OMB APPROVAL OMB Number: 3235-0570 Expires: Nov. 30, 2005 Estimated average burden hours per response: 5.0 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-05710 --------- ING VP Natural Resources Trust ------------------------------ (Exact name of registrant as specified in charter) 7337 E. Doubletree Ranch Rd., Scottsdale, AZ 85258 -------------------------------------------------- (Address of principal executive offices) (Zip code) CT Corporation System, 101 Federal Street, Boston, MA 02110 ----------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 1-800-992-0180 -------------- Date of fiscal year end: December 31 ----------- Date of reporting period: January 1, 2003 to June 30, 2003 -------------------------------- ITEM 1. REPORTS TO STOCKHOLDERS. The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1): SEMI-ANNUAL REPORT SEMI-ANNUAL REPORT [PHOTO OF ABACUS] June 30, 2003 ING VP NATURAL RESOURCES TRUST [ING FUNDS LOGO] TABLE OF CONTENTS - -------------------------------------------------------------------------------- <Table> President's Letter...................................... 1 Portfolio Managers' Reports............................. 2 Statement of Assets and Liabilities..................... 5 Statement of Operations................................. 6 Statements of Changes in Net Assets..................... 7 Financial Highlights.................................... 8 Notes to Financial Statements........................... 9 Portfolio of Investments................................ 12 Trustee and Officer Information......................... 13 </Table> (THIS PAGE INTENTIONALLY LEFT BLANK) PRESIDENT'S LETTER - -------------------------------------------------------------------------------- [PHOTO] JAMES M. HENNESSY Dear Shareholder, It would be an understatement to refer to this past year as a challenging one for investors. In the past twelve months, there have been a number of events on the geopolitical front and numerous economic setbacks that have tested investor resilience. We are now in the third year of one of the longest economic downturns in U.S. history. And although few of us will take much comfort in the fact that we have coped through a particularly challenging time, perhaps we should. We at ING Funds remain optimistic about the future. We acknowledge the recent difficulties, but we also prefer to look at the positives that have emerged in the wake of those difficulties. For instance, the quick actions on the part of the financial industry and government regulators following a string of recent corporate scandals may have helped regain investor trust as well as introduce new accounting standards that may bring permanent improvements to our industry. Although I do not wish to overstate my enthusiasm, I do believe that the gradual market upturn of recent months supports our long-held philosophy that it is important for investors to remain focused on their long-term goals and maintain reasonable expectations. We remain committed to providing quality service and innovative products to help meet the needs of our investors, and we are excited and optimistic about the future. On behalf of ING Funds, I thank you for your continued support and confidence and look forward to serving you in the future. Sincerely, /s/ James M. Hennessy James M. Hennessy President ING Funds August 15, 2003 1 ING VP NATURAL RESOURCES TRUST PORTFOLIO MANAGERS' REPORT - -------------------------------------------------------------------------------- PORTFOLIO MANAGER: A team of investment professionals led by James A. Vail, CFA, Senior Vice President and Portfolio Manager, ING Investments, LLC. GOAL: The ING VP Natural Resources Trust (the "Trust") seeks long-term growth of capital through investment primarily in common stocks of companies that own or develop natural resources and other basic commodities, or supply goods and services to such companies. Current income will not be a factor. Total return will consist primarily of capital appreciation. MARKET OVERVIEW: For the first six months of 2003 the broad category of natural resource prices experienced a period of volatile swings reflecting concerns over the war in Iraq, fears of a domestic energy shortage and uncertainty over the direction of global economies. Crude oil prices rose to $38 a barrel in February, fell to $25 in April, and finished the quarter at $30. Natural Gas experienced wide price swings reaching $9.57 per MCF but ending the quarter at $5.00. Copper was specifically volatile reaching a high approaching 80 cents per pound in February subsequently trading off to 71 cents in April and ending at 75 cents. Gold, historically viewed as a safe haven during times of uncertainty, fulfilled its role as geopolitical events and US dollar weakness forced the precious metal to a high of $380 per ounce and then fell to $322 as tensions eased. Other metals experienced price increases as Chinese demand for raw materials to feed its manufacturing industry increased dramatically. Paper and forest products pieces were mixed as the economy grew more modestly than expected. While the global economy may be recovering, more slowly then we and many others expected, we remain convinced it is recovering. Fiscal stimulus both in the United States and abroad should result in expanding economics as 2003 progresses and we enter 2004. As economies expand the demand for natural resources and energy should follow, leading to higher prices and improved profits and cash flows to the providers of these materials. PERFORMANCE: For the six-months ended June 30, 2003, the Trust, excluding any charges, provided a total return of 6.19% compared to an 11.77% return for the Standard & Poor's 500 Index (S&P 500) and an 8.58% return for the Lipper Natural Resources Index. PORTFOLIO SPECIFICS: The Trust maintains a broad exposure to natural resources with 25% invested in intermediates such as paper and forest products; and metals and 75% in energy related names. Toward the end of the first half, the Trust was buffeted by sector rotation away from natural resource toward depressed sectors. For example, the Philadelphia Semiconductor Index (PHLX) is up 24% year to date. The Amex Biotech Index has gained 25% in the period. After the successful completion of the Iraqi Campaign, investors sought greater exposure to beta, and in our opinion used