Date of fiscal year end:

February 28

Date of reporting period:

November 30, 2012

ING Risk Managed Natural Resources Fund

PORTFOLIO OF INVESTMENTS

ING Risk Managed Natural Resources Fund

as of November 30, 2012 (Unaudited)

Shares

Value

Percentage
of Net
Assets

COMMON STOCK: 97.2%

Energy: 75.8%

97,532

Anadarko Petroleum Corp.

$

7,138,367

2.7

46,387

Apache Corp.

3,575,974

1.3

92,188

Arch Coal, Inc.

619,503

0.2

59,907

Baker Hughes, Inc.

2,584,987

1.0

60,300

@

Basic Energy Services, Inc.

664,506

0.3

11,308

BG Group PLC

194,007

0.1

46,831

Cabot Oil & Gas Corp.

2,205,740

0.8

74,108

@

Cameron International Corp.

3,998,127

1.5

71,050

Chesapeake Energy Corp.

1,209,982

0.5

264,515

Chevron Corp.

27,956,590

10.5

8,700

@

Cobalt International Energy, Inc.

202,884

0.1

6,800

@

Concho Resources, Inc.

545,768

0.2

111,609

ConocoPhillips

6,355,017

2.4

46,171

Consol Energy, Inc.

1,447,461

0.5

1,311

@

Continental Resources, Inc.

90,216

0.0

80,982

@

Denbury Resources, Inc.

1,249,552

0.5

58,060

Devon Energy Corp.

2,999,960

1.1

11,740

Diamond Offshore Drilling

810,060

0.3

23,800

@

Energy XXI Bermuda Ltd.

753,984

0.3

36,275

@

Ensco PLC

2,112,293

0.8

57,063

EOG Resources, Inc.

6,711,750

2.5

15,383

EQT Corp.

923,903

0.3

402,665

ExxonMobil Corp.

35,490,893

13.3

44,064

@

FMC Technologies, Inc.

1,800,455

0.7

36,600

@

Forum Energy Technologies, Inc.

923,784

0.3

51,300

@

FX Energy, Inc.

205,713

0.1

193,719

Halliburton Co.

6,460,529

2.4

10,868

Helmerich & Payne, Inc.

567,310

0.2

61,081

Hess Corp.

3,030,228

1.1

10,400

HollyFrontier Corp.

471,432

0.2

66,958

Kinder Morgan, Inc./Delaware

2,263,850

0.9

16,400

@

Laredo Petroleum Holdings, Inc.

311,928

0.1

121,424

Marathon Oil Corp.

3,745,930

1.4

34,786

Marathon Petroleum Corp.

2,071,158

0.8

25,759

Murphy Oil Corp.

1,461,566

0.6

54,981

@

Nabors Industries Ltd.

808,221

0.3

72,605

National Oilwell Varco, Inc.

4,958,921

1.9

50,380

@

Newfield Exploration Co.

1,226,249

0.5

25,975

@

Noble Corp.

895,878

0.3

24,919

Noble Energy, Inc.

2,435,832

0.9

24,600

@

Oasis Petroleum, Inc.

743,412

0.3

79,606

Occidental Petroleum Corp.

5,987,167

2.2

40,227

Peabody Energy Corp.

1,010,100

0.4

77,414

Phillips 66

4,054,171

1.5

28,673

Pioneer Natural Resources Co.

3,068,011

1.2

18,280

QEP Resources, Inc.

514,034

0.2

52,332

Range Resources Corp.

3,350,295

1.3

70,653

@

Rowan Companies PLC

2,241,820

0.8

15,027

Royal Dutch Shell PLC - Class A ADR

1,006,358

0.4

215,378

Schlumberger Ltd.

15,425,372

5.8

92,680

@

Southwestern Energy Co.

3,216,923

1.2

90,120

Spectra Energy Corp.

2,518,854

0.9

40,800

Statoil ASA ADR

995,112

0.4

85,400

Suncor Energy, Inc.

2,784,894

1.0

35,000

@

Superior Energy Services

710,850

0.3

8,104

Technip S.A.

942,180

0.3

51,015

Tesoro Corp.

2,156,914

0.8

30,600

@

Unit Corp.

1,374,552

0.5

93,310

Valero Energy Corp.

3,010,181

1.1

99,811

Williams Cos., Inc.

3,277,793

1.2

20,467

@

WPX Energy, Inc.

323,174

0.1

202,192,675

75.8

Materials: 21.4%

18,197

Air Products & Chemicals, Inc.

1,509,259

0.6

6,116

Airgas, Inc.

541,694

0.2

92,682

Alcoa, Inc.

779,456

0.3

9,724

Allegheny Technologies, Inc.

254,574

0.1

26,669

Antofagasta PLC

550,434

0.2

13,585

Ball Corp.

607,114

0.2

42,300

Barrick Gold Corp.

1,460,619

0.6

9,364

Bemis Co., Inc.

314,630

0.1

36,600

Centerra Gold, Inc.

328,289

0.1

5,412

CF Industries Holdings, Inc.

1,158,330

0.4

43,382

Cliffs Natural Resources, Inc.

1,247,232

0.5

14,200

Domtar Corp.

1,137,562

0.4

101,592

Dow Chemical Co.

3,067,062

1.2

13,401

Eastman Chemical Co.

815,451

0.3

22,323

Ecolab, Inc.

1,609,042

0.6

78,890

EI Du Pont de Nemours & Co.

3,403,315

1.3

60,762

Eldorado Gold Corp.

879,834

0.3

12,013

FMC Corp.

666,241

0.3

162,790

Freeport-McMoRan Copper & Gold, Inc.

6,350,438

2.4

53,964

GoldCorp, Inc.

