nvq
 
 
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
The Gabelli Global Gold, Natural Resources & Income Trust
 
(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
 
(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-422-3554
Date of fiscal year end: December 31
Date of reporting period: September 30, 2009
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 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. § 3507.
 
 

 


 

Item 1. Schedule of Investments.
The Schedule(s) of Investments is attached herewith.
(GABELLI LOGO)
The Gabelli Global Gold, Natural Resources & Income Trust
Third Quarter Report
September 30, 2009
To Our Shareholders,
     The Gabelli Global Gold, Natural Resources & Income Trust’s (the “Fund”) net asset value (“NAV”) total return was 19.1% during the third quarter of 2009, compared with 8.2%, 4.2%, 12.9%, and 19.1% for the Chicago Board Options Exchange (“CBOE”) S&P 500 Buy/Write Index, the Barclays Capital Government/Corporate Bond Index, the Amex Energy Select Sector Index, and for the Philadelphia Gold & Silver Index, respectively.
     Enclosed is the investment portfolio as of September 30, 2009.
Comparative Results
Average Annual Returns through September 30, 2009 (a)
                                         
                                    Since
            Year to                   Inception
    Quarter   Date   1 Year   3 Year   (03/31/05)
Gabelli Global Gold, Natural Resources & Income Trust
                                       
NAV Total Return (b)
    19.06 %     60.30 %     (7.12 )%     (3.02 )%     3.50 %
Investment Total Return (c)
    17.64       29.28       (12.41 )     (3.11 )     2.83  
CBOE S&P 500 Buy/Write Index
    8.18       16.52       (8.15 )     (2.83 )     0.93  
Philadelphia Gold & Silver Index
    19.14       34.11       27.18       9.81       14.59  
Amex Energy Select Sector Index
    12.92       14.72       (13.70 )     1.94       6.89  
Barclays Capital Government/Corporate Bond Index
    4.16       4.74       11.46       6.25       5.45  

(a)  
Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The CBOE S&P 500 Buy/Write Index is an unmanaged benchmark index designed to reflect the return on a portfolio that consists of a long position in the stocks in the S&P 500 Index and a short position in a S&P 500 (SPX) call option. The Philadelphia Gold & Silver Index is an unmanaged indicator of stock market performance of large North American gold and silver companies, while the Amex Energy Select Sector Index is an unmanaged indicator of stock market performance of large U.S. companies involved in the development or production of energy products. The Barclays Capital Government/Corporate Bond Index is an unmanaged market value weighted index that tracks the total return performance of fixed rate, publicly placed, dollar denominated obligations. Dividends and interest income are considered reinvested. You cannot invest directly in an index.
(b)  
Total returns and average annual returns reflect changes in the NAV per share and reinvestment of distributions at NAV on the ex-dividend date and are net of expenses. Since inception return is based on an initial NAV of $19.06.
(c)  
Total returns and average annual returns reflect changes in closing market values on the NYSE Amex and reinvestment of distributions. Since inception return is based on an initial offering price of $20.00.
We have separated the portfolio managers’ commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio managers’ commentary is unrestricted. The financial statements and investment portfolio are mailed separately from the commentary. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

 


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS
September 30, 2009 (Unaudited)
                 
            Market  
Shares         Value  
 
       
COMMON STOCKS — 83.9%
       
       
Energy and Energy Services — 34.1%
       
  27,500    
Apache Corp.
2,525,325  
  63,000    
Baker Hughes Inc. (a)
    2,687,580  
  220,000    
BG Group plc
    3,821,837  
  358,000    
BJ Services Co. (a)
    6,955,940  
  106,000    
BP plc, ADR (a)
    5,642,380  
  130,500    
Chesapeake Energy Corp. (a)
    3,706,200  
  43,400    
Chevron Corp. (a)
    3,056,662  
  307,692    
Comanche Energy Inc.† (b)(c)(d)
    0  
  100,000    
ConocoPhillips (a)
    4,516,000  
  143,000    
Devon Energy Corp. (a)
    9,628,190  
  40,000    
Diamond Offshore Drilling Inc. (a)
    3,820,800  
  450,000    
El Paso Corp.
    4,644,000  
  74,000    
Exxon Mobil Corp. (a)
    5,077,140  
  65,000    
Galp Energia SGPS SA, Cl. B
    1,124,298  
  259,000    
Halliburton Co. (a)
    7,024,080  
  234,000    
Heritage Oil plc†
    1,837,685  
  161,200    
Imperial Oil Ltd.
    6,135,432  
  208,000    
Marathon Oil Corp. (a)
    6,635,200  
  119,000    
Murphy Oil Corp. (a)
    6,850,830  
  285,000    
Nabors Industries Ltd.† (a)
    5,956,500  
  70,000    
Nexen Inc.
    1,579,900  
  198,000    
Noble Corp. (a)
    7,516,080  
  281,500    
Petroleo Brasileiro SA, ADR (a)
    12,920,850  
  233,000    
Rowan Companies Inc. (a)
    5,375,310  
  130,000    
Royal Dutch Shell plc, Cl. A
    3,705,411  
  117,500    
Saipem SpA
    3,538,618  
  91,700    
Sasol Ltd., ADR (a)
    3,495,604  
  88,400    
StatoilHydro ASA, ADR (a)
    1,992,536  
  269,000    
Suncor Energy Inc. (a)
    9,296,640  
  40,000    
Technip SA
    2,555,022  
  59,000    
Tesoro Corp. (a)
    883,820  
  200,800    
The Williams Companies Inc. (a)
    3,588,296  
  32,500    
Total SA, ADR
    1,925,950  
  88,500    
Transocean Ltd.† (a)
    7,569,405  
  76,100    
Valero Energy Corp. (a)
    1,475,579  
  328,000    
Weatherford International Ltd.† (a)
    6,799,440  
  194,000    
XTO Energy Inc. (a)
    8,016,080  
       
