N-Q 1 g07013nvq.htm FORM N-Q 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, 2010
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.
The Gabelli Global Gold, Natural Resources & Income Trust
Third Quarter Report – September 30, 2010
     
(PHOTO OF CAESAR BRYAN) (PHOTO OF BARBARA G. MARCIN) (PHOTO OF VINCENT ROCHE)
Caesar Bryan Barbara G. Marcin, CFA Vincent Roche
To Our Shareholders,
     The Gabelli Global Gold, Natural Resources & Income Trust’s (the “Fund”) net asset value (“NAV”) total return was 17.7% during the third quarter of 2010, compared with 10.4%, 3.3%, 13.4%, and 11.1% 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. The total return for the Fund’s publicly traded shares was 14.4% during the third quarter of 2010.
     Enclosed is the investment portfolio as of September 30, 2010.
Comparative Results
Average Annual Returns through September 30, 2010 (a) (Unaudited)
                                                 
                                            Since
            Year to                           Inception
    Quarter   Date   1 Year   3 Year   5 Year   (03/31/05)
Gabelli Global Gold, Natural Resources & Income Trust
                                                
NAV Total Return (b)
     17.74 %     15.16 %     25.26 %     (7.09 )%     4.83 %     7.15 %
Investment Total Return (c)
     14.35       15.63       25.34       (5.83 )     4.80       6.59  
CBOE S&P 500 Buy/Write Index
     10.39       0.14       8.21       (2.70 )     1.25       2.22  
Philadelphia Gold & Silver Index
     11.13       17.75       19.94       6.14       12.81       15.55  
Amex Energy Select Sector Index
     13.38       (0.26 )     6.06       (7.54 )     2.59       6.74  
Barclays Capital Government/Corporate Bond Index
     3.28       8.95       8.73       7.46       6.15       6.04  
 
(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, 2010 (Unaudited)
                 
            Market  
Shares         Value  
       
COMMON STOCKS — 83.8%
        
       
Energy and Energy Services — 28.0%
        
  72,000    
Apache Corp.
   $ 7,038,720  
  206,325    
Baker Hughes Inc. (a)
    8,789,445  
  402,000    
BG Group plc
    7,063,321  
  165,900    
BP plc, ADR (a)
    6,830,103  
  130,500    
Chesapeake Energy Corp. (a)
    2,955,825  
  165,000    
Chevron Corp. (a)
    13,373,250  
  307,692    
Comanche Energy Inc.† (b)(c)(d)
    0  
  128,000    
ConocoPhillips (a)
    7,351,040  
  238,000    
Devon Energy Corp. (a)
    15,408,120  
  114,000    
Diamond Offshore Drilling Inc. (a)
    7,725,780  
  450,000    
El Paso Corp.
     5,571,000  
  161,980    
Exxon Mobil Corp. (a)
    10,008,744  
  65,000    
Galp Energia SGPS SA, Cl. B
    1,121,820  
  419,000    
Halliburton Co. (a)
    13,856,330  
  500,000    
Heritage Oil plc†
    2,331,207  
  50,000    
Hess Corp.
     2,956,000  
  320,000    
Imperial Oil Ltd.
     12,126,348  
  180,000    
Marathon Oil Corp. (a)
    5,958,000  
  255,000    
Murphy Oil Corp. (a)
    15,789,600  
  320,000    
Nabors Industries Ltd.† (a)
    5,779,200  
  110,000    
Nexen Inc.
     2,211,000  
  442,100    
Noble Corp. (a)
    14,938,559  
  495,900    
Petroleo Brasileiro SA, ADR (a)
    17,986,293  
  200,000    
Rowan Companies Inc.† (a)
    6,072,000  
  184,000    
Royal Dutch Shell plc, Cl. A
    5,538,093  
  151,200    
Sasol Ltd., ADR (a)
    6,772,248  
  138,400    
Statoil ASA, ADR (a)
    2,903,632  
  541,500    
Suncor Energy Inc. (a)
    17,625,825  
  100,000    
Technip SA
    8,041,825  
  409,000    
Tesoro Corp. (a)
    5,464,240  
  260,800    
The Williams Companies Inc. (a)
    4,983,888  
  75,000    
Total SA, ADR
    3,870,000  
  93,200    
Transocean Ltd.† (a)
    5,991,828  
  390,000    
Tullow Oil plc
    7,805,144  
  20,000    
Ultra Petroleum Corp.†
    839,600  
  301,100    
Valero Energy Corp. (a)
    5,272,261  
  552,000    
Weatherford International Ltd.† (a)
    9,439,200  
       
 
      
       
 
     277,789,489  
       
 
      
       
Exchange Traded Funds — 1.0%
        
  63,500    
Oil Service HOLDRS (SM) Trust
    7,185,025  
  73,000    
United States Oil Fund LP†
    2,543,320  
       
 
      
       
 
     9,728,345  
       
 
      
