UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21698
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The Gabelli Global Gold, Natural Resources & Income Trust
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(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
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(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31
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Date of reporting period: March 31, 2008
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
[LOGO]
THE GABELLI
GLOBAL GOLD,
NATURAL RESOURCES
& INCOME TRUST
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
First Quarter Report
March 31, 2008
TO OUR SHAREHOLDERS,
The Gabelli Global Gold, Natural Resources & Income Trust's (the "Fund")
net asset value ("NAV") total return was 0.8% during the first quarter of 2008,
compared with a decline of 3.5% and a gain of 2.2% for the Chicago Board Options
Exchange ("CBOE") S&P 500 Buy/Write Index and the Philadelphia Gold & Silver
Index, respectively. The total return for the Fund's publicly traded shares was
(8.4)% during the first quarter. On March 31, 2008, the Fund's NAV per share was
$29.29, while the price of the publicly traded shares closed at $26.30 on the
American Stock Exchange.
Enclosed is the investment portfolio as of March 31, 2008.
COMPARATIVE RESULTS
--------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS THROUGH MARCH 31, 2008 (a)
-------------------------------------------------
Since
Inception
Quarter 1 Year 2 Year (03/31/05)
------- ------ ------ ----------
GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NAV TOTAL RETURN (b) ................................... 0.75% 24.74% 21.09% 24.05%
INVESTMENT TOTAL RETURN (c) ............................ (8.44) 6.25 15.51 17.79
CBOE S&P 500 Buy/Write Index .............................. (3.46) 2.03 5.68 6.56
Philadelphia Gold & Silver Index .......................... 2.15 30.01 12.86 24.83
Amex Energy Select Sector Index ........................... (6.20) 24.56 18.33 21.66
Lehman Brothers Government/Corporate Bond Index ........... 2.53 8.35 7.36 5.55
(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 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 LEHMAN BROTHERS GOVERNMENT/CORPORATE BOND INDEX IS AN UNMANAGED MARKET
VALUE WEIGHTED INDEX THAT TRACKS THE TOTAL RETURN PERFORMANCE OF FIXED
RATE, PUBLICLY PLACED, DOLLAR DENOMINATED OBLIGATIONS. DIVIDENDS AND
INTEREST INCOME ARE CONSIDERED REINVESTED. YOU CANNOT INVEST DIRECTLY IN
AN INDEX.
(b) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN THE NAV PER
SHARE AND REINVESTMENT OF DISTRIBUTIONS AT NAV ON THE EX-DIVIDEND DATE AND
ARE NET OF EXPENSES. SINCE INCEPTION RETURN IS BASED ON AN INITIAL NAV OF
$19.06.
(c) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN CLOSING MARKET
VALUES ON THE AMERICAN STOCK EXCHANGE 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, 2008 (UNAUDITED)
MARKET
SHARES VALUE
------------ ---------------
COMMON STOCKS -- 98.1%
ENERGY AND ENERGY SERVICES -- 36.8%
120,000 Allis-Chalmers Energy Inc.+ ..................................................................... $ 1,654,800
30,000 Baker Hughes Inc. ............................................................................... 2,055,000
348,000 BJ Services Co. (a) ............................................................................. 9,921,480
122,000 BP plc, ADR ..................................................................................... 7,399,300
43,000 Chesapeake Energy Corp. ......................................................................... 1,984,450
54,600 Chevron Corp. ................................................................................... 4,660,656
65,000 ConocoPhillips .................................................................................. 4,953,650
140,000 Devon Energy Corp. (a) .......................................................................... 14,606,200
55,000 Diamond Offshore Drilling Inc. .................................................................. 6,402,000
10,000 Equitable Resources Inc. ........................................................................ 589,000
60,000 Exxon Mobil Corp. (a) ........................................................................... 5,074,800
65,000 Galp Energia SGPS SA, Cl. B ..................................................................... 1,550,575
247,000 Halliburton Co. (a) ............................................................................. 9,714,510
195,000 Imperial Oil Ltd. ............................................................................... 10,220,663
186,000 Lamprell plc .................................................................................... 1,476,571
110,000 Marathon Oil Corp. .............................................................................. 5,016,000
174,000 Murphy Oil Corp. (a) ............................................................................ 14,292,360
220,000 Nabors Industries Ltd.+ ......................................................................... 7,429,400
240,000 Noble Corp. (a) ................................................................................. 11,920,800
