Date of fiscal year end:

February 28

Date of reporting period:

May 31, 2012

ING Emerging Markets High Dividend Equity Fund

Shares

Value

Percentage
of Net
Assets

COMMON STOCK: 98.6%

Belgium: 0.9%

82,657

Oriflame Cosmetics S.A.

$

2,491,763

0.9

Brazil: 10.9%

281,636

Banco do Brasil S.A.

2,750,938

1.0

431,563

BM&F Bovespa S.A.

2,064,895

0.8

248,047

Cia Siderurgica Nacional S.A.

1,604,985

0.6

199,500

EDP - Energias do Brasil S.A.

1,247,338

0.5

175,200

Embraer SA

1,229,184

0.5

200,300

Estacio Participacoes SA

2,495,743

0.9

133,800

Itau Unibanco Holding S.A.

1,931,189

0.7

213,703

MRV Engenharia e Participacoes SA

905,948

0.3

43,199

Oi SA ADR

204,331

0.1

147,616

Oi SA ADR

1,777,296

0.7

260,209

Petroleo Brasileiro SA ADR

4,917,950

1.8

477,863

Porto Seguro SA

4,143,999

1.5

220,476

Vale SA

3,979,139

1.5

29,252,935

10.9

Chile: 1.2%

9,225,258

Enersis SA

3,194,663

1.2

China: 18.2%

872,000

BOC Hong Kong Holdings Ltd.

2,392,876

0.9

7,258,000

@

China Communications Services Corp., Ltd.

3,612,503

1.4

2,743,000

China High Speed Transmission Equipment Group Co., Ltd.

1,126,742

0.4

1,512,800

China Pacific Insurance Group Co., Ltd.

4,476,124

1.7

3,742,000

China Petroleum & Chemical Corp.

3,335,099

1.2

3,172,000

China Resources Power Holdings Co.

5,728,324

2.1

4,676,000

China Shanshui Cement Group Ltd.

3,710,945

1.4

1,532,000

China Shineway Pharmaceutical Group Ltd.

2,346,623

0.9

1,116,000

#, @

CITIC Securities Co. Ltd.

2,271,780

0.9

1,810,000

CNOOC Ltd.

3,264,369

1.2

2,678,000

@

Guangzhou Automobile Group Co. Ltd.

2,263,751

0.9

2,610,000

Harbin Electric Co. Ltd

2,526,708

0.9

5,913,000

Industrial and Commercial Bank of China Ltd.

3,585,170

1.3

1,942,000

@

Jiangsu Expressway Co. Ltd.

1,850,547

0.7

4,129,000

Lonking Holdings Ltd

1,277,320

0.5

3,292,500

Parkson Retail Group Ltd.

3,263,087

1.2

2,503,000

Zhejiang Expressway Co., Ltd.

1,718,332

0.6

48,750,300

18.2

Colombia: 0.4%

82,800

Petrominerales Ltd.

1,106,298

0.4

Czech Republic: 1.4%

63,676

CEZ A/S

2,250,457

0.8

10,500

Komercni Banka AS

1,574,302

0.6

3,824,759

1.4

Hong Kong: 6.6%

110,700

China Mobile Ltd. ADR

5,615,811

2.1

1,329,000

Chow Sang Sang Holdings International Ltd.

2,764,359

1.0

4,444,500

Comba Telecom Systems Holdings Ltd.

2,004,388

0.7

199,500

Hang Seng Bank Ltd.

2,576,876

1.0

663,500

Link Real Estate Investment Trust

2,548,730

1.0

4,868,000

Pacific Basin Shipping Ltd.

2,165,699

0.8

17,675,863

6.6

Hungary: 0.5%

8,599

Richter Gedeon Nyrt

1,265,734

0.5

India: 3.2%

799,373

NTPC Ltd.

2,084,230

0.8

769,760

Oil & Natural Gas Corp., Ltd.

