
Anthony V. Camp²							Vice President
Kevin L. Christensen⁴							Vice President
Andrew D. Chua⁵							Vice President
Elizabeth A. Clifford³							Vice President
Patricia Marie Corbett⁴							Vice President
Karen Czizik⁵							Vice President
Terrence O. Davis³							Vice President
Robert B. DiMartino²							Vice President
Shari Ann Enger³							Vice President
Julie A. Foster⁴							Vice President
Brian K. Haendiges²							Vice President
Steven J. Haun⁴							Vice President
James Hennessy⁶							Vice President
Ronald Christian Hull²							Vice President
William S. Jasien 12701 Fair Lakes Circle, Suite 470 Fairfax, Virginia 22033							Vice President
David Kelsey²							Vice President
Mary Ann Langevin²							Vice President
Roger Ernest Lavallee²							Vice President
Frederick C. Litow¹							Vice President
Thomas A. Lutter³							Vice President
Gregory J. Miller²							Vice President
Todd E. Nevenhoven⁴							Vice President
Peg O. Norris³							Vice President
Ethel Pippin²							Vice President
Mary Kathleen Reid²							Vice President
Robert A. Richard²							Vice President
Michael Roland⁶							Vice President
Eric Steelman³							Vice President
Carl P. Steinhilber²							Vice President
Laurie M. Tillinghast²							Vice President
Stanley Vyner⁷							Vice President
Barry G. Ward¹							Vice President
Christopher Robert Welp⁴							Vice President
Mary Broesch³							Vice President and Actuary
Bruce T. Campbell²							Vice President and Actuary
Richard Lau³							Vice President and Actuary
Mark D. Sperry²							Vice President and Actuary
Alice Su³							Vice President and Actuary
Lawrence D. Taylor⁵							Vice President and Actuary
Terry J. Boucher²							Vice President and Appointed Actuary
Roger W. Fisher¹							Vice President and Chief Accounting Officer
John R. Dobo⁵							Vice President and Chief Actuary
David Scott Pendergrass¹							Vice President and Treasurer
Dawn Peck¹							Vice President, Assistant Treasurer
Ira Braunstein¹							Vice President, Investments
Robert P. Browne¹							Vice President, Investments
Daniel J. Foley¹							Vice President, Investments
Christopher P. Lyons¹							Vice President, Investments
Gregory G. McGreevey¹							Vice President, Investments
Maurice Melvin Moore¹							Vice President, Investments
Joseph J. Elmy²							Vice President, Tax
Paula Cludray-Engelke⁸							Secretary
James M. Desrocher Lincoln National Life Insurance Company 350 Church Street, MPR1 Hartford, CT 06103-1106							Illustration Actuary
Jane A. Boyle²							Assistant Secretary
Diana R. Cavender⁸							Assistant Secretary
Linda H. Freitag¹							Assistant Secretary
Daniel F. Hinkel¹							Assistant Secretary
William Hope¹							Assistant Secretary
Joseph D. Horan¹							Assistant Secretary
David Lee Jacobson³							Assistant Secretary
Rita J. Kummer¹							Assistant Secretary
Donna M. O'Brien²							Assistant Secretary
Krystal L. Ols⁸							Assistant Secretary
Loralee Ann Renelt⁸							Assistant Secretary
Carol Semplice²							Assistant Secretary
Linda Ellen Senker³							Assistant Secretary
Patricia M. Smith²							Assistant Secretary
Edwina Steffer⁸							Assistant Secretary
John F. Todd²							Assistant Secretary
Diane Yell⁹							Assistant Secretary
Glenn Allan Black¹							Tax Officer
Terry L. Owens¹							Tax Officer
James Taylor¹							Tax Officer
*	These individuals may also be directors and/or officers of other affiliates of the Company.
1	The principal business address of these directors and these officers is 5780 Powers Ferry Road, N.W., Atlanta, Georgia 30327.
2	The principal business address of this director and these officers is 151 Farmington Avenue, Hartford, Connecticut 06156.
3	The principal business address of these officers is 1475 Dunwoody Drive, West Chester, Pennsylvania 19380.
4	The principal business address of these officers is 909 Locust Street, Des Moines, Iowa 50309.
5	The principal business address of these officers is 1290 Broadway, Denver, Colorado 80203
6	The principal business address of this officer is 7337 E Doubletree Ranch Road, Scottsdale, Arizona 85258.
7	The principal business address of this officer is 520 Madison Avenue, 10th Floor, New York, New York 10022.
8	The principal business address of these officers is 20 Washington Avenue South, Minneapolis, Minnesota 55401.
9	The principal business address of this officer is 100 Washington Square, Minneapolis, Minnesota 55401.
Item 26. Persons Controlled by or Under Common Control with the Depositor or Registrant
Incorporated herein by reference to Item 26 in Post-Effective Amendment No. 2 to Registration Statement on Form N-4 for Separate Account B of ING USA Annuity and Life Insurance Company (File No. 333-90516), as filed on April 9, 2004.
Item 27. Number of Contract Owners
As of December 31, 2004, there were 601,420 individuals holding interests in variable annuity contracts funded through Variable Annuity Account C.
Item 28. Indemnification
Section 33-779 of the Connecticut General Statutes ("CGS") provides that a corporation may provide indemnification of or advance expenses to a director, officer, employee or agent only as permitted by Sections 33-770 to 33-778, inclusive, of the CGS. Reference is hereby made to Section 33-771(e) of the CGS regarding indemnification of directors and Section 33-776(d) of CGS regarding indemnification of officers, employees and agents of Connecticut corporations. These statutes provide in general that Connecticut corporations incorporated prior to January 1, 1997 shall, except to the extent that their certificate of incorporation expressly provides otherwise, indemnify their directors, officers, employees and agents against "liability" (defined as the obligation to pay a judgment, settlement, penalty, fine, including an excise tax assessed with respect to an employee benefit plan, or reasonable expenses incurred with respect to a proceeding) when (1) a determination is made pursuant to Section 33-775 that the party seeking indemnification has met the standard of conduct set forth in Section 33-771 or (2) a court has determined that indemnification is appropriate pursuant to Section 33-774. Under Section 33-775, the determination of and the authorization for indemnification are made (a) by the disinterested directors, as defined in Section 33-770(3); (b) by special counsel; (c) by the shareholders; or (d) in the case of indemnification of an officer, agent or employee of the corporation, by the general counsel of the corporation or such other officer(s) as the board of directors may specify. Also, Section 33-772 with Section 33-776 provide that a corporation shall indemnify an individual who was wholly successful on the merits or otherwise against reasonable expenses incurred by him in connection with a proceeding to which he was a party because he is or was a director, officer, employee, or agent of the corporation. Pursuant to Section 33-771(d), in the case of a proceeding by or in the right of the corporation or with respect to conduct