Date of fiscal year end:

February 28

Date of reporting period:

May 31, 2011

ING Emerging Markets High Dividend Equity Fund

Shares

Value

Percentage
of Net
Assets

COMMON STOCK: 93.0%

Brazil: 14.9%

252,236

Banco do Brasil S.A.

$

4,460,392

1.2

415,763

BM&F Bovespa S.A.

2,977,735

0.8

100,237

Cia de Concessoes Rodoviarias

3,060,953

0.8

201,747

Cia Siderurgica Nacional S.A.

2,819,535

0.8

197,630

Itau Unibanco Holding S.A.

4,468,048

1.2

87,188

Lojas Renner SA

3,279,739

0.9

213,703

MRV Engenharia e Participacoes SA

1,987,021

0.6

357,509

Petroleo Brasileiro SA ADR ADR

11,175,731

3.1

277,363

Porto Seguro SA

4,322,837

1.2

205,968

Redecard S.A.

3,073,039

0.8

260,509

@

Tele Norte Leste Participacoes SA ADR

4,655,296

1.3

276,676

Vale SA

7,847,410

2.2

54,127,736

14.9

Chile: 1.3%

10,758,476

Enersis SA

4,677,397

1.3

China: 15.3%

987,500

BOC Hong Kong Holdings Ltd.

3,047,787

0.8

4,299,000

China Citic Bank

3,093,770

0.9

3,294,000

China Construction Bank

3,111,498

0.9

5,382,000

China Dongxiang Group Co.

1,731,058

0.5

2,318,000

China High Speed Transmission Equipment Group Co., Ltd.

2,890,388

0.8

4,548,000

China Petroleum & Chemical Corp.

4,545,077

1.3

2,542,000

China Resources Power Holdings Co.

5,109,859

1.4

2,822,000

China Shanshui Cement Group Ltd.

3,052,087

0.8

1,857,000

CNOOC Ltd.

4,662,350

1.3

2,678,000

Guangzhou Automobile Group Co. Ltd.

2,991,518

0.8

597,000

Hengan International Group Co., Ltd.

5,149,416

1.4

3,685,000

Industrial and Commercial Bank of China Ltd.

3,091,561

0.9

10,486,000

Renhe Commercial Holdings Co. Ltd.

1,875,439

0.5

5,101,000

Want Want China Holdings Ltd.

4,889,844

1.3

788,000

Yanzhou Coal Mining Co., Ltd.

3,301,855

0.9

3,701,000

Zhejiang Expressway Co., Ltd.

2,913,578

0.8

55,457,085

15.3

Czech Republic: 1.3%

53,676

CEZ A/S

2,962,870

0.8

70,667

Telefonica O2 Czech Republic A/S

1,705,468

0.5

4,668,338

1.3

Hong Kong: 6.4%

3,540,000

Chaoda Modern Agriculture Holdings Ltd.

1,742,855

0.5

175,600

China Mobile Ltd. ADR

8,037,212

2.2

3,835,000

Prime Success International Group

3,688,188

1.0

199,500

Hang Seng Bank Ltd.

3,198,504

0.9

271,000

Hutchison Whampoa Ltd.

3,139,047

0.9

991,500

Link Real Estate Investment Trust

3,373,444

0.9

23,179,250

6.4

Hungary: 0.5%

8,599

Richter Gedeon Nyrt

1,696,969

0.5

Indonesia: 2.2%

481,000

Astra International Tbk PT

3,312,034

0.9

9,898,500

Perusahaan Gas Negara PT

4,697,825

1.3

8,009,859

2.2

Malaysia: 3.6%

1,295,600

Berjaya Sports Toto BHD

1,816,208

0.5

1,720,400

IOI Corp. Bhd

3,029,247

0.8

707,900

Public Bank BHD

3,118,327

0.8

2,254,000

Tenaga Nasional BHD

5,323,933

1.5

13,287,715

3.6

Mexico: 2.4%

2,149,722

America Movil SAB de CV

5,672,826

1.6

756,335

Grupo Aeroportuario del Pacifico SA de CV

3,095,228

0.8

8,768,054

2.4

Peru: 0.5%

50,484

Southern Copper Corp.

1,744,727

0.5

Poland: 2.3%

2,134,961

Polskie Gornictwo Naftowe I Gazownictwo SA

3,411,238

0.9

22,149

Powszechny Zaklad Ubezpieczen SA

3,144,981

0.9

273,903

Telekomunikacja Polska S.A.

