Edgar Filing: ING Global Advantage & Premium Opportunity Fund

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

Quarterly Schedule of Portfolio Holdings of Registered

Management Investment Company

Investment Company Act file number: 811-21786

ING Global Advantage and Premium
Opportunity Fund

(Exact name of registrant as specified in charter)

7337 East Doubletree Ranch Rd., Suite 100, Scottsdale, AZ 85258

(Address of principal executive offices) (Zip code)

Huey P. Falgout, Jr., 7337 East Doubletree Ranch Road, Scottsdale, AZ 85258

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-992-0180

Date of fiscal year end:	February 28

Date of reporting period:	May 31, 2012

Item 1. Schedule of Investments

The schedules of investments as of the close of the reporting period are set forth below for:

ING Global Advantage and Premium Opportunity Fund

The schedules are not audited.

	PORTFOLIO OF INVESTMENTS
ING Global Advantage and Premium Opportunity Fund	as of May 31, 2012 (Unaudited)

Shares			Value		Percentage of Net Assets
COMMON STOCK: 95.2%
		Australia: 3.3%
5,898		AGL Energy Ltd.	$	87,172	0.0
7,875		AMP Ltd.	29,701		0.0
1,043		ASX Ltd.	29,906		0.0
14,467		Australia & New Zealand Banking Group Ltd.	294,086		0.1
17,308		Bendigo Bank Ltd.	122,703		0.1
25,897		BHP Billiton Ltd.	798,280		0.4
2,049		Caltex Australia Ltd.	27,232		0.0
2,570		Campbell Brothers Ltd.	145,388		0.1
33,511		CFS Retail Property Trust	61,369		0.0
2,292		Coca-Cola Amatil Ltd.	28,684		0.0
22,159		Commonwealth Bank of Australia	1,066,063		0.5
7,533		Computershare Ltd.	57,110		0.0
1,459		CSL Ltd.	53,430		0.0
76,218		Dexus Property Group	69,688		0.0
30,659		Fortescue Metals Group Ltd.	137,804		0.1
11,970		GPT Group	37,816		0.0
18,675		Harvey Norman Holdings Ltd.	35,780		0.0
29,817		Iluka Resources Ltd.	388,310		0.2
26,493		Insurance Australia Group	85,808		0.0
12,306		Macquarie Group Ltd.	322,639		0.2
92,543		Metcash Ltd.	344,273		0.2
22,883		National Australia Bank Ltd.	500,493		0.2
2,559		Newcrest Mining Ltd.	61,977		0.0
5,404		Origin Energy Ltd.	67,767		0.0
2,022		QBE Insurance Group Ltd.	24,349		0.0
1,512		Ramsay Health Care Ltd.	31,748		0.0
5,740		Rio Tinto Ltd.	317,740		0.2
15,716		Sonic Healthcare Ltd.	186,720		0.1
11,843		Suncorp-Metway Ltd.	89,404		0.1