       
Metals and Mining — 54.8%
        
  448,500    
Agnico-Eagle Mines Ltd. (a)
    31,856,955  
  258,000    
Anglo American plc
    10,235,615  
  633,500    
AngloGold Ashanti Ltd., ADR (a)
    29,293,040  
  156,550    
Antofagasta plc
    3,039,614  
  575,400    
Barrick Gold Corp. (a)
    26,635,266  
  159,500    
BHP Billiton Ltd., ADR (a)
    12,173,040  
  770,000    
Centamin Egypt Ltd.†
    2,110,409  
  110,000    
Compania de Minas Buenaventura SA, ADR
    4,969,800  
  700,000    
Consolidated Thompson Iron Mines Ltd.†
     6,000,583  
  83,000    
Detour Gold Corp.†
    2,397,473  
  800,000    
Duluth Metals Ltd.†
    1,982,700  
  450,000    
Eldorado Gold Corp.
     8,318,593  
  1,075,000    
Equinox Minerals Ltd.†
    6,038,974  
  342,000    
Franco-Nevada Corp.
     10,759,588  
  228,731    
Freeport-McMoRan Copper & Gold Inc. (a)
    19,531,340  
  538,500    
Fresnillo plc
    10,506,406  
  410,000    
Gem Diamonds Ltd.†
    1,280,082  
  1,941,500    
Gold Fields Ltd., ADR (a)
    29,646,705  
  390,000    
Goldcorp Inc. (a)
    16,972,800  
  1,096,100    
Harmony Gold Mining Co. Ltd., ADR (a)
     12,374,969  
  1,779,700    
Hochschild Mining plc
    12,440,954  
  308,000    
HudBay Minerals Inc.
     4,385,460  
  285,000    
IAMGOLD Corp.
     5,047,350  
  412,000    
Impala Platinum Holdings Ltd.
     10,639,504  
  500,140    
Ivanhoe Mines Ltd.† (a)
    11,708,277  
  88,000    
Kazakhmys plc
    2,007,226  
  255,000    
Keegan Resources Inc.†
    1,940,568  
  200,000    
Kingsgate Consolidated Ltd.
     2,242,391  
  2,034,722    
Kinross Gold Corp. (a)
    38,206,798  
  250,600    
Lundin Mining Corp.† (a)
    1,253,000  
  221,000    
MAG Silver Corp.†
    1,683,973  
  1,184,725    
Newcrest Mining Ltd.
     45,425,862  
  452,500    
Newmont Mining Corp. (a)
    28,421,525  
  150,000    
Northern Dynasty Minerals Ltd.†
    1,276,500  
  165,000    
Osisko Mining Corp.†
    2,349,354  
  3,452,000    
OZ Minerals Ltd.
     4,854,642  
  12,537,555    
PanAust Ltd.†
    7,876,797  
  61,300    
Peabody Energy Corp. (a)
    3,004,313  
  260,000    
Randgold Resources Ltd., ADR (a)
    26,379,600  
  293,600    
Rio Tinto plc, ADR (a)
    17,243,128  
  845,000    
Romarco Minerals Inc.†
    1,847,847  
  271,700    
Royal Gold Inc.
     13,541,528  
  435,000    
Sandfire Resources Nl†
    2,913,707  
  500,000    
SEMAFO Inc.†
    4,723,491  
  200,115    
Vale SA, ADR (a)
    6,257,596  
  1,272,305    
Xstrata plc
    24,343,634  
  1,372,300    
Yamana Gold Inc. (a)
    15,644,220  
       
 
      
       
 
     543,783,197  
       
 
      
       
TOTAL COMMON STOCKS
    831,301,031  
       
 
      
See accompanying notes to schedule of investments.

2

 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2010 (Unaudited)
                     
                Market  
Shares             Value  
       
CONVERTIBLE PREFERRED STOCKS — 0.4%
            
       
Metals and Mining — 0.4%
            
  10,000    
Vale Capital II, 6.750%, Cv. Pfd., Ser. VALe
       $ 880,400  
  35,000    
Vale Capital II, 6.750%, Cv. Pfd., Ser. VALE
         3,131,450  
       
 
          
       
TOTAL CONVERTIBLE PREFERRED STOCKS
         4,011,850  
       
 
          
       
WARRANTS — 0.1%
            
       
Energy and Energy Services — 0.0%
            
  34,091    
Comanche Energy Inc., Cl. A, expire 06/18/13† (b)(c)(d)
        0  
  36,197    
Comanche Energy Inc., Cl. B, expire 06/18/13† (b)(c)(d)
        0  
  82,965    
Comanche Energy Inc., Cl. C, expire 06/18/13† (b)(c)(d)
        0  
       
 
          
       
 
         0  
       
 
          
       
Metals and Mining — 0.1%
            
  62,500    
Franco-Nevada Corp., expire 03/13/12† (b)
         318,301  
  87,500    
Franco-Nevada Corp., expire 06/16/17†
         688,842  
  49,390    
Kinross Gold Corp. Cl. D, expire 09/17/14†
         211,212  
       
 
          
       
 
         1,218,355  
       
 
          
       
TOTAL WARRANTS
         1,218,355  
       
 
          
                     
Principal                  
Amount                  
       
CONVERTIBLE CORPORATE BONDS — 1.4%
            
       
Energy and Energy Services — 0.5%
            
$ 1,500,000    
Chesapeake Energy Corp., Cv., 2.250%, 12/15/38
         1,160,625  
  2,000,000    
Nabors Industries Inc., Cv., 0.940%, 05/15/11
         1,992,500  
  2,000,000    
Transocean Ltd., Ser. A, Cv., 1.625%, 12/15/37
         1,995,000  
       