for which the director, officer, agent or employee was adjudged liable on the basis that he received a financial benefit to which he was not entitled, indemnification is limited to reasonable expenses incurred in connection with the proceeding against the corporation to which the individual was named a party. The statute does specifically authorize a corporation to procure indemnification insurance on behalf of an individual who was a director, officer, employee or agent of the corporation. Consistent with the statute, ING Groep N.V. maintains an umbrella insurance policy with an international insurer to cover errors and omissions, directors and officers, employment practices, fiduciary and fidelity. The policy covers ING Groep N.V. and any company in which ING Groep N.V. has controlling interest of 50% or more. This would encompass the principal underwriter as well as the depositor. Section 20 of the ING Financial Advisers, LLC Limited Liability Company Agreement provides that ING Financial Advisers, LLC will indemnify certain persons against any loss, damage, claim or expenses (including legal fees) incurred by such person if he is made a party or is threatened to be made a party to a suit or proceeding because he was a member, officer, director, employee or agent of ING Financial Advisers, LLC, as long as he acted in good faith on behalf of ING Financial Advisers, LLC and in a manner reasonably believed to be within the scope of his authority. An additional condition requires that no person shall be entitled to indemnity if his loss, damage, claim or expense was incurred by reason of his gross negligence or willful misconduct. This indemnity provision is authorized by and is consistent with Title 8, Section 145 of the General Corporation Law of the State of Delaware.
Item 29. Principal Underwriter
(a)		In addition to serving as the principal underwriter for the Registrant, ING Financial Advisers, LLC also acts as the principal underwriter for ING Partners, Inc. (a management investment company registered under the Investment Company Act of 1940 (1940 Act)). Additionally, ING Financial Advisers, LLC acts as the principal underwriter for Variable Life Account B of ING Life Insurance and Annuity Company (ILIAC), Variable Life Account C of ILIAC, Variable Annuity Account B of ILIAC and Variable Annuity Account G of ILIAC (separate accounts of ILIAC registered as unit investment trusts under the 1940 Act). ING Financial Advisers, LLC is also the principal underwriter for (i) Variable Annuity Account I of ING Insurance Company of America (IICA) (a separate account of IICA registered as a unit investment trust under the 1940 Act), (ii) Separate Account N of ReliaStar Life Insurance Company (RLIC) (a separate account of RLIC registered as a unit investment trust under the 1940 Act.), (iii) ReliaStar Select Variable Account of ReliaStar Life Insurance Company (a separate account of RLIC registered as a unit investment trusts under the 1940 Act), (iv) MFS ReliaStar Variable Account (a separate account of RLIC registered as a unit investment trusts under the 1940 Act), (v) Northstar Variable Account (a separate account of RLIC registered as a unit investment trusts under the 1940 Act) (vi) ReliaStar Life Insurance Company of New York Variable Annuity Funds A, B, C (a management investment company registered under the 1940 Act), (vii) ReliaStar Life Insurance Company of New York Variable Annuity Funds D, E, F, G, H, I (a management investment company registered under the 1940 Act), (viii) ReliaStar Life Insurance Company of New York Variable Annuity Funds M, P, and Q (a management investment company registered under the1940 Act), and (ix) ReliaStar Life Insurance Company of New York Variable Annuity Funds M P (a management investment company registered under the1940 Act).
(b)		The following are the directors and officers of the Principal Underwriter:
Name and Principal Business Address						Positions and Offices with Principal Underwriter
Ronald R. Barhorst 7676 Hazard Ctr. Dr. San Diego, CA 92108						Director and President
Robert L. Francis¹						Director and Senior Vice President
Shaun Patrick Mathews²						Director and Senior Vice President
Boyd George Combs³						Senior Vice President, Tax
Susan J. Stamm²						Chief Financial Officer
Maryellen R. Allen²						Vice President
Douglas J. Ambrose¹						Vice President
Louis E. Bachetti 581 Main Street, 4th Fl. Woodbridge, NJ 07095						Vice President
Pamela Mulvey Barcia²						Vice President
Robert H. Barley²						Vice President
David A. Brounley²						Vice President
Brian D. Comer²						Vice President
Keith J. Green³						Vice President
Brian K. Haendiges²						Vice President
Bernard P. Heffernon 10740 Nall Ave., Ste. 120 Overland Park, KS 66211						Vice President
William S. Jasien⁴						Vice President
David Kelsey²						Vice President
Mary Ann Langevin²						Vice President
Christina Lareau²						Vice President
Katherine E. Lewis 2675 N Mayfair Road, Ste. 501 Milwaukee, WI 53226						Vice President
Susan J. K. Lewis 16530 Ventura Blvd., Ste. 600 Encino, CA 91436						Vice President
David J. Linney 2900 N. Loop W., Ste. 180 Houston, TX 77092						Vice President
Frederick C. Litow³						Vice President
Mark R. Luckinbill 2841 Plaza Place, Ste. 210 Raleigh, NC 27612						Vice President
Richard T. Mason 440 S. Warren St., Ste. 702 Syracuse, NY 13202						Vice President
Scott T. Neeb¹						Vice President
Ethel Pippin²						Vice President
Mary Kathleen Reid²						Vice President
Deborah Rubin⁴						Vice President
Frank W. Snodgrass 150 4th Ave., N., Ste. 410 Nashville, TN 37219						Vice President
Terran Titus²						Vice President
Bess B. Twyman²						Vice President
S. Bradford Vaughan, Jr. 601 Union St., Ste. 810 Seattle, WA 98101						Vice President
Judeen T. Wrinn²						Vice President
Therese M. Squillacote²						Vice President and Chief Compliance Officer
David Scott Pendergrass¹						Vice President and Treasurer
Joseph Elmy²						Vice President, Tax
Paula Cludray-Engelke⁵						Secretary
Loralee Ann Renelt⁵						Assistant Secretary
John F. Todd²						Assistant Secretary
Robert J. Scalise²						Assistant Treasurer
Glenn Allan Black³						Tax Officer
G. Michael Fell³						Tax Officer
Terry L. Owens³						Tax Officer
James Taylor³						Tax Officer
1	The principal business address of this director and these officers is 6140 Stonehedge Mall Rd., Ste. 375, Pleasanton, California 94588.
2	The principal business address of this director and these officers is 151 Farmington Avenue, Hartford, Connecticut 06156.
3	The principal business address of these officers is 5780 Powers Ferry Road, N.W., Atlanta, Georgia 30327.
4	The principal business address of these officers is 12701 Fair Lakes Circle, Suite 470, Fairfax, Virginia 22033.
5	The principal business address of these officers is 20 Washington Avenue South, Minneapolis, Minnesota 55401.
(c)		Compensation to Principal Underwriter during last fiscal year:
(1)				(2)	(3)			(4)	(5)

