Date of fiscal year end:

February 28

Date of reporting period:

May 31, 2012

ING Infrastructure, Industrials and Materials Fund

PORTFOLIO OF INVESTMENTS

ING Infrastructure, Industrials and Materials Fund

as of May 31, 2012 (Unaudited)

Shares

Value

Percentage
of Net
Assets

COMMON STOCK: 98.5%

Australia: 0.7%

175,252

Iluka Resources Ltd.

$

2,282,325

0.7

Brazil: 3.1%

158,700

CPFL Energia SA ADR

3,856,410

1.1

204,500

Vale SA ADR

3,744,395

1.1

282,500

Weg S.A.

2,912,054

0.9

10,512,859

3.1

Canada: 0.6%

531,600

Bombardier, Inc. - Class B

1,945,537

0.6

Chile: 0.9%

169,100

Enersis SA ADR

2,908,520

0.9

China: 1.8%

310,000

China Unicom Hong Kong Ltd. ADR

4,259,400

1.2

824,839

Dongfang Electrical Machinery Co., Ltd.

1,919,724

0.6

6,179,124

1.8

Finland: 0.8%

66,684

Outotec Oyj

2,637,568

0.8

France: 5.4%

38,373

Air Liquide

4,165,551

1.3

64,127

Alstom

1,868,296

0.6

158,628

@

Cie Generale de Geophysique-Veritas

3,468,387

1.0

46,047

Schneider Electric S.A.

2,462,341

0.7

216,131

Suez Environnement S.A.

2,350,331

0.7

93,276

Vinci S.A.

3,745,560

1.1

18,060,466

5.4

Germany: 8.1%

61,183

BASF AG

4,293,809

1.3

152,335

Deutsche Post AG

2,525,292

0.7

406,989

Deutsche Telekom AG

4,015,407

1.2

247,383

E.ON AG

4,537,000

1.3

98,840

GEA Group AG

2,526,696

0.8

75,957

Siemens AG

6,271,234

1.9

188,384

ThyssenKrupp AG

3,124,197

0.9

27,293,635

8.1

Hong Kong: 1.9%

127,500

China Mobile Ltd. ADR

6,468,075

1.9

India: 0.4%

376,060

Bharat Heavy Electricals Ltd.

1,414,519

0.4

Ireland: 1.2%

233,167

@

CRH PLC

3,945,823

1.2

Israel: 0.9%

299,334

Israel Chemicals Ltd.

3,092,148

0.9

Italy: 3.2%

1,530,321

Enel S.p.A.

4,364,619

1.3

388,225

Fiat Industrial SpA

3,922,314

1.2

163,841

Prysmian S.p.A.

2,324,265

0.7

10,611,198

3.2

Japan: 3.7%

828,000

Hitachi Ltd.

4,726,863

1.4

192,000

Komatsu Ltd.

4,583,006

1.3

419,000

Mitsubishi Electric Corp.

3,284,276

1.0

12,594,145

3.7

Luxembourg: 2.3%

253,000

ArcelorMittal

3,514,170

1.0

49,400

Millicom International Cellular SA

4,285,450

1.3

7,799,620

2.3

Netherlands: 3.0%

94,000

Chicago Bridge & Iron Co. NV

3,378,360

1.0

200,839

European Aeronautic Defence and Space Co. NV

6,737,458

2.0

10,115,818

3.0

Russia: 1.4%

288,000

Mobile Telesystems OJSC ADR

4,792,320

1.4

South Korea: 1.1%

49,673

POSCO ADR

3,761,736

1.1

Switzerland: 1.3%

279,400

@

ABB Ltd. ADR

4,417,314

1.3

United Kingdom: 9.8%

113,301

Anglo American PLC

3,453,393

1.0

256,319

BHP Billiton PLC

6,716,746

2.0

293,050

Cookson Group PLC

2,845,622

0.9

119,043

Rio Tinto PLC

5,121,607

1.5

3,027,960

Vodafone Group PLC

8,075,458

2.4

102,301

Weir Group PLC

2,447,439

0.7

309,683

Xstrata PLC

4,423,677

1.3

33,083,942

9.8

United States: 46.9%

104,000

Acuity Brands, Inc.

