N-Q 1 y90353nvq.htm FORM N-Q nvq
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21698
The Gabelli Global Gold, Natural Resources & Income Trust
 
(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
 
(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-422-3554
Date of fiscal year end: December 31
Date of reporting period: March 31, 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
First Quarter Report – March 31, 2011
           
(CAESAR BRYAN)
  (BARBARA G. MARCIN)   (VINCENT H. ROCHE)  
Caesar Bryan
  Barbara G. Marcin, CFA        Vincent H. Roche  
To Our Shareholders,
     During the first quarter of 2011, The Gabelli Global Gold, Natural Resources & Income Trust’s (the “Fund”) net asset value (“NAV”) total return was 3.3% compared with the Chicago Board Options Exchange (“CBOE”) S&P 500 Buy/Write Index, the Barclays Capital Government/Corporate Bond Index, the Amex Energy Select Sector Index, and for the Philadelphia Gold & Silver Index 1.5%, 0.2%, 17.4% and (4.3%), respectively. The total return for the Fund’s publicly traded shares was 0.2% during the first quarter of 2011.
     Enclosed is the investment portfolio as of March 31, 2011.
Comparative Results
Average Annual Returns through March 31, 2011 (a) (Unaudited)
                                         
                                    Since
                                    Inception
    Quarter   1 Year   3 Year   5 Year   (03/31/05)
Gabelli Global Gold, Natural Resources & Income Trust
                                       
NAV Total Return (b)
    3.28 %     29.06 %     (4.40 )%     5.08 %     8.91 %
Investment Total Return (c)
    0.23       18.29       (0.53 )     5.60       8.26  
CBOE S&P 500 Buy/Write Index
    1.48       6.28       (0.01 )     2.28       3.24  
Philadelphia Gold & Silver Index
    (4.34 )     31.14       7.04       8.88       14.99  
Amex Energy Select Sector Index
    17.44       41.24       4.48       9.81       12.73  
Barclays Capital Government/Corporate Bond Index
    0.22       5.27       4.81       5.79       5.14  
 
(a)   Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The CBOE S&P 500 Buy/Write Index is an unmanaged benchmark index designed to reflect the return on a portfolio that consists of a long position in the stocks in the S&P 500 Index and a short position in a S&P 500 (SPX) call option. The Philadelphia Gold & Silver Index is an unmanaged indicator of stock market performance of large North American gold and silver companies, while the Amex Energy Select Sector Index is an unmanaged indicator of stock market performance of large U.S. companies involved in the development or production of energy products. The Barclays Capital Government/Corporate Bond Index is an unmanaged market value weighted index that tracks the total return performance of fixed rate, publicly placed, dollar denominated obligations. Dividends and interest income are considered reinvested. You cannot invest directly in an index.
 
(b)   Total returns and average annual returns reflect changes in the NAV per share and reinvestment of distributions at NAV on the ex-dividend date and are net of expenses. Since inception return is based on an initial NAV of $19.06.
 
(c)   Total returns and average annual returns reflect changes in closing market values on the New York Stock Exchange and reinvestment of distributions. Since inception return is based on an initial offering price of $20.00.
We have separated the portfolio managers’commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio managers’ commentary is unrestricted. The financial statements and investment portfolio are mailed separately from the commentary. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

 


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS
March 31, 2011 (Unaudited)
                 