220,000 Petroleo Brasileiro SA, ADR (a) ................................................................. 22,464,200
150,000 Rowan Companies Inc. (a) ........................................................................ 6,177,000
100,000 Royal Dutch Shell plc, Cl. A .................................................................... 3,447,318
150,000 Saipem SpA ...................................................................................... 6,071,897
100,000 Sasol Ltd., ADR ................................................................................. 4,839,000
150,000 StatoilHydro ASA, ADR ........................................................................... 4,480,500
152,500 Suncor Energy Inc. (a) .......................................................................... 14,693,375
60,000 Technip SA ...................................................................................... 4,672,803
117,500 Tesoro Corp. .................................................................................... 3,525,000
20,000 Total SA, ADR ................................................................................... 1,480,200
83,000 Transocean Inc.+ ................................................................................ 11,221,600
104,800 Valero Energy Corp. (a) ......................................................................... 5,146,728
194,000 Weatherford International Ltd.+ (a) ............................................................. 14,059,180
166,400 Williams Companies Inc. (a) ..................................................................... 5,487,872
246,250 XTO Energy Inc. (a) ............................................................................. 15,233,025
---------------
243,921,913
---------------
EXCHANGE TRADED FUNDS -- 0.5%
16,000 ETFS Physical Platinum+ ......................................................................... 3,296,000
---------------
METALS AND MINING -- 60.8%
363,000 Agnico-Eagle Mines Ltd. (a) ..................................................................... 24,578,730
160,000 Alcoa Inc. (a) .................................................................................. 5,769,600
3,000 Anglo American plc .............................................................................. 180,285
78,000 Anglo Platinum Ltd. ............................................................................. 11,445,129
138,500 AngloGold Ashanti Ltd., ADR ..................................................................... 4,703,460
597,061 Aquila Resources Ltd.+ .......................................................................... 5,472,916
454,000 Barrick Gold Corp. (a) .......................................................................... 19,726,300
170,000 BHP Billiton Ltd., ADR (a) ...................................................................... 11,194,500
217,500 Companhia Vale do Rio Doce, ADR ................................................................. 7,534,200
MARKET
SHARES VALUE
------------ ---------------
640,000 Eldorado Gold Corp.+ ............................................................................ $ 4,414,438
200,000 Equinox Minerals Ltd.+ .......................................................................... 950,850
35,000 Eurasian Natural Resources Corp.+ ............................................................... 684,204
250,000 Franco-Nevada Corp.+ ............................................................................ 4,932,047
178,200 Freeport-McMoRan Copper & Gold Inc. ............................................................. 17,146,404
200,000 Gold Fields Ltd. ................................................................................ 2,836,005
1,041,800 Gold Fields Ltd., ADR (a) ....................................................................... 14,408,094
369,500 Goldcorp Inc. (a) ............................................................................... 14,318,125
377,700 Harmony Gold Mining Co. Ltd., ADR+ .............................................................. 4,471,968
728,000 Hochschild Mining plc ........................................................................... 6,328,299
342,500 IAMGOLD Corp. ................................................................................... 2,539,262
406,000 Impala Platinum Holdings Ltd. ................................................................... 15,669,297
715,600 Ivanhoe Mines Ltd., New York+ ................................................................... 7,384,992
50,000 Ivanhoe Mines Ltd., New York+ (b) ............................................................... 516,000
48,000 Ivanhoe Mines Ltd., Toronto+ .................................................................... 500,365
850,000 Kagara Ltd. ..................................................................................... 3,402,453
100,000 Kazakhmys plc ................................................................................... 3,169,469
349,656 Kingsgate Consolidated Ltd.+ .................................................................... 1,406,024
1,150,000 Kinross Gold Corp.+ (a) ......................................................................... 25,426,500
6,483,488 Lihir Gold Ltd.+ ................................................................................ 21,271,706
