Date of fiscal year end:

February 28

Date of reporting period:

November 30, 2012

ING Asia Pacific High Dividend Equity Income Fund

PORTFOLIO OF INVESTMENTS

ING Asia Pacific High Dividend Equity Income Fund

as of November 30, 2012 (Unaudited)

Shares

Value

Percentage
of Net
Assets

COMMON STOCK: 99.0%

Australia: 21.9%

365,286

Amcor Ltd.

$

3,013,250

1.6

76,041

Australia & New Zealand Banking Group Ltd.

1,935,188

1.0

135,466

BHP Billiton Ltd.

4,878,456

2.5

407,303

Insurance Australia Group

1,969,741

1.0

812,213

Metcash Ltd.

2,907,963

1.5

63,423

Rio Tinto Ltd.

3,894,391

2.0

169,489

Santos Ltd.

1,973,127

1.0

19,822

@

Shopping Centres Australasia Property Group

29,995

0.0

224,614

Sonic Healthcare Ltd.

3,151,723

1.6

1,760,636

#

Spark Infrastructure Group

3,005,140

1.5

195,802

Suncorp-Metway Ltd.

1,981,842

1.0

428,288

Toll Holdings Ltd.

2,082,435

1.1

274,407

Westfield Group

2,987,286

1.5

221,224

Westpac Banking Corp.

5,892,258

3.0

99,113

Woolworths Ltd.

3,030,090

1.6

42,732,885

21.9

China: 23.8%

628,000

BOC Hong Kong Holdings Ltd.

1,927,807

1.0

3,580,000

China Communications Services Corp., Ltd.

2,013,887

1.0

4,049,960

China Construction Bank

3,103,206

1.6

521,000

China Mobile Ltd.

5,947,776

3.1

955,200

China Pacific Insurance Group Co., Ltd.

3,128,963

1.6

3,764,000

China Petroleum & Chemical Corp.

3,986,688

2.0

1,786,000

China Resources Power Holdings Co.

4,004,609

2.1

2,952,000

China Shanshui Cement Group Ltd.

2,014,254

1.0

1,986,000

China Shineway Pharmaceutical Group Ltd.

2,986,474

1.5

1,021,500

CITIC Securities Co. Ltd.

1,921,409

1.0

934,000

CNOOC Ltd.

1,994,727

1.0

1,049,000

Digital China Holdings Ltd.

1,753,655

0.9

2,408,000

Harbin Electric Co. Ltd

1,989,448

1.0

4,622,000

Industrial and Commercial Bank of China Ltd.

3,117,409

1.6

2,198,000

Jiangsu Expressway Co. Ltd.

1,965,455

1.0

3,656,000

Parkson Retail Group Ltd.

2,640,415

1.4

2,550,000

Zhejiang Expressway Co., Ltd.

1,943,155

1.0

46,439,337

23.8

Hong Kong: 5.4%

852,000

Chow Sang Sang Holdings International Ltd.

2,072,425

1.0

4,833,000

Comba Telecom Systems Holdings Ltd.

1,739,415

0.9

18,960,000

Emperor Watch & Jewellery Ltd.

2,273,390

1.2

200,600

Hang Seng Bank Ltd.

3,062,733

1.6

258,500

Link Real Estate Investment Trust

1,402,235

0.7

10,550,198

5.4

India: 7.4%

702,011

Bharat Heavy Electricals Ltd.

3,023,591

1.5

895,049

NTPC Ltd.

2,674,298

1.4

633,492

Oil & Natural Gas Corp., Ltd.

3,084,348

1.6

330,063

Oriental Bank Of Commerce

2,045,740

1.0

95,681

Punjab National Bank

1,380,134

0.7

304,880

Sun TV Network Ltd.

2,289,651

1.2

14,497,762

7.4

Indonesia: 4.1%

762,000

Indo Tambangraya Megah PT

3,115,286

1.6

4,908,500

Indofood Sukses Makmur Tbk PT

2,992,906

1.5

3,950,000

Perusahaan Gas Negara PT

1,862,295

1.0

7,970,487

4.1

Malaysia: 4.7%

1,359,200

Berjaya Sports Toto BHD

2,011,213

1.0

1,181,100

CIMB Group Holdings Bhd

2,901,914

1.5

1,811,800

IOI Corp. Bhd

2,955,639

1.5

264,300

Public Bank BHD

1,351,171

0.7

9,219,937

4.7

Singapore: 5.5%

1,730,000

CapitaMall Trust

2,935,555

1.5

1,463,000

Singapore Telecommunications Ltd.

3,967,346

2.0

255,000

United Overseas Bank Ltd.

3,909,440

2.0

10,812,341

5.5

South Korea: 12.4%

64,390

Hite Jinro Co. Ltd.

1,796,495

0.9

258,690

Hyundai Securities Co.

1,951,432

1.0

76,040

Kangwon Land, Inc.

2,170,854

1.1

91,070

KB Financial Group, Inc.

3,002,937

1.5

25,302

KT&G Corp.

