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:
September 30, 2011
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, 2011
|
|
|
|
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Caesar Bryan
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|
Barbara G. Marcin, CFA
|
|
Vincent Hugonnard-Roche
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To Our Shareholders,
For the quarter ended September 30, 2011, the net asset value (NAV) total return of The Gabelli Global Gold, Natural Resources & Income Trust (the Fund) was (17.4)%,
compared with the total returns of (11.1)% and (8.0)% for the Chicago Board Options Exchange (CBOE) Standard & Poors (S&P) 500 Buy/Write Index and the Philadelphia Gold & Silver Index,
respectively. The total return for the Funds publicly traded shares was (17.1)%. On September 30, 2011, the Funds NAV per share was $14.09, while the price of the publicly traded shares closed at $14.35 on the NYSE Amex.
Enclosed is the schedule of investments as of September 30, 2011.
Comparative Results
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Average Annual Returns through September 30, 2011 (a) (Unaudited)
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Quarter
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Year to
Date
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1 Year
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3 Year
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5 Year
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Since
Inception
(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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(17.36
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)%
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(16.99
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)%
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(8.28
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)%
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2.19
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%
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0.94
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%
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4.62
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%
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Investment Total Return (c)
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|
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(17.11
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)
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(19.88
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)
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(9.38
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)
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(0.17
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)
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0.65
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|
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3.96
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|
CBOE S&P 500 Buy/Write Index
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|
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(11.12
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)
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|
|
(8.97
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)
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(3.77
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)
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(1.42
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)
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(0.91
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)
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1.28
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Barclays Capital Government/Corporate Bond Index
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|
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4.84
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7.41
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5.15
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8.45
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6.48
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5.86
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|
Amex Energy Select Sector Index
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|
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(22.02
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)
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(13.12
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)
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6.20
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(0.94
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)
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3.59
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6.64
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Philadelphia Gold & Silver Index
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(8.02
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)
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(18.35
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)
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(6.07
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)
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12.13
|
|
|
|
7.57
|
|
|
|
11.03
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|
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(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.
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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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|
The Fund intends to generate current income from short-term gains primarily through its strategy of writing (selling)
covered call options on the equity securities in its portfolio. Because of its primary strategy the Fund forgoes the opportunity to participate fully in the appreciation of the underlying equity security above the exercise price of the option. It
also is subject to the risk of depreciation of the underlying equity security in excess of the premium received.
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS
September 30, 2011 (Unaudited)
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Shares
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Market
Value
|
|
|
|
|
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|
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COMMON STOCKS 79.7%
|
|
|
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|
Energy and Energy Services 34.2%
|
|
|
|
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|
250,000
|
|
|
Anadarko Petroleum Corp.
|
|
$
|
15,762,500
|
|
|
159,500
|
|
|
Apache Corp.
|
|
|
12,798,280
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416,325
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Baker Hughes Inc. (a)
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19,217,562
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785,000
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BG Group plc
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|
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15,197,620
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135,000
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|
BP plc, ADR (a)
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|
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4,869,450
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520,000
|
|
|
Cameron International Corp.
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21,600,800
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|
500,000
|
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Canadian Oil Sands Ltd.
|
|
|
9,728,982
|
|
|
1,282,000
|
|
|
Cheniere Energy Inc.
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|
|
6,602,300
|
|
|
126,100
|
|
|
Chevron Corp. (a)
|
|
|
11,666,772
|
|
|
307,692
|
|
|
Comanche Energy Inc. (b)(c)(d)
|
|
|
0
|
|
|
100,000
|
|
|
ConocoPhillips (a)
|
|
|
6,332,000
|
|
|
768,400
|
|
|
CVR Energy Inc.
|
|
|
16,243,976
|
|
|
343,500
|
|
|
Denbury Resources Inc.
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|
|
3,950,250
|
|
|
460,000
|
|
|
El Paso Corp.
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|
|
8,040,800
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150,000
|
|
|
EOG Resources Inc.
|
|
|
10,651,500
|
|
|
65,000
|
|
|
Galp Energia SGPS SA, Cl. B
|
|
|
1,196,527
|
|
|
536,600
|
|
|
Halliburton Co. (a)
|
|
|
16,377,032
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|
|
140,000
|
|
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Hess Corp.
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|
|
7,344,400
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250,000
|
|
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Marathon Petroleum Corp.
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6,765,000
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180,000
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Nabors Industries Ltd.
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2,206,800
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315,000
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National Oilwell Varco Inc.
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16,134,300
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550,000
|
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|
Nexen Inc.
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|
8,519,500
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142,000
|
|
|
Noble Energy Inc.
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10,053,600
|
|
|
50,000
|
|
|
Occidental Petroleum Corp.
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|
|
3,575,000
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137,500
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|
|
Oil States International Inc.
