Date of fiscal year end:

February 28

Date of reporting period:

November 30, 2012

ING Emerging Markets High Dividend Equity Fund

Shares

Value

Percentage
of Net
Assets

COMMON STOCK: 89.7%

Belgium: 1.1%

107,813

Oriflame Cosmetics S.A.

$

3,032,554

1.1

Brazil: 12.3%

112,736

Banco do Brasil S.A.

1,155,955

0.4

431,563

BM&F Bovespa S.A.

2,593,256

0.9

297,200

Cia Energetica de Minas Gerais ADR

3,637,728

1.3

403,447

Cia Siderurgica Nacional S.A.

1,980,606

0.7

426,000

EDP - Energias do Brasil S.A.

2,416,286

0.9

94,400

Embraer SA ADR

2,353,392

0.8

80,200

Itau Unibanco Holding S.A.

1,206,303

0.4

356,009

Petroleo Brasileiro SA ADR

6,247,958

2.3

418,763

Porto Seguro SA

4,415,355

1.6

836,000

Tim Participacoes SA

2,942,119

1.1

301,376

Vale SA

5,176,198

1.9

34,125,156

12.3

Chile: 1.1%

9,352,671

Enersis SA

3,152,625

1.1

China: 17.3%

769,000

BOC Hong Kong Holdings Ltd.

2,360,642

0.8

2,504,000

China Communications Services Corp., Ltd.

1,408,596

0.5

4,763,000

China Construction Bank

3,649,560

1.3

1,186,400

China Pacific Insurance Group Co., Ltd.

3,886,308

1.4

5,376,000

China Petroleum & Chemical Corp.

5,694,057

2.1

2,048,000

China Resources Power Holdings Co.

4,592,071

1.7

5,474,000

China Shanshui Cement Group Ltd.

3,735,103

1.3

1,532,000

China Shineway Pharmaceutical Group Ltd.

2,303,765

0.8

1,553,000

CITIC Securities Co. Ltd.

2,921,143

1.1

1,323,000

CNOOC Ltd.

2,825,507

1.0

862,000

Digital China Holdings Ltd.

1,441,040

0.5

3,452,000

Harbin Electric Co. Ltd

2,851,984

1.0

5,653,000

Industrial and Commercial Bank of China Ltd.

3,812,790

1.4

2,492,000

Jiangsu Expressway Co. Ltd.

2,228,350

0.8

3,292,500

Parkson Retail Group Ltd.

2,377,891

0.9

2,503,000

Zhejiang Expressway Co., Ltd.

1,907,340

0.7

47,996,147

17.3

Colombia: 1.0%

341,400

Petrominerales Ltd.

2,622,320

1.0

Czech Republic: 1.8%

84,042

CEZ A/S

2,792,647

1.0

11,246

Komercni Banka AS

2,244,820

0.8

5,037,467

1.8

Hong Kong: 5.9%

144,900

China Mobile Ltd. ADR

8,247,708

3.0

1,135,000

Chow Sang Sang Holdings International Ltd.

2,760,801

1.0

6,481,500

Comba Telecom Systems Holdings Ltd.

2,332,716

0.8

24,910,000

Emperor Watch & Jewellery Ltd.

2,986,821

1.1

16,328,046

5.9

Hungary: 0.5%

8,599

Richter Gedeon Nyrt

1,411,710

0.5

India: 5.5%

576,929

Bharat Heavy Electricals Ltd.

2,484,858

0.9

799,373

NTPC Ltd.

2,388,430

0.9

672,258

Oil & Natural Gas Corp., Ltd.

3,273,092

1.2

472,509

Oriental Bank Of Commerce

2,928,624

1.0

102,808

Punjab National Bank

1,482,936

0.5

370,671

Sun TV Network Ltd.

2,783,742

1.0

15,341,682

5.5

Indonesia: 2.1%

5,583,000

Indofood Sukses Makmur Tbk PT

3,404,175

1.3

4,783,000

Perusahaan Gas Negara PT

2,255,027

0.8

5,659,202

2.1

Malaysia: 3.2%

1,295,600

Berjaya Sports Toto BHD

1,917,104

0.7

1,309,900

CIMB Group Holdings Bhd

3,218,370

1.2

2,274,800

IOI Corp. Bhd

3,710,944

1.3

8,846,418

3.2

Poland: 2.2%

548,951

PGE SA

3,194,317

1.1

23,609

Powszechny Zaklad Ubezpieczen SA

2,959,785

1.1

6,154,102

2.2

Qatar: 2.6%

176,068

Commercial Bank of Qatar

3,560,234

1.3

89,315

Industries Qatar QSC

3,736,775

1.3

7,297,009

2.6

Russia: 4.9%

251,800

CTC Media, Inc.

2,127,710

0.8

855,118

Gazprom OAO ADR

7,601,999

2.7

Shares

Value

Percentage
of Net
Assets

Russia (continued)

216,649

Mobile Telesystems OJSC ADR

$

3,776,192

1.4

13,505,901

4.9

Singapore: 1.3%

239,000

United Overseas Bank Ltd.

3,664,142

1.3

South Africa: 6.3%

334,237

Adcock Ingram Holdings Ltd.

2,005,935

0.7

243,926

Barloworld Ltd.

1,995,840

0.7

287,444

Gold Fields Ltd.

3,523,563

1.3

186,081

MTN Group Ltd.

3,426,689

1.2

77,365

Sasol Ltd.

3,260,367

1.2

273,053

Standard Bank Group Ltd.