2,002,476

1.1

12,799

Posco

3,821,595

2.0

2,390

Samsung Electronics Co., Ltd.

3,106,694

1.6

22,863

SK Telecom Co., Ltd.

3,165,802

1.6

85,510

Woongjin Coway Co., Ltd.

3,150,805

1.6

24,169,090

12.4

PORTFOLIO OF INVESTMENTS

ING Asia Pacific High Dividend Equity Income Fund

as of November 30, 2012 (Unaudited) (continued)

Shares

Value

Percentage
of Net
Assets

Taiwan: 8.0%

852,000

Cheng Uei Precision Industry Co., Ltd.

$

2,010,757

1.0

7,055,000

Chinatrust Financial Holding Co., Ltd.

4,092,159

2.1

81,000

Largan Precision Co. Ltd.

2,215,274

1.1

1,424,000

Powertech Technology, Inc.

2,112,037

1.1

980,000

Synnex Technology International Corp.

1,869,426

1.0

951,052

Taiwan Semiconductor Manufacturing Co., Ltd.

3,231,541

1.7

15,531,194

8.0

Thailand: 1.4%

271,700

PTT PCL

2,831,807

1.4

United Kingdom: 4.4%

544,800

@

HSBC Holdings PLC

5,562,014

2.9

129,458

Standard Chartered PLC

3,019,619

1.5

8,581,633

4.4

Total Common Stock

(Cost $185,030,462)

193,336,671

99.0

RIGHTS: 0.0%

Thailand: 0.0%

38,608

@

PTT Exploration & Production PCL

21,461

0.0

Total Rights

(Cost $—)

21,461

0.0

Total Investments in Securities
(Cost $185,030,462)

$

193,358,132

99.0

Assets in Excess of Other Liabilities

1,993,528

1.0

Net Assets

$

195,351,660

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

Cost for federal income tax purposes is $185,041,574.

Net unrealized appreciation consists of:

Gross Unrealized Appreciation

$

12,178,692

Gross Unrealized Depreciation

Net Unrealized Appreciation

$

8,316,558

Sector Diversification

Percentage of
Net Assets

Financials

33.0%

Information Technology

9.3

Materials

9.1

Energy

8.6

Consumer Discretionary

8.5

Consumer Staples

8.1

Telecommunication Services

7.7

Utilities

6.0

Industrials

5.6

Health Care

3.1

Assets in Excess of Other Liabilities

1.0

Net Assets

100.0%

PORTFOLIO OF INVESTMENTS

ING Asia Pacific High Dividend Equity Income Fund

as of November 30, 2012 (Unaudited) (continued)

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,
2012

Asset Table

Investments, at fair value

Common Stock

Australia

$

29,995

$

42,702,890

$

—

$

42,732,885

China

—

46,439,337

—

46,439,337

Hong Kong

—

10,550,198

—

10,550,198

India

—

14,497,762

—

14,497,762

Indonesia

—

7,970,487

—

7,970,487

Malaysia

1,351,171

7,868,766

—

9,219,937

Singapore

—

10,812,341

—

10,812,341

South Korea

5,153,281

19,015,809

—

24,169,090

Taiwan

—

15,531,194

—

15,531,194

Thailand

—

2,831,807

—

2,831,807

United Kingdom

—

8,581,633

—

8,581,633

Total Common Stock

6,534,447

186,802,224

—

193,336,671

Rights

—

21,461

—

21,461

Total Investments, at fair value

$

6,534,447

$

186,823,685

$

—

$

193,358,132

Liabilities Table

Other Financial Instruments+

Written Options

$

—

$

(1,492,452)

$

—

$

(1,492,452)

Total Liabilities

$

—

$

(1,492,452)

$

—

$

(1,492,452)

+

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.

There were no transfers in or out of Levels 1, 2 or 3 of the fair value hierarchy during the six months ended November 30, 2012.

Number of
Contracts

Counterparty

Description

Exercise
Price

Expiration
Date

Premiums
Received

Fair Value

Options on Indices

4,000

Goldman Sachs & Co.

Call on S&P/ASX 200 Index

4,449.236

AUD

12/13/12

$

253,381

$

(311,295)

4,200

Morgan Stanley

Call on Hang Seng Index

21,380.777

HKD

12/13/12

224,861

(377,807)

42,500,000

Deutsche Bank AG

Call on Korea Stock Exchange KOSPI 200 Index

246.757

KRW

12/13/12

186,448

(329,194)

33,400

Goldman Sachs & Co.

Call on Taiwan Stock Exchange Weighted Index

7,166.678

TWD

12/13/12

128,002

(474,156)

Total Written OTC Options

$

792,692

$

(1,492,452)

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 Asia Pacific High Dividend Equity Income Fund

By

/s/ Shaun P. Mathews

Shaun P. Mathews

President and Chief Executive Officer

Date:

January 25, 2013

By

/s/ Shaun P. Mathews

Shaun P. Mathews

President and Chief Executive Officer

Date:

January 25, 2013

By

/s/ Todd Modic

Todd Modic

Senior Vice President and Chief Financial Officer

Date:

January 25, 2013