Gabelli Global Gold, Natural Resources & Income Trust Declares Monthly Distributions of $0.14 Per Share
May 26 2011 - 3:43PM
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 each of July,
August, and September 2011.
The distribution for July 2011 will be payable on July 22, 2011
to common shareholders of record on July 15, 2011.
The distribution for August 2011 will be payable on August 24,
2011 to common shareholders of record on August 17, 2011.
The distribution for September 2011 will be payable on September
23, 2011 to common shareholders of record on September 16,
2011.
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 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. Under federal tax regulations, some or
all of the return of capital distributed by the Fund may be taxable
as ordinary income in certain circumstances. This may occur when
the Fund has a capital loss carry forward, net capital gains are
realized in a fiscal year and distributions are made in excess of
investment company taxable income.
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 May 16,
2011, each of the distributions paid in 2011 would include
approximately 2% from net investment income, 65% from net capital
gains and 33% 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 2011 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
2011 distributions in early 2012 via Form 1099-DIV.
The Gabelli Global Gold, Natural Resources & Income Trust 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.
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