            Market  
Shares         Value  
       
COMMON STOCKS — 93.5%
       
       
Energy and Energy Services — 44.2%
       
  270,000    
Anadarko Petroleum Corp.
  $ 22,118,400  
  159,500    
Apache Corp.
    20,881,740  
  286,325    
Baker Hughes Inc. (a)
    21,024,845  
  785,000    
BG Group plc
    19,531,806  
  493,400    
BP plc, ADR (a)
    21,778,676  
  410,000    
Cameron International Corp.†
    23,411,000  
  55,500    
Chesapeake Energy Corp. (a)
    1,860,360  
  65,000    
Chevron Corp. (a)
    6,982,950  
  307,692    
Comanche Energy Inc.† (b)(c)(d)
    0  
  30,000    
ConocoPhillips (a)
    2,395,800  
  343,500    
Denbury Resources Inc.†
    8,381,400  
  138,000    
Devon Energy Corp. (a)
    12,664,260  
  600,000    
El Paso Corp.
    10,800,000  
  200,000    
Ensco plc, ADR
    11,568,000  
  200,000    
EOG Resources Inc.
    23,702,000  
  65,000    
Galp Energia SGPS SA, Cl. B
    1,391,436  
  605,000    
Halliburton Co. (a)
    30,153,200  
  270,000    
Marathon Oil Corp. (a)
    14,393,700  
  210,000    
Murphy Oil Corp. (a)
    15,418,200  
  180,000    
Nabors Industries Ltd.†
    5,468,400  
  310,000    
National Oilwell Varco Inc.
    24,573,700  
  227,800    
Nexen Inc.
    5,676,776  
  142,000    
Noble Energy Inc.
    13,724,300  
  200,000    
Occidental Petroleum Corp.
    20,898,000  
  250,000    
Petrohawk Energy Corp.†
    6,135,000  
  582,000    
Petroleo Brasileiro SA, ADR (a)
    23,530,260  
  330,000    
Rowan Companies Inc.† (a)
    14,579,400  
  278,000    
Royal Dutch Shell plc, Cl. A
    10,096,763  
  160,000    
Schlumberger Ltd.
    14,921,600  
  200,000    
Spectra Energy Corp.
    5,436,000  
  338,400    
Statoil ASA, ADR (a)
    9,353,376  
  634,500    
Suncor Energy Inc. (a)
    28,450,980  
  650,000    
Talisman Energy Inc.
    16,055,000  
  335,000    
The Williams Companies Inc. (a)
    10,445,300  
  345,000    
Total SA, ADR
    21,034,650  
  173,200    
Transocean Ltd.† (a)
    13,500,940  
  120,000    
Ultra Petroleum Corp.†
    5,910,000  
  350,000    
Valero Energy Corp.
    10,437,000  
  945,500    
Weatherford International Ltd.† (a)
    21,368,300  
       
 
     
       
 
    550,053,518  
       
 
     
       
 
       
       
