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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

Quarterly Schedule of Portfolio Holdings of Registered

Management Investment Company

 

Investment Company Act file number:   811-21938

 

ING Risk Managed Natural Resources Fund

(Exact name of registrant as specified in charter)

 

7337 East Doubletree Ranch Rd., Suite 100, Scottsdale, AZ 85258

(Address of principal executive offices)          (Zip code)

 

 

Huey P. Falgout, Jr., 7337 East Doubletree Ranch Road, Scottsdale, AZ 85258 

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 1-800-992-0180

 

Date of fiscal year end:

February 28

Date of reporting period:

May 31, 2013

 

 

Item 1. Schedule of Investments

 

The schedules of investments as of the close of the reporting period are set forth below for:

 

ING Risk Managed Natural Resources Fund

 

The schedules are not audited.

 

ING R ISK M ANAGED N ATURAL
R ESOURCES F UND 		PORTFOLIO OF INVESTMENTS
as of May 31, 2013 (Unaudited)

Shares
  
  
  
Value
  
Percentage
of Net
Assets
 
COMMON STOCK: 98.6%
 
Energy: 79.5%
90,937
           
 
   
Anadarko Petroleum Corp.
      $   7,954,259             3 .0   
41,878
           
 
   
Apache Corp.
         3,439,440             1 .3   
96,488
           
 
   
Arch Coal, Inc.
         497,878             0 .2   
54,090
           
 
   
Baker Hughes, Inc.
         2,460,013             0 .9   
33,600
           
@
   
Basic Energy Services, Inc.
         448,560             0 .2   
42,309
           
 
   
Cabot Oil & Gas Corp.
         2,976,861             1 .1   
61,112
           
@
   
Cameron International Corp.
         3,719,887             1 .4   
77,700
           
 
   
Canadian Natural Resources Ltd.
         2,313,129             0 .9   
64,033
           
 
   
Chesapeake Energy Corp.
         1,398,481             0 .5   
240,782
           
 
   
Chevron Corp.
         29,555,990             11 .1   
10,300
           
 
   
Cimarex Energy Co.
         722,442             0 .3   
25,900
           
@
   
Cobalt International Energy, Inc.
         671,846             0 .2   
7,000
           
@
   
Concho Resources, Inc.
         585,620             0 .2   
96,662
           
 
   
ConocoPhillips
         5,929,247             2 .2   
57,735
           
 
   
Consol Energy, Inc.
         2,002,250             0 .7   
9,728
           
@
   
Continental Resources, Inc.
         789,233             0 .3   
69,450
           
@
   
Denbury Resources, Inc.
         1,274,408             0 .5   
40,267
           
 
   
Devon Energy Corp.
         2,289,179             0 .9   
10,546
           
 
   
Diamond Offshore Drilling
         725,670             0 .3   
20,200
           
@
   
Energy XXI Bermuda Ltd.
         515,706             0 .2   
21,472
           
@
   
Ensco PLC
         1,291,970             0 .5   
51,424
           
 
   
EOG Resources, Inc.
         6,638,838             2 .5   
13,907
           
 
   
EQT Corp.
         1,110,891             0 .4   
356,548
           
 
   
ExxonMobil Corp.
         32,256,898             12 .1   
39,475
           
@
   
FMC Technologies, Inc.
         2,197,179             0 .8   
24,300
           
@
   
Forum Energy Technologies, Inc.
         721,467             0 .3   
54,800
           
@
   
FX Energy, Inc.
         224,132             0 .1   
167,222
           
 
   
Halliburton Co.
         6,998,241             2 .6   
9,817
           
 
   
Helmerich & Payne, Inc.
         606,102             0 .2   
41,221
           
 
   
Hess Corp.
         2,778,708             1 .0   
11,100
           
 
   
HollyFrontier Corp.
         549,450             0 .2   
58,356
           
 
   
Kinder Morgan, Inc./Delaware
         2,216,361             0 .8   
22,100
           
@
   
Laredo Petroleum Holdings, Inc.
         427,856             0 .2   
120,262
           
 
   
Marathon Oil Corp.
         4,135,810             1 .5   
30,615
           
 
   
Marathon Petroleum Corp.
         2,525,738             0 .9   
32,800
           
@
   
MEG Energy Corp.
         929,505             0 .3   
22,712
           
 
   
Murphy Oil Corp.
         1,438,124             0 .5   
49,501
           
@
   
Nabors Industries Ltd.
         792,511             0 .3   
50,196
           
 
   