 
          
       
 
         5,148,125  
       
 
          
       
Metals and Mining — 0.9%
            
  5,000,000    
Newmont Mining Corp., Ser. B, Cv., 1.625%, 07/15/17
         7,400,000  
  725,000 (f)  
Wesdome Gold Mines Ltd., Deb. Cv., 7.000%, 05/31/12 (b)(e)
         743,391  
       
 
          
       
 
         8,143,391  
       
 
          
       
TOTAL CONVERTIBLE CORPORATE BONDS
         13,291,516  
       
 
          
                     
       
CORPORATE BONDS — 1.9%
            
       
Energy and Energy Services — 0.7%
            
  4,304,657    
Comanche Energy Inc., PIK, 15.500%, 06/13/13 (b)(c)(d)
         860,931  
  2,500,000    
Compagnie Generale de Geophysique-Veritas, 7.500%, 05/15/15
         2,556,250  
  500,000    
Tesoro Corp., 9.750%, 06/01/19
         552,500  
  2,500,000    
Weatherford International Ltd., 9.625%, 03/01/19
         3,266,303  
       
 
          
       
 
         7,235,984  
       
 
          
       
Metals and Mining — 1.2%
            
  2,000,000    
Freeport-McMoRan Copper & Gold Inc., 8.250%, 04/01/15
         2,142,006  
  4,000,000    
United States Steel Corp., 6.050%, 06/01/17
         3,985,000  
  5,000,000    
Xstrata Canada Corp., 7.250%, 07/15/12
         5,438,630  
       
 
          
       
 
         11,565,636  
       
 
          
       
TOTAL CORPORATE BONDS
         18,801,620  
       
 
          
       
U.S. GOVERNMENT OBLIGATIONS — 12.4%
            
  123,226,000    
U.S. Treasury Bills, 0.060% to 0.220%††, 10/21/10 to 03/17/11 (a)
         123,187,656  
       
 
          
       
 
            
TOTAL INVESTMENTS — 100.0%
     (Cost $932,061,577)		       $ 991,812,028  
       
 
          
       
Aggregate tax cost
       $ 932,127,065  
       
 
          
       
Gross unrealized appreciation
       $ 104,931,306  
       
Gross unrealized depreciation
         (50,246,343 )
       
 
          
       
Net unrealized appreciation/depreciation
      $ 54,684,963  
       
 
          
 
Number of         Expiration Date/   Market
Contracts         Exercise Price   Value
        OPTION CONTRACTS WRITTEN (g) — (4.0)%
       
Call Options Written — (3.7)%
            
  1,000    
Agnico-Eagle Mines Ltd.
  Nov. 10/65   $ 626,000  
  2,935    
Agnico-Eagle Mines Ltd.
  Nov. 10/70     1,203,350  
  550    
Agnico-Eagle Mines Ltd.
  Jan. 11/65     431,750  
  258    
Anglo American plc (h)
  Dec. 10/28     251,280  
  5,635    
AngloGold Ashanti Ltd., ADR
  Oct. 10/45     1,042,475  
  700    
AngloGold Ashanti Ltd., ADR
  Jan. 11/47     201,600  
See accompanying notes to schedule of investments.

3

 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2010 (Unaudited)
                     