Name of Principal Underwriter				Net Underwriting Discounts and Commissions	Compensation on Redemption or Annuitization			Brokerage Commissions	Compensation*

ING Financial Advisers, LLC									$33,938,738.36
*	Reflects compensation paid to ING Financial Advisers, LLC attributable to regulatory and operating expenses associated with the distribution of all products issued by Variable Annuity Account C of ING Life Insurance and Annuity Company during 2003.
Item 30. Location of Accounts and Records
All accounts, books and other documents required to be maintained by Section 31(a) of the 1940 Act and the rules under it relating to the securities described in and issued under this Registration Statement are maintained by ING Life Insurance and Annuity Company at 151 Farmington Avenue, Hartford, Connecticut 06156 and at ING Americas at 5780 Powers Ferry Road, Atlanta, Georgia 30327-4390.
Item 31. Management Services
Not applicable
Item 32. Undertakings
Registrant hereby undertakes:
(a)			to file a post-effective amendment to this registration statement on Form N-4 as frequently as is necessary to ensure that the audited financial statements in the registration statement are never more than sixteen months old for as long as payments under the variable annuity contracts may be accepted;
(b)			to include as part of any application to purchase a contract offered by a prospectus which is part of this registration statement on Form N-4, a space that an applicant can check to request a Statement of Additional Information; and
(c)			to deliver any Statement of Additional Information and any financial statements required to be made available under this Form N-4 promptly upon written or oral request.
The Company hereby represents that it is relying upon and complies with the provisions of Paragraphs (1) through (4) of the SEC Staff's No-Action Letter dated November 28, 1988 with respect to language concerning withdrawal restrictions applicable to plans established pursuant to Section 403(b) of the Internal Revenue Code. See American Counsel of Life Insurance; SEC No-Action Letter, [1988 WL 1235221 *13 (S.E.C.)] Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. ING Life Insurance and Annuity Company represents that the fees and charges deducted under the contracts covered by this registration statement, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the insurance company.