Metals and Mining — 49.3%
       
  619,000    
Agnico-Eagle Mines Ltd. (a)
    41,070,650  
  393,000    
Anglo American plc
    20,218,664  
  633,500    
AngloGold Ashanti Ltd., ADR (a)
    30,376,325  
  200,000    
Antofagasta plc
    4,366,657  
  636,000    
Barrick Gold Corp. (a)
    33,014,760  
  177,000    
BHP Billiton Ltd., ADR (a)
    16,970,760  
  1,070,000    
Centamin Egypt Ltd.†
    2,317,690  
  300,000    
Compania de Minas Buenaventura SA, ADR
    12,891,000  
  83,000    
Detour Gold Corp.†
    2,624,838  
  1,000,000 (e)  
Duluth Metals Ltd.†
    2,712,739  
  700,000    
Eldorado Gold Corp.
    11,415,162  
  900,000    
Equinox Minerals Ltd.†
    5,328,520  
  175,000    
Franco-Nevada Corp.
    6,424,188  
  359,062    
Freeport-McMoRan Copper & Gold Inc. (a)
    19,945,894  
  658,500    
Fresnillo plc
    16,299,814  
  410,000    
Gem Diamonds Ltd.†
    1,841,632  
  1,989,100    
Gold Fields Ltd., ADR (a)
    34,729,686  
  550,000    
Goldcorp Inc. (a)
    27,390,000  
  841,600    
Harmony Gold Mining Co. Ltd., ADR (a)
    12,514,592  
  1,779,700    
Hochschild Mining plc
    18,400,544  
  160,000    
HudBay Minerals Inc.
    2,605,879  
  195,000    
Hummingbird Resources plc†
    494,257  
  285,000    
IAMGOLD Corp.
    6,275,700  
  412,000    
Impala Platinum Holdings Ltd.
    11,920,899  
  13,542    
Ivanhoe Mines Ltd.†
    371,863  
  255,000    
Keegan Resources Inc.†
    2,222,537  
  200,000    
Kingsgate Consolidated Ltd.
    1,797,702  
  1,833,800    
Kinross Gold Corp., New York (a)
    28,882,350  
  3,592    
Kinross Gold Corp., Toronto
    56,612  
  250,600    
Lundin Mining Corp., OTC† (a)
    2,087,498  
  1,050,000    
Lundin Mining Corp., Toronto†
    8,718,412  
  221,000    
MAG Silver Corp.†
    2,637,411  
  684,725    
Newcrest Mining Ltd.
    28,202,355  
  539,500    
Newmont Mining Corp. (a)
    29,445,910  
  165,000    
Osisko Mining Corp.†
    2,375,864  
  492,616    
OZ Minerals Ltd.
    812,713  
  12,537,555    
PanAust Ltd.†
    10,180,063  
  211,300    
Peabody Energy Corp. (a)
    15,205,148  
  494,100    
Randgold Resources Ltd., ADR† (a)
    40,288,914  
  3,851,298    
Red 5 Ltd.†
    657,293  
  1,984,000    
Red 5 Ltd., ASE†
    338,605  
  293,600    
Rio Tinto plc, ADR (a)
    20,880,832  
  321,700    
Royal Gold Inc.
    16,857,080  
  621,250    
Sandfire Resources NL†
    4,408,171  
  500,000    
SEMAFO Inc.†
    4,791,129  
  257,015    
Vale SA, ADR (a)
    8,571,450  
  207,000    
Witwatersrand Consolidated Gold Resources Ltd.†
    1,591,131  
  1,080,305    
Xstrata plc
    25,250,320  
  1,200,000    
Yamana Gold Inc. (a)
    14,772,000  
       
 
     
       
 
    613,554,213  
       
 
     
       
TOTAL COMMON STOCKS
    1,163,607,731  
       
 
     
See accompanying notes to schedule of investments.

2


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2011 (Unaudited)
                 
            Market  
Shares         Value  
       
CONVERTIBLE PREFERRED STOCKS — 0.3%
       
       
Metals and Mining — 0.3%
       
  10,000    
Vale Capital II, 6.750%, Cv. Pfd., Ser. VALE
  $ 923,200  
  35,000    
Vale Capital II, 6.750%, Cv. Pfd., Ser. VALP
    3,316,425  
       
 
     
       
TOTAL CONVERTIBLE PREFERRED STOCKS
    4,239,625  
       
 
     
       
 
       
       
WARRANTS — 0.1%
       
       
Energy and Energy Services — 0.0%
       
  34,091    
Comanche Energy Inc., Cl. A, expire 06/18/13† (b)(c)(d)
    0  
  36,197    
Comanche Energy Inc., Cl. B, expire 06/18/13† (b)(c)(d)
    0  
  82,965    
Comanche Energy Inc., Cl. C, expire 06/18/13† (b)(c)(d)
    0  
       
 
     
       
 
    0  
       
 
     
       
 
       
       
Metals and Mining — 0.1%
       
  62,500    
Franco-Nevada Corp., expire 03/13/12† (b)
    375,193  
  87,500    
Franco-Nevada Corp., expire 06/16/17†
    559,567  
       
 
     
       
 
    934,760  
       
 
     
       
TOTAL WARRANTS
    934,760  
       
 
     
                 
Principal              
Amount              
       
CONVERTIBLE CORPORATE BONDS — 1.1%
       
       
Energy and Energy Services — 0.3%
       
$ 1,500,000    
Chesapeake Energy Corp., Cv., 2.250%, 12/15/38
    1,385,625  
  2,000,000    
Nabors Industries Inc., Cv., 0.940%, 05/15/11
    1,995,000  
       
 
     
       
 
    3,380,625  
       
 
     
