Date of fiscal year end:

February 28

Date of reporting period:

November 30, 2007

ING Risk Managed Natural Resources Fund

Shares

Value

COMMON STOCK: 98.8%

Building Materials: 0.3%

166,200

@@

Norbord, Inc.

$

1,238,252

1,238,252

Chemicals: 7.4%

29,750

Air Products & Chemicals, Inc.

2,946,440

9,050

Ashland, Inc.

445,622

136,700

Dow Chemical Co.

5,733,198

13,000

Eastman Chemical Co.

834,730

26,450

Ecolab, Inc.

1,266,955

132,500

EI DuPont de Nemours & Co.

6,114,875

19,750

Hercules, Inc.

383,348

12,750

International Flavors & Fragrances, Inc.

639,285

78,450

Monsanto Co.

7,795,577

24,400

PPG Industries, Inc.

1,674,816

35,450

Praxair, Inc.

3,026,721

19,300

Rohm & Haas Co.

1,049,341

20,200

Sigma-Aldrich Corp.

1,063,530

32,974,438

Coal: 1.6%

83,050

Consol Energy, Inc.

4,923,204

42,500

Peabody Energy Corp.

2,364,700

7,287,904

Engineering & Construction: 0.8%

668,750

@, @@

Boart Longyear Group

1,429,520

20,950

@

Layne Christensen Co.

1,193,103

16,150

@

McDermott International, Inc.

844,645

3,467,268

Forest Products & Paper: 1.4%

63,500

International Paper Co.

2,143,125

28,450

MeadWestvaco Corp.

935,152

16,450

Temple-Inland, Inc.

756,207

31,950

Weyerhaeuser Co.

2,338,101

6,172,585

Holding Companies - Diversified: 0.0%

23,200

@

JK Acquisition Corp.

135,024

135,024

Iron/Steel: 2.0%

29,800

Allegheny Technologies, Inc.

2,912,950

197,800

@, @@

Consolidated Thompson Iron Mines Ltd.

1,285,764

54,850

Nucor Corp.

3,247,669

17,600

United States Steel Corp.

1,719,520

9,165,903

Metal Fabricate/Hardware: 0.1%

8,350

@@, #

TMK OAO GDR

363,225

363,225

Mining: 9.2%

165,950

Alcoa, Inc.

6,035,602

19,578

@@

Aquarius Platinum Ltd.

713,115

43,750

@@

Barrick Gold Corp.

1,772,313

29,000

@@

Cia Vale do Rio Doce ADR

1,002,820

149,300

@, @@

Eldorado Gold Corp.

871,956

249,750

@, @@

European Goldfields Limited

1,488,584

7,300

@@

First Quantum Minerals Ltd.

693,535

119,595

@, @@

First Uranium Corp.

1,219,930

37,150

@, @@

FNX Mining Co., Inc.

1,243,101

80,903

Freeport-McMoRan Copper & Gold, Inc.

8,003,734

55,700

@@

GoldCorp, Inc.

1,805,237

41,850

@, @@

Kinross Gold Corp.

726,098

90,700

@, @@

Mag Silver Corp.

1,395,943

26,000

@, @@

Major Drilling Group International

1,488,054

1,278,050

@, @@

Merafe Resources Ltd.

391,458

90,200

Newmont Mining Corp.

4,482,038

47,700

@@

Randgold Resources Ltd. ADR

1,678,086

282,150

@, @@

Shore Gold, Inc.

1,337,458

52,150

@, @@

Silver Wheaton Corp.

780,686

321,143

@@

Solid Resources Ltd.

321,159

12,600

@

Titanium Metals Corp.

373,842

16,400

Vulcan Materials Co.

1,456,320

10,650

@@

Xstrata PLC

747,900

85,664

@@

Yamana Gold, Inc.

1,101,639

41,130,608

Oil & Gas: 60.2%

84,400

@

American Oil & Gas, Inc.

543,536

121,300

Anadarko Petroleum Corp.

6,865,580

96,400

Apache Corp.

9,330,556

26,200

@

ATP Oil & Gas Corp.

1,167,996

60,800

@

BPZ Energy, Inc.

693,120

Shares

Value

Oil & Gas: (continued)

46,450

Cabot Oil & Gas Corp.

$

1,598,809

114,700

@

Cano Petroleum, Inc.

856,809

102,200

Chesapeake Energy Corp.

