Gabelli Global Gold, Natural Resources & Income Trust Declares Monthly Distributions of $0.14 Per Share
August 20 2009 - 12:05PM
Business Wire
The Board of Trustees of The Gabelli Global Gold, Natural
Resources & Income Trust (NYSE Amex:GGN) (the “Fund”) declared
monthly cash distributions of $0.14 per share for October,
November, and December 2009.
The distribution for October 2009 will be payable on October 23,
2009 to common shareholders of record on October 16, 2009.
The distribution for November 2009 will be payable on November
20, 2009 to common shareholders of record on November 13, 2009.
The distribution for December 2009 will be payable on December
17, 2009 to common shareholders of record on December 14, 2009.
Each quarter, the Board of Trustees reviews the amount of any
potential distribution and the income, capital gain, or capital
available. The Fund’s portfolio managers believe that attractive
investment opportunities are available in the current environment
and will seek to allocate the Fund’s capital accordingly. 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 Fund 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 capital gains and may make
distributions constituting 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 monthly 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 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.
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. For the year ended December
31, 2008, the Fund had deferred capital losses for federal income
tax purposes of $27,842,945, which are available to reduce future
required distributions of capital gains. Notwithstanding, the Board
of Trustees determined to declare monthly cash distributions of
$0.14 per share for October, November, and December 2009. The Fund
is limited in the number of long-term capital gain distributions it
can make in any given year. None of the distributions paid in 2009
include long-term capital gain distributions. Accordingly, the
Board of Trustees will continue to evaluate the effect of any
deferred capital losses on the amount and frequency of any future
distributions and its effect on the Fund’s ability to make future
long-term capital gain distributions.
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 17,
2009, each of the distributions paid in 2009 would include
approximately 9% from net investment income, 29% from net
short-term capital gains, and 62% from paid-in capital on a book
basis. The estimated components of each distribution are 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 2009 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
2009 distributions in early 2010 via Form 1099-DIV.
The Gabelli Global Gold, Natural Resources & Income Trust is
a non-diversified, closed-end management investment company with
$426 million in total 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) 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.
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