485BPOS 1 n6slii485bsuppfiling.htm REGISTRATION STATEMENT ON FORM N-6 HTM

As filed with the Securities and Exchange			Registration No. 33-57244
Commission on February 9, 2004

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-6

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933				[X]
Pre-Effective Amendment No. _____				[ ]
Post-Effective Amendment No. 18				[X]

AMENDMENT TO REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940				[X]
(Check appropriate box or boxes.)

SelectHLife Variable Account
(Exact Name of Registrant)

ReliaStar Life Insurance Company
(Name of Depositor)

20 Washington Avenue So.
Minneapolis, MN 55401
(Address of Depositor's Principal Executive Offices) (Zip Code)

(612) 372-5507
(Depositor's Telephone Number, including Area Code)
J. Neil McMurdie, Counsel
ING Americas (U.S. Legal Services)
151 Farmington Avenue, TS31, Hartford, CT 06l56
(Name and Address of Agent for Service)

Jeffery R. Berry, Chief Counsel
ING Americas (U.S. Legal Services)
151 Farmington Avenue, TS31, Hartford, CT 06156

Approximate date of proposed public offering: Continuous.

It is proposed that this filing will become effective (check appropriate box):
	[ ]	immediately upon filing pursuant to paragraph (b) of Rule 485
	[X]	on February 10, 2004, pursuant to paragraph (b) of Rule 485
	[ ]	60 days after filing pursuant to paragraph (a)(1)
	[ ]	on _______ pursuant to paragraph (a)(1) of Rule 485.

If appropriate, check the following box:
	[ ]	This post-effective amendment designates a new effective date for a previously filed post-
		effective amendment.

PART A

INFORMATION REQUIRED IN A PROSPECTUS

The Prospectus, dated May 1, 2003, is incorporated into Part A of this Post-Effective Amendment No. 18 to Registration Statement on Form N-6 (File No. 33-57244) by reference to Registrant's filings under Rules 485(a), as filed on December 12, 2003; 485(b), as filed on April 17, 2003; and 497(e), as filed on June 19, 2003, August 26, 2003, and October 24, 2003, (File No. 33-57244).

SELECTHLIFE II

A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY

issued by

ReliaStar Life Insurance Company

and its

SelectHLife Variable Account

Supplement dated February 10, 2004, to the Prospectus dated May 1, 2003

This supplement amends certain information contained in the prospectus dated May 1, 2003, as amended on June 19, 2003, August 26, 2003, and October 24, 2003. Please read it carefully and keep it with your prospectus for future reference.

______________________________________________________________________

The "Investment Options" section on page 4 of the prospectus is hereby deleted and replaced with the following:

Investment Options *See The Investment Options,* page 12.**	You may allocate your net premiums to the SelectHLife Variable Account (the "variable account") and our fixed account.
	The variable account is one of our separate accounts and consists of sub-accounts which invest in corresponding funds. When you allocate premiums to a sub-account, we invest any net premiums in shares of the corresponding fund.
	Your variable account value will vary with the investment performance of the funds and the charges we deduct from your variable account value.
	The fixed account is part of our general account and consists of all of our assets other than those in our separate accounts (including the variable account) and loan account.
	;We credit interest on amounts allocated to the fixed account. The guaranteed minimum interest rate we credit is 3.00% per year (4.00% per year for policies with policy dates prior to February 17, 2004). ;
	We may, in our sole discretion, credit interest in excess of the guaranteed minimum interest rate.
	The fixed account is not available under policies issued in New Jersey.

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February 2004

The "Loans" section on page 5 of the prospectus is hereby deleted and replaced with the following:

Loans See Loans, page 31.	You may take loans against your policy's surrender value. We reserve the right to limit borrowing during the first policy year.
	;Generally, a loan must be at least $500 and may not exceed 90% (75% for policies with policy dates prior to February 17, 2004) of your surrender value. ;
	When you take a loan from your policy we transfer an amount equal to your loan to the loan account as collateral for your loan. The loan account is part of our general account.
	;We credit amounts held in the loan account with interest. For policies with policy dates on or after February 17, 2004, we credit interest at a current annual rate of 3.00% (guaranteed not to be less than 3.00%). For policies with policy dates prior to February 17, 2004, the current annual interest rate is 5.50% (guaranteed not to be less than 4.00%).
	We also charge interest on loans. Interest is payable in advance and accrues daily at a current annual rate of 4.76% (7.40% for policies with policy dates prior to February 17, 2004).
	After the tenth policy year, preferred loans are available. For preferred loans interest is payable in advance at an annual rate of 2.91% (5.21% for policies with policy dates prior to February 17, 2004) on the portion of your loan account that is not in excess of the policy value, minus the total of all premiums paid net of all partial withdrawals. ;
	Loans reduce your policy's death benefit and may cause your policy to lapse.
	Loans may have tax consequences, and you should consult with a tax adviser before taking a loan from your policy.

The "Partial Withdrawals" section on page 5 of the prospectus is hereby deleted and replaced with the following:

Partial Withdrawals See Partial Withdrawals, page 35.	After the first policy year, you may withdraw part of your policy's surrender value.
	;We currently allow only one partial withdrawal each policy year. For policies with policy dates on or after February 7, 2004, 12 partial withdrawals are allowed each policy year after the tenth policy year. ;
	A partial withdrawal must be at least $500.
	In policy years two through 15 you may not withdraw more than 20% of your surrender value.
	We currently charge $10 for each partial withdrawal, but we reserve the right to charge up to $25 for each partial withdrawal.
	Partial withdrawals reduce your policy's base death benefit and your policy value.
	Partial withdrawals may also have tax consequences, and you should consult with a tax adviser before taking a partial withdrawal from your policy.

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February 2004

The "Investment Risk" section on page 7 of the prospectus is hereby deleted and replaced with the following:

Investment Risk See The Variable Account, page 13.	You should evaluate the policy's long-term investment potential and risks before purchasing a policy.
	For amounts you allocate to the sub-accounts of the variable account:
	Your values will fluctuate with the markets, interest rates and the performance of the underlying funds;
	You assume the risk that your values may decline or not perform to your expectations;
	Your policy could lapse without value or you may be required to pay additional premium because of poor fund performance;
	Each fund has various investment risks, and some funds are riskier than others;
	There is no assurance that any of the funds will achieve its stated investment objective; and
	You should read each fund's prospectus and understand the risks associated with the fund before allocating your premiums to its corresponding sub-account.
	For amounts you allocate to the fixed account:
	Interest rates we declare will change over time; and
	;You assume the risk that interest rates may decline, although never below the guaranteed minimum interest rate of 3.00% (4.00% per year for policies with policy dates prior to February 17, 2004). ;

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February 2004

The Periodic Fees and Charges table on page 9 of the prospectus is deleted and replaced with following:

Periodic Fees and Charges The following tables describes the fees and charges you will pay each month on the monthly processing date, not including fund fees and expenses. See Fees and Charges - Periodic Fees and Charges.

;For policies with policy dates prior to February 17, 2004 ;

Charge	When Deducted	Amount Deducted
Cost of Insurance Charge²	On the monthly processing date.	Minimum Rates per $1,000 of insurance coverage -
		$0.06 - current and guaranteed.
		Maximum Rates per $1,000 of insurance coverage -
		$7.52 - current.
		$11.26 - guaranteed.
		Rates for a representative insured person per $1,000 of insurance coverage -
		$0.16 - current.
		$0.20 - guaranteed.
		The representative insured person is a male, age 40 in the preferred nonsmoker risk class.
Administrative Charge	On the monthly processing date.	$8.25 - current.
Administrative Charge	On the monthly processing date.	$12 - guaranteed.
Mortality & Expense Risk Charge³	On the monthly processing date.	0.08% (0.90% annually) of variable account value in policy years 1 - 10, and lower thereafter.
Loan Interest Charge	Payable in advance at the time you take a loan and each policy year thereafter.	7.40% annually of the amount held in the loan account for non-preferred loans.
Loan Interest Charge		5.21% annually of the amount held in the loan account for preferred loans.

The minimum and maximum rates shown are for an insured person in the standard risk class. All rates shown are for the first policy year. The rates have been rounded to the nearest penny. Consequently, the actual rates are either more or less than these rounded rates. The cost of insurance rates that apply to you depend on the amount of your insurance coverage and the insured person's age at issue, gender and risk class and generally increase each year after the first policy year. The rates for the representative insured person listed above may be more or less than you will pay, and you should contact your agent/registered representative for information about the rates that apply to you.

The current monthly mortality and expense risk charge rate is rounded to the nearest one hundredth of one percent. See Periodic Fees and Charges - Mortality and Expense Risk Charge, page 21 for the monthly rate without rounding.

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January 2004

;For policies with policy dates on or after February 17, 2004 ;

Charge	When Deducted	Amount Deducted
Cost of Insurance Charge²	On the monthly processing date.	;Minimum Rates per $1,000 of insurance coverage -
		$0.06 - current.
		$0.06 - guaranteed.
		Maximum Rates per $1,000 of insurance coverage -
		$5.74 - current.
		$11.26 - guaranteed.
		Rates for a representative insured person per $1,000 of insurance coverage -
		$0.16 - current.
		$0.20 - guaranteed.
		The representative insured person is a male, age 40 in the preferred nonsmoker risk class with $100,000 or more of insurance coverage. ;
Administrative Charge	On the monthly processing date.	;$10 (current and guaranteed). ;
Mortality & Expense Risk Charge³	On the monthly processing date.	0.08% (0.90% annually) of variable account value in policy years 1 - 10, and zero thereafter.
Loan Interest Charge	Payable in advance at the time you take a loan and each policy year thereafter.	4.76% (current and guaranteed) annually of the amount held in the loan account for non-preferred loans.
Loan Interest Charge		2.91% (guaranteed not to exceed 3.38%) annually of the amount held in the loan account for preferred loans.

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February 2004

The Optional Rider Fees and Charges table which begins on page 9 of the prospectus is amended to include the following:

Term Insurance Rider^* ; (Available only on policies with policy dates on or after February 17, 2004.) ;	On the monthly processing date to age 95.	;Minimum Rates per $1,000 of rider benefit -
		$0.04 - current.
		$0.11 - guaranteed.
		Maximum Rates per $1,000 of rider benefit -
		$4.58 - current.
		$9.48 - guaranteed.
		Rates for a representative insured person per $1,000 of rider benefit -
		$0.09 - current.
		$0.25 - guaranteed.
		The representative insured person is a male, age 40 in the preferred non-tobacco risk class. ;

The rates shown are for the first policy year. Some rates have been rounded to the nearest penny, and consequently the actual rates may be either more or less than these rounded rates. The rates for these riders depend on the insured person's age at issue, gender and risk class (where applicable) and generally increase each year after the first policy year. The rates for the representative insured person listed above may be more or less than you will pay, and you should contact your agent/registered representative for information about the rates that apply to you.

The first paragraph of the "Fixed Account" sub-section on page 12 of the prospectus is hereby deleted and replaced with the following:

The Fixed Account

;You may allocate all or a part of your net premium and transfer your policy value into the fixed account (except for policies issued in New Jersey). We declare the interest rate that applies to all amounts in the fixed account. This interest rate is never less than 3.00% (4.00% per year for policies with policy dates prior to February 17, 2004). Interest compounds daily at an effective annual rate that equals the declared rate. We credit interest to the fixed account on a daily basis. We pay interest regardless of the actual investment performance of our general account. We bear all of the investment risk for the fixed account. ;

The first paragraph of the "Purchasing a Policy" section on page 15 of the prospectus is hereby deleted and replaced with the following:

Purchasing a Policy

To purchase a policy you must submit an application to us. On that application you will, among other things, select:

;The amount of your insurance coverage (which generally must be at least $50,000 ($25,000 for policies with policy dates prior to February 17, 2004)); ;

Your initial death benefit option; and

Any riders or optional benefits.

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February 2004

The "Administrative Charge" sub-section on page 20 of the prospectus is hereby deleted and replaced with the following:

;Administrative Charge. The monthly administrative charge for policies with policy dates prior to February 17, 2004 is currently $8.25 and is guaranteed not to exceed $12.

The monthly administrative charge for policies with policy dates on or after February 17, 2004 is $10. ;

The administrative charge helps compensate us for the costs associated with administering the policies.

The "Mortality and Expense Risk Charge" sub-section on page 21 of the prospectus is hereby deleted and replaced with the following:

;Mortality and Expense Risk Charge. During the first ten policy years, the monthly mortality and expense risk charge is 0.075% (0.90% annually) of your variable account value. For policies with policy dates prior to February 17, 2004, after the tenth policy year this charge is currently 0.0375% per month (0.45% annually), guaranteed not to exceed 0.075% per month (0.90% annually). For policies with policy dates on or after February 17, 2004, after the tenth policy year this charge is eliminated. ;

The first paragraph of the "Death Benefits" section on page 22 of the prospectus is hereby deleted and replaced with the following:

Death Benefits

;You decide the amount of life insurance protection you need, now and in the future. Generally, we require a minimum of $50,000 ($25,000 for policies with policy dates prior to February 17, 2004) of coverage to issue your policy. We may lower this minimum for certain group, sponsored or corporate purchasers. The amount of insurance coverage in effect on your policy date is your initial coverage segment.

For policies with policy dates on or after February 17, 2004, you can combine the long-term advantages of permanent life insurance with the flexibility and short-term advantages of term life insurance through the policy. The base policy provides the permanent element of your coverage. The term insurance rider provides the term insurance element of your coverage. ;

It may be to your economic advantage to include part of your insurance coverage under the term insurance rider. The term insurance rider has no cash value, however, and provides no growth potential. Both the cost of insurance under the term insurance rider and the cost of insurance under the base policy are deducted monthly from your policy value and generally increase with the age of the insured person.

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February 2004

The seventh and eighth paragraphs of the "Changes in the Amount of Your Insurance Coverage" sub-section which begins on page 22 of the prospectus are hereby deleted and replaced with the following:

;You may not decrease the amount of your insurance coverage below $50,000 ($25,000 for policies with policy dates prior to February 17, 2004). You cannot request a decrease in the amount of your insurance coverage more frequently than once every six months. Decreases in insurance coverage on policies with multiple coverage segments will be made in the following order: ;

From the most recent segment;

From the next more recent segments successively; and

From the initial segment.

Decreases in insurance coverage may result in:

A shortened death benefit guarantee period if the term insurance rider is attached;

Reduced minimum premium amounts; and

Reduced cost of insurance charges.

The tenth paragraph of the "Death Benefit Options" sub-section which begins on page 24 of the prospectus is hereby deleted and replaced with the following:

If a death benefit option change causes the amount of insurance coverage to change, no new coverage segment(s) is (are) created. Instead, the size of each existing segment(s) is (are) changed. If you change death benefit options, there is no change to the amount of term insurance coverage if you have added the term insurance rider to your policy.

The third paragraph of the "Death Benefit Guarantee " sub-section which begins on page 25 of the prospectus is hereby deleted and replaced with the following:

The death benefit guarantee is standard on every policy. It provides a guarantee that your policy will not lapse until the insured person reaches age 65 or for five policy years, if longer, provided your cumulative premium payments, minus any partial withdrawals or loans, are at least equal to the sum of minimum premium payments to the next monthly processing date. The guarantee period may be shorter if your policy is rated substandard or if you have added the term insurance rider to your policy. There is no charge for this guarantee.

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February 2004

The "Optional Rider Benefits" sub-section which begins on page 26 of the prospectus is amended to include the following:

Term Insurance Rider. The term insurance rider provides an additional level term insurance benefit if the insured person dies before age 95. You may apply for this rider only when you apply for the base policy and the minimum amount of coverage under this rider is $100,000.

You should consider the following factors when deciding whether to add the term insurance rider to your policy:

You cannot increase the amount of coverage under this rider after issue;

You can decrease the amount of coverage under this rider after the first policy year;

The minimum premium for this rider is based on monthly rates that vary according to the insured person's gender, risk class and age;

The current cost of insurance rates for this rider will be different than those for the base policy (see Fees and Charges - Optional Rider Fees and Charges);

The policy's periodic fees and charges do not apply to coverage under this rider;

This rider does not have a surrender charge; and

The rider will shorten the death benefit guarantee period of the base policy.

Additionally, you can transfer your coverage under this rider to your base policy without evidence of insurability anytime after the tenth policy year if your base death benefit is equal to your policy value multiplied by the appropriate factor described in Appendix A. Cost of Insurance rates for this new coverage segment will be the same as the cost of insurance rates for the initial coverage segment. No surrender charge or monthly amount charge will apply to this new coverage segment of the base policy.

The first paragraph of the "Loans" sub-section which begins on page 31 of the prospectus is hereby deleted and replaced with the following:

Loans

;You may borrow money from us by using your policy as collateral for the loan. We reserve the right to limit borrowing during the first policy year. Unless state law requires otherwise, a new loan amount must be at least $500, and the amount you may borrow is limited to 90% (75% for policies with policy dates prior to February 17, 2004) of the surrender value of your policy. After age 65, we currently allow you to borrow 100% of the surrender value. If your policy is in force as paid-up life insurance, the amount you may borrow is limited to the surrender value as of the next policy anniversary. ;

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February 2004

The first, second and third paragraphs of the "Loan Interest" sub-section which begins on page 31 of the prospectus are hereby deleted in their entirety and replaced with the following:

;Loan Interest. We credit amounts held in the loan account with interest. For policies with policy dates on or after February 17, 2004, we credit interest at a current annual rate of 3.00% (guaranteed not to be less than 3.00%). For policies with policy dates prior to February 17, 2004, the current annual interest rate is 5.50% (guaranteed not to be less than 4.00%). Interest we credit is allocated to the sub-accounts and fixed account in the same proportion as your current premium allocation unless you tell us otherwise. ;

We also charge interest on loans. Interest is payable in advance and for policies with policy dates prior to February 17, 2004 the annual interest rate charged is 7.40%. For policies with policy dates on or after February 17, 2004 the annual interest rate charged is 4.76%.

After the tenth policy year, the annual interest rate which we charge will be reduced for that portion of the loan amount that is not greater than:

Your variable account value plus your fixed account value; minus

The sum of all premiums paid minus all partial withdrawals.

;Loans with this reduced interest rate are preferred loans. For policies with policy dates prior to February 17, 2004 the reduced annual interest rate charged is 5.21%. For policies with policy dates on or after February 17, 2004 the reduced annual interest rate charged is currently 2.91% (guaranteed not to exceed 3.38% per year). ;

The first paragraph of the "Partial Withdrawals" sub-section beginning on page 35 of the prospectus is hereby deleted in their entirety and replaced with the following:

Partial Withdrawals

;Beginning in the second policy year you may withdraw part of your policy's surrender value. Only one partial withdrawal is allowed each policy year. For policies with policy dates on or after February 17, 2004, 12 partial withdrawals are allowed each policy year after the tenth policy year. A partial withdrawal must be at least $500. In policy years two through 15 you may not withdraw more than 20% of your surrender value. ;

The fifth paragraph of the "Effects of a Partial Withdrawal" sub-section which begins on page 35 of the prospectus is hereby deleted and replaced with the following:

;We will not allow a partial withdrawal if the amount of insurance coverage after the withdrawal would be less than $50,000 ($25,000 for policies with policy dates prior to February 17, 2004). ;

The following paragraph is hereby added to page 51 of the prospectus immediately preceding the "Legal Proceedings" section:

Trading - Industry Developments

As with many financial services companies, the company and affiliates of the company have received requests for information from various governmental and self-regulatory agencies in connection with investigations related to trading in investment company shares. In each case, full cooperation and responses are being provided. The company is also reviewing its policies and procedures in this area.

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February 2004

PART B

INFORMATION REQUIRED IN A STATEMENT OF ADDITIONAL INFORMATION

The Statement of Additional Information, dated May 1, 2003, is incorporated into Part B of this Post-Effective Amendment No. 18 to Registration Statement on Form N-6 (File No. 33-57244) by reference to Registrant's filings under Rules 485(a), as filed on December 12, 2003; 485(b), as filed on April 17,2003; and 497(e), as filed on June 19, 2003, and August 26, 2003, (File No. 33-57244).

SELECTHLIFE II

A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY

issued by

ReliaStar Life Insurance Company

and its

SelectHLife Variable Account

Supplement dated February 10, 2004, to the Statement of Additional Information dated May 1, 2003

This supplement amends certain information contained in the Statement of Additional Information dated May 1, 2003, as amended on June 19, 2003 and August 26, 2003. Please read it carefully and keep it with your Statement of Additional Information for future reference.

______________________________________________________________________

The sixth and seventh paragraphs of the "Distribution of the Policies" section which begins on page 2 of the Statement of Additional Information are hereby deleted in their entirety and replaced with the following:

We may pay a distribution allowance of up to 100% of premium we receive up to the minimum amount of premium necessary to maintain the death benefit guarantee for the first policy year and lower thereafter.

The "Financial Statements" section on page 6 of the Statement of Additional Information is updated to include unaudited financial data for the Variable Account and for ReliaStar Life Insurance Company for the nine-month period ended September 30, 2003.