3,868,270

353,250

Chevron Corp.

31,004,753

3,700

@@

CNOOC Ltd. ADR

682,909

18,950

@

CNX Gas Corp.

583,660

60,994

@

Concho Resources, Inc.

1,150,347

273,900

ConocoPhillips

21,922,943

48,150

@

Continental Resources, Inc.

1,146,933

15,100

@

Denbury Resources, Inc.

805,132

129,450

Devon Energy Corp.

10,719,755

56,000

@@

Encana Corp.

3,654,000

24,300

@

Encore Acquisition Co.

790,965

102,950

@, @@

Energy XXI Acquisition Corp. Bermuda Ltd.

532,252

23,700

ENSCO International, Inc.

1,276,245

78,350

EOG Resources, Inc.

6,485,813

81,750

@

EXCO Resources, Inc.

1,142,865

624,700

S

ExxonMobil Corp.

55,698,252

106,700

Hess Corp.

7,599,174

27,800

@, @@

InterOil Corp.

626,890

90,124

@

Kodiak Oil & Gas Corp.

214,495

15,950

@@

Lukoil-Spon ADR

1,366,308

192,450

Marathon Oil Corp.

10,757,955

51,000

Murphy Oil Corp.

3,647,520

74,300

@, @@

Nabors Industries Ltd.

1,998,670

11,150

@@

Niko Resources Ltd.

1,027,747

72,200

Noble Corp.

3,763,786

46,050

Noble Energy, Inc.

3,317,442

37,350

@@

OAO Gazprom ADR

1,970,238

232,650

Occidental Petroleum Corp.

16,231,991

49,050

@, @@

Oilsands Quest, Inc.

220,725

41,250

@

Parallel Petroleum Corp.

789,938

39,850

@

PetroHawk Energy Corp.

649,555

46,800

@@

Petroleo Brasileiro SA ADR

4,506,840

77,950

@

Petroquest Energy, Inc.

1,035,956

34,000

@

Plains Exploration & Production Co.

1,713,940

39,350

@

Quicksilver Resources, Inc.

1,991,110

23,700

Range Resources Corp.

964,116

41,550

@

Rex Energy Corp.

410,930

48,600

Rowan Cos., Inc.

1,720,440

28,300

@

Southwestern Energy Co.

1,408,491

38,950

@@

Suncor Energy, Inc.

3,729,852

33,500

Sunoco, Inc.

2,247,850

21,900

Tesoro Petroleum Corp.

1,077,042

7,950

@@

Total SA ADR

643,314

88,461

@

Transocean, Inc.

12,144,811

39,100

@, @@

Triangle Petroleum Corp.

58,259

20,650

@

Ultra Petroleum Corp.

1,340,185

126,100

Valero Energy Corp.

8,205,327

14,900

@

Vanguard Natural Resources LLC

241,380

17,250

@

Whiting Petroleum Corp.

909,420

148,450

XTO Energy, Inc.

9,177,179

270,230,376

Oil & Gas Services: 12.5%

34,200

@

Allis-Chalmers Energy, Inc.

518,130

65,100

Baker Hughes, Inc.

5,225,577

78,900

BJ Services Co.

1,939,362

9,950

@

Cameron International Corp.

927,639

10,550

@

Exterran Holdings, Inc.

844,422

52,450

@

Geokinetics, Inc.

1,142,361

171,550

Halliburton Co.

6,280,446

15,350

@

Helix Energy Solutions Group, Inc.

623,057

37,508

@

Hercules Offshore, Inc.

938,075

118,800

@

National Oilwell Varco, Inc.

8,096,220

7,100

@

Oceaneering International, Inc.

453,051

113,600

@

Particle Drilling Technologies, Inc.

346,480

218,600

Schlumberger Ltd.

20,428,170

32,050

Smith International, Inc.

2,010,176

5,000

@

Superior Energy Services

174,500

99,250

@

Weatherford International Ltd.

6,215,035

56,162,701

Packaging & Containers: 0.5%

15,850

Ball Corp.

733,063

17,150

Bemis Co.

465,280

21,000

@

Pactiv Corp.

533,400

25,750

Sealed Air Corp.

601,778

2,333,521

Pipelines: 2.6%

184,300

El Paso Corp.

2,963,544

15,000

@

Quicksilver Gas Services LP

358,350

22,900

@

Semgroup Energy Partners LP

612,575

101,079

Spectra Energy Corp.

