UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21698
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Gabelli Global Gold, Natural Resources & Income Trust
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(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
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(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31
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Date of reporting period: September 30, 2006
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ --------
COMMON STOCKS -- 95.4%
DIVERSIFIED INDUSTRIAL -- 0.5%
28,400 Greif Inc., Cl. B ............................. $ 2,094,216
------------
ENERGY AND ENERGY SERVICES -- 38.2%
148,000 BJ Services Co. ............................... 4,459,240
71,000 BP plc, ADR ................................... 4,656,180
20,000 Chesapeake Energy Corp. ....................... 579,600
64,600 Chevron Corp. ................................. 4,189,956
65,000 ConocoPhillips (d) ............................ 3,869,450
147,000 Devon Energy Corp. (d) ........................ 9,283,050
55,000 Diamond Offshore Drilling Inc. ................ 3,980,350
104,300 Exxon Mobil Corp. (d) ......................... 6,998,530
107,600 GlobalSantaFe Corp. ........................... 5,378,924
247,000 Halliburton Co. (d) ........................... 7,027,150
100,000 Imperial Oil Ltd. ............................. 3,352,270
75,000 James River Coal Co.+ ......................... 791,250
55,000 Marathon Oil Corp. ............................ 4,229,500
174,000 Murphy Oil Corp. (d) .......................... 8,273,700
120,000 Nabors Industries Ltd.+ ....................... 3,570,000
130,000 Noble Corp. (d) ............................... 8,343,400
40,000 Oceaneering International Inc.+ ............... 1,232,000
100,000 Petroleo Brasileiro SA, ADR ................... 8,383,000
150,000 Rowan Companies Inc. .......................... 4,744,500
115,000 Royal Dutch Shell plc, Cl. A .................. 3,793,931
180,000 Saipem SpA .................................... 3,912,200
115,000 Sasol Ltd., ADR ............................... 3,782,350
100,000 Statoil ASA, ADR .............................. 2,382,000
130,000 Suncor Energy Inc. ............................ 9,366,500
60,000 Tesoro Corp. .................................. 3,478,800
81,800 Total SA, ADR ................................. 5,393,892
65,000 Transocean Inc.+ .............................. 4,759,950
105,000 Valero Energy Corp. (d) ....................... 5,404,350
190,000 Weatherford International Ltd.+ ............... 7,926,800
153,000 Williams Companies Inc. ....................... 3,652,110
174,500 XTO Energy Inc. (d) ........................... 7,351,685
------------
154,546,618
------------
METALS AND MINING -- 56.7%
471,900 Agnico-Eagle Mines Ltd. (d) ................... 14,690,247
125,000 Anglo American plc ............................ 5,226,180
180,000 AngloGold Ashanti Ltd., ADR ................... 6,793,200
90,000 Arch Coal Inc. ................................ 2,601,900
321,800 Barrick Gold Corp. (d) ........................ 9,885,696
100,000 BHP Billiton Ltd., ADR ........................ 3,788,000
180,000 Birch Mountain Resources Ltd.+ ................ 630,000
35,000 Cameco Corp. .................................. 1,279,950
118,140 Compania de Minas
Buenaventura SA, ADR ......................... 3,189,780
400,000 Eldorado Gold Corp.+ .......................... 1,735,629
286,000 Freeport-McMoRan Copper & Gold
Inc., Cl. B (d) .............................. 15,232,360
352,600 Glamis Gold Ltd.+ ............................. 13,903,018
140,000 Gold Fields Ltd. .............................. 2,471,334
MARKET
SHARES VALUE*
------ --------
740,700 Gold Fields Ltd., ADR (d) ..................... $ 13,214,088
297,500 Goldcorp Inc. (d) ............................. 7,021,000
185,800 Golden Star Resources Ltd.+ ................... 507,234
748,200 Harmony Gold Mining Co. Ltd., ADR+ ............ 9,674,226
25,341 Highland Gold Mining Ltd.+ .................... 82,321
342,500 IAMGOLD Corp. ................................. 2,895,661
28,500 Impala Platinum Holdings Ltd. ................. 4,701,974
70,000 Inco Ltd. ..................................... 5,338,900
