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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: 811-22051

ING Infrastructure, Industrials and Materials 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: November 30, 2013


Item 1. Schedule of Investments

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

ING Infrastructure, Industrials and Materials Fund

The schedules are not audited.


ING INFRASTRUCTURE, INDUSTRIALS
AND MATERIALS FUND		 PORTFOLIO OF INVESTMENTS
as of November 30, 2013 (Unaudited)

Shares
  
  
  
 Value
   
 Percentage
of Net
Assets
 
COMMON STOCK: 98.7%
 
Brazil: 1.6%
136,300
            
 
    
CPFL Energia SA ADR
       $   2,258,491             0.6   
282,500
            
 
    
Weg S.A.
          3,836,457             1.0   
 
            
 
    
 
          6,094,948             1.6   
 
 
Chile: 0.5%
129,800
            
 
    
Enersis SA ADR
          2,030,072             0.5   
 
 
China: 3.2%
80,000
            
 
    
China Mobile Ltd. ADR
          4,339,200             1.1   
310,000
            
 
    
China Unicom Hong Kong Ltd. ADR
          4,901,100             1.3   
1,718,639
            
 
    
Dongfang Electrical Machinery Co., Ltd.
          2,901,140             0.8   
 
            
 
    
 
          12,141,440             3.2   
 
 
Finland: 0.5%
185,231
            
 
    
Outotec Oyj
          1,884,799             0.5   
 
 
France: 8.5%
36,568
            
 
    
Air Liquide
          5,092,367             1.3   
158,628
            
@
    
CGG
          3,278,063             0.9   
79,298
            
 
    
Schneider Electric S.A.
          6,709,809             1.8   
391,989
            
 
    
Suez Environnement S.A.
          6,730,889             1.8   
43,456
            
 
    
Technip S.A.
          4,350,563             1.1   
93,276
            
 
    
Vinci S.A.
          5,989,864             1.6   
 
            
 
    
 
          32,151,555             8.5   
 
 
Germany: 10.0%
73,000
            
 
    
BASF AG
          7,778,902             2.1   
200,130
            
 
    
Deutsche Post AG
          7,065,458             1.9   
406,989
            
 
    
Deutsche Telekom AG
          6,452,238             1.7   
98,840
            
 
    
GEA Group AG
          4,601,569             1.2   
42,136
            
@
    
Osram Licht AG
          2,495,731             0.7   
69,434
            
 
    
Siemens AG
          9,164,853             2.4   
 
            
 
    
 
          37,558,751             10.0   
 
 
India: 0.6%
139,123
            
 
    
Larsen & Toubro Ltd.
          2,326,303             0.6   
 
 
Italy: 1.7%
1,384,960
            
 
    
Enel S.p.A.
          6,295,715             1.7   
 
 
Japan: 5.0%
828,000
            
 
    
Hitachi Ltd.
          6,112,048             1.6   
90,500
            
 
    
JSR Corp.
          1,667,638             0.4   
163,300
            
 
    
Komatsu Ltd.
          3,405,899             0.9   
419,000
            
 
    
Mitsubishi Electric Corp.
          4,850,781             1.3   
49,900
            
 
    
Shin-Etsu Chemical Co., Ltd.
          2,889,537             0.8   
 
            
 
    
 
          18,925,903             5.0   
 
 
Luxembourg: 1.2%
49,400
            
@
    
Millicom International Cellular SA
          4,437,108             1.2   
 
 
Netherlands: 4.2%
306,600
            
 
    
ArcelorMittal
          5,264,322             1.4   
89,736
            
 
    
European Aeronautic Defence and Space Co. NV
          6,368,788             1.7   
53,000
            
 
    
Koninklijke DSM NV
          4,155,722             1.1   
 
            
 
    
 
          15,788,832             4.2   
 
 
Russia: 1.3%
223,700
            
 
    
Mobile Telesystems OJSC ADR
          4,715,596             1.3   
 
 
South Korea: 1.2%
60,273
            
 
    
POSCO ADR
          4,670,555             1.2   
 
 
Sweden: 1.1%
323,157
            
 
    
Volvo AB — B Shares
          4,250,425             1.1   
 
 
Switzerland: 3.8%
227,500
            
@
    
ABB Ltd. ADR
          5,812,625             1.6   
1,021,513
            
 
    
Glencore Xstrata PLC
          5,159,935             1.4   
60,768
            
@
    
Wolseley PLC
          3,272,454             0.8   
 
            
 
    
 
          14,245,014             3.8   
 
 
United Kingdom: 9.0%
235,666
            
 
    
BHP Billiton PLC
          7,149,601             1.9   
389,104
            
@
    
CNH Industrial NV
          4,449,154             1.2   
51,600
            
@
    
Noble Corp. PLC
          1,966,992             0.5   
108,888
            
 
    
Rio Tinto PLC
          5,782,628             1.5   
293,050
            
 
    