Number of         Expiration Date/   Market  
Contracts         Exercise Price   Value  
        OPTION CONTRACTS WRITTEN (Continued)
        Call Options Written (Continued)
  160    
Antofagasta plc (h)
   Dec. 10/9.50   $ 760,617  
  250    
Apache Corp.
   Oct. 10/95     102,500  
  250    
Apache Corp.
   Oct. 10/100     30,250  
  220    
Apache Corp.
   Jan. 11/100     116,600  
  633    
Baker Hughes Inc.
   Oct. 10/45     32,283  
  1,430    
Baker Hughes Inc.
   Oct. 10/50     12,870  
  4,254    
Barrick Gold Corp.
   Oct. 10/46     531,750  
  750    
Barrick Gold Corp.
   Jan. 11/45     284,250  
  750    
Barrick Gold Corp.
   Jan. 11/49     156,000  
  402    
BG Group plc (h)
   Dec. 10/12     189,450  
  520    
BHP Billiton Ltd., ADR
   Nov. 10/70     436,800  
  500    
Chevron Corp.
   Dec. 10/80     172,000  
  500    
Chevron Corp.
   Jan. 11/70     565,000  
  650    
Chevron Corp.
   Jan. 11/85     124,150  
  1,100    
Compania de Minas Buenaventura SA, ADR
   Dec. 10/40     627,000  
  980    
ConocoPhillips
   Nov. 10/57.50     189,140  
  300    
ConocoPhillips
   Jan. 11/60     51,300  
  6,900    
Consolidated Thompson Iron Mines Ltd. (i)
   Oct. 10/11     67,062  
  1,888    
Devon Energy Corp.
   Oct. 10/70     15,104  
  200    
Devon Energy Corp.
   Oct. 10/75     600  
  500    
Devon Energy Corp.
   Jan. 11/67.50     138,000  
  450    
Diamond Offshore Drilling Inc.
   Dec. 10/69.25     162,000  
  500    
El Paso Corp.
   Oct. 10/12     27,250  
  4,000    
El Paso Corp.
   Jan. 11/12.50     360,000  
  3,500    
Eldorado Gold Corp. (i)
   Nov. 10/19     375,887  
  1,000    
Eldorado Gold Corp. (i)
   Nov. 10/22     22,840  
  1,750    
Equinox Minerals Ltd. (i)
   Oct. 10/4     301,900  
  700    
Exxon Mobil Corp.
   Oct. 10/62.50     42,000  
  910    
Exxon Mobil Corp.
   Oct. 10/70     2,730  
  1,670    
Franco-Nevada Corp. (i)
   Oct. 10/32     137,963  
  1,200    
Freeport-McMoRan Copper & Gold Inc.
   Nov. 10/80     966,000  
  7,500    
Gold Fields Ltd., ADR
   Oct. 10/14     855,000  
  6,915    
Gold Fields Ltd., ADR
   Jan. 11/14     1,261,987  
  5,000    
Gold Fields Ltd., ADR
   Jan. 11/16     380,000  
  2,900    
Goldcorp Inc.
   Oct. 10/45     139,200  
  1,000    
Goldcorp Inc.
   Oct. 10/46     22,000  
  1,300    
Halliburton Co.
   Oct. 10/30     429,000  
  2,000    
Halliburton Co.
   Oct. 10/34     106,000  
  3,461    
Harmony Gold Mining Co. Ltd., ADR
   Oct. 10/10.50     334,921  
  1,500    
Harmony Gold Mining Co. Ltd., ADR
   Nov. 10/11     97,500  
  1,000    
Harmony Gold Mining Co. Ltd., ADR
   Jan. 11/10     162,500  
  5,000    
Harmony Gold Mining Co. Ltd., ADR
   Jan. 11/11     487,500  
  3,080    
HudBay Minerals Inc. (i)
   Mar. 11/15     389,153  
  2,850    
IAMGOLD Corp.
   Jan. 11/20     228,000  
  2,000    
Ivanhoe Mines Ltd.
   Dec. 10/12     2,310,000  
  3,000    
Ivanhoe Mines Ltd.
   Jan. 11/15     2,595,000  
  7,464    
Kinross Gold Corp.
   Nov. 10/19     694,152  
  3,300    
Kinross Gold Corp.
   Nov. 10/21     99,000  
  1,600    
Kinross Gold Corp.
   Jan. 11/21     116,800  
  1,800    
Marathon Oil Corp.
   Oct. 10/34     54,000  
  2,250    
Murphy Oil Corp.
   Oct. 10/60     618,750  
  3,200    
Nabors Industries Ltd.
   Dec. 10/20     196,800  
  500    
Newcrest Mining Ltd. (j)
   Dec. 10/40     940,693  
  115    
Newcrest Mining Ltd. (j)
   Dec. 10/42     126,703  
  1,300    
Newmont Mining Corp.
   Dec. 10/60     617,500  
  1,300    
Newmont Mining Corp.
   Jan. 11/62.50     676,000  
  1,075    
Newmont Mining Corp.
   Jan. 11/67.50     268,750  
  900    
Newmont Mining Corp.
   Jan. 11/70     197,100  
  1,350    
Noble Corp.
   Dec. 10/35     244,350  
  2,430    
Noble Corp.
   Dec. 10/43     35,235  
  600    
Noble Corp.
   Jan. 11/40     36,300  
  613    
Peabody Energy Corp.
   Dec. 10/46     337,150  
  750    
Petroleo Brasileiro SA, ADR
   Oct. 10/40     4,500  
  600    
Randgold Resources Ltd., ADR
   Dec. 10/100     399,000  
  2,000    
Randgold Resources Ltd., ADR
   Dec. 10/105     720,000  
  4,490    
Red Back Mining Inc. (i)
   Nov. 10/30     2,225,581  
  500    
Rio Tinto plc, ADR
   Oct. 10/55     245,000  
  336    
Rio Tinto plc, ADR
   Oct. 10/57.50     84,000  
  336    
Rio Tinto plc, ADR
   Oct. 10/60     38,304  
  600    
Rio Tinto plc, ADR
   Dec. 10/57.50     308,880  
  1,164    
Rio Tinto plc, ADR
   Jan. 11/60     558,720  
  2,000    
Rowan Companies Inc.
   Oct. 10/25     1,090,000  
  92    
Royal Dutch Shell plc, Cl. A (h)
   Dec. 10/19     110,559  
  92    
Royal Dutch Shell plc, Cl. A (h)
   Dec. 10/20     49,138  
  600    
Royal Gold Inc.
   Jan. 11/50     192,000  
  2,117    
Royal Gold Inc.
   Jan. 11/55     309,082  
  800    
Sasol Ltd., ADR
   Dec. 10/40     330,000  
  712    
Sasol Ltd., ADR
   Dec. 10/45     124,600  
  1,384    
Statoil ASA, ADR
   Nov. 10/21.25     107,371  
  2,765    
Suncor Energy Inc.
   Oct. 10/34     60,830  
  650    
Suncor Energy Inc.
   Dec. 10/36     39,650  
  2,000    
Suncor Energy Inc.
   Jan. 11/35     248,000  
  400    
Technip SA (k)
   Dec. 10/56     279,739  
  600    
Technip SA (k)
   Dec. 10/59     255,201  
  1,429    
Tesoro Corp.
   Nov. 10/18     2,858  
  1,290    
Tesoro Corp.
   Jan. 11/17.50     14,835  
See accompanying notes to schedule of investments.

