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)
Registrants telephone number, including area code:
1-800-422-3554
Date of
fiscal year end:
December 31
Date of
reporting period:
March 31, 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
First Quarter Report March 31, 2010
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Caesar Bryan
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Barbara G. Marcin, CFA
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Vincent Roche
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To Our Shareholders,
The Gabelli Global Gold, Natural Resources & Income Trusts (the Fund) net asset value
(NAV) total return was 1.8% during the first quarter of 2010, compared with increases of 1.1%,
1.4%, and 1.6% for the Chicago Board Options Exchange (CBOE) S&P 500 Buy/Write Index, the Amex
Energy Select Sector Index, and the Barclays Capital Government/Corporate Bond Index, respectively,
and a decline of 1.6% for the Philadelphia Gold & Silver Index. The total return for the Funds
publicly traded shares was 10.8% during the first quarter.
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Enclosed is the investment portfolio as of March 31, 2010.
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Comparative Results
Average Annual Returns through March 31, 2010 (a) (Unaudited)
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Since
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Inception
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Quarter
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1 Year
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3 Year
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(03/31/05)
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Gabelli Global Gold, Natural Resources & Income Trust
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NAV Total Return (b)
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1.84
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%
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60.39
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%
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(5.48
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)%
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5.28
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%
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Investment Total Return (c)
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10.80
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25.98
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(4.03
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6.36
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CBOE
S&P 500 Buy/Write Index
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1.08
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30.66
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(1.36
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2.64
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Philadelphia Gold & Silver Index
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(1.61
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23.63
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7.32
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13.10
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Amex Energy Select Sector Index
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1.40
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38.04
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0.19
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7.78
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Barclays Capital Government/Corporate Bond Index
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1.55
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7.51
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5.84
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5.17
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(a)
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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.
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(b)
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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.
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(c)
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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 $20.00.
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We have separated the portfolio managers commentary from the financial statements and investment
portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We
have done this to ensure that the content of the portfolio managers commentary is unrestricted.
The financial statements and investment portfolio are mailed separately from the commentary. Both
the commentary and the financial statements, including the portfolio of investments, will be
available on our website at www.gabelli.com.
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS
March 31, 2010 (Unaudited)
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Market
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Shares
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Value
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COMMON STOCKS 90.4%
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Energy and Energy Services 32.1%
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50,000
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Apache Corp.
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$
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5,075,000
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63,000
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Baker Hughes Inc. (a)
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2,950,920
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27,000
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BG Group plc
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467,290
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358,000
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BJ Services Co. (a)
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7,661,200
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165,900
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BP plc, ADR (a)
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9,467,913
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130,500
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Chesapeake Energy Corp. (a)
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3,085,020
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65,000
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Chevron Corp. (a)
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4,928,950
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307,692
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Comanche Energy Inc. (b)(c)(d)
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0
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98,000
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ConocoPhillips (a)
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5,014,660
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158,000
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Devon Energy Corp. (a)
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10,179,940
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69,000
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Diamond Offshore Drilling Inc. (a)
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6,127,890
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450,000
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El Paso Corp.
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4,878,000
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91,000
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Exxon Mobil Corp. (a)
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6,095,180
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65,000
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Galp Energia SGPS SA, Cl. B
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1,129,015
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289,000
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Halliburton Co. (a)
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8,707,570
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235,000
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Imperial Oil Ltd.
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9,076,995
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180,000
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Marathon Oil Corp. (a)
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5,695,200
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224,000
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Murphy Oil Corp. (a)
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12,586,560
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200,000
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Nabors Industries Ltd. (a)
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3,926,000
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110,000
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Nexen Inc.
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2,718,100
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243,000
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Noble Corp. (a)
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10,162,260
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346,500
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Petroleo Brasileiro SA, ADR (a)
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15,415,785
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230,500
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Rowan Companies Inc. (a)
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6,709,855
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184,000
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Royal Dutch Shell plc, Cl. A
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5,333,091
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151,200
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Sasol Ltd., ADR (a)
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6,240,024
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88,400
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Statoil ASA, ADR (a)
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2,062,372
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476,500
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Suncor Energy Inc. (a)
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15,505,310
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40,000
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Technip SA
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3,252,384
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409,000
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Tesoro Corp. (a)
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5,685,100
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260,800
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The Williams Companies Inc. (a)
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6,024,480
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32,500
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Total SA, ADR
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1,885,650
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88,500
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Transocean Ltd. (a)
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7,644,630
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250,000
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Tullow Oil plc
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4,742,178
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301,100
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Valero Energy Corp. (a)
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5,931,670
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462,000
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Weatherford International Ltd. (a)
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7,327,320
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100,000
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XTO Energy Inc. (a)
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4,718,000
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218,411,512
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Metals and Mining 58.3%
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210,000
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African Barrick Gold Ltd.
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1,859,465
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393,500
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Agnico-Eagle Mines Ltd. (a)
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21,906,145
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580,000
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Andean Resources Ltd.
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1,461,921
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258,000
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Anglo American plc
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11,252,119
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563,500
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AngloGold Ashanti Ltd., ADR (a)
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21,384,825
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505,000
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Antofagasta plc
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7,969,894
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425,400
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Barrick Gold Corp. (a)
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16,309,836
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107,500
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BHP Billiton Ltd., ADR (a)
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8,634,400
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770,000
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Centamin Egypt Ltd.