Vesuvius PLC
          2,327,829             0.6   
2,376,825
            
@
    
Vodafone Group PLC
          8,811,832             2.3   
102,301
            
 
    
Weir Group PLC
          3,578,320             1.0   
 
            
 
    
 
          34,066,356             9.0   
 
 
United States: 45.3%
51,900
            
 
    
Acuity Brands, Inc.
          5,321,307             1.4   
218,500
            
 
    
CenterPoint Energy, Inc.
          5,119,455             1.4   
174,200
            
 
    
CSX Corp.
          4,750,434             1.3   
54,200
            
 
    
Cummins, Inc.
          7,173,912             1.9   
78,400
            
 
    
Donaldson Co., Inc.
          3,271,632             0.9   
70,900
            
 
    
DTE Energy Co.
          4,731,866             1.3   
102,000
            
@
    
Eaton Corp. PLC
          7,411,320             2.0   
85,500
            
 
    
EI Du Pont de Nemours & Co.
          5,247,990             1.4   
99,000
            
 
    
Fluor Corp.
          7,703,190             2.0   
161,100
            
 
    
Freeport-McMoRan Copper & Gold, Inc.
          5,588,559             1.5   
88,100
            
 
    
General Dynamics Corp.
          8,075,246             2.1   
298,500
            
 
    
General Electric Co.
          7,958,010             2.1   
104,000
            
 
    
Honeywell International, Inc.
          9,205,040             2.4   
117,700
            
@
    
KBR, Inc.
          3,981,791             1.1   
53,800
            
@
    
Lincoln Electric Holdings, Inc.
          3,845,624             1.0   
61,200
            
 
    
Lockheed Martin Corp.
          8,670,204             2.3   
154,700
            
 
    
Manitowoc Co., Inc.
          3,185,273             0.8   
47,900
            
 
    
Monsanto Co.
          5,428,507             1.4   
79,700
            
 
    
National Oilwell Varco, Inc.
          6,495,550             1.7   
130,900
            
 
    
NV Energy, Inc.
          3,095,785             0.8   

ING INFRASTRUCTURE, INDUSTRIALS
AND MATERIALS FUND		 PORTFOLIO OF INVESTMENTS
as of November 30, 2013 (Unaudited) (Continued)

Shares
  
  
  
 Value
   
 Percentage
of Net
Assets
COMMON STOCK: (continued)
 
United States: (continued)
72,900
            
@
    
Old Dominion Freight Line
       $ 3,756,537             1 .0   
48,900
            
 
    
Pall Corp.
          4,092,930             1 .1   
142,300
            
@
    
Patterson-UTI Energy, Inc.
          3,317,013             0 .9   
100,900
            
@
    
Quanta Services, Inc.
          2,987,649             0 .8   
120,800
            
@
    
Republic Services, Inc.
          4,217,128             1 .1   
45,200
            
 
    
Roper Industries, Inc.
          5,862,440             1 .6   
75,300
            
@
    
Schlumberger Ltd.
          6,658,026             1 .8   
23,600
            
@
    
TransDigm Group, Inc.
          3,693,872             1 .0   
98,800
            
@
    
Trimble Navigation Ltd.
          3,151,720             0 .8   
91,400
            
 
    
UGI Corp.
          3,679,764             1 .0   
51,400
            
 
    
Union Pacific Corp.
          8,328,856             2 .2   
50,500
            
@
    
WABCO Holdings, Inc.
          4,474,300             1 .2   
 
            
 
    
 
          170,480,930             45 .3   
 
 
            
 
    
Total Common Stock
(Cost $289,386,357)
          372,064,302             98 .7   
 
SHORT-TERM INVESTMENTS: 1.4%
 
Mutual Funds: 1.4%
5,245,000
            
 
    
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.070%††
(Cost $5,245,000)
          5,245,000             1 .4   
 
 
            
 
    
Total Short-Term Investments
(Cost $5,245,000)
          5,245,000             1 .4   
 
 
            
 
    
Total Investments in Securities
(Cost $294,631,357)
       $ 377,309,302             100 .1   
 
            
 
    
Liabilities in Excess of Other Assets
          (540,891 )             (0 .1 )  
 
            
 
    
Net Assets
       $ 376,768,411             100 ..0   
 
††
   Rate shown is the 7-day yield as of November 30, 2013.

@
   Non-income producing security

ADR
   American Depositary Receipt

  Cost for federal income tax purposes is $295,085,060.

