Gabelli Global Gold, Natural Resources & Income Trust Declares Monthly Distributions of $0.14 Per Share
November 19 2009 - 10:29AM
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 January,
February, and March 2010.
The distribution for January 2010 will be payable on January 22,
2010 to common shareholders of record on January 14, 2010.
The distribution for February 2010 will be payable on February
19, 2010 to common shareholders of record on February 11, 2010.
The distribution for March 2010 will be payable on March 24,
2010 to common shareholders of record on March 17, 2010.
Each quarter, the Board of Trustees reviews the amount of any
potential distribution and 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 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 capital gains, if any, 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 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. 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 January, February, and March 2010.
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 to date 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 November
13, 2009, each of the distributions paid in 2009 would include
approximately 8% from net investment income, 46% from net
short-term capital gains, and 46% 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
$584 million 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) 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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