GAMCO Global Gold, Natural Resources & Income Trust by Gabelli Continues Monthly Distributions, Declaring Distributions of $0...
August 22 2013 - 12:20PM
Business Wire
The Board of Trustees of the GAMCO Global Gold, Natural
Resources & Income Trust by Gabelli (NYSE MKT:GGN) (the “Fund”)
approved the continuation of its policy of paying monthly cash
distributions. The Board of Trustees declared cash distributions of
$0.12 per share for each of October, November, and December
2013.
The distribution for October 2013 will be payable on October 24,
2013 to common shareholders of record on October 17, 2013.
The distribution for November 2013 will be payable on November
21, 2013 to common shareholders of record on November 14, 2013.
The distribution for December 2013 will be payable on December
19, 2013 to common shareholders of record on December 13, 2013.
Each quarter, the Board of Trustees reviews the amount of any
potential distribution from the income, capital gain, or capital
available. The Board of Trustees will continue to monitor the
Fund’s distribution level, taking into consideration the Fund’s net
asset value and the financial market environment. The distribution
rate should not be considered the dividend yield or total return on
an investment in the Fund.
The Fund currently intends to make monthly cash distributions of
all or a portion of its investment company taxable income (which
includes ordinary income and realized net short-term capital gains)
to common shareholders. The Fund also intends to make annual
distributions of its realized net long-term capital gains, if any.
A portion of the distribution may be a return of capital. Various
factors will affect the level of the Fund’s income, such as its
asset mix and use of covered call strategies. To permit the Fund to
maintain more stable distributions, the Fund may from time to time
distribute more or less than the entire amount of income earned in
a particular period. Because the Fund’s current monthly
distributions are subject to modification by the Board of Trustees
at any time and the Fund’s income will fluctuate, there can be no
assurance that the Fund will pay distributions at a particular rate
or frequency.
If the Fund does not generate sufficient earnings (dividends and
interest income and realized net capital gain) equal to or in
excess of the aggregate distributions paid by the Fund in a given
year, then the amount distributed in excess of the Fund’s earnings
would be deemed a return of capital. Since this would be considered
a return of a portion of a shareholder’s original investment, it is
generally not taxable and is treated as a reduction in the
shareholder’s cost basis.
Short-term capital gains, qualified dividend income, ordinary
income, and paid-in capital, if any, will be allocated on a
pro-rata basis to all distributions to common shareholders for the
year. Based on the accounting records of the Fund as of August 16,
2013, each of the distributions paid to common shareholders in 2013
would include approximately 5% from net investment income, 59% from
net capital gains and 36% from paid-in capital on a book basis. The
estimated components of each distribution are updated and provided
to shareholders of record in a notice accompanying the distribution
and are available on our website (www.gabelli.com). The final
determination of the sources of all distributions in 2013 will be
made after year end and can vary from the monthly estimates. All
shareholders with taxable accounts will receive written
notification regarding the components and tax treatment for all
2013 distributions in early 2014 via Form 1099-DIV.
Investors should carefully consider the investment objectives,
risks, charges, and expenses of the Fund before investing. More
information regarding the Fund’s distribution policy and other
information about the fund is available by calling 800-GABELLI
(800-422-3554) or visiting www.gabelli.com.
The GAMCO Global Gold, Natural Resources & Income Trust by
Gabelli is a non-diversified, closed-end management investment
company with $1.2 billion in total net assets whose primary
investment objective is to provide a high level of current income.
The Fund invests primarily in equity securities of gold and natural
resources companies and intends to earn income primarily through a
strategy of writing (selling) primarily covered call options on
equity securities in its portfolio. The Fund is managed by Gabelli
Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL), which
is a publicly traded NYSE listed company.
GAMCO Global Gold, Natural Resources & Income TrustMolly
Marion/Laurissa Martire, 914-921-5070
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