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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

Quarterly Schedule of Portfolio Holdings of Registered

Management Investment Company

 

Investment Company Act file number:   811-22004

 

ING Asia Pacific High Dividend Equity Income Fund

(Exact name of registrant as specified in charter)

 

7337 East Doubletree Ranch Rd. Suite 100, Scottsdale, AZ 85258

(Address of principal executive offices)          (Zip code)

 

 

Huey P. Falgout, Jr., 7337 East Doubletree Ranch Road, Scottsdale, AZ 85258 

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 1-800-992-0180

 

Date of fiscal year end:

February 28

Date of reporting period:

May 31, 2011

 



 

Item 1. Schedule of Investments

 

The schedules of investments as of the close of the reporting period are set forth below for:

 

ING Asia Pacific High Dividend Equity Income Fund

 

The schedules are not audited.

 



 

 

 

PORTFOLIO OF INVESTMENTS

ING Asia Pacific High Dividend Equity Income Fund

 

as of May 31, 2011 (Unaudited)

 

Shares

 

 

 

 

 

Value

 

Percentage
of Net
Assets

 

COMMON STOCK: 98.4%

 

 

 

 

 

 

 

 

 

 

 

Australia: 25.5%

 

 

 

 

 

209,361

 

 

 

Amcor Ltd.

 

$

1,620,195

 

0.7

 

129,475

 

 

 

Australia & New Zealand Banking Group Ltd.

 

3,066,043

 

1.3

 

180,789

 

 

 

BHP Billiton Ltd.

 

8,609,277

 

3.7

 

88,314

 

 

 

Brambles Ltd.

 

695,536

 

0.3

 

51,533

 

 

 

Caltex Australia Ltd.

 

779,139

 

0.3

 

77,663

 

 

 

Commonwealth Bank of Australia

 

4,206,489

 

1.8

 

99,344

 

 

 

Computershare Ltd.

 

999,993

 

0.4

 

23,403

 

 

 

CSL Ltd.

 

847,732

 

0.4

 

385,750

 

 

 

CSR Ltd.

 

1,218,229

 

0.5

 

1,162,352

 

 

 

Goodman Fielder Ltd.

 

1,273,756

 

0.5

 

400,300

 

 

 

Insurance Australia Group

 

1,518,345

 

0.6

 

41,249

 

 

 

Macquarie Group Ltd.

 

1,503,538

 

0.6

 

324,047

 

 

 

Metcash Ltd.

 

1,358,111

 

0.6

 

126,354

 

 

 

National Australia Bank Ltd.

 

3,583,144

 

1.5

 

24,832

 

 

 

Newcrest Mining Ltd.

 

1,051,918

 

0.5

 

681,412

 

 

 

OneSteel Ltd.

 

1,376,738

 

0.6

 

54,059

 

 

 

Orica Ltd.

 

1,508,695

 

0.6

 

60,577

 

 

 

OZ Minerals Ltd

 

913,949

 

0.4

 

118,824

 

 

 

QBE Insurance Group Ltd.

 

2,245,023

 

1.0

 

22,612

 

 

 

Rio Tinto Ltd.

 

1,975,129

 

0.8

 

81,652

 

 

 

Sonic Healthcare Ltd.

 

1,074,095

 

0.5

 

620,407

 

 

 

SP AusNet

 

615,929

 

0.3

 

340,172

 

 

 

Stockland

 

1,284,434

 

0.6

 

142,545

 

 

 

Suncorp-Metway Ltd.

 

1,272,235

 

0.5

 

504,598

 

 

 

Tattersall’s Ltd.

 

1,241,354

 

0.5

 

373,165

 

 

 

Telstra Corp., Ltd.

 

1,205,468

 

0.5

 

84,111

 

 

 

Wesfarmers Ltd.

 

2,985,165

 

1.3

 

187,418

 

 

 

Westfield Group

 

1,822,117

 

0.8

 

183,662

 

 

 

Westpac Banking Corp.

 

4,349,655

 

1.9

 

24,248

 

 

 

Woodside Petroleum Ltd.

 

1,209,040

 

0.5

 

80,410

 

 

 

Woolworths Ltd.