202,320 Lonmin plc ...................................................................................... 12,331,053
285,600 Lundin Mining Corp.+ ............................................................................ 1,939,224
1,000,000 Minara Resources Ltd. ........................................................................... 5,547,379
744,307 Newcrest Mining Ltd. ............................................................................ 22,699,039
359,400 Newmont Mining Corp. (a) ........................................................................ 16,280,820
1,545,000 Oxiana Ltd. ..................................................................................... 4,490,087
6,580,000 Pan Australian Resources Ltd.+ .................................................................. 6,284,075
567,400 Randgold Resources Ltd., ADR .................................................................... 26,293,316
30,000 Rio Tinto plc, ADR .............................................................................. 12,355,200
316,600 Teck Cominco Ltd., Cl. B ........................................................................ 12,982,312
70,000 Vedanta Resources plc ........................................................................... 2,911,862
274,335 Xstrata plc ..................................................................................... 19,202,961
1,032,000 Yamana Gold Inc., New York (a) .................................................................. 15,087,840
100,000 Yamana Gold Inc., Toronto ....................................................................... 1,467,193
---------------
402,253,983
---------------
TOTAL COMMON STOCKS ............................................................................. 649,471,896
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WARRANTS -- 0.0%
METALS AND MINING -- 0.0%
62,500 Franco-Nevada Corp., expire 03/13/12+ ........................................................... 208,642
---------------
PRINCIPAL
AMOUNT
------------
U.S. GOVERNMENT OBLIGATIONS -- 1.9%
U.S. TREASURY BILLS -- 1.8%
$ 12,151,000 U.S. Treasury Bills, 1.132% to 2.346%++,
04/03/08 to 09/18/08 ......................................................................... 12,125,806
---------------
See accompanying notes to schedule of investments.
2
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2008 (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
------------ ---------------
U.S. GOVERNMENT OBLIGATIONS (CONTINUED)
U.S. TREASURY NOTES -- 0.1%
$ 383,000 U.S. Treasury Note,
5.000%, 07/31/08 ............................................................................. $ 387,638
---------------
TOTAL U.S. GOVERNMENT OBLIGATIONS ............................................................... 12,513,444
---------------
TOTAL INVESTMENTS -- 100.0%
(Cost $481,849,677) .......................................................................... $ 662,193,982
===============
----------
Aggregate book cost ................................................................................ $ 481,849,677
===============
Gross unrealized appreciation ...................................................................... $ 193,011,903
Gross unrealized depreciation ...................................................................... (12,667,598)
---------------
Net unrealized appreciation/depreciation ......................................................... $ 180,344,305
===============
SHARES
------------
COMMON STOCKS SOLD SHORT -- (0.9)%
EXCHANGE TRADED FUNDS -- (0.9)%
(70,000) United States Oil Fund LP ....................................................................... $ (5,695,200)
---------------
TOTAL COMMON STOCKS SOLD SHORT
(Total proceeds $5,086,254) .................................................................. $ (5,695,200)
===============
OPTION CONTRACTS WRITTEN -- (2.7)%
NUMBER OF EXPIRATION DATE/
CONTRACTS EXERCISE PRICE
------------ ----------------
CALL OPTIONS WRITTEN -- (2.7)%
2,630 Agnico-Eagle Mines Ltd. ...................................................... May 08/70 $ 1,025,700
1,000 Agnico-Eagle Mines Ltd. ...................................................... Aug. 08/80 435,000
1,570 Alcoa Inc. ................................................................... Jan. 09/50 160,140
30 Alcoa Inc. ................................................................... Jan. 10/50 8,100
1,000 AngloGold Ashanti Ltd., ADR .................................................. Apr. 08/35 90,000
385 AngloGold Ashanti Ltd., ADR .................................................. Apr. 08/40 3,850
300 Baker Hughes Inc. ............................................................ Apr. 08/80 3,750
2,200 Barrick Gold Corp. ........................................................... Apr. 08/50 59,400
142 Barrick Gold Corp. ........................................................... Apr. 08/55 710
1,000 Barrick Gold Corp. ........................................................... May 08/50 95,000
1,200 Barrick Gold Corp. ........................................................... Jul. 08/55 180,000
500 BHP Billiton Ltd., ADR ....................................................... Apr. 08/70 45,000