11,731		Tattersall’s Ltd.	29,929		0.0
41,730		Telstra Corp., Ltd.	144,376		0.1
21,639		Toll Holdings Ltd.	96,994		0.1
1,524		Wesfarmers Ltd.	43,309		0.0
4,873		Westfield Group	43,039		0.0
23,451		Westfield Retail Trust	62,092		0.0
27,628		Westpac Banking Corp.	545,260		0.3
12,020		Whitehaven Coal Ltd.	46,576		0.0
4,734		Woodside Petroleum Ltd.	148,220		0.1
6,918		Woolworths Ltd.	178,112		0.1
7,697		WorleyParsons Ltd.	192,604		0.1
			7,033,951		3.3
		Austria: 0.2%
16,995		Immofinanz Immobilien Anlagen AG	48,664		0.1
6,962		OMV AG	189,973		0.1
1,550		Raiffeisen International Bank Holding AG	42,794		0.0
877		Voestalpine AG	22,013		0.0
			303,444		0.2
		Belgium: 0.5%
22,364		Anheuser-Busch InBev NV	28		0.0
1,359		Anheuser-Busch InBev NV	91,950		0.0
6,177		Groupe Bruxelles Lambert S.A.	387,084		0.2
6,504		Mobistar SA	192,571		0.1
7,765		UCB S.A.	364,761		0.2
752		Umicore	35,853		0.0
			1,072,247		0.5
		China: 0.1%
63,000		BOC Hong Kong Holdings Ltd.	172,880		0.1
82,000	@	Foxconn International Holdings Ltd.	33,446		0.0
			206,326		0.1
		Denmark: 0.3%
6		AP Moller - Maersk A/S	35,494		0.0
1,506		Coloplast A/S	259,504		0.1
1,997	@	Danske Bank A/S	26,597		0.0
2,367		Novo-Nordisk A/S	316,425		0.2
1,490		Novozymes A/S	40,096		0.0
7,157		TDC A/S	45,225		0.0
			723,341		0.3
		Finland: 0.4%
14,971		Metso OYJ	491,510		0.2
8,211		Nokian Renkaat OYJ	309,490		0.2
1,419		Sampo OYJ	32,865		0.0
			833,865		0.4
		France: 2.6%
65,893	@	Alcatel-Lucent	103,106		0.1
2,262		Arkema	149,316		0.1
20,309		AXA S.A.	229,094		0.1
8,275		BNP Paribas	265,150		0.1
2,662		Christian Dior S.A.	348,569		0.2
574		Cie Generale des Etablissements Michelin	33,652		0.0
6,833	@	CNP Assurances	74,023		0.0
7,642	@	Credit Agricole S.A.	27,476		0.0
1,363		Edenred	36,018		0.0
7,260		Electricite de France SA	139,992		0.1
1,169		Fonciere Des Regions	75,322		0.0
1,983		France Telecom S.A.	24,905		0.0
358		Gecina S.A.	30,410		0.0
384		Groupe Danone	24,631		0.0
370	@	ICADE	28,633		0.0
316		Iliad SA	40,789		0.0
1,378		JC Decaux SA	28,863		0.0
11,907		Klepierre	369,630		0.2
771		L’Oreal S.A.	86,809		0.0
435		LVMH Moet Hennessy Louis Vuitton S.A.	64,389		0.0
15,960		Natixis	37,488		0.0
4,331		Publicis Groupe	200,795		0.1
5,178		Renault S.A.	217,627		0.1
4,546		Sanofi-Aventis	309,662		0.2
1,240		Schneider Electric S.A.	66,308		0.0