SIGNATURES
As required by the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant, Variable Annuity Account C of ING Life Insurance and Annuity Company, certifies that it meets the requirements of Securities Act Rule 485(b) for effectiveness of this Post-Effective Amendment to its Registration Statement on Form N-4 (File No. 333-109860) and has duly caused this Post-Effective Amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Hartford, State of Connecticut, on the 14th day of February, 2005.
			VARIABLE ANNUITY ACCOUNT C OF ING LIFE INSURANCE AND ANNUITY COMPANY
			(Registrant)
			By:	ING LIFE INSURANCE AND ANNUITY COMPANY
				(Depositor)
			By:	Brian Comer*

				Brian Comer President
As required by the Securities Act of 1933, this Post-Effective Amendment No. 2 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signature		Title				Date

Brian Comer*		Director and President			)

Brian Comer		(principal executive officer)			)
					)
Thomas J. McInerney*		Director			)	February

Thomas J. McInerney					)	14, 2005
					)
Kathleen A. Murphy*		Director			)

Kathleen A. Murphy					)
					)
Catherine H. Smith*		Director			)

Catherine H. Smith					)
					)
Jacques de Vaucleroy*		Director			)

Jacques de Vaucleroy					)
					)
David A. Wheat*		Director and Chief Financial Officer			)

David A. Wheat					)

Roger Fisher*		Chief Accounting Officer			)

Roger Fisher					)

By:	/s/ Michael A. Pignatella

Michael A. Pignatella *Attorney-in-Fact

VARIABLE ANNUITY ACCOUNT C Exhibit Index
Exhibit No.	Exhibit

99-B.8.45	(Retail) Participation Agreement dated as of March 30, 2004 among Vanguard Variable Insurance Fund and The Vanguard Group, Inc. and Vanguard Marketing Corporation and ING Life Insurance and Annuity Company