National Oilwell Varco, Inc.
         3,528,779             1 .3   
43,424
           
@
   
Newfield Exploration Co.
         1,033,057             0 .4   
50,244
           
@
   
Noble Corp.
         1,946,955             0 .7   
45,372
           
 
   
Noble Energy, Inc.
         2,615,696             1 .0   
16,200
           
@
   
Oasis Petroleum, Inc.
         601,992             0 .2   
112,189
           
 
   
Occidental Petroleum Corp.
         10,329,241             3 .9   
10,800
           
 
   
Patterson-UTI Energy, Inc.
         226,908             0 .1   
36,311
           
 
   
Peabody Energy Corp.
         714,237             0 .3   
70,465
           
 
   
Phillips 66
         4,690,855             1 .8   
38,609
           
 
   
Pioneer Natural Resources Co.
         5,354,296             2 .0   
400
           
 
   
Plains Exploration & Production Co.
         16,001             0 .0   
16,493
           
 
   
QEP Resources, Inc.
         467,741             0 .2   
45,217
           
 
   
Range Resources Corp.
         3,399,414             1 .3   
60,554
           
@
   
Rowan Companies PLC
         2,012,815             0 .8   
12,227
           
 
   
Royal Dutch Shell PLC — Class A ADR
         811,506             0 .3   
201,474
           
 
   
Schlumberger Ltd.
         14,713,646             5 .5   
14,300
           
 
   
SM Energy Co.
         867,152             0 .3   
58,563
           
@
   
Southwestern Energy Co.
         2,207,239             0 .8   
83,146
           
 
   
Spectra Energy Corp.
         2,541,773             0 .9   
32,800
           
 
   
Statoil ASA ADR
         738,656             0 .3   
54,600
           
 
   
Suncor Energy, Inc.
         1,654,926             0 .6   
37,700
           
@
   
Superior Energy Services
         1,005,836             0 .4   
8,662
           
 
   
Technip S.A.
         962,898             0 .4   
50,428
           
 
   
Tesoro Corp.
         3,108,886             1 .2   
20,700
           
@
   
Unit Corp.
         935,019             0 .3   
97,783
           
 
   
Valero Energy Corp.
         3,972,923             1 .5   
98,765
           
 
   
Williams Companies, Inc.
         3,474,553             1 .3   
18,487
           
@
   
WPX Energy, Inc.
         356,060             0 .1   
 
           
 
   
 
         212,398,940             79 .5   
 
 
Industrials: 0.2%
2,900
           
 
   
Union Pacific Corp.
         448,398             0 .2   
 
 
Materials: 18.9%
15,799
           
 
   
Air Products & Chemicals, Inc.
         1,491,584             0 .6   
5,423
           
 
   
Airgas, Inc.
         557,972             0 .2   
63,800
           
 
   
Alamos Gold, Inc.
         924,923             0 .3   
83,587
           
 
   
Alcoa, Inc.
         710,489             0 .3   
8,747
           
 
   
Allegheny Technologies, Inc.
         241,155             0 .1   
26,807
           
 
   
Antofagasta PLC
         380,438             0 .1   
11,806
           
 
   
Ball Corp.
         509,547             0 .2   
8,413
           
 
   
Bemis Co., Inc.
         329,369             0 .1   
9,200
           
 
   
Celanese Corp.
         454,020             0 .2   
55,400
           
 
   
Centerra Gold, Inc.
         204,126             0 .1   
7,914
           
 
   
CF Industries Holdings, Inc.
         1,511,257             0 .6   
11,922
           
 
   
Cliffs Natural Resources, Inc.
         215,073             0 .1   
38,300
           
@
   
Dominion Diamond Corp.
         583,320             0 .2   
16,500
           
 
   
Domtar Corp.
         1,195,755             0 .4   
90,407
           
 
   
Dow Chemical Co.
         3,115,425             1 .2   
12,141
           
 
   
Eastman Chemical Co.
         870,752             0 .3   
19,927
           
 
   
Ecolab, Inc.
         1,683,234             0 .6   
70,133
           
 
   
EI Du Pont de Nemours & Co.
         3,912,720             1 .5   
59,862
           
 
   
Eldorado Gold Corp.
         477,100             0.2   

 


ING R ISK M ANAGED N ATURAL
R ESOURCES F UND 		PORTFOLIO OF INVESTMENTS
as of May 31, 2013 (Unaudited) (Continued)

Shares
  
  
  
Value
  
Percentage
of Net
Assets
10,837
           
 
   