natural resources specifically energy as a source of Funds. By contrast the Oil Service Index is up 5.9% for the six months ended June 30. Gas storage levels began to rise unexpectedly as weak demand blunted limited supplies negatively affecting the relative performance of the energy sector. We remain convinced energy and energy services will be strong performers as the world economy grows. MARKET OUTLOOK: As we enter the second half of 2003, metals prices, specifically copper, aluminum and nickel have rallied, in our opinion signaling improving economic activity. The share prices of companies supplying these metals have in turn appreciated mirroring the metals' rise. Energy-related shares have lagged as commodity prices continue to ease, but may be ignoring the positive fundamentals in the sector; specifically increased drilling activity, increased decline rates in natural gas fields and the potential for improved demand in the months ahead. As the global economy recovers, that growth should increase the demand for all natural resources and provide the backdrop for improving equity prices in the sector. 2 PORTFOLIO MANAGERS' REPORT ING VP NATURAL RESOURCES TRUST - -------------------------------------------------------------------------------- <Table> <Caption> AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED JUNE 30, 2003 ------------------------------------------------------------------ 1 YEAR 5 YEAR 10 YEAR ------ ------ ------- ING VP Natural Resources Trust 0.09% -0.43% 3.38% S&P 500 Index(1) 0.25% -1.61% 10.04% Lipper National Resources Index(2) -2.44% 3.78% 7.60% </Table> Based on a $10,000 initial investment, the table above illustrates the total return of ING VP Natural Resources Trust against the S&P 500 Index and the Lipper Natural Resources Index. The Indices are unmanaged and have no cash in their portfolio, impose no sales charges and incur no operating expenses. An investor cannot invest directly in an index. The Trust's performance is shown without the imposition of any expenses or charges which are, or may be, imposed under your annuity contract or life insurance policy. Total returns would have been lower if such expenses or charges were included. Performance table does not reflect the deduction of taxes that a shareholder will pay on Trust distributions or the redemption of Trust shares. PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND IS NO ASSURANCE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE TRUST WILL FLUCTUATE. SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. This report contains statements that may be "forward-looking" statements. Actual results may differ materially from those projected in the "forward-looking" statements. THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGERS, ONLY THROUGH THE END OF THE PERIOD AS STATED ON THE COVER. THE PORTFOLIO MANAGERS' VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND OTHER CONDITIONS. Trust holdings are subject to change daily. (1) The S&P 500 INDEX is a widely recognized unmanaged index of 500 common stocks. (2) The LIPPER NATURAL RESOURCES INDEX is an unmanaged equally-weighted index of the largest mutual funds in the Lipper Natural Resources category of funds. PRINCIPAL RISK FACTOR(S): Since the Fund is a non-diversified investment company that invests primarily in securities of companies engaged in natural resources activities, the Fund may be subject to greater risks and market fluctuations than other funds that are more diversified by industry. The Fund's investments in foreign securities may involve risks greater than those attendant to investments in securities of U.S. issuers. This Fund should be considered as a vehicle for diversification and not as a balanced investment program. See accompanying index descriptions on page 4. 3 INDEX DESCRIPTIONS - -------------------------------------------------------------------------------- The AMEX BIOTECHNOLOGY INDEX is an equal dollar weighted index designed to measure the performance of a cross-section of companies in the biotechnology industry. The LIPPER NATURAL RESOURCES INDEX is an unmanaged equally-weighted index of the largest mutual funds in the Lipper Natural Resources category of funds. The PHLX OIL SERVICE SECTOR INDEX is a price-weighted index composed of the common stocks of 15 companies that provide oil drilling and production services, oil field equipment, support services and geophysical/reservoir services. The PHLX SEMICONDUCTOR SECTOR INDEX is a price-weighted index composed of 17 U.S. companies primarily involved in the design, distribution, manufacture, and sale of semiconductors. The STANDARD & POORS 500 INDEX (S&P 500) is a widely recognized, unmanaged index of 500 common stocks. All indices are unmanaged. An investor cannot invest directly in an index. 4 STATEMENT OF ASSETS AND LIABILITIES as of June 30, 2003 (Unaudited) - -------------------------------------------------------------------------------- <Table> ASSETS: Investments in securities at value* $19,498,455 Short-term investments, at amortized cost 202,000 Cash 130 Foreign currency 70,728 Receivables: Investment securities sold 1,590,200 Dividends and interest 6,020 Prepaid expenses 198 ----------- Total assets 21,367,731 ----------- LIABILITIES: Payable for investment securities purchased 501,100 Payable for fund shares redeemed 18,765 Payable to affiliates 19,096 Payable for trustee fees 66,838 Other accrued expenses and liabilities 40,796 ----------- Total liabilities 646,595 ----------- NET ASSETS (EQUIVALENT TO $12.91 PER SHARE ON 1,605,152 SHARES OUTSTANDING) $20,721,136 =========== NET ASSETS WERE COMPRISED OF: Paid-in capital-shares of beneficial interest at no par value (unlimited shares authorized) $20,414,919 Accumulated net investment loss (68,726) Accumulated net realized loss on investments and foreign currencies (529,667) Net unrealized appreciation of investments and foreign currencies 904,610 ----------- NET ASSETS $20,721,136 =========== - ------------------ * Cost of securities $18,598,791 ** Cost of foreign securities $ 65,782 </Table> See Accompanying Notes to Financial Statements 5 STATEMENT OF OPERATIONS (Unaudited) - -------------------------------------------------------------------------------- <Table> <Caption> SIX MONTHS ENDED JUNE 30, 2003 ------------- INVESTMENT INCOME: Dividends (net of foreign