 
     
       
 
    173,880,620  
       
 
     
       
 
       
       
Metals and Mining — 49.8%
       
  255,000    
Agnico-Eagle Mines Ltd. (a)
    17,301,750  
  154,000    
Anglo American plc†
    4,905,101  
  46,250    
Anglo Platinum Ltd.†
    4,106,596  
  308,000    
AngloGold Ashanti Ltd., ADR (a)
    12,554,080  
  330,300    
Barrick Gold Corp. (a)
    12,518,370  
  70,000    
BHP Billiton Ltd., ADR (a)
    4,620,700  
  130,000    
Compania de Minas
Buenaventura SA, ADR
    4,577,300  
                   
            Market  
Shares         Value  
 
  325,000    
Eldorado Gold Corp.†
3,691,216  
  175,000    
Equinox Minerals Ltd.†
    565,544  
  60,000    
Franco-Nevada Corp.
    1,574,184  
  175,000    
Franco-Nevada Corp. (e)
    4,591,370  
  115,792    
Freeport-McMoRan Copper
& Gold Inc. (a)
    7,944,489  
  538,500    
Fresnillo plc
    6,643,899  
  200,000    
Gold Fields Ltd.
    2,702,343  
  1,116,600    
Gold Fields Ltd., ADR (a)
    15,386,748  
  279,300    
Goldcorp Inc. (a)
    11,275,341  
  706,100    
Harmony Gold Mining Co. Ltd., ADR (a)
    7,724,734  
  969,700    
Hochschild Mining plc
    4,850,670  
  200,000    
IAMGOLD Corp.
    2,828,000  
  412,000    
Impala Platinum Holdings Ltd.
    9,597,977  
  216,140    
Ivanhoe Mines Ltd.† (a)
    2,764,431  
  50,000    
Ivanhoe Mines Ltd.† (c)
    639,500  
  88,000    
Kazakhmys plc
    1,510,452  
  552,900    
Kinross Gold Corp. (a)
    11,997,930  
  2,298,488    
Lihir Gold Ltd.†
    5,677,633  
  250,600    
Lundin Mining Corp.† (a)
    840,312  
  490,646    
Newcrest Mining Ltd.
    13,807,848  
  170,000    
Newmont Mining Corp. (a)
    7,483,400  
  12,537,555    
PanAust Ltd.†
    5,419,709  
  61,300    
Peabody Energy Corp. (a)
    2,281,586  
  210,007    
Randgold Resources Ltd., ADR (a)
    14,675,289  
  574,000    
Red Back Mining Inc.†
    6,449,559  
  47,000    
Rio Tinto plc, ADR (a)
    8,003,630  
  157,700    
Royal Gold Inc.
    7,191,120  
  78,700    
Vale SA, ADR (a)
    1,820,331  
  62,000    
Vedanta Resources plc
    1,884,613  
  721,005    
Xstrata plc†
    10,629,789  
  1,031,200    
Yamana Gold Inc. (a)
    11,044,152  
       
 
     
       
 
    254,081,696  
       
 
     
       
TOTAL COMMON STOCKS
    427,962,316  
       
 
     
       
 
       
       
CONVERTIBLE PREFERRED STOCKS — 1.7%
       
       
Metals and Mining — 1.7%
       
  51,720    
Freeport-McMoRan Copper & Gold Inc.,
6.750% Cv. Pfd
    5,327,160  
  10,000    
Vale Capital II, 6.750%, Cv. Pfd.,
Ser. VALe
    689,500  
  35,000    
Vale Capital II, 6.750%, Cv. Pfd.,
Ser. VALE
    2,476,950  
  6,000    
Vale Capital Ltd., 5.500% Cv. Pfd.,
Ser. RIO
    276,060  
       
 
     
       
TOTAL CONVERTIBLE
PREFERRED STOCKS
    8,769,670  
       
 
     


See accompanying notes to schedule of investments.
2


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2009 (Unaudited)
                 
            Market  
Shares         Value  
 
       
WARRANTS — 0.1%
       
        Energy and Energy Services — 0.0%
  34,091    
Comanche Energy Inc., Cl. A,
expire 06/13/13† (b)(c)(d)
0  
  36,197    
Comanche Energy Inc., Cl. B,
expire 06/13/13† (b)(c)(d)
    0  
  82,965    
Comanche Energy Inc., Cl. C,
expire 06/13/13† (b)(c)(d)
    0  
       