4

 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2010 (Unaudited)
                     
Number of         Expiration Date/   Market  
Contracts         Exercise Price   Value  
        OPTION CONTRACTS WRITTEN (Continued)
        Call Options Written (Continued)
  2,608    
The Williams Companies Inc.
   Nov. 10/21   $ 49,552  
  1,355    
Transocean Ltd.
   Nov. 10/80     40,650  
  10    
Tullow Oil plc (h)
   Dec. 10/12     19,950  
  130    
Tullow Oil plc (h)
   Dec. 10/13     147,036  
  250    
Tullow Oil plc (h)
   Mar. 11/14     294,543  
  190    
Ultra Petroleum Corp.
   Dec. 10/45     27,550  
  500    
Vale SA, ADR
   Oct. 10/30     67,500  
  1,387    
Vale SA, ADR
   Dec. 10/32     177,536  
  3,011    
Valero Energy Corp.
   Dec. 10/19     129,473  
  1,605    
Weatherford International Ltd.
   Nov. 10/17     163,710  
  3,915    
Weatherford International Ltd.
   Nov. 10/18     223,155  
  300    
Xstrata plc (h)
   Oct. 10/11     603,223  
  600    
Xstrata plc (h)
   Oct. 10/12     508,970  
  150    
Xstrata plc (h)
   Dec. 10/11     391,742  
  150    
Xstrata plc (h)
   Dec. 10/12     243,881  
  5,723    
Yamana Gold Inc.
   Oct. 10/11     297,596  
  8,000    
Yamana Gold Inc.
   Oct. 10/12     88,000  
       
 
          
        TOTAL CALL OPTIONS WRITTEN
     (Premiums received $26,802,916)		     37,086,710  
       
 
          
        Put Options Written — (0.3)%        
  1,000    
Agnico-Eagle Mines Ltd.
   Nov. 10/50     13,000  
  100    
AngloGold Ashanti Ltd., ADR
   Oct. 10/35     500  
  500    
AngloGold Ashanti Ltd., ADR
   Oct. 10/36     15  
  125    
Apache Corp.
   Jan. 11/80     19,000  
  350    
Baker Hughes Inc.
   Oct. 10/36     2,450  
  475    
Barrick Gold Corp.
   Oct. 10/36     1,425  
  250    
BP plc, ADR
   Jan. 11/35     23,750  
  420    
Cameron International Corp.
   Nov. 10/35     18,900  
  450    
Chesapeake Energy Corp.
   Jan. 11/17.50     14,850  
  400    
Chevron Corp.
   Jan. 11/65     28,400  
  300    
Compania de Minas Buenaventura SA, ADR
   Dec. 10/30     4,500  
  300    
Devon Energy Corp.
   Oct. 10/65     52,500  
  150    
Diamond Offshore Drilling Inc.
   Dec. 10/54.25     12,900  
  220    
Diamond Offshore Drilling Inc.
   Jan. 11/67.25     116,050  
  500    
Eldorado Gold Corp. (i)
   Nov. 10/15     5,588  
  230    
Exxon Mobil Corp.
   Jan. 11/65     104,650  
  850    
Franco-Nevada Corp. (i)
   Oct. 10/25     8,261  
  500    
Freeport-McMoRan Copper & Gold Inc.
   Jan. 11/60     55,250  
  500    
Freeport-McMoRan Copper & Gold Inc.
   Jan. 11/65     88,000  
  4,500    
Gold Fields Ltd., ADR
   Oct. 10/11     18,000  
  1,200    
Goldcorp Inc.
   Oct. 10/34     3,600  
  700    
Halliburton Co.
   Oct. 10/29     7,700  
  1,000    
Halliburton Co.
   Jan. 11/25     59,000  
  1,750    
Harmony Gold Mining Co. Ltd., ADR
   Jan. 11/9     26,250  
  250    
Hess Corp.
   Nov. 10/45     5,375  
  400    
IAMGOLD Corp. (i)
   Nov. 10/15     7,775  
  1,000    
Ivanhoe Mines Ltd.
   Mar. 11/17     85,000  
  1,600    
Kinross Gold Corp.
   Nov. 10/15     20,800  
  665    
Kinross Gold Corp.
   Jan. 11/15     22,610  
  500    
Murphy Oil Corp.
   Oct. 10/55     6,250  
  700    
Nabors Industries Ltd.
   Dec. 10/19     131,600  
  225    
Nexen Inc.
   Dec. 10/20     26,438  
  225    
Noble Corp.
   Dec. 10/28     11,138  
  420    
Noble Corp.
   Dec. 10/36     132,300  
  350    
Oil Service HOLDRS (SM) Trust
   Jan. 11/99.10     117,250  
  330    
Oil Service HOLDRS (SM) Trust
   Jan. 12/104.10     458,700  
  500    
PetroHawk Energy Corp.
   Jan. 11/16     72,000  
  706    
Petroleo Brasileiro SA, ADR
   Oct. 10/40     289,460  
  800    
Petroleo Brasileiro SA, ADR
   Jan. 11/33     103,600  
  100    
Randgold Resources Ltd., ADR
   Dec. 10/75     3,750  
  400    
Randgold Resources Ltd., ADR
   Dec. 10/90     78,000  
  500    
Randgold Resources Ltd., ADR
   Mar. 11/90     232,500  
  400    
Red Back Mining Inc. (i)
   Jan. 11/21     11,663  
  500    
Rio Tinto plc, ADR
   Jan. 11/40     23,750  
  1,200    
Rowan Companies Inc.
   Oct. 10/27.50     18,000  
  500    
Royal Gold Inc.
   Oct. 10/45     7,500  
  500    
Transocean Ltd.
   Jan. 11/50     69,000  
  400    
Vale SA, ADR
   Jan. 11/22.50     13,000  
  600    
Weatherford International Ltd.
   Jan. 11/12.50     13,200  
  1,350    
Yamana Gold Inc.
   Jan. 11/9     25,650  
       