	PORTFOLIO OF INVESTMENTS
ING Global Advantage and Premium Opportunity Fund	as of May 31, 2012 (Unaudited) (continued)

Shares			Value		Percentage of Net Assets
		France: (continued)
12,537		Scor S.A.	$	272,311	0.1
3,316		Societe BIC S.A.	324,460		0.2
19,716	@	Societe Generale	393,782		0.2
2,618		Sodexho Alliance S.A.	190,305		0.1
5,256		Thales S.A.	155,739		0.1
21,673		Total S.A.	934,090		0.4
657		Unibail	108,747		0.1
6,606		Vivendi	106,939		0.1
489		Wendel	32,169		0.0
			5,531,199		2.6
		Germany: 2.8%
1,697		Allianz AG	154,224		0.1
908		Axel Springer AG	36,680		0.0
15,536		BASF AG	1,090,313		0.5
5,130		Bayer AG	325,593		0.2
4,936		Bayerische Motoren Werke AG	374,931		0.2
781		DaimlerChrysler AG	36,342		0.0
5,150	@	Deutsche Bank AG	186,682		0.1
2,591		Deutsche Boerse AG	123,981		0.1
33,932		Deutsche Post AG	562,498		0.3
20,367		Deutsche Telekom AG	200,944		0.1
2,699		Fresenius AG	255,403		0.1
2,408		GEA Group AG	61,557		0.0
892		Hannover Rueckversicheru - Reg	47,876		0.0
4,342		HeidelbergCement AG	190,042		0.1
2,806		Henkel KGaA - Vorzug	183,313		0.1
7,138		Infineon Technologies AG	56,657		0.0
1,050	@	Kabel Deutschland Holding AG	59,751		0.0
7,827		Lanxess	522,959		0.2
239		Linde AG	36,852		0.0
542		MAN AG	52,063		0.0
4,123		Metro AG	118,923		0.1
1,615		Muenchener Rueckversicherungs AG	200,863		0.1
7,326		RWE AG	268,418		0.1
934		Salzgitter AG	40,069		0.0
6,121		SAP AG	351,222		0.2
2,880		Siemens AG	237,781		0.1
6,692		Suedzucker AG	203,460		0.1
718		Volkswagen AG	108,601		0.0
			6,087,998		2.8
		Greece: 0.0%
2,647	@	Coca-Cola Hellenic Bottling Co. S.A.	46,150		0.0
		Hong Kong: 1.0%
27,370		AIA Group Ltd.	88,985		0.0
54,000		Cathay Pacific Airways Ltd.	83,180		0.0
15,000		Cheung Kong Holdings Ltd.	172,475		0.1
31,000		Cheung Kong Infrastructure Holdings Ltd.	170,229		0.1
19,500		CLP Holdings Ltd.	158,740		0.1
376,000		First Pacific Co.	387,664		0.2
10,000		Hang Lung Properties Ltd.	31,816		0.0
6,000		Henderson Land Development Co., Ltd.	30,173		0.0
12,607		HKT Trust / HKT Ltd.	9,595		0.0
1,800		Hong Kong Exchanges and Clearing Ltd.	25,340		0.0
8,500		Power Assets Holdings Ltd.	59,388		0.0
20,000		Link Real Estate Investment Trust	76,827		0.0
84,000		NWS Holdings Ltd.	123,114		0.1
264,000		PCCW Ltd.	96,480		0.1
54,000		Sino Land Co.	74,303		0.0
18,000		Sun Hung Kai Properties Ltd.	202,718		0.1
9,000		Swire Pacific Ltd.	96,906		0.1
14,000		Wharf Holdings Ltd.	72,962		0.0
43,000		Wheelock & Co., Ltd.	128,192		0.1
			2,089,087		1.0
		India: 0.0%
2,414		Vedanta Resources PLC	34,738		0.0
		Ireland: 0.2%
2,800		Accenture PLC	159,880		0.1
7,500		Ingersoll-Rand PLC	309,825		0.1
			469,705		0.2
		Israel: 0.2%
9,559		Bank Hapoalim BM	30,524		0.0
9,033		Bank Leumi Le-Israel BM	22,786		0.0
3,908		Israel Chemicals Ltd.	40,370		0.0
4,939	@	Mizrahi Tefahot Bank Ltd.	39,155		0.0
830	@	NICE Systems Ltd.	30,779		0.0
8,909		Teva Phaemaceutical Industries Ltd.	349,146		0.2
			512,760		0.2
		Italy: 0.8%
2,800		Assicurazioni Generali S.p.A.	28,565		0.0
33,338	@	Banco Populare Scarl	37,187		0.0
156,227		Enel S.p.A.	445,574		0.2
19,569		ENI S.p.A.	376,986		0.2
3,769	@	Exor SpA	80,830		0.0
63,665	@	Fiat S.p.A	300,556		0.1
109,527	@	Intesa Sanpaolo S.p.A.	136,831		0.1
12,204		Mediobanca S.p.A.	42,686		0.0
8,674		Pirelli & C S.p.A.	86,388		0.1
121,213		Telecom Italia S.p.A.	100,156		0.1
10,813		Terna S.p.A	36,181		0.0
9,448	@	UniCredit SpA	29,151		0.0
			1,701,091		0.8
		Japan: 8.5%
1,700		Advantest Corp.	22,987		0.0
11,500		Aeon Co., Ltd.	139,356		0.1
1,800		Aeon Mall Co., Ltd.	35,221		0.0
800		Aisin Seiki Co., Ltd.	24,919		0.0
1,000		Alfresa Holdings Corp.	48,419		0.0
23,000		Aozora Bank Ltd.	48,613		0.0