*RELIASTAR SELECTLIFE VARIABLE ACCOUNT**
Financial Statements-Unaudited
Nine months ended September 30, 2003



Contents

Financial Statements - Unaudited

Statement of Assets and Liabilities	9-30-03 S-2
Statement of Operations	9-30-03 S-17
Statements of Changes in Net Assets	9-30-03 S-31
Notes to Financial Statements	9-30-03 S-48

The accompanying notes are an integral part of these financial statements.
9-30-03 S-1

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Assets and Liabilities-Unaudited

September 30, 2003

(Dollars in thousands, except for unit data)

This page intentionally left blank.

		AIM VI		Alger	Alger	Alger
		Dent	Alger	American	American	American
		Demographic	American	Leveraged	Mid Cap	Small
		Trends	Growth	All Cap	Growth	Capitalization

Assets
Investments in mutual
	funds at fair value	$ 4,822	$ 43,076	$ 4,340	$ 26,568	$ 7,099

Total assets		4,822	43,076	4,340	26,568	7,099

Net assets		$ 4,822	$ 43,076	$ 4,340	$ 26,568	$ 7,099

Accumulation units
	outstanding:
	Select*Life I	-	197,539.738	-	124,321.764	73,463.756

	Select*Life Series 2000	1,071,444.995	3,447,109.039	844,263.260	1,559,947.827	818,669.523

Value per accumulation unit:
	Select*Life I	$ -	$ 11.28	$ -	$ 15.07	$ 7.60

The accompanying notes are an integral part of these financial statements.
9-30-03 S-2

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Assets and Liabilities-Unaudited

September 30, 2003

(Dollars in thousands, except for unit data)

	Select*Life Series 2000	$ 4.50	$ 11.85	$ 5.14	$ 15.83	$ 7.99

Total number of
	mutual fund shares	1,028,040	1,450,863	169,801	1,635,949	459,811

Cost of mutual fund shares		$ 4,283	$ 41,128	$ 3,857	$ 23,846	$ 7,103

The accompanying notes are an integral part of these financial statements.
9-30-03 S-3

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Assets and Liabilities-Unaudited

September 30, 2003

(Dollars in thousands, except for unit data)

					Fidelity®
		American	American	American	VIP II	Fidelity®
		Funds	Funds	Funds	Asset	VIP II
		Growth	Growth-Income	International	Manager^SM	Contrafund®

Assets
Investments in mutual
	funds at fair value	$ 595	$ 804	$ 517	$ 16,901	$ 77,710

Total assets		595	804	517	16,901	77,710

Net assets		$ 595	$ 804	$ 517	$ 16,901	$ 77,710

Accumulation units
	outstanding:
	Select*Life I	-	-	-	384,068.656	198,209.028

	Select*Life Series 2000	71,677.160	52,840.431	43,760.899	422,387.323	2,949,817.515

Value per accumulation unit:
	Select*Life I	$ -	$ -	$ -	$ 24.23	$ 13.60

	Select*Life Series 2000	$ 11.21	$ 11.26	$ 11.82	$ 17.98	$ 25.43

Total number of
	mutual fund shares	19,822	19,814	43,777	1,242,730	3,745,052

Cost of mutual fund shares		$ 592	$ 803	$ 497	$ 17,634	$ 68,254

The accompanying notes are an integral part of these financial statements.
9-30-03 S-4

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Assets and Liabilities-Unaudited

September 30, 2003

(Dollars in thousands, except for unit data)

						Fidelity®
		Fidelity®		Fidelity®	Fidelity®	VIP II
		VIP Equity-	Fidelity®	VIP High	VIP II	Investment
		Income	VIP Growth	Income	Index 500	Grade Bond

Assets
Investments in mutual
	funds at fair value	$ 97,882	$ 114,108	$ 20,895	$ 80,016	$ 22,996

Total assets		97,882	114,108	20,895	80,016	22,996

Net assets		$ 97,882	$ 114,108	$ 20,895	$ 80,016	$ 22,996

Accumulation units
	outstanding:
	Select*Life I	803,455.226	1,026,930.191	221,646.467	263,995.356	120,484.114

	Select*Life Series 2000	2,737,012.113	3,224,447.072	1,094,649.736	2,970,886.897	1,067,285.840

Value per accumulation unit:
	Select*Life I	$ 38.74	$ 40.50	$ 25.28	$ 24.46	$ 22.64

	Select*Life Series 2000	$ 24.39	$ 22.49	$ 13.97	$ 24.76	$ 18.99

Total number of
	mutual fund shares	4,831,299	4,086,970	3,170,731	711,126	1,697,139

Cost of mutual fund shares		$ 87,777	$ 111,092	$ 20,509	$ 75,390	$ 22,491

The accompanying notes are an integral part of these financial statements.
9-30-03 S-5

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Assets and Liabilities-Unaudited

September 30, 2003

(Dollars in thousands, except for unit data)


		Fidelity®			ING AIM
		VIP Money	Fidelity®	ING VP	Capital Mid	ING Hard
		Market	VIP Overseas	Bond	Cap Growth	Assets

Assets
Investments in mutual
	funds at fair value	$ 65,555	$ 8,903	$ 1,141	$ 8	$ 8

Total assets		65,555	8,903	1,141	8	8

Net assets		$ 65,555	$ 8,903	$ 1,141	$ 8	$ 8

Accumulation units
	outstanding:
	Select*Life I	324,975.031	181,367.521	-	-	-

	Select*Life Series 2000	3,822,330.489	383,991.863	100,883.549	683.639	664.603

Value per accumulation unit:
	Select*Life I	$ 20.00	$ 19.30	$ -	$ -	$ -

	Select*Life Series 2000	$ 15.45	$ 14.07	$ 11.31	$ 11.93	$ 12.45

Total number of
	mutual fund shares	65,555,490	664,406	81,475	717	678

Cost of mutual fund shares		$ 65,555	$ 8,906	$ 1,120	$ 8	$ 8

The accompanying notes are an integral part of these financial statements.
9-30-03 S-6

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Assets and Liabilities-Unaudited

September 30, 2003

(Dollars in thousands, except for unit data)


			ING Limited			ING MFS
		ING	Maturity	ING Liquid	ING Marsico	Mid Cap
		International	Bond	Assets	Growth	Growth

Assets
Investments in mutual
	funds at fair value	$ 62	$ 40	$ 28	$ 412	$ 1,272

Total assets		62	40	28	412	1,272

Net assets		$ 62	$ 40	$ 28	$ 412	$ 1,272

Accumulation units
	outstanding:
	Select*Life I	-	-	-	-	-

	Select*Life Series 2000	5,338.767	3,917.721	2,751.939	35,714.242	252,786.049

Value per accumulation unit:
	Select*Life I	$ -	$ -	$ -	$ -	$ -

	Select*Life Series 2000	$ 11.68	$ 10.10	$ 10.03	$ 11.55	$ 5.03

Total number of
	mutual fund shares	7,921	3,374	27,598	34,780	139,281

Cost of mutual fund shares		$ 63	$ 39	$ 28	$ 411	$ 1,349

The accompanying notes are an integral part of these financial statements.
9-30-03 S-7

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Assets and Liabilities-Unaudited

September 30, 2003

(Dollars in thousands, except for unit data)

		ING MFS	ING Salomon	ING T. Rowe	ING T. Rowe	ING Van
		Total	Brothers	Price Capital	Price Equity	Kampen
		Return	Investors	Appreciation	Income	Real Estate

Assets
Investments in mutual
	funds at fair value	$ 118	$ 35	$ 8,051	$ 121	$ 117

Total assets		118	35	8,051	121	117

Net assets		$ 118	$ 35	$ 8,051	$ 121	$ 117

Accumulation units
	outstanding:
	Select*Life I	-	-	-	-	-

	Select*Life Series 2000	11,057.243	3,101.985	705,033.600	11,108.262	9,752.902

Value per accumulation unit:
	Select*Life I	$ -	$ -	$ -	$ -	$ -

	Select*Life Series 2000	$ 10.65	$ 11.22	$ 11.42	$ 10.88	$ 11.97

Total number of
	mutual fund shares	7,279	3,737	421,763	11,209	6,130

Cost of mutual fund shares		$ 116	$ 35	$ 7,536	$ 121	$ 111

The accompanying notes are an integral part of these financial statements.
9-30-03 S-8

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Assets and Liabilities-Unaudited

September 30, 2003

(Dollars in thousands, except for unit data)

		ING	ING	ING Salomon	ING UBS
		JPMorgan	PIMCO	Brothers	Tactical	ING Van
		Mid-Cap	Total	Aggressive	Asset	Kampen
		Value	Return	Growth	Allocation	Comstock

Assets
Investments in mutual
	funds at fair value	$ 206	$ 382	$ 15	$ 71	$ 917

Total assets		206	382	15	71	917

Net assets		$ 206	$ 382	$ 15	$ 71	$ 917

Accumulation units
	outstanding:
	Select*Life I	-	-	-	-	-

	Select*Life Series 2000	18,370.925	37,752.130	1,664.154	6,324.122	93,859.043

Value per accumulation unit:
	Select*Life I	$ -	$ -	$ -	$ -	$ -

	Select*Life Series 2000	$ 11.23	$ 10.13	$ 9.26	$ 11.19	$ 9.77

Total number of
	mutual fund shares	19,077	35,082	568	2,155	94,407

Cost of mutual fund shares		$ 210	$ 378	$ 14	$ 70	$ 935

The accompanying notes are an integral part of these financial statements.
9-30-03 S-9

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Assets and Liabilities-Unaudited

September 30, 2003

(Dollars in thousands, except for unit data)

		ING VP	ING VP	ING VP	ING VP	ING VP
		Index Plus	Index Plus	Index Plus	Disciplined	Growth
		Large Cap	Mid Cap	Small Cap	LargeCap	Opportunities

Assets
Investments in mutual
	funds at fair value	$ 282	$ 678	$ 374	$ 1,996	$ 2,516

Total assets		282	678	374	1,996	2,516

Net assets		$ 282	$ 678	$ 374	$ 1,996	$ 2,516

Accumulation units
	outstanding:
	Select*Life I	-	-	-	5,101.794	-

	Select*Life Series 2000	30,347.264	70,687.788	39,675.356	189,123.180	561,686.608

Value per accumulation unit:
	Select*Life I	$ -	$ -	$ -	$ 7.10	$ -

	Select*Life Series 2000	$ 9.29	$ 9.59	$ 9.42	$ 10.36	$ 4.48

Total number of
	mutual fund shares	23,312	48,903	31,525	608,539	562,835

Cost of mutual fund shares		$ 290	$ 699	$ 392	$ 1,827	$ 2,435

The accompanying notes are an integral part of these financial statements.
9-30-03 S-10

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Assets and Liabilities-Unaudited

September 30, 2003

(Dollars in thousands, except for unit data)

		ING VP	ING VP	ING VP		ING VP
		Growth	High Yield	International	ING VP	Mid Cap
		+ Value	Bond	Value	Magna Cap	Opportunities

Assets
Investments in mutual
	funds at fair value	$ 14,834	$ 2,764	$ 18,593	$ 1,545	$ 2,168

Total assets		14,834	2,764	18,593	1,545	2,168

Net assets		$ 14,834	$ 2,764	$ 18,593	$ 1,545	$ 2,168

Accumulation units
	outstanding:
	Select*Life I	84,960.935	10,716.536	63,070.039	-	-

	Select*Life Series 2000	1,223,854.142	265,420.701	1,115,212.822	190,999.676	392,842.304

Value per accumulation unit:
	Select*Life I	$ 10.82	$ 9.54	$ 15.06	$ -	$ -

	Select*Life Series 2000	$ 11.37	$ 10.03	$ 15.82	$ 8.09	$ 5.52

Total number of
	mutual fund shares	1,222,917	903,612	1,899,174	198,032	393,475

Cost of mutual fund shares		$ 13,031	$ 2,701	$ 17,671	$ 1,557	$ 1,989

The accompanying notes are an integral part of these financial statements.
9-30-03 S-11

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Assets and Liabilities-Unaudited

September 30, 2003

(Dollars in thousands, except for unit data)

		ING VP		Janus Aspen	Janus Aspen	Janus Aspen
		Small Cap	Janus Aspen	International	Mid Cap	Worldwide
		Opportunities	Growth	Growth	Growth	Growth

Assets
Investments in mutual
	funds at fair value	$ 20,513	$ 22,328	$ 19,926	$ 27,137	$ 41,395

Total assets		20,513	22,328	19,926	27,137	41,395

Net assets		$ 20,513	$ 22,328	$ 19,926	$ 27,137	$ 41,395

Accumulation units
	outstanding:
	Select*Life I	64,151.181	123,797.740	92,484.926	214,300.997	309,857.829

	Select*Life Series 2000	860,443.788	1,919,369.563	1,629,777.349	2,057,324.812	3,414,368.478

Value per accumulation unit:
	Select*Life I	$ 14.09	$ 10.43	$ 11.04	$ 11.43	$ 10.62

	Select*Life Series 2000	$ 22.79	$ 10.96	$ 11.60	$ 12.00	$ 11.16

Total number of
	mutual fund shares	1,548,129	1,311,894	990,380	1,408,258	1,806,082

Cost of mutual fund shares		$ 17,488	$ 21,271	$ 19,323	$ 25,512	$ 37,872

The accompanying notes are an integral part of these financial statements.
9-30-03 S-12

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Assets and Liabilities-Unaudited

September 30, 2003

(Dollars in thousands, except for unit data)

		Neuberger		Neuberger
		Berman AMT	Neuberger	Berman AMT
		Limited	Berman AMT	Socially	OpCap	OpCap Global
		Maturity Bond	Partners	Responsive	Equity	Equity

Assets
Investments in mutual
	funds at fair value	$ 14,381	$ 9,887	$ 1,010	$ 4,498	$ 2,642

Total assets		14,381	9,887	1,010	4,498	2,642

Net assets		$ 14,381	$ 9,887	$ 1,010	$ 4,498	$ 2,642

Accumulation units
	outstanding:
	Select*Life I	44,890.198	53,874.193	-	19,534.538	17,215.162

	Select*Life Series 2000	1,016,295.258	916,150.663	98,070.701	378,791.217	209,075.108

Value per accumulation unit:
	Select*Life I	$ 12.92	$ 9.72	$ -	$ 10.78	$ 11.15

	Select*Life Series 2000	$ 13.58	$ 10.22	$ 10.30	$ 11.32	$ 11.72

Total number of
	mutual fund shares	1,042,831	728,089	92,825	155,868	214,637

Cost of mutual fund shares		$ 14,177	$ 9,922	$ 933	$ 4,289	$ 2,640

The accompanying notes are an integral part of these financial statements.
9-30-03 S-13

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Assets and Liabilities-Unaudited

September 30, 2003

(Dollars in thousands, except for unit data)

				Pioneer	Pioneer	Putnam VT
		OpCap	OpCap	Mid Cap	Small Cap	Diversified
		Managed	Small Cap	Value VCT	Value VCT	Income

Assets
Investments in mutual
	funds at fair value	$ 10,927	$ 17,487	$ 665	$ 518	$ 1,104

Total assets		10,927	17,487	665	518	1,104

Net assets		$ 10,927	$ 17,487	$ 665	$ 518	$ 1,104

Accumulation units
	outstanding:
	Select*Life I	63,702.913	81,227.493	-	-	2,027.294

	Select*Life Series 2000	924,745.975	1,178,062.984	66,359.320	57,385.197	63,247.800

Value per accumulation unit:
	Select*Life I	$ 10.55	$ 13.26	$ -	$ -	$ 16.32

	Select*Life Series 2000	$ 11.09	$ 13.93	$ 10.02	$ 9.03	$ 16.93

Total number of
	mutual fund shares	304,363	654,198	37,333	47,349	123,860

Cost of mutual fund shares		$ 10,344	$ 15,134	$ 682	$ 457	$ 1,064

The accompanying notes are an integral part of these financial statements.
9-30-03 S-14

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Assets and Liabilities-Unaudited

September 30, 2003

(Dollars in thousands, except for unit data)

						Putnam VT
		Putnam VT	Putnam VT	Putnam VT	Putnam VT	Utilities
		Growth and	International	New	Small Cap	Growth and
		Income	Growth	Opportunities	Value	Income

Assets
Investments in mutual
	funds at fair value	$ 39,560	$ 1,032	$ 32,620	$ 4,869	$ 1,205

Total assets		39,560	1,032	32,620	4,869	1,205

Net assets		$ 39,560	$ 1,032	$ 32,620	$ 4,869	$ 1,205

Accumulation units
	outstanding:
	Select*Life I	97,740.628	-	-	-	4,725.678

	Select*Life Series 2000	1,664,942.865	128,212.040	1,939,353.481	430,883.099	68,408.333

Value per accumulation unit:
	Select*Life I	$ 21.30	$ -	$ -	$ -	$ 15.96

	Select*Life Series 2000	$ 22.51	$ 8.05	$ 16.82	$ 11.30	$ 16.51

Total number of
	mutual fund shares	1,920,394	91,662	2,320,025	319,876	115,406

Cost of mutual fund shares		$ 36,388	$ 898	$ 28,171	$ 4,749	$ 1,108

The accompanying notes are an integral part of these financial statements.
9-30-03 S-15

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Assets and Liabilities-Unaudited

September 30, 2003

(Dollars in thousands, except for unit data)



		Putnam VT
		Voyager

Assets
Investments in mutual
	funds at fair value	$ 79,941

Total assets		79,941

Net assets		$ 79,941

Accumulation units outstanding:
	Select*Life I	229,232.250

	Select*Life Series 2000	3,382,095.169

Value per accumulation unit:
	Select*Life I	$ 21.34

	Select*Life Series 2000	$ 22.19

Total number of mutual fund shares		3,330,868

Cost of mutual fund shares		$ 72,943

The accompanying notes are an integral part of these financial statements.
9-30-03 S-16

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Operations-Unaudited

Nine months ended September 30, 2003

(Dollars in thousands)

			AIM VI		Alger	Alger	Alger
			Dent	Alger	American	American	American
			Demographic	American	Leveraged	Mid Cap	Small
			Trends	Growth	All Cap	Growth	Capitalization

Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ -	$ -	$ -

Total invesment income			-	-	-	-	-

Expenses:
	Mortality and expense risk and
		other charges	19	213	19	113	32

Total expenses			19	213	19	113	32

Net investment income (loss)			(19)	(213)	(19)	(113)	(32)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			(592)	(15,622)	(250)	(44)	814
Net unrealized appreciation
	(depreciation) of investments		1,409	22,699	929	5,555	612

Net increase (decrease) in net assets
	resulting from operations		$ 798	$ 6,864	$ 660	$ 5,398	$ 1,394

The accompanying notes are an integral part of these financial statements.
9-30-03 S-17

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Operations-Unaudited

Nine months ended September 30, 2003

(Dollars in thousands)

				American		Fidelity®
			American	Funds	American	VIP II	Fidelity®
			Funds	Growth-	Funds	Asset	VIP II
			Growth	Income	International	Manager^SM	Contrafund®

Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ -	$ 645	$ 318

Total invesment income			-	-	-	645	318

Expenses:
	Mortality and expense risk and
		other charges	-	1	-	108	422

Total expenses			-	1	-	108	422

Net investment income (loss)			-	(1)	-	537	(104)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			-	1	-	(2,719)	(12,991)
Net unrealized appreciation
	(depreciation) of investments		3	1	21	3,846	22,665

Net increase (decrease) in net assets
	resulting from operations		$ 3	$ 1	$ 21	$ 1,664	$ 9,570

The accompanying notes are an integral part of these financial statements.
9-30-03 S-18

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Operations-Unaudited

Nine months ended September 30, 2003

(Dollars in thousands)

							Fidelity®
			Fidelity®		Fidelity®	Fidelity®	VIP II
			VIP Equity-	Fidelity®	VIP High	VIP II	Investment
			Income	VIP Growth	Income	Index 500	Grade Bond

Net investment income (loss)
Income:
	Dividends		$ 1,611	$ 295	$ 1,123	$ 1,087	$ 1,103

Total invesment income			1,611	295	1,123	1,087	1,103

Expenses:
	Mortality and expense risk and
		other charges	544	647	104	413	123

Total expenses			544	647	104	413	123

Net investment income (loss)			1,067	(352)	1,019	674	980

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			(14,574)	(36,157)	2,132	(16,849)	581
Net unrealized appreciation
	(depreciation) of investments		24,771	54,826	195	25,722	(756)

Net increase (decrease) in net assets
	resulting from operations		$ 11,264	$ 18,317	$ 3,346	$ 9,547	$ 805

The accompanying notes are an integral part of these financial statements.
9-30-03 S-19

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Operations-Unaudited

Nine months ended September 30, 2003

(Dollars in thousands)

			Fidelity®			ING AIM
			VIP Money	Fidelity®	ING VP	Capital Mid	ING Hard
			Market	VIP Overseas	Bond	Cap Growth	Assets

Net investment income (loss)
Income:
	Dividends		$ 505	$ 75	$ 16	$ -	$ -

Total invesment income			505	75	16	-	-

Expenses:
	Mortality and expense risk and
		other charges	361	53	8	-	-

Total expenses			361	53	8	-	-

Net investment income (loss)			144	22	8	-	-

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			-	(4,532)	(5)	(11)	1
Net unrealized appreciation
	(depreciation) of investments		-	6,226	21	-	-

Net increase (decrease) in net assets
	resulting from operations		$ 144	$ 1,716	$ 24	$ (11)	$ 1