 
          
        TOTAL PUT OPTIONS WRITTEN
     (Premiums received $8,028,586)		     2,670,848  
       
 
          
        TOTAL OPTION CONTRACTS WRITTEN
     (Premiums received $34,831,502)		   $ 39,757,558  
       
 
          
        Aggregate premiums   $ 34,831,502  
       
 
          
        Gross unrealized appreciation   $ 10,517,686  
        Gross unrealized depreciation     (15,443,742 )
       
 
          
        Net unrealized appreciation/depreciation   $ (4,926,056 )
       
 
          
See accompanying notes to schedule of investments.

5

 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2010 (Unaudited)
 
(a)   Securities, or a portion thereof, with a value of $261,216,392 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, 2010, the market value of fair valued securities amounted to $1,922,623 or 0.19% of total investments.
 
(c)   At September 30, 2010, the Fund held investments in restricted securities amounting to $860,931 or 0.09% of total investments, which were value under methods approved by the Board of Trustees as follows:
                                 
Acquisition                        
Shares/                       09/30/10
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 06/18/13
     06/17/08       93,750       —  
  36,197    
Comanche Energy Inc., Cl. B, Warrants expire 06/18/13
     06/17/08       93,750       —  
  82,965    
Comanche Energy Inc., Cl. C, Warrants expire 06/18/13
     06/17/08       187,501       —  
$ 4,304,657    
Comanche Energy Inc., PIK, 15.500%, 06/13/13
     06/17/08       4,079,657     $ 20.0000  
 
(d)   Illiquid security.
 
(e)   Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2010, the market value of the Rule 144A security amounted to $743,391 or 0.07% of total investments.
 
(f)   Principal amount denoted in Canadian dollars.
 
(g)   At September 30, 2010, the Fund has entered into Option Contracts Written with Pershing LLC and Morgan Stanley.
 
(h)   Exercise price denoted in British Pounds.
 
(i)   Exercise price denoted in Canadian dollars.
 
(j)   Exercise price denoted in Australian dollars.
 
(k)   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
     59.4 %   $ 589,276,459  
Europe
     17.0       168,221,182  
South Africa
     9.0       88,726,466  
Asia/Pacific
     8.4       83,635,822  
Latin America
     6.2       61,952,099  
 
            
Total Investments
     100.0 %   $ 991,812,028  
 
            
 
                
Short Positions
                
North America
     (2.4 )%   $ (24,112,641 )
Europe
     (0.8 )     (7,897,391 )
South Africa
     (0.5 )     (5,322,334 )
Asia/Pacific
     (0.2 )     (1,504,196 )
Latin America
     (0.1 )     (920,996 )
 
            
Total Investments
     (4.0 )%   $ (39,757,558 )
 
            
See accompanying notes to schedule of investments.

6

 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST (the “Fund”)
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
     The Fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
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. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.
     Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value ADR securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.
     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)
     A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. 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 in securities and other financial instruments by inputs used to value the Fund’s investments as of September 30, 2010 is as follows:
                                 
    Valuation Inputs    
    Level 1   Level 2   Level 3   Total
    Quoted   Other Significant   Significant   Market Value
    Prices   Observable Inputs   Unobservable Inputs   at 9/30/10
INVESTMENTS IN SECURITIES:
                                
ASSETS (Market Value):
                                
Common Stocks:
                                
Energy and Energy Services
   $ 277,789,489       —     $ 0     $ 277,789,489  
Other Industries (a)
     553,511,542       —       —       553,511,542  
 
Total Common Stocks
     831,301,031       —       0       831,301,031  
 
Convertible Preferred Stocks (a)
     4,011,850       —       —       4,011,850  
Warrants:
                                
Energy and Energy Services
     —       —       0       0  
Metals and Mining
     529,513     $ 688,842       —       1,218,355  
 
Total Warrants
     529,513       688,842       0       1,218,355  
 
Convertible Corporate Bonds
     743,391       12,548,125       —       13,291,516  
Corporate Bonds
     —       17,940,689       860,931       18,801,620  
U.S. Government Obligations
     —       123,187,656       —       123,187,656  
 
TOTAL INVESTMENTS IN SECURITIES — ASSETS
   $ 836,585,785     $ 154,365,312     $ 860,931     $ 991,812,028  
 
OTHER FINANCIAL INSTRUMENTS:
                                
LIABILITIES (Market Value):
                                
EQUITY CONTRACTS:
                                
Call Options Written
   $ (27,066,315 )   $ (10,020,395 )   $ —     $ (37,086,710 )
Put Options Written
     (1,088,670 )     (1,582,178 )     —       (2,670,848 )
 
TOTAL OTHER FINANCIAL INSTRUMENTS — LIABILITIES
   $ (28,154,985 )   $ (11,602,573 )   $ —     $ (39,757,558 )
 
(a)   Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.
     The Fund did not have significant transfers between Level 1 and Level 2 during the period ended September 30, 2010.