5,668,000

1.7

78,700

Caterpillar, Inc.

6,895,694

2.0

309,400

CenterPoint Energy, Inc.

6,259,162

1.9

68,400

Cummins, Inc.

6,631,380

2.0

62,200

Deere & Co.

4,594,714

1.4

125,700

Dover Corp.

7,109,592

2.1

120,000

EI Du Pont de Nemours & Co.

5,791,200

1.7

89,900

Emerson Electric Co.

4,204,623

1.3

150,900

Fluor Corp.

7,074,192

2.1

116,100

General Dynamics Corp.

7,431,561

2.2

175,600

Honeywell International, Inc.

9,773,896

2.9

PORTFOLIO OF INVESTMENTS

ING Infrastructure, Industrials and Materials Fund

as of May 31, 2012 (Unaudited) (continued)

Shares

Value

Percentage
of Net
Assets

United States: (continued)

61,200

Lockheed Martin Corp.

$

5,067,360

1.5

68,500

Monsanto Co.

5,288,200

1.6

143,400

National Oilwell Varco, Inc.

9,571,950

2.8

48,900

Pall Corp.

2,721,774

0.8

142,300

Patterson-UTI Energy, Inc.

2,151,576

0.6

170,400

Peabody Energy Corp.

3,980,544

1.2

165,600

Republic Services, Inc.

4,365,216

1.3

56,500

Roper Industries, Inc.

5,718,930

1.7

97,800

Schlumberger Ltd.

6,185,850

1.8

75,900

TAL International Group, Inc.

2,482,689

0.7

196,800

TECO Energy, Inc.

3,424,320

1.0

49,100

@

TransDigm Group, Inc.

6,039,300

1.8

144,500

Trinity Industries, Inc.

3,569,150

1.1

91,400

UGI Corp.

2,621,352

0.8

97,100

Union Pacific Corp.

10,816,940

3.2

89,600

United Parcel Service, Inc. - Class B

6,714,624

2.0

62,600

@

United Rentals, Inc.

2,162,830

0.6

70,600

@

WABCO Holdings, Inc.

3,654,256

1.1

157,970,875

46.9

Total Common Stock
(Cost $340,601,260)

331,887,567

98.5

RIGHTS: 0.1%

France: 0.1%

38,373

@

Air Liquide SA

415,032

0.1

Italy: —%

388,225

@

Fiat S.p.A

—

—

388,225

@

Fiat S.p.A

—

—

—

—

Total Rights
(Cost $—)

415,032

0.1

Total Long-Term Investments
(Cost $340,601,260)

332,302,599

98.6

SHORT-TERM INVESTMENTS: 1.5%

Mutual Funds: 1.5%

5,023,000

BlackRock Liquidity Funds, TempFund, Institutional Class
(Cost $5,023,000)

5,023,000

1.5

Total Short-Term Investments
(Cost $5,023,000)

5,023,000

1.5

Total Investments in Securities
(Cost $345,624,260)

$

337,325,599

100.1

Liabilities in Excess of Other Assets

(333,007)

(0.1)

Net Assets

$

336,992,592

100.0

@

Non-income producing security

ADR

American Depositary Receipt

Cost for federal income tax purposes is $347,013,000.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation

$

42,332,784

Gross Unrealized Depreciation

(52,020,185)

Net Unrealized Depreciation

$

(9,687,401)

Sector Diversification

Percentage of
Net Assets

Consumer Discretionary

1.1%

Energy

7.4

Industrials

51.6

Information Technology

1.4

Materials

18.6

Rights

0.1

Telecommunication Services

1.3

Telecommunications

8.1

Utilities

9.0

Short-Term Investments

1.5

Liabilities in Excess of Other Assets

(0.1)