350 BHP Billiton Ltd., ADR ....................................................... May 08/70 99,750
850 BHP Billiton Ltd., ADR ....................................................... May 08/75 106,250
2,280 BJ Services Co. .............................................................. Apr. 08/25 934,800
1,200 BJ Services Co. .............................................................. May 08/30 126,000
750 BP plc, ADR .................................................................. Apr. 08/70 5,625
1,220 BP plc, ADR .................................................................. Apr. 08/90 6,100
500 BP plc, ADR .................................................................. Jul. 08/75 15,000
350 Chevron Corp. ................................................................ Apr. 08/90 14,000
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE
------------ ---------------- ---------------
196 Chevron Corp. ................................................................ Jun. 08/90 $ 43,120
500 Companhia Vale do Rio Doce, ADR .............................................. Apr. 08/32.50 136,000
1,000 Companhia Vale do Rio Doce, ADR .............................................. Apr. 08/37.50 36,000
200 Companhia Vale do Rio Doce, ADR .............................................. May 08/32.50 64,000
475 Companhia Vale do Rio Doce, ADR .............................................. Jun. 08/35 134,900
200 ConocoPhillips ............................................................... Apr. 08/85 2,800
300 ConocoPhillips ............................................................... May 08/85 23,100
150 ConocoPhillips ............................................................... May 08/90 3,750
691 Devon Energy Corp. ........................................................... Apr. 08/100 407,690
209 Devon Energy Corp. ........................................................... Apr. 08/105 73,150
500 Devon Energy Corp. ........................................................... Jul. 08/110 336,500
550 Diamond Offshore Drilling Inc. ............................................... Apr. 08/130 31,625
3,200 Eldorado Gold Corp.(c) ....................................................... Apr. 08/7 109,114
3,200 Eldorado Gold Corp. .......................................................... Apr. 08/7.50 32,000
100 Equitable Resources Inc. ..................................................... Jan. 09/75 16,000
300 Exxon Mobil Corp. ............................................................ Apr. 08/90 15,000
300 Exxon Mobil Corp. ............................................................ Apr. 08/95 3,000
1,280 Freeport-McMoRan Copper & Gold Inc. .......................................... May 08/110 358,400
3,548 Gold Fields Ltd., ADR ........................................................ Apr. 08/17.50 35,480
3,375 Gold Fields Ltd., ADR ........................................................ Apr. 08/20 25,313
1,500 Gold Fields Ltd., ADR ........................................................ Jul. 08/17.50 90,000
2,500 Gold Fields Ltd., ADR ........................................................ Jul. 08/20 81,250
1,695 Goldcorp Inc. ................................................................ Apr. 08/40 211,875
1,000 Goldcorp Inc. ................................................................ Apr. 08/42.50 55,000
1,000 Goldcorp Inc. ................................................................ Jul. 08/45 190,000
2,470 Halliburton Co. .............................................................. Apr. 08/37.50 545,870
1,500 Harmony Gold Mining Co. Ltd., ADR ............................................ Apr. 08/11 215,520
1,277 Harmony Gold Mining Co. Ltd., ADR ............................................ May 08/15 25,540
1,000 IAMGOLD Corp. ................................................................ Apr. 08/7.50 30,000
329 IAMGOLD Corp.(c) ............................................................. Apr. 08/8 6,410
2,096 IAMGOLD Corp.(c) ............................................................. May 08/9 34,714
1,364 Imperial Oil Ltd.(c) ......................................................... May 08/56 196,006
5,600 Ivanhoe Mines Ltd. ........................................................... Apr. 08/12.50 70,000
2,536 Ivanhoe Mines Ltd.(c) ........................................................ Jun. 08/11 302,655
500 Kinross Gold Corp. ........................................................... Apr. 08/25 17,500
11,000 Kinross Gold Corp. ........................................................... May 08/25 990,000
6,000 Lihir Gold Ltd.(d) ........................................................... Apr. 08/4.80 84,977
2,856 Lundin Mining Corp. .......................................................... Jun. 08/10 57,120
600 Marathon Oil Corp. ........................................................... Apr. 08/55 6,000
500 Marathon Oil Corp. ........................................................... Jul. 08/55 69,000
1,240 Murphy Oil Corp. ............................................................. Apr. 08/80 432,760
500 Murphy Oil Corp. ............................................................. May 08/85 140,000
See accompanying notes to schedule of investments.