3,229,962

1.2

17,442,356

6.3

South Korea: 8.8%

86,192

Hite Jinro Co. Ltd.

2,404,775

0.9

311,060

Hyundai Securities Co.

2,346,486

0.8

138,680

Kangwon Land, Inc.

3,959,154

1.4

102,617

KB Financial Group, Inc.

3,383,687

1.2

45,728

KT&G Corp.

3,619,051

1.3

16,282

Posco

4,861,568

1.8

101,000

Woongjin Coway Co., Ltd.

3,721,568

1.4

24,296,289

8.8

Taiwan: 6.6%

1,105,959

Cheng Uei Precision Industry Co., Ltd.

2,610,112

0.9

5,956,080

Chinatrust Financial Holding Co., Ltd.

3,454,745

1.3

1,274,000

E Ink Holdings, Inc.

941,725

0.3

120,000

Largan Precision Co. Ltd.

3,281,888

1.2

1,319,700

Powertech Technology, Inc.

1,957,342

0.7

939,000

Synnex Technology International Corp.

1,791,215

0.7

1,231,000

Taiwan Semiconductor Manufacturing Co., Ltd.

4,182,765

1.5

18,219,792

6.6

Thailand: 1.2%

321,500

PTT PCL

3,350,850

1.2

Turkey: 1.0%

698,705

Turk Telekomunikasyon AS

2,612,359

1.0

United Kingdom: 2.1%

545,796

Eurasian Natural Resources Corp.

2,363,047

0.9

144,873

Standard Chartered PLC

3,379,175

1.2

5,742,222

2.1

United States: 0.9%

65,676

Southern Copper Corp.

2,384,039

0.9

Total Common Stock

(Cost $276,224,227)

248,222,388

89.7

PREFERRED STOCK: 1.1%

Russia: 1.1%

1,447,466

@

Sberbank of Russia

3,098,451

1.1

Total Preferred Stock

(Cost $3,128,672)

3,098,451

1.1

Total Long-Term Investments

(Cost $279,352,899)

251,320,839

90.8

SHORT-TERM INVESTMENTS: 9.8%

Mutual Funds: 9.8%

27,144,051

BlackRock Liquidity Funds, TempFund, Institutional Class

(Cost $27,144,051)

27,144,051

9.8

Total Short-Term Investments

(Cost $27,144,051)

27,144,051

9.8

Total Investments in Securities

(Cost $306,496,950)

$

278,464,890

100.6

Liabilities in Excess of Other Assets

(1,711,741)

(0.6)

Net Assets

$

276,753,149

100.0

@

Non-income producing security

ADR

American Depositary Receipt

Cost for federal income tax purposes is $307,363,172.

Net unrealized depreciation consists of:

Gross Unrealized Appreciation

$

11,980,962

Gross Unrealized Depreciation

(40,879,244)

Net Unrealized Depreciation

$

(28,898,282)

Sector Diversification

Percentage
of Net Assets

Financials

23.3%

Energy

12.7

Materials

8.8

Utilities

8.8

Consumer Discretionary

8.3

Telecommunication Services

6.8

Information Technology

6.6

Industrials

6.2

Consumer Staples

5.9

Health Care

2.0

Telecommunications

1.4

Short-Term Investments

9.8

Liabilities in Excess of Other Assets

(0.6)

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
November 30,
2012

Asset Table

Investments, at fair value

Common Stock

Belgium

$

—

$

3,032,554

$

—

$

3,032,554

Brazil

34,125,156

—

—

34,125,156

Chile

3,152,625

—

—

3,152,625

China

—

47,996,147

—

47,996,147

Colombia

2,622,320

—

—

2,622,320

Czech Republic

2,792,647

2,244,820

—

5,037,467

Hong Kong

8,247,708

8,080,338

—

16,328,046

Hungary

—

1,411,710

—

1,411,710

India

—

15,341,682

—

15,341,682

Indonesia

—

5,659,202

—

5,659,202

Malaysia

—

8,846,418

—

8,846,418

Poland

—

6,154,102

—

6,154,102

Qatar

—

7,297,009

—

7,297,009

Russia

13,505,901

—

—

13,505,901

Singapore

—

3,664,142

—

3,664,142

South Africa

—

17,442,356

—

17,442,356

South Korea

7,340,619

16,955,670

—

24,296,289

Taiwan

—

18,219,792

—

18,219,792

Thailand

—

3,350,850

—

3,350,850

Turkey

—

2,612,359

—

2,612,359

United Kingdom

—

5,742,222

—

5,742,222

United States

2,384,039

—

—

2,384,039

Total Common Stock

74,171,015

174,051,373

—

248,222,388

Preferred Stock

—

3,098,451

—

3,098,451

Short-Term Investments

27,144,051

—

—

27,144,051

Total Investments, at fair value

$

101,315,066

$

177,149,824

$

—

$

278,464,890

Liabilities Table

Other Financial Instruments+

Written Options

$

—

$

(1,350,901

)

$

—

$

(1,350,901)

Total Liabilities

$

—

$

(1,350,901

)

$

—

$

(1,350,901)

+

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

674,500

Barclays Bank PLC

Call on iShares Emerging Markets Index Fund

40.467 USD

12/21/12

$

569,662

$

(994,729)

669,900

Barclays Bank PLC

Call on iShares Emerging Markets Index Fund

41.584 USD

12/07/12

648,228

(356,172)

Total Written OTC Options

$

1,217,890

$

(1,350,901)

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:

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