1,805,240

0.5

8,361,459

2.3

Qatar: 0.1%

20,500

@

Commercial Bank of Qatar

405,554

0.1

Russia: 6.4%

478,608

Gazprom OAO ADR ADR

7,059,468

1.9

116,678

Lukoil-Spon ADR

7,502,395

2.1

323,269

Mechel ADR

2,925,585

0.8

Shares

Value

Percentage
of Net
Assets

Russia (continued)

289,049

Mobile Telesystems Finance SA ADR ADR

$

5,859,023

1.6

23,346,471

6.4

Singapore: 4.2%

610,000

Fraser and Neave Ltd.

3,037,748

0.9

319,000

Keppel Corp., Ltd.

2,980,725

0.8

1,804,000

Singapore Telecommunications Ltd.

4,695,868

1.3

282,000

United Overseas Bank Ltd.

4,444,747

1.2

15,159,088

4.2

South Africa: 6.6%

224,056

ABSA Group Ltd.

4,522,974

1.3

340,913

Adcock Ingram Holdings Ltd.

3,091,086

0.9

591,700

Aveng Ltd.

3,109,654

0.9

148,802

Impala Platinum Holdings Ltd.

4,144,864

1.1

1,225,665

Life Healthcare Group Holdings Ltd.

3,023,512

0.8

744,708

Sanlam Ltd.

3,047,191

0.8

54,445

Sasol Ltd.

2,906,606

0.8

23,845,887

6.6

South Korea: 12.1%

249,850

Cheil Communications, Inc.

3,676,050

1.0

42,629

Hite Brewery Co., Ltd.

4,666,314

1.3

116,660

Hyundai Development Co.

3,073,731

0.8

16,909

Hyundai Mipo Dockyard Co., Ltd.

2,776,896

0.8

145,880

Hyundai Securities Co.

1,662,656

0.5

141,870

Kangwon Land, Inc.

3,436,766

0.9

61,207

KB Financial Group, Inc.

2,930,525

0.8

150

KT Corp.

5,205

0.0

78,277

KT&G Corp.

4,595,556

1.3

273,310

Meritz Fire & Marine Insurance Co., Ltd.

2,810,900

0.8

9,628

Samsung Electronics Co., Ltd.

8,072,164

2.2

91,230

Woongjin Coway Co., Ltd.

3,205,275

0.9

239,150

Woori Finance Holdings Co., Ltd.

3,084,165

0.8

43,996,203

12.1

Taiwan: 9.9%

2,989,000

Acer, Inc.

5,867,863

1.6

761,000

Giant Manufacturing Co., Ltd.

2,792,703

0.8

2,434,000

Lite-On Technology Corp.

3,121,075

0.9

3,571,000

Mega Financial Holdings Co., Ltd.

3,059,389

0.8

1,011,000

Novatek Microelectronics Corp., Ltd.

3,466,911

1.0

917,000

Powertech Technology, Inc.

3,431,418

0.9

948,000

Quanta Computer, Inc.

2,159,767

0.6

449,000

@

Simplo Technology Co. Ltd.

3,582,153

1.0

427,000

Synnex Technology International Corp.

1,004,548

0.3

2,378,000

Taiwan Semiconductor Manufacturing Co., Ltd.

6,364,917

1.7

663,000

Unimicron Technology Corp.

1,229,665

0.3

36,080,409

9.9

Thailand: 1.4%

1,018,000

Advanced Info Service PCL

3,259,119

0.9

4,503,300

Minor International PCL

1,812,990

0.5

5,072,109

1.4

Turkey: 0.4%

57,807

Tupras Turkiye Petrol Rafine

1,519,564

0.4

United Kingdom: 1.2%

302,257

Eurasian Natural Resources Corp.