       
Metals and Mining — 0.8%
       
  2,800,000    
Detour Gold Corp., Cv., 5.500%, 11/30/17 (b)(d)(f)
    3,082,275  
  5,000,000    
Newmont Mining Corp., Ser. B, Cv., 1.625%, 07/15/17
    6,787,500  
  725,000 (g)  
Wesdome Gold Mines Ltd., Deb. Cv., 7.000%, 05/31/12 (b)(d)(f)
    815,111  
       
 
     
       
 
    10,684,886  
       
 
     
       
TOTAL CONVERTIBLE CORPORATE BONDS
    14,065,511  
       
 
     
 
       
CORPORATE BONDS — 0.7%
       
       
Energy and Energy Services — 0.1%
       
4,644,732    
Comanche Energy Inc., PIK, 15.500%, 06/13/13 (b)(c)(d)
  43,047  
  324,000    
Compagnie Generale de Geophysique- Veritas, 7.500%, 05/15/15
    334,530  
  500,000    
Tesoro Corp., 9.750%, 06/01/19
    570,000  
       
 
     
       
 
    947,577  
       
 
     
       
 
       
       
Metals and Mining — 0.6%
       
  2,000,000    
Freeport-McMoRan Copper & Gold Inc., 8.250%, 04/01/15
    2,086,760  
  5,000,000    
Xstrata Canada Corp., 7.250%, 07/15/12
    5,351,090  
       
 
     
       
 
    7,437,850  
       
 
     
       
TOTAL CORPORATE BONDS
    8,385,427  
       
 
     
       
 
       
       
U.S. GOVERNMENT OBLIGATIONS — 4.3%
       
  53,069,000    
U.S. Treasury Bills, 0.095% to 0.200%††, 06/02/11 to 09/22/11 (a)
    53,040,332  
       
 
     
       
 
       
TOTAL INVESTMENTS — 100.0%
(Cost $1,075,119,081)
  $ 1,244,273,386  
       
 
     
       
Aggregate tax cost
  $ 1,085,428,945  
       
 
     
       
Gross unrealized appreciation
  $ 190,321,624  
       
Gross unrealized depreciation
    (31,477,183 )
       
 
     
       
Net unrealized appreciation/depreciation
  $ 158,844,441  
       
 
     
                     
Number of         Expiration Date/   Market  
Contracts         Exercise Price   Value  
        OPTION CONTRACTS WRITTEN(h) — (4.8)%        
        Call Options Written — (4.6)%        
  388    
Agnico-Eagle Mines Ltd.
  May 11/75   $ 27,936  
  1,000    
Agnico-Eagle Mines Ltd.
  Aug. 11/67.50     487,500  
  4,302    
Agnico-Eagle Mines Ltd.
  Aug. 11/80     546,354  
  2,000    
Anadarko Petroleum Corp.
  May 11/80     1,060,000  
  700    
Anadarko Petroleum Corp.
  Aug. 11/80     591,500  
  135    
Anglo American plc(i)
  Apr. 11/35     21,657  
  258    
Anglo American plc(i)
  Jun. 11/3200     877,438  
  6,335    
AngloGold Ashanti Ltd., ADR
  Apr. 11/50     190,050  
  200    
Antofagasta plc(i)
  Sep. 11/1700     62,965  
  595    
Apache Corp.
  Apr. 11/125     407,575  
See accompanying notes to schedule of investments.

3


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2011 (Unaudited)
                     