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1,622,409
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160,000
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Compania de Minas Buenaventura SA, ADR
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4,955,200
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700,000
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Consolidated Thompson Iron Mines Ltd.
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6,588,884
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Market
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Shares
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Value
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83,000
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Detour Gold Corp.
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$
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1,550,249
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450,000
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Eldorado Gold Corp.
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5,463,004
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175,000
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Equinox Minerals Ltd.
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659,922
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175,000
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Franco-Nevada Corp.
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4,695,269
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175,000
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Franco-Nevada Corp. (e)
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4,695,269
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157,792
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Freeport-McMoRan Copper & Gold Inc. (a)
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13,181,944
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538,500
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Fresnillo plc
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6,929,620
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1,943,500
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Gold Fields Ltd., ADR (a)
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24,526,970
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390,000
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Goldcorp Inc. (a)
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14,515,800
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946,100
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Harmony Gold Mining Co. Ltd., ADR (a)
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8,969,028
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1,779,700
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Hochschild Mining plc
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|
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7,610,543
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385,000
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IAMGOLD Corp.
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5,089,700
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412,000
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Impala Platinum Holdings Ltd.
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12,104,754
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215,000
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International Tower Hill Mines Ltd.
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1,246,837
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300,140
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Ivanhoe Mines Ltd. (a)
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5,225,437
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88,000
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Kazakhmys plc
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2,039,152
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255,000
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Keegan Resources Inc.
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1,529,021
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|
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1,076,400
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Kinross Gold Corp. (a)
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18,395,676
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5,733,488
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Lihir Gold Ltd.
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15,941,846
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250,600
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Lundin Mining Corp. (a)
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1,328,180
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221,000
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MAG Silver Corp.
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1,675,479
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640,646
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Newcrest Mining Ltd.
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19,294,510
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130,000
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Newmont Mining Corp. (a)
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6,620,900
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150,000
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Northern Dynasty Minerals Ltd.
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1,438,500
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165,000
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Osisko Mining Corp.
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1,437,749
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12,537,555
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PanAust Ltd.
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5,982,645
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|
|
61,300
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Peabody Energy Corp. (a)
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2,801,410
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319,607
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Randgold Resources Ltd., ADR (a)
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24,555,406
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449,000
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Red Back Mining Inc.
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9,173,190
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58,400
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Rio Tinto plc, ADR (a)
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13,825,032
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845,000
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Romarco Minerals Inc.
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1,622,360
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|
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211,700
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Royal Gold Inc.
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9,782,657
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300,000
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SEMAFO Inc.
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1,671,836
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|
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188,700
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Vale SA, ADR (a)
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6,074,253
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|
|
937,305
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Xstrata plc
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17,758,134
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1,372,300
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Yamana Gold Inc. (a)
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13,517,155
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|
|
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396,874,535
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TOTAL COMMON STOCKS
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615,286,047
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CONVERTIBLE PREFERRED STOCKS 1.5%
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Metals and Mining 1.5%
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51,720
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|
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Freeport-McMoRan Copper & Gold Inc.,
6.750% Cv. Pfd.
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5,997,968
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|
10,000
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Vale Capital II, 6.750%,
Cv. Pfd., Ser. VALe
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|
909,500
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|
35,000
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Vale Capital II, 6.750%,
Cv. Pfd., Ser. VALE
|
|
|
3,181,500
|
|
|
6,000
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|
|
Vale Capital Ltd., 5.500%
Cv. Pfd., Ser. RIO
|
|
|
341,700
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|
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TOTAL CONVERTIBLE
PREFERRED STOCKS
|
|
|
10,430,668
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|
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|
See accompanying notes to schedule of investments.