3,462,456

1.3

472,509

Oriental Bank Of Commerce

1,922,093

0.7

83,076

Punjab National Bank

1,114,780

0.4

8,583,559

3.2

Indonesia: 5.0%

891,500

Indo Tambangraya Megah PT

3,191,896

1.2

7,262,500

Indofood Sukses Makmur Tbk PT

3,640,181

1.3

6,396,500

Perusahaan Gas Negara PT

2,509,497

0.9

5,142,000

Telekomunikasi Indonesia Tbk PT

4,249,306

1.6

13,590,880

5.0

Malaysia: 4.0%

1,295,600

Berjaya Sports Toto BHD

1,702,334

0.6

1,583,400

CIMB Group Holdings Bhd

3,739,888

1.4

2,274,800

IOI Corp. Bhd

3,759,365

1.4

343,600

Public Bank BHD

1,492,584

0.6

10,694,171

4.0

Shares

Value

Percentage
of Net
Assets

Mexico: 1.4%

3,155,144

America Movil SAB de CV

$

3,693,776

1.4

Poland: 3.6%

636,229

PGE SA

3,324,640

1.2

3,031,181

Polskie Gornictwo Naftowe I Gazownictwo SA

3,299,198

1.2

37,429

Powszechny Zaklad Ubezpieczen SA

3,133,163

1.2

9,757,001

3.6

Qatar: 1.4%

197,031

Commercial Bank of Qatar

3,820,395

1.4

Russia: 4.3%

233,400

CTC Media, Inc.

2,072,592

0.8

669,018

Gazprom OAO ADR

5,863,943

2.2

216,649

Mobile Telesystems OJSC ADR

3,605,039

1.3

11,541,574

4.3

Singapore: 1.4%

282,000

United Overseas Bank Ltd.

3,855,805

1.4

South Africa: 8.5%

297,976

@

Adcock Ingram Holdings Ltd.

2,005,786

0.7

287,444

Gold Fields Ltd.

3,836,770

1.4

247,562

Impala Platinum Holdings Ltd.

3,915,023

1.5

290,057

MTN Group Ltd.

4,601,956

1.7

653,328

Sanlam Ltd.

2,577,647

1.0

50,508

Sasol Ltd.

2,153,655

0.8

273,053

Standard Bank Group Ltd.

3,674,092

1.4

22,764,929

8.5

South Korea: 10.3%

168,122

Hite Jinro Co. Ltd.

2,920,932

1.1

67,120

Hyundai Development Co.

1,335,902

0.5

169,840

Hyundai Securities Co.

1,170,252

0.4

114,710

Kangwon Land, Inc.

2,449,401

0.9

102,617

KB Financial Group, Inc.

3,199,830

1.2

61,618

KT&G Corp.

4,103,516

1.5

25,128

Posco

7,668,404

2.9

117,210

Woongjin Coway Co., Ltd.

3,504,807

1.3

138,540

Woori Finance Holdings Co., Ltd.

1,288,938

0.5

27,641,982

10.3

Taiwan: 12.3%

225,000

Catcher Technology Co., Ltd.

1,426,606

0.5

1,304,000

Cheng Uei Precision Industry Co., Ltd.

2,730,371

1.0

6,535,000

Chinatrust Financial Holding Co., Ltd.

3,639,242

1.4

1,274,000

E Ink Holdings, Inc.

1,348,681

0.5

527,000

Giant Manufacturing Co., Ltd.

2,476,871

0.9

243,750

HTC Corp.

3,504,166

1.3

153,000

Largan Precision Co. Ltd.

2,886,422

1.1

513,000

Novatek Microelectronics Corp., Ltd.

1,520,678

0.6

1,556,700

Powertech Technology, Inc.

3,012,891

1.1

595,000

Quanta Computer, Inc.

1,552,658

0.6

427,000

Synnex Technology International Corp.

953,489

0.4

1,376,000

Taiwan Semiconductor Manufacturing Co., Ltd.

3,818,647

1.4

2,712,000

Uni-President Enterprises Corp.

4,071,492

1.5

32,942,214

12.3

Thailand: 1.3%

355,400

PTT PCL

3,488,673

1.3

United Kingdom: 1.3%

545,796

Eurasian Natural Resources Corp.