withholding taxes of $2,664) $ 96,523 Interest 2,646 ---------- Total Investment Income 99,169 ---------- EXPENSES: Investment management fees 101,279 Administrative service fees 10,128 Shareholder reporting expense 6,923 Custody and accounting expense 5,973 Transfer agent fees 17,497 Professional fees 20,006 Miscellaneous expense 1,085 Trustees' fees 4,706 Insurance expense 253 Registration and filing fees 45 ---------- Total expenses 167,895 ---------- Net investment loss (68,726) ---------- REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCIES: Net realized gain on investments 216,148 Net realized gain on foreign currencies 334,638 ---------- Net realized gain on investments and foreign currencies 550,786 Net change in unrealized appreciation of investments and foreign currencies 747,128 ---------- Net realized and unrealized gain on investments and foreign currencies 1,297,914 ---------- INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,229,188 ========== </Table> See Accompanying Notes to Financial Statements 6 STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) - -------------------------------------------------------------------------------- <Table> <Caption> SIX MONTHS ENDED YEAR ENDED JUNE 30, 2003 DECEMBER 31, 2002 ------------- ----------------- FROM OPERATIONS: Net investment loss $ (68,726) $ (94,961) Net realized gain on investments and foreign currencies 550,786 (278,728) Net change in unrealized appreciation of investments and foreign currencies 747,128 (362,262) ----------- ----------- Net increase in net assets resulting from operations 1,229,188 (735,951) ----------- ----------- FROM DIVIDENDS TO SHAREHOLDERS: Net investment income -- (41,560) ----------- ----------- Total distributions -- (41,560) ----------- ----------- FROM CAPITAL SHARE TRANSACTIONS: Net proceeds from sale of shares 2,591,689 6,211,430 Dividends reinvested -- 41,560 Cost of shares redeemed (4,336,290) (7,979,545) ----------- ----------- Net decrease in net assets resulting from capital share transactions (1,744,601) (1,726,555) ----------- ----------- Net decrease in net assets (515,413) (2,504,066) NET ASSETS: Beginning of period 21,236,549 23,740,615 ----------- ----------- End of period $20,721,136 $21,236,549 =========== =========== Accumulated net investment loss at end of period $ (68,726) $ -- =========== =========== </Table> See Accompanying Notes to Financial Statements 7 ING VP NATURAL RESOURCES TRUST (UNAUDITED) FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- Selected data for a share of beneficial interest outstanding throughout each period. <Table> <Caption> SIX MONTHS YEAR ENDED DECEMBER 31, ENDED ------------------------------------------- JUNE 30, 2003 2002 2001 2000(2) 1999 1998 - ------------------------------------------------------------------------------------------------------------------------------ PER SHARE OPERATING PERFORMANCE: Net asset value, beginning of period $ 12.12 12.40 14.75 12.51 11.03 14.91 Income (loss) from investment operations: Net investment income (loss) $ (0.04) (0.05) 0.03 (0.07) 0.06 0.08 Net realized and unrealized gain (loss) on investments $ 0.83 (0.21) (2.38) 2.36 1.50 (2.98) Total income (loss) from investment operations $ 0.79 (0.26) (2.35) 2.29 1.56 (2.90) Less distributions from: Net investment income $ -- 0.02 -- 0.05 0.08 0.08 Net realized gains on investments $ -- -- -- -- -- 0.90 Total distributions $ -- 0.02 -- 0.05 0.08 0.98 Net asset value, end of period $ 12.91 12.12 12.40 14.75 12.51 11.03 TOTAL RETURN(1): % 6.19 (2.10) (15.93) 18.37 14.09 (19.62) RATIOS AND SUPPLEMENTAL DATA: Net assets, end of period (000s) $ 20,721 21,237 23,741 32,291 31,737 35,418 Ratio to average net assets: Expenses(3) % 1.66 1.64 1.35 1.66 1.33 1.29 Net investment income (loss)(3) % (0.68) (0.41) 0.17 (0.53) 0.34 0.42 Portfolio turnover rate % 54 80 85 72 41 74 - ------------------------------------------------------------------------------------------------------------------------------ </Table> (1) Total return is calculated assuming reinvestment of all dividend and capital gain distributions at net asset value and is not annualized for periods less than a year. (2) Effective July 26, 2000, ING Investments, LLC, became the investment adviser to the Fund. (3) Ratios are annualized for periods less than a year. 8 NOTES TO FINANCIAL STATEMENTS as of June 30, 2003 (Unaudited) - -------------------------------------------------------------------------------- NOTE 1 -- ORGANIZATION Organization. ING VP Natural Resources Trust (the "Trust") is an open-end, non-diversified management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operation in 1991. The Trust's Investment objective is to seek long-term growth of capital through investment primarily in common stock of companies, which own, or develop natural resources and other basic commodities, or supply goods and services to such companies. With the exception of shares held in connection with initial capital of the Trust, shares of the Trust are currently being offered only to participating insurance companies for allocation to certain of their separate accounts established for the purpose of funding variable annuity contracts and variable life insurance policies issued by the participating insurance companies. NOTE 2 -- SIGNIFICANT ACCOUNTING POLICIES The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements: A. Security Valuation. Investments in equity securities traded on a national securities exchange are valued at the last reported sale price. Portfolio securities reported by NASDAQ will be valued at NASDAQ official closing price. Securities traded on an exchange or NASDAQ for which there has been no sale and securities traded in the over-the-counter-market are valued at the mean between the last reported bid and ask prices. All investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities are valued at bid prices obtained from independent services or from one or more dealers making markets in the securities. U.S. Government obligations are valued by using market quotations or independent pricing services which uses prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. Securities and assets for which market quotations are not readily available (which may include certain restricted securities which are subject to limitations as to their sale) are