2
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
|
|
Shares
|
|
|
|
|
Value
|
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|
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WARRANTS 0.1%
|
|
|
|
|
|
|
|
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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 (c)
|
|
|
276,301
|
|
|
87,500
|
|
|
Franco-Nevada Corp.,
expire 06/16/17 (e)
|
|
|
628,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
905,208
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|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL WARRANTS
|
|
|
905,208
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|
|
|
|
|
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Principal
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Amount
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CONVERTIBLE CORPORATE BONDS 1.5%
|
|
|
|
|
|
|
|
|
Energy and Energy Services 0.4%
|
|
|
|
|
$
|
1,500,000
|
|
|
Chesapeake Energy Corp., Cv.,
2.250%, 12/15/38
|
|
|
1,098,750
|
|
|
2,000,000
|
|
|
Nabors Industries Inc., Cv.,
0.940%, 05/15/11
|
|
|
1,992,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,091,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals and Mining 1.1%
|
|
|
|
|
|
5,000,000
|
|
|
Newmont Mining Corp., Cv.,
1.625%, 07/15/17
|
|
|
6,481,250
|
|
|
725,000
|
(f)
|
|
Wesdome Gold Mines Ltd., Deb. Cv.,
7.000%, 05/31/12 (c)(e)
|
|
|
749,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,230,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONVERTIBLE
CORPORATE BONDS
|
|
|
10,322,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS 4.1%
|
|
|
|
|
|
|
|
|
Energy and Energy Services 1.6%
|
|
|
|
|
|
2,000,000
|
|
|
Chesapeake Energy Corp.,
7.500%, 06/15/14
|
|
|
2,040,000
|
|
|
3,989,482
|
|
|
Comanche Energy Inc., PIK,
15.500%, 06/13/13 (b)(c)(d)
|
|
|
797,896
|
|
|
2,500,000
|
|
|
Compagnie Generale de
Geophysique-Veritas,
7.500%, 05/15/15
|
|
|
2,518,750
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Market
|
|
Amount
|
|
|
|
|
Value
|
|
$
|
2,000,000
|
|
|
PetroHawk Energy Corp.,
9.125%, 07/15/13
|
|
$
|
2,097,500
|
|
|
500,000
|
|
|
Tesoro Corp.,
9.750%, 06/01/19
|
|
|
525,000
|
|
|
2,500,000
|
|
|
Weatherford International Ltd.,
9.625%, 03/01/19
|
|
|
3,168,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,147,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals and Mining 2.5%
|
|
|
|
|
|
2,000,000
|
|
|
AK Steel Corp.,
7.750%, 06/15/12
|
|
|
2,020,000
|
|
|
2,000,000
|
|
|
Freeport-McMoRan Copper & Gold Inc.,
8.250%, 04/01/15
|
|
|
2,179,738
|
|
|
2,000,000
|
|
|
Peabody Energy Corp., Ser. B,
6.875%, 03/15/13
|
|
|
2,032,500
|
|
|
1,000,000
|
|
|
Rio Tinto Finance (USA) Ltd.,
8.950%, 05/01/14
|
|
|
1,206,057
|
|
|
4,000,000
|
|
|
United States Steel Corp.,
6.050%, 06/01/17
|
|
|
3,870,000
|
|
|
5,000,000
|
|
|
Xstrata Canada Corp.,
7.250%, 07/15/12
|
|
|
5,475,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,783,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CORPORATE BONDS
|
|
|
27,931,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS 2.4%
|
|
|
|
|
|
|
|
|
U.S. Treasury Bills 1.0%
|
|
|
|
|
|
6,710,000
|
|
|
U.S. Treasury Bills,
0.046% to 0.213%,
04/08/10 to 09/09/10 (a)
|
|
|
6,708,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Cash
Management Bills 1.4%
|
|
|
|
|
|
9,680,000
|
|
|
U.S. Treasury Cash Management Bills,
0.101% to 0.122%,
04/01/10 to 06/10/10 (a)
|
|
|
9,677,665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL U.S. GOVERNMENT
OBLIGATIONS
|
|
|
16,386,288
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 100.0%
|
|
|
|
|
(Cost $683,290,527)
|
|
$
|
681,261,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate book cost
|
|
$
|
683,290,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
44,990,788
|
|
|
|
|
|
Gross unrealized depreciation
|
|
|
(47,019,905
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized
appreciation/depreciation
|
|
$
|
(2,029,117
|
)
|
|
|
|
|
|
|
|
|
See accompanying notes to schedule of investments.
3
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
|
|
Expiration Date/
|
|
Market
|
|
Contracts
|
|
|
|
|
Exercise Price
|
|
Value
|
|
|
|
|
|
OPTION CONTRACTS WRITTEN (2.2)%
|
|
|
|
|
|
|
|
|
|
|
Call Options Written (2.0)%
|
|
|
|
|
|
|
|
3,550
|
|
|
Agnico-Eagle Mines Ltd.
|
|
May 10/65
|
|
$
|
237,850
|
|
|
385
|
|
|
Agnico-Eagle Mines Ltd.
|
|
Aug. 10/65
|
|
|
93,170
|
|
|
135
|
|
|
Anglo American plc(g)
|
|
Apr. 10/32
|
|
|
4,097
|
|
|
123
|
|
|
Anglo American plc(g)
|
|
May 10/30
|
|
|
146,522
|
|
|
5,605
|
|
|
Anglogold Ashanti Ltd.,
ADR
|
|
Apr. 10/40
|
|
|
168,150
|
|
|
160
|
|
|
Antofagasta plc(g)
|
|
Jun. 10/9.59
|
|
|
279,220
|
|
|
200
|
|
|
Antofagasta plc(g)
|
|
Jun. 10/11
|
|
|
133,919
|
|
|
500
|
|
|
Apache Corp.
|
|
Apr. 10/105
|
|
|
37,500
|
|
|
1,432
|
|
|
Baker Hughes Inc.
|
|
Apr. 10/50
|
|
|
42,960
|
|
|
630
|
|
|
Baker Hughes Inc.
|
|
Jul. 10/50
|
|
|
129,150
|
|
|
2,879
|
|
|
Barrick Gold Corp.
|
|
Apr. 10/39
|
|
|
178,498
|
|
|
1,275
|
|
|
Barrick Gold Corp.
