Date of fiscal year end:

February 28

Date of reporting period:

November 30, 2012

ING Infrastructure, Industrials and Materials Fund

PORTFOLIO OF INVESTMENTS

ING Infrastructure, Industrials and Materials Fund

as of November 30, 2012 (Unaudited)

Shares

Value

Percentage
of Net
Assets

COMMON STOCK: 99.6%

Australia: 0.4%

175,252

Iluka Resources Ltd.

$

1,508,801

0.4

Brazil: 3.1%

158,700

CPFL Energia SA ADR

3,466,008

1.0

229,900

Vale SA ADR

4,007,157

1.1

282,500

Weg S.A.

3,602,642

1.0

11,075,807

3.1

Canada: 0.5%

531,600

Bombardier, Inc. - Class B

1,878,407

0.5

Chile: 0.8%

169,100

Enersis SA ADR

2,866,245

0.8

China: 2.2%

310,000

China Unicom Hong Kong Ltd. ADR

4,814,300

1.4

1,718,639

Dongfang Electrical Machinery Co., Ltd.

2,925,610

0.8

7,739,910

2.2

Finland: 1.0%

66,684

Outotec Oyj

3,522,164

1.0

France: 8.0%

42,210

Air Liquide

5,159,870

1.4

158,628

@

Cie Generale de Geophysique-Veritas

4,851,437

1.4

79,298

Schneider Electric S.A.

5,582,129

1.6

216,131

Suez Environnement S.A.

2,355,653

0.7

51,283

Technip S.A.

5,962,218

1.7

93,276

Vinci S.A.

4,122,507

1.2

28,033,814

8.0

Germany: 8.5%

68,729

BASF AG

6,162,085

1.8

152,335

Deutsche Post AG

3,164,112

0.9

406,989

Deutsche Telekom AG

4,482,858

1.3

217,737

E.ON AG

3,926,431

1.1

98,840

GEA Group AG

3,232,681

0.9

85,117

Siemens AG

8,799,871

2.5

29,768,038

8.5

Hong Kong: 1.8%

111,000

China Mobile Ltd. ADR

6,318,120

1.8

India: 0.5%

58,900

Larsen & Toubro Ltd.

1,805,227

0.5

Ireland: 1.2%

233,167

@

CRH PLC

4,268,142

1.2

Israel: 1.0%

299,334

Israel Chemicals Ltd.

3,687,978

1.0

Italy: 2.8%

1,530,321

Enel S.p.A.

5,804,038

1.6

388,232

Fiat Industrial SpA

4,151,296

1.2

9,955,334

2.8

Japan: 4.1%

828,000

Hitachi Ltd.

4,798,538

1.4

163,300

Komatsu Ltd.

3,681,976

1.0

419,000

Mitsubishi Electric Corp.

3,273,846

0.9

324,000

Zeon Corp.

2,633,887

0.8

14,388,247

4.1

Luxembourg: 2.4%

278,300

ArcelorMittal

4,230,160

1.2

49,400

@

Millicom International Cellular SA

4,196,530

1.2

8,426,690

2.4

Netherlands: 1.4%

144,336

European Aeronautic Defence and Space Co. NV

4,865,592

1.4

Russia: 1.4%

288,000

Mobile Telesystems OJSC ADR

5,019,840

1.4

South Korea: 1.2%

55,373

POSCO ADR

4,119,197

1.2

Sweden: 1.3%

323,157

Volvo AB - B Shares

4,585,266

1.3

Switzerland: 1.3%

227,500

@

ABB Ltd. ADR

4,418,050

1.3

United Kingdom: 10.2%

142,542

Anglo American PLC

3,958,834

1.1

272,276

BHP Billiton PLC

8,575,451

2.4

293,050

Cookson Group PLC

2,880,092

0.8

132,899

Rio Tinto PLC

6,599,318

1.9

3,027,960

Vodafone Group PLC

7,811,051

2.2

102,301

Weir Group PLC

3,097,700

0.9

63,531

Wolseley PLC

2,951,757

0.9

35,874,203

10.2

United States: 44.5%

82,100

Acuity Brands, Inc.

5,430,915

1.6

78,700

Caterpillar, Inc.

6,708,388

1.9

309,400

CenterPoint Energy, Inc.

6,104,462

1.7

68,400

Cummins, Inc.

6,714,144

1.9

62,200

Deere & Co.

5,227,910

1.5

68,400

Dover Corp.

4,349,556

1.2

103,600

EI Du Pont de Nemours & Co.

4,469,304

1.3

150,900

Fluor Corp.

8,009,772

2.3

116,100

General Dynamics Corp.

7,720,650

2.2

345,400

General Electric Co.

7,298,302

2.1

162,300

Honeywell International, Inc.

9,953,859

2.8

117,700

KBR, Inc.

3,272,060

0.9

61,200

Lockheed Martin Corp.