 
     
       
 
    0  
       
 
     
       
 
       
       
Metals and Mining — 0.1%
       
  62,500    
Franco-Nevada Corp.,
expire 03/13/12† (b)(d)(e)
    154,833  
  87,500    
Franco-Nevada Corp.,
expire 06/16/17† (e)
    506,702  
       
 
     
       
 
    661,535  
       
 
     
       
TOTAL WARRANTS
    661,535  
       
 
     
                 
Principal              
Amount              
        CONVERTIBLE CORPORATE BONDS — 2.2%
        Energy and Energy Services — 0.9%
$ 1,500,000    
Chesapeake Energy Corp., Cv.,
2.250%, 12/15/38
    1,128,750  
  2,000,000    
Nabors Industries Inc., Cv.,
0.940%, 05/15/11
    1,942,500  
  500,000    
Transocean Ltd., Ser. A, Cv.,
1.625%, 12/15/37
    500,000  
  1,000,000    
Transocean Ltd., Ser. B, Cv.,
1.500%, 12/15/37
    970,000  
       
 
     
       
 
    4,541,250  
       
 
     
       
 
       
       
Metals and Mining — 1.3%
       
  270,000    
Alcoa Inc., Cv.,
5.250%, 03/15/14
    595,350  
  5,000,000    
Newmont Mining Corp., Cv.,
1.625%, 07/15/17
    5,868,750  
       
 
     
       
 
    6,464,100  
       
 
     
       
TOTAL CONVERTIBLE
CORPORATE BONDS
    11,005,350  
       
 
     
       
 
       
       
CORPORATE BONDS — 8.3%
       
       
Energy and Energy Services — 3.0%
       
  3,575,507    
Comanche Energy Inc., PIK,
15.500%, 06/13/13 (b)(c)(d)
    1,783,595  
  2,500,000    
Compagnie Generale de Geophysique-Veritas,
7.500%, 05/15/15
    2,500,000  
                 
Principal         Market  
Amount         Value  
 
$ 2,000,000    
Marathon Oil Corp.,
6.000%, 10/01/17
2,105,476  
  2,000,000    
PetroHawk Energy Corp.,
9.125%, 07/15/13
    2,065,000  
  2,000,000    
Suncor Energy Inc.,
6.100%, 06/01/18
    2,093,644  
  1,000,000    
Tesoro Corp.,
6.250%, 11/01/12
    985,000  
  500,000    
Tesoro Corp.,
9.750%, 06/01/19
    522,500  
  2,500,000    
Weatherford International Ltd.,
9.625%, 03/01/19
    3,134,700  
       
 
     
       
 
    15,189,915  
       
 
     
       
 
       
       
Metals and Mining — 5.3%
       
  2,000,000    
AK Steel Corp.,
7.750%, 06/15/12
    2,017,500  
  3,000,000    
Alcoa Inc.,
6.000%, 07/15/13
    3,134,211  
  5,000,000    
ArcelorMittal,
5.375%, 06/01/13
    5,116,050  
  2,000,000    
Freeport-McMoRan Copper & Gold Inc.,
8.250%, 04/01/15
    2,129,846  
  2,000,000    
Peabody Energy Corp., Ser. B,
6.875%, 03/15/13
    2,030,000  
  2,000,000    
Rio Tinto Finance (USA) Ltd.,
5.875%, 07/15/13
    2,156,682  
  1,000,000    
Rio Tinto Finance (USA) Ltd.,
8.950%, 05/01/14
    1,181,318  
  4,000,000    
United States Steel Corp.,
6.050%, 06/01/17
    3,741,548  
  5,000,000    
Xstrata Canada Corp.,
7.250%, 07/15/12
    5,388,660  
       
 
     
       
 
    26,895,815  
       
 
     
       
TOTAL CORPORATE BONDS
    42,085,730  
       
 
     
       
 
       
       
U.S. GOVERNMENT OBLIGATIONS — 3.8%
       
  19,210,000    
U.S. Treasury Bills,
0.065% to 0.427%††,
10/01/09 to 12/31/09
    19,206,344  
       
 
     
       
 
       
TOTAL INVESTMENTS — 100.0%
     (Cost $518,285,611)
  $ 509,690,945  
       
 
     
       
 
       
       
Aggregate book cost
  $ 518,285,611  
       
 
     
       
Gross unrealized appreciation
  $ 44,862,057  
       
Gross unrealized depreciation
    (53,456,723 )
       
 
     
       
Net unrealized appreciation/depreciation
  $ (8,594,666 )
       
 
     


See accompanying notes to schedule of investments.
3


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2009 (Unaudited)
                       
Number of         Expiration Date/   Market  
Contracts         Exercise Price   Value  
 
