ING Global Equity Dividend and Premium Opportunity Fund and ING International
High Dividend Equity Income Fund Declare Monthly Distributions
SCOTTSDALE, Ariz., Nov. 16 /PRNewswire/ -- ING Investments, LLC announced the
monthly distributions on the common shares of two of its closed-end funds: ING
Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD) and ING
International High Dividend Equity Income Fund (NYSE: IID) (each a "Fund" and
collectively, the "Funds").
The monthly distributions announced today are reduced from distributions paid
in prior periods in an effort to align the Funds distributions with the
current conditions in the equity and options markets. The Funds' management
considered a number of factors before deciding to decrease each Fund's
distribution, including the level of assets in each respective Fund, the
dividend yield of the underlying equity portfolios and prevailing implied
option volatilities.
With respect to each Fund, the distribution will be paid on December 15, 2009,
to shareholders of record on December 3, 2009. The ex-dividend date is
December 1, 2009. The distribution per share for each Fund is as follows:
Fund Distribution Change from
Per Share previous month
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ING Global Equity Dividend and Premium
Opportunity Fund (NYSE: IGD) $0.125 - $0.031
ING International High Dividend Equity
Income Fund (NYSE: IID) $0.115 - $0.048
Each Fund intends to make regular monthly distributions based on the past and
projected performance of the Fund. The amount of monthly distributions may
vary, depending on a number of factors. As portfolio and market conditions
change, the rate of distributions on the common shares may change. There can
be no assurance that a Fund will be able to declare a distribution in each
period.
The tax treatment and characterization of a Fund's distributions may vary
significantly from time to time depending on the net investment income of the
Fund and whether the Fund has realized gains or losses from its options
strategy versus gain or loss realizations in the equity securities in the
portfolio. Each Fund's distributions will normally reflect past and projected
net investment income, and may include income from dividends and interest,
capital gains and/or a return of capital.
The portion of each Fund's monthly distributions estimated to come from the
Fund's option strategy, for tax purposes, may be treated as a combination of
long-term and short-term capital gains, and/or a return of capital. The tax
character of each Fund's option strategy is largely determined by movements
in, and gain and loss realizations in the underlying equity portfolio. Under
certain conditions, federal tax regulations may also cause some or all of the
return of capital to be taxed as ordinary income. The final tax
characteristics of the distributions cannot be determined with certainty until
after the end of the calendar year, and will be reported to shareholders at
that time.
IGD estimates that each distribution for the current fiscal year as of October
31, 2009, will be comprised of approximately 21% ordinary income and 79%
return of capital.
IID estimates that each distribution for the current fiscal year as of October
31, 2009, will be comprised of approximately 13% ordinary income and 87%
return of capital.
Certain statements made on behalf of the Funds in this release are forward-
looking statements. The Funds actual future results may differ significantly
from those anticipated in any forward-looking statements due to numerous
factors, including but not limited to a decline in value in equity markets in
general or the Funds investments specifically. Neither the Funds nor ING
undertake any responsibility to update publicly or revise any forward-looking
statement.
ING Investments, LLC, the manager of the Funds, is part of ING, a global
financial institution of Dutch origin offering banking, investments, life
insurance and retirement services to over 75 million private, corporate and
institutional clients in more than 50 countries. With a diverse workforce of
about 125,000 people, ING comprises a broad spectrum of prominent companies
that increasingly serve their clients under the ING brand.
SHAREHOLDER INQUIRIES: ING Funds Shareholder Services at (800) 992-0180
SOURCE ING
SHAREHOLDER INQUIRIES: ING Funds Shareholder Services, 1-800-992-0180