The accompanying notes are an integral part of these financial statements.
9-30-03 S-20

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Operations-Unaudited

Nine months ended September 30, 2003

(Dollars in thousands)

				ING Limited			ING MFS
			ING	Maturity	ING Liquid	ING Marisico	Mid Cap
			International	Bond	Assets	Growth	Growth

Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ -	$ -	$ -

Total invesment income			-	-	-	-	-

Expenses:
	Mortality and expense risk and
		other charges	-	-	-	-	5

Total expenses			-	-	-	-	5

Net investment income (loss)			-	-	-	-	(5)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			(3)	-	-	-	277
Net unrealized appreciation
	(depreciation) of investments		(1)	-	-	1	(71)

Net increase (decrease) in net assets
	resulting from operations		$ (4)	$ -	$ -	$ 1	$ 201

The accompanying notes are an integral part of these financial statements.
9-30-03 S-21

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Operations-Unaudited

Nine months ended September 30, 2003

(Dollars in thousands)

			ING MFS	ING Salomon	ING T. Rowe	ING T. Rowe	ING Van
			Total	Brothers	Price Capital	Price Equity	Kampen
			Return	Investors	Appreciation	Income	Real Estate

Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ -	$ -	$ -

Total invesment income			-	-	-	-	-

Expenses:
	Mortality and expense risk and
		other charges	-	-	33	-	-

Total expenses			-	-	33	-	-

Net investment income (loss)			-	-	(33)	-	-

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			-	-	86	-	2
Net unrealized appreciation
	(depreciation) of investments		2	-	703	-	6

Net increase (decrease) in net assets
	resulting from operations		$ 2	$ -	$ 756	$ -	$ 8

The accompanying notes are an integral part of these financial statements.
9-30-03 S-22

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Operations-Unaudited

Nine months ended September 30, 2003

(Dollars in thousands)

			ING	ING	ING UBS	ING Salomon
			JPMorgan	PIMCO	Tactical	Brothers	ING Van
			Mid-Cap	Total	Asset	Aggressive	Kampen
			Value	Return	Allocation	Growth	Comstock

Net investment income (loss)
Income:
	Dividends		$ -	$ 2	$ -	$ -	$ -

Total invesment income			-	2	-	-	-

Expenses:
	Mortality and expense risk and
		other charges	-	-	-	-	3

Total expenses			-	-	-	-	3

Net investment income (loss)			-	2	-	-	(3)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			5	-	-	-	95
Net unrealized appreciation
	(depreciation) of investments		(4)	4	2	-	(25)

Net increase (decrease) in net assets
	resulting from operations		$ 1	$ 6	$ 2	$ -	$ 67

The accompanying notes are an integral part of these financial statements.
9-30-03 S-23

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Operations-Unaudited

Nine months ended September 30, 2003

(Dollars in thousands)

			ING VP	ING VP	ING VP	ING VP	ING VP
			Index Plus	Index Plus	Index Plus	Disciplined	Growth
			Large Cap	Mid Cap	Small Cap	LargeCap	Opportunities

Net investment income (loss)
Income:
	Dividends		$ 1	$ 2	$ -	$ 9	$ -

Total invesment income			1	2	-	9	-

Expenses:
	Mortality and expense risk and
		other charges	-	2	1	11	10

Total expenses			-	2	1	11	10

Net investment income (loss)			1	-	(1)	(2)	(10)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			69	97	66	(457)	(287)
Net unrealized appreciation
	(depreciation) of investments		(8)	(20)	(15)	662	673

Net increase (decrease) in net assets
	resulting from operations		$ 62	$ 77	$ 50	$ 203	$ 376

The accompanying notes are an integral part of these financial statements.
9-30-03 S-24

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Operations-Unaudited

Nine months ended September 30, 2003

(Dollars in thousands)

			ING VP	ING VP	ING VP		ING VP
			Growth	High Yield	International	ING VP	Mid Cap
			+ Value	Bond	Value	Magna Cap	Opportunities

Net investment income (loss)
Income:
	Dividends		$ -	$ 123	$ 188	$ 8	$ -

Total invesment income			-	123	188	8	-

Expenses:
	Mortality and expense risk and
		other charges	72	7	79	6	8

Total expenses			72	7	79	6	8

Net investment income (loss)			(72)	116	109	2	(8)

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			(7,223)	(94)	1,129	(11)	(198)
Net unrealized appreciation
	(depreciation) of investments		10,123	227	1,046	202	543

Net increase (decrease) in net assets
	resulting from operations		$ 2,828	$ 249	$ 2,284	$ 193	$ 337

The accompanying notes are an integral part of these financial statements.
9-30-03 S-25

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Operations-Unaudited

Nine months ended September 30, 2003

(Dollars in thousands)

			ING VP		Janus Aspen	Janus Aspen	Janus Aspen
			Small Cap	Janus Aspen	International	Mid Cap	Worldwide
			Opportunities	Growth	Growth	Growth	Growth

Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ 202	$ -	$ 346

Total invesment income			-	-	202	-	346

Expenses:
	Mortality and expense risk and
		other charges	100	110	98	124	225

Total expenses			100	110	98	124	225

Net investment income (loss)			(100)	(110)	104	(124)	121

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			(8,909)	(11,356)	2,365	(20,431)	(19,412)
Net unrealized appreciation
	(depreciation) of investments		13,026	14,597	1,060	25,284	22,818

Net increase (decrease) in net assets
	resulting from operations		$ 4,017	$ 3,131	$ 3,529	$ 4,729	$ 3,527

The accompanying notes are an integral part of these financial statements.
9-30-03 S-26

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Operations-Unaudited

Nine months ended September 30, 2003

(Dollars in thousands)

			Neuberger		Neuberger
			Berman AMT	Neuberger	Berman AMT
			Limited	Berman AMT	Socially	OpCap	OpCap Global
			Maturity Bond	Partners	Responsive	Equity	Equity

Net investment income (loss)
Income:
	Dividends		$ -	$ -	$ -	$ 57	$ 12

Total invesment income			-	-	-	57	12

Expenses:
	Mortality and expense risk and
		other charges	72	53	3	22	10

Total expenses			72	53	3	22	10

Net investment income (loss)			(72)	(53)	(3)	35	2

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			341	121	(8)	(188)	290
Net unrealized appreciation
	(depreciation) of investments		(44)	1,351	152	708	5

Net increase (decrease) in net assets
	resulting from operations		$ 225	$ 1,419	$ 141	$ 555	$ 297

The accompanying notes are an integral part of these financial statements.
9-30-03 S-27

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Operations-Unaudited

Nine months ended September 30, 2003

(Dollars in thousands)

					Pioneer	Pioneer	Putnam VT
			OpCap	OpCap	Mid Cap	Small Cap	Diversified
			Managed	Small Cap	Value VCT	Value VCT	Income

Net investment income (loss)
Income:
	Dividends		$ 163	$ 7	$ 2	$ -	$ 102

Total invesment income			163	7	2	-	102

Expenses:
	Mortality and expense risk and
		other charges	53	74	2	1	7

Total expenses			53	74	2	1	7

Net investment income (loss)			110	(67)	-	(1)	95

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			(1,332)	(2,109)	107	-	(179)
Net unrealized appreciation
	(depreciation) of investments		2,242	5,178	(15)	61	232

Net increase (decrease) in net assets
	resulting from operations		$ 1,020	$ 3,002	$ 92	$ 60	$ 148

The accompanying notes are an integral part of these financial statements.
9-30-03 S-28

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Operations-Unaudited

Nine months ended September 30, 2003

(Dollars in thousands)

							Putnam VT
			Putnam VT	Putnam VT	Putnam VT	Putnam VT	Utilities
			Growth and	International	New	Small Cap	Growth and
			Income	Growth	Opportunities	Value	Income

Net investment income (loss)
Income:
	Dividends		$ 786	$ 12	$ -	$ 21	$ 49

Total invesment income			786	12	-	21	49

Expenses:
	Mortality and expense risk and
		other charges	227	7	181	19	8

Total expenses			227	7	181	19	8

Net investment income (loss)			559	5	(181)	2	41

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			(8,194)	221	(18,659)	698	(828)
Net unrealized appreciation
	(depreciation) of investments		11,884	(116)	24,240	186	934

Net increase (decrease) in net assets
	resulting from operations		$ 4,249	$ 110	$ 5,400	$ 886	$ 147

The accompanying notes are an integral part of these financial statements.
9-30-03 S-29

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Operations-Unaudited

Nine months ended September 30, 2003

(Dollars in thousands)

			Putnam VT
			Voyager

Net investment income (loss)
Income:
	Dividends		$ 506

Total invesment income			506

Expenses:
	Mortality and expense risk and
		other charges	477

Total expenses			477

Net investment income (loss)			29

Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments			(48,911)
Net unrealized appreciation
	(depreciation) of investments		59,217

Net increase (decrease) in net assets
	resulting from operations		$ 10,335

The accompanying notes are an integral part of these financial statements.
9-30-03 S-30

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

			AIM VI		Alger	Alger
			Dent	Alger	American	American
			Demographic	American	Leveraged	Mid Cap
			Trends	Growth	All Cap	Growth

Net assets at January 1, 2002			$ 4,304	$ 44,966	$ 2,891	$ 15,831
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(25)	(276)	(20)	(116)
	Net realized gain (loss) on investments
		and capital gains distributions	(2,185)	(4,498)	(1,369)	(3,477)
	Net unrealized appreciation (depreciation) of investments		634	(11,443)	172	(2,141)
Net increase (decrease) in net assets from operations			(1,576)	(16,217)	(1,217)	(5,734)
Changes from principal transactions:
	Premiums		1,813	11,801	1,147	5,054
	Surrenders and other withdrawals		(135)	(1,575)	(92)	(597)
	Transfer payments		(383)	(431)	354	4,190
	Policy loans		(13)	(165)	(15)	(81)
	Loan collateral interest		2	52	1	17
	Death benefits		(10)	(103)	(8)	(8)
	Contract charges		(577)	(4,477)	(385)	(1,924)
Increase (decrease) in net assets derived from
	principal transactions		697	5,102	1,002	6,651
Total increase (decrease)			(879)	(11,115)	(215)	917
Net assets at December 31, 2002			3,425	33,851	2,676	16,748
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(19)	(213)	(19)	(113)
	Net realized gain (loss) on investments
		and capital gains distributions	(592)	(15,622)	(250)	(44)
	Net unrealized appreciation (depreciation) of investments		1,409	22,699	929	5,555
Net increase (decrease) in net assets from operations			798	6,864	660	5,398
Changes from principal transactions:
	Premiums		948	7,700	914	4,088
	Surrenders and withdrawals		(134)	(1,299)	(80)	(594)
	Transfer payments		221	(608)	498	2,724
	Policy loans		(39)	(199)	(1)	(88)
	Loan collateral interest		2	41	1	14
	Death benefits		(4)	(43)	(1)	(17)
	Contract charges		(395)	(3,231)	(327)	(1,705)
Increase (decrease) in net assets derived from
	principal transactions		599	2,361	1,004	4,422
Total increase (decrease)			1,397	9,225	1,664	9,820
Net assets at September 30, 2003			$ 4,822	$ 43,076	$ 4,340	$ 26,568

The accompanying notes are an integral part of these financial statements.
9-30-03 S-31

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

			Alger
			American	American	American	American
			Small	Funds	Funds	Funds
			Capitalization	Growth	Growth-Income	International

Net assets at January 1, 2002			$ 6,285	$ -	$ -	$ -
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(41)	-	-	-
	Net realized gain (loss) on investments
		and capital gains distributions	(1,462)	-	-	-
	Net unrealized appreciation (depreciation) of investments		(413)	-	-	-
Net increase (decrease) in net assets from operations			(1,916)	-	-	-
Changes from principal transactions:
	Premiums		1,814	-	-	-
	Surrenders and other withdrawals		(297)	-	-	-
	Transfer payments		22	-	-	-
	Policy loans		(15)	-	-	-
	Loan collateral interest		9	-	-	-
	Death benefits		(5)	-	-	-
	Contract charges		(677)	-	-	-
Increase (decrease) in net assets derived from
	principal transactions		851	-	-	-
Total increase (decrease)			(1,065)	-	-	-
Net assets at December 31, 2002			5,220	-	-	-
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(32)	-	(1)	-
	Net realized gain (loss) on investments
		and capital gains distributions	814	-	1	-
	Net unrealized appreciation (depreciation) of investments		612	3	1	21
Net increase (decrease) in net assets from operations			1,394	3	1	21
Changes from principal transactions:
	Premiums		1,139	37	64	47
	Surrenders and withdrawals		(221)	-	-	-
	Transfer payments		131	565	755	459
	Policy loans		(41)	-	(1)	-
	Loan collateral interest		8	-	-	-
	Death benefits		(16)	-	(1)	-
	Contract charges		(515)	(10)	(14)	(10)
Increase (decrease) in net assets derived from
	principal transactions		485	592	803	496
Total increase (decrease)			1,879	595	804	517
Net assets at September 30, 2003			$ 7,099	$ 595	$ 804	$ 517

The accompanying notes are an integral part of these financial statements.
9-30-03 S-32

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

			Fidelity®
			VIP II	Fidelity®	Fidelity®
			Asset	VIP II	VIP Equity-	Fidelity®
			Manager^SM	Contrafund®	Income	VIP Growth

Net assets at January 1, 2002			$ 22,760	$ 68,158	$ 101,346	$ 146,559
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		656	(8)	823	(681)
	Net realized gain (loss) on investments
		and capital gains distributions	(889)	(4,088)	(1,506)	(7,301)
	Net unrealized appreciation (depreciation) of investments		(1,812)	(3,012)	(17,301)	(36,836)
Net increase (decrease) in net assets from operations			(2,045)	(7,108)	(17,984)	(44,818)
Changes from principal transactions:
	Premiums		(3)	12,749	12,220	17,421
	Surrenders and other withdrawals		(1,004)	(3,516)	(4,449)	(6,244)
	Transfer payments		(776)	(85)	(512)	(3,124)
	Policy loans		(221)	(496)	(837)	(1,550)
	Loan collateral interest		-	79	287	500
	Death benefits		(135)	(105)	(149)	(216)
	Contract charges		(1,206)	(6,130)	(6,816)	(9,218)
Increase (decrease) in net assets derived from
	principal transactions		(3,345)	2,496	(256)	(2,431)
Total increase (decrease)			(5,390)	(4,612)	(18,240)	(47,249)
Net assets at December 31, 2002			17,370	63,546	83,106	99,310
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		537	(104)	1,067	(352)
	Net realized gain (loss) on investments
		and capital gains distributions	(2,719)	(12,991)	(14,574)	(36,157)
	Net unrealized appreciation (depreciation) of investments		3,846	22,665	24,771	54,826
Net increase (decrease) in net assets from operations			1,664	9,570	11,264	18,317
Changes from principal transactions:
	Premiums		3	8,787	8,767	11,129
	Surrenders and withdrawals		(856)	(2,714)	(3,715)	(4,402)
	Transfer payments		(237)	3,532	3,915	(3,097)
	Policy loans		(126)	(316)	(247)	(869)
	Loan collateral interest		-	57	221	362
	Death benefits		(80)	(97)	(172)	(156)
	Contract charges		(837)	(4,655)	(5,257)	(6,486)
Increase (decrease) in net assets derived from
	principal transactions		(2,133)	4,594	3,512	(3,519)
Total increase (decrease)			(469)	14,164	14,776	14,798
Net assets at September 30, 2003			$ 16,901	$ 77,710	$ 97,882	$ 114,108

The accompanying notes are an integral part of these financial statements.
9-30-03 S-33

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

					Fidelity®
			Fidelity®	Fidelity®	VIP II	Fidelity®
			VIP High	VIP II	Investment	VIP Money
			Income	Index 500	Grade Bond	Market

Net assets at January 1, 2002			$ 16,110	$ 81,285	$ 12,228	$ 51,300
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1,313	382	386	557
	Net realized gain (loss) on investments
		and capital gains distributions	(7,344)	(3,459)	426	-
	Net unrealized appreciation (depreciation) of investments		6,577	(16,423)	698	-
Net increase (decrease) in net assets from operations			546	(19,500)	1,510	557
Changes from principal transactions:
	Premiums		2,328	18,360	3,096	37,394
	Surrenders and other withdrawals		(619)	(4,486)	(677)	(4,770)
	Transfer payments		(3,112)	(135)	5,792	(8,591)
	Policy loans		(153)	(407)	(80)	(638)
	Loan collateral interest		55	157	35	255
	Death benefits		(55)	(112)	(14)	(222)
	Contract charges		(1,210)	(7,960)	(1,525)	(5,941)
Increase (decrease) in net assets derived from
	principal transactions		(2,766)	5,417	6,627	17,487
Total increase (decrease)			(2,220)	(14,083)	8,137	18,044
Net assets at December 31, 2002			13,890	67,202	20,365	69,344
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1,019	674	980	144
	Net realized gain (loss) on investments
		and capital gains distributions	2,132	(16,849)	581	-
	Net unrealized appreciation (depreciation) of investments		195	25,722	(756)	-
Net increase (decrease) in net assets from operations			3,346	9,547	805	144
Changes from principal transactions:
	Premiums		1,606	12,195	3,116	19,712
	Surrenders and withdrawals		(652)	(3,152)	(1,302)	(3,917)
	Transfer payments		3,960	43	1,719	(13,970)
	Policy loans		(114)	91	(76)	(653)
	Loan collateral interest		47	129	37	182
	Death benefits		(65)	(95)	(25)	(407)
	Contract charges		(1,123)	(5,944)	(1,643)	(4,880)
Increase (decrease) in net assets derived from
	principal transactions		3,659	3,267	1,826	(3,933)
Total increase (decrease)			7,005	12,814	2,631	(3,789)
Net assets at September 30, 2003			$ 20,895	$ 80,016	$ 22,996	$ 65,555

The accompanying notes are an integral part of these financial statements.
9-30-03 S-34

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

					ING AIM
			Fidelity®	ING VP	Capital Mid	ING Hard
			VIP Overseas	Bond	Cap Growth	Assets

Net assets at January 1, 2002			$ 12,989	$ -	$ -	$ -
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		-	8	-	-
	Net realized gain (loss) on investments
		and capital gains distributions	(1,460)	7	-	-
	Net unrealized appreciation (depreciation) of investments		(997)	-	-	-
Net increase (decrease) in net assets from operations			(2,457)	15	-	-
Changes from principal transactions:
	Premiums		(4)	53	-	-
	Surrenders and other withdrawals		(649)	(4)	-	-
	Transfer payments		(591)	234	-	-
	Policy loans		(154)	-	-	-
	Loan collateral interest		-	-	-	-
	Death benefits		(86)	-	-	-
	Contract charges		(648)	(17)	-	-
Increase (decrease) in net assets derived from
	principal transactions		(2,132)	266	-	-
Total increase (decrease)			(4,589)	281	-	-
Net assets at December 31, 2002			8,400	281	-	-
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		22	8	-	-
	Net realized gain (loss) on investments
		and capital gains distributions	(4,532)	(5)	(11)	1
	Net unrealized appreciation (depreciation) of investments		6,226	21	-	-
Net increase (decrease) in net assets from operations			1,716	24	(11)	1
Changes from principal transactions:
	Premiums		5	396	2	-
	Surrenders and withdrawals		(374)	(7)	-	-
	Transfer payments		(337)	565	17	7
	Policy loans		(67)	(9)	-	-
	Loan collateral interest		-	-	-	-
	Death benefits		(46)	-	-	-
	Contract charges		(394)	(109)	-	-
Increase (decrease) in net assets derived from
	principal transactions		(1,213)	836	19	7
Total increase (decrease)			503	860	8	8
Net assets at September 30, 2003			$ 8,903	$ 1,141	$ 8	$ 8

The accompanying notes are an integral part of these financial statements.
9-30-03 S-35

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

				ING Limited
			ING	Maturity	ING Liquid	ING Marsico
			International	Bond	Assets	Growth

Net assets at January 1, 2002			$ -	$ -	$ -	$ -
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		-	-	-	-
	Net realized gain (loss) on investments
		and capital gains distributions	-	-	-	-
	Net unrealized appreciation (depreciation) of investments		-	-	-	-
Net increase (decrease) in net assets from operations			-	-	-	-
Changes from principal transactions:
	Premiums		-	-	-	-
	Surrenders and other withdrawals		-	-	-	-
	Transfer payments		-	-	-	-
	Policy loans		-	-	-	-
	Loan collateral interest		-	-	-	-
	Death benefits		-	-	-	-
	Contract charges		-	-	-	-
Increase (decrease) in net assets derived from
	principal transactions		-	-	-	-
Total increase (decrease)			-	-	-	-
Net assets at December 31, 2002			-	-	-	-
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		-	-	-	-
	Net realized gain (loss) on investments
		and capital gains distributions	(3)	-	-	-
	Net unrealized appreciation (depreciation) of investments		(1)	-	-	1
Net increase (decrease) in net assets from operations			(4)	-	-	1
Changes from principal transactions:
	Premiums		1	5	4	14
	Surrenders and withdrawals		-	-	-	-
	Transfer payments		65	35	25	400
	Policy loans		-	1	-	-
	Loan collateral interest		-	-	-	-
	Death benefits		-	-	-	-
	Contract charges		-	(1)	(1)	(3)
Increase (decrease) in net assets derived from
	principal transactions		66	40	28	411
Total increase (decrease)			62	40	28	412
Net assets at September 30, 2003			$ 62	$ 40	$ 28	$ 412