762,800 Ivanhoe Mines Ltd., New York+ ................. 4,775,128
98,000 Ivanhoe Mines Ltd., Toronto+ .................. 611,103
70,000 Jubilee Mines NL .............................. 532,145
345,814 Kingsgate Consolidated Ltd. ................... 1,183,006
1,081,100 Kinross Gold Corp.+ (d) ....................... 13,535,372
1,900,000 Lihir Gold Ltd.+ .............................. 4,092,448
40,000 Lonmin plc .................................... 1,916,531
451,000 Meridian Gold Inc.+ ........................... 11,211,860
550,000 Newcrest Mining Ltd. .......................... 9,223,100
349,400 Newmont Mining Corp. (d) ...................... 14,936,850
60,000 Peabody Energy Corp. .......................... 2,206,800
150,000 Phelps Dodge Corp. (d) ........................ 12,705,000
668,200 Randgold Resources Ltd., ADR+ ................. 13,604,552
29,692 Rio Tinto plc, ADR ............................ 5,630,494
28,400 Teck Cominco Ltd., Cl. B ...................... 1,778,573
154,214 Xstrata plc ................................... 6,372,528
------------
229,178,188
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SPECIALTY CHEMICALS -- 0.0%
600 The Dow Chemical Co. .......................... 23,388
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TOTAL COMMON STOCKS ........................... 385,842,410
------------
PRINCIPAL
AMOUNT
------
U.S. GOVERNMENT OBLIGATIONS -- 4.6%
$18,776,000 U.S. Treasury Bills,
4.635% to 5.116%++,
10/19/06 to 03/08/07 (d) ..................... 18,574,336
------------
NUMBER OF EXPIRATION DATE/
CONTRACTS EXERCISE PRICE
--------- --------------
PUT OPTIONS PURCHASED -- 0.0%
ENERGY AND ENERGY SERVICES -- 0.0%
750 James River Coal Co. ............Mar. 07/12.50 213,750
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TOTAL INVESTMENTS -- 100.0%
(Cost $371,494,501) ..................................... $404,630,496
============
--------------
Aggregate book cost .............................. $371,494,501
============
Gross unrealized appreciation .................... $ 46,044,782
Gross unrealized depreciation .................... (12,908,787)
------------
Net unrealized appreciation
(depreciation) .................................. $ 33,135,995
============
2
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ --------
COMMON STOCKS SOLD SHORT -- (0.6)%
DIVERSIFIED INDUSTRIAL -- (0.6)%
(28,400) Greif Inc., Cl. A ............................. $ (2,275,124)
------------
TOTAL COMMON STOCKS SOLD SHORT
(Total Proceeds $2,008,780) .................. $ (2,275,124)
============
NUMBER OF EXPIRATION DATE/
CONTRACTS EXERCISE PRICE
--------- --------------
OPTION CONTRACTS WRITTEN -- (2.9)%
CALL OPTIONS WRITTEN -- (2.9)%
1,300 Agnico-Eagle Mines Ltd. .........Nov. 06/30 $ 416,000
883 Agnico-Eagle Mines Ltd. .........Nov. 06/35 101,545
2,536 Agnico-Eagle Mines Ltd. .........Nov. 06/40 139,480
125 Anglo American plc(b) ...........Dec. 06/2365 28,085
1,050 AngloGold Ashanti Ltd., ADR .....Oct. 06/45 10,500
450 AngloGold Ashanti Ltd., ADR .....Oct. 06/55 2,250
300 AngloGold Ashanti Ltd., ADR .....Jan. 07/45 36,000
900 Arch Coal Inc. ..................Jan. 07/45 22,500
500 Barrick Gold Corp. ..............Oct. 06/30 87,500
1,400 Barrick Gold Corp. ..............Oct. 06/32.50 49,000
1,318 Barrick Gold Corp. ..............Jan. 07/32.50 243,830
750 BHP Billiton Ltd., ADR ..........Nov. 06/40 90,000
250 BHP Billiton Ltd., ADR ..........Nov. 06/50 1,875
1,480 BJ Services Co. .................Oct. 06/30 192,400
710 BP plc, ADR .....................Oct. 06/75 3,550
350 Cameco Corp. ....................Dec. 06/40 56,000
200 Chesapeake Energy Corp. .........Oct. 06/32.50 2,000
496 Chevron Corp. ...................Dec. 06/65 114,080
150 Chevron Corp. ...................Dec. 06/70 12,000
150 ConocoPhillips ..................Oct. 06/65 2,250
500 ConocoPhillips ..................Nov. 06/70 7,500
270 Devon Energy Corp. ..............Oct. 06/65 40,500
250 Devon Energy Corp. ..............Oct. 06/70 10,000
250 Devon Energy Corp. ..............Jan. 07/70 73,750
700 Devon Energy Corp. ..............Jan. 07/80 66,500
300 Diamond Offshore Drilling Inc. ..Oct. 06/70 135,000
250 Diamond Offshore Drilling Inc. ..Dec. 06/80 66,875
343 Exxon Mobil Corp. ...............Oct. 06/62.50 185,220