        OPTION CONTRACTS WRITTEN — (3.9)%
        Call Options Written — (3.8)%
  150    
Agnico-Eagle Mines Ltd.
  Oct. 09/65 66,000  
  1,200    
Agnico-Eagle Mines Ltd.
  Nov. 09/65     816,000  
  1,200    
Agnico-Eagle Mines Ltd.
  Nov. 09/80     150,000  
  79    
Anglo American plc(f)
  Oct. 09/2200     12,626  
  75    
Anglo American plc(f)
  Nov. 09/2400     18,579  
  3,050    
AngloGold Ashanti Ltd.,
ADR
  Jan. 10/50     491,050  
  275    
Apache Corp.
  Oct. 09/90     96,250  
  225    
Baker Hughes Inc.
  Oct. 09/40     74,250  
  365    
Baker Hughes Inc.
  Oct. 09/43     49,275  
  40    
Baker Hughes Inc.
  Oct. 09/45     2,600  
  1,432    
Baker Hughes Inc.
  Jan. 10/46     332,940  
  800    
Barrick Gold Corp.
  Oct. 09/37.50     120,000  
  230    
Barrick Gold Corp.
  Oct. 09/40     12,650  
  2,273    
Barrick Gold Corp.
  Oct. 09/42.50     39,778  
  220    
BG Group plc(f)
  Dec. 09/10     92,294  
  350    
BHP Billiton Ltd., ADR
  Nov. 09/70     75,250  
  350    
BHP Billiton Ltd., ADR
  Nov. 09/75     35,000  
  735    
BP plc, ADR
  Oct. 09/50     260,190  
  325    
BP plc, ADR
  Oct. 09/55     13,000  
  223    
Chesapeake Energy Corp.
  Oct. 09/24     104,810  
  400    
Chesapeake Energy Corp.
  Jan. 10/28     132,000  
  350    
Chesapeake Energy Corp.
  Jan. 10/31     71,750  
  332    
Chesapeake Energy Corp.
  Jan. 10/35     34,860  
  434    
Chevron Corp.
  Dec. 09/75     52,080  
  650    
Compania de Minas
Buenaventura SA, ADR
  Oct. 09/30     331,500  
  650    
Compania de Minas
Buenaventura SA, ADR
  Dec. 09/35     214,500  
  1,000    
ConocoPhillips
  Nov. 09/49     56,000  
  1,430    
Devon Energy Corp.
  Jan. 10/75     354,640  
  110    
Diamond Offshore
Drilling Inc.
  Dec. 09/108.13     23,375  
  290    
Diamond Offshore
Drilling Inc.
  Jan. 10/105     114,550  
  4,000    
El Paso Corp.
  Oct. 09/10     220,000  
  500    
El Paso Corp.
  Oct. 09/11     7,500  
  3,250    
Eldorado Gold Corp.(g)
  Nov. 09/14     129,010  
  140    
Exxon Mobil Corp.
  Oct. 09/65     53,340  
  225    
Exxon Mobil Corp.
  Oct. 09/70     14,400  
  225    
Exxon Mobil Corp.
  Oct. 09/75     1,800  
  150    
Exxon Mobil Corp.
  Nov. 09/70     24,300  
  600    
Franco-Nevada Corp.(g)
  Oct. 09/29     28,020  
  1,750    
Franco-Nevada Corp.(g)
  Oct. 09/30     32,690  
  31    
Gold Fields Ltd., ADR
  Oct. 09/9     14,880  
  700    
Gold Fields Ltd., ADR
  Oct. 09/11     201,250  
  9,100    
Gold Fields Ltd., ADR
  Oct. 09/12.50     1,319,500  
  2,919    
Gold Fields Ltd., ADR
  Oct. 09/14     154,707  
                       
Number of         Expiration Date/   Market  
Contracts         Exercise Price   Value  
 