Net unrealized appreciation consists of:
                        
Gross Unrealized Appreciation
               $ 94,145,081   
Gross Unrealized Depreciation
                  (11,920,839 )  
Net Unrealized Appreciation
               $ 82,224,242   
 

Sector Diversification
  
 Percentage
of Net Assets
Industrials
                  54.0 %  
Materials
                  17.4   
Utilities
                  9.1   
Telecommunication Services
                  8.9   
Energy
                  6.9   
Information Technology
                  2.4   
Short-Term Investments
                  1.4   
Liabilities in Excess of Other Assets
                  (0.1 )  
Net Assets
                  100.0 %  
 

ING INFRASTRUCTURE, INDUSTRIALS
AND MATERIALS FUND		 PORTFOLIO OF INVESTMENTS
as of November 30, 2013 (Unaudited) (Continued)

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of November 30, 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
November 30, 2013
Asset Table
                                                                    
Investments, at fair value
                                                                    
Common Stock
                                                                        
Brazil
               $ 6,094,948          $ —           $ —           $ 6,094,948   
Chile
                  2,030,072             —              —              2,030,072   
China
                  9,240,300             2,901,140             —              12,141,440   
Finland
                  —              1,884,799             —              1,884,799   
France
                  —              32,151,555             —              32,151,555   
Germany
                  2,495,731             35,063,020             —              37,558,751   
India
                  —              2,326,303             —              2,326,303   
Italy
                  —              6,295,715             —              6,295,715   
Japan
                  —              18,925,903             —              18,925,903   
Luxembourg
                  4,437,108             —              —              4,437,108   
Netherlands
                  5,264,322             10,524,510             —              15,788,832   
Russia
                  4,715,596             —              —              4,715,596   
South Korea
                  4,670,555             —              —              4,670,555   
Sweden
                  —              4,250,425             —              4,250,425   
Switzerland
                  5,812,625             8,432,389             —              14,245,014   
United Kingdom
                  6,416,146             27,650,210             —              34,066,356   
United States
                  170,480,930             —              —              170,480,930   
Total Common Stock
                  221,658,333             150,405,969             —              372,064,302   
Short-Term Investments
                  5,245,000             —              —              5,245,000   
Total Investments, at fair value
               $ 226,903,333          $ 150,405,969          $ —           $ 377,309,302   
Liabilities Table
                                                                    
Other Financial Instruments+
                                                                    
Written Options
               $ —           $ (1,712,696 )         $ —           $ (1,712,696 )  
Total Liabilities
               $ —           $ (1,712,696 )         $ —           $ (1,712,696 )  
 

+
   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 Infrastructure, Industrials and Materials Fund Written OTC Options on November 30, 2013:

Number of
Contracts
  
 Counterparty
   
 Description
   
 Exercise
Price
   
 Expiration
Date
   
 Premiums
Received
   
 Fair Value
Options on Indices
691,412
            
UBS
    
Call on Industrial Select SPDR Fund
          49 .840  USD      
12/19/13
       $ 516,900          $ (591,124 )  
941,625
            
Citigroup, Inc.
    
Call on iShares MSCI EAFE® ETF
          65 .610  USD      
12/19/13
          636,350             (710,472 )  
172,455
            
Goldman Sachs & Co.
    
Call on iShares MSCI Emerging Markets Index (ETF)
          41 .460  USD      
12/19/13
          141,568             (196,868 )  
597,222
            
UBS
    
Call on Materials Select Sector SPDR
          44 .640  USD      
12/19/13
          423,908             (214,232 )  
 
            
 
    
 
     Total Written OTC Options       $ 1,718,726          $ (1,712,696 )  
 

ING INFRASTRUCTURE, INDUSTRIALS
AND MATERIALS FUND		 PORTFOLIO OF INVESTMENTS
as of November 30, 2013 (Unaudited) (Continued)

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

The fair value of derivative instruments as of November 30, 2013 was as follows:

Derivatives not accounted for as hedging instruments   Fair Value    
Liability Derivatives
            
Instrument Type
               
Equity contracts
            
Written options
       $ 1,712,696   
Total Liability Derivatives
            
 
       $ 1,712,696   
 

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if at November 30, 2013:

        Citigroup, Inc.
     Goldman
Sachs & Co.
     UBS
     Totals
Liabilities:
                                                                       
Written options
               $ 710,472          $ 196,868          $ 805,356          $ 1,712,696   
Total Liabilities
               $ 710,472          $ 196,868          $ 805,356          $ 1,712,696   
 
Net OTC derivative instruments by counterparty, at fair value
               $ (710,472 )         $ (196,868 )         $ (805,356 )            (1,712,696 )  
 
Total collateral pledged by the Fund/(Received from counterparty)
               $ —           $ —           $ —           $ —    
Net Exposure(1)
               $ (710,472 )         $ (196,868 )         $ (805,356 )         $ (1,712,696 )  
 
(1)
   Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Fund.


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 Infrastructure, Industrials and Materials Fund

By
/s/ Shaun P. Mathews
    
 
 
Shaun P. Mathews
President and Chief Executive Officer
    
 
 
Date:
January 24, 2014
    
 
 

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:
January 24, 2014
    
 
 
By
/s/ Todd Modic
    
 
 
Todd Modic
Senior Vice President and Chief Financial Officer
    
 
 
Date:
January 24, 2014