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, 2011 (Unaudited)

Shares

Value

Percentage
of Net
Assets

COMMON STOCK: 99.9%

Energy: 80.8%

26,300

@

Alpha Natural Resources, Inc.

$

631,200

0.2

104,350

Anadarko Petroleum Corp.

8,480,525

2.8

60,491

Apache Corp.

6,015,225

2.0

76,588

Arch Coal, Inc.

1,255,277

0.4

67,071

Baker Hughes, Inc.

3,662,747

1.2

55,100

@

Basic Energy Services, Inc.

1,038,084

0.3

68,603

BG Group PLC

1,471,452

0.5

26,350

Cabot Oil & Gas Corp.

2,334,346

0.8

98,550

@

Cameron International Corp.

5,320,714

1.7

102,100

Chesapeake Energy Corp.

2,587,214

0.8

296,232

Chevron Corp.

30,458,574

10.0

27,307

Cimarex Energy Co.

1,831,754

0.6

117,750

ConocoPhillips

8,397,930

2.8

42,100

Consol Energy, Inc.

1,753,044

0.6

94,000

@

Denbury Resources, Inc.

1,588,600

0.5

98,300

Devon Energy Corp.

6,434,718

2.1

13,300

Diamond Offshore Drilling

799,995

0.3

141,150

El Paso Corp.

3,530,161

1.2

34,900

@

Energy XXI Bermuda Ltd.

1,097,256

0.4

36,515

Ensco International PLC ADR

1,897,685

0.6

71,250

EOG Resources, Inc.

7,391,475

2.4

46,700

EQT Corp.

2,895,867

1.0

470,347

ExxonMobil Corp.

37,834,713

12.5

50,100

@

FMC Technologies, Inc.

2,623,236

0.9

47,900

@

FX Energy, Inc.

228,483

0.1

235,321

Halliburton Co.

8,659,813

2.8

12,400

Helmerich & Payne, Inc.

706,304

0.2

90,000

Hess Corp.

5,419,800

1.8

86,300

@

Key Energy Services, Inc.

1,303,130

0.4

177,600

Marathon Oil Corp.

4,965,696

1.6

41,400

Marathon Petroleum Corp.

1,382,346

0.5

79,900

Murphy Oil Corp.

4,468,008

1.5

61,400

@

Nabors Industries Ltd.

1,101,516

0.4

113,125

National Oilwell Varco, Inc.

8,111,063

2.7

15,400

@

Newfield Exploration Co.

705,320

0.2

29,300

Noble Corp.

1,011,729

0.3

27,950

Noble Energy, Inc.

2,750,001

0.9

91,750

Occidental Petroleum Corp.

9,074,075

3.0

23,000

Patterson-UTI Energy, Inc.

483,460

0.2

45,800

Peabody Energy Corp.

1,796,734

0.6

30,700

Pioneer Natural Resources Co.

2,902,378

1.0

20,500

QEP Resources, Inc.

669,325

0.2

63,650

Range Resources Corp.

4,564,341

1.5

93,250

@

Rowan Cos., Inc.

3,162,108

1.0

53,427

Royal Dutch Shell PLC - Class A ADR

3,739,890

1.2

207,207

Schlumberger Ltd.

15,608,903

5.1

95,600

@

Southwestern Energy Co.

3,637,580

1.2

101,279

Spectra Energy Corp.

2,979,628

1.0

84,600

Statoil ASA ADR

2,192,832

0.7

29,900

Sunoco, Inc.

1,160,419

0.4

15,115

Technip S.A.

1,440,126

0.5

52,500

@

Tesoro Corp.

1,254,225

0.4

52,869

Trican Well Services Ltd.

902,445

0.3

29,000

@

Unit Corp.

1,467,980

0.5

92,700

Valero Energy Corp.

2,064,429

0.7

96,450

Williams Cos., Inc.

3,113,406

1.0

23,800

YPF SA ADR

833,238

0.3

245,192,523

80.8

Materials: 19.1%

22,350

Air Products & Chemicals, Inc.

1,871,813

0.6

7,900

Airgas, Inc.