  416    
Gold Fields Ltd., ADR
  Nov. 09/16 16,640  
  268    
Goldcorp Inc.
  Oct. 09/26     380,560  
  275    
Goldcorp Inc.
  Oct. 09/40     48,125  
  500    
Goldcorp Inc.
  Oct. 09/41     65,000  
  250    
Goldcorp Inc.
  Oct. 09/42.50     18,000  
  1,500    
Goldcorp Inc.
  Oct. 09/45     45,000  
  434    
Halliburton Co.
  Oct. 09/24     132,370  
  406    
Halliburton Co.
  Oct. 09/25     103,936  
  400    
Halliburton Co.
  Jan. 10/27     93,600  
  1,350    
Halliburton Co.
  Jan. 10/31     125,550  
  5,788    
Harmony Gold Mining Co.
Ltd., ADR
  Nov. 09/11     520,920  
  273    
Harmony Gold Mining Co.
Ltd., ADR
  Jan. 10/10     49,140  
  1,000    
Harmony Gold Mining Co.
Ltd., ADR
  Jan. 11/10     315,000  
  2,000    
IAMGOLD Corp.
  Dec. 09/10     870,000  
  1,612    
Imperial Oil Ltd.(g)
  Nov. 09/44     52,697  
  2,660    
Ivanhoe Mines Ltd.
  Dec. 09/7.50     1,449,700  
  5,000    
Kinross Gold Corp.
  Nov. 09/22.50     690,000  
  500    
Kinross Gold Corp.
  Jan. 10/22.50     97,000  
  2,265    
Lihir Gold Ltd.(h)
  Oct. 09/3.22     49,155  
  500    
Marathon Oil Corp.
  Oct. 09/26     297,500  
  480    
Marathon Oil Corp.
  Oct. 09/32.50     28,800  
  500    
Marathon Oil Corp.
  Oct. 09/34     10,000  
  600    
Marathon Oil Corp.
  Jan. 10/37     42,000  
  210    
Murphy Oil Corp.
  Oct. 09/60     14,700  
  490    
Murphy Oil Corp.
  Jan. 10/65     84,525  
  490    
Murphy Oil Corp.
  Jan. 10/70     39,200  
  2,850    
Nabors Industries Ltd.
  Dec. 09/24     228,000  
  275    
Newcrest Mining Ltd.(h)
  Oct. 09/33.36     147,649  
  135    
Newcrest Mining Ltd.(h)
  Oct. 09/34.28     55,261  
  1,700    
Newmont Mining Corp.
  Dec. 09/50     258,400  
  700    
Nexen Inc.
  Oct. 09/22.50     49,000  
  1,980    
Noble Corp.
  Dec. 09/42     272,250  
  613    
Peabody Energy Corp.
  Dec. 09/41     125,665  
  575    
Petroleo Brasileiro SA,
ADR
  Oct. 09/35     635,375  
  230    
Petroleo Brasileiro SA,
ADR
  Oct. 09/44     59,800  
  210    
Petroleo Brasileiro SA,
ADR
  Oct. 09/46     26,250  
  1,000    
Petroleo Brasileiro SA,
ADR
  Oct. 09/47.50     70,000  
  800    
Petroleo Brasileiro SA,
ADR
  Oct. 09/50     20,000  
  335    
Randgold Resources Ltd.,
ADR
  Oct. 09/65     188,940  
  1,765    
Randgold Resources Ltd.,
ADR
  Dec. 09/85     322,113  


See accompanying notes to schedule of investments.
4


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2009 (Unaudited)
                     
Number of         Expiration Date/   Market  
Contracts         Exercise Price   Value  
 
       
OPTION CONTRACTS WRITTEN (Continued)
       
Call Options Written (Continued)
  2,490    
Red Back Mining Inc.(g)
  Oct. 09/12 104,656  
  1,000    
Red Back Mining Inc.(g)
  Oct. 09/13     14,010  
  2,250    
Red Back Mining Inc.(g)
  Jan. 10/13     210,153  
  50    
Rio Tinto plc, ADR
  Oct. 09/140     152,500  
  120    
Rio Tinto plc, ADR
  Oct. 09/155     201,600  
  150    
Rio Tinto plc, ADR
  Oct. 09/190     12,750  
  150    
Rio Tinto plc, ADR
  Oct. 09/190     122,250  
  1,330    
Rowan Companies Inc.
  Oct. 09/22.50     192,850  
  1,000    
Rowan Companies Inc.
  Jan. 10/25     152,500  
  127    
Royal Dutch Shell plc,
Cl. A(f)
  Dec. 09/1900     54,293  
  1,020    
Royal Gold Inc.
  Oct. 09/45     198,900  
  275    
Royal Gold Inc.
  Jan. 10/45     129,250  
  275    
Royal Gold Inc.
  Jan. 10/50     74,938  
  235    
Saipem SpA(i)
  Dec. 09/20     250,136  
  917    
Sasol Ltd., ADR
  Dec. 09/45     36,680  
  584    
StatoilHydro ASA, ADR
  Oct. 09/22.50     43,800  
  300    
StatoilHydro ASA, ADR
  Oct. 09/25     3,000  
  1,300    
Suncor Energy Inc.
  Dec. 09/38     195,000  
  1,390    
Suncor Energy Inc.
  Jan. 10/40     194,600  
  200    
Technip SA(i)
  Dec. 09/48     55,754  
  200    
Technip SA(i)
  Dec. 09/56     15,512  
  95    
Tesoro Corp.
  Nov. 09/15     10,925  
  495    
Tesoro Corp.
  Nov. 09/16     37,125  
  2,008    
The Williams
Companies Inc.
  Nov. 09/20     64,256  
  325    
Total SA, ADR
  Nov. 09/65     14,625  
  875    
Transocean Ltd.
  Nov. 09/85     455,000  
  787    
Vale SA
  Dec. 09/25     81,848  
  761    
Valero Energy Corp.
  Oct. 09/19     65,446  
  62    
Vedanta Resources plc(f)
  Dec. 09/2400     31,955  
  2,675    
Weatherford
International Ltd.
  Nov. 09/23     227,375  
  600    
Weatherford
International Ltd.
  Nov. 09/24     33,000  
  478    
Xstrata plc(f)
  Oct. 09/960     179,521  
  243    
Xstrata plc(f)
  Dec. 09/8.41     522,334  
  1,070    
XTO Energy Inc.
  Nov. 09/46     74,900  
  870    
XTO Energy Inc.
  Nov. 09/47     52,200  
  287    
Yamana Gold Inc.
  Oct. 09/7     104,755  
  2,025    
Yamana Gold Inc.
  Oct. 09/10     162,000  
  8,000    
Yamana Gold Inc.
  Oct. 09/11     280,000  
       