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7,001,500
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582,000
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|
Petroleo Brasileiro SA, ADR (a)
|
|
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13,065,900
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|
200,000
|
|
|
Rowan Companies Inc. (a)
|
|
|
6,038,000
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|
|
168,000
|
|
|
Royal Dutch Shell plc, Cl. A
|
|
|
5,239,604
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|
|
160,000
|
|
|
Schlumberger Ltd.
|
|
|
9,556,800
|
|
|
250,000
|
|
|
Statoil ASA, ADR
|
|
|
5,387,500
|
|
|
869,500
|
|
|
Suncor Energy Inc. (a)
|
|
|
22,120,080
|
|
|
660,000
|
|
|
Talisman Energy Inc.
|
|
|
8,098,200
|
|
|
910,000
|
|
|
The Williams Companies Inc. (a)
|
|
|
22,149,400
|
|
|
510,000
|
|
|
Total SA, ADR
|
|
|
22,373,700
|
|
|
123,200
|
|
|
Transocean Ltd. (a)
|
|
|
5,881,568
|
|
|
500,000
|
|
|
Valero Energy Corp.
|
|
|
8,890,000
|
|
|
1,235,500
|
|
|
Weatherford International Ltd. (a)
|
|
|
15,085,455
|
|
|
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|
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|
|
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385,722,658
|
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|
|
Metals and Mining 45.5%
|
|
|
|
|
|
719,000
|
|
|
Agnico-Eagle Mines Ltd. (a)
|
|
|
42,794,880
|
|
|
393,000
|
|
|
Anglo American plc
|
|
|
13,660,350
|
|
|
633,500
|
|
|
AngloGold Ashanti Ltd., ADR (a)
|
|
|
26,201,560
|
|
|
439,000
|
|
|
Antofagasta plc
|
|
|
6,342,627
|
|
|
636,000
|
|
|
Barrick Gold Corp. (a)
|
|
|
29,669,400
|
|
|
177,000
|
|
|
BHP Billiton Ltd., ADR (a)
|
|
|
11,759,880
|
|
|
1,070,000
|
|
|
Centamin Egypt Ltd.
|
|
|
1,623,533
|
|
|
300,000
|
|
|
Compania de Minas Buenaventura SA, ADR
|
|
|
11,322,000
|
|
|
83,000
|
|
|
Detour Gold Corp.
|
|
|
2,162,325
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Market
Value
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000
|
|
|
Duluth Metals Ltd.
|
|
$
|
2,204,409
|
|
|
700,000
|
|
|
Eldorado Gold Corp.
|
|
|
12,057,448
|
|
|
375,000
|
|
|
Franco-Nevada Corp.
|
|
|
13,566,419
|
|
|
440,000
|
|
|
Freeport-McMoRan Copper & Gold Inc. (a)
|
|
|
13,398,000
|
|
|
658,500
|
|
|
Fresnillo plc
|
|
|
16,286,140
|
|
|
410,000
|
|
|
Gem Diamonds Ltd.
|
|
|
1,335,616
|
|
|
1,988,400
|
|
|
Gold Fields Ltd., ADR (a)
|
|
|
30,462,288
|
|
|
580,000
|
|
|
Goldcorp Inc. (a)
|
|
|
26,471,200
|
|
|
841,600
|
|
|
Harmony Gold Mining Co. Ltd., ADR (a)
|
|
|
9,871,968
|
|
|
1,779,700
|
|
|
Hochschild Mining plc
|
|
|
11,350,874
|
|
|
160,000
|
|
|
HudBay Minerals Inc.
|
|
|
1,491,745
|
|
|
195,000
|
|
|
Hummingbird Resources plc
|
|
|
440,922
|
|
|
285,000
|
|
|
IAMGOLD Corp.
|
|
|
5,637,300
|
|
|
412,000
|
|
|
Impala Platinum Holdings Ltd.
|
|
|
8,380,829
|
|
|
213,542
|
|
|
Ivanhoe Mines Ltd.
|
|
|
2,925,525
|
|
|
200,000
|
|
|
Kingsgate Consolidated Ltd.
|
|
|
1,389,614
|
|
|
1,035,500
|
|
|
Kinross Gold Corp., New York (a)
|
|
|
15,304,690
|
|
|
3,592
|
|
|
Kinross Gold Corp., Toronto
|
|
|
53,371
|
|
|
250,600
|
|
|
Lundin Mining Corp., OTC (a)
|
|
|
877,100
|
|
|
1,400,000
|
|
|
Lundin Mining Corp., Toronto
|
|
|
4,876,420
|
|
|
221,000
|
|
|
MAG Silver Corp.
|
|
|
1,729,363
|
|
|
934,725
|
|
|
Newcrest Mining Ltd. (b)
|
|
|
30,715,064
|
|
|
539,500
|
|
|
Newmont Mining Corp. (a)
|
|
|
33,934,550
|
|
|
750,000
|
|
|
Northgate Minerals Corp.
|
|
|
2,475,000
|
|
|
165,000
|
|
|
Osisko Mining Corp.
|
|
|
2,089,465
|
|
|
3,247,511
|
|
|
PanAust Ltd.
|
|
|
7,982,229
|
|
|
211,300
|
|
|
Peabody Energy Corp. (a)
|
|
|
7,158,844
|
|
|
230,000
|
|
|
Randgold Resources Ltd., ADR (a)
|
|
|
22,245,600
|
|
|
3,851,298
|
|
|
Red 5 Ltd.
|
|
|
633,572
|
|
|
6,984,000
|
|
|
Red 5 Ltd., ASE
|
|
|
1,148,929
|
|
|
250,000
|
|
|
Rio Tinto plc, ADR (a)
|
|
|
11,020,000
|
|
|
1,800,000
|
|
|
Romarco Minerals Inc.
|
|
|
2,044,088
|
|
|
259,200
|
|
|
Royal Gold Inc.