 

2,355,700

 

1.0

 

 

 

 

 

 

 

59,766,171

 

25.5

 

 

 

 

 

China: 18.4%

 

 

 

 

 

1,802,000

 

 

 

Agricultural Bank of China Ltd.

 

1,102,043

 

0.5

 

496,000

 

 

 

Angang Steel Co., Ltd.

 

547,898

 

0.2

 

5,188,200

 

 

 

Bank of China Ltd.

 

2,877,782

 

1.2

 

1,174,000

 

 

 

Bank of Communications Co., Ltd.

 

1,223,445

 

0.5

 

218,000

 

 

 

BOC Hong Kong Holdings Ltd.

 

672,828

 

0.3

 

1,036,000

 

 

 

China Communications Construction Co., Ltd.

 

940,023

 

0.4

 

3,520,960

 

 

 

China Construction Bank

 

3,325,883

 

1.4

 

2,165,000

 

 

 

China Dongxiang Group Co.

 

696,347

 

0.3

 

800,000

 

 

 

China High Speed Transmission Equipment Group Co., Ltd.

 

997,546

 

0.4

 

656,000

 

 

 

China Life Insurance Co., Ltd.

 

2,300,538

 

1.0

 

423,000

 

 

 

China Mobile Ltd.

 

3,866,462

 

1.7

 

1,494,000

 

 

 

China Petroleum & Chemical Corp.

 

1,493,040

 

0.6

 

618,000

 

 

 

China Shanshui Cement Group Ltd.

 

668,388

 

0.3

 

245,500

 

 

 

China Shenhua Energy Co., Ltd.

 

1,222,630

 

0.5

 

196,000

 

 

 

Citic Pacific Ltd.

 

558,824

 

0.2

 

1,521,000

 

 

 

CNOOC Ltd.

 

3,818,759

 

1.6

 

2,645,000

 

 

 

Country Garden Holdings Co. Ltd.

 

1,170,968

 

0.5

 

764,000

 

 

 

Guangzhou R&F Properties Co., Ltd.

 

1,063,944

 

0.5

 

1,414,000

 

 

 

Huaneng Power International, Inc.

 

826,968

 

0.4

 

3,780,000

 

 

 

Industrial and Commercial Bank of China Ltd.

 

3,171,262

 

1.4

 

1,629,000

 

 

 

Lonking Holdings Ltd

 

918,549

 

0.4

 

2,002,000

 

 

 

PetroChina Co., Ltd.

 

2,910,805

 

1.2

 

5,770,000

 

 

 

Renhe Commercial Holdings Co. Ltd.

 

1,031,974

 

0.4

 

708,500

 

 

 

Shimao Property Holdings Ltd.

 

944,686

 

0.4

 

982,500

 

 

 

Sino-Ocean Land Holdings Ltd.

 

520,926

 

0.2

 

1,211,500

 

 

 

Soho China Ltd

 

1,044,454

 

0.5

 

54,700

 

 

 

Tencent Holdings Ltd.

 

1,576,355

 

0.7

 

982,000

 

 

 

Zhejiang Expressway Co., Ltd.

 

773,070

 

0.3

 

1,220,000

 

 

 

Zijin Mining Group Co., Ltd.

 

925,368

 

0.4

 

 

 

 

 

 

 

43,191,765

 

18.4

 

 

 

 

 

Hong Kong: 8.2%

 

 

 

 

 

475,600

 

@

 

AIA Group Ltd.

 

1,680,375

 

0.7

 

80,600

 

 

 

ASM Pacific Technology

 

1,097,424

 

0.5

 

527,000

 

 

 

Cathay Pacific Airways Ltd.

 

1,264,290

 

0.5

 

81,000

 

 

 

Cheung Kong Holdings Ltd.

 

1,268,609

 

0.5

 

736,000

 

 

 

China Agri-Industries Holdings Ltd.

 

782,213

 

0.3

 

240,500

 

 

 

CLP Holdings Ltd.

 

2,054,213

 

0.9

 

337,909

 

 

 

Esprit Holdings Ltd.

 

1,272,263

 

0.6

 

103,700

 

 

 

Hang Seng Bank Ltd.

 

1,662,581

 

0.7

 

69,100

 

 

 

Hong Kong Exchanges and Clearing Ltd.