 
         
TOTAL CALL OPTIONS WRITTEN            
       
(Premiums received $17,928,030)
  $ 19,359,412  
       
 
         
                     
Number of         Expiration Date/   Market  
Contracts         Exercise Price   Value  
 
       
Put Options Written — (0.1)%
  175    
Devon Energy Corp.
  Oct. 09/50 875  
  100    
Diamond Offshore
Drilling Inc.
  Dec. 09/90     45,000  
  900    
Franco-Nevada Corp.(g)
  Oct. 09/25     6,725  
  500    
Halliburton Co.
  Oct. 09/20     2,000  
  800    
Harmony Gold Mining
Co. Ltd., ADR
  Nov. 09/9     20,000  
  250    
Lonmin plc(f)
  Mar. 10/14     417,519  
  500    
Massey Energy Co.
  Oct. 09/21     2,500  
  175    
Murphy Oil Corp.
  Oct. 09/50     2,625  
  1,000    
Petroleo Brasileiro SA,
ADR
  Jan. 10/25     5,000  
  400    
Pride International Inc.
  Oct. 09/22.50     3,000  
  300    
Rowan Companies Inc.
  Oct. 09/17.50     3,000  
  200    
Rowan Companies Inc.
  Oct. 09/20     2,500  
  500    
Royal Gold Inc.
  Jan. 10/35     40,000  
  310    
Suncor Energy Inc.
  Dec. 09/28     21,700  
  700    
Tesoro Corp.
  Nov. 09/14     51,100  
  150    
Transocean Ltd.
  Nov. 09/80     36,000  
  525    
Weatherford
International Ltd.
  Nov. 09/16     13,125  
       
 
         
TOTAL PUT OPTIONS WRITTEN            
       
(Premiums received $1,473,525)
  $ 672,669  
       
 
         
       
Aggregate premiums
      $ 19,401,555  
       
 
         
       
Gross unrealized appreciation
      $ 5,516,295  
       
Gross unrealized depreciation
        (6,146,821 )
       
 
         
       
Net unrealized appreciation/depreciation
  $ (630,526 )
       
 
         
 
(a)   Securities, or a portion thereof, with a value of $170,686,167 were pledged as collateral for options written.
(b)   Security fair valued under procedures established by the Board of Trustees. The procedures may include reviewing available financial information about the company and reviewing the valuation of comparable securities and other factors on a regular basis. At September 30, 2009, the market value of fair valued securities amounted to $1,938,428 or 0.38% of total investments.


See accompanying notes to schedule of investments.
5


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2009 (Unaudited)
     
 
(c)   At September 30, 2009, the Fund held investments in restricted securities amounting to $2,423,095 or 0.48% of total investments, which were value under methods approved by the Board of Trustees as follows:
                                 
Acquisition                        
Shares/                       09/30/09
Principal       Acquisition   Acquisition   Carrying Value
Amount   Issuer   Date   Cost   Per Unit
  307,692    
Comanche Energy Inc.
    06/17/08     $ 1,849,998        
  34,091    
Comanche Energy Inc., Cl. A,
Warrants expire 06/13/13
    06/17/08       93,750        
  36,197    
Comanche Energy Inc., Cl. B,
Warrants expire 06/13/13
    06/17/08       93,750        
  82,965    
Comanche Energy Inc., Cl. C,
Warrants expire 06/13/13
    06/17/08       187,501        
$ 3,575,507    
Comanche Energy Inc.,
12.500%, 06/13/13
    06/17/08       3,350,507     $ 49.8837  
  50,000    
Ivanhoe Mines Ltd.
    04/25/05       337,897       12.7900  
 
(d)   Illiquid security.
(e)   Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2009, the market value of the Rule 144A securities amounted to $5,252,905 or 1.03% of total investments.
(f)   Exercise price denoted in British Pounds.
(g)   Exercise price denoted in Canadian dollars.
(h)   Exercise price denoted in Australian dollars.
(i)   Exercise price denoted in Euros.
  Non-income producing security.
††   Represents annualized yield at date of purchase.
ADR   American Depositary Receipt.
PIK   Payment-in-kind.
                 