100 Exxon Mobil Corp. ...............Oct. 06/67.50 13,000
600 Exxon Mobil Corp. ...............Jan. 07/65 294,000
2,860 Freeport-McMoRan Copper
& Gold Inc., Cl. B .............Nov. 06/60 314,600
500 Glamis Gold Ltd. ................Oct. 06/35 245,000
2,250 Glamis Gold Ltd. ................Nov. 06/40 613,125
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE PRICE*
--------- -------------- ------
776 Glamis Gold Ltd. ................Nov. 06/45 $ 83,420
576 GlobalSantaFe Corp. .............Oct. 06/45 269,568
250 GlobalSantaFe Corp. .............Nov. 06/50 68,750
250 GlobalSantaFe Corp. .............Jan. 07/52.50 73,750
3,100 Gold Fields Ltd., ADR ...........Oct. 06/20 77,500
2,850 Gold Fields Ltd., ADR ...........Oct. 06/22.50 14,250
1,500 Gold Fields Ltd., ADR ...........Oct. 06/25 7,500
1,000 Gold Fields Ltd., ADR ...........Nov. 06/17.50 165,000
357 Gold Fields Ltd., ADR ...........Jan. 07/20 46,410
1,090 Goldcorp Inc. ...................Oct. 06/30 10,900
1,235 Goldcorp Inc. ...................Nov. 06/27.50 80,275
650 Goldcorp Inc. ...................Jan. 07/25 149,500
1,858 Golden Star Resources Ltd. ......Jan. 07/5 27,870
1,000 Halliburton Co. .................Oct. 06/27.50 140,000
470 Halliburton Co. .................Oct. 06/30 16,450
1,000 Halliburton Co. .................Jan. 07/32.50 90,000
4,000 Harmony Gold Mining
Co. Ltd., ADR ..................Nov. 06/12.50 520,000
3,482 Harmony Gold Mining
Co. Ltd., ADR ..................Nov. 06/15 121,870
3,425 IAMGOLD Corp.(a) ................Nov. 06/12 26,046
1,000 Imperial Oil Ltd.(a) ............Oct. 06/48 6,710
700 Inco Ltd. .......................Jan. 07/80 31,500
800 Ivanhoe Mines Ltd. ..............Dec. 06/5 116,000
7,808 Ivanhoe Mines Ltd. ..............Dec. 06/7.50 175,680
9,040 Kinross Gold Corp. ..............Nov. 06/12.50 949,200
1,000 Kinross Gold Corp. ..............Nov. 06/15 35,000
500 Kinross Gold Corp. ..............Feb. 07/12.50 92,500
271 Kinross Gold Corp. ..............Feb. 07/15 25,745
1,900 Lihir Gold Ltd.(c) ..............Feb. 07/3.35 240,732
450 Marathon Oil Corp. ..............Oct. 06/75 166,500
100 Marathon Oil Corp. ..............Oct. 06/85 3,000
2,096 Meridian Gold Inc. ..............Oct. 06/30 20,960
2,414 Meridian Gold Inc. ..............Jan. 07/30 307,785
270 Murphy Oil Corp. ................Oct. 06/50 12,150
1,330 Murphy Oil Corp. ................Oct. 06/55 6,650
140 Murphy Oil Corp. ................Oct. 06/60 700
200 Nabors
Industries Ltd. ................Dec. 06/35 9,000
1,000 Nabors
Industries Ltd. ................Dec. 06/37.50 20,000
1,000 Newmont Mining Corp. ............Oct. 06/42.50 160,000
1,250 Newmont Mining Corp. ............Dec. 06/47.50 150,000
1,244 Newmont Mining Corp. ............Dec. 06/50 80,860
650 Noble Corp. .....................Oct. 06/65 123,500
650 Noble Corp. .....................Oct. 06/70 32,500
200 Oceaneering
International Inc. .............Oct. 06/42.50 1,000
200 Oceaneering
International Inc. .............Oct. 06/45 2,000
600 Peabody Energy Corp. ............Dec. 06/40 135,000
500 Petroleo Brasileiro
SA, ADR ........................Oct. 06/95 10,000
3
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE PRICE*
--------- -------------- ------
OPTION CONTRACTS WRITTEN (CONTINUED)
CALL OPTIONS WRITTEN (CONTINUED)
500 Petroleo Brasileiro
SA, ADR ........................Jan. 07/95 $ 110,000
700 Phelps Dodge Corp. ..............Oct. 06/100 7,000
160 Phelps Dodge Corp. ..............Oct. 06/120 1,600
200 Phelps Dodge Corp. ..............Jan. 07/100 42,000
440 Phelps Dodge Corp. ..............Jan. 07/120 11,000
1,500 Randgold Resources
Ltd., ADR ......................Oct. 06/25 7,500
2,915 Randgold Resources
Ltd., ADR ......................Dec. 06/22.50 335,225
2,267 Randgold Resources
Ltd., ADR ......................Mar. 07/25 289,042
50 Rio Tinto plc, ADR ..............Jan. 07/210 43,500
1,100 Rowan Companies Inc. ............Oct. 06/35 11,000
400 Rowan Companies Inc. ............Oct. 06/40 2,000
115 Royal Dutch Shell
plc, Cl. A(b) ..................Oct. 06/1900 53,830
180,000 Saipem SpA ......................Dec. 06/19.56 57,062
1,000 Sasol Ltd., ADR .................Oct. 06/40 5,000
1,000 Statoil ASA, ADR ................Oct. 06/30 5,000
844 Suncor Energy Inc. ..............Oct. 06/65 633,000