The accompanying notes are an integral part of these financial statements.
9-30-03 S-36

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

			ING MFS	ING MFS	ING Salomon	ING T. Rowe
			Mid Cap	Total	Brothers	Price Capital
			Growth	Return	Investors	Appreciation

Net assets at January 1, 2002			$ 170	$ -	$ -	$ 1,450
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(2)	-	-	117
	Net realized gain (loss) on investments
		and capital gains distributions	(190)	-	-	(43)
	Net unrealized appreciation (depreciation) of investments		(15)	-	-	(156)
Net increase (decrease) in net assets from operations			(207)	-	-	(82)
Changes from principal transactions:
	Premiums		249	-	-	1,411
	Surrenders and other withdrawals		(9)	-	-	(221)
	Transfer payments		552	-	-	3,289
	Policy loans		(1)	-	-	5
	Loan collateral interest		-	-	-	6
	Death benefits		-	-	-	-
	Contract charges		(64)	-	-	(453)
Increase (decrease) in net assets derived from
	principal transactions		727	-	-	4,037
Total increase (decrease)			520	-	-	3,955
Net assets at December 31, 2002			690	-	-	5,405
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(5)	-	-	(33)
	Net realized gain (loss) on investments
		and capital gains distributions	277	-	-	86
	Net unrealized appreciation (depreciation) of investments		(71)	2	-	703
Net increase (decrease) in net assets from operations			201	2	-	756
Changes from principal transactions:
	Premiums		311	20	8	1,417
	Surrenders and withdrawals		(48)	-	-	(737)
	Transfer payments		227	99	28	1,596
	Policy loans		(6)	-	-	287
	Loan collateral interest		-	-	-	6
	Death benefits		(1)	-	-	(103)
	Contract charges		(102)	(3)	(1)	(576)
Increase (decrease) in net assets derived from
	principal transactions		381	116	35	1,890
Total increase (decrease)			582	118	35	2,646
Net assets at September 30, 2003			$ 1,272	$ 118	$ 35	$ 8,051

The accompanying notes are an integral part of these financial statements.
9-30-03 S-37

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

					ING	ING
			ING T. Rowe	ING Van	JPMorgan	PIMCO
			Price Equity	Kampen	Mid-Cap	Total
			Income	Real Estate	Value	Return

Net assets at January 1, 2002			$ -	$ -	$ -	$ -
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		-	-	-	-
	Net realized gain (loss) on investments
		and capital gains distributions	-	-	-	-
	Net unrealized appreciation (depreciation) of investments		-	-	-	-
Net increase (decrease) in net assets from operations			-	-	-	-
Changes from principal transactions:
	Premiums		-	-	-	-
	Surrenders and other withdrawals		-	-	-	-
	Transfer payments		-	-	-	-
	Policy loans		-	-	-	-
	Loan collateral interest		-	-	-	-
	Death benefits		-	-	-	-
	Contract charges		-	-	-	-
Increase (decrease) in net assets derived from
	principal transactions		-	-	-	-
Total increase (decrease)			-	-	-	-
Net assets at December 31, 2002			-	-	-	-
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		-	-	-	2
	Net realized gain (loss) on investments
		and capital gains distributions	-	2	5	-
	Net unrealized appreciation (depreciation) of investments		-	6	(4)	4
Net increase (decrease) in net assets from operations			-	8	1	6
Changes from principal transactions:
	Premiums		22	11	44	34
	Surrenders and withdrawals		-	-	-	-
	Transfer payments		102	101	167	350
	Policy loans		-	-	-	-
	Loan collateral interest		-	-	-	-
	Death benefits		-	-	-	-
	Contract charges		(3)	(3)	(6)	(8)
Increase (decrease) in net assets derived from
	principal transactions		121	109	205	376
Total increase (decrease)			121	117	206	382
Net assets at September 30, 2003			$ 121	$ 117	$ 206	$ 382

The accompanying notes are an integral part of these financial statements.
9-30-03 S-38

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

			ING Salomon	ING UBS
			Brothers	Tactical	ING Van	ING VP
			Aggressive	Asset	Kampen	Index Plus
			Growth	Allocation	Comstock	Large Cap

Net assets at January 1, 2002			$ -	$ -	$ -	$ -
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		-	-	1	-
	Net realized gain (loss) on investments
		and capital gains distributions	-	-	(3)	(31)
	Net unrealized appreciation (depreciation) of investments		-	-	7	(1)
Net increase (decrease) in net assets from operations			-	-	5	(32)
Changes from principal transactions:
	Premiums		-	-	68	4
	Surrenders and other withdrawals		-	-	-	-
	Transfer payments		-	8	161	65
	Policy loans		-	-	-	-
	Loan collateral interest		-	-	-	-
	Death benefits		-	-	-	-
	Contract charges		-	(1)	(9)	-
Increase (decrease) in net assets derived from
	principal transactions		-	7	220	69
Total increase (decrease)			-	7	225	37
Net assets at December 31, 2002			-	7	225	37
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		-	-	(3)	1
	Net realized gain (loss) on investments
		and capital gains distributions	-	-	95	69
	Net unrealized appreciation (depreciation) of investments		-	2	(25)	(8)
Net increase (decrease) in net assets from operations			-	2	67	62
Changes from principal transactions:
	Premiums		2	4	304	33
	Surrenders and withdrawals		-	-	(5)	-
	Transfer payments		71	4	385	163
	Policy loans		-	-	(6)	-
	Loan collateral interest		-	-	-	-
	Death benefits		-	-	-	-
	Contract charges		(2)	(2)	(53)	(13)
Increase (decrease) in net assets derived from
	principal transactions		71	6	625	183
Total increase (decrease)			71	8	692	245
Net assets at September 30, 2003			$ 71	$ 15	$ 917	$ 282

The accompanying notes are an integral part of these financial statements.
9-30-03 S-39

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

			ING VP	ING VP	ING VP	ING VP
			Index Plus	Index Plus	Disciplined	Growth
			Mid Cap	Small Cap	LargeCap	Opportunities

Net assets at January 1, 2002			$ -	$ -	$ 2,208	$ 2,600
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		-	-	12	(15)
	Net realized gain (loss) on investments
		and capital gains distributions	-	(67)	(459)	(1,208)
	Net unrealized appreciation (depreciation) of investments		(1)	(3)	(79)	276
Net increase (decrease) in net assets from operations			(1)	(70)	(526)	(947)
Changes from principal transactions:
	Premiums		23	15	571	1,304
	Surrenders and other withdrawals		-	-	(104)	(131)
	Transfer payments		87	139	(124)	(376)
	Policy loans		-	-	(5)	(6)
	Loan collateral interest		-	-	3	-
	Death benefits		-	-	-	(10)
	Contract charges		(4)	(4)	(212)	(429)
Increase (decrease) in net assets derived from
	principal transactions		106	150	129	352
Total increase (decrease)			105	80	(397)	(595)
Net assets at December 31, 2002			105	80	1,811	2,005
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		-	(1)	(2)	(10)
	Net realized gain (loss) on investments
		and capital gains distributions	97	66	(457)	(287)
	Net unrealized appreciation (depreciation) of investments		(20)	(15)	662	673
Net increase (decrease) in net assets from operations			77	50	203	376
Changes from principal transactions:
	Premiums		123	69	332	704
	Surrenders and withdrawals		(4)	(4)	(70)	(51)
	Transfer payments		417	198	(128)	(253)
	Policy loans		(3)	-	(2)	(8)
	Loan collateral interest		-	-	2	1
	Death benefits		-	-	(2)	(1)
	Contract charges		(37)	(19)	(150)	(257)
Increase (decrease) in net assets derived from
	principal transactions		496	244	(18)	135
Total increase (decrease)			573	294	185	511
Net assets at September 30, 2003			$ 678	$ 374	$ 1,996	$ 2,516

The accompanying notes are an integral part of these financial statements.
9-30-03 S-40

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

			ING VP	ING VP	ING VP
			Growth	High Yield	International	ING VP
			+ Value	Bond	Value	Magna Cap

Net assets at January 1, 2002			$ 18,089	$ 1,220	$ 7,806	$ 503
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(112)	147	25	6
	Net realized gain (loss) on investments
		and capital gains distributions	(9,350)	(116)	(2,892)	(51)
	Net unrealized appreciation (depreciation) of investments		2,084	(53)	1,239	(200)
Net increase (decrease) in net assets from operations			(7,378)	(22)	(1,628)	(245)
Changes from principal transactions:
	Premiums		5,682	565	3,067	512
	Surrenders and other withdrawals		(555)	(58)	(205)	(28)
	Transfer payments		(933)	285	4,015	551
	Policy loans		(45)	(7)	(49)	(1)
	Loan collateral interest		26	1	10	-
	Death benefits		(34)	(4)	(15)	-
	Contract charges		(2,015)	(236)	(1,045)	(152)
Increase (decrease) in net assets derived from
	principal transactions		2,126	546	5,778	882
Total increase (decrease)			(5,252)	524	4,150	637
Net assets at December 31, 2002			12,837	1,744	11,956	1,140
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(72)	116	109	2
	Net realized gain (loss) on investments
		and capital gains distributions	(7,223)	(94)	1,129	(11)
	Net unrealized appreciation (depreciation) of investments		10,123	227	1,046	202
Net increase (decrease) in net assets from operations			2,828	249	2,284	193
Changes from principal transactions:
	Premiums		2,986	449	3,015	395
	Surrenders and withdrawals		(389)	(115)	(549)	(84)
	Transfer payments		(2,078)	688	3,000	51
	Policy loans		(79)	(22)	(39)	(5)
	Loan collateral interest		22	2	10	-
	Death benefits		(10)	(2)	(17)	(1)
	Contract charges		(1,283)	(229)	(1,067)	(144)
Increase (decrease) in net assets derived from
	principal transactions		(831)	771	4,353	212
Total increase (decrease)			1,997	1,020	6,637	405
Net assets at September 30, 2003			$ 14,834	$ 2,764	$ 18,593	$ 1,545

The accompanying notes are an integral part of these financial statements.
9-30-03 S-41

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

			ING VP	ING VP		Janus Aspen
			Mid Cap	Small Cap	Janus Aspen	International
			Opportunities	Opportunities	Growth	Growth

Net assets at January 1, 2002			$ 1,313	$ 26,824	$ 29,811	$ 18,555
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(7)	(160)	(185)	25
	Net realized gain (loss) on investments
		and capital gains distributions	(182)	(12,154)	(8,391)	(3,033)
	Net unrealized appreciation (depreciation) of investments		(228)	(607)	338	(389)
Net increase (decrease) in net assets from operations			(417)	(12,921)	(8,238)	(3,397)
Changes from principal transactions:
	Premiums		684	7,099	7,255	5,182
	Surrenders and other withdrawals		(45)	(698)	(930)	(676)
	Transfer payments		109	(105)	(4,444)	(1,511)
	Policy loans		(9)	(248)	(57)	(62)
	Loan collateral interest		1	19	24	28
	Death benefits		(1)	(35)	(78)	(22)
	Contract charges		(225)	(2,471)	(3,032)	(1,997)
Increase (decrease) in net assets derived from
	principal transactions		514	3,561	(1,262)	942
Total increase (decrease)			97	(9,360)	(9,500)	(2,455)
Net assets at December 31, 2002			1,410	17,464	20,311	16,100
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(8)	(100)	(110)	104
	Net realized gain (loss) on investments
		and capital gains distributions	(198)	(8,909)	(11,356)	2,365
	Net unrealized appreciation (depreciation) of investments		543	13,026	14,597	1,060
Net increase (decrease) in net assets from operations			337	4,017	3,131	3,529
Changes from principal transactions:
	Premiums		441	4,095	4,088	3,234
	Surrenders and withdrawals		(59)	(651)	(1,008)	(535)
	Transfer payments		228	(2,716)	(2,153)	(979)
	Policy loans		(3)	(81)	(86)	(16)
	Loan collateral interest		1	15	19	25
	Death benefits		-	(22)	(23)	(26)
	Contract charges		(187)	(1,608)	(1,951)	(1,406)
Increase (decrease) in net assets derived from
	principal transactions		421	(968)	(1,114)	297
Total increase (decrease)			758	3,049	2,017	3,826
Net assets at September 30, 2003			$ 2,168	$ 20,513	$ 22,328	$ 19,926

The accompanying notes are an integral part of these financial statements.
9-30-03 S-42

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

					Neuberger
			Janus Aspen	Janus Aspen	Berman AMT	Neuberger
			Mid Cap	Worldwide	Limited	Berman AMT
			Growth	Growth	Maturity Bond	Partners

Net assets at January 1, 2002			$ 30,499	$ 53,757	$ 7,482	$ 9,503
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(177)	68	338	(27)
	Net realized gain (loss) on investments
		and capital gains distributions	(17,357)	(12,807)	124	(2,154)
	Net unrealized appreciation (depreciation) of investments		8,575	(1,745)	5	(347)
Net increase (decrease) in net assets from operations			(8,959)	(14,484)	467	(2,528)
Changes from principal transactions:
	Premiums		9,756	12,485	2,833	2,048
	Surrenders and other withdrawals		(1,323)	(1,780)	(478)	(468)
	Transfer payments		(3,765)	(5,161)	3,012	390
	Policy loans		(142)	(152)	(54)	(27)
	Loan collateral interest		51	79	7	7
	Death benefits		(53)	(104)	(8)	(13)
	Contract charges		(3,608)	(4,843)	(1,055)	(883)
Increase (decrease) in net assets derived from
	principal transactions		916	524	4,257	1,054
Total increase (decrease)			(8,043)	(13,960)	4,724	(1,474)
Net assets at December 31, 2002			22,456	39,797	12,206	8,029
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(124)	121	(72)	(53)
	Net realized gain (loss) on investments
		and capital gains distributions	(20,431)	(19,412)	341	121
	Net unrealized appreciation (depreciation) of investments		25,284	22,818	(44)	1,351
Net increase (decrease) in net assets from operations			4,729	3,527	225	1,419
Changes from principal transactions:
	Premiums		5,299	7,291	2,428	1,341
	Surrenders and withdrawals		(859)	(1,381)	(1,188)	(446)
	Transfer payments		(1,904)	(4,631)	1,721	225
	Policy loans		(114)	(145)	52	(36)
	Loan collateral interest		40	63	10	6
	Death benefits		(23)	(38)	(19)	(5)
	Contract charges		(2,487)	(3,088)	(1,054)	(646)
Increase (decrease) in net assets derived from
	principal transactions		(48)	(1,929)	1,950	439
Total increase (decrease)			4,681	1,598	2,175	1,858
Net assets at September 30, 2003			$ 27,137	$ 41,395	$ 14,381	$ 9,887

The accompanying notes are an integral part of these financial statements.
9-30-03 S-43

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

			Neuberger
			Berman AMT
			Socially	OpCap	OpCap Global	OpCap
			Responsive	Equity	Equity	Managed

Net assets at January 1, 2002			$ 621	$ 4,625	$ 1,479	$ 7,904
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(3)	5	(4)	82
	Net realized gain (loss) on investments
		and capital gains distributions	(32)	(737)	(467)	(313)
	Net unrealized appreciation (depreciation) of investments		(78)	(335)	175	(1,450)
Net increase (decrease) in net assets from operations			(113)	(1,067)	(296)	(1,681)
Changes from principal transactions:
	Premiums		303	1,282	408	2,307
	Surrenders and other withdrawals		(32)	(237)	(60)	(367)
	Transfer payments		33	(63)	270	1,355
	Policy loans		(2)	(43)	(9)	(23)
	Loan collateral interest		-	3	3	15
	Death benefits		-	(10)	(1)	(25)
	Contract charges		(112)	(506)	(175)	(966)
Increase (decrease) in net assets derived from
	principal transactions		190	426	436	2,296
Total increase (decrease)			77	(641)	140	615
Net assets at December 31, 2002			698	3,984	1,619	8,519
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(3)	35	2	110
	Net realized gain (loss) on investments
		and capital gains distributions	(8)	(188)	290	(1,332)
	Net unrealized appreciation (depreciation) of investments		152	708	5	2,242
Net increase (decrease) in net assets from operations			141	555	297	1,020
Changes from principal transactions:
	Premiums		225	829	365	1,557
	Surrenders and withdrawals		(55)	(152)	(29)	(261)
	Transfer payments		95	(351)	589	662
	Policy loans		(4)	(8)	(40)	214
	Loan collateral interest		-	1	2	12
	Death benefits		-	(11)	-	(7)
	Contract charges		(90)	(349)	(161)	(789)
Increase (decrease) in net assets derived from
	principal transactions		171	(41)	726	1,388
Total increase (decrease)			312	514	1,023	2,408
Net assets at September 30, 2003			$ 1,010	$ 4,498	$ 2,642	$ 10,927

The accompanying notes are an integral part of these financial statements.
9-30-03 S-44

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

				Pioneer	Pioneer	Putnam VT
			OpCap	Mid Cap	Small Cap	Diversified
			Small Cap	Value VCT	Value VCT	Income

Net assets at January 1, 2002			$ 10,997	$ -	$ -	$ 1,248
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(82)	(1)	-	97
	Net realized gain (loss) on investments
		and capital gains distributions	1,367	(23)	(7)	(51)
	Net unrealized appreciation (depreciation) of investments		(4,591)	(2)	1	13
Net increase (decrease) in net assets from operations			(3,306)	(26)	(6)	59
Changes from principal transactions:
	Premiums		2,959	76	35	(6)
	Surrenders and other withdrawals		(491)	(1)	-	(82)
	Transfer payments		3,153	1,109	118	(49)
	Policy loans		(59)	-	-	(7)
	Loan collateral interest		15	-	-	-
	Death benefits		(11)	-	-	-
	Contract charges		(1,238)	(13)	(7)	(65)
Increase (decrease) in net assets derived from
	principal transactions		4,328	1,171	146	(209)
Total increase (decrease)			1,022	1,145	140	(150)
Net assets at December 31, 2002			12,019	1,145	140	1,098
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(67)	-	(1)	95
	Net realized gain (loss) on investments
		and capital gains distributions	(2,109)	107	-	(179)
	Net unrealized appreciation (depreciation) of investments		5,178	(15)	61	232
Net increase (decrease) in net assets from operations			3,002	92	60	148
Changes from principal transactions:
	Premiums		2,178	169	159	1
	Surrenders and withdrawals		(421)	(1)	(1)	(31)
	Transfer payments		1,777	(699)	197	(56)
	Policy loans		(67)	-	(4)	(3)
	Loan collateral interest		9	-	-	-
	Death benefits		(18)	-	-	(3)
	Contract charges		(992)	(41)	(33)	(50)
Increase (decrease) in net assets derived from
	principal transactions		2,466	(572)	318	(142)
Total increase (decrease)			5,468	(480)	378	6
Net assets at September 30, 2003			$ 17,487	$ 665	$ 518	$ 1,104

The accompanying notes are an integral part of these financial statements.
9-30-03 S-45

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

			Putnam VT	Putnam VT	Putnam VT	Putnam VT
			Growth and	International	New	Small Cap
			Income	Growth	Opportunities	Value

Net assets at January 1, 2002			$ 43,533	$ 1,433	$ 38,232	$ 1,199
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		360	4	(260)	(11)
	Net realized gain (loss) on investments
		and capital gains distributions	(2,973)	97	(6,562)	(631)
	Net unrealized appreciation (depreciation) of investments		(6,010)	1,031	(5,186)	(128)
Net increase (decrease) in net assets from operations			(8,623)	1,132	(12,008)	(770)
Changes from principal transactions:
	Premiums		7,040	14	8,174	1,117
	Surrenders and other withdrawals		(1,881)	(52)	(1,565)	(130)
	Transfer payments		(879)	(1,343)	(2,501)	2,705
	Policy loans		(191)	(10)	(173)	(43)
	Loan collateral interest		68	-	66	3
	Death benefits		(80)	-	(29)	(2)
	Contract charges		(3,516)	(81)	(3,109)	(389)
Increase (decrease) in net assets derived from
	principal transactions		561	(1,472)	863	3,261
Total increase (decrease)			(8,062)	(340)	(11,145)	2,491
Net assets at December 31, 2002			35,471	1,093	27,087	3,690
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		559	5	(181)	2
	Net realized gain (loss) on investments
		and capital gains distributions	(8,194)	221	(18,659)	698
	Net unrealized appreciation (depreciation) of investments		11,884	(116)	24,240	186
Net increase (decrease) in net assets from operations			4,249	110	5,400	886
Changes from principal transactions:
	Premiums		4,616	(1)	4,831	960
	Surrenders and withdrawals		(1,422)	(19)	(1,065)	(179)
	Transfer payments		(519)	(88)	(1,259)	(112)
	Policy loans		(232)	(8)	(167)	(12)
	Loan collateral interest		52	-	50	2
	Death benefits		(69)	(5)	(91)	(2)
	Contract charges		(2,586)	(50)	(2,166)	(364)
Increase (decrease) in net assets derived from
	principal transactions		(160)	(171)	133	293
Total increase (decrease)			4,089	(61)	5,533	1,179
Net assets at September 30, 2003			$ 39,560	$ 1,032	$ 32,620	$ 4,869

The accompanying notes are an integral part of these financial statements.
9-30-03 S-46

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Statement of Changes in Net Assets-Unaudited

Nine months ended September 30, 2003 and year ended December 31, 2002

(Dollars in thousands)

		Putnam VT
		Utilities
		Growth and	Putnam VT
		Income	Voyager

Net assets at January 1, 2002		$ 1,915	$ 101,802
Increase (decrease) in net assets
Operations:
	Net investment income (loss)	44	24
	Net realized gain (loss) on investments and capital gains distributions	(181)	(12,018)
	Net unrealized appreciation (depreciation) of investments	(316)	(15,787)
Net increase (decrease) in net assets from operations		(453)	(27,781)
Changes from principal transactions:
	Premiums	(2)	16,684
	Surrenders and other withdrawals	(81)	(4,312)
	Transfer payments	(62)	(5,336)
	Policy loans	(10)	(612)
	Loan collateral interest	-	177
	Death benefits	-	(115)
	Contract charges	(110)	(7,578)
Increase (decrease) in net assets derived from principal transactions		(265)	(1,092)
Total increase (decrease)		(718)	(28,873)
Net assets at December 31, 2002		1,197	72,929
Increase (decrease) in net assets
Operations:
	Net investment income (loss)	41	29
	Net realized gain (loss) on investments and capital gains distributions	(828)	(48,911)
	Net unrealized appreciation (depreciation) of investments	934	59,217
Net increase (decrease) in net assets from operations		147	10,335
Changes from principal transactions:
	Premiums	(5)	10,125
	Surrenders and withdrawals	(30)	(3,100)
	Transfer payments	(22)	(4,772)
	Policy loans	(8)	(415)
	Loan collateral interest	-	129
	Death benefits	(7)	(119)
	Contract charges	(67)	(5,171)
Increase (decrease) in net assets derived from principal transactions		(139)	(3,323)
Total increase (decrease)		8	7,012
Net assets at September 30, 2003		$ 1,205	$ 79,941

The accompanying notes are an integral part of these financial statements.
9-30-03 S-47

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

1.	Organization

ReliaStar Life Insurance Company Select*Life Variable Account (the "Account") was established by ReliaStar Life Insurance Company ("ReliaStar Life" or the "Company") to support the operations of variable life policies ("Policies"). ReliaStar Life is an indirect 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. The Account Policies consist of the SelectLife I product and SelectLife Series 2000 product, which incorporates SelectLife II, SelectLife III, Variable Estate Design and Flex Design products. ReliaStar Life provides for variable accumulation and benefits under the Policies by crediting premium payments to one or more divisions within the Account or the fixed separate account, which is not part of the Account, as directed by the Policyholders. The portion of the Account's assets applicable to Policies will not be charged with liabilities arising out of any other business ReliaStar Life may conduct, but obligations of the Account, including the promise to make benefit payments, are obligations of ReliaStar Life. The assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of ReliaStar Life.

