Date of fiscal year end:

February 28

Date of reporting period:

May 31, 2012

ING Global Equity Dividend and Premium Opportunity Fund

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend and Premium Opportunity Fund

as of May 31, 2012 (Unaudited)

Shares

Value

Percentage 
of Net 
Assets

COMMON STOCK: 97.1%

Australia: 4.3%

1,311,997

Amcor Ltd.

$

9,540,315

1.1

3,268,563

Insurance Australia Group

10,586,560

1.2

1,042,308

Westfield Group

9,205,780

1.1

420,776

Westpac Banking Corp.

8,304,344

0.9

37,636,999

4.3

Brazil: 0.4%

179,600

Petroleo Brasileiro SA ADR

3,394,440

0.4

Canada: 4.9%

130,300

Canadian Imperial Bank of Commerce

9,092,047

1.0

500,228

Shaw Communications, Inc. - Class B

9,565,284

1.1

370,500

Thomson Reuters Corp.

10,183,952

1.1

361,464

TransCanada Corp.

14,814,127

1.7

43,655,410

4.9

France: 8.1%

273,278

Alstom

7,961,767

0.9

203,970

BNP Paribas

6,535,665

0.7

231,963

Capgemini S.A.

7,826,443

0.9

216,629

Cie de Saint-Gobain

7,710,029

0.9

610,411

Gaz de France

12,079,893

1.4

140,458

Sanofi-Aventis

9,567,651

1.1

192,998

Total S.A.

8,318,069

0.9

297,264

Vinci S.A.

11,936,834

1.3

71,936,351

8.1

Germany: 6.8%

132,273

Bayer AG

8,395,145

1.0

156,623

DaimlerChrysler AG

7,288,148

0.8

884,029

Deutsche Post AG

14,654,748

1.7

1,371,992

Deutsche Telekom AG

13,536,253

1.5

254,210

Metro AG

7,332,355

0.8

68,109

Muenchener Rueckversicherungs AG

8,470,957

1.0

59,677,606

6.8

Hong Kong: 1.6%

280,804

China Mobile Ltd. ADR

14,245,187

1.6

Israel: 1.1%

917,404

Israel Chemicals Ltd.

9,476,870

1.1

Japan: 8.2%

242,100

Astellas Pharma, Inc.

9,507,150

1.1

219,100

Canon, Inc.

8,742,418

1.0

890,900

Itochu Corp.

9,744,447

1.1

1,573,600

JX Holdings, Inc.

7,977,982

0.9

583,400

Mitsui & Co., Ltd.

8,199,676

0.9

9,062

NTT DoCoMo, Inc.

14,456,993

1.6

473,400

Sumitomo Mitsui Financial Group, Inc.

13,793,250

1.6

72,421,916

8.2

Luxembourg: 0.7%

450,285

ArcelorMittal

6,251,060

0.7

Netherlands: 2.6%

937,838

Koninklijke KPN NV

8,869,405

1.0

455,605

Royal Dutch Shell PLC

14,127,925

1.6

22,997,330

2.6

Portugal: 0.8%

3,378,141

Energias de Portugal S.A.

7,015,437

0.8

Singapore: 2.2%

3,987,000

Singapore Telecommunications Ltd.

9,567,349

1.1

702,000

United Overseas Bank Ltd.

9,598,494

1.1

19,165,843

2.2

Spain: 0.8%

572,549

Abertis Infraestructuras S.A.

7,303,493

0.8

Sweden: 1.5%

1,595,033

Telefonaktiebolaget LM Ericsson

13,578,975

1.5

Switzerland: 4.5%

173,222

@

Credit Suisse Group

3,310,803

0.4

283,026

Novartis AG

14,745,016

1.6

55,300

Roche Holding AG - Genusschein

8,654,438

1.0

65,671

@

Zurich Financial Services AG

13,498,872

1.5

40,209,129

4.5

Taiwan: 1.6%

1,018,758

Taiwan Semiconductor Manufacturing Co., Ltd. ADR

13,987,547

1.6

United Kingdom: 12.4%

305,375

BHP Billiton PLC

8,002,241

0.9

1,270,738

BP PLC

7,724,753

0.9

2,942,560

BT Group PLC

9,361,336

1.1

1,744,998

HSBC Holdings PLC

13,764,050

1.6

397,039

Imperial Tobacco Group PLC

14,363,311

1.6

918,861

Land Securities Group PLC

10,068,604

1.1

796,021

Prudential PLC

8,356,166

0.9

177,112

Reckitt Benckiser PLC

9,424,881

1.1

1,251,763

Reed Elsevier PLC

9,252,995

1.1

490,275

Scottish & Southern Energy PLC

10,014,900

1.1

1,972,993

Tesco PLC

9,207,655

1.0

109,540,892

12.4

United States: 34.6%

257,014

Abbott Laboratories

15,880,895

1.8

404,727

American Electric Power Co., Inc.