3
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2008 (UNAUDITED)
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE
------------ ---------------- -------------
OPTION CONTRACTS WRITTEN (CONTINUED)
CALL OPTIONS WRITTEN (CONTINUED)
1,000 Nabors Industries Ltd. ....................................................... Apr. 08/32.50 $ 190,000
1,200 Nabors Industries Ltd. ....................................................... Jun. 08/35 219,600
275 Newcrest Mining Corp.(d) ..................................................... Apr. 08/39.24 160,439
275 Newcrest Mining Corp.(d) ..................................................... Jun. 08/42 377,984
1,000 Newmont Mining Corp. ......................................................... Apr. 08/55 13,000
1,000 Newmont Mining Corp. ......................................................... May 08/52.50 81,000
1,594 Newmont Mining Corp. ......................................................... Jun. 08/55 154,618
500 Noble Corp. .................................................................. Apr. 08/52.50 37,500
400 Noble Corp. .................................................................. Jun. 08/52.50 136,000
1,500 Noble Corp. .................................................................. Jun. 08/55 285,000
6,580 Pan Australian Resources Ltd. ................................................ Jun. 08/1.15 661,482
500 Petroleo Brasileiro SA, ADR .................................................. Apr. 08/120 17,500
500 Petroleo Brasileiro SA, ADR .................................................. Apr. 08/125 10,000
1,000 Petroleo Brasileiro SA, ADR .................................................. Jul. 08/140 127,500
348 Randgold Resources Ltd., ADR ................................................. Apr. 08/45 111,360
2,000 Randgold Resources Ltd., ADR ................................................. Apr. 08/50 200,000
2,976 Randgold Resources Ltd., ADR ................................................. Jun. 08/55 632,400
350 Randgold Resources Ltd., ADR ................................................. Jun. 08/60 42,000
800 Rowan Companies Inc. ......................................................... Apr. 08/42.50 68,000
700 Rowan Companies Inc. ......................................................... Jul. 08/42.50 224,000
150 Saipem SpA(e) ................................................................ May 08/28 59,647
500 Sasol Ltd., ADR .............................................................. Apr. 08/50 62,500
500 Sasol Ltd., ADR .............................................................. Apr. 08/55 7,500
1,178 StatoilHydro ASA, ADR ........................................................ Apr. 08/30 114,855
322 StatoilHydro ASA, ADR ........................................................ Apr. 08/35 3,220
876 Suncor Energy Inc. ........................................................... Apr. 08/110 26,280
413 Suncor Energy Inc. ........................................................... Jun. 08/110 115,640
600 Technip SA(e) ................................................................ Jun. 08/60 68,202
1,208 Teck Cominco Ltd., Cl. B(c) .................................................. May 08/34 1,017,994
1,208 Teck Cominco Ltd., Cl. B(c) .................................................. May 08/36 806,157
425 Tesoro Corp. ................................................................. May 08/40 21,250
750 Tesoro Corp. ................................................................. May 08/50 11,250
200 Total SA, ADR ................................................................ May 08/80 21,000
830 Transocean Inc. .............................................................. May 08/150 203,350
500 Valero Energy Corp. .......................................................... Jun. 08/65 25,500
250 Valero Energy Corp. .......................................................... Jun. 08/70 6,250
1,940 Weatherford International Ltd. ............................................... May 08/70 1,261,000
1,664 Williams Companies Inc. ...................................................... May 08/37.50 41,600
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE
------------ ---------------- -------------
490 XTO Energy Inc. .............................................................. Apr. 08/60 $ 161,700