valued at their fair values as determined in good faith by or under the supervision of the Trust's Board of Directors ("Board"), in accordance with methods that are specifically authorized by the Board. Securities traded on exchanges, including foreign exchanges, which close earlier than the time that a Trust calculates its net asset value may also be valued at their fair values as determined in good faith by or under the supervision of a Trust's Board, in accordance with methods that are specifically authorized by the Board. If a significant event which is likely to impact the value of one or more foreign securities held by a Trust occurs after the time at which the foreign market for such security (ies) closes but before the time that the Trust's net asset value is calculated on any business day, such event may be taken into account in determining the fair value of such security (ies) at the time the Trust calculates its net asset value. For these purposes, significant events after the close of trading on a foreign market may include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis, the Board has authorized the use of one or more research services to assist with the determination of the fair value of foreign securities in light of significant events. Research services use statistical analyses and quantitative models to help determine fair value as of the time a Trust calculates its net asset value. Unlike the closing price of a security on an exchange, fair value determinations employ elements of judgment, and the fair value assigned to a security may not represent the actual value that a Trust could obtain if it were to sell the security at the time of the close of the NYSE. Investments in securities maturing in less than 60 days at the date of acquisition are valued at amortized cost, which, when combined with accrued interest, approximates market value. B. Federal Income Taxes. It is the Trust's policy to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to "regulated investment companies" and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for Federal income taxes is required. In addition, by distributing during each calendar year substantially all of 9 NOTES TO FINANCIAL STATEMENTS as of June 30, 2003 (Unaudited) (Continued) - -------------------------------------------------------------------------------- its net investment income and net realized capital gains, the Trust intends not to be subject to any federal excise tax. C. Distributions. Dividends from net investment income and net realized capital gains, if any, are normally declared and paid annually, but the Trust may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. Distributions are recorded on the ex-dividend date. The character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. D. Use of Estimates. Management of the Portfolios has made certain estimates and assumptions relating to the reporting of assets, liabilities, income, and expenses to prepare these financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from these estimates. E. Foreign Currency Transactions. Assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at current exchange rates. Purchases and sales of investments, as well as income and expense items denominated in a foreign currency, are translated at the rates of exchange prevailing on the respective dates of such transactions. The Trust does not isolate that portion of the results of operations resulting from translation gains or losses due to changes in exchange rates and realized gains and losses on the settlement of foreign currency denominated receivables and payables. Realized gains and losses from the sale of foreign currencies as well as the settlement of forward foreign exchange contracts are separately disclosed in the statement of operations. The Trust may enter into forward foreign exchange contracts in order to hedge against foreign currency risk in the purchase or sale of securities denominated in foreign currency. The Trust may also enter into such contracts to hedge against changes in foreign currency exchange rates on portfolio positions. These contracts are marked to market daily, by recognizing the difference between the contract exchange rate and the current market rate as unrealized gains or losses. The Trust authorizes its custodian to place and maintain equity securities in a segregated account of the Trust having a value equal to the aggregate amount of the Trust's commitments under forward foreign currency contracts entered into with respect to position hedges. The Trust did not have any open forward foreign currency contracts outstanding at June 30, 2003. NOTE 3 -- INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES The Trust pays an investment advisory fee to ING Investments, LLC ("Investment Advisor") at an annual rate of 1.00% of the Trust's average daily net assets. The Investment Advisor voluntarily agreed to reimburse the Trust if total annual expenses (including management fees, but excluding interest, taxes, brokerage commission and extraordinary expenses) exceed 2.50% of the Trust's average net assets. No reimbursement was required for the period ended June 30, 2003. ING Funds Services, LLC (the "Administrator") serves as Administrator to the Trust. The Trust pays the Administrator a fee calculated at an annual rate of 0.10% of the Trust's average daily net assets. NOTE 4 -- OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES At June 30, 2003, the Trust had the following amounts recorded in payable to affiliates on the accompanying Statements of Assets and Liabilities: <Table> <Caption> ACCRUED INVESTMENT ACCRUED MANAGEMENT ADMINISTRATIVE FEE FEE TOTAL - ---------- -------------- ------- $17,360 $1,736 $19,096 </Table> The Trust has adopted a Retirement Policy covering all independent trustees of the Trust who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this plan are based on an annual rate as defined in the plan agreement. NOTE 5 -- INVESTMENT TRANSACTIONS The cost of purchases and proceeds from sales of investments for the period ended June 30, 2003, excluding short-term securities, were $10,759,522 and $11,841,543, respectively. 