|
|
|
16,604,352
|
|
|
621,250
|
|
|
Sandfire Resources NL
|
|
|
3,637,153
|
|
|
500,000
|
|
|
SEMAFO Inc.
|
|
|
4,127,302
|
|
|
457,015
|
|
|
Vale SA, ADR (a)
|
|
|
10,419,942
|
|
|
207,000
|
|
|
Witwatersrand Consolidated Gold Resources Ltd.
|
|
|
1,204,904
|
|
|
1,008,305
|
|
|
Xstrata plc
|
|
|
12,905,905
|
|
|
1,200,000
|
|
|
Yamana Gold Inc. (a)
|
|
|
16,392,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
512,386,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS
|
|
|
898,109,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONVERTIBLE PREFERRED STOCKS 0.3%
|
|
|
|
|
|
Metals and Mining 0.3%
|
|
|
|
|
|
10,000
|
|
|
Vale Capital II, 6.750%, Cv. Pfd., Ser. VALE
|
|
|
647,000
|
|
|
35,000
|
|
|
Vale Capital II, 6.750%, Cv. Pfd., Ser. VALP
|
|
|
2,362,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
|
|
|
3,009,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WARRANTS 0.1%
|
|
|
|
|
|
|
|
|
Energy and Energy Services 0.0%
|
|
|
|
|
|
34,091
|
|
|
Comanche Energy Inc., Cl. A, expire 06/18/13 (b)(c)(d)
|
|
|
0
|
|
See
accompanying notes to schedule of investments.
2
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
September 30, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Market
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WARRANTS (Continued)
|
|
|
|
|
|
|
|
|
Energy and Energy Services (Continued)
|
|
|
|
|
|
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%
|
|
|
66,667
|
|
|
Duluth Metals Ltd., expire 01/18/13 (b)
|
|
|
0
|
|
|
62,500
|
|
|
Franco-Nevada Corp., expire 03/13/12 (b)
|
|
|
405,573
|
|
|
87,500
|
|
|
Franco-Nevada Corp., expire 06/16/17
|
|
|
546,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
952,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL WARRANTS
|
|
|
952,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
Market
Value
|
|
|
|
|
|
|
|
CONVERTIBLE CORPORATE BONDS 0.3%
|
|
|
|
|
|
Metals and Mining 0.3%
|
|
|
|
|
$
|
2,800,000
|
|
|
Detour Gold Corp., Cv.,
5.500%, 11/30/17 (b)
|
|
$
|
3,060,204
|
|
|
725,000
|
(f)
|
|
Wesdome Gold Mines Ltd., Deb. Cv., 7.000%, 05/31/12 (b)(d)(e)
|
|
|
712,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONVERTIBLE CORPORATE BONDS
|
|
|
3,772,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS 0.5%
|
|
|
|
|
|
Energy and Energy Services 0.1%
|
|
|
5,011,673
|
|
|
Comanche Energy Inc., PIK,
15.500%, 06/13/13 (b)(c)(d)
|
|
|
43,047
|
|
|
500,000
|
|
|
Tesoro Corp.,
9.750%, 06/01/19
|
|
|
542,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
585,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals and Mining 0.4%
|
|
|
|
|
|
5,000,000
|
|
|
Xstrata Canada Corp.,
7.250%, 07/15/12
|
|
|
5,217,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CORPORATE BONDS
|
|
|
5,802,627
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS 19.1%
|
|
|
215,612,000
|
|
|
U.S. Treasury Bills,
0.000% to 0.110%,
10/20/11 to 03/29/12 (a)
|
|
|
215,588,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 100.0% (Cost $1,269,230,572)
|
|
$
|
1,127,235,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate tax cost
|
|
$
|
1,281,845,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
49,650,036
|
|
|
|
|
|
Gross unrealized depreciation
|
|
|
(204,259,432
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation/depreciation
|
|
$
|
(154,609,396
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Contracts
|
|
|
|
|
Expiration Date/
Exercise Price
|
|
|
Market
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPTION CONTRACTS WRITTEN (g) (3.8)%
|
|
|
|
|
|
Call Options Written (2.4)%
|
|
|
7,190
|
|
|
Agnico-Eagle Mines Ltd.
|
|
|
Jan. 12/80
|
|
|
$
|
740,570
|
|
|
2,500
|
|
|
Anadarko Petroleum Corp.
|
|
|
Nov. 11/75
|
|
|
|
517,500
|
|
|
393
|
|
|
Anglo American plc (h)
|
|
|
Dec. 11/2500
|
|
|
|
59,140
|
|
|
6,335
|
|
|
AngloGold Ashanti Ltd., ADR
|
|
|
Jan. 12/55
|
|
|
|
411,775
|
|
|
418
|
|
|
Antofagasta plc (h)
|
|
|
Dec. 11/1200
|
|
|
|
157,254
|
|
|
595
|
|
|
Apache Corp.
|
|
|
Jan. 12/100
|
|
|
|
132,685
|
|
|
1,000
|
|
|
Apache Corp.
|
|
|
Jan. 12/115
|
|
|
|
55,500
|
|
|
3,263
|
|
|
Baker Hughes Inc.
|
|
|
Jan. 12/62.50
|
|
|
|
360,561
|
|
|
900
|
|
|
Baker Hughes Inc.
|
|
|
Jan. 12/70
|
|
|
|
38,700
|
|
|
6,360
|
|
|
Barrick Gold Corp.