607,905

0.2

19,150

AK Steel Holding Corp.

162,009

0.0

116,700

Alcoa, Inc.

1,169,334

0.4

12,400

Allegheny Technologies, Inc.

622,728

0.2

24,300

Antofagasta PLC

453,785

0.2

18,800

Ball Corp.

660,068

0.2

46,365

Barrick Gold Corp.

2,451,781

0.8

12,500

Bemis Co., Inc.

368,625

0.1

37,700

Centerra Gold, Inc.

841,269

0.3

7,800

CF Industries Holdings, Inc.

1,090,440

0.4

33,500

Cliffs Natural Resources, Inc.

2,271,635

0.7

13,400

Domtar Corp.

1,052,302

0.3

72,950

Dow Chemical Co.

2,021,444

0.7

16,200

Eastman Chemical Co.

641,844

0.2

25,350

Ecolab, Inc.

1,445,457

0.5

97,850

EI Du Pont de Nemours & Co.

4,669,402

1.5

8,200

FMC Corp.

688,144

0.2

129,706

Freeport-McMoRan Copper & Gold, Inc.

5,136,358

1.7

49,164

GoldCorp, Inc.

2,639,615

0.9

42,600

@

Harry Winston Diamond Corp.

476,559

0.2

9,400

International Flavors & Fragrances, Inc.

510,044

0.2

47,900

International Paper Co.

1,360,360

0.4

110,500

@

Lundin Mining Corp.

433,355

0.1

6,600

Martin Marietta Materials, Inc.

516,516

0.2

19,900

MeadWestvaco Corp.

594,015

0.2

56,100

Monsanto Co.

4,120,545

1.4

29,900

Mosaic Co/The

1,577,524

0.5

83,750

Newmont Mining Corp.

5,768,700

1.9

PORTFOLIO OF INVESTMENTS

ING Risk Managed Natural Resources Fund

as of November 30, 2011 (Unaudited) (continued)

Shares

Value

Percentage
of Net
Assets

Materials: (continued)

34,750

Nucor Corp.

$

1,370,192

0.4

20,400

@

Owens-Illinois, Inc.

398,412

0.1

17,250

PPG Industries, Inc.

1,513,687

0.5

31,650

Praxair, Inc.

3,228,300

1.1

4,000

Randgold Resources Ltd. ADR

427,640

0.1

19,900

Sealed Air Corp.

350,638

0.1

9,900

Sherwin-Williams Co.

859,617

0.3

13,600

Sigma-Aldrich Corp.

881,416

0.3

38,982

Teck Cominco Ltd. - Class B

1,422,453

0.5

12,150

Titanium Metals Corp.

189,297

0.1

17,350

United States Steel Corp.

473,655

0.2

15,300

Vulcan Materials Co.

496,332

0.2

57,835,215

19.1

Total Common Stock
(Cost $255,330,145)

303,027,738

99.9

# of
Contracts

Value

Percentage
of Net
Assets

PURCHASED OPTIONS: 2.1%

Options on Indices: 2.1%

1,235,355

@

Put on Energy Select Sector SPDR Index, Strike @ 63.740, Exp. 12/16/11 Counterparty: JPMorgan Chase & Co.

$

358,868

0.1

1,144,879

@

Put on Energy Select Sector SPDR Index, Strike @ 65.110, Exp. 01/20/12 Counterparty: Goldman Sachs & Co.

1,940,946

0.6

1,172,535

@

Put on Energy Select Sector SPDR Index, Strike @ 64.750, Exp. 02/17/12 Counterparty: UBS Warburg LLC

2,807,790

0.9

600,232

@

Put on Materials Select Sector SPDR Fund, Strike @ 32.790, Exp. 12/16/11 Counterparty: JPMorgan Chase & Co.

258,349

0.1

601,083

@

Put on Materials Select Sector SPDR Fund, Strike @ 31.580, Exp. 02/17/12 Counterparty: UBS Warburg LLC

690,169

0.2

587,953

@

Put on Materials Select Sector SPDR Fund, Strike @ 31.700, Exp. 01/20/12 Counterparty: Goldman Sachs & Co.