	PORTFOLIO OF INVESTMENTS
ING Global Advantage and Premium Opportunity Fund	as of May 31, 2012 (Unaudited) (continued)

Shares		Value		Percentage of Net Assets
	Japan: (continued)
2,900	Asahi Group Holdings, Ltd	$	61,923	0.0
900	Benesse Holdings, Inc.	40,500		0.0
1,700	Bridgestone Corp.	36,255		0.0
8,600	Canon, Inc.	343,153		0.2
30	Central Japan Railway Co.	244,032		0.1
11,000	Chiyoda Corp.	130,022		0.1
11,400	Chubu Electric Power Co., Inc.	174,626		0.1
150,000	Chuo Mitsui Trust Holdings, Inc.	377,386		0.2
20,000	Daihatsu Motor Co., Ltd.	343,266		0.2
24	Dai-ichi Life Insurance Co., Ltd.	23,961		0.0
7,800	Daiichi Sankyo Co., Ltd.	125,449		0.1
39,200	Dainippon Sumitomo Pharma Co., Ltd.	374,569		0.2
1,000	Daito Trust Construction Co., Ltd.	88,037		0.0
6,000	Daiwa House Industry Co., Ltd.	76,457		0.0
25,000	Denki Kagaku Kogyo K K	83,604		0.0
481	East Japan Railway Co.	28,599		0.0
3,700	Eisai Co., Ltd.	150,886		0.1
135,000	Fuji Electric Holdings Co., Ltd.	313,052		0.1
16,000	Fuji Heavy Industries Ltd.	122,489		0.1
8,800	Fuji Photo Film Co., Ltd.	164,450		0.1
91,000	Fukuoka Financial Group, Inc.	335,068		0.2
2,000	Gree, Inc.	32,029		0.0
12,000	Gunma Bank Ltd.	53,053		0.0
7,000	Hachijuni Bank Ltd.	33,455		0.0
1,010	Hakuhodo DY Holdings, Inc.	63,165		0.0
3,500	Hirose Electric Co., Ltd.	320,244		0.2
5,100	Hitachi High-Technologies Corp.	113,209		0.1
2,100	Hokkaido Electric Power Co., Inc.	26,359		0.0
17,600	Honda Motor Co., Ltd.	559,474		0.3
8,500	Ibiden Co., Ltd.	149,388		0.1
1,800	Idemitsu Kosan Co., Ltd.	162,750		0.1
7,000	Isuzu Motors Ltd.	37,303		0.0
25,200	Itochu Corp.	275,631		0.1
7,000	Iyo Bank Ltd.	52,631		0.0
5,000	J Front Retailing Co., Ltd.	23,429		0.0
74	Japan Tobacco, Inc.	411,757		0.2
2,100	JFE Holdings, Inc.	33,931		0.0
26,800	JX Holdings, Inc.	135,873		0.1
11,300	Kansai Electric Power Co., Inc.	163,549		0.1
5,800	Kao Corp.	149,815		0.1
11,000	Kawasaki Heavy Industries Ltd.	29,062		0.0
168,000	Kawasaki Kisen Kaisha Ltd.	308,578		0.1
41	KDDI Corp.	253,164		0.1