15,586,037

1.8

986,100

Arch Coal, Inc.

6,251,874

0.7

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend and Premium Opportunity Fund

as of May 31, 2012 (Unaudited) (continued)

Shares

Value

Percentage 
of Net 
Assets

United States: (continued)

288,448

Arthur J. Gallagher & Co.

$

10,020,684

1.1

505,490

AT&T, Inc.

17,272,593

2.0

303,500

Bristol-Myers Squibb Co.

10,118,690

1.1

324,500

Carnival Corp.

10,413,205

1.2

409,600

CenturyTel, Inc.

16,064,512

1.8

398,335

ConAgra Foods, Inc.

10,018,125

1.1

287,200

Dow Chemical Co.

8,920,432

1.0

256,000

Eli Lilly & Co.

10,483,200

1.2

510,700

First Niagara Financial Group, Inc.

4,121,349

0.5

260,400

Freeport-McMoRan Copper & Gold, Inc.

8,343,216

0.9

813,900

General Electric Co.

15,537,351

1.8

154,700

Johnson & Johnson

9,657,921

1.1

358,300

JPMorgan Chase & Co.

11,877,645

1.3

409,371

Kraft Foods, Inc.

15,666,628

1.8

278,400

Northeast Utilities

10,025,184

1.1

145,700

PepsiCo, Inc.

9,885,745

1.1

750,658

Pfizer, Inc.

16,416,891

1.9

903,492

Pitney Bowes, Inc.

12,323,631

1.4

549,637

PPL Corp.

15,043,565

1.7

144,000

Procter & Gamble Co.

8,969,760

1.0

245,798

Reynolds American, Inc.

10,284,188

1.2

324,720

Spectra Energy Corp.

9,322,711

1.1

583,500

UGI Corp.

16,734,780

1.9

305,240,812

34.6

Total Common Stock

(Cost $900,845,571)

857,735,297

97.1

# of 
Contracts

Value

Percentage 
of Net 
Assets

PURCHASED OPTIONS: 0.2%

Options on Currencies: 0.2%

16,000,000

@

Call USD/JPY, Strike @ 82.750, Exp. 08/20/12 Counterparty: Barclays Bank PLC

$

48,446

0.0

16,000,000

@

Call USD/JPY, Strike @ 85.300, Exp. 07/20/12 Counterparty: Barclays Bank PLC

6,397

0.0

17,000,000

@

Call USD/JPY, Strike @ 88.000, Exp. 06/21/12 Counterparty: Deutsche Bank AG

64

0.0

23,000,000

@

Put EUR/USD, Strike @ 1.258, Exp. 07/20/12 Counterparty: Goldman Sachs & Co.

654,898

0.1

25,000,000

@

Put EUR/USD, Strike @ 1.263, Exp. 06/21/12 Counterparty: Goldman Sachs & Co.

618,370

0.1

18,000,000

@

Put GBP/USD, Strike @ 1.512, Exp. 08/20/12 Counterparty: Barclays Bank PLC

190,479

0.0

17,000,000

@

Put GBP/USD, Strike @ 1.524, Exp. 06/21/12 Counterparty: Goldman Sachs & Co.

69,511

0.0

17,000,000

@

Put GBP/USD, Strike @ 1.554, Exp. 07/20/12 Counterparty: Goldman Sachs & Co.

305,508

0.0

1,893,673

0.2

Total Purchased Options

(Cost $925,800)

1,893,673

0.2

Total Investments in Securities
(Cost $901,771,371)

$

859,628,970

97.3

Assets in Excess of Other Liabilities

23,402,435

2.7

Net Assets

$

883,031,405

100.0

@

Non-income producing security

ADR

American Depositary Receipt

Cost for federal income tax purposes is $906,866,828.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation

$

45,559,060

Gross Unrealized Depreciation

Net Unrealized Depreciation

$

(47,237,858)