472,585

0.2

6,528,707

2.1

Total Purchased Options
(Cost $16,732,954)

6,528,707

2.1

Total Long-Term Investments
(Cost $272,063,099)

309,556,445

102.0

Shares

Value

Percentage
of Net
Assets

SHORT-TERM INVESTMENTS: 1.0%

Mutual Funds: 1.0%

3,059,900

BlackRock Liquidity Funds, TempFund, Institutional Class

(Cost $3,059,900)

$

3,059,900

1.0

Total Short-Term Investments

(Cost $3,059,900)

3,059,900

1.0

Total Investments in Securities
(Cost $275,122,999)

$

312,616,345

103.0

Liabilities in Excess of Other Assets

(9,143,952)

(3.0)

Net Assets

$

303,472,393

100.0

@

Non-income producing security

 ADR

American Depositary Receipt

Cost for federal income tax purposes is $278,504,048.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation

$

52,923,233

Gross Unrealized Depreciation

(18,810,936)

Net Unrealized appreciation

$

34,112,297

PORTFOLIO OF INVESTMENTS

ING Risk Managed Natural Resources Fund

as of November 30, 2011 (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
11/30/2011

Asset Table

Investments, at value

Common Stock

Energy

$

242,280,945

$

2,911,578

$

—

$

245,192,523

Materials

$

56,953,790

$

881,425

$

—

$

57,835,215

Total Common Stock

299,234,735

3,793,003

—

303,027,738

Purchased Options

—

6,528,707

—

6,528,707

Short-Term Investments

3,059,900

—

—

3,059,900

Total Investments, at value

$

302,294,635

$

10,321,710

$

—

$

312,616,345

Liabilities Table

Other Financial Instruments+

Written Options

$

—

$

(9,749,321)

$

—

$

(9,749,321)

Total Liabilities

$

—

$

(9,749,321)

$

—

$

(9,749,321)

+

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 significant portion of the Fund’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended November 30, 2011.

Beginning
Balance

Accrued
Discounts/

Total
Realized

Total
Unrealized
Appreciation/

Transfers
Into

Transfers
Out of

Ending
Balance

2/28/2011

Purchases

Sales

(Premiums)

Gain/(Loss)

(Depreciation)

Level 3

Level 3

11/30/2011

Asset Table

Investments, at value

Positions In Purchased Options

$

3,294,874

$

—

$

—

$

—

$

—

$

—

$

—

$

(3,294,874)

$

—

Total Investments, at value

$

3,294,874

$

—

$

—

$

—

$

—

$

—

$

—

$

(3,294,874)

$

—

Other Financial Instruments+:

Swaps

—

—

—

—

—

—

—

—

—

Written options

—

—

—

—

—

—

—

—

—

Total Assets

$

3,294,874

$

—

$

—

$

—

$

—

$

—

$

—

$

(3,294,874)

$

—

Liabilities Table

Other Financial Instruments+:

Written options

$

(6,633,292)

$

—

$

—

$

—

$

—

$

—

$

—

$

6,633,292

$

—

Total Liabilities

$

(6,633,292)

$

—

$

—

$

—

$

—

$

—

$

—

$

6,633,292

$

—

As of November 30, 2011, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

Transfers in or out of Level 3 represent either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period. Transfers are recognized at the end of the reporting period.

# of
Contracts

Counterparty

Description

Exercise
Price

Expiration
Date

Premiums
Received

Fair
Value

Options on Indices

2,462,441

UBS Warburg LLC

Call on Energy Select Sector SPDR Index

68.160 USD

12/16/11

$

6,327,489

$

(8,557,664)

1,262,334

UBS Warburg LLC

Call on Materials Select Sector SPDR Fund

34.240 USD

12/16/11

965,054

(1,191,657)

Total Written OTC Options

$

7,292,543

$

(9,749,321)

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, 2012

By

/s/ Shaun P. Mathews

Shaun P. Mathews

President and Chief Executive Officer

Date:

January 25, 2012

By

/s/ Todd Modic

Todd Modic

Senior Vice President and Chief Financial Officer

Date:

January 25, 2012