2,088,407

0.8

39,200

@

Harry Winston Diamond Corp.

558,788

0.2

12,100

HudBay Minerals, Inc.

117,059

0.0

7,259

International Flavors & Fragrances, Inc.

472,053

0.2

60,755

International Paper Co.

2,256,441

0.8

41,300

@

Lundin Mining Corp.

211,624

0.1

28,764

@

LyondellBasell Industries NV

1,430,434

0.5

15,404

MeadWestvaco Corp.

476,138

0.2

PORTFOLIO OF INVESTMENTS

ING Risk Managed Natural Resources Fund

as of November 30, 2012 (Unaudited) (continued)

Shares

Value

Percentage
of Net
Assets

Materials (continued)

45,191

Monsanto Co.

$

4,139,044

1.6

38,878

Mosaic Co/The

2,101,745

0.8

80,330

Newmont Mining Corp.

3,782,740

1.4

27,435

Nucor Corp.

1,129,773

0.4

15,024

@

Owens-Illinois, Inc.

300,931

0.1

12,900

Packaging Corp. of America

470,076

0.2

13,131

PPG Industries, Inc.

1,631,789

0.6

25,283

Praxair, Inc.

2,710,590

1.0

5,100

Randgold Resources Ltd. ADR

547,536

0.2

15,960

Sealed Air Corp.

268,447

0.1

7,369

Sherwin-Williams Co.

1,123,920

0.4

10,502

Sigma-Aldrich Corp.

761,605

0.3

24,300

@

Stillwater Mining Co

278,964

0.1

64,182

Teck Cominco Ltd. - Class B

2,161,008

0.8

85,613

@

Thompson Creek Metals Co., Inc.

252,558

0.1

7,725

Titanium Metals Corp.

128,390

0.1

13,194

United States Steel Corp.

284,463

0.1

11,479

Vulcan Materials Co.

606,550

0.2

56,971,649

21.4

Total Common Stock

(Cost $236,667,466)

259,164,324

97.2

# of Contracts

Value

Percentage
of Net
Assets

PURCHASED OPTIONS: 1.5%

Options on Indices: 1.5%

2,948,456

@

Put on Energy Select Sector SPDR Index, Strike @ 70.780 Exp. 12/21/12 Counterparty: JPMorgan Chase & Co.

$

3,558,020

1 .3

1,467,397

@

Put on Materials Select Sector SPDR Fund, Strike @ 35.550 Exp. 12/21/12 Counterparty: JPMorgan Chase & Co.

487,897

0 .2

4,045,917

1 .5

Total Purchased Options

(Cost $6,244,766)

4,045,917

1 .5

Total Long-Term Investments

(Cost $242,912,232)

263,210,241

98 .7

Shares

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 0.9%

Mutual Funds: 0.9%

2,380,053

BlackRock Liquidity Funds, TempFund, Institutional Class

(Cost $2,380,053)

$

2,380,053

0.9

Total Short-Term Investments

(Cost $2,380,053)

2,380,053

0 .9

Total Investments in Securities
(Cost $245,292,285)

$

265,590,294

99.6

Assets in Excess of Other Liabilities

1,146,094

0.4

Net Assets

$

266,736,388

100.0

@

Non-income producing security

ADR

American Depositary Receipt

Cost for federal income tax purposes is $247,772,709.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation

$

36,793,204

Gross Unrealized Depreciation

(18,975,619)

Net Unrealized Appreciation

$

17,817,585

PORTFOLIO OF INVESTMENTS

ING Risk Managed Natural Resources Fund

as of November 30, 2012 (Unaudited) (continued)

Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)

Significant
Other
Observable
Inputs #
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

Fair Value
at
November 30,
2012

Asset Table

Investments, at fair value

Common Stock

Energy

$

200,966,272

$

1,136,187

$

—

$

202,192,675

Materials

55,873,679

1,097,970

—

56,971,649

Total Common Stock

256,839,951

2,234,157

—

259,164,324

Purchased Options

—

4,045,917

—

4,045,917

Short-Term Investments

2,380,053

—

—

2,380,053

Total Investments, at fair value

$

259,220,004

$

6,280,074

$

—

$

265,590,294

Liabilities Table

Other Financial Instruments+

Written Options

$

—

$

(518,281)

$

—

$

(518,281)

Total Liabilities

$

—

$

(518,281)

$

—

$

(518,281)

+

Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, equity forwards, futures, swaps, and written options. Forward foreign currency contracts, equity forwards and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument.

#

The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Fund’s investments are categorized as Level 2 investments.

There were no transfers in or out of Levels 1, 2 or 3 of the fair value hierarchy during the six months ended November 30, 2012.

Number of
Contracts

Counterparty

Description

Exercise
Price

Expiration
Date

Premiums
Received

Fair Value

Options on Indices

2,948,456

JPMorgan Chase & Co.

Put on Energy Select Sector SPDR Index

65.190

USD

12/21/12

$

1,948,340

$

(440,057)

1,467,397

JPMorgan Chase & Co.

Put on Materials Select Sector SPDR Fund

32.740

USD

12/21/12

492,605

(78,224)

Total Written OTC Options

$

2,440,945

$

(518,281)

Item 2. 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-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.

Item 3. Exhibits.

(Registrant):   ING Risk Managed Natural Resources Fund

By

/s/ Shaun P. Mathews

Shaun P. Mathews

President and Chief Executive Officer

Date:

January 25, 2013

By

/s/ Shaun P. Mathews

Shaun P. Mathews

President and Chief Executive Officer

Date:

January 25, 2013

By

/s/ Todd Modic

Todd Modic

Senior Vice President and Chief Financial Officer

Date:

January 25, 2013