|
|
May 10/41
|
|
|
110,925
|
|
|
670
|
|
|
BHP Billiton Ltd., ADR
|
|
May 10/80
|
|
|
247,900
|
|
|
400
|
|
|
BHP Billiton Ltd., ADR
|
|
May 10/85
|
|
|
62,000
|
|
|
500
|
|
|
BP plc, ADR
|
|
Apr. 10/57.50
|
|
|
31,775
|
|
|
1,095
|
|
|
BP plc, ADR
|
|
Apr. 10/60
|
|
|
13,140
|
|
|
1,305
|
|
|
Chesapeake Energy Corp.
|
|
Apr. 10/30
|
|
|
5,220
|
|
|
500
|
|
|
Compania de Minas
Buenaventura SA,
ADR
|
|
Jun. 10/35
|
|
|
52,500
|
|
|
1,100
|
|
|
Compania de Minas
Buenaventura SA,
ADR
|
|
Jun. 10/40
|
|
|
35,750
|
|
|
980
|
|
|
ConocoPhillips
|
|
May 10/55
|
|
|
37,240
|
|
|
6,900
|
|
|
Consolidated Thompson
Iron Mines Ltd.(h)
|
|
Apr. 10/7
|
|
|
1,732,388
|
|
|
1,200
|
|
|
Devon Energy Corp.
|
|
Apr. 10/75
|
|
|
21,600
|
|
|
150
|
|
|
Devon Energy Corp.
|
|
Apr. 10/80
|
|
|
1,125
|
|
|
690
|
|
|
Diamond Offshore
Drilling Inc.
|
|
Sep. 10/98.13
|
|
|
213,900
|
|
|
4,000
|
|
|
El Paso Corp.
|
|
Apr. 10/11
|
|
|
80,000
|
|
|
500
|
|
|
El Paso Corp.
|
|
Apr. 10/12
|
|
|
1,500
|
|
|
3,500
|
|
|
Eldorado Gold Corp.(h)
|
|
May 10/14
|
|
|
65,475
|
|
|
1,750
|
|
|
Equinox Minerals Ltd.(h)
|
|
May 10/4
|
|
|
38,768
|
|
|
225
|
|
|
Exxon Mobil Corp.
|
|
Apr. 10/65
|
|
|
46,800
|
|
|
685
|
|
|
Exxon Mobil Corp.
|
|
Jul. 10/70
|
|
|
81,515
|
|
|
1,750
|
|
|
Franco-Nevada Corp.(h)
|
|
Apr. 10/32
|
|
|
17,231
|
|
|
1,750
|
|
|
Franco-Nevada Corp.(h)
|
|
Jul. 10/30
|
|
|
68,921
|
|
|
7,000
|
|
|
Gold Fields Ltd., ADR
|
|
Apr. 10/12
|
|
|
525,000
|
|
|
7,000
|
|
|
Gold Fields Ltd., ADR
|
|
Apr. 10/13
|
|
|
175,000
|
|
|
500
|
|
|
Gold Fields Ltd., ADR
|
|
Apr. 10/14
|
|
|
3,750
|
|
|
435
|
|
|
Gold Fields Ltd., ADR
|
|
Jul. 10/13
|
|
|
34,800
|
|
|
4,500
|
|
|
Gold Fields Ltd., ADR
|
|
Jul. 10/14
|
|
|
213,750
|
|
|
1,300
|
|
|
Goldcorp Inc.
|
|
Apr. 10/42
|
|
|
6,500
|
|
|
1,600
|
|
|
Goldcorp Inc.
|
|
Apr. 10/43
|
|
|
4,800
|
|
|
1,000
|
|
|
Goldcorp Inc.
|
|
May 10/40
|
|
|
91,000
|
|
|
2,190
|
|
|
Halliburton Co.
|
|
Apr. 10/37
|
|
|
4,380
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
|
|
Expiration Date/
|
|
Market
|
|
Contracts
|
|
|
|
|
Exercise Price
|
|
Value
|
|
|
700
|
|
|
Halliburton Co.
|
|
Jul. 10/36
|
|
$
|
28,000
|
|
|
2,000
|
|
|
Harmony Gold Mining
Co. Ltd., ADR
|
|
May 10/11
|
|
|
20,000
|
|
|
6,461
|
|
|
Harmony Gold Mining
Co. Ltd., ADR
|
|
May 10/12
|
|
|
32,305
|
|
|
1,000
|
|
|
Harmony Gold Mining
Co. Ltd., ADR
|
|
Jan. 11/10
|
|
|
117,500
|
|
|
1,000
|
|
|
IAMGOLD Corp.
|
|
Jun. 10/15
|
|
|
50,000
|
|
|
2,850
|
|
|
IAMGOLD Corp.
|
|
Sep. 10/17.50
|
|
|
171,000
|
|
|
2,000
|
|
|
Imperial Oil Ltd.(h)
|
|
May 10/46
|
|
|
19,692
|
|
|
3,000
|
|
|
Ivanhoe Mines Ltd.
|
|
Jan. 11/15
|
|
|
1,230,000
|
|
|
2,000
|
|
|
Kinross Gold Corp.
|
|
May 10/20
|
|
|
35,000
|
|
|
6,325
|
|
|
Kinross Gold Corp.
|
|
May 10/22
|
|
|
31,625
|
|
|
1,150
|
|
|
Kinross Gold Corp.