1,800	Keyence Corp.	406,643		0.2
1,700	Konami Corp.	35,776		0.0
1,400	Kyocera Corp.	115,441		0.1
35,000	Marubeni Corp.	223,440		0.1
6,100	Maruichi Steel Tube Ltd.	126,964		0.1
49,000	Mazda Motor Corp.	62,174		0.0
4,586	Miraca Holdings, Inc.	175,104		0.1
17,500	Mitsubishi Chemical Holdings Corp.	77,063		0.0
14,100	Mitsubishi Corp.	275,131		0.1
4,000	Mitsubishi Estate Co., Ltd.	61,990		0.0
70,800	Mitsubishi UFJ Financial Group, Inc.	305,557		0.1
940	Mitsubishi UFJ Lease & Finance Co., Ltd.	35,193		0.0
18,400	Mitsui & Co., Ltd.	258,612		0.1
52,000	Mitsui Chemicals, Inc.	131,777		0.1
6,497	Mitsui Fudosan Co., Ltd.	107,958		0.1
10,000	Mitsui OSK Lines Ltd.	35,134		0.0
6,500	Mitsui Sumitomo Insurance Group Holdings, Inc.	99,511		0.1
101,223	Mizuho Financial Group, Inc.	147,893		0.1
5,700	Namco Bandai Holdings, Inc.	69,160		0.0
3,000	NGK Insulators Ltd.	31,112		0.0
11,000	Nippon Express Co., Ltd.	42,956		0.0
7,400	Nippon Paper Group, Inc.	114,003		0.1
1,800	Nippon Telegraph & Telephone Corp.	77,499		0.0
38,000	Nippon Yusen KK	101,346		0.1
21,163	Nishi-Nippon City Bank Ltd.	48,057		0.0
19,400	Nissan Motor Co., Ltd.	186,581		0.1
1,400	NKSJ Holdings, Inc.	25,663		0.0
1,600	NOK Corp.	33,468		0.0
12,300	Nomura Holdings, Inc.	40,281		0.0
16,500	Nomura Real Estate Holdings, Inc.	257,157		0.1
89	NTT DoCoMo, Inc.	141,985		0.1
67	NTT Urban Development Corp.	48,227		0.0
10,000	Obayashi Corp.	38,745		0.0
700	Oriental Land Co., Ltd.	76,364		0.0
2,410	ORIX Corp.	207,935		0.1
10,000	Osaka Gas Co., Ltd.	39,174		0.0
500	Otsuka Corp.	39,759		0.0
400	Rinnai Corp.	25,831		0.0
6,700	Sankyo Co., Ltd.	322,492		0.2
12,200	Seiko Epson Corp.	123,433		0.1
23,000	Sekisui House Ltd.	193,956		0.1
10,300	Seven & I Holdings Co., Ltd.	309,702		0.1
17,600	Seven Bank Ltd.	39,226		0.0
200	Shimamura Co., Ltd.	22,669		0.0
5,900	Shiseido Co., Ltd.	92,751		0.0
11,300	Softbank Corp.	352,776		0.2
100,700	Sojitz Corp.	158,912		0.1
4,800	Sony Corp.	63,603		0.0
12,300	Sony Financial Holdings, Inc.	175,938		0.1

