ING Global Equity Dividend and Premium Opportunity Fund, ING International High Dividend Equity Income Fund, ING Infrastructure, Industrials and Materials Fund, ING Global Advantage and Premium Opportunity Fund, ING Risk Managed Natural Resources Fund, IN

SCOTTSDALE, Ariz., Dec. 15, 2011 /PRNewswire/ -- www.ingfunds.com -- ING Investments, LLC announced the distributions on the common shares of seven of its closed-end funds (each a "Fund" and collectively, the "Funds"): ING Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD) and ING International High Dividend Equity Income Fund (NYSE: IID) declare monthly distributions. ING Infrastructure, Industrials and Materials Fund (NYSE: IDE), ING Global Advantage and Premium Opportunity Fund (NYSE: IGA), ING Risk Managed Natural Resources Fund (NYSE: IRR), ING Asia Pacific High Dividend Equity Income Fund (NYSE: IAE) and ING Emerging Markets High Dividend Equity Fund (NYSE: IHD) declare quarterly distributions.

The distributions announced today for IGD, IID, IGA, IRR and IAE are reduced from distributions paid in prior periods in an effort to align the Funds distributions with the current conditions in the equity markets. The Funds' management considered a number of factors before deciding to decrease each Fund's distribution, including general market outlook, the dividend yield expectations of the underlying equity portfolios and prevailing implied option volatilities.

With respect to each Fund, the distribution will be paid on January 16, 2012, to shareholders of record on December 30, 2011. The ex-dividend date is December 28, 2011. The distribution per share for each Fund is as follows:

    Fund                   Distribution Per Share      Change from previous
                                                               period
    ---                                                       ------
    Monthly Distributions
    ---------------------

    ING Global Equity
     Dividend and Premium
     Opportunity Fund
     (NYSE: IGD)                                $0.093                 -$0.007

    ING International High
     Dividend Equity
     Income Fund (NYSE:
     IID)                                       $0.086                 -$0.006

    Quarterly
     Distributions
    --------------

    ING Infrastructure,
     Industrials and
     Materials Fund (NYSE:
     IDE)                                       $0.450       No change

    ING Global Advantage
     and Premium
     Opportunity Fund
     (NYSE: IGA)                                $0.312                 -$0.023

    ING Risk Managed
     Natural Resources
     Fund (NYSE: IRR)                           $0.330                 -$0.033

    ING Asia Pacific High
     Dividend Equity
     Income Fund (NYSE:
     IAE)                                       $0.396                 -$0.030

    ING Emerging Markets
     High Dividend Equity
     Fund (NYSE: IHD)                           $0.400       No change

Each Fund intends to make regular monthly or quarterly distributions based on the past and projected performance of the Fund. The amount of 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. Past Performance is no guarantee of future results.

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 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.

Monthly Distributions

IGD estimates that for the current fiscal year as of November 30, 2011, approximately 30% of each distribution is characterized as net investment income and 70% is characterized as return of capital.

IID estimates that for the current fiscal year as of November 30, 2011, approximately 27% of each distribution is characterized as net investment income, 44% is characterized as short-term capital gain and 29% is characterized as return of capital.

Quarterly Distributions

IDE estimates that for the current fiscal year as of September 30, 2011, approximately 19% of each distribution is characterized as net investment income, 56% is characterized as short-term capital gain and 25% is characterized as long-term capital gain.

IGA estimates that for the current fiscal year as of September 30, 2011, approximately 100% of each distribution is characterized as short-term capital gain.

IRR estimates that for the current fiscal year as of September 30, 2011, approximately 4% of each distribution is characterized as net investment income, 57% is characterized as short-term capital gain and 39% is characterized as return of capital.

IAE estimates that for the current fiscal year as of September 30, 2011, approximately 25% of each distribution is characterized as net investment income and 75% is characterized as short-term capital gain.

IHD estimates that for the current fiscal year as of September 30, 2011, approximately 21% of each distribution is characterized as net investment income, 49% is characterized as short-term capital gain and 30% is characterized as 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.

This information should not be used as a basis for legal and/or tax advice. In any specific case, the parties involved should seek the guidance and advice of their own legal and tax counsel.

ING Investment Management U.S. (ING IM U.S.) is a leading active asset management firm. As of September 30, 2011, ING IM U.S. manages approximately $163 billion for both affiliated and external institutions as well as individual investors. ING IM U.S. has the experience and resources to invest responsibly across asset classes, geographies and investment styles. Through our global asset management network, we provide clients with access to domestic, regional and global investment solutions.

SHAREHOLDER INQUIRIES: ING Funds Shareholder Services at (800) 992-0180;
www.ingfunds.com

SOURCE ING

SOURCE: ING

CONTACT: Mr. Dana Ripley, +1-770-980-4865

Web Site: http://www.ingfunds.com