8

 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
     The following table reconciles 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   Transfers   Balance   period on Level 3
    as of   discounts/   gain/   appreciation/   purchases/   into   out of   as of   investments held
    12/31/09   (premiums)   (loss)   depreciation   (sales)   Level 3†   Level 3†   9/30/10   at 9/30/10
 
INVESTMENTS IN SECURITIES:
                                                                        
ASSETS (Market Value):
                                                                        
Common Stocks:
                                                                        
Energy and Energy Services
   $ 0     $ —     $ —     $ —     $ —     $ —     $ —     $ 0     $ —  
Warrants:
                                                                        
Energy and Energy Services
     0       —       —       —       —       —       —       0       —  
Corporate Bonds
     768,131       33,361       —       (404,561 )     464,000       —       —       860,931       (404,561 )
 
TOTAL INVESTMENTS IN SECURITIES
   $ 768,131     $ 33,361     $ —     $ (404,561 )   $ 464,000     $ —     $ —     $ 860,931     $ (404,561 )
 
†   The Fund’s policy is to recognize transfers into and transfers out of Level 3 as of the beginning of the reporting period.
     In January 2010, the Financial Accounting Standards Board (“FASB”) issued amended guidance to improve disclosure about fair value measurements which requires additional disclosures about transfers between Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements in the reconciliation of fair value measurements using significant unobservable inputs (Level 3). FASB also clarified existing disclosure requirements relating to the levels of disaggregation of fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2009 and interim periods within those fiscal years. Management has adopted the amended guidance and determined that there was no material impact to the Fund’s financial statements except for additional disclosures made in the notes. Disclosures about purchases, sales, issuances, and settlements in the rollforward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. Management is currently evaluating the impact of the additional disclosure requirements on the Fund’s financial statements.
Investments in other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the “Acquired Funds”) in accordance with the 1940 Act and related rules. Shareholders in the Fund bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. At September 30, 2010, the Fund did not hold any Acquired Funds.
Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/loss on investments.

9

 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.
Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purposes of increasing the income of the Fund. 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.
     The Fund’s derivative contracts held at September 30, 2010, if any, are not accounted for as hedging instruments under GAAP.
     Swap Agreements. The Fund may enter into equity and contract for difference 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. During the period ended September 30, 2010, the Fund had no investments in equity swap agreements.
     Options. The Fund may purchase or write call or put options on securities or indices for the purpose of achieving additional return or for hedging the value of the Fund’s portfolio. 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.

10

 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
     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. Open positions that were held at September 30, 2010 are presented within the Schedule of Investments.
     The Fund’s volume of activity in equity options contracts during the period ended September 30, 2010 had an average monthly premium amount of approximately $27,640,372.
     The Fund’s volume of activity in equity option contracts during the period ended September 30, 2010 had the following activities.
                 
    Number of        
    Contracts     Premiums  
Options outstanding at December 31, 2009
     164,312     $ 20,812,335  
Stock splits on options
     450       —  
Options written
     577,841       74,089,685  
Options repurchased
     (235,835 )     (26,443,283 )
Options expired
     (263,762 )     (30,019,340 )
Options exercised
     (25,326 )     (3,607,895 )
 
            
Options outstanding at September 30, 2010
     217,680     $ 34,831,502  
 
            
     The following table summarizes the net unrealized appreciation/depreciation of derivatives held at September 30, 2010 by primary risk exposure:
         
Liability Derivatives:   Market Value
 
Equity Contracts
   $ (39,757,558 )

11

 

