Date of fiscal year end:

February 28

Date of reporting period:

November 30, 2011

ING Infrastructure, Industrials and Materials Fund

PORTFOLIO OF INVESTMENTS

ING Infrastructure, Industrials and Materials Fund

as of November 30, 2011 (Unaudited)

Shares

Value

Percentage
of Net
Assets

COMMON STOCK: 99.9%

Brazil: 3.2%

158,700

CPFL Energia SA ADR

$

4,178,571

1.1

204,500

Vale SA ADR

4,754,625

1.3

282,500

Weg S.A.

2,796,334

0.8

11,729,530

3.2

Canada: 0.5%

531,600

Bombardier, Inc. - Class B

1,970,144

0.5

Chile: 0.8%

169,100

Enersis SA ADR

3,004,907

0.8

China: 1.8%

310,000

China Unicom Hong Kong Ltd. ADR

6,686,700

1.8

Finland: 0.8%

66,684

Outotec Oyj

3,039,083

0.8

France: 4.8%

28,691

Air Liquide

3,630,296

1.0

90,460

Alstom

3,132,398

0.8

158,628

@

Cie Generale de Geophysique-Veritas

3,670,392

1.0

216,131

Suez Environnement S.A.

2,744,820

0.7

104,276

Vinci S.A.

4,661,778

1.3

17,839,684

4.8

Germany: 8.6%

70,921

BASF AG

5,181,047

1.4

406,989

Deutsche Telekom AG

5,284,631

1.4

187,200

E.ON AG

4,633,914

1.2

155,616

GEA Group AG

4,606,300

1.2

37,372

K+S AG

2,035,037

0.6

62,553

Siemens AG

6,330,344

1.7

155,494

ThyssenKrupp AG

4,016,421

1.1

32,087,694

8.6

Hong Kong: 1.7%

127,500

China Mobile Ltd. ADR

6,332,925

1.7

India: 0.6%

376,060

Bharat Heavy Electricals Ltd.

2,070,827

0.6

Ireland: 1.5%

283,167

CRH PLC

5,405,875

1.5

Italy: 2.4%

985,668

Enel S.p.A.

4,199,855

1.1

285,366

@

Fiat Industrial SpA

2,558,231

0.7

163,841

Prysmian S.p.A.

2,239,575

0.6

8,997,661

2.4

Japan: 4.8%

828,000

Hitachi Ltd.

4,594,498

1.2

145,000

JGC Corp.

3,654,453

1.0

221,200

Komatsu Ltd.

5,660,911

1.5

419,000

Mitsubishi Electric Corp.

3,966,443

1.1

17,876,305

4.8

Luxembourg: 2.7%

240,400

ArcelorMittal

4,541,156

1.2

49,400

Millicom International Cellular SA

5,295,186

1.5

9,836,342

2.7

Netherlands: 3.2%

109,700

Chicago Bridge & Iron Co. NV

4,536,095

1.2

238,759

European Aeronautic Defence and Space Co. NV

7,163,242

2.0

11,699,337

3.2

Russia: 1.3%

288,000

Mobile Telesystems OJSC ADR

4,976,640

1.3

South Korea: 1.3%

57,673

POSCO ADR

4,939,692

1.3

Sweden: 1.1%

182,083

Atlas Copco AB - Class A

3,906,950

1.1

Switzerland: 1.4%

279,400

ABB Ltd. ADR

5,300,218

1.4

United Kingdom: 11.3%

122,908

Anglo American PLC

4,692,250

1.2

164,989

BHP Billiton PLC

5,073,788

1.4

331,369

Cookson Group PLC

2,596,662

0.7

849,816

International Power PLC

4,490,903

1.2

119,043

Rio Tinto PLC

6,267,089

1.7

3,027,960

Vodafone Group PLC

8,197,007

2.2

145,197

Weir Group PLC

4,719,539

1.3

376,218

Xstrata PLC

6,039,662

1.6

42,076,900

11.3

United States: 46.1%

89,400

Acuity Brands, Inc.

4,492,350

1.2

82,000

Allegheny Technologies, Inc.

4,118,040

1.1

112,100

Caterpillar, Inc.

10,972,348

3.0

392,900

CenterPoint Energy, Inc.

7,818,710

2.1

53,300

Cummins, Inc.

5,134,389

1.4

62,200

Deere & Co.

4,929,350

1.3

125,700

Dover Corp.

6,909,729

1.9

120,000

EI Du Pont de Nemours & Co.

5,726,400

1.5

200,700

Emerson Electric Co.

10,486,575

2.8

129,800

Fluor Corp.

7,115,636

1.9

141,200

General Dynamics Corp.

9,327,672

2.5

139,700

Harsco Corp.

2,883,408

0.8

PORTFOLIO OF INVESTMENTS

ING Infrastructure, Industrials and Materials Fund

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

Shares

Value

Percentage
of Net
Assets

United States: (continued)

175,600

Honeywell International, Inc.

