Date of fiscal year end:

February 28

Date of reporting period:

November 30, 2006

PORTFOLIO OF INVESTMENTS

ING Risk Managed Natural Resources Fund

as of November 30, 2006 (Unaudited)

Shares

Value

COMMON STOCK: 104.6%

Chemicals: 7.1%

36,200

Air Products & Chemicals, Inc.

$

2,502,868

700

@, @@

Arkema

34,842

11,700

Ashland, Inc.

791,037

152,700

Dow Chemical Co.

6,109,527

12,900

Eastman Chemical Co.

766,002

27,900

Ecolab, Inc.

1,237,365

146,800

EI DuPont de Nemours & Co.

6,889,324

18,000

Hercules, Inc.

335,340

12,600

International Flavors & Fragrances, Inc.

593,586

88,700

Monsanto Co.

4,263,809

25,800

PPG Industries, Inc.

1,658,940

52,700

Praxair, Inc.

3,288,480

22,400

Rohm & Haas Co.

1,169,728

10,700

Sigma-Aldrich Corp.

814,377

30,455,225

Coal: 1.7%

49,400

Arch Coal, Inc.

1,773,460

74,600

Consol Energy, Inc.

2,738,566

64,300

Peabody Energy Corp.

2,958,443

7,470,469

Electric: 0.8%

107,900

@

Mirant Corp.

3,282,318

3,282,318

Energy - Alternate Sources: 0.3%

139,800

@

Evergreen Energy, Inc.

1,230,240

1,230,240

Engineering & Construction: 0.3%

24,000

McDermott International, Inc.

1,249,920

1,249,920

Forest Products & Paper: 1.5%

74,600

International Paper Co.

2,469,260

28,400

MeadWestvaco Corp.

837,800

16,800

Temple-Inland, Inc.

656,880

40,400

Weyerhaeuser Co.

2,613,072

6,577,012

Investment Companies: 0.1%

97,400

@, @@

Energy XXI Acquisition Corp., Ltd.

489,922

489,922

Iron/Steel: 1.9%

15,800

Allegheny Technologies, Inc.

1,416,470

10,700

Cleveland-Cliffs, Inc.

514,028

17,300

@@

Mittal Steel Co. NV

712,933

50,600

Nucor Corp.

3,028,410

33,900

United States Steel Corp.

2,535,381

8,207,222

Mining: 9.0%

27,200

@@

Agnico-Eagle Mines Ltd.

1,194,896

23,500

@@

Alcan, Inc.

1,130,585

141,700

Alcoa, Inc.

4,416,789

13,900

@@

BHP Billiton Ltd.

575,877

38,200

@@

Cameco Corp.

1,452,364

36,300

@@

Cia Vale do Rio Doce

1,007,688

226,700

@, @@

Eldorado Gold Corp.

1,290,268

17,200

@@

First Quantum Minerals Ltd.

900,927

64,000

Freeport-McMoRan Copper & Gold, Inc.

4,023,680

48,100

@, @@

Frontera Copper Corp.

200,057

40,200

@@

Gold Fields Ltd.

758,795

53,000

@@

GoldCorp, Inc.

1,652,010

87,400

Hecla Mining Co.

609,178

48,900

@, @@

Kinross Gold Corp.

612,717

PORTFOLIO OF INVESTMENTS

ING Risk Managed Natural Resources Fund

as of November 30, 2006 (Unaudited) (continued)

Shares

Value

Mining (continued)

594,800

@@

Lihir Gold Ltd.

$

1,445,979

81,300

@@

Major Drilling Group International

1,708,507

73,500

Newmont Mining Corp.

3,447,885

124,900

@, @@

Paladin Resources Ltd.

684,623

43,900

Phelps Dodge Corp.

5,399,700

64,300

@, @@

Randgold Resources Ltd.

1,475,042

2,800

@@

Rio Tinto PLC

600,852

192,200

@, @@

Shore Gold, Inc.

1,055,202

17,700

@@

Teck Cominco Ltd.

1,326,615

15,200

Vulcan Materials Co.

1,348,544

38,318,780

Oil & Gas: 65.4%

151,800

Anadarko Petroleum Corp.

7,492,848

110,500

Apache Corp.

7,727,265

43,200

Cabot Oil & Gas Corp.

2,684,016

288,600

@

Cano Petroleum, Inc.

1,370,850

116,300

Chesapeake Energy Corp.

3,957,689

524,800

Chevron Corp.

37,953,536

424,700

ConocoPhillips

28,582,310

24,400

@

Delta Petroleum Corp.

737,368

17,600

@

Denbury Resources, Inc.

516,560

113,900

Devon Energy Corp.

8,356,843

34,000

ENSCO International, Inc.

1,763,240

89,500

EOG Resources, Inc.

6,312,435

121,200

@

EXCO Resources, Inc.

1,779,216

908,100

ExxonMobil Corp.

69,751,161

87,300

@

GeoMet, Inc.

913,158

17,300

@@

GlobalSantaFe Corp.

1,038,000

41,800

@

Goodrich Petroleum Corp.

1,837,528

110,100

Hess Corp.

5,534,727

11,251

Hiland Holdings GP LP

267,211

11,400

@@

Lukoil ADR

1,021,585

104,200

Marathon Oil Corp.

9,834,396

63,100

Murphy Oil Corp.

3,425,068

103,000

@, @@

Nabors Industries Ltd.

3,477,280

90,800

@

Newfield Exploration Co.