99-B.8.69	(Retail) Form of Third Amendment effective as of February 1, 2002 to Master Shareholder Services Agreement effective as of August 28, 2000 among Franklin Templeton Distributors, Inc., Franklin Templeton Investor Services, Inc. and Aetna Life Insurance and Annuity Company


99-B.8.70	Form of (Retail) Fund Participation Agreement between ING Equity Trust and ING Life Insurance and Annuity Company


99-B.8.71	Form of (Retail) Fund Participation Agreement between ING Funds Trust and ING Life Insurance and Annuity Company


99-B.8.72	Form of (Retail) Fund Participation Agreement between ING Mutual Funds and ING Life Insurance and Annuity Company


99-B.8.78	(Retail) Fund Participation Agreement dated as of September 15, 2000 between MFS Fund Distributors, Inc. and ING Life Insurance and Annuity Company


99-B.9	Opinion and Consent of Counsel


99-B.10	Consent of Independent Registered Public Accounting Firm

Current Name			Former Name
ING GET Fund:			ING GET Fund:
	ING VP Balanced Portfolio, Inc. - Class I			ING VP Balanced Portfolio, Inc. - Class R
	ING VP Intermediate Bond Portfolio - Class I			ING VP Bond Portfolio - Class R
	ING VP Money Market Portfolio - Class I			ING VP Money Market Portfolio - Class R
ING Partners, Inc.:			ING Partners, Inc.:
	ING Aeltus Enhanced Index Portfolio - Service Class			ING DSI Enhanced Index Portfolio - Service Class
	ING JP Morgan International Portfolio - Initial Class			ING JP Morgan Fleming International Portfolio -
					Initial Class
	ING UBS U.S. Allocation Portfolio - Service Class			ING UBS Tactical Asset Allocation Portfolio - Service
					Class
	ING UBS U.S. Large Cap Equity Portfolio - Initial			ING MFS Research Equity Portfolio
		Class
ING Strategic Allocation Portfolios, Inc.:			ING Strategic Allocation Portfolios, Inc.:
	ING VP Strategic Allocation Balanced Portfolio -			ING VP Strategic Allocation Balanced Portfolio -
		Class I			Class R
	ING VP Strategic Allocation Growth Portfolio - Class I			ING VP Strategic Allocation Growth Portfolio - Class R
	ING VP Strategic Allocation Income Portfolio - Class I			ING VP Strategic Allocation Income Portfolio - Class R
ING Variable Funds:			ING Variable Funds:
	ING VP Growth and Income Portfolio - Class I			ING VP Growth and Income Portfolio - Class R
ING Variable Portfolios, Inc.:			ING Variable Portfolios, Inc.:
	ING VP Growth Portfolio - Class I			ING VP Growth Portfolio - Class R
	ING VP Index Plus LargeCap Portfolio - Class I			ING VP Index Plus LargeCap Portfolio - Class R
	ING VP Index Plus MidCap Portfolio - Class I			ING VP Index Plus MidCap Portfolio - Class R
	ING VP Index Plus SmallCap Portfolio - Class I			ING VP Index Plus SmallCap Portfolio - Class R
	ING VP International Equity Portfolio - Class I			ING VP International Equity Portfolio - Class R
	ING VP Small Company Portfolio - Class I			ING VP Small Company Portfolio - Class R
	ING VP Value Opportunity Portfolio - Class I			ING VP Value Opportunity Portfolio - Class R
ING Variable Products Trust:			ING Variable Products Trust:
	ING VP International Value Portfolio - Class I			ING VP International Value Portfolio - Class R
	ING VP MagnaCap Portfolio - Class I			ING VP MagnaCap Portfolio - Class R
	ING VP MidCap Opportunities Portfolio - Class I			ING VP MidCap Opportunities Portfolio - Class R
	ING VP SmallCap Opportunities Portfolio - Class I			ING VP SmallCap Opportunities Portfolio - Class R