Sector Diversification

Percentage of 
Net Assets

Consumer Discretionary

5.3%

Consumer Staples

10.7

Energy

8.2

Financials

17.0

Health Care

12.9

Industrials

10.8

Information Technology

5.0

Materials

5.7

Options on Currencies

0.2

Telecommunications

11.7

Utilities

9.8

Assets in Excess of Other Liabilities

2.7

Net Assets

100.0%

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend and Premium Opportunity Fund

as of May 31, 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
5/31/2012

Asset Table

Investments, at value

Common Stock

Australia

$

—

$

37,636,999

$

—

$

37,636,999

Brazil

3,394,440

—

—

3,394,440

Canada

43,655,410

—

—

43,655,410

France

—

71,936,351

—

71,936,351

Germany

—

59,677,606

—

59,677,606

Hong Kong

14,245,187

—

—

14,245,187

Israel

—

9,476,870

—

9,476,870

Japan

—

72,421,916

—

72,421,916

Luxembourg

—

6,251,060

—

6,251,060

Netherlands

—

22,997,330

—

22,997,330

Portugal

—

7,015,437

—

7,015,437

Singapore

—

19,165,843

—

19,165,843

Spain

—

7,303,493

—

7,303,493

Sweden

—

13,578,975

—

13,578,975

Switzerland

—

40,209,129

—

40,209,129

Taiwan

13,987,547

—

—

13,987,547

United Kingdom

—

109,540,892

—

109,540,892

United States

305,240,812

—

—

305,240,812

Total Common Stock

380,523,396

477,211,901

—

857,735,297

Purchased Options

—

1,893,673

—

1,893,673

Total Investments, at value

$

380,523,396

$

479,105,574

$

—

$

859,628,970

Other Financial Instruments+

Written Options

—

—

—

—

Liabilities Table

Other Financial Instruments+

Written Options

$

—

$

(5,479,551)

$

—

$

(5,479,551)

Total Liabilities

$

—

$

(5,479,551)

$

—

$

(5,479,551)

+

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.

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend and Premium Opportunity Fund

as of May 31, 2012 (Unaudited) (continued)

# of Contracts

Counterparty

Description

Exercise
Price

Expiration
Date

Premiums
Received

Fair Value

Options on Indices

7,300

Morgan Stanley

Call on Euro Stoxx 50 Index

2,140.138

 EUR

06/29/12

$

753,759

$

(528,462)

8,700

Morgan Stanley

Call on Euro Stoxx 50 Index

2,255.747

 EUR

06/01/12

837,519

(1)

7,500

JPMorgan Chase & Co.

Call on Nikkei 225 Index

9,348.660

 EUR

06/15/12

736,880

(131,508)

2,500

Barclays Bank PLC

Call on FTSE 100 Index

5,270.360

 GPB

06/29/12

632,173

(636,795)

2,300

BNP Paribas Bank

Call on FTSE 100 Index

5,688.000

 GPB

06/01/12

523,018

—

2,400

JPMorgan Chase & Co.

Call on Nikkei 225 Index

96,348.660

 GPB

06/15/12

494,465

(35,202)

173,700

Goldman Sachs & Co.

Call on Nikkei 225 Index

9,559.318

 JPY

06/01/12

465,515

—

177,500

Morgan Stanley

Call on Nikkei 225 Index

9,348.660

 JPY

06/15/12

487,658

(10,962)

178,800

Royal Bank of Scotland PLC

Call on Nikkei 225 Index

8,638.630

 JPY

06/29/12

546,417

(361,446)

88,800

Morgan Stanley

Call on Nikkei 225 Index

9,348.660

 USD

06/15/12

2,652,101

(139,109)

90,500

BNP Paribas Bank

Call on S&P 500® Index

1,305.953

 USD

06/29/12

3,213,655

(2,835,382)

87,600

Goldman Sachs & Co.

Call on S&P 500® Index

1,382.850

 USD

06/01/12

2,514,637

—

Options on Currencies

23,000,000

Goldman Sachs & Co.

Call EUR/USD

1.360

 USD

07/20/12

161,000

(7,858)

25,000,000

Goldman Sachs & Co.

Call EUR/USD

1.372

 USD

06/21/12

175,000

(201)

18,000,000

Barclays Bank PLC

Call GBP/USD

1.626

 USD

08/20/12

118,800

(32,543)

17,000,000

Goldman Sachs & Co.

Call GBP/USD

1.630

 USD

06/21/12

95,200

(435)

17,000,000

Goldman Sachs & Co.

Call GBP/USD

1.654

 USD

07/20/12

85,000

(3,807)

16,000,000

Barclays Bank PLC

Put USD/JPY

76.170

 USD

08/20/12

92,800

(120,631)

16,000,000

Barclays Bank PLC

Put USD/JPY

78.400

 USD

07/20/12

96,000

(223,555)

17,000,000

Deutsche Bank AG

Put USD/JPY

80.120

 USD

06/21/12

102,000

(411,654)

Total Written OTC Options

$

14,783,597

$

(5,479,551)

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend and Premium Opportunity Fund

as of May 31, 2012 (Unaudited) (continued)

Derivatives Fair Value*

Equity contracts

$

(4,678,867)

Foreign exchange contracts

1,092,989

Total

$

(3,585,878)

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 Global Equity Dividend and Premium Opportunity 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