	PORTFOLIO OF INVESTMENTS
ING Global Advantage and Premium Opportunity Fund	as of May 31, 2012 (Unaudited) (continued)

Shares			Value		Percentage of Net Assets
		Japan: (continued)
49,300		Sumitomo Corp.	$	660,970	0.3
8,000		Sumitomo Heavy Industries	35,314		0.0
17,000		Sumitomo Metal Mining Co., Ltd.	191,490		0.1
8,700		Sumitomo Mitsui Financial Group, Inc.	253,488		0.1
14,800		Suzuki Motor Corp.	306,746		0.1
3,700		T&D Holdings, Inc.	35,199		0.0
55,000		Taiyo Nippon Sanso Corp.	332,000		0.2
6,932		Takeda Pharmaceutical Co., Ltd.	289,720		0.1
3,200		TDK Corp.	137,813		0.1
900		Terumo Corp.	32,325		0.0
5,289		Tokio Marine Holdings, Inc.	114,830		0.1
2,500		Tokyo Electron Ltd.	112,470		0.1
61,000		Tokyo Gas Co., Ltd.	289,304		0.1
7,000		Tokyu Land Corp.	30,866		0.0
12,000		Toppan Printing Co., Ltd.	73,033		0.0
3,000		Toyo Seikan Kaisha Ltd.	33,877		0.0
3,000		Toyo Suisan Kaisha Ltd.	76,742		0.0
4,200		Toyota Industries Corp.	110,721		0.1
16,100		Toyota Motor Corp.	618,720		0.3
19,100		Toyota Tsusho Corp.	351,732		0.2
1,900		Trend Micro, Inc.	51,982		0.0
43,000		Ube Industries Ltd./Japan	98,533		0.0
5,400		West Japan Railway Co.	211,806		0.1
6,950		Yamada Denki Co., Ltd.	347,931		0.2
4,000		Yamaguchi Financial Group, Inc.	32,036		0.0
1,100		Yamato Kogyo Co., Ltd.	29,768		0.0
			18,386,686		8.5
		Luxembourg: 0.3%
15,505		ArcelorMittal	215,248		0.1
1,116		SES S.A.	24,989		0.0
20,843		Tenaris S.A.	334,494		0.2
			574,731		0.3
		Macau: 0.1%
59,200		Sands China Ltd.	201,723		0.1
		Mexico: 0.1%
12,328		Fresnillo PLC	256,914		0.1
		Netherlands: 1.4%
5,947		ASML Holding NV	272,474		0.1
1,019		Corio NV	42,227		0.0
6,693		European Aeronautic Defence and Space Co. NV	224,527		0.1
4,218		Heineken NV	201,028		0.1
6,049		Koninklijke Ahold NV	71,083		0.0
1,617		Koninklijke DSM NV	77,015		0.1
3,330		Reed Elsevier NV	34,619		0.0
19,353		Royal Dutch Shell PLC - Class A	601,541		0.3
29,104		Royal Dutch Shell PLC - Class B	935,515		0.4
4,155		Koninklijke Philips Electronics NV	73,615		0.1
12,911		Unilever NV	405,605		0.2
2,718		Wolters Kluwer NV	39,476		0.0
			2,978,725		1.4
		New Zealand: 0.0%
43,642		Telecom Corp. of New Zealand Ltd.	85,020		0.0
		Norway: 0.5%
20,958		DnB NOR ASA	189,819		0.1
12,068		Orkla ASA	81,804		0.1
1,120		SeaDrill Ltd.	37,186		0.0
18,797		Statoil ASA	425,931		0.2
3,212		Telenor ASA	47,025		0.0
4,753		Yara International ASA	180,231		0.1
			961,996		0.5
		Portugal: 0.1%
26,978		Energias de Portugal S.A.	56,025		0.0
11,040		Jeronimo Martins	196,019		0.1
			252,044		0.1
		Singapore: 0.7%
32,000		Ascendas Real Estate Investment Trust	50,718		0.0
15,000		DBS Group Holdings Ltd.	153,209		0.1
20,000		Fraser and Neave Ltd.	99,052		0.0
64,000		Golden Agri-Resources Ltd.	32,169		0.0
10,000		Jardine Cycle & Carriage Ltd.	325,485		0.2
13,000		Keppel Corp., Ltd.	100,356		0.1
54,000	@	Neptune Orient Lines Ltd.	44,346		0.0
26,000		Olam International Ltd.	33,388		0.0
9,000		Oversea-Chinese Banking Corp.	58,169		0.0
18,000		Singapore Airlines Ltd.	144,796		0.1
11,000		Singapore Telecommunications Ltd.	26,396		0.0
5,000		United Overseas Bank Ltd.	68,365		0.0
65,000		United Overseas Land Ltd.	221,331		0.1
24,000		Wilmar International Ltd.	67,682		0.0
214,000		Yangzijiang Shipbuilding Holdings Ltd.	170,854		0.1
			1,596,316		0.7
		Spain: 1.7%
11,311		ACS Actividades de Construccion y Servicios S.A.	188,826		0.1
5,813		Amadeus IT Holding S.A.	106,729		0.1
16,239		Banco de Sabadell SA	26,582		0.0
141,722		Banco Santander Central Hispano S.A.	754,949		0.4
15,897	@	Bankia SA	20,529		0.0
32,685		Banco Bilbao Vizcaya Argentaria S.A.	186,692		0.1
120,357		Criteria Caixacorp S.A.	301,148		0.1

