Voya Investment Management, the asset management business of
Voya Financial, Inc. (NYSE: VOYA), announced today the
distributions on the common shares of five of its closed-end funds
(each a "Fund" and collectively, the Funds").
The Fund distributions announced today are changes from
distributions paid in prior periods and are implemented in an
effort to align the Funds’ distributions with the long-term market
environment. The Funds' management considered a number of factors
before deciding to change a 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
October 15, 2019, to shareholders of record on October 2, 2019. The
ex-dividend date is October 1, 2019. The distribution per share for
each Fund is as follows:
Fund
Distribution Per Share
Change
from Previous Period
Monthly
Distributions
Voya Global Equity Dividend and Premium
Opportunity Fund (NYSE: IGD)
$0.040
-$0.021
Voya International High Dividend Equity
Income Fund (NYSE: IID)
$0.030
-$0.022
Quarterly
Distributions
Voya Natural Resources Equity Income Fund
(NYSE: IRR)
$0.077
-$0.085
Voya Asia Pacific High Dividend Equity
Income Fund (NYSE: IAE)
$0.215
$0.010
Voya Emerging Markets High Dividend Equity
Fund (NYSE: IHD)
$0.180
-$0.005
Each Fund intends to make regular monthly/quarterly
distributions based on the past and projected performance of each
Fund. The amount of monthly/quarterly 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 monthly/quarterly 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
August 31, 2019, approximately 27% of each distribution is
characterized as net investment income and 73% is characterized as
return of capital.
IID estimates that for the current fiscal year as of
August 31, 2019, approximately 29% of each distribution is
characterized as net investment income and 71% is characterized as
return of capital.
Quarterly Distributions
IRR estimates that for the current fiscal year as of June
30, 2019, approximately 13% of each distribution is characterized
as net investment income and 87% is characterized as return of
capital.
IAE estimates that for the current fiscal year as of June
30, 2019, approximately 33% of each distribution is characterized
as net investment income and 67% is characterized as return of
capital.
IHD estimates that for the current fiscal year as of June
30, 2019, approximately 29% of each distribution is characterized
as net investment income and 71% is characterized as return of
capital.
Shares of closed-end funds often trade at a discount from their
net asset value. The market price of Fund shares may vary from net
asset value based on factors affecting the supply and demand for
shares, such as Fund distribution rates relative to similar
investments, investors' expectations for future distribution
changes, the clarity of the Fund's investment strategy and future
return expectations, and investors' confidence in the underlying
markets in which the Fund invests. Fund shares are subject to
investment risk, including possible loss of principal invested. No
Fund is a complete investment program and you may lose money
investing in a Fund. An investment in a Fund may not be appropriate
for all investors. Before investing, prospective investors should
consider carefully the Fund's investment objective, risks, charges
and expenses.
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 Voya Investment
Management 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.
About Voya Investment Management
A leading, active asset management firm, Voya Investment
Management manages, as of June 30, 2019, approximately $220 billion
for affiliated and external institutions as well as individual
investors. With 40 years of history in asset management, Voya
Investment Management has the experience and resources to provide
clients with investment solutions with an emphasis on equities,
fixed income, and multi-asset strategies and solutions. For more
information, visit voyainvestments.com. Follow Voya Investment
Management on Twitter @VoyaInvestments.
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version on businesswire.com: https://www.businesswire.com/news/home/20190923005775/en/
SHAREHOLDER INQUIRIES: Shareholder Services at (800) 992-0180;
voyainvestments.com
Kris Kagel, (212) 309-6568
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