9-30-03 S-48

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

At September 30, 2003, the Account had sixty-six investment divisions (the "Divisions"), thirty-four of which invest in independently managed mutual funds and sixteen of which invest in mutual funds managed by an affiliate, either Directed Services, Inc., ING Life Insurance and Annuity Company, or ING Investments, LLC. 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, 2003 and related Trusts are as follows:

AIM Variable Insurance Funds:

ING Variable Portfolios, Inc.:

Dent Demographic Trends Fund - Series I Shares

Index Plus LargeCap Portfolio - Class R*

Index Plus MidCap Portfolio - Class R*

Alger American Funds:

Index Plus SmallCap Portfolio - Class R*

Growth Portfolio - Class O Shares

Leveraged AllCap Portfolio - Class O Shares

ING Variable Products (VP) Trust:

MidCap Growth Portfolio - Class O Shares

Disciplined LargeCap Portfolio - Class R

Small Capitalization Portfolio - Class O Shares

Growth Opportunities Portfolio - Class R

Growth + Value Portfolio - Class R

American Funds Insurance Series

High Yield Bond Portfolio - Class R

Growth Fund - Class 2**

International Value Portfolio - Class R

Growth-Income Fund - Class 2**

MagnaCap Portfolio - Class R

International Fund - Class 2**

MidCap Opportunities Portfolio - Class R

SmallCap Opportunities Portfolio - Class R

Fidelity® Variable Insurance Products Funds:

VIP II Asset Manager Portfolio - Initial Class

Janus Aspen Series:

VIP II Contrafund® Portfolio - Initial Class

Growth - Institutional Shares

VIP Equity-Income Portfolio - Initial Class

International Growth - Institutional Shares

VIP Growth Portfolio - Initial Class

Mid Cap Growth Portfolio - Institutional Shares

VIP High Income Portfolio - Initial Class

Worldwide Growth - Institutional Shares

VIP Index 500 Portfolio - Initial Class

VIP Investment Grade Bond Portfolio - Initial Class

Neuberger Berman Advisers Management Trust:

VIP Money Market Portfolio - Initial Class

Limited Maturity Bond Portfolio

VIP Overseas Portfolio - Initial Class

Partners Portfolio

Socially Responsive Portfolio

ING Income Shares:

VP Bond Portfolio - Class R*

9-30-03 S-49

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

ING Investors Trust:

PIMCO Accumulation Trust:

AIM Capital Mid Cap Growth Portfolio -

OpCap Equity Portfolio

     Service Shares**

OpCap Global Equity Portfolio

Hard Assets Portfolio - Institutional Shares**

OpCap Managed Portfolio

International Portfolio - Service Shares**

OpCap Small Cap Portfolio

Limited Maturity Bond Portfolio - Service

     Shares**

Liquid Assets Portfolio - Service Shares**

Pioneer Variable Contracts Trust:

Marsico Growth Portfolio - Service Shares**

Mid Cap Value VCT Portfolio - Class I*

MFS Mid Cap Growth Portfolio - Service

Small Cap Value VCT Portfolio - Class I*

     Shares

MFS Total Return Portfolio - Institutional

     Shares**

Putnam Variable Trust:

Salomon Brothers Investors Portfolio -

Diversified Income Fund - Class IA Shares

     Institutional Shares**

Growth and Income Fund - Class IA Shares

T. Rowe Price Capital Appreciation

International Growth Fund - Class IA Shares

     Portfolio -- Institutional Shares

New Opportunities Fund - Class IA Shares

T. Rowe Price Equity Income Portfolio -

Small Cap Value Fund - Class IA Shares

     Service Shares**

Utilities Growth and Income Fund - Class IA

Van Kampen Real Estate Portfolio -

     Shares

     Institutional Shares**

Voyager Fund - Class IA Shares

ING Partners, Inc.:

JPMorgan Mid-Cap Value Portfolio - Initial Class**

PIMCO Total Return Portfolio - Service Class**

Salomon Brothers Aggressive Growth - Portfolio -

     Service Class

UBS Tactical Asset Allocation Portfolio - Initial

     Class*

Van Kampen Comstock Portfolio - Initial Class*

*

Investment Division was added in 2002

**

Investment Division was added in 2003

9-30-03 S-50

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

The names of certain Divisions and Trusts were changed during 2003. The following is a summary of current and former names for those Divisions and Trusts:

Current Name		Former Name
ING Investors Trust:		The GCG Trust:
	MFS Mid Cap Growth		Mid Cap Growth
	T. Rowe Price Capital Appreciation		Fully Managed
ING Variable Products (VP) Trust:		ING Variable Products Trust:
	ING VP Disciplined LargeCap		ING VP Research Enhanced Index Portfolio
Janus Aspen Series:		Janus Aspen Series:
	Mid Cap Growth		Aggressive Growth
PIMCO Accumulation Trust:		OCC Accumulation Trust:
	OpCap Equity Portfolio		OCC Accumulation Trust Equity Portfolio
	OpCap Global Equity Portfolio		OCC Accumulation Trust Global Equity Portfolio
	OpCap Managed Portfolio		OCC Accumulation Trust Managed Portfolio
	OpCap Small Cap Portfolio		OCC Accumulation Trust Small Cap Portfolio

2.	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 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 using the specific identification basis. The difference between cost and current fair value of investments owned on the day of measurement is recorded as appreciation or depreciation of investments.

9-30-03 S-51

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Federal Income Taxes

Operations of the Account form a part of, and are taxed with, the total operations of ReliaStar Life, which is taxed as a life insurance company under the Internal Revenue Code. Earnings and realized capital gains of the Account attributable to the Policyholders are excluded in the determination of the federal income tax liability of ReliaStar Life.

Policyholder Reserves

Policyholder reserves are presented as net assets on the Statement of Assets and Liabilities and are equal to the aggregate account values of the Policyholders invested in the Account Divisions. To the extent that benefits to be paid to the Policyholders exceed their account values, ReliaStar Life will contribute additional funds to the benefit proceeds. Conversely, if amounts allocated exceed amounts required, transfers may be made to ReliaStar Life.

3.	Charges and Fees

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

Premium Expense Charge

ReliaStar Life deducts a premium charge ranging from 3.75% to 5.00% of each premium payment as defined in the Policy.

Mortality and Expense Risk and Other Charges

The monthly deduction includes a monthly mortality and expense risk charge, a cost of insurance charge, a monthly administrative charge, a monthly amount charge, and any charges for optional insurance benefits.

ReliaStar Life assumes mortality and expense risks related to the operations of the Account and, in accordance with the terms of the Policies, deducts a mortality and expense risk charge from the assets of the Account. Monthly charges are deducted at annual rates ranging from 0.00% to 0.80% of the average daily net asset value of each Division of the Account to cover these risks.

The cost of insurance charge varies based on the insured's sex, issue age, Policy year, rate class, and the face amount of the Policy.

The monthly administrative charge is currently $8.25 per month and is guaranteed not to exceed $12 per month.

9-30-03 S-52

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

The monthly amount charge and charges for optional insurance benefits vary based on a number of factors and are defined in the Policy.

Surrender and Lapse Charges

As defined in the Policy, ReliaStar Life assesses a surrender charge if the Policy lapses or is surrendered before a specified period.

Other Charges

A transfer charge of $25 will be imposed on each transfer between Divisions in excess of twenty-four in any one calendar year. Charges for partial withdrawals are also imposed in accordance with the terms of the Policy.

4.	Related Party Transactions

During the year ended December 31, 2003, management fees were paid to ING Investments, LLC, in its capacity as investment manager to the ING Income Shares, ING Variable Portfolios, Inc. and the ING Variable Products Trust. The Fund's advisory agreement provided for a fee at annual rates ranging from 0.75% to 1.00% of the average net assets of each respective Fund of the Trusts. Management fees were paid to ING Life Insurance and Annuity Company, in its capacity as investment manager to ING Partners, Inc. The Fund's advisory agreement provided for a fee at annual rates ranging from 0.50% to 1.00% of the average net assets of each respective Fund of the Trust.

9-30-03 S-53

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

5.	Purchases and Sales of Investment Securities

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

Nine Months Ended

Year Ended

September 30, 2003

December 31, 2002

Purchases

Sales

Purchases

Sales

(Dollars In Thousands)

AIM Variable Insurance Funds:

Dent Demographic Trends

$         2,948

$         2,369

$         4,583

$         3,911

The Alger American Fund:

Growth

          22,828

          20,681

          17,764

          12,939

Leveraged All Cap

            2,391

            1,405

            3,752

            2,771

Mid Cap Growth

          29,593

          25,285

          19,718

          13,183

Small Capitalization

          14,204

          13,750

          14,766

          13,955

American Funds Insurance Series:

Growth

               595

                   3

                    -

                    -

Growth-Income

               808

                   6

                    -

                    -

International

               500

                   3

                    -

                    -

Fidelity® Variable Insurance Products Fund:

Asset Manager^SM

            7,789

            9,384

            1,137

            3,827

Contrafund®

          57,669

          53,178

          23,048

          20,555

Equity-Income

          72,702

          68,123

          41,151

          40,561

Growth

          64,059

          67,930

          18,768

          21,866

High Income

        106,984

        102,305

          67,625

          69,080

Index 500

          47,536

          43,595

          27,079

          21,285

Investment Grade Bond

          35,580

          32,774

          20,172

          13,158

Money Market

        308,014

        311,803

        443,744

        425,703

Overseas

            4,564

            5,755

               564

            2,703

ING Income Shares:

Bond

          29,576

          28,733

            3,108

            2,833

ING Investors Trust:

ING AIM Capital Mid Cap Growth

               707

               688

                    -

                    -

ING Hard Assets

               728

               721

                    -

                    -

ING International

               800

               734

                    -

                    -

ING Limited Maturity Bond

                 41

                   2

                    -

                    -

ING Liquid Assets

                 30

                   2

                    -

                    -

ING Marsico Growth

               413

                   2

                    -

                    -

ING MFS Mid Cap Growth

            8,770

            8,395

            5,055

            4,329

ING MFS Total Return

               118

                   2

                    -

                    -

ING Salomon Brothers Investors

                 36

                   1

                    -

                    -

ING T. Rowe Price Capital Appreciation

          12,426

          10,569

            5,895

            1,740

ING T. Rowe Price Equity Income

               126

                   5

                    -

                    -

ING Van Kampen Real Estate

               148

                 39

                    -

                    -

9-30-03 S-54

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Nine Months Ended

Year Ended

September 30, 2003

December 31, 2002

Purchases

Sales

Purchases

Sales

(Dollars In Thousands)

ING Partners Inc:

ING JPMorgan Mid-Cap Value

$            489

$            284

$                 -

$                 -

ING PIMCO Total Return

               380

                   2

                    -

                    -

ING UBS Tactical Asset Allocation

                 10

                   4

                 10

                   2

ING Salomon Brothers Aggressive Growth

                 78

                   8

                    -

                    -

ING Van Kampen Comstock

            2,277

            1,655

               233

                 12

ING Variable Portfolios Inc:

Index Plus Large Cap

            4,993

            4,810

            1,530

            1,461

Index Plus Mid Cap

            8,232

            7,736

               703

               597

Index Plus Small Cap

            3,948

            3,705

            1,828

            1,678

ING Variable Products Trust:

Disciplined LargeCap

            1,367

            1,387

            1,883

            1,742

Growth Opportunities

               759

               634

            2,320

            1,984

Growth + Value

          11,280

          12,183

          13,082

          11,066

High Yield Bond

            4,466

            3,624

            1,369

               651

International Value

          37,510

          33,049

          32,021

          26,217

Magna Cap

            4,781

            4,568

            1,368

               480

Mid Cap Opportunities

            1,347

               933

            1,505

               998

Small Cap Opportunities

          16,705

          17,773

          17,172

          13,771

Janus Aspen Series:

Growth

          11,904

          13,128

          11,692

          13,194

International Growth

        130,513

        130,112

        258,041

        257,074

Mid Cap Growth

          11,605

          11,776

          13,121

          12,356

Worldwide Growth

          34,905

          36,713

          25,148

          24,554

Neuberger Berman Advisors Management Trust:

Limited Maturity Bond

          12,487

          10,609

          13,624

            9,030

Partners

          19,855

          19,469

          13,652

          12,622

Socially Responsive

               419

               252

               784

               597

PIMCO Accumulation Trust:

OpCap Equity

            6,971

            6,977

            5,497

            5,064

OpCap Global Equity

            9,144

            8,416

            5,134

            4,701

OpCap Managed

            6,982

            5,484

            6,249

            3,871

OpCap Small Cap

          15,894

          13,495

          21,575

          17,328

Pioneer Variable Contracts Trust:

Mid Cap Value

          10,768

          11,340

            5,615

            4,445

Small Cap Value

               349

                 31

               171

                 25

9-30-03 S-55

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Nine Months Ended

Year Ended

September 30, 2003

December 31, 2002

Purchases

Sales

Purchases

Sales

(Dollars In Thousands)

Putnam Variable Trust:

Diversified Income

$         1,061

$         1,109

$            108

$            218

Growth and Income

          33,824

          33,425

          17,239

          16,311

International Growth

               930

            1,096

                 46

            1,514

New Opportunities

          28,526

          28,574

          11,690

          11,084

Small Cap Value

          12,904

          12,609

          24,328

          21,078

Utilities Growth and Income

               978

            1,076

                 71

               292

Voyager

          59,491

          62,785

          19,431

          20,501

9-30-03 S-56

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

6.	Changes in Units

The net changes in units outstanding follow:

Nine Months Ended

Year Ended

September 30, 2003

December 31, 2002

Net Units

Net Units

Issued

Issued

(Redeemed)

(Redeemed)

AIM Variable Insurance Funds:

Dent Demographic Trends

                        130,502

                        138,598

The Alger American Fund:

Growth

                        191,993

                        378,946

Leveraged All Cap

                        205,698

                        183,119

Mid Cap Growth

                        299,683

                        461,801

Small Capitalization

                          63,335

                        755,100

American Funds Insurance Series:

Growth

                          71,677

-

Growth-Income

                          52,840

-

International

                          43,761

-

Fidelity® Variable Insurance Products Fund:

Asset Manager^SM

                      (112,142)

                      (178,404)

Contrafund®

                        187,384

                          76,473

Equity-Income

                        156,461

                          (2,741)

Growth

                      (139,520)

                        (45,589)

High Income

                        305,353

                      (222,581)

Index 500

                        123,579

                        187,697

Investment Grade Bond

                          91,990

                        376,885

Money Market

                      (261,758)

                     1,111,906

Overseas

                          91,656

                      (149,746)

ING Income Shares:

Bond

                          74,728

                          26,156

ING Investors Trust:

ING AIM Capital Mid Cap Growth

                               683

                                   -

ING Hard Assets

                               665

                                   -

ING International

                            5,339

                                   -

ING Limited Maturity Bond

                            3,917

                                   -

ING Liquid Assets

                            2,752

                                   -

ING Marsico Growth

                          35,714

                                   -

ING MFS Mid Cap Growth

                        252,786

                                   -

ING MFS Total Return

                          11,057

                                   -

ING Salomon Brothers Investors

                            3,102

                                   -

ING T. Rowe Price Capital Appreciation

                        705,034

                                   -

ING T. Rowe Price Equity Income

                          11,108

                                   -

ING Van Kampen Real Estate

                            9,752

                                   -

9-30-03 S-57

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Nine Months Ended

Year Ended

September 30, 2003

December 31, 2002

Net Units

Net Units

Issued

Issued

(Redeemed)

(Redeemed)

ING Partners Inc:

ING JPMorgan Mid-Cap Value

                          18,371

                                   -

ING PIMCO Total Return

                          37,752

                                   -

ING UBS Tactical Asset Allocation

                               755

                               909

ING Salomon Brothers Aggressive Growth

                            6,324

                                   -

ING Van Kampen Comstock

                          67,118

                          26,742

ING Variable Portfolios Inc:

Index Plus Large Cap

                          25,847

                            4,501

Index Plus Mid Cap

                          57,816

                          12,872

Index Plus Small Cap

                          29,557

                          10,118

ING Variable Products Trust:

Disciplined LargeCap

                          (3,137)

                            9,698

Growth Opportunities

                          28,480

                          59,671

Growth + Value

                        (82,589)

                        162,505

High Yield Bond

                          80,039

                          60,512

International Value

                        304,716

                        390,565

Magna Cap

                          28,767

                        106,943

Mid Cap Opportunities

                          80,243

                          96,698

Small Cap Opportunities

                        (57,167)

                        125,651

Janus Aspen Series:

Growth

                      (122,835)

                          48,706

International Growth

                          88,997

                      (168,470)

Mid Cap Growth

                        (12,620)

                        231,951

Worldwide Growth

                      (206,936)

                        (21,805)

Neuberger Berman Advisors Management Trust:

Limited Maturity Bond

                        141,401

                        326,009

Partners

                          31,974

                          95,704

Socially Responsive

                          17,897

                          19,309

PIMCO Accumulation Trust:

OpCap Equity

                          (4,297)

                          34,742

OpCap Global Equity

                          66,348

                          39,236

OpCap Managed

                        127,879

                        196,870

OpCap Small Cap

                        183,787

                        304,493

Pioneer Variable Contracts Trust:

Mid Cap Value

                        (70,241)

                        136,600

Small Cap Value

                          39,068

                          18,317

9-30-03 S-58

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Nine Months Ended

Year Ended

September 30, 2003

December 31, 2002

Net Units

Net Units

Issued

Issued

(Redeemed)

(Redeemed)

Putnam Variable Trust:

Diversified Income

                          (9,405)

                        (15,394)

Growth and Income

                        (15,012)

                            6,773

International Growth

                        (24,282)

                        (28,063)

New Opportunities

                          (7,981)

                          30,789

Small Cap Value

                          21,741

                        300,226

Utilities Growth and Income

                          (9,802)

                        (18,079)

Voyager

                      (179,397)

                      (106,032)

9-30-03 S-59

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

7.	Financial Highlights

A summary of unit values and units outstanding for variable life Policies, expense ratios, excluding expenses of underlying Funds, investment income ratios, and total return for the nine months ended September 30, 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

Total Return

Division

(000's)

(lowest to highest)

(000's)

Ratio

(lowest to highest)

(lowest to highest)

AIM Variable Insurance Funds:

Dent Demographic Trends

2003

         1,071

$4.50

$       4,822

           -

%

0.00%

23.63%

2002

            941

$3.64

          3,425

           -

0.00%

-32.20%

2001

            802

$5.36

          4,304

           -

0.00%

-31.91%

2000

            450

$7.88

          3,547

*

*

*

The Alger American Fund:

Growth

2003

         3,645

$11.28 to $11.85

        43,076

           -

0.00% to 0.80%

19.87% to 20.55%

2002

         3,453

$9.41 to $9.83

        33,851

        0.04

0.00% to 0.80%

-33.53% to -32.99%

2001

         3,074

$14.16 to $14.67

        44,966

        0.23

0.00% to 0.80%

-12.53% to -11.81%

2000

         2,563

$16.19 to $16.63

        42,521

*

*

*

Leveraged All Cap

4,340

2003

            844

$5.14

          3,857

           -

0.00%

22.67%

2002

            639

$4.19

          2,676

        0.01

0.00%

-33.91%

2001

            455

$6.35

          2,891

           -

0.00%

-15.93%

2000

            217

$7.55

          1,641

*

*

*

Mid Cap Growth

2003

         1,684

$15.07 to $15.83

        26,568

           -

0.00% to 0.80%

29.69% to 30.40%

2002

         1,385

$11.62 to $12.14

        16,748

           -

0.00% to 0.80%

-30.11% to -29.54%

2001

            923

$16.63 to $17.23

        15,831

           -

0.00% to 0.80%

-7.28% to -6.52%

2000

            630

$17.93 to $18.43

        11,552

*

*

*

9-30-03 S-60

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio

Total Return

Division

(000's)

(lowest to highest)

(000's)

Ratio

(lowest to highest)

(lowest to highest)

Small Capitalization

2003

            892

$7.60 to $7.99

$       7,099

           -

%

0.00% to 0.80%

25.62% to 26.42%

2002

            829

$6.05 to $6.32

          5,220

           -

0.00% to 0.80%

-26.82% to -26.22%

2001

            736

$8.27 to $8.56

          6,285

        0.05

0.00% to 0.80%

-30.08% to -29.51%

2000

            595

$11.82 to $12.15

          7,213

*

*

*

American Funds Insurance Series:

Growth

2003

              72

$11.21

             595

****

0.00%

****

2002

****

****

****

****

****

****

2001

****

****

****

****

****

****

2000

****

****

****

****

****

****

Growth-Income

2003

              53

$11.26

             804

****

0.00%

****

2002

****

****

****

****

****

****

2001

****

****

****

****

****

****

2000

****

****

****

****

****

****

International

2003

              44

$11.82

             517

****

0.00%

****

2002

****

****

****

****

****

****

2001

****

****

****

****

****

****

2000

****

****

****

****

****

****

Fidelity® Variable Insurance Products Fund:

Asset Manager^SM

2003

            806

$17.98 to $24.23

        16,901

        3.76

0.00% to 0.80%

10.29% to 10.92%

2002

            919

$16.21 to $21.97

        17,370

        4.12

0.00% to 0.80%

-9.46% to -8.73%

2001

         1,097

$17.76 to $24.26

        22,760

        4.43

0.00% to 0.80%

-4.86% to -4.09%

2000

         1,272

$18.52 to $25.50

        27,650

*

*

*

9-30-03 S-61

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio

Total Return

Division

(000's)

(lowest to highest)

(000's)

Ratio

(lowest to highest)

(lowest to highest)

Contrafund®

2003

         3,148

$13.60 to $25.43

$     77,710

        0.45

%

0.00% to 0.80%

14.57% to 15.22%

2002

         2,961

$11.87 to $22.07

        63,546

        0.80

0.00% to 0.80%

-10.07% to -9.35%

2001

         2,884

$13.21 to $24.34

        68,158

        0.78

0.00% to 0.80%

-12.95% to -12.24%

2000

         2,717

$15.17 to $27.74

        73,134

*

*

*

Equity-Income

2003

         3,540

$24.39 to $38.74

        97,882

        1.78

0.00% to 0.80%

13.24% to 13.92%

2002

         3,384

$21.41 to $34.21

        83,106

        1.68

0.00% to 0.80%

-17.61% to 16.95%

2001

         3,387

$25.78 to $41.52

      101,346

        1.69

0.00% to 0.80%

-5.72% to -4.96%

2000

         3,124

$27.13 to $44.04

      101,008

*

*

*

Growth

2003

         4,251

$22.49 to $40.50

      114,108

        0.28

0.00% to 0.80%

18.80% to 19.50%

2002

         4,391

$18.82 to $34.09

        99,310

        0.25

0.00% to 0.80%

-30.67% to -30.10%

2001

         4,436

$26.93 to $49.17

      146,559

        0.08

0.00% to 0.80%

-18.31% to -17.65%

2000

         4,413

$32.70 to $60.20

      180,603

*

*

*

High Income

2003

         1,316

$13.97 to $25.28

        20,895

        6.46

0.00% to 0.80%

19.92% to 20.74%

2002

         1,011

$11.57 to $21.08

        13,890

      10.14

0.00% to 0.80%

2.62% to 3.44%

2001

         1,234

$11.19 to $20.54

        16,110

      12.86

0.00% to 0.80%

-12.44% to -11.73%

2000

            945

$12.67 to $23.46

        14,721

*

*

*

Index 500

2003

         3,235

$24.46 to $24.76

        80,016

        1.48

0.00% to 0.80%

13.87% to 14.58%

2002

         3,111

$21.48 to $21.61

        67,202

        1.26

0.00% to 0.80%

-22.87% to -22.25%

2001

         2,924

$27.80 to $27.86

        81,285

        1.12

0.00% to 0.80%

-12.81% to -12.10%

2000

         2,604

$31.62 to $31.95

        82,429

*

*

*

9-30-03 S-62

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio

Total Return

Division

(000's)

(lowest to highest)

(000's)

Ratio

(lowest to highest)

(lowest to highest)

Investment Grade Bond

2003

         1,188

$18.99 to $22.64

$     22,996

        5.09

%

0.00% to 0.80%

3.81% to 4.40%

2002

         1,096

$18.19 to $21.81

        20,365

        3.20

0.00% to 0.80%

9.46% to 10.34%

2001

            719

$16.48 to $19.93

        12,228

        4.34

0.00% to 0.80%

7.59% to 8.46%

2000

            490

$15.19 to $18.52

          7,758

*

*

*

Money Market

2003

         4,147

$15.45 to $20.00

        65,555

        0.75

0.00% to 0.80%

0.20% to 0.78%

2002

         4,409

$15.33 to $19.96

        69,344

        1.68

0.00% to 0.80%

0.88% to 1.69%

2001

         3,297

$15.08 to $19.79

        51,300

        4.00

0.00% to 0.80%

3.35% to 4.19%

2000

         2,888

$14.47 to $19.15

        43,171

*

*

*

Overseas

2003

            565

$14.07 to $19.30

          8,906

        0.87

0.00% to 0.80%

22.46% to 23.20%

2002

            657

$11.42 to $15.76

          8,400

        0.81

0.00% to 0.80%

-20.92% to -20.28%

2001

            807

$14.32 to $19.93

        12,989

        5.72

0.00% to 0.80%

-21.80% to -21.17%

2000

            973

$18.17 to $25.48

        19,925

*

*

*

ING Income Shares:

VP Bond

2003

            101

$11.31

          1,141

        2.25

0.00%

5.21%

2002

              26

$10.75

             281

***

0.00%

***

2001

***

***

***

***

***

***

2000

***

***

***

***

***

***

ING Investors Trust:

ING AIM Capital Mid Cap Growth

2003

                1

$11.93

                 8

****

0.00%

****

2002

****

****

****

****

****

****

2001

****

****

****

****

****

****

2000

****

****

****

****

****

****

9-30-03 S-63

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio

Total Return

Division

(000's)

(lowest to highest)

(000's)

Ratio

(lowest to highest)

(lowest to highest)

ING Hard Assets

2003

             1

$12.45

$              8

****

%

0.00%

****

2002

****

****

****

****

****

****

2001

****

****

****

****

****

****

2000

****

****

****

****

****

****

ING International

2003

             5

$11.68

               62

****

0.00%

****

2002

****

****

****

****

****

****

2001

****

****

****

****

****

****

2000

****

****

****

****

****

****

ING Limited Maturity Bond

2003

             4

$10.10

               40

****

0.00%

****

2002

****

****

****

****

****

****

2001

****

****

****

****

****

****

2000

****

****

****

****

****

****

ING Liquid Assets

2003

             3

$10.03

               28

****

0.00%

****

2002

****

****

****

****

****

****

2001

****

****

****

****

****

****

2000

****

****

****

****

****

****

ING Marsico Growth

2003

             5

$11.55

             412

****

0.00%

****

2002

****

****

****

****

****

****

2001

****

****

****

****

****

****

2000

****

****

****

****

****

****

9-30-03 S-64

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

9-30-03 S-65

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio

Total Return

Division

(000's)

(lowest to highest)

(000's)

Ratio

(lowest to highest)

(lowest to highest)

ING Van Kampen Real Estate

2003

           10

$11.97

$          117

****

%

0.00%

****

2002

****

****

****

****

****

****

2001

****

****

****

****

****

****

2000

****

****

****

****

****

****

ING Partners Inc:

ING JPMorgan Mid-Cap Value

2003

           18

$11.23

             206

****

0.00%

****

2002

****

****

****

****

****

****

2001

****

****

****

****

****

****

2000

****

****

****

****

****

****

ING PIMCO Total Return

2003

           38

$10.13

             382

****

0.00%

****

2002

****

****

****

****

****

****

2001

****

****

****

****

****

****

2000

****

****

****

****

****

****

ING Salomon Brothers Aggressive Growth

2003

             6

$11.19

               15

****

0.00%

****

2002

****

****

****

****

****

****

2001

****

****

****

****

****

****

2000

****

****

****

****

****

****

ING UBS Tactical Asset Allocation

2003

             2

$9.26

               71

-

0.00%

13.90%

2002

             1

$8.13

                 7

***

0.00%

***

2001

***

***

***

***

***

***

2000

***

***

***

***

***

***

9-30-03 S-66

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio

Total Return

Division

(000's)

(lowest to highest)

(000's)

Ratio

(lowest to highest)

(lowest to highest)

ING Van Kampen Comstock Portfolio

2003

           94

$9.77

$          917

           -

%

0.00%

16.31%

2002

           27

$8.40

             225

***

0.00%

***

2001

***

***

***

***

***

***

2000

***

***

***

***

***

***

ING Variable Portfolios Inc:

Index Plus Large Cap

2003

           30

$9.29

             282

        0.63

0.00%

12.61%

2002

             5

$8.25

               37

***

0.00%

***

2001

***

***

***

***

***

***

2000

***

***

***

***

***

***

Index Plus Mid Cap

2003

           71

$9.59

             678

        0.51

0.00%

17.38%

2002

           13

$8.17

             105

***

0.00%

***

2001

***

***

***

***

***

***

2000

***

***

***

***

***

***

Index Plus Small Cap

2003

           40

$9.42

             374

           -

0.00%

19.39%

2002

           10

$7.89

               80

***

0.00%

***

2001

***

***

***

***

***

***

2000

***

***

***

***

***

***

ING Products Trust:

Disciplined LargeCap Portfolio

2003

         194

$7.10 to $10.36

          1,996

        0.47

0.00% to 0.80%

11.29% to 12.00%

2002

         197

$6.38 to $9.25

          1,811

        1.37

0.00% to 0.80%

-22.71% to -22.08%

2001

         188

$8.25 to $11.87

          2,208

        0.57

0.00% to 0.80%

-12.94% to -12.23%

2000

         163

$9.48 to $13.52

          2,181

*

*

*

9-30-03 S-67

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio

Total Return

Division

(000's)

(lowest to highest)

(000's)

Ratio

(lowest to highest)

(lowest to highest)

Growth Opportunities

2003

            562

$4.48

$       2,516

           -

%

0.00%

19.15%

2002

            533

$3.76

          2,005

           -

0.00%

-31.57%

2001

            474

$5.49

          2,600

           -

0.00%

-38.56%

2000

            180

$8.94

          1,611

*

*

*

Growth + Value

2003

         1,309

$10.82 to $11.37

        14,834

           -

0.00% to 0.80%

22.12% to 22.92%

2002

         1,391

$8.86 to $9.25

        12,837

           -

0.00% to 0.80%

-37.84% to -37.33%

2001

         1,229

$14.25 to $14.76

        18,089

           -

0.00% to 0.80%

-31.54% to -30.99%

2000

            823

$20.81 to $21.39

        17,550

*

*

*

High Yield Bond

2003

            276

$9.54 to $10.03

          2,764

        5.46

0.00% to 0.80%

11.84% to 12.57%

2002

            196

$8.53 to $8.91

          1,744

      10.69

0.00% to 0.80%

-1.93% to -1.14%

2001

            136

$8.70 to $9.01

          1,220

        9.62

0.00% to 0.80%

-0.12% to +0.69%

2000

            100

$8.71 to $8.95

             898

*

*

*

International Value

Income

2003

         1,178

$15.06 to $15.82

        18,593

        1.23

0.00% to 0.80%

14.61% to 15.31%

2002

            874

$13.14 to $13.72

        11,956

        0.95

0.00% to 0.80%

-16.05% to -15.37%

2001

            483

$15.65 to $16.21

          7,806

        1.57

0.00% to 0.80%

-12.38% to -11.67%

2000

            328

$17.86 to $18.35

          6,013

*

*

*

Magna Cap

2003

            191

$8.09

          1,545

        0.60

0.00%

15.08%

2002

            162

$7.03

          1,140

        1.25

0.00%

-22.76%

2001

              55

$9.10

             503

        1.38

0.00%

-10.44%

2000

              13

$10.16

             135

*

*

*

9-30-03 S-68

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio

Total Return

Division

(000's)

(lowest to highest)

(000's)

Ratio

(lowest to highest)

(lowest to highest)

Mid Cap Opportunities

2003

            393

$5.52

$       2,168

           -

%

0.00%

22.39%

2002

            313

$4.51

          1,410

           -

0.00%

-25.86%

2001

            216

$6.08

          1,313

           -

0.00%

-32.92%

2000

              46

$9.06

             417

*

*

*

Small Cap Opportunities

2003

            925

$14.09 to $22.79

        20,513

           -

0.00% to 0.80%

23.71% to 24.40%

2002

            982

$11.39 to $18.32

        17,464

           -

0.00% to 0.80%

-44.04% to -43.59%

2001

            856

$11.01

        26,824

           -

0.00%

-75.98%

2000

            634

$28.97 to $45.83

        27,836

*

*

*

Janus Aspen Series:

Growth

2003

         2,043

$10.43 to $10.96

        22,328

           -

0.00% to 0.80%

15.76% to 17.60%

2002

         2,166

$9.01 to $9.40

        20,311

           -

0.00% to 0.80%

-27.10% to -26.51%

2001

         2,334

$12.35 to $12.80

        29,811

        0.07

0.00% to 0.80%

-25.34% to -24.73%

2000

         2,008

$16.55 to $17.00

        34,078

*

*

*

International Growth

2003

         1,722

$11.04 to $11.60

        19,926

        1.12

0.00% to 0.80%

16.70% to 17.41%

2002

         1,633

$9.46 to $9.88

        16,100

        0.87

0.00% to 0.80%

-26.18% to -25.58%

2001

         1,401

$12.81 to $13.27

        18,555

        1.15

0.00% to 0.80%

-23.85% to -23.23%

2000

         1,108

$16.85 to $17.29

        19,102

*

*

*

Mid Cap Growth

2003

         2,272

$11.43 to $12.00

        27,137

           -

0.00% to 0.80%

20.95% to 21.58%

2002

         2,284

$9.45 to $9.87

        22,456

           -

0.00% to 0.80%

-28.51% to -27.93%

2001

         2,236

$13.22 to $13.69

        30,499

           -

0.00% to 0.80%

-39.94% to -39.45%

2000

         1,753

$22.01 to $22.61

        39,493

*

*

*

9-30-03 S-69

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio

Total Return

Division

(000's)

(lowest to highest)

(000's)

Ratio

(lowest to highest)

(lowest to highest)

Worldwide Growth

2003

         3,724

$10.62 to $11.16

$     41,395

        0.85

%

0.00% to 0.80%

9.15% to 9.84%

2002

         3,931

$9.73 to $10.16

        39,797

        0.88

0.00% to 0.80%

-26.10% to -25.50%

2001

         3,953

$13.17 to $13.64

        53,757

        0.50

0.00% to 0.80%

-23.06% to -22.44%

2000

         3,432

$17.11 to $17.59

        60,197

*

*

*

Neuberger Berman Advisers Management Trust:

Limited Maturity Bond

2003

         1,061

$12.92 to $13.58

        14,381

           -

0.00% to 0.80%

1.49% to 2.18%

2002

            920

$12.73 to $13.29

        12,206

        4.11

0.00% to 0.80%

4.50% to 5.34%

2001

            594

$12.18 to $12.62

          7,482

        4.77

0.00% to 0.80%

7.91% to 8.78%

2000

            361

$11.29 to $11.60

          4,190

*

*

*

Partners

2003

            970

$9.72 to $10.22

          9,887

           -

0.00% to 0.80%

18.39% to 19.11%

2002

            938

$8.21 to $8.58

          8,029

        0.50

0.00% to 0.80%

-24.75% to -24.14%

2001

            842

$10.91 to $11.31

          9,503

        0.36

0.00% to 0.80%

-3.61% to -2.83%

2000

            784

$11.32 to $11.63

          9,112

*

*

*

Socially Responsive

2003

              98

$10.30

          1,010

           -

0.00%

18.39%

2002

              80

$8.70

             698

           -

0.00%

-14.75%

2001

              61

$10.20

             621

           -

0.00%

-3.58%

2000

              21

$10.58

             221

*

*

*

PIMCO Accumulation Trust:

OpCap Equity

2003

            398

$10.78 to $11.32

          4,498

        1.34

0.00% to 0.80%

13.59% to 14.23%

2002

            403

$9.49 to $9.91

          3,984

        0.82

0.00% to 0.80%

-22.04% to -21.41%

2001

            368

$12.17 to $12.61

          4,625

        0.50

0.00% to 0.80%

-7.76% to -7.02%

2000

            188

$13.19 to $13.56

          2,534

*

*

*

9-30-03 S-70

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio

Total Return

Division

(000's)

(lowest to highest)

(000's)

Ratio

(lowest to highest)

(lowest to highest)

OpCap Global Equity

2003

            226

$11.15 to $11.72

$       2,642

        0.56

%

0.00% to 0.80%

14.48% to 15.24%

2002

            160

$9.74 to $10.17

          1,619

        0.44

0.00% to 0.80%

-18.07% to -17.41%

2001

            121

$11.88 to $12.31

          1,479

           -

0.00% to 0.80%

-14.51% to -13.82%

2000

            100

$13.90 to $14.28

          1,426

*

*

*

OpCap Managed

2003

            988

$10.55 to $11.09

        10,927

        1.68

0.00% to 0.80%

10.94% to 11.68%

2002

            861

$9.51 to $9.93

          8,519

        1.69

0.00% to 0.80%

-17.55% to -16.88%

2001

            664

$11.53 to $11.94

          7,904

        2.02

0.00% to 0.80%

-5.67% to -4.91%

2000

            486

$12.22 to $12.56

          6,090

*

*

*

OpCap Small Cap

2003

         1,259

$13.26 to $13.93

        17,487

        0.05

0.00% to 0.80%

23.58% to 24.26%

2002

         1,076

$10.73 to $11.21

        12,019

        0.06

0.00% to 0.80%

-22.26% to -21.64%

2001

            771

  $13.80 to $14.30

        10,997

        0.61

0.00% to 0.80%

7.46% to 8.33%

2000

            470

$12.85 to $13.20

          6,194

*

*

*

Pioneer Variable Contracts Trust:

Mid Cap Value

2003

              66

$10.02

             665

        0.22

0.00%

19.57%

2002

            137

$8.38

          1,145

***

0.00%

***

2001

***

***

***

***

***

***

2000

***

***

***

***

***

***

Small Cap Value

2003

              57

$9.03

             518

           -

0.00%

18.50%

2002

              18

$7.62

             140

***

0.00%

***

2001

***

***

***

***

***

***

2000

***

***

***

***

***

***

9-30-03 S-71

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

Investment

Units

Unit Fair Value

Net Assets

Income

Expense Ratio

Total Return

Division

(000's)

(lowest to highest)

(000's)

Ratio

(lowest to highest)

(lowest to highest)

Putnam Variable Trust:

Diversified Income

2003

              65

$16.32 to $16.93

$       1,104

        9.26

%

0.00% to 0.80%

14.29% to 15.01%

2002

              75

$14.28 to $14.72

          1,098

        9.00

0.00% to 0.80%

-3.73% to -2.95%

2001

              90

$13.55 to $13.86

          1,248

        7.61

0.00% to 0.80%

2.99% to 3.82%

2000

            107

$13.16 to $13.35

          1,423

*

*

*

Growth and Income

2003

         1,763

$21.30 to $22.51

        39,560

        2.10

0.00% to 0.80%

11.81% to 12.49%

2002

         1,778

$19.05 to $20.01

        35,471

        1.69

0.00% to 0.80%

-19.44% to -18.79%

2001

         1,771

$23.65 to $24.64

        43,533

        1.63

0.00% to 0.80%

-6.92% to -6.16%

2000

         1,635

$25.40 to $26.26

        42,843

*

*

*

International Growth

2003

            128

$8.05

          1,032

        1.13

0.00%

12.27%

2002

            152

$7.17

          1,093

        1.28

0.00%

-9.73%

2001

            181

$7.94

          1,433

           -

0.00%

-23.76%

2000

            214

$10.41

          2,229

*

*

*

New Opportunities

2003

         1,939

$16.82

        32,620

           -

0.00%

20.92%

2002

         1,947

$13.91

        27,087

           -

0.00%

-30.29%

2001

         1,917

$19.95

        38,232

           -

0.00%

-29.99%

2000

         1,739

$28.49

        49,552

*

*

*

Small Cap Value

2003

            431

$11.30

          4,869

        0.49

0.00%

25.28%

2002

            409

$9.02

          3,690

        0.26

0.00%

-18.06%

2001

            109

$19.95

          1,199

**

0.00%

**

2000

**

**

**

**

**

**

9-30-03 S-72

RELIASTAR SELECT*LIFE VARIABLE ACCOUNT

Notes to Financial Statements-Unaudited

9-30-03 S-73

ReliaStar Life Insurance Company

Unaudited Financial Statements - Statutory Basis


Period Ended September 30, 2003



Contents


Unaudited Financial Statements - Statutory Basis

Unaudited Statement of Balance Sheet - Statutory Basis	09/30/03 F-2
Unaudited Statements of Operations - Statutory Basis	09/30/03 F-4
Unaudited Statements of Changes in Capital and Surplus - Statutory Basis	09/30/03 F-5
Unaudited Statements of Cash Flows - Statutory Basis	09/30/03 F-6

09/30/03 F-1

ReliaStar Life Insurance Company

Unaudited Balance Sheet - Statutory Basis

		As of
		September 30,
		2003
		(In Thousands)
Admitted assets
Cash and invested assets:
	Bonds	$ 10,194,448
	Preferred stocks	40,480
	Common stocks	926
	Subsidiaries	472,807
	Mortgage loans	1,928,167
	Real estate	99,865
	Policy loans	621,108
	Other invested assets	137,062
	Cash and short-term investments	52,174
	Receivable for securities	72,128
Total cash and invested assets		13,619,165

Deferred and uncollected premiums		107,431
Accrued investment income		124,814
Reinsurance balances recoverable		198,901
Net deferred tax asset		78,856
Separate account assets		4,067,280
Receivable from parent, subsidiaries and affiliates		48,723
Other assets		11,203
Total admitted assets		$ 18,256,373

09/30/03 F-2

ReliaStar Life Insurance Company

Unaudited Balance Sheet - Statutory Basis

			As of
			September 30,
			2003
			(In Thousands)
Liabilities and capital and surplus
Liabilities:
	Policy and contract liabilities:
		Life and annuity reserves	$ 9,958,377
		Accident and health reserves	1,108,498
		Deposit type contracts	661,602
		Policyholder funds	407
		Dividends left on deposit	651
		Dividends payable	15,795
		Unpaid claims	462,602
	Total policy and contract liabilities		12,207,932

	Interest maintenance reserve		18,028
	Accounts payable and accrued expenses		154,134
	Reinsurance balances due		77,915
	Indebtedness to related parties		2,794
	Contingency reserve		32,487
	Asset valuation reserve		86,191
	Borrowed money		277,688
	Transfers to separate accounts due or accrued (net)		(255,537)
	Other liabilities		167,828
	Separate account liabilities		4,056,362
Total liabilities			16,825,822

Commitments and contingencies

Capital and surplus:
	Common stock		2,500
	Preferred capital stock		100
	Surplus notes		100,000
	Additional paid-in capital		1,085,221
	Unassigned surplus		242,830
	Less treasury stock - preferred stock at September 30, 2003		(100)
Total capital and surplus			1,430,551
Total liabilities and capital and surplus			$ 18,256,373

09/30/03 F-3

ReliaStar Life Insurance Company

Unaudited Statements of Operations - Statutory Basis

			Nine months ended September 30,
			2003	2002
			(In Thousands)
Premiums and other revenues:
	Life, annuity, and accident and health premiums		$ 1,927,421	$ 1,767,984
	Policy proceeds and dividends left on deposit		792	1,260
	Net investment income		596,298	676,420
	Amortization of interest maintenance reserve		(9,903)	294
	Commissions, expense allowances and reserve adjustments on
		reinsurance ceded	28,704	27,415
	Miscellaneous income		83,306	48,594
Total premiums and other revenues			2,626,618	2,521,967

Benefits paid or provided for:
	Death benefits		529,141	457,872
	Annuity benefits		123,417	135,293
	Surrender benefits		709,665	705,146
	Interest on policy or contract funds		10,754	9,513
	Accident and health benefits		304,366	219,080
	Other benefits		2,935	3,333
	Increase in life, annuity, and accident and health reserves		527,059	434,807
	Net transfers to separate account		(102,306)	12,672
Total benefits paid or provided			2,105,031	1,977,716

Insurance expenses:
	Commissions		180,254	187,411
	General expenses		206,796	238,619
	Insurance taxes, licenses and fees, excluding federal income taxes		22,296	26,034
	Other		(1,939)	29,157
Total insurance expenses			407,407	481,221
			2,512,438	2,458,937

Gain from operations before dividends to policyholders,
	federal income taxes and net realized capital losses		114,180	63,029

Dividends to policyholders			15,803	18,489
Gain from operations before federal income taxes and
	net realized capital losses		98,377	44,540

Federal income tax (benefit) expense			(13,132)	32,579
Net gain from operations before net realized capital losses			111,509	11,961

Net realized capital losses			(23,511)	(47,533)
Net income			$ 87,998	$ (35,572)

09/30/03 F-4

ReliaStar Life Insurance Company

Unaudited Statements of Changes in Capital and Surplus - Statutory Basis

		Nine months ended September 30,
		2003	2002
		(In Thousands)

Common stock:
	Balance at beginning and end of year	$ 2,500	$ 2,500

Preferred capital stock less treasury stock:
	Balance at beginning and end of year	-	-

Surplus note:
	Balance at beginning and ending of year	100,000	100,000

Additional paid-in capital:
	Balance at beginning of year	1,085,221	1,085,011
	Capital contribution	-	210
	Balance at end of year	1,085,221	1,085,221

Unassigned surplus:
	Balance at beginning of year	169,904	22,048
	Net income (loss)	87,998	(60,152)
	Change in net unrealized capital gains (losses)	4,998	63,003
	Change in nonadmitted assets	22,243	(5,293)
	Change in liability for reinsurance in unauthorized companies	(7,124)	(26,808)
	Change in asset valuation reserve	(14,085)	13,393
	Change in net deferred income tax	(25,267)	41,127
	Other changes in surplus in separate account statement	6,243	-
	Change in surplus as a result of reinsurance	(5,052)	20,605
	Dividends to stockholders	(2,000)	-
	Correction of error	-	34,419
	Other changes	4,972	3,175
	Balance at end of year	242,830	105,517
Total capital and surplus		$ 1,430,551	$ 1,293,238

09/30/03 F-5

ReliaStar Life Insurance Company
Unaudited Statements of Cash Flows - Statutory Basis

			Nine months ended September 30,
			2003	2002
			(In Thousands)

Operations
Premiums, policy proceeds, and other
	considerations received, net of reinsurance paid		$ 1,927,580	$ 1,839,461
Net investment income received			762,944	732,864
Miscellaneous income			104,147	-
Commissions and expenses paid and other deductions			(384,689)	(14,094)
Benefits and loss related payments			(1,731,995)	(2,126,035)
Net transfers to separate accounts			157,308	(97,494)
Dividends paid to policyholders			(16,152)	(18,545)
Federal income taxes (received) paid			(92,551)	38,311
Net cash used in operations			726,592	354,468

Investments
Proceeds from sales, maturities, or repayments of investments:
	Bonds		9,458,393	9,222,313
	Stocks		8,328	9,273
	Mortgage loans		123,266	104,795
	Real estate		260	5,775
	Other invested assets		10,560	9,794
	Net gain or (losses) on cash and short-term investments		(445)	2,765
	Miscellaneous proceeds		54,549	(18,207)
Net proceeds from sales, maturities, or repayments of investments			9,654,911	9,336,508

Cost of investments acquired:
	Bonds		9,809,367	10,072,834
	Stocks		2,208	69,223
	Mortgage loans		321,975	164,548
	Real estate		690	743
	Other invested assets		25,093	14,558
	Miscellaneous applications		67,779	9,383
Total cost of investments acquired			10,227,112	10,331,289

Net increase (decrease) in policy loans			(323)	(42,842)
Net cash used in investment activities			(571,878)	(951,939)

Financing and miscellaneous activities
Cash provided (used):
	Surplus notes, capital and surplus paid-in		-	18,619
	Borrowed funds		(45,131)	37,276
	Net deposits on deposit-type contract funds		(115,013)	-
	Dividends to stockholders		-	-
	Other		(55,991)	278,235
Net cash used in financing and miscellaneous activities			(216,135)	334,130
Net change in cash and short-term investments			(61,421)	(263,341)
Cash and short-term investments:
		Beginning of year	113,595	353,512
		End of year	$ 52,174	$ 90,171

09/30/03 F-6

PART C
OTHER INFORMATION

Item 27		Exhibits

(a)	Resolutions of Board of Directors of Northwestern National Life Insurance Company ("NWNL") establishing the SelectHLife Variable Account. (Incorporated by reference to Initial Registration Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)
(b)	Not Applicable.
(c)	(1)		ReliaStar Life Insurance Company Distribution Agreement between ReliaStar Life Insurance Company and ING America Equities, Inc. (Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-6, File Number 333-105319, as filed on July 17, 2003.)
	(2)		Amendment to Distribution Service Agreement dated March 7, 2002 by and between ING Financial Advisers, LLC and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-92000, as filed on April 17, 2003.)
	(3)		Specimen Selling Agreements. (Incorporated by reference to Initial Registration Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)
	(4)		Form of Assignment of Broker/Dealer Agency Selling Agreement.
	(5)		Specimen ING America Equities, Inc. Selling Agreement. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, File No. 333-69431, as filed on April 24, 2002.)
	(6)		Schedules for Sales Commissions. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, File No. 333-69431, as filed on April 24, 2002.)
(d)	(1)		Form of Policy available (together with available Policy Riders). (Incorporated by reference to Post-Effective Amendment No. 9 on Form S-6, File No. 33-57244, as filed on April 23, 1998.)
	(2)		Accelerated Benefit Rider. (Incorporated by reference to Post-Effective Amendment No. 4 on Form S-6, File No. 33-57244, as filed on February 22, 1996.)
	(3)		Connecticut Modification Rider. (Incorporated by reference to Post-Effective Amendment No. 4 on Form X-6, File No. 33-57244, as filed on February 22, 1996.)
	(4)		Policy Illustration. (Incorporated by reference to Pre-Effective Amendment No. 13 on Form S-6, File No. 33-57244, as filed on April 24. 2002.)
	(5)		Term Insurance Rider. (Incorporated by reference to Initial Registration on Form S-6, File No. 333-69431, as filed on December 22, 1998.)
(e)	(1)		Revised Policy Application Form. (Incorporated by reference to Initial Registration on Form S-6, File No. 333-69431, as filed on December 22, 1998.)
	(2)		Supplement to Life Insurance Application. (Incorporated by reference to Post-Effective Amendment No. 3, File No. 333-92000, as filed on April 17, 2003.)
(f)	(1)		Amended Articles of Incorporation of ReliaStar Life. (Incorporated by reference to Initial Registration Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)
	(2)		Amended By-Laws of ReliaStar Life. (Incorporated by reference to Initial Registration Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)
(g)	Not Applicable.
(h)	(1)		(a)	Participation Agreement dated as of March 27, 2000 by and among ReliaStar Life Insurance Company, AIM Variable Insurance Products Fund, Inc., A I M Distributors, Inc. and WSSI. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(b)	Form of Amendment No. 1 to Participation Agreement by and among ReliaStar Life Insurance Company, AIM Variable Insurance Products Fund, Inc., AIM Distributors, Inc. and WSSI. (Incorporated by reference to Initial Registration on Form S-6, File No. 333-47094, as filed on September 29, 2000.)
			(c)	Amendment No. 2 to Participation Agreement by and among Reliastar Life Insurance Company, on behalf of itself and its separate accounts, AIM Variable Insurance Funds, Inc., A I M Distributors, Inc. and ING American Equities, Inc.
			(d)	Administrative Services Agreement dated as of March 27, 2000 by and between ReliaStar Life Insurance Company, Northern Life Insurance Company, ReliaStar Life Insurance Company of New York and A I M Advisers, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No.333-105319, as filed on November 24, 2003.)
	(2)		(a)	Participation Agreement dated as of August 8, 1997 by and between ReliaStar Life Insurance Company, The Alger American Fund and Fred Alger and Company, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(b)	Amendment dated as of March 28, 2000 to Participation Agreement by and among ReliaStar Life Insurance Company, The Alger American Fund and Fred Alger Management, Inc. (Incorporated by reference to Post-Effective Amendment No. 11 on Form S-6, File No. 33-57244, as filed on March 31, 2000.)
			(c)	Amendment dated as of October 11, 2000 to the Participation Agreement by and between ReliaStar Life Insurance Company, The Alger American Fund and Fred Alger Management, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(d)	Amendment dated as of September 29, 2003 to Participation Agreement by and among The Alger American Fund, Fred Alger Management, Inc. and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(e)	Service Agreement by and between ReliaStar Life Insurance Company and Fred Alger Management, Inc. (Incorporated by reference to Post-Effective Amendment No. 21 on Form S-6, File No. 2-95392, as filed on August 4, 1997.)
	(3)		(a)	Fund Participation Agreement 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 Pre-Effective Amendment No. 1 to Registration Statement on Form N-6, File Number 333-105319, as filed on July 17, 2003.)
			(b)	Business Agreement 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 Pre-Effective Amendment No. 1 to Registration Statement on Form N-6, File Number 333-105319, as filed on July 17, 2003.)
	(4)		(a)	Participation Agreement dated as of March 16, 1988 by and among Northwestern National Life Insurance Company (renamed ReliaStar Life Insurance Company), Fidelity's Variable Insurance Products Fund and Fidelity Distributors Corporation and Amendments Nos. 1-8. (Incorporated by reference to Initial Registration Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)
			(b)	Amendment dated as of July 24, 1997 to Participation Agreement by and among ReliaStar Life Insurance Company, Fidelity's Variable Insurance Products Fund and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(c)	Amendment No. 10 to Participation Agreement by and among ReliaStar Life Insurance Company, Variable Insurance Products Fund and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(d)	Amendment No. 11 to Participation Agreement by and among ReliaStar Life Insurance Company, Fidelity Variable Products Fund and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(e)	Amendment No. 12 to Participation Agreement by and among ReliaStar Life Insurance Company, Fidelity Variable Products Fund and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(f)	Participation Agreement dated as of January 1, 1991 by and among Northwestern National Life Insurance Company (renamed ReliaStar Life Insurance Company), Fidelity's Variable Insurance Products Fund II and Fidelity Distributors Corporation and Amendments Nos. 1-7. (Incorporated by reference to Initial Registration Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)
			(g)	Amendment dated as of July 24, 1997 to Participation Agreement by and among ReliaStar Life Insurance Company, Fidelity's Variable Insurance Products Fund II and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(h)	Amendment No. 9 to Participation Agreement with Fidelity's Variable Insurance Products Fund II and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(i)	Amendment No. 10 to Participation Agreement by and among the ReliaStar Life Insurance Company, Fidelity Variable Insurance Products Fund II and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(j)	Amendment No. 11 to Participation Agreement by and among the ReliaStar Life Insurance Company, Fidelity Variable Insurance Products Fund II and Fidelity Distributors Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(k)	Service Agreement dated January 1, 1997 by and between ReliaStar Life Insurance Company and Fidelity Investments Institutional Operations Company, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(l)	Amendment effective as of April 1, 1999 to Service Agreement by and between ReliaStar Life Insurance Company and Fidelity Investments Institutional Operations Company, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(m)	Service Contract dated April 25, 1997 by and between Fidelity Distributors Corporation and Washington Square Securities, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(n)	Amendment dated April 1, 1999 to Service Contract by and between Fidelity Distributors Corporation and Washington Square Securities, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
	(5)		(a)	Participation Agreement dated as of May 1, 2002 by and between ReliaStar Life Insurance Company, ING VP Bond Portfolio and ING Funds Distributor, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, 333-47094, as filed on September 17, 2002.)
			(b)	Amendment effective as of July 15, 2003 to Participation Agreement by and among ReliaStar Life Insurance Company, ING VP Bond Portfolio and ING Funds Distributor, LLC.
	(6)		(a)	Participation Agreement among the GCG Trust and ReliaStar Life Insurance Company and Directed Services, Inc. (Incorporated by Reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-6, File Number 333-105319, as filed on July 17, 2003.)
	(7)		(a)	Participation Agreement dated as of December 6, 2001 by and among Portfolio Partners, Inc., Aetna Life Insurance and Annuity Company, Aetna Investment Services, LLC and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, 333-69431, as filed on April 24, 2002.)
			(b)	Amendment dated as of March 26, 2002 to Participation Agreement by and among 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), Aetna Investment Services, LLC (to be renamed ING Financial Adviser, LLC effective May 1, 2002) and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, 333-69431, as filed on April 24, 2002.)
			(c)	Amendment dated as of October 1, 2002 to Participation Agreement dated as of December 6, 2001 among ING Partners, Inc., ING Life Insurance and Annuity Company, ING Financial Advisers, LLC and ReliaStar Life Insurance and Annuity Company. (Incorporated by reference to Post Effective Amendment No. 1 to Registration Statement on Form N-4, 333-100207, for Separate Account N of ReliaStar Life Insurance Company, as filed on October 24, 2002.)
			(d)	Amendment dated as of May 1, 2003 to Participation Agreement dated as of December 6, 2001 by and between ING Partners, Inc., ING Life Insurance and Annuity Company, ING Financial Advisers, LLC and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, 333-92000, as filed on April 17, 2003.)
			(e)	Service Agreement effective as of December 6, 2001 by and between ING Life Insurance and Annuity Company and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-6, 333-92000, as filed on January 30, 2003.)
			(f)	Shareholder Servicing Agreement dated as of December 6, 2001 by and between ReliaStar Life Insurance Company and Portfolio Partners, Inc. in respect of the Service Class Shares of its Portfolios. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(g)	Amendment dated as of March 26, 2002 to the Shareholder Servicing Agreement by and between ReliaStar Life Insurance Company and Portfolio Partners, Inc. (to be renamed ING Partners, Inc. effective May 1, 2002) in respect of the Service Class Shares of its Portfolio. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(h)	Amendment dated as of May 1, 2003 to Shareholder Servicing Agreement (Service Shares) dated as of December 6, 2001 by and between ING Partners, Inc. and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6, 333-92000, as filed on April 17, 2003.)
	(8)		(a)	Participation Agreement dated as of May 1, 2001 between ReliaStar Life Insurance Company, ING Variable Portfolios, Inc. and ING Funds Distributor, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, 333-47094, as filed on September 17, 2002.)
			(b)	Amendment effective as of October 1, 2002 to Participation Agreement between ReliaStar Life Insurance Company, ING Variable Portfolios Inc. and ING Funds Distributor, Inc. (Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-6, 333-92000, as filed on January 30, 2003.)
			(c)	Amendment effective as of July 15, 2003 to Participation Agreement by and among ReliaStar Life Insurance Company, ING Variable Portfolios, Inc. and ING Funds Distributor, LLC.
	(9)		(a)	Participation Agreement dated May 1, 2001, by and among ReliaStar Life Insurance Company, Pilgrim Variable Products Trust and ING Pilgrim Securities, Inc. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(b)	Amendment dated as of August 30, 2002 to Participation Agreement by and among ReliaStar Life Insurance Company, ING Variable Products Trust and ING Funds Distributor, Inc. (Incorporated by reference to Post-Effective Amendment No. 14 on Form N-6, File No. 33-69892, as filed on October 11, 2002.)
			(c)	Amendment to Participation Agreement by and among ReliaStar Life Insurance Company, ING Variable Products Trust and ING Funds Distributor, LLC.
			(d)	Administrative and Shareholder Services Agreement dated as of May 1, 2001 by and between ING Pilgrim Group, LLC and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, 333-69431, as filed on April 24, 2002.)
			(e)	Amendment to Administrative and Shareholder Service Agreement dated as of August 30, 2002 by and between ING Funds Services, LLC and ReliaStar Life Insurance Company. (Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-6, 333-92000, as filed on January 30, 2003.)
	(10)		(a)	Participation Agreement dated as of August 8, 1997 by and between ReliaStar Life Insurance Company and Janus Aspen Series. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(b)	Amendment to Participation Agreement by and between ReliaStar Life Insurance Company and Janus Aspen Series. (Incorporated by reference to Post-Effective Amendment No. 1 on Form S-6, File No. 69431, as filed on April 14, 2000.)
			(c)	Letter Agreement dated August 8, 1997 by and between ReliaStar Life Insurance Company and Janus Capital Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(d)	Amendment, effective July 1, 2002, to Letter Agreement dated August 8, 1997 between ReliaStar Life Insurance Company and Janus Capital Corporation. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6, 333-69431, as filed on April 24, 2002.)
	(11)		(a)	Participation Agreement dated as of August 8, 1997 by and between ReliaStar Life Insurance Company, Neuberger&Berman Advisers Management Trust and Neuberger&Berman Management Incorporated. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(b)	Amendment No. 1 dated as of February 1, 1999 to Participation Agreement by and among ReliaStar Life Insurance Company, Neuberger Berman Advisers Management Trust, Advisers Managers Trust and Neuberger Berman Management Inc. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(c)	Addendum dated as of May 1, 2000 to Participation Agreement by and among ReliaStar Life Insurance Company, Neuberger Berman Advisers Management Trust, Advisers Managers Trust and Neuberger Berman Management Inc. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
			(d)	Amendment dated as of April 1, 2003 to Participation Agreement by and among ReliaStar Life Insurance Company, Neuberger Berman Advisers Management Trust and Neuberger Berman Management Inc. (Incorporated by reference to Post Effective Amendment No. 17 on Form N-6, File No. 33-57244, as filed on December 12, 2003.)
			(e)	Letter Agreement dated as of July 28, 1997 by and between ReliaStar Life Insurance Company and Neuberger Berman Management Incorporated. (Incorporated by reference to Post-Effective Amendment No. 21 on Form S-6, File No. 2-95392, as filed on August 4, 1997.)
			(f)	Amendment dated as of April 1, 2003 to the Administrative Services Agreement by and between ReliaStar Life Insurance Company and Neuberger Berman Management Inc. (Incorporated by reference to Post Effective Amendment No. 17 on Form N-6, File No. 33-57244, as filed on December 12, 2003.)
	(12)		(a)	Participation Agreement by and between ReliaStar Life Insurance Company, OCC Accumulation Trust and OCC Distributors, dated August 8, 1997. (Incorporated by reference to Post-Effective Amendment No. 21 on Form S-6, File No. 2-95392, as filed on August 4, 1997.)
			(b)	Letter Agreement dated August 8, 1997 by and between ReliaStar Life Insurance Company and OpCap Advisors. (Incorporated by reference to Post-Effective Amendment No. 21 on Form S-6, File No. 2-95392, as filed on August 4, 1997.)
	(13)		(a)	Participation Agreement dated as of April 30, 2002 by and among Pioneer Variable Contracts Trust, ReliaStar Life Insurance Company, Pioneer Investment Management, Inc. and Pioneer Funds Distributor, Inc. (Incorporated by reference to Initial Registration Statement on Form S-6, 333-92000, as filed on July 3, 2002.)
	(14)		(a)	Participation Agreement dated as of January 14, 1994 by and among Northwestern National Life Insurance Company (renamed ReliaStar Life Insurance Company), Putnam Capital Manager Trust and Putnam Mutual Funds Corp. and Amendments Nos. 1-2. (Incorporated by reference to Initial Registration Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)
			(b)	Amendment No. 3 to Participation Agreement by and among Northwestern National Life Insurance Company (renamed ReliaStar Life Insurance Company), Putnam Capital Manager Trust and Putnam Mutual Funds Corp. (Incorporated by reference to Initial Registration on Form S-6, File No. 333-47094, as filed on September 29, 2000.)
			(c)	Amendment No. 4 to Participation Agreement by and among ReliaStar Life Insurance Company, Putnam Variable Trust and Putnam Mutual Funds Corp. (Incorporated by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
(i)	Not Applicable.
(j)	Not Applicable
(k)	Opinion and Consent of Counsel. (Incorporated by Reference to Pre-Effective Amendment No. 16 to Registration Statement on Form N-6, File Number 33-57244, as filed on April 17, 2003.)
(l)	Not Applicable.
(m)	Not Applicable.
(n)	Consent of Independent Auditors.
(o)	All financial statements are included in the Statement of Additional Information, as indicated therein.
(p)	Not Applicable.
(q)	Not Applicable.
(r)	Powers of Attorney. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4 (File No. 33-70600), as filed on June 5, 2003 for Separate Account B of Golden American Life Insurance Company.)
Item 28		Directors and Officers of the Depositor
Name and Principal Business Address					Positions and Offices with Depositor
Keith Gubbay, 5780 Powers Ferry Road, NW, Atlanta, GA 30327					Director, President and Chief Executive Officer
Thomas J. McInerney, 5780 Powers Ferry Road, NW, Atlanta, GA 30327					Director
Mark A. Tullis, 5780 Powers Ferry Road, NW, Atlanta, GA 30327					Director
David A. Wheat, 5780 Powers Ferry Road, NW, Atlanta, GA 30327					Director, Senior Vice President and Chief Financial Officer
Allan Baker, 151 Farmington Avenue, Hartford, CT 06156					Senior Vice President
Boyd G. Combs, 5780 Powers Ferry Road, NW, Atlanta, GA 30327					Senior Vice President, Tax
Robert W. Crispin, 5780 Powers Ferry Road, NW, Atlanta, GA 30327					Senior Vice President, Investments
Jacques de Vaucleroy, 5780 Powers Ferry Road, NW, Atlanta, GA 30327					Senior Vice President
Robert L. Francis, 6140 Stonehedge Mall Road, Suite. 375, Pleasanton, CA 94588					Senior Vice President
James R. Gelder, 20 Washington Avenue South, Minneapolis, MN 55401.					Senior Vice President
Shaun P. Mathews, 151 Farmington Avenue, Hartford, CT 06156					Senior Vice President
Stephen J. Preston, 1475 Dunwoody Drive, West Chester, PA 19380					Senior Vice President
David S. Pendergrass, 5780 Powers Ferry Road, NW, Atlanta, GA 30327					Vice President and Treasurer
Carol S. Stern, 1501 M Street, N.W., Suite 430, Washington, DC 20005					Vice President and Chief Compliance Officer
Craig A. Krogstad, 111 Washington Avenue S, Minneapolis, MN 55401					Vice President and Actuary
Pamela S. Anson, 2001 21^st Avenue, N.W. Minot, ND 58703					Vice President
Deborah Hancock, 1290 Broadway, Denver, CO 80203					Vice President
Paula Cludray-Engelke, 20 Washington Avenue South, Minneapolis, MN 55401					Secretary
Item 29		Persons Controlled by or Under Common Control with the Depositor or the Registrant
Incorporated herein by reference to Item 26 in Post-Effective Amendment No. 28 to Registration Statement on Form N-4 (File No. 33-75988), as filed on April 10, 2003 for Variable Annuity Account C of ING Life Insurance and Annuity Company.
Item 30		Indemnification
Under its Bylaws, Section 5.01, ReliaStar Life Insurance Company ("ReliaStar Life") indemnifies, to the full extent permitted by the laws of the State of Minnesota, each person (and the heirs, executors and administrators of such person) who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, wherever brought, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a director, officer or employee of ReliaStar Life, or is or was serving at the request of ReliaStar Life as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of ReliaStar Life pursuant to such provisions of the bylaws or statutes or otherwise, ReliaStar Life has been advised that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in said Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by ReliaStar Life of expenses incurred or paid by a director or officer or controlling person of ReliaStar Life in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person of ReliaStar Life in connection with the securities being registered, ReliaStar Life 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 or not such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
A corporation may procure indemnification insurance on behalf of an individual who was a director of the corporation. Consistent with the laws of the State of Minnesota, ING Groep N.V. maintains an umbrella insurance policy issued by an international insurer. The policy covers ING Groep N.V. and any company in which ING Groep N.V. has an ownership control of over 50%. This would encompass the Principal Underwriter as well as the Depositor. The policy provides for the following types of coverage: errors and omissions, directors and officers, employment practices, fiduciary and fidelity.
Additionally, Section XVIII of the ReliaStar Life Insurance Company Distribution Agreement with ING America Equities, Inc. (INGAE) generally provides that each party will indemnify and hold harmless the officers, directors and employees of the other party (and the variable account with respect to indemnity by INGAE) against any expenses (including legal expenses), losses, claims, damages, or liabilities arising out of or based on certain claims or circumstances in connection with the offer or sale of the policies. Under this agreement neither party is entitled to indemnity if the expenses (including legal expenses), losses, claims, damages, or liabilities resulted from their own willful misfeasance, bad faith, negligence, misconduct or wrongful act.