	PORTFOLIO OF INVESTMENTS
ING Global Advantage and Premium Opportunity Fund	as of May 31, 2012 (Unaudited) (continued)

Shares			Value		Percentage of Net Assets
		Spain: (continued)
16,608		Ferrovial SA	$	157,637	0.1
2,749		Gas Natural SDG S.A.	29,879		0.0
83,913		Iberdrola S.A.	319,504		0.2
2,367		Inditex S.A.	195,814		0.1
72,391		Corp. Mapfre S.A.	140,595		0.1
7,951		Red Electrica de Espana	294,474		0.1
33,082		Repsol YPF S.A.	496,650		0.2
26,241		Telefonica S.A.	292,096		0.1
7,038		Zardoya Otis SA	77,737		0.0
			3,589,841		1.7
		Sweden: 1.2%
7,891		Assa Abloy AB	205,548		0.1
5,045		Atlas Copco AB - Class A	102,177		0.1
10,187		Boliden AB	130,662		0.1
6,376		Telefonaktiebolaget LM Ericsson	54,281		0.0
4,153		Getinge AB	103,647		0.1
1,864		Hexagon AB	33,149		0.0
1,640		Holmen AB	42,058		0.0
2,820		Industrivarden AB	34,494		0.0
1,403		Investor AB	24,580		0.0
3,357		Kinnevik Investment AB	59,099		0.0
663		Millicom International Cellular S.A.	56,852		0.0
7,043		Nordea Bank AB	52,368		0.0
28,753		Ratos AB	255,030		0.1
61,430		Securitas AB	450,186		0.2
23,956		Skanska AB	319,098		0.2
10,020		SKF AB - B Shares	198,650		0.1
1,535		Svenska Handelsbanken AB	43,068		0.0
2,572		Swedbank AB	36,759		0.0
877		Swedish Match AB	33,236		0.0
25,424		Tele2 AB - B Shares	378,185		0.2
3,369		Volvo AB - B Shares	38,021		0.0
			2,651,148		1.2
		Switzerland: 3.1%
2,052	@	ABB Ltd.	32,372		0.0
4,953	@	Adecco S.A.	193,463		0.1
622		Aryzta AG	28,077		0.0
404		Baloise Holding AG	25,025		0.0
5,104		Compagnie Financiere Richemont S.A.	292,532		0.1
7,205	@	Credit Suisse Group	137,710		0.1
3,313		Kuehne & Nagel International AG	353,214		0.2
36,388		Nestle S.A.	2,064,817		1.0
29,471		Novartis AG	1,535,373		0.7
162		Partners Group	26,888		0.0
4,999		Roche Holding AG - Genusschein	782,342		0.4
42,673		STMicroelectronics NV	218,236		0.1
249		Swatch Group AG - BR	96,307		0.0
856	@	Swiss Re Ltd.	49,602		0.0
97		Syngenta AG	31,243		0.0
576	#	Synthes, Inc.	94,168		0.0
13,731	@	UBS AG - Reg	155,913		0.1
2,918	@	Zurich Financial Services AG	599,804		0.3
			6,717,086		3.1
		United Kingdom: 8.0%
29,157		Amec PLC	436,634		0.2
7,585		Anglo American PLC	231,189		0.1
21,591		AstraZeneca PLC	872,164		0.4
43,183		Aviva PLC	175,263		0.1
14,922		BAE Systems PLC	63,054		0.0
9,155		Balfour Beatty PLC	38,514		0.0
72,519		Barclays PLC	198,963		0.1