10 NOTES TO FINANCIAL STATEMENTS as of June 30, 2003 (Unaudited) (Continued) - -------------------------------------------------------------------------------- NOTE 6 -- INVESTMENT AND CONCENTRATION RISKS The Trust makes significant investments in foreign securities and has a policy of investing in the securities of companies that own or develop natural resources and other basic commodities, or supply goods and services to such companies. There are certain risks involved in investing in foreign securities or concentrating in specific industries such as natural resources that are in addition to the usual risks inherent in domestic investments. These risks include those resulting from future adverse political and economic developments, as well as the possible imposition of foreign exchange or other foreign governmental restrictions or laws, all of which could affect the market and/or credit risk of the investments. NOTE 7 -- CAPITAL SHARE TRANSACTIONS Transactions in capital shares and dollars were as follows: <Table> <Caption> SIX MONTHS YEAR ENDED ENDED JUNE 30, 2003 DECEMBER 31, 2002 ------------------------ ------------------------ SHARES DOLLARS SHARES DOLLARS ------ ------- ------ ------- Shares sold 223,650 $ 2,591,689 503,557 $ 6,211,430 Reinvestment of dividends -- -- 3,247 41,560 Shares redeemed (370,090) (4,336,290) (670,496) (7,979,545) -------- ----------- -------- ----------- Net decrease (146,440) $(1,744,601) (163,692) $(1,726,555) ======== =========== ======== =========== </Table> NOTE 8 -- FEDERAL INCOME TAXES During the period ended June 30, 2003, the foreign taxes paid or withheld were $2,664. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid. Dividends paid by the Trust from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders. There were no dividends or distributions to shareholders for the period ended June 30, 2003. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. These "book/tax" differences are either considered temporary or permanent in nature. Key differences are the treatment of short-term capital gains, foreign currency transactions, organization costs and other temporary differences. To the extend that these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassifications. To the extent distributions exceed net investment income and/or net realized capital gains for tax purposes, they are reported as distributions of paid-in capital. Capital loss carryforwards, which may be used to offset future realized capital gains for federal income tax purposes were as follows at December 31, 2002: <Table> <Caption> AMOUNT EXPIRATION DATES - ---------- ---------------- $1,079,917 2006 - 2010 </Table> NOTE 9 -- SUBSEQUENT EVENTS At a special meeting held on July 22, 2003, Shareholders approved a Sub-Advisory Agreement between ING Investments, LLC and ING Aeltus Investment Management, Inc., with no change in the Adviser, the portfolio manager(s), or the overall management fee paid by each Fund. 11 ING VP NATURAL RESOURCES TRUST PORTFOLIO OF INVESTMENTS as of June 30, 2003 (Unaudited) - -------------------------------------------------------------------------------- <Table> <Caption> Shares Value - ----------------------------------------------------------- COMMON STOCK: 94.1% COAL: 6.8% 33,000 Consol Energy, Inc. $ 752,730 20,000 Peabody Energy Corp. 662,600 ----------- 1,415,330 ----------- FOREST PRODUCTS & PAPER: 3.9% 25,000 Louisiana-Pacific Corp. 279,000 10,000 Weyerhaeuser Co. 534,500 ----------- 813,500 ----------- MINING: 19.4% 20,000 Alcoa, Inc. 501,800 10,000,000 @,@@ Anaconda Nickel Ltd. 456,178 100,000 @,@@ AUR Resources, Inc. 253,016 25,000 Freeport-McMoRan Copper & Gold, Inc. 604,250 7,500 @@ Impala Platinum Holdings Ltd. 444,262 40,000 @,@@ Meridian Gold, Inc. 446,400 18,500 Phelps Dodge Corp. 701,335 50,000 @@ Placer Dome, Inc. 605,000 ----------- 4,012,241 ----------- OIL & GAS SERVICES: 22.1% 15,000 Baker Hughes, Inc. 505,350 12,000 @ Cooper Cameron Corp. 606,240 25,000 Halliburton Co. 578,000 16,700 @ Oil States Intl., Inc. 203,406 8,600 Schlumberger, Ltd. 410,134 16,400 Smith Intl., Inc. 610,572 20,700 Tidewater, Inc. 614,997 25,000 @ Varco Intl., Inc. 496,000 13,000 @ Weatherford Intl. Ltd. 556,140 ----------- 4,580,839 ----------- OIL & GAS: 41.9% 10,000 Anadarko Petroleum Corp. 448,000 10,000 @@ Canadian Natural Resources ltd. 391,900 63,400 Chesapeake Energy Corp. 652,386 14,894 Devon Energy Corp. 800,553 15,000 @@ EnCana Corp. 570,600 30,000 ENSCO Intl., Inc. 817,500 14,000 EOG Resources, Inc. 586,180 18,000 Murphy Oil Corp. 935,280 10,400 @,@@ Nabors Industries Ltd. 419,640 16,500 Noble Energy, Inc. 627,000 17,000 Pioneer Natural Resources Co. 447,100 26,200 @ Pride Intl., Inc. 493,346 25,000 Rowan Cos., Inc. 572,500 14,000 @ Spinnaker Exploration Co. 365,260 15,000 Valero Energy Corp. 549,300 ----------- 8,676,545 ----------- Total Common Stock (Cost $18,598,791) 19,498,455 ----------- <Caption> Principal Amount Value - ----------------------------------------------------------- SHORT-TERM INVESTMENT: 1.0% REPURCHASE AGREEMENT: 1.0% $ 202,000 State Street Repurchase Agreement, dated 06/30/03, 0.950% due 07/01/03, $202,005 to be received upon repurchase (Collateralized by $205,000 U.S. Treasury Note, 3.000%, Market Value $209,869, due 02/29/04) 202,000 ----------- Total Short-Term Investment (Cost $202,000) 202,000 ----------- </Table> <Table> TOTAL INVESTMENTS IN SECURITIES (COST $18,800,791)* 95.1% $19,700,455 OTHER ASSETS AND LIABILITIES-NET 4.9 1,020,681 ------ ----------- NET ASSETS 100.0% $20,721,136 ====== =========== </Table> <Table> @ Non-income producing security @@ Foreign Issuer * Cost for federal income tax purposes is the same as for financial statement purposes. Net unrealized appreciation consists of: </Table> <Table> Gross Unrealized Appreciation $1,664,523 Gross Unrealized Depreciation (764,859) ---------- Net Unrealized Appreciation $ 899,664 ========== </Table> See Accompanying Notes to Financial Statements 12 TRUSTEE AND OFFICER INFORMATION (Unaudited) - -------------------------------------------------------------------------------- The business and affairs of the Trusts are managed under the direction of the Trusts' Board of Trustees. A Trustee who is not an interested person of the Trusts, as defined in the 1940 Act, is an independent trustee ("Independent Trustee"). The Trustees and Officers of the Trust are listed below. The Statement of Additional Information includes additional information about trustees of the Registrant and is available, without charge, upon