1,970 XTO Energy Inc. .............................................................. Jan. 09/80 429,046
5,068 Yamana Gold Inc. ............................................................. Apr. 08/17.50 50,680
917 Yamana Gold Inc.(c) .......................................................... Jun. 08/19 42,435
1,000 Yamana Gold Inc. ............................................................. Jul. 08/15 165,000
252 Yamana Gold Inc. ............................................................. Jul. 08/17.50 23,940
4,000 Yamana Gold Inc. ............................................................. Jul. 08/20 180,000
-------------
TOTAL CALL OPTIONS WRITTEN
(Premiums received $28,471,978) .............................................................. $ 17,828,693
=============
----------
Aggregate premiums and proceeds .................................................................... $ 33,558,232
=============
Gross unrealized appreciation ...................................................................... $ 15,107,086
Gross unrealized depreciation ...................................................................... (5,072,747)
-------------
Net unrealized appreciation/depreciation ......................................................... $ 10,034,339
=============
----------
(a) Securities, or a portion thereof, with a value of $206,350,861 pledged as
collateral for short sale and options written.
(b) At March 31, 2008, the Fund held investments in a restricted security
amounting to $516,000 or 0.08% of total investments, which were value
under methods approved by the Board of Trustees as follows:
3/31/08
ACQUISITION ACQUISITION ACQUISITION CARRYING VALUE
SHARES ISSUER DATE COST PER UNIT
------------ ---------------------------------------------------------------- ----------- ----------- --------------
50,000 Ivanhoe Mines Ltd., New York ................................... 04/25/05 $ 337,529 $ 10.3200
(c) Exercise price denoted in Canadian dollars.
(d) Exercise price denoted in Australian dollars.
(e) Exercise price denoted in Euros.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depositary Receipt
% OF
MARKET MARKET
GEOGRAPHIC DIVERSIFICATION VALUE VALUE
----------------------------------------------------- ------- -------------
LONG POSITIONS
North America ....................................... 49.8% $ 330,091,657
Europe .............................................. 17.4 115,171,037
Asia/Pacific ........................................ 12.5 82,452,383
Latin America ....................................... 11.3 74,629,380
South Africa/Africa/Middle East ..................... 9.0 59,849,525
----- -------------
Total Investments ................................... 100.0% $ 662,193,982
===== =============
SHORT POSITIONS
North America ....................................... (2.6)% $ (17,213,299)
Latin America ....................................... (0.5) (2,858,350)
Asia/Pacific ........................................ (0.2) (1,535,883)
Europe .............................................. (0.2) (1,279,409)
South Africa ........................................ (0.1) (636,952)
----- -------------
Total Investments ................................... (3.6)% $ (23,523,893)
===== =============
See accompanying notes to schedule of investments.
4
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (UNAUDITED)
1. SECURITY VALUATION. Portfolio securities listed or traded on a nationally
recognized securities exchange or traded in the U.S. over-the-counter market for
which market quotations are readily available are valued at the last quoted sale
price or a market's official closing price as of the close of business on the
day the securities are being valued. If there were no sales that day, the
security is valued at the average of the closing bid and asked prices or, if
there were no asked prices quoted on that day, then the security is valued at
the closing bid price on that day. If no bid or asked prices are quoted on such
day, the security is valued at the most recently available price or, if the
Board of Trustees (the "Board") so determines, by such other method as the Board
shall determine in good faith to reflect its fair market value. Portfolio
securities traded on more than one national securities exchange or market are
valued according to the broadest and most representative market, as determined
by Gabelli Funds, LLC, the Adviser.