    % of        
    Market     Market  
Geographic Diversification   Value     Value  
Long Positions
               
North America
    54.8 %   $ 279,188,627  
Europe
    22.0       111,882,855  
South Africa
    10.9       55,568,082  
Asia/Pacific
    6.4       32,863,890  
Latin America
    5.9       30,187,491  
 
           
Total Investments
    100.0 %   $ 509,690,945  
 
           
 
               
Short Positions
               
North America
    (2.1 )%   $ (10,879,485 )
Europe
    (0.8 )     (3,965,115 )
South Africa
    (0.6 )     (3,139,767 )
Latin America
    (0.3 )     (1,685,398 )
Asia/Pacific
    (0.1 )     (362,316 )
 
           
Total Investments
    (3.9 )%   $ (20,032,081 )
 
           


See accompanying notes to schedule of investments.
6


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
1. Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the “Board”) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the “Adviser”).
     Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded.
     Securities and assets for which market quotations are not readily available are fair valued as determined by the Board.
     The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
    Level 1 – quoted prices in active markets for identical securities;
 
    Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
 
    Level 3 – significant unobservable inputs (including the Fund’s determinations as to the fair value of investments).

7


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
     The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments and other financial instruments by inputs used to value the Fund’s investments as of September 30, 2009 is as follows:
                                 
    Valuation Inputs    
    Level 1   Level 2 Other Significant   Level 3 Significant   Total Market Value
    Quoted Prices   Observable Inputs   Unobservable Inputs   at 9/30/09
INVESTMENTS IN SECURITIES:
                               
ASSETS (Market Value):
                               
Common Stocks
                               
Energy and Energy Services
  $ 173,880,620     $     $ 0     $ 173,880,620  
Metals and Mining
    254,081,696                   254,081,696  
 
Total Common Stocks
    427,962,316             0       427,962,316  
 
Convertible Preferred Stocks (a)
    8,769,670                   8,769,670  
Warrants
                               
Energy and Energy Services
                0       0  
Metals and Mining
          661,535             661,535  
Convertible Corporate Bonds
          11,005,350             11,005,350  
Corporate Bonds
          40,302,135       1,783,595       42,085,730  
U.S. Government Obligations
          19,206,344             19,206,344  
 
TOTAL INVESTMENTS IN SECURITIES
  $ 436,731,986     $ 71,175,364     $ 1,783,595     $ 509,690,945  
 
INVESTMENTS IN SECURITIES:
                               
LIABILITIES (Market Value):
                               
Call Options Written
  $ (14,784,797 )   $ (4,574,615 )   $     $ (19,359,412 )
Put Options Written
    (449,244 )     (223,425 )           (672,669 )
 
TOTAL INVESTMENTS IN SECURITIES
  $ (15,234,041 )   $ (4,798,040 )   $     $ (20,032,081 )
 
OTHER FINANCIAL INSTRUMENTS:
                               
ASSETS (Unrealized Appreciation): *
                               
Equity Swap Agreements
  $     $ 4,831,880     $     $ 4,831,880  
 
 
(a)   Security and industry classifications for these categories are detailed in the Schedule of Investments.
 *   Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards, and swaps, which are valued at the unrealized appreciation/depreciation of the investment.
     The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
                                                                 
                                                            Net change
                                                            in unrealized
                                                            appreciation/
                                                            depreciation
                            Change in                           during the
    Balance   Accrued   Realized   unrealized   Net   Transfers in   Balance   period on Level 3
    as of   discounts/   gain/   appreciation/   purchases/   and/or out   as of   investments held
    12/31/08   (premiums)   (loss)   depreciation   (sales)   of Level 3   9/30/09   at 9/30/09
 
INVESTMENTS IN SECURITIES:
                                                               
ASSETS (Market Value):
                                                               
Common Stocks
                                                               
Energy and Energy Services
  $ 828,810     $     $     $ (828,810 )   $     $     $ 0     $ (828,810 )
Warrants
                                                               
Energy and Energy Services
    168,003                   (168,003 )                 0       (168,003 )
Corporate Bonds
    1,282,067       40,581             (20,810 )     481,757             1,783,595       (20,810 )
 
TOTAL INVESTMENTS IN SECURITIES
  $ 2,278,880     $ 40,581     $     $ (1,017,623 )   $ 481,757     $     $ 1,783,595     $ (1,017,623 )
 

8


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
2. Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purpose of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.
     Current notional amounts are an indicator of the volume of the Fund’s derivative activities during the period.
     Swap Agreements. The Fund may enter into equity swap transactions for the purpose of increasing the income of the Fund. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In a swap, a set of future cash flows is exchanged between two counterparties. One of these cash flow streams will typically be based on a reference interest rate combined with the performance of a notional value of shares of a stock. The other will be based on the performance of the shares of a stock. Depending on the general state of short-term interest rates and the returns on the Fund’s portfolio securities at the time a swap transaction reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction.
     The Fund has entered into equity swap agreements with The Goldman Sachs Group, Inc. Details of the swaps at September 30, 2009 are as follows:
                     
Notional   Equity Security   Interest Rate/   Termination   Net Unrealized  
Amount   Received   Equity Security Paid   Date   Appreciation  
 
 
      One Month LIBOR            
 
      plus 65 bps plus            
 
  Market Value   Market Value            
 
  Appreciation on:   Depreciation on:            
$374,041 (528,986 Shares)
  LLX Logistica SA   LLX Logistica SA   3/23/10   $ 1,560,762  
 
  MMX Mineracao e   MMX Mineracao e            
886,032 (672,000 Shares)
  Metalicos SA   Metalicos SA   3/23/10     3,271,118  
 
                 
 
              $ 4,831,880  
 
                 
     For open derivative instruments as of September 30, 2009, see the preceding tables, which are also indicative of activity for the year ended December 31, 2008.