|
|
May 10/23
|
|
|
8,625
|
|
|
1,200
|
|
|
Kinross Gold Corp.
|
|
Aug. 10/20
|
|
|
90,000
|
|
|
2,000
|
|
|
Lihir Gold Ltd.(i)
|
|
Apr. 10/3.30
|
|
|
39,459
|
|
|
1,800
|
|
|
Marathon Oil Corp.
|
|
Apr. 10/34
|
|
|
9,000
|
|
|
1,940
|
|
|
Murphy Oil Corp.
|
|
Apr. 10/60
|
|
|
38,800
|
|
|
300
|
|
|
Murphy Oil Corp.
|
|
Jul. 10/60
|
|
|
52,500
|
|
|
2,000
|
|
|
Nabors Industries Ltd.
|
|
Jun. 10/24
|
|
|
50,000
|
|
|
490
|
|
|
Newcrest Mining Ltd.(i)
|
|
Apr. 10/40
|
|
|
2,383
|
|
|
150
|
|
|
Newcrest Mining Ltd.(i)
|
|
May 10/38
|
|
|
29,181
|
|
|
750
|
|
|
Newmont Mining Corp.
|
|
Jun. 10/55
|
|
|
117,000
|
|
|
600
|
|
|
Newmont Mining Corp.
|
|
Sep. 10/52.50
|
|
|
238,200
|
|
|
250
|
|
|
Nexen Inc.
|
|
Jun. 10/25
|
|
|
32,500
|
|
|
850
|
|
|
Nexen Inc.
|
|
Jun. 10/26.50
|
|
|
60,503
|
|
|
1,430
|
|
|
Noble Corp.
|
|
Jun. 10/46
|
|
|
118,690
|
|
|
1,000
|
|
|
Noble Corp.
|
|
Jun. 10/47
|
|
|
61,000
|
|
|
613
|
|
|
Peabody Energy Corp.
|
|
Jun. 10/50
|
|
|
99,306
|
|
|
1,500
|
|
|
Petroleo Brasileiro SA,
ADR
|
|
Apr. 10/50
|
|
|
7,500
|
|
|
4,792
|
|
|
Randgold Resources Ltd.,
ADR
|
|
Jun. 10/85
|
|
|
982,360
|
|
|
2,490
|
|
|
Red Bank Mining Inc.(h)
|
|
Apr. 10/20
|
|
|
275,809
|
|
|
2,000
|
|
|
Red Bank Mining Inc.(h)
|
|
Apr. 10/21
|
|
|
113,228
|
|
|
434
|
|
|
Rio Tinto plc, ADR
|
|
Apr. 10/260
|
|
|
17,360
|
|
|
150
|
|
|
Rio Tinto plc, ADR
|
|
May 10/260
|
|
|
56,250
|
|
|
1,305
|
|
|
Rowan Companies Inc.
|
|
Apr. 10/25
|
|
|
548,100
|
|
|
1,000
|
|
|
Rowan Companies Inc.
|
|
Apr. 10/27.50
|
|
|
196,000
|
|
|
184
|
|
|
Royal Dutch Shell plc,
Cl. A(g)
|
|
Jun. 10/20
|
|
|
59,334
|
|
|
1,140
|
|
|
Royal Gold Inc.
|
|
Apr. 10/50
|
|
|
20,520
|
|
|
495
|
|
|
Royal Gold Inc.
|
|
Apr. 10/55
|
|
|
2,475
|
|
|
275
|
|
|
Royal Gold Inc.
|
|
Jul. 10/45
|
|
|
110,000
|
|
|
200
|
|
|
Royal Gold Inc.
|
|
Jul. 10/50
|
|
|
36,000
|
|
|
1,512
|
|
|
Sasol Ltd., ADR
|
|
Jun. 10/45
|
|
|
143,640
|
|
|
884
|
|
|
Statoil ASA, ADR
|
|
Apr. 10/25
|
|
|
8,840
|
|
|
3,125
|
|
|
Suncor Energy Inc.
|
|
Jun. 10/34
|
|
|
384,375
|
|
|
400
|
|
|
Technip SA(j)
|
|
Sep. 10/60
|
|
|
233,934
|
|
|
1,510
|
|
|
Tesoro Corp.
|
|
May 10/16
|
|
|
37,750
|
|
See accompanying notes to schedule of investments.
4
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
|
|
Expiration Date/
|
|
Market
|
|
Contracts
|
|
|
|
|
Exercise Price
|
|
Value
|
|
|
1,290
|
|
|
Tesoro Corp.
|
|
Aug. 10/17
|
|
$
|
51,600
|
|
|
1,290
|
|
|
Tesoro Corp.
|
|
Jan. 11/17.50
|
|
|
96,750
|
|
|
2,600
|
|
|
The Williams
Companies Inc.
|
|
May 10/22.50
|
|
|
353,600
|
|
|
150
|
|
|
Total SA, ADR
|
|
Aug. 10/65
|
|
|
9,000
|
|
|
885
|
|
|
Transocean Ltd.