Portfolio securities primarily traded on a foreign market are generally valued
at the preceding closing values of such securities on the relevant market, but
may be fair valued pursuant to procedures established by the Board if market
conditions change significantly after the close of the foreign market but prior
to the close of business on the day the securities are being valued. Debt
instruments with remaining maturities of 60 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 60 days for which market quotations are readily available are
valued at the average of the latest bid and asked prices. If there were no asked
prices quoted on such day, the security is valued using the closing bid price.
Futures contracts are valued at the closing settlement price of the exchange or
board of trade on which the applicable contract is traded.
Securities and assets for which market quotations are not readily available are
fair valued as determined by the Board.
ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 157 "FAIR VALUE
MEASUREMENTS" ("SFAS 157") On January 1, 2008, the Fund adopted SFAS 157 that
clarifies the definition of fair value for financial reporting, establishes a
framework for measuring fair value, and requires additional disclosures about
the use of fair value measurements. The three levels of the fair value hierarchy
under SFAS 157 are described below:
o Level 1 - quoted prices in active markets for identical securities;
o Level 2 - other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.); and
o Level 3 - significant unobservable inputs (including the Fund's
determinations as to the fair value of investments).
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 inputs used to value the Fund's net assets as of March 31, 2008 is as
follows:
OTHER FINANCIAL
INVESTMENTS IN INSTRUMENTS
SECURITIES (UNREALIZED
VALUATION INPUTS (MARKET VALUE) DEPRECIATION)*
--------------------------------------------- -------------- ---------------
Level 1 - Quoted Prices $ 634,754,750 --
Level 2 - Other Significant Observable Inputs 3,915,339 $ (521,458)
-------------- ---------------
Total $ 638,670,089 $ (521,458)
============== ===============
----------
* Other financial instruments are derivative instruments not reflected in
the Schedule of Investments, such as futures, forwards and swaps which are
valued at the unrealized appreciation/depreciation on the investment.
5
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED) (UNAUDITED)
2. SWAP AGREEMENTS. The Fund may enter into equity swap transactions. The use of
equity swaps is a highly specialized activity that involves investment
techniques and risks different from those associated with ordinary portfolio
security transactions. In an equity swap, a set of future cash flows are
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. There is no assurance that the swap
contract counterparties will be able to meet their obligations pursuant to the
swap contracts, or that, in the event of default, the Fund will succeed in
pursuing contractual remedies. The Fund thus assumes the risk that it may be
delayed in or prevented from obtaining payments owed to it pursuant to the swap
contracts. The creditworthiness of the swap contract counterparties is closely
monitored in order to minimize the risk. Depending on the general state of
short-term interest rates and the returns of the Fund's portfolio securities at
that point in time, such a default could negatively affect the Fund's ability to
make dividend payments. In addition, at the time an equity swap transaction
reaches its scheduled termination date, there is a risk that the Fund will not
be able to obtain a replacement transaction or that the terms of the replacement
will not be as favorable as on the expiring transaction.
The use of derivative instruments may involve, to varying degrees, elements of
market and counterparty risk in excess of the amount recognized below.
The Fund has entered into an equity swap agreement with Morgan Stanley & Co.
Incorporated. Details of the swap at March 31, 2008 is as follows:
NET
NOTIONAL EQUITY SECURITY INTEREST RATE/ TERMINATION UNREALIZED
AMOUNT RECEIVED EQUITY SECURITY PAID DATE DEPRECIATION
--------------------------- ---------------- -------------------- ----------- ------------
3 Month LIBOR
plus 45 bps plus
Market Value Market Value
Appreciation on: Depreciation on:
MMX Mineracao e MMX Mineracao e
$15,892,674 (28,600 Shares) Metalicos SA Metalicos SA 03/06/09 $(521,458)
6
[FLAGS]
TRUSTEES AND OFFICERS
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
ONE CORPORATE CENTER, RYE, NY 10580-1422
TRUSTEES OFFICERS
Anthony J. Colavita Bruce N. Alpert
ATTORNEY-AT-LAW, PRESIDENT
ANTHONY J. COLAVITA, P.C.