Net Assets

100.0%

PORTFOLIO OF INVESTMENTS

ING Infrastructure, Industrials and Materials Fund

as of May 31, 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
5/31/2012

Asset Table

Investments, at value

Common Stock

Australia

$

—

$

2,282,325

$

—

$

2,282,325

Brazil

10,512,859

—

—

10,512,859

Canada

1,945,537

—

—

1,945,537

Chile

2,908,520

—

—

2,908,520

China

4,259,400

1,919,724

—

6,179,124

Finland

—

2,637,568

—

2,637,568

France

—

18,060,466

—

18,060,466

Germany

—

27,293,635

—

27,293,635

Hong Kong

6,468,075

—

—

6,468,075

India

—

1,414,519

—

1,414,519

Ireland

—

3,945,823

—

3,945,823

Israel

—

3,092,148

—

3,092,148

Italy

—

10,611,198

—

10,611,198

Japan

—

12,594,145

—

12,594,145

Luxembourg

7,799,620

—

—

7,799,620

Netherlands

3,378,360

6,737,458

—

10,115,818

Russia

4,792,320

—

—

4,792,320

South Korea

3,761,736

—

—

3,761,736

Switzerland

4,417,314

—

—

4,417,314

United Kingdom

—

33,083,942

—

33,083,942

United States

157,970,875

—

—

157,970,875

Total Common Stock

208,214,616

123,672,951

—

331,887,567

Rights

—

415,032

—

415,032

Short-Term Investments

5,023,000

—

—

5,023,000

Total Investments, at value

$

213,237,616

$

124,087,983

$

—

$

337,325,599

Liabilities Table

Other Financial Instruments+

Written Options

$

—

$

—

$

(1,594,155)

$

(1,594,155)

Total Liabilities

$

—

$

—

$

(1,594,155)

$

(1,594,155)

+

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 May 31, 2012.

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.

PORTFOLIO OF INVESTMENTS

ING Infrastructure, Industrials and Materials Fund

as of May 31, 2012 (Unaudited) (continued)

Beginning
Balance on
2/29/2012

Purchases

Sales

Accrued
Discounts/
(Premiums)

Total
Realized
Gain
(Loss)

Total
Unrealized
Appreciation
(Depreciation)

Transfers
into
Level 3

Transfers
Out of
Level 3

Ending
Balance on
5/31/2012

Liabilities Table at value

Written options, at fair value

$

(2,518,519)

$

(3,288,773)

$

1,896,970

$

—

$

1,359,225

$

956,942

$

—

$

—

$

(1,594,155)

Total liabilities

(2,518,519)

(3,288,773)

1,896,970

—

1,359,225

956,942

—

—

(1,594,155)

PORTFOLIO OF INVESTMENTS

ING Infrastructure, Industrials and Materials Fund

as of May 31, 2012 (Unaudited) (continued)

# of Contracts

Counterparty

Description

Exercise
Price

Expiration
Date

Premiums
Received

Fair Value

Options on Securities

220,329

Goldman Sachs & Co.

Call on Custom Basket of Equity Securities

100.000 EUR

06/15/12

$

681,235

$

(253,340)

98,370

Credit Suisse First Boston

Call on Custom Basket of Equity Securities

100.000 GPB

06/15/12

529,449

(403,908)

38,412,000

Citigroup, Inc.

Call on Custom Basket of Equity Securities

100.000 USD

06/13/12

1,060,171

(399,254)

384,120

JPMorgan Chase & Co.

Call on Custom Basket of Equity Securities

100.000 USD

06/13/12

1,017,918

(537,653)

Total Written OTC Options 

$

3,288,773

$

(1,594,155)

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:

July 27, 2012

By

/s/ Shaun P. Mathews

Shaun P. Mathews

President and Chief Executive Officer

Date:

July 27, 2012

By

/s/ Todd Modic

Todd Modic

Senior Vice President and Chief Financial Officer

Date:

July 27, 2012