|
|
May 10/95
|
|
|
74,340
|
|
|
250
|
|
|
Tullow Oil plc(g)
|
|
Jun. 10/13
|
|
|
241,851
|
|
|
500
|
|
|
Vale SA, ADR
|
|
May 10/32
|
|
|
78,000
|
|
|
1,387
|
|
|
Vale SA, ADR
|
|
Jun. 10/32
|
|
|
284,335
|
|
|
1,000
|
|
|
Valero Energy Corp.
|
|
Jun. 10/21
|
|
|
73,000
|
|
|
2,361
|
|
|
Valero Energy Corp.
|
|
Jun. 10/22
|
|
|
110,967
|
|
|
1,940
|
|
|
Weatherford
International Ltd.
|
|
May 10/19
|
|
|
29,100
|
|
|
5,360
|
|
|
Weatherford
International Ltd.
|
|
May 10/20
|
|
|
53,600
|
|
|
871
|
|
|
Xstrata plc(g)
|
|
Apr. 10/13
|
|
|
228,000
|
|
|
1,000
|
|
|
XTO Energy Inc.
|
|
May 10/47
|
|
|
132,000
|
|
|
8,000
|
|
|
Yamana Gold Inc.
|
|
Apr. 10/12
|
|
|
16,000
|
|
|
5,723
|
|
|
Yamana Gold Inc.
|
|
Jul. 10/13
|
|
|
80,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CALL OPTIONS
WRITTEN
(Premiums received
$18,085,455)
|
|
|
|
$
|
13,403,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Put Options Written (0.2)%
|
|
|
|
|
|
|
|
700
|
|
|
Agnico-Eagle Mines Ltd.
|
|
May 10/50
|
|
$
|
71,400
|
|
|
750
|
|
|
Alcoa Inc.
|
|
Apr. 10/11
|
|
|
1,500
|
|
|
750
|
|
|
Alcoa Inc.
|
|
Apr. 10/12
|
|
|
3,000
|
|
|
900
|
|
|
AngloGold Ashanti Ltd.,
ADR
|
|
Apr. 10/30
|
|
|
4,500
|
|
|
300
|
|
|
AngloGold Ashanti Ltd.,
ADR
|
|
Apr. 10/35
|
|
|
6,000
|
|
|
1,200
|
|
|
Barrick Gold Corp.
|
|
Apr. 10/32
|
|
|
4,800
|
|
|
250
|
|
|
Devon Energy Corp.
|
|
Apr. 10/65
|
|
|
41,250
|
|
|
100
|
|
|
Devon Energy Corp.
|
|
Apr. 10/70
|
|
|
54,900
|
|
|
150
|
|
|
Diamond Offshore
Drilling Inc.
|
|
Jun. 10/85
|
|
|
45,600
|
|
|
230
|
|
|
Exxon Mobil Corp.
|
|
Apr. 10/65
|
|
|
4,600
|
|
|
420
|
|
|
Franco-Nevada Corp.(h)
|
|
Apr. 10/24
|
|
|
4,135
|
|
|
400
|
|
|
Franco-Nevada Corp.(h)
|
|
Apr. 10/25
|
|
|
5,908
|
|
|
500
|
|
|
Freeport-McMoRan Copper
& Gold Inc.
|
|
May 10/60
|
|
|
13,000
|
|
|
1,500
|
|
|
Gold Fields Ltd., ADR
|
|
Apr. 10/10
|
|
|
3,000
|
|
|
3,000
|
|
|
Gold Fields Ltd., ADR
|
|
Apr. 10/11
|
|
|
30,000
|
|
|
1,175
|
|
|
Goldcorp Inc.
|
|
Apr. 10/30
|
|
|
2,350
|
|
|
320
|
|
|
Halliburton Co.
|
|
Apr. 10/28
|
|
|
6,400
|
|
|
300
|
|
|
Halliburton Co.
|
|
Apr. 10/30
|
|
|
19,800
|
|
|
500
|
|
|
Hess Corp.
|
|
May 10/55
|
|
|
28,500
|
|
|
665
|
|
|
Kinross Gold Corp.
|
|
May 10/15
|
|
|
16,625
|
|
|
1,600
|
|
|
Kinross Gold Corp.
|
|
May 10/17
|
|
|
144,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
|
|
Expiration Date/
|
|
Market
|
|
Contracts
|
|
|
|
|
Exercise Price
|
|
Value
|
|
|
350
|
|
|
Marathon Oil Corp.
|
|
Apr. 10/27
|
|
$
|
1,750
|
|
|
445
|
|
|
Murphy Oil Corp.
|
|
Apr. 10/50
|
|
|
4,450
|
|
|
700
|
|
|
Nabors Industries Ltd.
|
|
Jun. 10/19
|
|
|
84,000
|
|
|
500
|
|
|
Newmont Mining Corp.
|
|
Jun. 10/39
|
|
|
9,250
|
|
|
425
|
|
|
Newmont Mining Corp.
|
|
Jun. 10/46
|
|
|
49,300
|
|
|
250
|
|
|
Noble Corp.