4,222,211

1.2

Total Common Stock

(Cost $342,121,213)

337,626,085

93.0

PREFERRED STOCK: 2.8%

Brazil: 2.8%

228,365

Cia Energetica de Minas Gerais

4,291,569

1.2

267,535

Gerdau SA

2,926,734

0.8

303,867

Usinas Siderurgicas de Minas Gerais SA

2,923,594

0.8

Total Preferred Stock
(Cost $10,664,913)

10,141,897

2.8

Total Long-Term Investments

(Cost $352,786,126)

347,767,982

95.8

SHORT-TERM INVESTMENTS: 4.6%

Mutual Funds: 4.6%

16,852,795

BlackRock Liquidity Funds,TempFund, Institutional Class

(Cost $16,852,795)

16,852,795

4.6

Total Short-Term Investments

(Cost $16,852,795)

16,852,795

4.6

Total Investments in Securities
(Cost $369,638,921)*

$

 364,620,777

100.4

Liabilities in Excess of Other Assets

(1,400,728)

(0.4)

Net Assets

$

 363,220,049

100.0

@

Non-income producing security

ADR

American Depositary Receipt

*

Cost for federal income tax purposes is the same as for financial statement purposes.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation

$

6,591,782

Gross Unrealized Depreciation

(11,609,926)

Net Unrealized depreciation

$

(5,018,144)

Industry

Percentage of
Net Assets

Consumer Discretionary

9.3%

Consumer Staples

6.6

Energy

12.7

Financials

19.0

Health Care

2.2

Industrials

8.3

Information Technology

11.4

Materials

9.0

Telecommunication Services

9.8

Utilities

7.5

Short-Term Investments

4.6

Other Assets and Liabilities - Net

(0.4)

Net Assets

100.0%

Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)

Significant
Other
Observable
Inputs #
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

Fair Value
at
5/31/2011

Asset Table

Investments, at value

Common Stock

Brazil

$

54,127,736

$

—

$

—

$

54,127,736

Chile

4,677,397

—

—

4,677,397

China

—

55,457,085

—

55,457,085

Czech Republic

1,705,468

2,962,870

—

4,668,338

Hong Kong

8,037,212

15,142,038

—

23,179,250

Hungary

—

1,696,969

—

1,696,969

Indonesia

—

8,009,859

—

8,009,859

Malaysia

—

13,287,715

—

13,287,715

Mexico

8,768,054

—

—

8,768,054

Peru

1,744,727

—

—

1,744,727

Poland

—

8,361,459

—

8,361,459

Qatar

—

405,554

—

405,554

Russia

23,346,471

—

—

23,346,471

Singapore

—

15,159,088

—

15,159,088

South Africa

6,114,598

17,731,289

—

23,845,887

South Korea

—

43,996,203

—

43,996,203

Taiwan

—

36,080,409

—

36,080,409

Thailand

—

5,072,109

—

5,072,109

Turkey

—

1,519,564

—

1,519,564

United Kingdom

—

4,222,211

—

4,222,211

Total Common Stock

108,521,663

229,104,422

—

337,626,085

Preferred Stock

10,141,897

—

—

10,141,897

Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)

Significant
Other
Observable
Inputs #
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

Fair Value
at
5/31/2011

Short-Term Investments

$

16,852,795

$

—

$

—

$

16,852,795

Total Investments, at value

$

135,516,355

$

229,104,422

$

—

$

364,620,777

Liabilities Table

Other Financial Instruments+

Written OTC Options

$

—

$

(1,370,449)

$

—

$

(1,370,449)

Total Liabilities

$

—

$

(1,370,449)

$

—

$

(1,370,449)

+

Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts 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 Portfolio 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 Portfolio’s investments are categorized as Level 2 investments.

There were no significant transfers between Level 1 and 2 during the period ended May 31, 2011.

# of Contracts

Counterparty

Description

Exercise
Price

Expiration
Date

Premiums
Received

Fair Value

Options on Indices

751,200

Royal Bank of Scotland Group PLC

Call on iShares MSCI Emerging Markets Index

47.48

USD

06/15/11

$

 768,853

$

 (1,114,387)

746,900

Royal Bank of Scotland Group PLC

Call on iShares MSCI Emerging Markets Index

48.31

USD

06/01/11

846,985

(256,062)

Total Written OTC Options

$

 1,615,838

$

 (1,370,449)

(Registrant):   ING Asia Pacific High Dividend Equity Income Fund

By

/s/ Shaun P. Mathews

Shaun P. Mathews

President and Chief Executive Officer

Date:

July 25, 2011

By

/s/ Shaun P. Mathews

Shaun P. Mathews

President and Chief Executive Officer

Date:

July 25, 2011

By

/s/ Todd Modic

Todd Modic

Senior Vice President and Chief Financial Officer

Date:

July 25, 2011