|
|
|
Jan. 12/60
|
|
|
|
629,640
|
|
|
460
|
|
|
BG Group plc (h)
|
|
|
Mar. 12/1400
|
|
|
|
548,755
|
|
|
325
|
|
|
BG Group plc (h)
|
|
|
Mar. 12/1500
|
|
|
|
252,136
|
|
|
1,770
|
|
|
BHP Billiton Ltd., ADR
|
|
|
Jan. 12/70
|
|
|
|
1,017,750
|
|
|
1,350
|
|
|
BP plc, ADR
|
|
|
Jan. 12/44
|
|
|
|
101,250
|
|
|
1,100
|
|
|
Cameron International Corp.
|
|
|
Nov. 11/55
|
|
|
|
41,250
|
|
|
4,100
|
|
|
Cameron International Corp.
|
|
|
Jan. 12/55
|
|
|
|
420,250
|
|
|
5,000
|
|
|
Canadian Oil Sands Ltd. (i)
|
|
|
Jan. 12/25
|
|
|
|
190,858
|
|
|
3,000
|
|
|
Cheniere Energy Inc.
|
|
|
Dec. 11/12
|
|
|
|
30,000
|
|
|
2,000
|
|
|
Cheniere Energy Inc.
|
|
|
Dec. 11/13
|
|
|
|
15,000
|
|
|
4,000
|
|
|
Cheniere Energy Inc.
|
|
|
Dec. 11/15
|
|
|
|
28,000
|
|
|
820
|
|
|
Cheniere Energy Inc.
|
|
|
Mar. 12/12
|
|
|
|
22,550
|
|
|
3,000
|
|
|
Cheniere Energy Inc.
|
|
|
Mar. 12/13
|
|
|
|
60,000
|
|
|
1,261
|
|
|
Chevron Corp.
|
|
|
Dec. 11/100
|
|
|
|
375,778
|
|
|
1,800
|
|
|
Compania de Minas Buenaventura SA, ADR
|
|
|
Dec. 11/45
|
|
|
|
270,000
|
|
|
1,200
|
|
|
Compania de Minas Buenaventura SA, ADR
|
|
|
Dec. 11/46
|
|
|
|
153,000
|
|
|
1,000
|
|
|
ConocoPhillips
|
|
|
Jan. 12/67.50
|
|
|
|
325,000
|
|
|
2,184
|
|
|
CVR Energy Inc.
|
|
|
Dec. 11/25
|
|
|
|
327,600
|
|
|
5,500
|
|
|
CVR Energy Inc.
|
|
|
Mar. 12/25
|
|
|
|
1,375,000
|
|
|
3,435
|
|
|
Denbury Resources Inc.
|
|
|
Dec. 11/20
|
|
|
|
17,175
|
|
|
2,000
|
|
|
El Paso Corp.
|
|
|
Oct. 11/20
|
|
|
|
20,000
|
|
|
2,600
|
|
|
El Paso Corp.
|
|
|
Dec. 11/21
|
|
|
|
114,634
|
|
|
3,500
|
|
|
Eldorado Gold Corp. (i)
|
|
|
Jan. 12/20
|
|
|
|
440,882
|
|
|
3,500
|
|
|
Eldorado Gold Corp. (i)
|
|
|
Jan. 12/23
|
|
|
|
212,091
|
|
|
1,500
|
|
|
EOG Resources Inc.
|
|
|
Oct. 11/100
|
|
|
|
1,500
|
|
|
3,750
|
|
|
Franco-Nevada Corp. (i)
|
|
|
Oct. 11/36
|
|
|
|
921,486
|
|
|
4,400
|
|
|
Freeport-McMoRan Copper & Gold Inc.
|
|
|
Jan. 12/39.50
|
|
|
|
598,400
|
|
|
19,884
|
|
|
Gold Fields Ltd., ADR
|
|
|
Jan. 12/20
|
|
|
|
666,114
|
|
|
500
|
|
|
Goldcorp Inc.
|
|
|
Oct. 11/55
|
|
|
|
10,000
|
|
|
2,300
|
|
|
Goldcorp Inc.
|
|
|
Jan. 12/55
|
|
|
|
434,700
|
|
|
3,000
|
|
|
Goldcorp Inc.
|
|
|
Jan. 12/60
|
|
|
|
336,000
|
|
|
500
|
|
|
Halliburton Co.
|
|
|
Oct. 11/52.50
|
|
|
|
2,000
|
|
|
4,866
|
|
|
Halliburton Co.
|
|
|
Jan. 12/50
|
|
|
|
107,052
|
|
|
5,000
|
|
|
Harmony Gold Mining Co. Ltd., ADR
|
|
|
Nov. 11/15
|
|
|
|
100,000
|
|
|
3,416
|
|
|
Harmony Gold Mining Co. Ltd., ADR
|
|
|
Feb. 12/15
|
|
|
|
170,800
|
|
|
500
|
|
|
Hess Corp.
|
|
|
Nov. 11/62.50
|
|
|
|
65,000
|
|
See
accompanying notes to schedule of investments.