5,709,960

1.6

47,900

Monsanto Co.

4,387,161

1.3

110,000

National Oilwell Varco, Inc.

7,513,000

2.1

48,900

Pall Corp.

2,908,572

0.8

PORTFOLIO OF INVESTMENTS

ING Infrastructure, Industrials and Materials Fund

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

Shares

Value

Percentage
of Net
Assets

United States (continued)

142,300

Patterson-UTI Energy, Inc.

$

2,527,248

0.7

170,400

Peabody Energy Corp.

4,278,744

1.2

165,600

Republic Services, Inc.

4,714,632

1.3

56,500

Roper Industries, Inc.

6,301,445

1.8

118,500

Schlumberger Ltd.

8,486,970

2.4

75,900

TAL International Group, Inc.

2,584,395

0.7

196,800

TECO Energy, Inc.

3,308,208

0.9

43,400

@

TransDigm Group, Inc.

5,903,268

1.7

91,400

UGI Corp.

3,036,308

0.9

72,000

Union Pacific Corp.

8,840,160

2.5

89,600

United Parcel Service, Inc. - Class B

6,550,656

1.9

70,600

@

WABCO Holdings, Inc.

4,380,730

1.3

156,690,779

44.5

Total Common Stock

(Cost $329,900,778)

350,815,851

99.6

SHORT-TERM INVESTMENTS: 1.8%

Mutual Funds: 1.8%

6,356,000

BlackRock Liquidity Funds, TempFund, Institutional Class

(Cost $6,356,000)

6,356,000

1.8

Total Short-Term Investments

(Cost $6,356,000)

6,356,000

1.8

Total Investments in Securities
(Cost $336,256,778)

$

357,171,851

101.4

Liabilities in Excess of Other Assets

(5,022,281)

(1.4)

Net Assets

$

352,149,570

100.0

@

Non-income producing security

ADR

American Depositary Receipt

Cost for federal income tax purposes is $336,852,858.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation

$

52,227,448

Gross Unrealized Depreciation

Net Unrealized Appreciation

$

20,318,993

Sector Diversification

Percentage of
Net Assets

Industrials

52.6%

Materials

18.1

Energy

9.5

Utilities

8.7

Telecommunication Services

7.9

Information Technology

1.4

Telecommunications

1.4

Short-Term Investments

1.8

Liabilities in Excess of Other Assets

(1.4)

Net Assets

100.0%

PORTFOLIO OF INVESTMENTS

ING Infrastructure, Industrials and Materials 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

Australia

$

—

$

1,508,801

$

—

$

1,508,801

Brazil

11,075,807

—

—

11,075,807

Canada

1,878,407

—

—

1,878,407

Chile

2,866,245

—

—

2,866,245

China

4,814,300

2,925,610

—

7,739,910

Finland

—

3,522,164

—

3,522,164

France

—

28,033,814

—

28,033,814

Germany

—

29,768,038

—

29,768,038

Hong Kong

6,318,120

—

—

6,318,120

India

—

1,805,227

—

1,805,227

Ireland

—

4,268,142

—

4,268,142

Israel

—

3,687,978

—

3,687,978

Italy

—

9,955,334

—

9,955,334

Japan

—

14,388,247

—

14,388,247

Luxembourg

8,426,690

—

—

8,426,690

Netherlands

—

4,865,592

—

4,865,592

Russia

5,019,840

—

—

5,019,840

South Korea

4,119,197

—

—

4,119,197

Sweden

—

4,585,266

—

4,585,266

Switzerland

4,418,050

—

—

4,418,050

United Kingdom

—

35,874,203

—

35,874,203

United States

156,690,779

—

—

156,690,779

Total Common Stock

205,627,435

145,188,416

—

350,815,851

Short-Term Investments

6,356,000

—

—

6,356,000

Total Investments, at fair value

$

211,983,435

$

145,188,416

$

—

$

357,171,851

Liabilities Table

Other Financial Instruments+

Written Options

$

—

$

—

$

(5,707,095)

$

(5,707,095)

Total Liabilities

$

—

$

—

$

(5,707,095)

$

(5,707,095)

+

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 Securities

253,418

JPMorgan Chase & Co.

Call on Custom Basket of Equity Securities

100.000

EUR

12/21/12

$

 732,739

$

 (1,963,972)

74,268

JPMorgan Chase & Co.

Call on Custom Basket of Equity Securities

100.000

GBP

12/21/12

312,710

(574,359)

359,880

Goldman Sachs & Co.

Call on Custom Basket of Equity Securities

100.000

USD

12/19/12

928,491

(1,096,878)

389,870

Goldman Sachs & Co.

Call on Custom Basket of Equity Securities

100.000

USD

12/19/12

865,511

(2,071,886)

Total Written OTC Options

$

 2,839,451

$

 (5,707,095)

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 Infrastructure, Industrials and Materials 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