9


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
     Options. The Fund may purchase or write call or put options on securities or indices for the purpose of increasing the income of the Fund. As a writer of put options, the Fund receives a premium at the outset and then bears the risk of unfavorable changes in the price of the financial instrument underlying the option. The Fund would incur a loss if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. The Fund would realize a gain, to the extent of the premium, if the price of the financial instrument increases between those dates. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security.
     As a purchaser of put options, the Fund pays a premium for the right to sell to the seller of the put option the underlying security at a specified price. The seller of the put has the obligation to purchase the underlying security upon exercise at the exercise price. If the price of the underlying security declines, the Fund would realize a gain upon sale or exercise. If the price of the underlying security increases or stays the same, the Fund would realize a loss upon sale or at the expiration date, but only to the extent of the premium paid.
     In the case of call options, these exercise prices are referred to as “in-the-money”, “at-the-money”, and “out-of-the-money”, respectively. The Fund may write (a) in-the-money call options when the Adviser expects that the price of the underlying security will remain stable or decline during the option period, (b) at-the-money call options when the Adviser expects that the price of the underlying security will remain stable, decline, or advance moderately during the option period, and (c) out-of-the-money call options when the Adviser expects that the premiums received from writing the call option will be greater than the appreciation in the price of the underlying security above the exercise price. By writing a call option, the Fund limits its opportunity to profit from any increase in the market value of the underlying security above the exercise price of the option. Out-of-the-money, at-the-money, and in-the-money put options (the reverse of call options as to the relation of exercise price to market price) may be utilized in the same market environments that such call options are used in equivalent transactions. Option positions at September 30, 2009 are presented within the Schedule of Investments.
3. Tax Information. Under the current tax law, capital losses related to securities and foreign currency realized after October 31 and prior to the Fund’s fiscal year end may be treated as occurring on the first day of the following year. For the year ended December 31, 2008, the Fund deferred capital losses of $27,712,086 and currency losses of $130,859.

10


 

(FLAG)
TRUSTEES AND OFFICERS
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
One Corporate Center, Rye, NY 10580-1422

         
Trustees        
Anthony J. Colavita
President,
Anthony J. Colavita, P.C.
 
James P. Conn
Former Managing Director &
Chief Investment Officer,
Financial Security Assurance Holdings Ltd.
 
Mario d’Urso
Former Italian Senator
 
Vincent D. Enright
Former Senior Vice President &
Chief Financial Officer,
KeySpan Corp.
 
Frank J. Fahrenkopf, Jr.
President & Chief Executive Officer,
American Gaming Association
 
Michael J. Melarkey
Attorney-at-Law,
Avansino, Melarkey, Knobel & Mulligan
 
Salvatore M. Salibello
Certified Public Accountant,
Salibello & Broder, LLP
 
Anthonie C. van Ekris
Chairman, BALMAC International, Inc.
 
Salvatore J. Zizza
Chairman, Zizza & Co., Ltd.
 
Officers
Bruce N. Alpert
President
 
Carter W. Austin
Vice President
 
Peter D. Goldstein
Chief Compliance Officer
 
Christopher Mancini
Assistant Vice President & Ombudsman
 
Molly A.F. Marion
Vice President
 
Agnes Mullady
Treasurer and Secretary
 
Investment Adviser
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
 
Custodian
The Bank of New York Mellon
 
Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
 
Transfer Agent and Registrar
American Stock Transfer and Trust Company
                 
Stock Exchange Listing           6.625%
    Common   Preferred
 
               
NYSE Amex–Symbol:
  GGN   GGN PrA
Shares Outstanding:
    26,342,468       3,955,687  


The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “Specialized Equity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “Specialized Equity Funds.”
The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.
 
For general information about the Gabelli Funds, call 800-GABELLI (800-422-3554), fax us at 914-921-5118, visit Gabelli Funds’ Internet homepage at: www.gabelli.com, or e-mail us at: closedend@gabelli.com
 
Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may, from time to time, purchase its common shares in the open market when the Fund’s shares are trading at a discount of 7.5% or more from the net asset value of the shares. The Fund may also, from time to time, purchase its preferred shares in the open market when the preferred shares are trading at a discount to the liquidation value.

 


 

(THE GABELLI GLOBAL GOLD, NATURAL LOGO)
      

 


 

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) The Gabelli Global Gold, Natural Resources & Income Trust    
 
       
By (Signature and Title)* 
  /s/ Bruce N. Alpert
 
Bruce N. Alpert, Principal Executive Officer
   
 
       
Date 11/27/09
       
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 11/27/09
       
 
       
By (Signature and Title)*
  /s/ Agnes Mullady
 
Agnes Mullady, Principal Financial Officer and Treasurer
   
 
       
Date 11/27/09
       
 
*   Print the name and title of each signing officer under his or her signature.