 

1,550,598

 

0.7

 

228,500

 

 

 

HongKong Electric Holdings

 

1,632,186

 

0.7

 

67,000

 

 

 

Hutchison Whampoa Ltd.

 

776,074

 

0.3

 

400,000

 

 

 

Li & Fung Ltd.

 

888,735

 

0.4

 

83,500

 

 

 

Orient Overseas International Ltd.

 

650,251

 

0.3

 

62,000

 

 

 

Sun Hung Kai Properties Ltd.

 

966,240

 

0.4

 

 



 

 

 

PORTFOLIO OF INVESTMENTS

ING Asia Pacific High Dividend Equity Income Fund

 

as of May 31, 2011 (Unaudited) (continued)

 

Shares

 

 

 

 

 

Value

 

Percentage
of Net
Assets

 

 

 

 

 

Hong Kong: (continued)

 

 

 

 

 

106,000

 

 

 

Swire Pacific Ltd.

 

$

1,634,808

 

0.7

 

 

 

 

 

 

 

19,180,860

 

8.2

 

 

 

 

 

India: 6.9%

 

 

 

 

 

182,906

 

 

 

DLF Ltd.

 

970,462

 

0.4

 

157,318

 

 

 

Hindustan Lever Ltd.

 

1,063,952

 

0.5

 

234,880

 

@

 

Housing Development & Infrastructure

 

876,989

 

0.4

 

64,694

 

 

 

Housing Development Finance Corp.

 

982,364

 

0.4

 

56,513

 

 

 

ICICI Bank Ltd.

 

1,360,638

 

0.6

 

45,208

 

 

 

Infosys Technologies Ltd.

 

2,795,685

 

1.2

 

36,018

 

 

 

Jsw Steel Ltd.

 

780,703

 

0.3

 

32,468

 

 

 

Larsen & Toubro Ltd.

 

1,183,794

 

0.5

 

236,860

 

 

 

Oil & Natural Gas Corp., Ltd.

 

1,478,084

 

0.6

 

108,907

 

 

 

Reliance Industries Ltd.

 

2,302,746

 

1.0

 

34,036

 

 

 

Tata Motors Ltd.

 

827,478

 

0.4

 

108,602

 

 

 

Tata Steel Ltd.

 

1,419,953

 

0.6

 

 

 

 

 

 

 

16,042,848

 

6.9

 

 

 

 

 

Indonesia: 2.8%

 

 

 

 

 

234,000

 

 

 

Astra International Tbk PT

 

1,611,260

 

0.7

 

1,676,500

 

 

 

Bank Rakyat Indonesia

 

1,247,865

 

0.5

 

1,539,500

 

 

 

Bumi Resources Tbk PT

 

595,422

 

0.3

 

1,768,500

 

 

 

International Nickel Indonesia Tbk PT

 

989,670

 

0.4

 

177,500

 

 

 

Indo Tambangraya Megah PT

 

977,480

 

0.4

 

1,644,000

 

 

 

Indofood Sukses Makmur Tbk PT

 

1,040,284

 

0.5

 

 

 

 

 

 

 

6,461,981

 

2.8

 

 

 

 

 

Malaysia: 3.1%

 

 

 

 

 

720,100

 

 

 

Berjaya Sports Toto BHD

 

1,009,456

 

0.4

 

785,700

 

 

 

IOI Corp. Bhd

 

1,383,445

 

0.6

 

530,600

 

 

 

Malayan Banking BHD

 

1,570,235

 

0.7

 

695,600

 

 

 

Maxis Bhd

 

1,252,321

 

0.5

 

350,500

 

 

 

UMW Holdings Bhd

 

830,125

 

0.4

 

1,584,900

 

 

 

YTL Power International

 

1,131,865

 

0.5

 

 

 

 

 

 

 

7,177,447

 

3.1

 

 

 

 

 

New Zealand: 0.6%

 

 

 

 

 

102,396

 

 

 

Fletcher Building Ltd.

 

755,375

 

0.3

 

339,832

 

 

 

Telecom Corp. of New Zealand Ltd.

 

678,198

 

0.3

 

 

 

 

 

 

 

1,433,573

 

0.6

 

 

 

 

 

Philippines: 0.5%

 

 

 

 

 

23,085

 

@

 

Philippine Long Distance Telephone Co.