4,519,116

45,600

@@

Noble Corp.

3,522,600

32,300

@@

OAO Gazprom

1,517,089

284,700

Occidental Petroleum Corp.

14,331,798

83,200

@

Parallel Petroleum Corp.

1,643,200

60,200

@

PetroHawk Energy Corp.

780,794

30,675

@@

Petroleo Brasileiro SA

2,888,051

53,400

@

Petroquest Energy, Inc.

669,636

69,100

@

Plains Exploration & Production Co.

3,253,228

36,000

@

Quicksilver Resources, Inc.

1,523,160

106,200

Rowan Cos., Inc.

3,825,324

48,870

@@

Royal Dutch Shell PLC

3,471,236

92,900

Southwestern Energy Co.

3,913,877

41,900

Sunoco, Inc.

2,855,904

34,300

@@

Total SA

2,451,078

72,400

@@

Transocean, Inc.

5,643,580

144,200

Valero Energy Corp.

7,941,094

171,000

XTO Energy, Inc.

8,652,600

279,737,655

Oil & Gas Services: 13.2%

98,800

@

Allis-Chalmers Energy, Inc.

2,084,680

82,700

Baker Hughes, Inc.

6,072,661

99,900

BJ Services Co.

3,373,623

21,800

@

FMC Technologies, Inc.

1,308,218

33,500

@

Grant Prideco, Inc.

1,467,970

245,300

Halliburton Co.

8,276,423

29,800

@

Hercules Offshore, Inc.

1,015,286

130,800

@

Key Energy Services, Inc.

2,014,320

67,200

@

National Oilwell Varco, Inc.

4,469,472

249,500

@@

Schlumberger Ltd.

17,085,760

37,500

Smith International, Inc.

1,588,500

51,400

@

Superior Energy Services

1,674,098

PORTFOLIO OF INVESTMENTS

ING Risk Managed Natural Resources Fund

as of November 30, 2006 (Unaudited) (continued)

Shares

Value

Oil & Gas Services (continued)

131,500

@, @@

Weatherford International Ltd.

$

5,905,665

56,336,676

Packaging & Containers: 0.6%

16,700

Ball Corp.

714,092

16,200

Bemis Co.

552,906

21,700

@

Pactiv Corp.

747,565

12,600

Sealed Air Corp.

749,826

2,764,389

Pipelines: 2.7%

226,000

El Paso Corp.

3,299,600

32,700

Kinder Morgan, Inc.

3,431,865

168,600

Williams Cos., Inc.

4,680,336

11,411,801

Total Common Stock

(Cost $418,295,029)

447,531,629

No. of Contracts

Value

PUT OPTIONS: 0.0%

230,600

European Style Put Option

Basic Industries Select Sector Index

Strike Price 326.52 Expires 12/15/06

$

4,612

10,900

European Style Put Option

Basic Industries Select Sector Index

Strike Price 332.99 Expires 12/15/06

763

563,400

European Style Put Option

Energy Select Sector Index

Strike Price 534.64 Expires 12/15/06

50,706

26,200

European Style Put Option

Energy Select Sector Index

Strike Price 553.00 Expires 12/15/06

9,956

Total Put Options

(Cost $6,018,285)

66,037

Total Long-Term Investments

(Cost $424,313,314)

447,597,666

Principal

Value

SHORT-TERM INVESTMENTS: 0.3%

Repurchase Agreement: 0.3%

$

1,332,000

Goldman Sachs Repurchase Agreement dated 11/30/06, 5.280%, due 12/01/06, $1,332,195 to be received upon repurchase (Collateralized by $1,320,000 Federal National Mortgage Association, 5.250%, Market Value plus accrued interest $1,359,194, due 06/15/08)

$

 1,332,000

Total Short-Term Investments

(Cost $1,332,000)

1,332,000

Total Investments in Securities

(Cost $425,645,314)*

104.9%

$

448,929,666

Other Assets and Liabilities - Net

(4.9)

(20,887,142)

Net Assets

100.0%

$

428,042,524

@

Non-income producing security

@@

Foreign Issuer

ADR

American Depositary Receipt

*

Cost for federal income tax purposes is the same as for financial statement purposes.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation

$

30,668,653

Gross Unrealized Depreciation

(7,384,301)

Net Unrealized Appreciation

$

23,284,352

Description/Name of Issuer

Exercise
Price

Expiration
Date

# of
Contracts

Premium
Received Net of
Commissions

Value

European Style Call - Basic Industries Select Sector Index

$

343.71

12/15/06

161,400

$

1,420,159

$

(2,685,696)

European Style Call - Basic Industries Select Sector Index

350.52

12/15/06

7,600

47,419

(81,852)

European Style Call - Energy Select Sector Index

562.78

12/15/06

394,400

8,123,733

(17,937,312)

European Style Call - Energy Select Sector Index

582.10

12/15/06

18,400

294,543

(522,744)

$

9,885,854

$

(21,227,604)

(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-Q 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-Q and the officer certifications of such Form N-Q.

(b)

There were no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

(Registrant):   ING Risk Managed Natural Resources Fund

By

/s/ Shaun P. Mathews

Shaun P. Mathews

President and Chief Executive Officer

Date:

January 29, 2007

By

/s/ Shaun P. Mathews

Shaun P. Mathews

President and Chief Executive Officer

Date:

January 29, 2007

By

/s/ Todd Modic

Todd Modic

Senior Vice President and Chief Financial Officer

Date:

January 29, 2007