request at 1-800-992-0180. <Table> <Caption> TERM OF OFFICE POSITION(S) HELD AND LENGTH OF PRINCIPAL OCCUPATION(S) NAME, ADDRESS AND AGE WITH TRUST TIME SERVED(1) DURING THE PAST FIVE YEARS - --------------------- ---------------- -------------- -------------------------- INDEPENDENT TRUSTEES Paul S. Doherty(2) Trustee July 2000 - Mr. Doherty is President and Partner, 7337 E. Doubletree Ranch Rd. Present Doherty, Wallace, Pillsbury and Murphy, Scottsdale, AZ 85258 P.C., Attorneys (1996 - Present); Born: 1934 Director, Tambrands, Inc. (1993 - 1998); and Trustee of each of the funds managed by Northstar Investment Management Corporation (1993 - 1999). J. Michael Earley(3) Trustee February 2002 - President and Chief Executive Officer, 7337 E. Doubletree Ranch Rd. Present Bankers Trust Company, N.A. (1992 - Scottsdale, AZ 85258 Present). Born: 1945 R. Barbara Gitenstein(2) Trustee February 2002 - President, College of New Jersey (1999 - 7337 E. Doubletree Ranch Rd. Present Present). Formerly, Executive Vice Scottsdale, AZ 85258 President and Provost, Drake University Born: 1948 (1992 - 1998). Walter H. May(2) Trustee July 2000 - Retired. Formerly, Managing Director and 7337 E. Doubletree Ranch Rd. Present Director of Marketing, Piper Jaffray, Scottsdale, AZ 85258 Inc.; Trustee of each of the funds Born: 1936 managed by Northstar Investment Management Corporation (1996 - 1999). Jock Patton(2) Trustee July 2000 - Private Investor (June 1997 - Present). 7337 E. Doubletree Ranch Rd. Present Formerly Director and Chief Executive Scottsdale, AZ 85258 Officer, Rainbow Multimedia Group, Inc. Born: 1945 (January 1999 - December 2001); Director of Stuart Entertainment, Inc.; Director of Artisoft, Inc. (1994 - 1998). David W.C. Putnam(3) Trustee July 2000 - President and Director, F.L. Putnam 7337 E. Doubletree Ranch Rd. Present Securities Company, Inc. and its Scottsdale, AZ 85258 affiliates; President, Secretary and Born: 1939 Trustee, The Principled Equity Market Fund. Formerly, Trustee, Trust Realty Trust (December Corp.; Anchor Investment Trust; Bow 2000 - Present); Ridge Mining Company and each of the F.L. Putnam funds managed by Northstar Investment Foundation Management Corporation (1994 - 1999). <Caption> NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY OTHER DIRECTORSHIPS NAME, ADDRESS AND AGE TRUSTEE HELD BY TRUSTEE - --------------------- ----------- ------------------- INDEPENDENT TRUSTEES Paul S. Doherty(2) 111 -- 7337 E. Doubletree Ranch Rd. Scottsdale, AZ 85258 Born: 1934 J. Michael Earley(3) 111 -- 7337 E. Doubletree Ranch Rd. Scottsdale, AZ 85258 Born: 1945 R. Barbara Gitenstein(2) 111 -- 7337 E. Doubletree Ranch Rd. Scottsdale, AZ 85258 Born: 1948 Walter H. May(2) 111 Best Prep Charity (1991 - 7337 E. Doubletree Ranch Rd. Present). Scottsdale, AZ 85258 Born: 1936 Jock Patton(2) 111 Director, Hypercom, Inc. 7337 E. Doubletree Ranch Rd. (January 1999 - Present); JDA Scottsdale, AZ 85258 Software Group, Inc. (January Born: 1945 1999 - Present); Buick of Scottsdale, Inc.; and National Airlines, Inc. David W.C. Putnam(3) 111 Anchor International Bond 7337 E. Doubletree Ranch Rd. (December 2000 - Present); Scottsdale, AZ 85258 Progressive Capital Born: 1939 Accumulation Trust (August 1998 - Present); Principled Equity Market Fund (November 1996 - Present), Mercy Endowment Foundation (1995 - Present); Director, F.L. Putnam Investment Management Company (December 2001 - Present); Asian American Bank and Trust Company (June 1992 - Present); and Notre Dame Health Care Center (1991 - Present) F.L. Putnam Securities Company, Inc. (June 1978 - Present); and an Honorary Trustee, Mercy Hospital (1973 - Present). </Table> 13 TRUSTEE AND OFFICER INFORMATION (Unaudited) (Continued) - -------------------------------------------------------------------------------- <Table> <Caption> TERM OF OFFICE POSITION(S) HELD AND LENGTH OF PRINCIPAL OCCUPATION(S) NAME, ADDRESS AND AGE WITH TRUST TIME SERVED(1) DURING THE PAST FIVE YEARS - --------------------- ---------------- -------------- -------------------------- INDEPENDENT TRUSTEES Blaine E. Rieke(3) Trustee February 2001 - General Partner, Huntington Partners 7337 E. Doubletree Ranch Rd. Present (January 1997 - Present). Chairman of Scottsdale, AZ 85258 the Board and Trustee of each of the Born: 1933 funds managed by ING Investment Management Co. LLC (November 1998 - February 2001). Roger B. Vincent(3) Trustee February 2002 - President, Springwell Corporation (1989 7337 E. Doubletree Ranch Rd. Present - Present). Formerly, Director Tatham Scottsdale, AZ 85258 Offshore, Inc. (1996 - 2000). Born: 1945 Richard A. Wedemeyer(2) Trustee February 2001 - Retired. Mr. Wedemeyer was formerly Vice 7337 E. Doubletree Ranch Rd. Present President -- Finance and Administration, Scottsdale, AZ 85258 Channel Corporation (June 1996 - April Born: 1936 2002). Formerly Vice President, Operations and Administration, Jim Henson Productions. (1979 - 1997); Trustee, First Choice Funds (1997 - 2001); and of each of the funds managed by ING Investment Management Co. LLC (1998 - 2001). TRUSTEES WHO ARE "INTERESTED PERSONS" Thomas J. McInerney(4) Trustee February 2001 - Chief Executive Officer, ING U.S. 7337 E. Doubletree Ranch Rd. Present Financial Services (September 2001 - Scottsdale, AZ 85258 Present); General Manager and Chief Born: 1956 Executive Officer, ING U.S. Worksite Financial Services (December 2000 - Present); Member ING Americas Executive Committee (2001 - Present); President, Chief Executive Officer and Director of Northern Life Insurance Company (March 2001 - October 2002), ING Aeltus Holding Company, Inc. (2000 - Present), ING Retail Holding Company (1998 - Present), ING Life Insurance and Annuity Company (September 1997 - November 2002) and ING Retirement Holdings, Inc. (1997 - Present). Formerly, General Manager and Chief Executive Officer, ING Worksite Division (December 2000 - October 2001), President ING-SCI, Inc. (August 1997 - December 2000); President, Aetna Financial Services (August 1997 - December 2000). <Caption> NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY OTHER DIRECTORSHIPS NAME, ADDRESS AND AGE TRUSTEE HELD BY TRUSTEE - --------------------- ----------- ------------------- INDEPENDENT TRUSTEES Blaine E. Rieke(3) 111 Morgan Chase Trust Co. 7337 E. Doubletree Ranch Rd. (January 1998 - Present). Scottsdale, AZ 