15,691		BG Group PLC	302,380		0.1
20,281		BHP Billiton PLC	531,456		0.3
169,086		BP PLC	1,027,865		0.5
27,034		British American Tobacco PLC	1,277,766		0.6
7,245		British Land Co. PLC	54,103		0.0
201,626		BT Group PLC	641,444		0.3
12,537		Bunzl PLC	197,980		0.1
6,841		Burberry Group PLC	144,752		0.1
9,625		Cobham PLC	33,273		0.0
9,182		Compass Group PLC	90,227		0.1
35,783		Diageo PLC	852,570		0.4
23,182		Eurasian Natural Resources Corp.	151,618		0.1
12,003		Experian Group Ltd.	167,927		0.1
30,918		GlaxoSmithKline PLC	685,109		0.3
147,808		HSBC Holdings PLC	1,165,868		0.5
14,165		ICAP PLC	74,570		0.0
22,242		Imperial Tobacco Group PLC	804,628		0.4
5,625		Investec PLC	29,021		0.0
51,240		ITV PLC	57,854		0.0
9,396		J Sainsbury PLC	41,820		0.0
10,372		Johnson Matthey PLC	349,195		0.2
12,317		Kingfisher PLC	53,752		0.0
47,979		Legal & General Group PLC	81,990		0.0
100,339	@	Lloyds TSB Group PLC	39,496		0.0
2,974		London Stock Exchange Group PLC	46,033		0.0
23,014		Man Group PLC	26,002		0.0
69,994		National Grid PLC	702,017		0.3
1,566		Next PLC	73,235		0.0
42,087		Old Mutual PLC	92,221		0.1
23,283		Pearson PLC	409,297		0.2
998		Petrofac Ltd.	23,954		0.0
8,662		Prudential PLC	90,929		0.1
448		Randgold Resources Ltd.	35,718		0.0
11,603		Reckitt Benckiser PLC	617,445		0.3
48,462		Reed Elsevier PLC	358,230		0.2
19,167		Resolution Ltd.	57,225		0.0
6,147		Rexam PLC	38,289		0.0
6,716		Rio Tinto PLC	288,944		0.1
11,695	@	Rolls-Royce Holdings PLC	148,676		0.1
1,239,670	@	Rolls-Royce Holdings PLC C Share	1,911		0.0
63,846		Royal & Sun Alliance Insurance Group	97,564		0.1

	PORTFOLIO OF INVESTMENTS
ING Global Advantage and Premium Opportunity Fund	as of May 31, 2012 (Unaudited) (continued)

Shares			Value		Percentage of Net Assets
		United Kingdom: (continued)
8,073		SABMiller PLC	$	298,361	0.1
19,179		Sage Group PLC	76,033		0.0
6,650		Scottish & Southern Energy PLC	135,840		0.1
15,541		Shire PLC	438,296		0.2
22,330		Smith & Nephew PLC	208,907		0.1
10,467		Standard Chartered PLC	211,935		0.1
21,994		Tesco PLC	102,643		0.1
13,234		TUI Travel PLC	33,655		0.0
8,748		Unilever PLC	275,268		0.1
386,004		Vodafone Group PLC	1,029,458		0.5
4,834		Wolseley PLC	165,035		0.1
3,052		WPP PLC	36,539		0.0
18,445		Xstrata PLC	263,478		0.1
			17,255,583		8.0
		United States: 57.1%
3,000		3M Co.	253,230		0.1
8,101		Abbott Laboratories	500,561		0.2
2,200	@