3,569,691

1.3

United States: 0.5%

44,776

Southern Copper Corp.

1,273,877

0.5

Total Common Stock

(Cost $326,549,890)

264,780,842

98.6

SHORT-TERM INVESTMENTS: 1.1%

Mutual Funds: 1.1%

2,824,755

BlackRock Liquidity Funds, TempFund, Institutional Class

(Cost $2,824,755)

2,824,755

1.1

Total Short-Term Investments

(Cost $2,824,755)

2,824,755

1.1

Total Investments in Securities
(Cost $329,374,645)

$

267,605,597

99.7

Assets in Excess of Other Liabilities

780,528

0.3

Net Assets

$

268,386,125

100.0

#

Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

@

Non-income producing security

ADR

American Depositary Receipt

Cost for federal income tax purposes is $331,321,174.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation

$

4,024,694

Gross Unrealized Depreciation

(67,740,271)

Net Unrealized Depreciation

$

(63,715,577)

Sector Diversification

Percentage
of Net Assets

Consumer Discretionary

8.8%

Consumer Staples

7.7

Energy

12.6

Financials

24.4

Health Care

2.1

Industrials

4.9

Information Technology

9.2

Materials

11.1

Telecommunications

10.3

Utilities

7.5

Short-Term Investments

1.1

Assets in Excess of Other Liabilities

0.3

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
5/31/2012

Asset Table

Investments, at value

Common Stock

Belgium

$

—

$

2,491,763

$

—

$

2,491,763

Brazil

29,252,935

—

—

29,252,935

Chile

3,194,663

—

—

3,194,663

China

—

48,750,300

—

48,750,300

Colombia

1,106,298

—

—

1,106,298

Czech Republic

2,250,457

1,574,302

—

3,824,759

Hong Kong

5,615,811

12,060,052

—

17,675,863

Hungary

—

1,265,734

—

1,265,734

India

—

8,583,559

—

8,583,559

Indonesia

—

13,590,880

—

13,590,880

Malaysia

—

10,694,171

—

10,694,171

Mexico

3,693,776

—

—

3,693,776

Poland

—

9,757,001

—

9,757,001

Qatar

—

3,820,395

—

3,820,395

Russia

11,541,574

—

—

11,541,574

Singapore

—

3,855,805

—

3,855,805

South Africa

—

22,764,929

—

22,764,929

South Korea

4,103,516

23,538,466

—

27,641,982

Taiwan

—

32,942,214

—

32,942,214

Thailand

—

3,488,673

—

3,488,673

United Kingdom

—

3,569,691

—

3,569,691

United States

1,273,877

—

—

1,273,877

Total Common Stock

62,032,907

202,747,935

—

264,780,842

Short-Term Investments

2,824,755

—

—

2,824,755

Total Investments, at value

$

64,857,662

$

202,747,935

$

—

$

267,605,597

Liabilities Table

Other Financial Instruments+

Written Options

$

—

$

(1,289,398)

$

—

$

(1,289,398)

Total Liabilities

$

—

$

(1,289,398)

$

—

$

(1,289,398)

+

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.

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

Asset Table

Investments, at value

Common Stock

$

541,831

$

—

$

(271,606)

$

—

$

(2,422,833)

$

2,152,608

$

—

$

—

$

—

Total Investments, at value

$

541,831

$

—

$

(271,606)

$

—

$

(2,422,833)

$

2,152,608

$

—

$

—

$

—

# of Contracts

Counterparty

Description

Exercise
Price

Expiration
Date

Premiums
Received

Fair Value

Options on Indices

771,000

Barclays Bank PLC

Call on iShares MSCI Emerging Markets Index Fund

36.540

USD

06/22/12

$

1,042,623

$

(1,269,008)

710,800

BNP Paribas Bank

Call on iShares MSCI Emerging Markets Index Fund

40.050

USD

06/08/12

766,882

(20,390)

Total Written OTC Options

$

1,809,505

$

(1,289,398)

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 Emerging Markets High Dividend Equity 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