85258 Born: 1933 Roger B. Vincent(3) 111 Director, AmeriGas Propane, 7337 E. Doubletree Ranch Rd. Inc. (1998 - Present). Scottsdale, AZ 85258 Born: 1945 Richard A. Wedemeyer(2) 111 Touchstone Consulting Group 7337 E. Doubletree Ranch Rd. (1997 - Present). Scottsdale, AZ 85258 Born: 1936 TRUSTEES WHO ARE "INTERESTED PERSONS" Thomas J. McInerney(4) 165 Director, Hemisphere Inc. (May 7337 E. Doubletree Ranch Rd. 2003 - Present); Equitable Scottsdale, AZ 85258 Life Insurance Co., Golden Born: 1956 American Life Insurance Co., Life Insurance Company of Georgia, Midwestern United Life Insurance Co., ReliaStar Life Insurance Co., Security Life of Denver, Security Connecticut Life Insurance Co., Southland Life Insurance Co., USG Annuity and Life Company, and United Life and Annuity Insurance Co. Inc (March 2001 - Present); Director, Ameribest Life Insurance Co., (March 2001 to January 2003); Director, First Columbine Life Insurance Co. (March 2001 to December 2002); Member of the Board, National Commission on Retirement Policy, Governor's Council on Economic Competitiveness and Technology of Connecticut, Connecticut Business and Industry Association, Bushnell; Connecticut Forum; Metro Hartford Chamber of Commerce; and is Chairman, Concerned Citizens for Effective Government. </Table> 14 TRUSTEE AND OFFICER INFORMATION (Unaudited) (Continued) - -------------------------------------------------------------------------------- <Table> <Caption> TERM OF OFFICE POSITION(S) HELD AND LENGTH OF PRINCIPAL OCCUPATION(S) NAME, ADDRESS AND AGE WITH TRUST TIME SERVED(1) DURING THE PAST FIVE YEARS - --------------------- ---------------- -------------- -------------------------- TRUSTEES WHO ARE "INTERESTED PERSONS" John G. Turner(5) Trustee July 2000 - Chairman, Hillcrest Capital Partners 7337 E. Doubletree Ranch Rd. Present (May 2002 - Present); President, Turner Scottsdale, AZ 85258 Investment Company (January 2002 - Born: 1939 Present). Mr. Turner was formerly Vice Chairman of ING Americas (2000 - 2002); Chairman and Chief Executive Officer of ReliaStar Financial Corp. and ReliaStar Life Insurance Company (1993 - 2000); Chairman of ReliaStar United Services Life Insurance Company (1995 - 1998); Chairman of ReliaStar Life Insurance Company of New York (1995 - 2001); Chairman of Northern Life Insurance Company (1992 - 2001); Chairman and Trustee of the Northstar affiliated investment companies (1993 - 2001) and Director, Northstar Investment Management Corporation and its affiliates (1993 - 1999). <Caption> NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY OTHER DIRECTORSHIPS NAME, ADDRESS AND AGE TRUSTEE HELD BY TRUSTEE - --------------------- ----------- ------------------- TRUSTEES WHO ARE "INTERESTED PERSONS" John G. Turner(5) 111 Hormel Foods Corporation 7337 E. Doubletree Ranch Rd. (March 2000 - Present); Shopko Scottsdale, AZ 85258 Stores, Inc. (August 1999 - Born: 1939 Present); and M.A. Mortenson Company (March 2002 - Present). </Table> - ------------------ (1) Trustees serve until their successors are duly elected and qualified, subject to the Board's retirement policy. (2) Valuation Committee member. (3) Audit Committee member. (4) Mr. McInerney is an "interested person," as defined by the 1940 Act, because of his affiliation with ING U.S. Worksite Financial Services, an affiliate of ING Investments, LLC. (5) Mr. Turner is an "interested person," as defined by the 1940 Act, because of his affiliation with ING Americas, an affiliate of ING Investments, LLC. 15 TRUSTEE AND OFFICER INFORMATION (Unaudited) (Continued) - -------------------------------------------------------------------------------- <Table> <Caption> TERM OF OFFICE POSITION(S) HELD AND LENGTH OF PRINCIPAL OCCUPATION(S) NAME, ADDRESS AND AGE WITH THE TRUST TIME SERVED(1) DURING THE PAST FIVE YEARS - --------------------- ---------------- -------------- -------------------------- OFFICERS: James M. Hennessy President and Chief February 2001 - President and Chief Executive Officer of 7337 E. Doubletree Ranch Rd. Executive Officer Present ING Capital Corporation, LLC, ING Funds Scottsdale, AZ 85258 Chief Operating Services, LLC, ING Advisors, Inc., ING Born: 1949 Officer July 2000 - Investments, LLC, Lexington Funds Senior Executive Present Distributor, Inc., Express America T.C. Vice President July 2000 - Inc. and EAMC Liquidation Corp. (since Secretary February 2001 December 2001); Executive Vice President July 2000 - and Chief Operating Officer of ING Funds February 2001 Distributor, LLC (since June 2000). Formerly, Executive Vice President and Chief Operating Officer of ING Quantitative Management, Inc. (October 2001 to September 2002); Senior Executive Vice President (June 2000 to December 2000) and Secretary (April 1995 to December 2000) of ING Capital Corporation, LLC, ING Funds Services, LLC, ING Investments, LLC, ING Advisors, Inc., Express America T.C. Inc., and EAMC Liquidation Corp.; and Executive Vice President, ING Capital Corporation, LLC and its affiliates (May 1998 to June 2000) and Senior Vice President, ING Capital Corporation, LLC and its affiliates (April 1995 to April 1998). Stanley D. Vyner Executive Vice July 2000 - Executive Vice President of ING 7337 E. Doubletree Ranch Rd. President Present Advisors, Inc. and ING Investments, LLC Scottsdale, Arizona 85258 (July 2000 to present) and Chief Born: 1950 Investment Officer of the International Portfolios, ING Investments, LLC (July 1996 to present). Formerly, President and Chief Executive Officer of ING Investments, LLC (August 1996 to August 2002). Michael J. Roland Executive Vice February 2002 - Executive Vice President, Chief 7337 E. Doubletree Ranch Rd. President and Present Financial Officer and Treasurer of ING Scottsdale, AZ 85258 Assistant Secretary Funds Services, LLC, ING Funds Born: 1958 Principal Financial July 2000 - Distributor, LLC, ING Advisors, Inc., Officer Present ING Investments, LLC (December 2001 to Senior Vice July 2000 - present), Lexington Funds Distributor, President February 2002 Inc., Express America T.C. Inc. and EAMC Liquidation Corp. (since December 2001). Formerly, Executive Vice President, Chief Financial Officer and Treasurer of ING Quantitative Management, Inc. (December 2001 to October 2002); Senior Vice President, ING Funds Services, LLC, ING Investments, LLC, and ING Funds Distributor, LLC (June 1998 to