 

1,248,743

 

0.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Singapore: 5.0%

 

 

 

 

 

939,733

 

 

 

Ascendas Real Estate Investment Trust

 

1,569,831

 

0.7

 

180,500

 

 

 

DBS Group Holdings Ltd.

 

2,166,684

 

0.9

 

160,600

 

 

 

Keppel Corp., Ltd.

 

1,500,641

 

0.6

 

137,000

 

 

 

SembCorp Industries Ltd.

 

562,118

 

0.2

 

384,000

 

 

 

Singapore Press Holdings Ltd.

 

1,201,954

 

0.5

 

238,000

 

 

 

Singapore Telecommunications Ltd.

 

619,521

 

0.3

 

506,000

 

 

 

StarHub Ltd.

 

1,144,944

 

0.5

 

85,000

 

 

 

United Overseas Bank Ltd.

 

1,339,729

 

0.6

 

375,000

 

 

 

Wilmar International Ltd.

 

1,618,200

 

0.7

 

 

 

 

 

 

 

11,723,622

 

5.0

 

 

 

 

 

South Korea: 14.4%

 

 

 

 

 

34,380

 

@

 

Doosan Infracore Co., Ltd.

 

783,515

 

0.3

 

42,410

 

 

 

Hana Financial Group, Inc.

 

1,529,931

 

0.7

 

2,816

 

 

 

Honam Petrochemical Corp.

 

1,036,237

 

0.4

 

35,880

 

 

 

Hynix Semiconductor, Inc.

 

1,004,734

 

0.4

 

4,313

 

 

 

Hyundai Heavy Industries

 

2,025,186

 

0.9

 

5,151

 

 

 

Hyundai Mobis

 

1,813,574

 

0.8

 

8,481

 

 

 

Hyundai Motor Co.

 

1,990,189

 

0.9

 

41,204

 

 

 

KB Financial Group, Inc.

 

1,972,803

 

0.8

 

5,068

 

 

 

LG Chem Ltd.

 

2,517,405

 

1.1

 

12,302

 

 

 

LG Corp.

 

1,028,565

 

0.4

 

4,100

 

 

 

LG Display Co., Ltd.

 

136,581

 

0.1

 

11,519

 

 

 

LG Electronics, Inc.

 

1,041,043

 

0.4

 

233,250

 

 

 

LG Telecom Ltd.

 

1,244,429

 

0.5

 

2,100

 

 

 

OCI Co. Ltd

 

962,742

 

0.4

 

4,846

 

 

 

Posco

 

1,971,184

 

0.8

 

7,129

 

 

 

Samsung Electronics Co., Ltd.

 

5,976,990

 

2.6

 

33,910

 

 

 

Samsung Heavy Industries Co., Ltd.

 

1,448,100

 

0.6

 

48,330

 

 

 

Shinhan Financial Group Co., Ltd.

 

2,181,705

 

0.9

 

6,015

 

 

 

SK Energy Co. Ltd.

 

1,302,698

 

0.6

 

51,880

 

 

 

Woori Finance Holdings Co., Ltd.

 

669,063

 

0.3

 

9,519

 

 

 

Yuhan Corp.

 

1,192,112

 

0.5

 

 

 

 

 

 

 

33,828,786

 

14.4

 

 

 

 

 

Taiwan: 11.6%

 

 

 

 

 

730,000

 

 

 

Acer, Inc.

 

1,433,101

 

0.6

 

476,000

 

 

 

Cheng Shin Rubber Industry Co. Ltd.

 

1,347,854

 

0.6

 

545,000

 

 

 

Chicony Electronics Co. Ltd.

 

1,140,028

 

0.5

 

729,000

 

 

 

Coretronic Corp.

 

1,179,979

 

0.5

 

710,000

 

 

 

Eternal Chemical Co. Ltd.

 

836,038

 

0.4

 

609,000

 

 

 

Evergreen Marine Corp.

 

569,598

 

0.2

 

1,606,000

 

 

 

First Financial Holding Co., Ltd.

 

1,384,709

 

0.6

 

1,064,936

 

 

 

Fubon Financial Holding Co., Ltd.