FMC Corp.
      $ 679,588             0 .3   
143,328
           
 
   
Freeport-McMoRan Copper & Gold, Inc.
         4,450,325             1 .7   
56,664
           
 
   
GoldCorp, Inc.
         1,649,489             0 .6   
16,269
           
 
   
HudBay Minerals, Inc.
         129,462             0 .0   
6,528
           
 
   
International Flavors & Fragrances, Inc.
         524,133             0 .2   
38,720
           
 
   
International Paper Co.
           1,786,928             0 .7   
69,200
           
@
   
Lundin Mining Corp.
         285,010             0 .1   
28,503
           
@
   
LyondellBasell Industries NV Class A
         1,899,725             0 .7   
14,025
           
 
   
MeadWestvaco Corp.
         490,875             0 .2   
40,222
           
 
   
Monsanto Co.
         4,047,942             1 .5   
34,561
           
 
   
Mosaic Co.
         2,102,000             0 .8   
49,975
           
 
   
Newmont Mining Corp.
         1,713,143             0 .6   
24,305
           
 
   
Nucor Corp.
         1,081,816             0 .4   
13,453
           
@
   
Owens-Illinois, Inc.
         369,285             0 .1   
10,875
           
 
   
PPG Industries, Inc.
         1,670,509             0 .6   
22,234
           
 
   
Praxair, Inc.
         2,542,013             0 .9   
5,600
           
 
   
Randgold Resources Ltd. ADR
         438,928             0 .2   
13,189
           
 
   
Rio Tinto PLC
         563,317             0 .2   
11,800
           
 
   
Royal Gold, Inc.
         646,168             0 .2   
15,960
           
 
   
Sealed Air Corp.
         383,359             0 .1   
6,572
           
 
   
Sherwin-Williams Co.
         1,239,019             0 .5   
9,425
           
 
   
Sigma-Aldrich Corp.
         788,495             0 .3   
34,500
           
@
   
Stillwater Mining Co
         413,655             0 .2   
14,382
           
 
   
Teck Cominco Ltd. — Class B
         383,856             0 .1   
46,713
           
@
   
Thompson Creek Metals Co., Inc.
         164,430             0 .1   
11,853
           
 
   
United States Steel Corp.
         209,680             0 .1   
10,367
           
 
   
Vulcan Materials Co.
         555,464             0 .2   
 
           
 
   
 
         50,576,873             18 .9   
 
 
           
 
   
Total Common Stock
(Cost $223,148,739)
         263,424,211             98.6   
           
# of
Contracts
  
  
  
Value
  
Percentage
of Net
Assets
 
PURCHASED OPTIONS: 0.4%
 
Options on Indices: 0.4%
2,666,960
           
@
   
Put on Energy Select Sector SPDR Index, Strike @ 75.650, Exp. 06/21/13 Counterparty: Citigroup, Inc.
         869,936             0 .3   
1,330,910
           
@
   
Put on Materials Select Sector SPDR Fund, Strike @ 37.900, Exp. 06/21/13 Counterparty: Citigroup, Inc.
         231,487             0 .1   
 
           
 
   
 
         1,101,423             0 .4   
 
 
           
 
   
Total Purchased Options
(Cost $4,714,530)
         1,101,423             0 .4   
 
 
           
 
   
Total Long-Term Investments
(Cost $227,863,269)
         264,525,634             99 .0   
           
Shares
  
  
  
Value
  
Percentage
of Net
Assets
 
SHORT-TERM INVESTMENTS: 1.1%
 
Mutual Funds: 1.1%
2,809,790
           
 
   
BlackRock Liquidity Funds, TempFund, Institutional Class
(Cost $2,809,790)
         2,809,790             1 .1   
 
 
           
 
   
Total Short-Term Investments
(Cost $2,809,790)
         2,809,790             1 .1   
 
 
           
 
   
Total Investments in Securities
(Cost $230,673,059)
       $ 267,335,424             100 .1   
 
           
 
   
Liabilities in Excess of Other Assets
         (205,549 )             (0 .1 )   
 
           
 
   
Net Assets
       $ 267,129,875             100 .0   
 
@   
  Non-income producing security

ADR   
  American Depositary Receipt

  Cost for federal income tax purposes is $232,561,588.