Carter W. Austin
James P. Conn VICE PRESIDENT
FORMER MANAGING DIRECTOR &
CHIEF INVESTMENT OFFICER, Peter D. Goldstein
FINANCIAL SECURITY ASSURANCE CHIEF COMPLIANCE OFFICER
HOLDINGS LTD.
Molly A.F. Marion
Mario d'Urso ASSISTANT VICE PRESIDENT & OMBUDSMAN
CHAIRMAN, MITTEL CAPITAL MARKETS SPA
Agnes Mullady
Vincent D. Enright TREASURER AND SECRETARY
FORMER SENIOR VICE PRESIDENT &
CHIEF FINANCIAL OFFICER, INVESTMENT ADVISER
KEYSPAN CORP. Gabelli Funds, LLC
One Corporate Center
Frank J. Fahrenkopf, Jr. Rye, New York 10580-1422
PRESIDENT & CHIEF EXECUTIVE OFFICER,
AMERICAN GAMING ASSOCIATION CUSTODIAN
Mellon Trust of New England, N.A.
Michael J. Melarkey
ATTORNEY-AT-LAW, COUNSEL
AVANSINO, MELARKEY, KNOBEL & MULLIGAN Skadden, Arps, Slate, Meagher & Flom LLP
Salvatore M. Salibello TRANSFER AGENT AND REGISTRAR
CERTIFIED PUBLIC ACCOUNTANT, American Stock Transfer and Trust Company
SALIBELLO & BRODER, LLP
STOCK EXCHANGE LISTING
Anthonie C. van Ekris 6.625%
CHAIRMAN, BALMAC INTERNATIONAL, INC. Common Preferred
---------- -----------
Salvatore J. Zizza Amex-Symbol: GGN GGN PrA
CHAIRMAN, ZIZZA & CO., LTD. Shares Outstanding: 18,117,515 4,000,000
The Net Asset Value per share appears in the Publicly Traded Funds column, under
the heading "Specialized Equity Funds," in Monday's The Wall Street Journal. It
is also listed in Barron's Mutual Funds/Closed End Funds section under the
heading "Specialized Equity Funds."
The Net Asset Value per share may be obtained each day by calling (914) 921-5070
or visiting ww.gabelli.com.
--------------------------------------------------------------------------------
For general information about the Gabelli Funds, call 800-GABELLI
(800-422-3554), fax us at 914-921-5118, visit Gabelli Funds' Internet homepage
at: WWW.GABELLI.COM, or e-mail us at: closedend@gabelli.com
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Fund may, from time to time, purchase
its common shares in the open market when the Fund's shares are trading at a
discount of 7.5% or more from the net asset value of the shares. The Fund may
also, from time to time, purchase its Series A Cumulative Preferred Shares in
the open market when the preferred shares are trading at a discount to the
liquidation value of $25.00.
--------------------------------------------------------------------------------
THE GABELLI GLOBAL GOLD, NATURAL
RESOURCES & INCOME TRUST
ONE CORPORATE CENTER
RYE, NY 10580-1422
(914) 921-5070
WWW.GABELLI.COM
FIRST QUARTER REPORT
MARCH 31, 2008
GGN 1Q/2008
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940,
as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
as of a date within 90 days of the filing date of the report that
includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule
30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940
Act (17 CFR 270.30a-3(d)) that occurred during the registrant's
last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Gabelli Global Gold, Natural Resources & Income Trust
-------------------------------------------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date May 29, 2008
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date May 29, 2008
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady,
Principal Financial Officer and Treasurer
Date May 29, 2008
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.