December 2001) and Chief Financial Officer of Endeavor Group (April 1997 to June 1998). Robert S. Naka Senior Vice July 2000 - Senior Vice President and Assistant 7337 E. Doubletree Ranch Rd. President and Present Secretary of ING Funds Services, LLC, Scottsdale, AZ 85258 Assistant Secretary July 2000 - ING Funds Distributor, LLC, ING Born: 1963 Present Advisors, Inc., ING Investments, LLC (October 2001 to present) and Lexington Funds Distributor, Inc. (since December 2001). Formerly, Senior Vice President and Assistant Secretary for ING Quantitative Management, Inc. (October 2001 to October 2002); Vice President, ING Investments, LLC (April 1997 to October 1999), ING Funds Services, LLC (February 1997 to August 1999) and Assistant Vice President, ING Funds Services, LLC (August 1995 to February 1997). Robyn L. Ichilov Vice President and July 2000 - Vice President of ING Funds Services, 7337 E. Doubletree Ranch Rd. Treasurer Present LLC (since October 2001) and ING Scottsdale, AZ 85258 Investments, LLC (since August 1997); Born: 1967 Accounting Manager, ING Investments, LLC (since November 1995). Kimberly A. Anderson Vice President and February 2001 - Vice President and Assistant Secretary 7337 E. Doubletree Ranch Rd. Secretary Present of ING Funds Services, LLC, ING Funds Scottsdale, AZ 85258 Assistant Vice July 2000 - Distributor, LLC, ING Advisors, Inc., Born: 1964 President and February 2001 ING Investments, LLC (since October Assistant Secretary 2001) and Lexington Funds Distributor, Inc. (since December 2001). Formerly, Vice President for ING Quantitative Management, Inc. (October 2001 to October 2002); Assistant Vice President of ING Funds Services, LLC (November 1999 to January 2001) and has held various other positions with ING Funds Services, LLC for more than the last five years. Lauren D. Bensinger Vice President February 2003 - Vice President and Chief Compliance 7337 E. Doubletree Ranch Rd. Present Officer, ING Funds Distributor, LLC. Scottsdale, Arizona 85258 (July 1995 to Present); Vice President Born: 1954 (February 1996 to Present) and Chief Compliance Officer (October 2001 to Present) ING Investments, LLC; Vice President and Chief Compliance Officer, ING Advisors, Inc. (July 2000 to Present), Formerly Vice President and Chief Compliance Officer ING Quantitative Management, Inc. (July 2000 to September 2002), and Vice President, ING Fund Services, LLC (July 1995 to Present). </Table> 16 TRUSTEE AND OFFICER INFORMATION (Unaudited) (Continued) - -------------------------------------------------------------------------------- <Table> <Caption> TERM OF OFFICE POSITION(S) HELD AND LENGTH OF PRINCIPAL OCCUPATION(S) NAME, ADDRESS AND AGE WITH THE TRUST TIME SERVED(1) DURING THE PAST FIVE YEARS - --------------------- ---------------- -------------- -------------------------- OFFICERS: Todd Modic Assistant Vice August 2001 - Vice President of Financial 7337 E. Doubletree Ranch Rd. President Present Reporting-Fund Accounting of ING Funds Scottsdale, AZ 85258 Services, LLC (September 2002 to Born: 1967 present). Director of Financial Reporting of ING Investments, LLC ( March 2001 to September 2002). Formerly, Director of Financial Reporting, Axient Communications, Inc. (May 2000 to January 2001) and Director of Finance, Rural/Metro Corporation (March 1995 to May 2000). Maria M. Anderson Assistant Vice August 2001 - Assistant Vice President of ING Funds 7337 E. Doubletree Ranch Rd. President Present Services, LLC (since October 2001). Scottsdale, AZ 85258 Formerly, Manager of Fund Accounting and Born: 1958 Fund Compliance, ING Investments, LLC (September 1999 to November 2001); Section Manager of Fund Accounting, Stein Roe Mutual Funds (July 1998 to August 1999); and Financial Reporting Analyst, Stein Roe Mutual Funds (August 1997 to July 1998). Susan P. Kinens Assistant Vice February 2003 - Assistant Vice President and Assistant 7337 E. Doubletree Ranch Rd. President and Present Secretary, ING Funds Services, LLC Scottsdale, AZ 85258 Assistant Secretary (December 2002 - Present); and has held Born: 1976 various other positions with ING Funds Services, LLC for the last five years. </Table> - ------------------ (1) The officers hold office until the next annual meeting of the Trustees and until their successors have been elected and qualified. 17 INVESTMENT MANAGER ING Investments, LLC 7337 E. Doubletree Ranch Road Scottsdale, Arizona 85258 ADMINISTRATOR ING Funds Services, LLC 7337 E. Doubletree Ranch Road Scottsdale, Arizona 85258 TRANSFER AGENT DST Systems, Inc. P.O. Box 219368 Kansas City, Missouri 64141-6368 CUSTODIAN State Street Bank & Trust 801 Pennsylvania Avenue Kansas City, Missouri 64105 LEGAL COUNSEL Dechert 1775 Eye Street, N.W. Washington, D.C. 20006 INDEPENDENT AUDITORS KPMG LLP 99 High Street Boston, MA 02110-2371 Prospectus containing more complete information regarding the Fund, including charges and expenses, may be obtained by calling ING Funds Services, LLC at 1-800-992-0180. Please read the prospectus carefully before you invest or send money. [ING FUNDS LOGO] VPNRTSAR0603-081803 ITEM 2. CODE OF ETHICS. Not applicable. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable. ITEMS 4-8. [RESERVED] ITEM 9. CONTROLS AND PROCEDURES. (a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant's disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant's disclosure controls and procedures allow timely preparation and review of the information for the registrant's Form N-CSR and the officer certifications of such Form N-CSR. (b) There were no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEM 10. EXHIBITS. (a) Not applicable. (b) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT. The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant): ING VP Natural Resources Trust ------------------------------ By /s/ James M. Hennessy -------------------------------- James M. Hennessy President and Chief Executive Officer Date: August 28, 2003 ----------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By /s/ James M. Hennessy -------------------------------- James M. Hennessy President and Chief Executive Officer Date: August 28, 2003 ----------------------------- By /s/ Michael J. Roland -------------------------------- Michael J. Roland Executive Vice President and Chief Financial Officer Date: August 28, 2003 -----------------------------