		Nine months ended September 30
		2004		2003
		Purchases	Sales	Purchases	Sales
		(Dollars in thousands)
AIM Growth Series:
	AIM Mid Cap Equity	$ 177	$ 1	$ -	$ -
AIM Variable Insurance Funds:
	AIM V.I. Capital Appreciation	1,370	1,924	2,628	1,796
	AIM V.I. Core Equity	1,490	6,283	2,108	2,268
	AIM V.I. Growth	1,772	1,770	2,444	767
	AIM V.I. Premier Equity	1,356	2,630	2,035	1,029
AllianceBernstein Growth and Income Fund		16	-	-	-
American Balanced		666	32	-	-
American Century® Income & Growth		1,442	639	1,441	788
Ariel Investment Trust:
	Ariel Appreciation	153	-	-	-
	Ariel	30	-	-	-
Baron Asset		22	-	-	-
Baron Growth		201	1	129	129
Calvert Variable Series, Inc.:
	Calvert Social Balanced	5,995	4,580	3,623	3,601
Chapman DEM® Equity		-	-	2	53
EuroPacific Growth - R-3		346	8	-	-
EuroPacific Growth - R-4		8,718	2,220	-	-
Evergreen Special Values		17,849	1,319	3,836	1,949
Fidelity® Advisor Mid Cap		302	-	-	-
Fidelity® Variable Insurance Products:
	Fidelity® VIP Asset Manager^SM	4,070	4,060	2,220	1,355
	Fidelity® VIP Contrafund®	74,393	19,649	53,504	12,995
	Fidelity® VIP Equity-Income	47,687	8,822	30,268	11,733
	Fidelity® VIP Growth	20,793	17,125	22,591	20,676
	Fidelity® VIP High Income	5,305	6,291	25,466	22,396
	Fidelity® VIP Index 500	9,805	3,768	13,017	7,443
	Fidelity® VIP Overseas	23,484	16,580	370,790	370,929
Franklin Strategic Series:
	Franklin Small-Mid Cap Growth	46	-	-	-
Franklin Templeton Variable Insurance
	Products Trust:
	Franklin Small Cap Value Securities	21,154	7,593	9,710	6,889
The Growth Fund of America® - Class R-3		696	-	-	-
The Growth Fund of America® - Class R-4		23,426	-	-	-

Division/Contract			Units	Unit Value	Extended Value
	AIM Mid Cap Core Equity
	Contracts in accumulation period:
		ING MAP PLUS NP11	17,257.105	$ 10.26	$ 177,058
			17,257.105		$ 177,058

	AIM V.I. Capital Appreciation
	Contracts in accumulation period:
		Qualified VI	990,822.160	$ 8.41	$ 8,332,814
		Qualified VIII	1,100.172	8.41	9,252
		Qualified X (1.15)	5,793.858	8.46	49,016
		Qualified X (1.25)	81,484.250	8.41	685,283
		Qualified XII (0.05)	20,339.145	8.68	176,544
		Qualified XII (0.15)	5,255.313	9.55	50,188
		Qualified XII (0.25)	30,463.165	8.88	270,513
		Qualified XII (0.30)	23,383.291	8.86	207,176
		Qualified XII (0.45)	4,147.962	8.78	36,419
		Qualified XII (0.55)	9,436.913	8.74	82,479
		Qualified XII (0.60)	18,265.878	8.71	159,096
		Qualified XII (0.65)	7,785.784	8.69	67,658
		Qualified XII (0.70)	56,789.975	8.66	491,801
		Qualified XII (0.75)	38,173.232	9.42	359,592
		Qualified XII (0.80)	130,403.341	8.62	1,124,077
		Qualified XII (0.85)	109,260.445	8.59	938,547
		Qualified XII (0.90)	4,870.826	8.57	41,743
		Qualified XII (0.95)	78,347.596	8.55	669,872
		Qualified XII (1.00)	222,349.116	8.52	1,894,414
		Qualified XII (1.05)	30,261.755	8.50	257,225
		Qualified XII (1.10)	32,292.252	8.48	273,838
		Qualified XII (1.15)	8,595.347	8.46	72,717
		Qualified XII (1.20)	5,929.163	8.43	49,983
		Qualified XII (1.25)	26,273.577	8.41	220,961
		Qualified XII (1.30)	3,325.593	8.39	27,902
		Qualified XII (1.35)	3,242.100	8.36	27,104
		Qualified XII (1.40)	14,424.617	8.34	120,301
		Qualified XII (1.45)	2,394.794	8.32	19,925
		Qualified XII (1.50)	11,331.092	8.30	94,048
		Qualified XV	5,060.396	8.53	43,165