|
|
Jun. 10/38
|
|
|
25,000
|
|
|
385
|
|
|
Oil Service Holders Trust
|
|
Apr. 10/130
|
|
|
292,600
|
|
|
1,000
|
|
|
Petroleo Brasileiro SA,
ADR
|
|
Apr. 10/40
|
|
|
10,000
|
|
|
375
|
|
|
Randgold Resources Ltd.,
ADR
|
|
Jun. 10/65
|
|
|
43,125
|
|
|
600
|
|
|
Rowan Companies Inc.
|
|
Apr. 10/20
|
|
|
7,800
|
|
|
600
|
|
|
Rowan Companies Inc.
|
|
Apr. 10/22.50
|
|
|
4,200
|
|
|
500
|
|
|
Royal Gold Inc.
|
|
Apr. 10/40
|
|
|
3,750
|
|
|
620
|
|
|
Suncor Energy Inc.
|
|
Jun. 10/28
|
|
|
34,720
|
|
|
250
|
|
|
Transocean Ltd.
|
|
May 10/75
|
|
|
15,000
|
|
|
200
|
|
|
Ultra Petroleum Corp.
|
|
Sep. 10/45
|
|
|
74,000
|
|
|
600
|
|
|
Weatherford
International Ltd.
|
|
May 10/14
|
|
|
16,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUT OPTIONS WRITTEN
(Premiums received $2,998,095)
|
|
|
|
$
|
1,186,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate premiums
|
|
|
|
$
|
21,083,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
|
|
$
|
10,648,769
|
|
|
|
|
|
Gross unrealized depreciation
|
|
|
|
|
(4,155,330
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation/depreciation
|
|
|
|
$
|
6,493,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Securities, or a portion thereof, with a value of $216,616,605 were pledged as
collateral for options written.
|
|
(b)
|
|
At March 31, 2010, the Fund held investments in restricted securities amounting to
$797,896 or 0.12% of total investments, which were value under methods approved by the
Board of Trustees as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares/
|
|
|
|
|
|
|
|
|
|
|
|
3/31/10
|
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
|
|
|
|
|
|
$
|
3,989,482
|
|
|
Comanche Energy Inc., PIK,
15.500%, 06/13/13
|
|
|
06/17/08
|
|
|
|
3,764,482
|
|
|
$
|
20.0000
|
|
See accompanying notes to schedule of investments.
5
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2010 (Unaudited)
|
|
|
(c)
|
|
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 March 31, 2010, the market value
of fair valued securities amounted to $1,823,717 or 0.27% of total investments.
|
|
(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 March 31, 2010, the market
value of Rule 144A securities amounted to
$6,073,696 or 0.89% of total investments.
|
|
(f)
|
|
Principal amount denoted in Canadian dollars.
|
|
(g)
|
|
Exercise price denoted in British Pounds.
|
|
(h)
|
|
Exercise price denoted in Canadian dollars.
|
|
(i)
|
|
Exercise price denoted in Australian dollars.
|
|
(j)
|
|
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
|
|
|
53.7
|
%
|
|
$
|
365,467,515
|
|
Europe
|
|
|
21.3
|
|
|
|
145,350,102
|
|
South Africa
|
|
|
10.8
|
|
|
|
73,225,601
|
|
Asia/Pacific
|
|
|
8.0
|
|
|
|
54,803,711
|
|
Latin America
|
|
|
6.2
|
|
|
|
42,414,481
|
|
|
|
|
|
|
|
|
Total Investments
|
|
|
100.0
|
%
|
|
$
|
681,261,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Positions
|
|
|
|
|
|
|
|
|
North America
|
|
|
(1.4
|
)%
|
|
$
|
(9,248,051
|
)
|
Europe
|
|
|
(0.5
|
)
|
|
|
(3,191,557
|
)
|
South Africa
|
|
|
(0.2
|
)
|
|
|
(1,477,395
|
)
|
Latin America
|
|
|
(0.1
|
)
|
|
|
(602,085
|
)
|
Asia/Pacific
|
|
|
(0.0
|
)
|
|
|
(71,023
|
)
|
|
|
|
|
|
|
|
Total Investments
|
|
|
(2.2
|
)%
|
|
$
|
(14,590,111
|
)
|
|
|
|
|
|
|
|
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 United States of America over-the-counter market for which
market quotations are readily available are valued at the last quoted sale price or a markets
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.