3
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Contracts
|
|
|
|
|
Expiration Date/
Exercise Price
|
|
|
Market
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPTION CONTRACTS WRITTEN (Continued)
|
|
|
|
|
|
Call Options Written (Continued)
|
|
|
|
|
|
|
400
|
|
|
Hess Corp.
|
|
|
Nov. 11/75
|
|
|
$
|
5,600
|
|
|
500
|
|
|
Hess Corp.
|
|
|
Jan. 12/65
|
|
|
|
118,500
|
|
|
1,450
|
|
|
IAMGOLD Corp.
|
|
|
Dec. 11/20
|
|
|
|
279,125
|
|
|
1,400
|
|
|
IAMGOLD Corp.
|
|
|
Jan. 12/20
|
|
|
|
318,500
|
|
|
2,135
|
|
|
Ivanhoe Mines Ltd.
|
|
|
Dec. 11/23
|
|
|
|
117,425
|
|
|
8,880
|
|
|
Kinross Gold Corp.
|
|
|
Nov. 11/17
|
|
|
|
399,600
|
|
|
614
|
|
|
Kinross Gold Corp.
|
|
|
Jan. 12/20
|
|
|
|
23,946
|
|
|
897
|
|
|
Kinross Gold Corp.
|
|
|
Feb. 12/21
|
|
|
|
33,638
|
|
|
16,506
|
|
|
Lundin Mining Corp.(i)
|
|
|
Jan. 12/6
|
|
|
|
126,012
|
|
|
1,500
|
|
|
Marathon Petroleum Corp.
|
|
|
Oct. 11/45
|
|
|
|
15,000
|
|
|
1,000
|
|
|
Marathon Petroleum Corp.
|
|
|
Jan. 12/40
|
|
|
|
45,000
|
|
|
1,800
|
|
|
Nabors Industries Ltd.
|
|
|
Jan. 12/26
|
|
|
|
9,000
|
|
|
1,750
|
|
|
National Oilwell Varco Inc.
|
|
|
Jan. 12/67.50
|
|
|
|
295,750
|
|
|
2,100
|
|
|
National Oilwell Varco Inc.
|
|
|
Feb. 12/77.50
|
|
|
|
169,050
|
|
|
6,745
|
|
|
Newcrest Mining Ltd.(j)
|
|
|
Dec. 11/41
|
|
|
|
326,356
|
|
|
2,600
|
|
|
Newcrest Mining Ltd.(j)
|
|
|
Jan. 12/42.50
|
|
|
|
105,396
|
|
|
1,975
|
|
|
Newmont Mining Corp.
|
|
|
Jan. 12/67.50
|
|
|
|
878,875
|
|
|
3,420
|
|
|
Newmont Mining Corp.
|
|
|
Jan. 12/70
|
|
|
|
1,085,850
|
|
|
3,500
|
|
|
Nexen Inc.
|
|
|
Dec. 11/19
|
|
|
|
157,500
|
|
|
1,000
|
|
|
Nexen Inc.
|
|
|
Dec. 11/20
|
|
|
|
25,000
|
|
|
1,000
|
|
|
Nexen Inc.
|
|
|
Dec. 11/21
|
|
|
|
15,000
|
|
|
710
|
|
|
Noble Energy Inc.
|
|
|
Nov. 11/80
|
|
|
|
159,750
|
|
|
710
|
|
|
Noble Energy Inc.
|
|
|
Nov. 11/82.50
|
|
|
|
108,275
|
|
|
500
|
|
|
Occidental Petroleum Corp.
|
|
|
Feb. 12/75
|
|
|
|
353,750
|
|
|
1,375
|
|
|
Oil States International Inc.
|
|
|
Dec. 11/55
|
|
|
|
639,375
|
|
|
2,500
|
|
|
PanAust Ltd.(j)
|
|
|
Feb. 12/4.20
|
|
|
|
484
|
|
|
1,000
|
|
|
Peabody Energy Corp.
|
|
|
Dec. 11/50
|
|
|
|
31,000
|
|
|
1,113
|
|
|
Peabody Energy Corp.
|
|
|
Mar. 12/46
|
|
|
|
192,549
|
|
|
3,000
|
|
|
Petroleo Brasileiro SA, ADR
|
|
|
Jan. 12/36
|
|
|
|
12,000
|
|
|
2,820
|
|
|
Petroleo Brasileiro SA, ADR
|
|
|
Jan. 12/37
|
|
|
|
5,640
|
|
|
800
|
|
|
Randgold Resources Ltd., ADR
|
|
|
Jan. 12/110
|
|
|
|
404,000
|
|
|
1,500
|
|
|
Randgold Resources Ltd., ADR
|
|
|
Jan. 12/120
|
|
|
|
412,500
|
|
|
2,500
|
|
|
Rio Tinto plc, ADR
|
|
|
Jan. 12/50
|
|
|
|
900,000
|
|
|
2,000
|
|
|
Rowan Companies Inc.
|
|
|
Jan. 12/39
|
|
|
|
210,000
|
|
|
168
|
|
|
Royal Dutch Shell plc(h)
|
|
|
Dec. 11/2200
|
|
|
|
69,425
|
|
|
2,092
|
|
|
Royal Gold Inc.
|
|
|
Oct. 11/60
|
|
|
|
1,234,280
|
|
|
500
|
|
|
Royal Gold Inc.
|
|
|
Oct. 11/65
|
|
|
|
150,000
|
|
|
800
|
|
|
Schlumberger Ltd.
|
|
|
Jan. 12/75
|
|
|
|
136,800
|
|
|
800
|
|
|
Schlumberger Ltd.