 

1,560,137

 

0.7

 

261,088

 

 

 

HON HAI Precision Industry Co., Ltd.

 

919,208

 

0.4

 

 



 

 

 

PORTFOLIO OF INVESTMENTS

ING Asia Pacific High Dividend Equity Income Fund

 

as of May 31, 2011 (Unaudited) (continued)

 

Shares

 

 

 

 

 

Value

 

Percentage
of Net
Assets

 

 

 

 

 

Taiwan: (continued)

 

 

 

 

 

15,000

 

 

 

High Tech Computer Corp.

 

$

640,703

 

0.3

 

941,619

 

 

 

Lite-On Technology Corp.

 

1,207,421

 

0.5

 

158,265

 

 

 

MediaTek, Inc.

 

1,770,872

 

0.8

 

1,764,000

 

 

 

Mega Financial Holdings Co., Ltd.

 

1,511,275

 

0.6

 

919,000

 

@

 

Pegatron Corp.

 

992,251

 

0.4

 

689,350

 

 

 

Quanta Computer, Inc.

 

1,570,501

 

0.7

 

1,622,052

 

 

 

Taiwan Semiconductor Manufacturing Co., Ltd.

 

4,341,558

 

1.8

 

458,000

 

 

 

Wintek Corp.

 

615,992

 

0.3

 

543,523

 

 

 

Wistron Corp.

 

1,026,595

 

0.4

 

1,387,000

 

 

 

Yang Ming Marine Transport Corp.

 

1,210,407

 

0.5

 

67,000

 

 

 

Young Fast Optoelectronics Co. Ltd.

 

457,446

 

0.2

 

2,044,000

 

 

 

Yuanta Financial Holding Co., Ltd.

 

1,412,724

 

0.6

 

 

 

 

 

 

 

27,128,397

 

11.6

 

 

 

 

 

Thailand: 1.4%

 

 

 

 

 

979,000

 

 

 

PTT Aromatics & Refining PCL

 

1,235,913

 

0.5

 

195,300

 

 

 

PTT Chemical PCL

 

973,338

 

0.4

 

861,000

 

 

 

Thai Airways International PCL

 

1,009,409

 

0.5

 

 

 

 

 

 

 

3,218,660

 

1.4

 

 

 

 

 

Total Common Stock

 

 

 

 

 

 

 

 

 

(Cost $203,113,439)

 

230,402,853

 

98.4

 

EXCHANGE-TRADED FUNDS: 0.7%

 

 

 

 

 

 

 

 

 

Australia: 0.2%

 

 

 

 

 

15,000

 

 

 

iShares MSCI Australia Index Fund

 

400,800

 

0.2

 

 

 

 

 

United States: 0.5%

 

 

 

 

 

18,000

 

 

 

iShares MSCI All Country Asia ex Japan Index Fund

 

1,150,380

 

0.5

 

 

 

 

 

Total Exchange-Traded Funds

 

 

 

 

 

 

 

 

 

(Cost $1,535,070)

 

1,551,180

 

0.7

 

 

 

 

 

Total Investments in Securities
(Cost $204,648,509)*

 

$

231,954,033

 

99.1

 

 

 

 

 

Assets in Excess of Other Liabilities

 

2,194,870

 

0.9

 

 

 

 

 

Net Assets

 

$

234,148,903

 

100.0

 

 

 

 

 

 

 

 

 

 

 

 

 

@

 

Non-income producing security

 

 

 

 

 

 

 

*

 

Cost for federal income tax purposes is $205,016,327.

 

 

 

 

 

 

 

 

 

Net unrealized appreciation consists of:

 

 

 

 

 

 

 

 

 

Gross Unrealized Appreciation

 

$

37,680,850

 

 

 

 

 

 

 

Gross Unrealized Depreciation

 

(10,743,144)

 

 

 

 

 

 

 

Net Unrealized appreciation

 

$

26,937,706

 

 

 

 



 

 

 

PORTFOLIO OF INVESTMENTS

ING Asia Pacific High Dividend Equity Income Fund

 

as of May 31, 2011 (Unaudited) (continued)

 

Industry

 

Percentage
of Net Assets

Consumer Discretionary

 

6 .4%

Consumer Staples

 

5 .9

Energy

 

8 .3

Financials

 