					Investment
		Units	Unit Fair Value	Net Assets	Income		Expense Ratio^B	Total Return^C
Division		(000's)	(lowest to highest)	(000's)	Ratio^A		(lowest to highest)	(lowest to highest)
Fidelity® VIP Equity-Income
	2004*	20,663	$9.96 to $24.87	$ 367,182	1.51	%	0.25% to 1.95%	0.94% to 1.89%
	2003*	17,470	$9.95 to $21.54	273,186	1.73		0.25% to 1.50%	12.62% to 13.68%
	2002	16,267	$8.79 to $19.07	226,895	1.66		0.00% to 1.50%	-18.19% to -17.24%
	2001	13,666	$10.66 to $23.23	237,314	5.91		0.00% to 1.75%	-6.38% to -5.29%
	2000	10,367	$11.30 to $24.73	195,903	(a)		(a)	(a)
Fidelity® VIP Growth
	2004*	25,055	$8.77 to $22.34	364,119	0.27		0.25% to 1.65%	-5.74% to -4.88%
	2003*	23,626	$8.33 to $21.32	332,155	0.26		0.25% to 1.50%	18.08% to 19.18%
	2002	23,257	$8.30 to $18.00	277,744	0.25		0.00% to 1.50%	-31.15% to -30.35%
	2001	22,173	$11.97 to $26.05	388,351	7.04		0.00% to 1.75%	-18.89% to -17.94%
	2000	20,583	$14.65 to $32.00	448,872	(a)		(a)	(a)
Fidelity® VIP High Income
	2004*	682	$8.61 to $8.66	5,988	8.57		1.00% to 1.50%	3.96% to 3.99%
	2003*	920	$7.88 to $7.92	7,361	5.32		1.00% to 1.50%	19.76% to 19.82%
	2002	529	$6.58 to $6.61	3,569	8.54		1.00% to 1.50%	2.31% to 2.41%
	2001	411	$6.43 to $6.45	2,694	12.33		0.75% to 1.50%	-12.83% to -12.67%
	2000	332	$7.38 to $7.39	2,450	(a)		(a)	(a)
Fidelity® VIP Index 500
	2004*	4,956	$21.48 to $21.61	107,020	1.30		1.00% to 1.10%	0.51% to 0.56%
	2003*	4,575	$19.12 to $19.22	87,875	1.45		1.00% to 1.10%	13.61% to 13.73%
	2002	4,302	$16.83 to $16.90	72,668	1.32		1.00% to 1.10%	-23.10% to -23.32%
	2001	4,378	$21.89 to $21.96	96,097	1.12		1.05% to 1.25%	-13.20% to -13.03%
	2000	4,146	$25.21 to $25.25	104,650	(a)		(a)	(a)
Fidelity® VIP Overseas
	2004*	3,076	$7.30 to $13.70	36,397	1.18		0.25% to 1.50%	-1.68% to 12.18%
	2003*	1,849	$6.38 to $11.96	19,670	0.66		0.25% to 1.50%	21.78% to 22.97%
	2002	1,719	$5.21 to $9.79	14,076	0.74		0.00% to 1.50%	-21.47% to -20.56%
	2001	1,306	$6.61 to $12.42	14,766	13.21		0.00% to 1.75%	-22.35% to -21.44%
	2000	1,232	$8.47 to $15.94	18,192	(a)		(a)	(a)

(Millions)	2004	2003
Balance at December 31	$ 1,415.4	$ 1,438.4
Adjustment for FAS No. 115	5.3	2.8
Additions	37.4	42.7
Interest accrued at 5% to 7%	69.4	71.8
Amortization	(163.0)	(156.6)
Balance at September 30	$ 1,364.5	$ 1,399.1

Area		Assumptions/Basis for Assumptions
Data used		Based on 101 investment performance scenarios stratified based on
		10,000 random generated scenarios
Mean investment performance		8.5%
Volatility		18.0%
Mortality		60.0%, 60.0%, 75.0% of the 90-95 ultimate mortality table for standard,
		rachet, and rollup, respectively
Lapse rates		Vary by contract type and duration; range between 1.0% and 40.0%
Discount rates		6.5%, based on the portfolio earned rate of the general account

	2004		2003
Discount rate at beginning of period	6.25%		6.75%

Accumulated post retirement benefit obligation	$ 7.2
Unrecognized (gain) loss	(0.4)
Unrecognized past service cost	(6.9)
Net (liability) asset	$ (0.1)

Net periodic cost for the quarter	$ (0.3)
Net periodic cost year to date	$ (0.3)