256 Suncor Energy Inc. ..............Oct. 06/85 2,560
200 Suncor Energy Inc. ..............Dec. 06/90 16,000
300 Tesoro Corp. ....................Oct. 06/65 12,000
300 Tesoro Corp. ....................Nov. 06/75 4,500
6 The Dow Chemical Co. ............Oct. 06/35 2,490
429 Total SA, ADR ...................Nov. 06/60 283,140
389 Total SA, ADR ...................Nov. 06/70 26,258
400 Transocean Inc. .................Nov. 06/85 26,000
250 Transocean Inc. .................Jan. 07/75 145,000
1,050 Valero Energy Corp. .............Oct. 06/55 57,750
500 Weatherford
International Ltd. .............Oct. 06/35 355,000
1,400 Weatherford
International Ltd. .............Jan. 07/50 147,000
930 Williams Companies Inc. .........Oct. 06/20 362,700
600 Williams Companies Inc. .........Oct. 06/27.50 3,000
1,000 XTO Energy Inc. .................Oct. 06/50 5,000
245 XTO Energy Inc. .................Nov. 06/45 28,175
500 XTO Energy Inc. .................Nov. 06/50 17,500
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TOTAL CALL OPTIONS WRITTEN
(Premiums received $17,402,716) .............. $ 11,687,478
============
--------------
Aggregate book cost .............................. $ 19,411,496
============
Gross unrealized appreciation .................... $ 7,531,483
Gross unrealized depreciation .................... (2,082,589)
------------
Net unrealized appreciation (depreciation) ....... $ 5,448,894
============
--------------
EQUITY SWAPS
UNREALIZED
NOTIONAL EQUITY SECURITY INTEREST RATE/ TERMINATION APPRECIATION/
AMOUNT RECEIVED EQUITY SECURITY PAID DATE (DEPRECIATION)
------ --------------- -------------------- ------- -------------
$1,838,006 Market Value 3 Month LIBOR 08/06/07 $34,221
1,874,467 Appreciation plus 45 bps plus 08/06/07 (300)
on MMX Market Value
Mineraco e Depreciation on
Metalicos SA MMX Mineraco e
Metalicos SA
-------
Net Unrealized Appreciation $33,921
=======
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(a) Exercise price denoted in Canadian dollars.
(b) Exercise price denoted in British pounds.
(c) Exercise price denoted in Australian dollars.
(d) Securities, or a portion thereof, with a value of $105,065,349 is pledged
as collateral for short sales and options written.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt
* Portfolio securities are valued at the last quoted sale price or closing
values. If these are unavailable, then the average of the closing bid and
asked prices is used. If there is no asked price, the security is valued at
the closing bid price on that day. Debt instruments are valued at the
average of the closing bid and asked prices. If the security matures in 60
days or less and is not credit impaired, it is valued at amortized cost.
All securities and assets for which market quotations are not readily
available or any security that the Board determines does not reflect its
fair market value are valued in good faith under procedures established by
the Board.
% OF
MARKET MARKET
VALUE VALUE
------ ------
GEOGRAPHIC DIVERSIFICATION
LONG POSITIONS
North America ........................ 61.9% $250,651,962
Europe ............................... 13.1 52,970,809
Latin America ........................ 10.3 41,551,854
South Africa ......................... 10.0 40,637,172
Asia/Pacific ......................... 4.7 18,818,699
----- ------------
100.0% $404,630,496
===== ============
SHORT POSITIONS
North America ........................ (2.5)% $(10,101,455)
Latin America ........................ (0.3) (1,390,068)
Europe ............................... (0.3) (1,132,192)
South Africa ......................... (0.3) (1,006,280)
Asia/Pacific ......................... (0.1) (332,607)
----- ------------
(3.5)% $(13,962,602)
===== ============
4
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that have materially affected, or are reasonably likely
to materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Gabelli Global Gold, Natural Resources & Income Trust
-------------------------------------------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date 11/03/06
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date 11/03/06
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady,
Principal Financial Officer & Treasurer
Date 11/03/06
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.