2,490,587

16,200

Targa Resources Partners LP

461,700

Shares

Value

Pipelines: (continued)

137,600

Williams Cos., Inc.

$

4,776,096

11,662,852

Transportation: 0.2%

12,100

@

OSG America LP

226,149

50,650

@@

Stealthgas, Inc.

826,102

1,052,251

Total Common Stock

(Cost $367,447,285)

443,376,908

PREFERRED STOCK: 0.1%

Oil & Gas: 0.1%

6,750

McMoran Exploration Co.

648,000

Total Preferred Stock

(Cost $678,793)

648,000

# of Contracts

Value

POSITIONS IN PURCHASED OPTIONS: 2.9%

70,900

Put Option OTC - JPMorgan Chase

Basic Industries Select Sector Index

Strike 409.01, exp 12/21/07

$

312,669

70,900

Put Option OTC - JPMorgan Chase

Basic Industries Select Sector Index

Strike 409.01, exp 01/18/08

547,348

70,900

Put Option OTC - JPMorgan Chase

Basic Industries Select Sector Index

Strike 409.01, exp 02/15/08

778,482

160,500

Put Option OTC - JPMorgan Chase

Energy Select Sector Index

Strike 723.01, exp 12/21/07

2,486,145

160,500

Put Option OTC - JPMorgan Chase

Energy Select Sector Index

Strike 723.01, exp 01/18/08

3,815,085

160,500

Put Option OTC - JPMorgan Chase

Energy Select Sector Index

Strike 723.01, exp 02/15/08

4,885,620

Total Purchased Options

(Cost $16,302,692)

12,825,349

Total Long-Term Investments

(Cost $384,428,770)

456,850,257

Principal Amount

Value

SHORT-TERM INVESTMENTS: 1.4%

Repurchase Agreement: 1.4%

$

6,024,000

S

Goldman Sachs Repurchase Agreement dated 11/30/07, 4.510%, due 12/03/07, $6,026,264 to be received upon repurchase (Collateralized by $4,350,000 U.S. Treasury, 7.625%, Market Value plus accrued interest $6,145,334, due 02/15/25)

$

6,024,000

Total Short-Term Investments

(Cost $6,024,000)

6,024,000

Total Investments in Securities
(Cost $390,452,770)*

103.2%

$

462,874,257

Other Assets and Liabilities - Net

(3.2)

(14,180,599)

Net Assets

100.0%

$

448,693,658

@

Non-income producing security

@@

Foreign Issuer

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

#

Securities with purchases pursuant to Rule144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise footnoted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.

S

All or a portion of this security is segregated for certain derivatives, when-issued or delayed delivery securities and forward currency exchange contracts.

*

Cost for federal income tax purposes is $391,081,547.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation

$

79,808,409

Gross Unrealized Depreciation

(8,015,699)

Net Unrealized Appreciation

$

71,792,710

Currency

Buy/Sell

Settlement
Date

In Exchange
For

Value

Unrealized
Appreciation/
(Depreciation)

USD

Australia Dollars

AUD

1,575,000

Sell

01/22/08

$

1,392,818

$

1,387,404

$

5,414

Canada Dollars

CAD

13,000,000

Sell

01/22/08

13,246,693

13,005,892

240,801

British Pound Sterling

GBP

640,000

Sell

01/22/08

1,309,645

1,313,450

(3,805)

$

242,410

Exercise

Expiration

# of

Description/Name of Issuer

Counterparty

Price

Date

Contracts

Premium

Value

Call Option OTC - Basic Industries Select Sector Index

JPMorgan Chase

414.76

12/21/07

127,800

$

1,955,928

$

(2,559,834)

Call Option OTC - Energy Select Sector Index

JPMorgan Chase

725.88

12/21/07

292,100

8,035,934

(8,321,929)

$

9,991,862

$

(10,881,763)

(Registrant):   ING Risk Managed Natural Resources Fund

By

/s/ Shaun P. Mathews

Shaun P. Mathews

President and Chief Executive Officer

Date:

January 29, 2008

By

/s/ Shaun P. Mathews

Shaun P. Mathews

President and Chief Executive Officer

Date:

January 29, 2008

By

/s/ Todd Modic

Todd Modic

Senior Vice President and Chief Financial Officer

Date:

January 29, 2008