|
|
|
Feb. 12/90
|
|
|
|
38,400
|
|
|
2,500
|
|
|
Statoil ASA, ADR
|
|
|
Jan. 12/25
|
|
|
|
190,000
|
|
|
7,026
|
|
|
Suncor Energy Inc.
|
|
|
Dec. 11/40
|
|
|
|
59,721
|
|
|
1,700
|
|
|
Suncor Energy Inc.
|
|
|
Jan. 12/42
|
|
|
|
18,700
|
|
|
6,500
|
|
|
Talisman Energy Inc.
|
|
|
Oct. 11/19
|
|
|
|
65,000
|
|
|
2,200
|
|
|
The Williams Companies Inc.
|
|
|
Nov. 11/27
|
|
|
|
244,200
|
|
|
3,300
|
|
|
The Williams Companies Inc.
|
|
|
Nov. 11/28
|
|
|
|
306,900
|
|
|
3,600
|
|
|
The Williams Companies Inc.
|
|
|
Nov. 11/29
|
|
|
|
234,000
|
|
|
5,100
|
|
|
Total SA, ADR
|
|
|
Jan. 12/50
|
|
|
|
714,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Contracts
|
|
|
|
|
Expiration Date/
Exercise Price
|
|
|
Market
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
432
|
|
|
Transocean Ltd.
|
|
|
Feb. 12/62.50
|
|
|
$
|
64,584
|
|
|
800
|
|
|
Transocean Ltd.
|
|
|
Feb. 12/67.50
|
|
|
|
65,200
|
|
|
2,570
|
|
|
Vale SA, ADR
|
|
|
Jan. 12/25
|
|
|
|
358,515
|
|
|
2,000
|
|
|
Vale SA, ADR
|
|
|
Mar. 12/30
|
|
|
|
118,000
|
|
|
5,000
|
|
|
Valero Energy Corp.
|
|
|
Jan. 12/25
|
|
|
|
212,500
|
|
|
12,355
|
|
|
Weatherford International Ltd.
|
|
|
Jan. 12/19
|
|
|
|
259,455
|
|
|
315
|
|
|
Xstrata plc(h)
|
|
|
Dec. 11/920
|
|
|
|
243,150
|
|
|
693
|
|
|
Xstrata plc(h)
|
|
|
Dec. 11/1100
|
|
|
|
162,100
|
|
|
12,000
|
|
|
Yamana Gold Inc.
|
|
|
Apr. 12/20
|
|
|
|
726,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CALL OPTIONS WRITTEN
(Premiums received $45,181,837)
|
|
|
|
26,525,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Put Options Written (1.4)%
|
|
|
|
|
|
|
|
|
|
500
|
|
|
Atwood Oceanics Inc.
|
|
|
Dec. 11/40
|
|
|
|
350,000
|
|
|
500
|
|
|
Cameron International Corp.
|
|
|
Nov. 11/45
|
|
|
|
300,000
|
|
|
3,000
|
|
|
Canadian Oil Sands Ltd.(i)
|
|
|
Jan. 12/20
|
|
|
|
522,474
|
|
|
6,000
|
|
|
Cheniere Energy Inc.
|
|
|
Dec. 11/7
|
|
|
|
1,455,000
|
|
|
1,400
|
|
|
Denbury Resources Inc.
|
|
|
Dec. 11/17
|
|
|
|
784,000
|
|
|
3,000
|
|
|
Denbury Resources Inc.
|
|
|
Mar. 12/15
|
|
|
|
1,200,000
|
|
|
300
|
|
|
EOG Resources Inc.
|
|
|
Jan. 12/90
|
|
|
|
641,250
|
|
|
6,000
|
|
|
Gold Fields Ltd., ADR
|
|
|
Jan. 12/14
|
|
|
|
636,000
|
|
|
1,400
|
|
|
Halliburton Co.
|
|
|
Apr. 12/30
|
|
|
|
700,000
|
|
|
500
|
|
|
Hess Corp.
|
|
|
Jan. 12/47.50
|
|
|
|
217,500
|
|
|
500
|
|
|
Hess Corp.
|
|
|
Jan. 12/50
|
|
|
|
268,750
|
|
|
2,000
|
|
|
Nabors Industries Ltd.
|
|
|
Dec. 11/24
|
|
|
|
2,315,000
|
|
|
1,000
|
|
|
Nexen Inc.
|
|
|
Dec. 11/20
|
|
|
|
470,000
|
|
|
300
|
|
|
Occidental Petroleum Corp.
|
|
|
Jan. 12/80
|
|
|
|
392,250
|
|
|
330
|
|
|
Oil Service HOLDRS (SM) Trust
|
|
|
Jan. 12/104.10
|
|
|
|
363,000
|
|
|
1,000
|
|
|
Randgold Resources Ltd., ADR
|
|
|
Mar. 12/95
|
|
|
|
1,115,000
|
|
|
800
|
|
|
Schlumberger Ltd.
|
|
|
Feb. 12/60
|
|
|
|
632,000
|
|
|
700
|
|
|
Suncor Energy Inc.
|
|
|
Dec. 11/38
|
|
|
|
868,000
|
|
|
900
|
|
|
Talisman Energy Inc.
|
|
|
Oct. 11/22
|
|
|
|
900,000
|
|
|
2,000
|
|
|
The Williams Companies Inc.
|
|
|
Nov. 11/27
|
|
|
|
755,000
|
|
|
900
|
|
|
Total SA, ADR
|
|
|
Nov. 11/52.50
|
|
|
|
796,500
|
|
|
2,000
|
|
|
Weatherford International Ltd.
|
|
|
Nov. 11/15
|
|
|
|
640,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUT OPTIONS WRITTEN
(Premiums received $6,726,621)
|
|
|
|
16,321,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL OPTIONS CONTRACTS WRITTEN
(Premiums received $51,908,458)
|
|
|
$
|
42,847,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate premiums
|
|
|
$
|
51,908,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
|
$
|
20,348,418
|
|
|
|
|
|
Gross unrealized depreciation
|
|
|
|
(11,287,396
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation/depreciation
|
|
|
$
|
9,061,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
accompanying notes to schedule of investments.