$

9,508,740

2.6

68,500

Monsanto Co.

5,031,325

1.4

167,900

National Oilwell Varco, Inc.

12,038,430

3.2

116,400

Peabody Energy Corp.

4,566,372

1.2

163,700

Republic Services, Inc.

4,493,565

1.2

56,500

Roper Industries, Inc.

4,813,235

1.3

97,800

Schlumberger Ltd.

7,367,274

2.0

56,300

@

TransDigm Group, Inc.

5,428,446

1.5

223,400

Trinity Industries, Inc.

6,384,772

1.7

91,400

UGI Corp.

2,738,344

0.7

103,700

Union Pacific Corp.

10,723,617

2.9

97,600

United Parcel Service, Inc. - Class B

7,002,800

1.9

275,500

@

United Rentals, Inc.

7,752,570

2.1

70,600

@

WABCO Holdings, Inc.

3,318,906

0.9

171,083,003

46.1

Total Common Stock

(Cost $343,487,713)

370,860,417

99.9

SHORT-TERM INVESTMENTS: 1.4%

Mutual Funds: 1.4%

5,331,900

BlackRock Liquidity Funds, TempFund, Institutional Class

(Cost $5,331,900)

5,331,900

1.4

Total Short-Term Investments

(Cost $5,331,900)

5,331,900

1.4

Total Investments in Securities (Cost $348,819,613)

$

376,192,317

101.3

Liabilities in Excess of Other Assets

(4,829,100)

(1.3)

Net Assets

$

371,363,217

100.0

@

Non-income producing security

ADR

American Depositary Receipt

Cost for federal income tax purposes is $350,208,353.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation

$

59,720,751

Gross Unrealized Depreciation

(33,736,787)

Net Unrealized appreciation

$

25,983,964

Sector Diversification

Percentage
of Net Assets

Energy

7.4%

Industrials

53.2

Information Technology

1.2

Materials

19.3

Telecommunications

9.9

Utilities

8.9

Short-Term Investments

1.4%

Liabilities in Excess of Other Assets

(1.3)

Net Assets

100.0%

PORTFOLIO OF INVESTMENTS

ING Infrastructure, Industrials and Materials 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

Brazil

$

11,729,530

$

—

$

—

$

11,729,530

Canada

1,970,144

—

—

1,970,144

Chile

3,004,907

—

—

3,004,907

China

6,686,700

—

—

6,686,700

Finland

—

3,039,083

—

3,039,083

France

—

17,839,684

—

17,839,684

Germany

—

32,087,694

—

32,087,694

Hong Kong

6,332,925

—

—

6,332,925

India

—

2,070,827

—

2,070,827

Ireland

—

5,405,875

—

5,405,875

Italy

—

8,997,661

—

8,997,661

Japan

—

17,876,305

—

17,876,305

Luxembourg

9,836,342

—

—

9,836,342

Netherlands

4,536,095

7,163,242

—

11,699,337

Russia

4,976,640

—

—

4,976,640

South Korea

4,939,692

—

—

4,939,692

Sweden

—

3,906,950

—

3,906,950

Switzerland

5,300,218

—

—

5,300,218

United Kingdom

—

42,076,900

—

42,076,900

United States

171,083,003

—

—

171,083,003

Total Common Stock

230,396,196

140,464,221

—

370,860,417

Short-Term Investments

5,331,900

—

—

5,331,900

Total Investments, at value

$

235,728,096

$

140,464,221

$

—

$

376,192,317

Liabilities Table

Other Financial Instruments+

Written Options

$

—

$

—

$

(5,543,287)

$

(5,543,287)

Total Liabilities

$

—

$

—

$

(5,543,287)

$

(5,543,287)

+

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

Liabilities Table

Other Financial Instruments+:

Written options

(1,538,246)

(4,842,871)

—

—

3,323,998

(2,486,168)

—

—

(5,543,287)

Total Liabilities

$

(1,538,246)

$

(4,842,871)

$

—

$

—

$

3,323,998

$

(2,486,168)

$

—

$

—

$

(5,543,287)

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 Securities

205,888

Goldman Sachs & Co.

Call on Custom Basket of Equity Securities

100.000 EUR

12/16/11

$

968,440

$

(1,741,642)

11,012,500

Citigroup, Inc.

Call on Custom Basket of Equity Securities

100.000 GBP

12/16/11

756,365

(888,996)

382,031

JPMorgan Chase & Co.

Call on Custom Basket of Equity Securities

100.000 USD

12/14/11

1,459,358

(1,209,930)

416,761

JPMorgan Chase & Co.

Call on Custom Basket of Equity Securities

100.000 USD

12/14/11

1,658,709

(1,702,719)

Total Written OTC Options 

$

4,842,872

$

(5,543,287)

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, 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