Net unrealized appreciation consists of:
                       
Gross Unrealized Appreciation
              $ 52,933,646   
Gross Unrealized Depreciation
                 (18,159,810 )  
Net Unrealized Appreciation
              $ 34,773,836   
 

 


ING R ISK M ANAGED N ATURAL
R ESOURCES F UND 		PORTFOLIO OF INVESTMENTS
as of May 31, 2013 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of May 31, 2013 in valuing the assets and liabilities:

        Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)
    Significant
Other
Observable
Inputs#
(Level 2)
    Significant
Unobservable
Inputs
(Level 3)
    Fair Value
at
May 31, 2013
Asset Table
                                                                   
Investments, at fair value
                                                                   
Common Stock
                                                                       
Energy
              $ 211,420,041          $ 962,898          $ 16,001          $ 212,398,940   
Industrials
                 448,398             —              —              448,398   
Materials
                 49,194,190             1,382,683             —              50,576,873   
Total Common Stock
                 261,062,629             2,345,581             16,001             263,424,211   
Purchased Options
                 —              1,101,423             —              1,101,423   
Short-Term Investments
                 2,809,790             —              —              2,809,790   
Total Investments, at fair value
              $ 263,872,419          $ 3,447,004          $ 16,001          $ 267,335,424   
Liabilities Table
                                                                   
Other Financial Instruments+
                                                                   
Written Options
              $ —           $ (1,132,184 )         $ —           $ (1,132,184 )  
Total Liabilities
              $ —           $ (1,132,184 )         $ —           $ (1,132,184 )  
 

+   
  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.

ING Risk Managed Natural Resources Fund Written OTC Options on May 31, 2013:

Number of
Contracts
  
Counterparty
  
Description
  
Exercise
Price
  
Expiration
Date
  
Premiums
Received
  
Fair Value
Options on Indices
           
 
   
 
   
 
                                            
1,556,990
           
Citigroup, Inc.
   
Call on Energy Select Sector SPDR Index
   
82.120  USD
         06/21/13          $ 2,084,187          $ (809,391 )  
774,842
           
Citigroup, Inc.
   
Call on Materials Select Sector SPDR Fund
   
41.260  USD
         06/21/13             521,081             (113,356 )  
2,666,960
           
Citigroup, Inc.
   
Put on Energy Select Sector SPDR Index
   
69.680  USD
         06/21/13             1,401,754             (152,784 )  
1,330,910
           
Citigroup, Inc.
   
Put on Materials Select Sector SPDR Fund
   
34.900  USD
         06/21/13             297,326             (56,653 )  
 
           
 
   
 
   
 
   
Total Written OTC Options
      $ 4,304,348          $ (1,132,184 )  
 

 


ING R ISK M ANAGED N ATURAL
R ESOURCES F UND 		PORTFOLIO OF INVESTMENTS
as of May 31, 2013 (Unaudited) (Continued)

A summary of derivative instruments by primary risk exposure is outlined in the following table.

The fair value of derivative instruments as of May 31, 2013 was as follows:

Derivatives not accounted for as hedging instruments
  Derivative Type
  Fair Value
   
Assset Derivatives
       
Equity contracts
   
Purchased Options
   
$1,101,423
   
Total Asset Derivatives
   
 
   
$1,101,423
   
Liability Derivatives
   
 
   
 
   
Equity contracts
   
Writen options
   
$1,132,184
   
Total Liability Derivatives
   
 
   
$1,132,184
   
 

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral (received)/pledged, if any, at May 31, 2013 (1) :

Counterparty
  
Total Fair Value
of OTC
Derivative Instruments (2)
  
Collateral
(Received)/Pledged
  
Net Exposure
at May 31, 2013 (3)
  
Citigroup, Inc.
              $ (30,761 )         $ —           $ (30,761 )      
 

(1)   
  Please refer to the table above for the gross fair values of all open OTC derivative instruments broken down by assets and liabilities at May 31, 2013.

(2)   
  Represents the net fair value of all open OTC derivative instruments with each respective broker(s).

(3)   
  Net exposure represents the fair value of the net receivable/(payable) that would be due from/(to) the counterparty in the event of default.

 


 

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.

 

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant):    ING Risk Managed Natural Resources Fund

 

By

/s/ Shaun P. Mathews

 

 

Shaun P. Mathews

 

 

President and Chief Executive Officer

 

 

 

 

Date:

July 26, 2013

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By

/s/ Shaun P. Mathews

 

 

Shaun P. Mathews

 

 

President and Chief Executive Officer

 

 

 

 

Date:

July 26, 2013

 

 

 

 

By

/s/ Todd Modic

 

 

Todd Modic

 

 

Senior Vice President and Chief Financial Officer

 

 

 

 

Date:

July 26, 2013

 

 

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