4
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
Schedule of Investments (Continued)
September 30, 2011 (Unaudited)
(a)
|
Securities, or a portion thereof, with a value of $345,249,706 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, 2011, the market value of fair valued securities amounted to $34,936,504 or 3.10% of total investments.
|
(c)
|
At September 30, 2011, the Fund held investments in restricted securities amounting to $43,047 or 0.00% of total investments, which were valued under methods
approved by the Board of Trustees as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
Shares/
Principal
Amount
|
|
|
Issuer
|
|
Acquisition
Date
|
|
|
Acquisition
Cost
|
|
|
09/30/11
Carrying
Value
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
|
|
|
|
|
|
$
|
5,011,673
|
|
|
Comanche Energy Inc., PIK, 15.500%, 06/13/13
|
|
|
06/17/08
|
|
|
|
4,786,673
|
|
|
$
|
0.8589
|
|
(e)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At September 30, 2011, the market value of the Rule 144A security amounted to $712,616 or 0.06% of total investments.
|
(f)
|
Principal amount denoted in Canadian dollars.
|
(g)
|
At September 30, 2011, the Fund has entered into over-the-counter 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.
|
|
Non-income producing security.
|
|
Represents annualized yield at date of purchase.
|
ADR
|
American Depositary Receipt
|
|
|
|
|
|
|
|
|
|
Geographic Diversification
|
|
% of
Market
Value
|
|
|
Market
Value
|
|
Long Positions
|
|
|
|
|
|
|
|
|
North America
|
|
|
69.3
|
%
|
|
$
|
781,380,507
|
|
Europe
|
|
|
13.7
|
|
|
|
154,533,318
|
|
South Africa
|
|
|
6.8
|
|
|
|
76,121,549
|
|
Asia/Pacific
|
|
|
5.2
|
|
|
|
58,889,974
|
|
Latin America
|
|
|
5.0
|
|
|
|
56,310,282
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
|
100.0
|
%
|
|
$
|
1,127,235,630
|
|
|
|
|
|
|
|
|
|
|
Short Positions
|
|
|
|
|
|
|
|
|
North America
|
|
|
(3.1
|
)%
|
|
$
|
(35,248,324
|
)
|
Europe
|
|
|
(0.3
|
)
|
|
|
(3,397,661
|
)
|
Latin America
|
|
|
(0.2
|
)
|
|
|
(2,450,640
|
)
|
South Africa
|
|
|
(0.1
|
)
|
|
|
(1,318,575
|
)
|
Asia/Pacific
|
|
|
(0.1
|
)
|
|
|
(432,236
|
)
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
|
(3.8
|
)%
|
|
$
|
(42,847,436
|
)
|
|
|
|
|
|
|
|
|
|
See
accompanying notes to schedule of investments.
5
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
The Funds schedule of investments is 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 schedule of investments.
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 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. 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 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).
|
6
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
A financial instruments level within the fair value hierarchy is based on the
lowest level of any input both individually and in the 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 Funds investments in securities and other financial instruments by inputs used to value the Funds investments as of September 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
|
|
Level 1
Quoted
Prices
|
|
|
Level
2
Other Significant
Observable Inputs
|
|
|
Level
3
Other Significant
Unobservable Inputs
|
|
|
Total
Market Value
at 9/30/11
|
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy and Energy Services
|
|
$
|
385,722,658
|
|
|
|
|
|
|
$
|
0
|
|
|
$
|
385,722,658
|
|
Metals and Mining
|
|
|
481,671,631
|
|
|
$
|
30,715,064
|
|
|
|
|
|
|
|
512,386,695
|
|
Total Common Stocks
|
|
|
867,394,289
|
|
|
|
30,715,064
|
|
|
|
0
|
|
|
|
898,109,353
|
|
Convertible Preferred Stocks (a)
|
|
|
3,009,500
|
|
|
|
|
|
|
|
|
|
|
|
3,009,500
|
|
Warrants:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy and Energy Services
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
0
|
|
Metals and Mining
|
|
|
952,500
|
|
|
|
|
|
|
|
0
|
|
|
|
952,500
|
|
Total Warrants
|
|
|
952,500
|
|
|
|
|
|
|
|
0
|
|
|
|
952,500
|
|
Convertible Corporate Bonds
|
|
|
3,772,820
|
|
|
|
|
|
|
|
|
|
|
|
3,772,820
|
|
Corporate Bonds (a)
|
|
|
|
|
|
|
5,759,580
|
|
|
|
43,047
|
|
|
|
5,802,627
|
|
U.S. Government Obligations
|
|
|
|
|
|
|
215,588,830
|
|
|
|
|
|
|
|
215,588,830
|
|
TOTAL INVESTMENTS IN SECURITIES ASSETS
|
|
$
|
875,129,109
|
|
|
$
|
252,063,474
|
|
|
$
|
43,047
|
|
|
$
|
1,127,235,630
|
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY CONTRACTS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Call Options Written
|
|
$
|
(15,554,747
|
)
|
|
$
|
(10,970,965
|
)
|
|
$
|
|
|
|
$
|
(26,525,712
|
)
|
Put Options Written
|
|
|
(9,173,974
|
)
|
|
|
(7,147,750
|
)
|
|
|
|
|
|
|
(16,321,724
|
)
|
TOTAL INVESTMENTS IN SECURITIES LIABILITIES
|
|
$
|
(24,728,721
|
)
|
|
$
|
(18,118,715
|
)
|
|
$
|
|
|
|
$
|
(42,847,436
|
)
|
(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, 2011.