34 .2

Health Care

 

1 .3

Industrials

 

8 .9

Information Technology

 

13 .2

Materials

 

13 .4

Telecommunication Services

 

4 .8

Utilities

 

2 .7

Other Assets and Liabilities - Net

 

0 .9

Net Assets

 

100 .0%

 



 

 

 

PORTFOLIO OF INVESTMENTS

ING Asia Pacific High Dividend Equity Income Fund

 

as of May 31, 2011 (Unaudited) (continued)

 

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of May 31, 2011 in valuing the assets and liabilities:

 

 

 

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

 

 

 

 

 

 

 

 

Australia

 

$

913,949

 

$

58,852,222

 

$

 

$

59,766,171

China

 

 

43,191,765

 

 

43,191,765

Hong Kong

 

888,735

 

18,292,125

 

 

19,180,860

India

 

 

16,042,848

 

 

16,042,848

Indonesia

 

 

6,461,981

 

 

6,461,981

Malaysia

 

 

7,177,447

 

 

7,177,447

New Zealand

 

 

1,433,573

 

 

1,433,573

Philippines

 

 

1,248,743

 

 

1,248,743

Singapore

 

 

11,723,622

 

 

11,723,622

South Korea

 

 

33,828,786

 

 

33,828,786

Taiwan

 

 

27,128,397

 

 

27,128,397

Thailand

 

 

3,218,660

 

 

3,218,660

Total Common Stock

 

1,802,684

 

228,600,169

 

 

230,402,853

Exchange-Traded Funds

 

1,551,180

 

 

 

1,551,180

Total Investments, at value

 

$

3,353,864

 

$

228,600,169

 

$

 

$

231,954,033

Liabilities Table

 

 

 

 

 

 

 

 

Other Financial Instruments+

 

 

 

 

 

 

 

 

Written OTC Options

 

$

 

$

(979,020)

 

$

 

$

(979,020)

Total Liabilities

 

$

 

$

(979,020)

 

$

 

$

(979,020)

 

+

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.

 

ING Asia Pacific High Dividend Equity Income Fund Written OTC Options on May 31, 2011

 

# of
Contracts

 

Counterparty

 

Description

 

Exercise
Price

 

Expiration
Date

 

Premiums
Received

 

Fair
Value

Options on Indices

 

 

 

 

 

 

 

 

 

 

 

 

4,200

 

Morgan Stanley

 

Call on Australia S&P/ASX 200 Index

 

4705 .06

 

AUD

 

06/09/11

 

$

378,095

 

$

(236,700)

4,900

 

Royal Bank of Scotland Group PLC

 

Call on Hong Kong Hang Seng Index

 

22903 .60

 

HKD

 

06/09/11

 

253,442

 

(490,098)

47,400,000

 

Morgan Stanley

 

Call on Korea KOSPI 200 Index

 

281 .59

 

KRW

 

06/09/11

 

244,584

 

(197,253)

30,200

 

Citigroup, Inc.

 

Call on Taiwan TAIEX Index

 

9038 .00

 

TWD

 

06/09/11

 

161,959

 

(54,969)

 

 

 

 

 

 

Total Written OTC Options

 

$

1,038,080

 

$

(979,020)

 



 

 

 

PORTFOLIO OF INVESTMENTS

ING Asia Pacific High Dividend Equity Income Fund

 

as of May 31, 2011 (Unaudited) (continued)

 

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended May 31, 2011:

 

 

 

Beginning
Balance

 

 

 

 

 

Accrued
Discounts/

 

Total
Realized

 

Total
Unrealized
Appreciation/

 

Transfers
Into

 

Transfers
Out of

 

Ending
Balance

 

 

2/28/2011

 

Purchases

 

Sales

 

(Premiums)

 

Gain/(Loss)

 

(Depreciation)

 

Level 3

 

Level 3

 

5/31/2011

Asset Table

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments, at value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

431,174

 

$

 

$

 

$

 

$

 

$

 

$

 

$

(431,174)

 

$

Total Investments, at value

 

$

431,174

 

$

 

$

 

$

 

$

 

$

 

$

 

$

(431,174)

 

$

 

Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period. It is the policy of the Portfolio to recognize transfers at the end of the reporting period.

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(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

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

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