AUTOMATIC DIVIDEND REINVESTMENT
AND VOLUNTARY CASH PURCHASE PLANS
Enrollment in the Plan
     It is the policy of The Gabelli Global Gold, Natural Resources & Income Trust (the “Fund”) to automatically reinvest dividends payable to common shareholders. As a “registered” shareholder you automatically become a participant in the Fund’s Automatic Dividend Reinvestment Plan (the “Plan”). The Plan authorizes the Fund to credit common shares to participants upon an income dividend or a capital gains distribution regardless of whether the shares are trading at a discount or a premium to net asset value. All distributions to shareholders whose shares are registered in their own names will be automatically reinvested pursuant to the Plan in additional shares of the Fund. Plan participants may send their share certificates to American Stock Transfer (“AST”) to be held in their dividend reinvestment account. Registered shareholders wishing to receive their distributions in cash must submit this request in writing to:
The Gabelli Global Gold, Natural Resources & Income Trust
c/o American Stock Transfer
6201 15th Avenue
Brooklyn, NY 11219
     Shareholders requesting this cash election must include the shareholder’s name and address as they appear on the share certificate. Shareholders with additional questions regarding the Plan or requesting a copy of the terms of the Plan, may contact AST at (888) 422-3262.
     If your shares are held in the name of a broker, bank, or nominee, you should contact such institution. If such institution is not participating in the Plan, your account will be credited with a cash dividend. In order to participate in the Plan through such institution, it may be necessary for you to have your shares taken out of “street name” and re-registered in your own name. Once registered in your own name your distributions will be automatically reinvested. Certain brokers participate in the Plan. Shareholders holding shares in “street name” at participating institutions will have dividends automatically reinvested. Shareholders wishing a cash dividend at such institution must contact their broker to make this change.
     The number of common shares distributed to participants in the Plan in lieu of cash dividends is determined in the following manner. Under the Plan, whenever the market price of the Fund’s common shares is equal to or exceeds net asset value at the time shares are valued for purposes of determining the number of shares equivalent to the cash dividends or capital gains distribution, participants are issued common shares valued at the greater of (i) the net asset value as most recently determined or (ii) 95% of the then current market price of the Fund’s common shares. The valuation date is the dividend or distribution payment date or, if that date is not a NYSE Amex trading day, the next trading day. If the net asset value of the common shares at the time of valuation exceeds the market price of the common shares, participants will receive common shares from the Fund valued at market price. If the Fund should declare a dividend or capital gains distribution payable only in cash, AST will buy common shares in the open market, or on the NYSE Amex, or elsewhere, for the participants’ accounts, except that AST will endeavor to terminate purchases in the open market and cause the Fund to issue shares at net asset value if, following the commencement of such purchases, the market value of the common shares exceeds the then current net asset value.
     The automatic reinvestment of dividends and capital gains distributions will not relieve participants of any income tax which may be payable on such distributions. A participant in the Plan will be treated for federal income tax purposes as having received, on a dividend payment date, a dividend or distribution in an amount equal to the cash the participant could have received instead of shares.

12

 

Voluntary Cash Purchase Plan
     The Voluntary Cash Purchase Plan is yet another vehicle for our shareholders to increase their investment in the Fund. In order to participate in the Voluntary Cash Purchase Plan, shareholders must have their shares registered in their own name.
     Participants in the Voluntary Cash Purchase Plan have the option of making additional cash payments to AST for investments in the Fund’s common shares at the then current market price. Shareholders may send an amount from $250 to $10,000. AST will use these funds to purchase shares in the open market on or about the 1st and 15th of each month. AST will charge each shareholder who participates a pro rata share of the brokerage commissions. Brokerage charges for such purchases are expected to be less than the usual brokerage charge for such transactions. It is suggested that any voluntary cash payments be sent to American Stock Transfer, 6201 15th Avenue, Brooklyn, NY 11219 such that AST receives such payments approximately 10 days before the investment date. Funds not received at least five days before the investment date shall be held for investment until the next purchase date. A payment may be withdrawn without charge if notice is received by AST at least 48 hours before such payment is to be invested.
     Shareholders wishing to liquidate shares held at AST must do so in writing or by telephone. Please submit your request to the above mentioned address or telephone number. Include in your request your name, address, and account number. The cost to liquidate shares is $1.00 per transaction as well as the brokerage commission incurred. Brokerage charges are expected to be less than the usual brokerage charge for such transactions.
     For more information regarding the Automatic Dividend Reinvestment Plan and Voluntary Cash Purchase Plan, brochures are available by calling (914) 921-5070 or by writing directly to the Fund.
     The Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to written notice of the change sent to the members of the Plan at least 90 days before the record date for such dividend or distribution. The Plan also may be amended or terminated by AST on at least 90 days written notice to participants in the Plan.

13

 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
AND YOUR PERSONAL PRIVACY
Who are we?
The Gabelli Global Gold, Natural Resources & Income Trust (the “Fund”) is a closed-end management investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc. GAMCO Investors, Inc. is a publicly held company that has subsidiaries that provide investment advisory or brokerage services for a variety of clients.
What kind of non-public information do we collect about you if you become a shareholder?
When you purchase shares of the Fund on the American Stock Exchange, you have the option of registering directly with our transfer agent in order, for example, to participate in our dividend reinvestment plan.
•   Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.
•   Information about your transactions with us. This would include information about the shares that you buy or sell; it may also include information about whether you sell or exercise rights that we have issued from time to time. If we hire someone else to provide services—like a transfer agent—we will also have information about the transactions that you conduct through them.
What information do we disclose and to whom do we disclose it?
We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.
What do we do to protect your personal information?
We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the Fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

 

 

(IMGAGE)
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
Molly A.F. Marion
     Vice President & Ombudsman
Laurissa M. Martire
     Vice President & Ombudsman
David I. Schachter
     Vice President
Agnes Mullady
     Treasurer & 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:
     50,202,965       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 ww.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.

 

 

(IMAGE)

 

 

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 11/26/10
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 11/26/10
         
By (Signature and Title)*
  /s/ Agnes Mullady
 
Agnes Mullady, Principal Financial Officer and Treasurer 		   
Date 11/26/10
 
*   Print the name and title of each signing officer under his or her signature.