7
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
as of
12/31/10
|
|
|
Accrued
discounts/
(premiums)
|
|
|
Realized
gain/
(loss)
|
|
|
Change in
unrealized
appreciation/
depreciation
|
|
|
Purchases
|
|
|
Sales
|
|
|
Transfers
into
Level 3
|
|
|
Transfers
out of Level
3
|
|
|
Balance
as of
9/30/11
|
|
|
Net change in
unrealized
appreciation/
depreciation
during the
period
on Level 3
investments
held at
9/30/11
|
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy and Energy Services
|
|
$
|
0
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
0
|
|
|
$
|
|
|
Warrants:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy and Energy Services
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
Metals and Mining
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
Convertible Corporate Bonds
|
|
|
3,419,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,419,897
|
)
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
|
43,047
|
|
|
|
33,731
|
|
|
|
|
|
|
|
(573,942
|
)
|
|
|
540,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,047
|
|
|
|
(573,942
|
)
|
TOTAL INVESTMENTS IN SECURITIES
|
|
$
|
3,462,944
|
|
|
$
|
33,731
|
|
|
$
|
|
|
|
$
|
(573,942
|
)
|
|
$
|
540,211
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(3,419,897
|
)
|
|
$
|
43,047
|
|
|
$
|
(573,942
|
)
|
|
The Funds policy is to recognize transfers into and transfers out of Level 3 as of the beginning of the reporting period.
|
In May 2011, the FASB issued Accounting Standards Update (ASU) No. 2011-04 Amendments to Achieve Common Fair Value
Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (IFRS). ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS.
ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value
measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In
addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers into and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual
reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.
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 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
8
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
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.
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 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 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.
The Funds derivative contracts held at September 30, 2011, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the
related counterparty.
Swap Agreements
. The Fund may enter into equity 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 an
equity contract for difference 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. At September 30, 2011, the Fund held no
investments in equity contract for difference 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 Funds 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.
9
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
The Fund would incur a loss if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. The Fund would
realize a gain, to the extent of the premium, if the price of the financial instrument increases between those dates. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining
whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security.
As a purchaser of put options, the Fund pays a premium for the right to sell to the seller of the put option the underlying security at a specified price. The seller of the put has the obligation to
purchase the underlying security upon exercise at the exercise price. If the price of the underlying security declines, the Fund would realize a gain upon sale or exercise. If the price of the underlying security increases or stays the same, the
Fund would realize a loss upon sale or at the expiration date, but only to the extent of the premium paid.
In the case of
call options, these exercise prices are referred to as in-the-money, at-the-money, and out-of-the-money, respectively. The Fund may write (a) in-the-money call options when the Adviser expects that the price
of the underlying security will remain stable or decline during the option period, (b) at-the-money call options when the Adviser expects that the price of the underlying security will remain stable, decline, or advance moderately during the
option period, and (c) out-of-the-money call options when the Adviser expects that the premiums received from writing the call option will be greater than the appreciation in the price of the underlying security above the exercise price. By
writing a call option, the Fund limits its opportunity to profit from any increase in the market value of the underlying security above the exercise price of the option. Out-of-the-money, at-the-money, and in-the-money put options (the reverse of
call options as to the relation of exercise price to market price) may be utilized in the same market environments that such call options are used in equivalent transactions. Option positions at September 30, 2011 are reflected within the
Schedule of Investments.
The following table summarizes the market value of derivatives held at September 30, 2011 by
primary risk exposure:
|
|
|
|
|
Liability Derivatives:
|
|
Market Value
|
|
Equity Contracts
|
|
$
|
(42,847,436
|
)
|
Tax Information.
The Fund intends to continue to qualify as a regulated investment company under
Subchapter M of the Internal Revenue Code of 1986, as amended.
Under the recently enacted Regulated Investment Company
Modernization Act of 2010, the Fund will be permitted to carryforward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. In addition, post-enactment capital losses that are carried forward will
retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
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.
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
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
|
|
|
|
|
|
|
Common
|
|
6.625%
Preferred
|
NYSE AmexSymbol:
|
|
GGN
|
|
GGN PrA
|
Shares Outstanding:
|
|
69,969,179
|
|
3,955,687
|
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 www.gabelli.com.
The NASDAQ symbol for the Net Asset Value is XGGNX.
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.
|
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
|
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
|
|
|
|
By (Signature and Title)*
|
|
/s/ Agnes Mullady
|
|
|
Agnes Mullady, Principal Financial Officer and Treasurer
|
*
Print the name and title of each signing officer under his or her signature.
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