Item 31		Principal Underwriters
(a)	Other Activity. ING America Equities, Inc., the principal underwriter for the policies, is also the principal underwriter for policies issued by ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company and Southland Life Insurance Company.
(b)	Management of ING America Equities, Inc.
Name and Principal Business Address					Positions and Offices with Underwriter
David P. Wilken, 20 Washington Avenue South, Minneapolis, MN 55401					Director, President and Chief Executive Officer
Daniel P. Mulheran, 20 Washington Avenue South, Minneapolis, MN 55401					Director
Mark A. Smith, 2001 21^st Avenue, N.W. Minot, ND 58703					Director, Vice President
Anita F. Woods, 5780 Powers Ferry Road, Atlanta, GA 80203					Financial Operations Officer and Chief Financial Officer
Beth G. Shanker, 1290 Broadway, Denver, CO 80203					Chief Compliance Officer
Pamela S. Anson, 2001 21^st Avenue, N.W. Minot, ND 58703					Vice President
Nathan E. Eshelman, 1290 Broadway, Denver, CO 80203					Vice President
Frederick C. Litow, 5780 Powers Ferry Road, Atlanta, GA 80203					Vice President and Assistant Treasurer
Renee E. McKenzie, 5780 Powers Ferry Road, Atlanta, GA 80203					Vice President, Assistant Treasurer and Assistant Secretary
David S. Pendergrass, 5780 Powers Ferry Road, Atlanta, GA 80203					Vice President and Treasurer
Deborah C. Hancock, 1290 Broadway, Denver, CO 80203					Assistant Vice President
Paula Cludray-Engelke, 20 Washington Avenue South, Minneapolis, MN 55401					Secretary
Eric G. Banta, 1290 Broadway, Denver, CO 80203					Assistant Secretary
(c)	Compensation From the Registrant.
(1)			(2)	(3)		(4)	(5)
Name of Principal Underwriter			2002 Net Underwriting Discounts and Commissions	Compensation on Events Occasioning the Deduction of a Deferred Sales Load		Brokerage Commissions	Other Compensation*
ING America Equities, Inc.							$50,355,543

*	Includes payments to agents/registered representatives, broker/dealers, and regional managers/brokerage general agents and payments to Washington Square Securities, Inc. as a distribution allowance.

Item 32	Location of Accounts and Records
Accounts and records are maintained by ReliaStar Life Insurance Company at 20 Washington Ave South, Minneapolis, MN 55401 and by ING Americas Finance Shared Services, an affiliate, at 5780 Powers Ferry Road, NW, Atlanta, GA 30327. 20 Washington Avenue South, Minneapolis, MN 55401.

Item 33	Management Services
None.

Item 34

Fee Representations

ReliaStar Life Insurance Company represents that the fees and charges deducted under the variable life insurance policy described in this registration statement, in the aggregate, are reasonable in relation to the services rendered, expenses expected to be incurred, and the risks assumed by ReliaStar Life Insurance Company under the policies. ReliaStar Life Insurance Company bases this representation on its assessment of such factors such as the nature and extent of the such services, expenses and risks, the need for the ReliaStar Life Insurance Company to earn a profit and the range of such fees and charges within the insurance industry.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act, the Registrant, Select HLife Variable Account, certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 18 to this Registration Statement on Form N-6 (File No. 33-57244) to be signed on its behalf by the undersigned, duly authorized, in the City of Hartford, and State of Connecticut on the 9^th day of February, 2004.

SELECTHLIFE VARIABLE ACCOUNT
(Registrant)


By: RELIASTAR LIFE INSURANCE COMPANY
(Depositor)

			By:	Keith Gubbay*
				President (principal executive officer)



Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 18 has been signed below by the following persons in the capacities indicated and on the date indicated.

Signature		Title			Date

Keith Gubbay*		Director, President and Chief Financial Officer
Keith Gubbay		(principal executive officer)

Thomas J. McInerney*		Director
Thomas J. McInerney					February,
					9, 2004
Mark A. Tullis*		Director
Mark A. Tullis

David Wheat*		Director, Senior Vice President and Chief Financial Officer
David Wheat		(principal accounting and financial officer)

By:	/s/ J. Neil McMurdie
	J. Neil McMurdie
	*Attorney-in-Fact

SELECTHLIFE VARIABLE ACCOUNT
Exhibit Index

Exhibit No.	Exhibit

27-(c)(4)	Form of Assignment of Broker/Dealer Agency Selling Agreement

27-(h)(1)(c)	Amendment No. 2 to Participation Agreement by and among Reliastar Life Insurance Company, on behalf of itself and its separate accounts, AIM Variable Insurance Funds, Inc., A I M Distributors, Inc. and ING American Equities, Inc.

27-(h)(5)(b)	Amendment effective as of July 15, 2003 to Participation Agreement by and among ReliaStar Life Insurance Company, ING VP Bond Portfolio and ING Funds Distributor, LLC.

27-(h)(8)(c)	Amendment effective as of July 15, 2003 to Participation Agreement by and among ReliaStar Life Insurance Company, ING Variable Portfolios, Inc. and ING Funds Distributor, LLC.

27-(h)(9)(c)	Amendment to Participation Agreement by and among ReliaStar Life Insurance Company, ING Variable Products Trust and ING Funds Distributor, LLC.

27-(n)	Consent of Independent Auditors - Ernst & Young LLP

At September 30, 2003, the Account had sixty-six investment divisions (the "Divisions"), thirty-four of which invest in independently managed mutual funds and sixteen of which invest in mutual funds managed by an affiliate, either Directed Services, Inc., ING Life Insurance and Annuity Company, or ING Investments, LLC. 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, 2003 and related Trusts are as follows:

AIM Variable Insurance Funds:		ING Variable Portfolios, Inc.:
	Dent Demographic Trends Fund - Series I Shares		Index Plus LargeCap Portfolio - Class R*
			Index Plus MidCap Portfolio - Class R*
Alger American Funds:			Index Plus SmallCap Portfolio - Class R*
	Growth Portfolio - Class O Shares
	Leveraged AllCap Portfolio - Class O Shares	ING Variable Products (VP) Trust:
	MidCap Growth Portfolio - Class O Shares		Disciplined LargeCap Portfolio - Class R
	Small Capitalization Portfolio - Class O Shares		Growth Opportunities Portfolio - Class R
			Growth + Value Portfolio - Class R
American Funds Insurance Series			High Yield Bond Portfolio - Class R
	Growth Fund - Class 2**		International Value Portfolio - Class R
	Growth-Income Fund - Class 2**		MagnaCap Portfolio - Class R
	International Fund - Class 2**		MidCap Opportunities Portfolio - Class R
			SmallCap Opportunities Portfolio - Class R
Fidelity® Variable Insurance Products Funds:
	VIP II Asset Manager Portfolio - Initial Class	Janus Aspen Series:
	VIP II Contrafund® Portfolio - Initial Class		Growth - Institutional Shares
	VIP Equity-Income Portfolio - Initial Class		International Growth - Institutional Shares
	VIP Growth Portfolio - Initial Class		Mid Cap Growth Portfolio - Institutional Shares
	VIP High Income Portfolio - Initial Class		Worldwide Growth - Institutional Shares
	VIP Index 500 Portfolio - Initial Class
	VIP Investment Grade Bond Portfolio - Initial Class	Neuberger Berman Advisers Management Trust:
	VIP Money Market Portfolio - Initial Class		Limited Maturity Bond Portfolio
	VIP Overseas Portfolio - Initial Class		Partners Portfolio
			Socially Responsive Portfolio
ING Income Shares:
	VP Bond Portfolio - Class R*

ING Investors Trust:			PIMCO Accumulation Trust:
	AIM Capital Mid Cap Growth Portfolio -			OpCap Equity Portfolio
	Service Shares**			OpCap Global Equity Portfolio
	Hard Assets Portfolio - Institutional Shares**			OpCap Managed Portfolio
	International Portfolio - Service Shares**			OpCap Small Cap Portfolio
	Limited Maturity Bond Portfolio - Service
	Shares**
	Liquid Assets Portfolio - Service Shares**		Pioneer Variable Contracts Trust:
	Marsico Growth Portfolio - Service Shares**			Mid Cap Value VCT Portfolio - Class I*
	MFS Mid Cap Growth Portfolio - Service			Small Cap Value VCT Portfolio - Class I*
	Shares
	MFS Total Return Portfolio - Institutional
	Shares**		Putnam Variable Trust:
	Salomon Brothers Investors Portfolio -			Diversified Income Fund - Class IA Shares
	Institutional Shares**			Growth and Income Fund - Class IA Shares
	T. Rowe Price Capital Appreciation			International Growth Fund - Class IA Shares
	Portfolio -- Institutional Shares			New Opportunities Fund - Class IA Shares
	T. Rowe Price Equity Income Portfolio -			Small Cap Value Fund - Class IA Shares
	Service Shares**			Utilities Growth and Income Fund - Class IA
	Van Kampen Real Estate Portfolio -			Shares
	Institutional Shares**			Voyager Fund - Class IA Shares

ING Partners, Inc.:
	JPMorgan Mid-Cap Value Portfolio - Initial Class**
	PIMCO Total Return Portfolio - Service Class**
	Salomon Brothers Aggressive Growth - Portfolio -
	Service Class
	UBS Tactical Asset Allocation Portfolio - Initial
	Class*
	Van Kampen Comstock Portfolio - Initial Class*

*		Investment Division was added in 2002
**		Investment Division was added in 2003

		Nine Months Ended		Year Ended
		September 30, 2003		December 31, 2002
		Purchases	Sales	Purchases	Sales
		(Dollars In Thousands)
AIM Variable Insurance Funds:
	Dent Demographic Trends	$ 2,948	$ 2,369	$ 4,583	$ 3,911
The Alger American Fund:
	Growth	22,828	20,681	17,764	12,939
	Leveraged All Cap	2,391	1,405	3,752	2,771
	Mid Cap Growth	29,593	25,285	19,718	13,183
	Small Capitalization	14,204	13,750	14,766	13,955
American Funds Insurance Series:
	Growth	595	3	-	-
	Growth-Income	808	6	-	-
	International	500	3	-	-
Fidelity® Variable Insurance Products Fund:
	Asset Manager^SM	7,789	9,384	1,137	3,827
	Contrafund®	57,669	53,178	23,048	20,555
	Equity-Income	72,702	68,123	41,151	40,561
	Growth	64,059	67,930	18,768	21,866
	High Income	106,984	102,305	67,625	69,080
	Index 500	47,536	43,595	27,079	21,285
	Investment Grade Bond	35,580	32,774	20,172	13,158
	Money Market	308,014	311,803	443,744	425,703
	Overseas	4,564	5,755	564	2,703
ING Income Shares:
	Bond	29,576	28,733	3,108	2,833
ING Investors Trust:
	ING AIM Capital Mid Cap Growth	707	688	-	-
	ING Hard Assets	728	721	-	-
	ING International	800	734	-	-
	ING Limited Maturity Bond	41	2	-	-
	ING Liquid Assets	30	2	-	-
	ING Marsico Growth	413	2	-	-
	ING MFS Mid Cap Growth	8,770	8,395	5,055	4,329
	ING MFS Total Return	118	2	-	-
	ING Salomon Brothers Investors	36	1	-	-
	ING T. Rowe Price Capital Appreciation	12,426	10,569	5,895	1,740
	ING T. Rowe Price Equity Income	126	5	-	-
	ING Van Kampen Real Estate	148	39	-	-

						Investment
			Units	Unit Fair Value	Net Assets	Income		Expense Ratio	Total Return
Division			(000's)	(lowest to highest)	(000's)	Ratio		(lowest to highest)	(lowest to highest)
AIM Variable Insurance Funds:
	Dent Demographic Trends
		2003	1,071	$4.50	$ 4,822	-	%	0.00%	23.63%
		2002	941	$3.64	3,425	-		0.00%	-32.20%
		2001	802	$5.36	4,304	-		0.00%	-31.91%
		2000	450	$7.88	3,547	*		*	*
The Alger American Fund:
	Growth
		2003	3,645	$11.28 to $11.85	43,076	-		0.00% to 0.80%	19.87% to 20.55%
		2002	3,453	$9.41 to $9.83	33,851	0.04		0.00% to 0.80%	-33.53% to -32.99%
		2001	3,074	$14.16 to $14.67	44,966	0.23		0.00% to 0.80%	-12.53% to -11.81%
		2000	2,563	$16.19 to $16.63	42,521	*		*	*
	Leveraged All Cap				4,340
		2003	844	$5.14	3,857	-		0.00%	22.67%
		2002	639	$4.19	2,676	0.01		0.00%	-33.91%
		2001	455	$6.35	2,891	-		0.00%	-15.93%
		2000	217	$7.55	1,641	*		*	*
	Mid Cap Growth
		2003	1,684	$15.07 to $15.83	26,568	-		0.00% to 0.80%	29.69% to 30.40%
		2002	1,385	$11.62 to $12.14	16,748	-		0.00% to 0.80%	-30.11% to -29.54%
		2001	923	$16.63 to $17.23	15,831	-		0.00% to 0.80%	-7.28% to -6.52%
		2000	630	$17.93 to $18.43	11,552	*		*	*