|
|
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 Funds 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 Funds 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 Funds investments
and other financial instruments by inputs used to value the Funds investments as of March 31, 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 3/31/10
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy and Energy Services
|
|
$
|
218,411,512
|
|
|
|
|
|
|
$
|
0
|
|
|
$
|
218,411,512
|
|
Metals and Mining
|
|
|
396,874,535
|
|
|
|
|
|
|
|
|
|
|
|
396,874,535
|
|
|
Total Common Stocks
|
|
|
615,286,047
|
|
|
|
|
|
|
|
0
|
|
|
|
615,286,047
|
|
|
Convertible Preferred Stocks (a)
|
|
|
10,430,668
|
|
|
|
|
|
|
|
|
|
|
|
10,430,668
|
|
|
Warrants:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy and Energy Services
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
0
|
|
Metals and Mining
|
|
|
276,301
|
|
|
$
|
628,907
|
|
|
|
|
|
|
|
905,208
|
|
|
Total Warrants
|
|
|
276,301
|
|
|
|
628,907
|
|
|
|
0
|
|
|
|
905,208
|
|
|
Convertible Corporate Bonds
|
|
|
|
|
|
|
9,572,500
|
|
|
|
749,520
|
|
|
|
10,322,020
|
|
Corporate Bonds
|
|
|
|
|
|
|
27,133,283
|
|
|
|
797,896
|
|
|
|
27,931,179
|
|
U.S. Government Obligations
|
|
|
|
|
|
|
16,386,288
|
|
|
|
|
|
|
|
16,386,288
|
|
|
TOTAL INVESTMENTS IN SECURITIES
|
|
$
|
625,993,016
|
|
|
$
|
53,720,978
|
|
|
$
|
1,547,416
|
|
|
$
|
681,261,410
|
|
|
OTHER FINANCIAL INSTRUMENTS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY CONTRACTS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Call Options Written
|
|
$
|
(10,185,939
|
)
|
|
$
|
(3,217,759
|
)
|
|
$
|
|
|
|
$
|
(13,403,698
|
)
|
Put Options Written
|
|
|
(583,963
|
)
|
|
|
(602,450
|
)
|
|
|
|
|
|
|
(1,186,413
|
)
|
|
TOTAL OTHER FINANCIAL INSTRUMENTS
|
|
$
|
(10,769,902
|
)
|
|
$
|
(3,820,209
|
)
|
|
$
|
|
|
|
$
|
(14,590,111
|
)
|
|
|
|
|
(a)
|
|
Please refer to the Schedule of Investments for the industry classifications of these portfolio
holdings.
|
8
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
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
|
|
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
|
|
3/31/10
|
|
at 3/31/10
|
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy and Energy Services
|
|
$
|
0
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
0
|
|
|
$
|
|
|
Warrants:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy and Energy Services
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
Convertible Corporate Bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,173
|
|
|
|
|
|
|
|
705,347
|
|
|
|
|
|
|
|
749,520
|
|
|
|
44,173
|
|
Corporate Bonds
|
|
|
768,131
|
|
|
|
10,750
|
|
|
|
|
|
|
|
(129,810
|
)
|
|
|
148,825
|
|
|
|
|
|
|
|
|
|
|
|
797,896
|
|
|
|
(129,810
|
)
|
|
TOTAL INVESTMENTS IN
SECURITIES
|
|
$
|
768,131
|
|
|
$
|
10,750
|
|
|
$
|
|
|
|
$
|
(85,637
|
)
|
|
$
|
148,825
|
|
|
$
|
705,347
|
|
|
$
|
|
|
|
$
|
1,547,416
|
|
|
$
|
(85,637
|
)
|
|
|
|
|
|
|
The Funds policy is to recognize transfers into and transfers out of Level 3 as of the beginning
of the reporting period.
|
2. Derivative 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. 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 Advisers
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 Funds
ability to pay distributions.
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 Funds 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 quarter ended March 31, 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 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
9
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
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 that were held at March 31, 2010 are presented within the Schedule of Investments.
The Funds volume of activity in equity option contracts during the quarter ended March 31,
2010 had the following activities:
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
|
|
|
|
Contracts
|
|
|
Premiums
|
|
|
Options outstanding at December 31, 2009
|
|
|
164,312
|
|
|
$
|
20,812,335
|
|
Options written
|
|
|
251,377
|
|
|
|
24,867,693
|
|
Options repurchased
|
|
|
(118,468
|
)
|
|
|
(11,781,563
|
)
|
Options expired
|
|
|
(85,431
|
)
|
|
|
(11,176,553
|
)
|
Options exercised
|
|
|
(14,369
|
)
|
|
|
(1,638,362
|
)
|
|
|
|
|
|
|
|
Options outstanding at March 31, 2010
|
|
|
197,421
|
|
|
$
|
21,083,550
|
|
|
|
|
|
|
|
|
The following table summarizes the market value of derivatives held at March 31, 2010 by
primary risk exposure:
|
|
|
|
|
Liability Derivatives:
|
|
Market Value
|
|
Equity Contracts
|
|
$
|
(14,590,111
|
)
|
10
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 dUrso
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 & Acting Treasurer
Carter W. Austin
Vice President
Peter D. Goldstein
Chief Compliance Officer & Acting Secretary
Molly A.F. Marion
Vice President & Ombudsman
Laurissa M. Martire
Ombudsman
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 AmexSymbol:
|
|
GGN
|
|
GGN PrA
|
Shares Outstanding:
|
|
|
36,334,390
|
|
|
|
3,955,687
|
|
|
|
|
*
|
|
Agnes Mullady is on a leave of absence for a limited period of time.
|
The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading
Specialized Equity Funds, in Mondays The Wall Street Journal. It is also listed in Barrons
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 Funds 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.
Item 2. Controls and Procedures.
|
(a)
|
|
The registrants principal executive and principal financial officers, or persons
performing similar functions, have concluded that the registrants 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 registrants 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
registrants last fiscal quarter that have materially affected, or are reasonably likely to
materially affect, the registrants 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 6/1/10
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 & Principal
|
|
|
Financial Officer
|
|
|
Date 6/1/10
|
|
|
*
|
|
Print the name and title of each signing officer under his or her signature.
|
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