Number of         Expiration Date/   Market  
Contracts         Exercise Price   Value  
        OPTION CONTRACTS WRITTEN (Continued)        
        Call Options Written (Continued)        
  1,000    
Apache Corp.
  Oct. 11/135   $ 963,000  
  1,063    
Baker Hughes Inc.
  Apr. 11/75     154,135  
  1,000    
Baker Hughes Inc.
  Apr. 11/58     1,595,820  
  800    
Baker Hughes Inc.
  Jul. 11/75     352,000  
  500    
Barrick Gold Corp.
  Apr. 11/49     167,500  
  750    
Barrick Gold Corp.
  Apr. 11/55     19,500  
  3,000    
Barrick Gold Corp.
  Jul. 11/55     579,000  
  100    
BG Group plc(i)
  Apr. 11/15     119,514  
  325    
BG Group plc(i)
  Jun. 11/14     938,462  
  360    
BG Group plc(i)
  Sep. 11/1500     272,876  
  1,000    
BHP Billiton Ltd., ADR
  May 11/95     445,000  
  250    
BHP Billiton Ltd., ADR
  May 11/100     50,750  
  520    
BHP Billiton Ltd., ADR
  Aug. 11/100     245,960  
  1,275    
BP plc, ADR
  Apr. 11/48     11,475  
  2,000    
BP plc, ADR
  Apr. 11/50     6,000  
  4,100    
Cameron International Corp.
  May 11/60     799,500  
  555    
Chesapeake Energy Corp.
  Jul. 11/37     69,930  
  260    
Chevron Corp.
  Jun. 11/95     357,500  
  390    
Chevron Corp.
  Jun. 11/100     363,480  
  1,200    
Compania de Minas Buenaventura SA, ADR
  Jun. 11/45     255,000  
  300    
ConocoPhillips
  May 11/75     186,000  
  2,835    
Denbury Resources Inc.
  Jun. 11/24     567,000  
  600    
Denbury Resources Inc.
  Sep. 11/25     135,000  
  1,380    
Devon Energy Corp.
  Apr. 11/85     1,055,700  
  4,000    
El Paso Corp.
  Jul. 11/18     492,000  
  2,000    
El Paso Corp.
  Oct. 11/20     190,000  
  3,500    
Eldorado Gold Corp.(j)
  May 11/19     30,686  
  3,500    
Eldorado Gold Corp.(j)
  Aug. 11/19     155,235  
  2,000    
Ensco plc, ADR
  Jun. 11/60     555,000  
  1,000    
EOG Resources Inc.
  Jul. 11/100     2,080,000  
  1,000    
EOG Resources Inc.
  Jul. 11/115     1,027,000  
  900    
Freeport-McMoRan Copper & Gold Inc.
  May 11/60     115,200  
  1,300    
Freeport-McMoRan Copper & Gold Inc.
  May 11/62     106,600  
  11,891    
Gold Fields Ltd., ADR
  Apr. 11/17     761,024  
  5,000    
Gold Fields Ltd., ADR
  Apr. 11/20     10,000  
  3,000    
Gold Fields Ltd., ADR
  Jul. 11/17     411,000  
  5,500    
Goldcorp Inc.
  Apr. 11/45     2,640,000  
  1,300    
Halliburton Co.
  Apr. 11/45     663,000  
  710    
Halliburton Co.
  Apr. 11/50     93,010  
  500    
Halliburton Co.
  Jul. 11/49     210,000  
  1,784    
Halliburton Co.
  Jul. 11/50     656,512  
  975    
Harmony Gold Mining Co. Ltd., ADR
  May 11/12     292,500  
  7,441    
Harmony Gold Mining Co. Ltd., ADR
  May 11/13     1,488,200  
  1,600    
HudBay Minerals Inc.(j)
  Jun. 11/18     41,258  
  8,880    
Kinross Gold Corp.
  May 11/20     53,280  
  9,494    
Kinross Gold Corp.
  Aug. 11/20     265,832  
  4,500    
Lundin Mining Corp.(j)
  Jul. 11/7     626,612  
  8,506    
Lundin Mining Corp.(j)
  Jul. 11/8     570,284  
  550    
Marathon Oil Corp.
  Apr. 11/42     635,250  
  900    
Marathon Oil Corp.
  Apr. 11/43     955,800  
  1,250    
Marathon Oil Corp.
  Apr. 11/48     690,625  
  1,350    
Murphy Oil Corp.
  Apr. 11/70     594,000  
  750    
Murphy Oil Corp.
  Jul. 11/70     480,000  
  1,800    
Nabors Industries Ltd.
  Sep. 11/29     724,500  
  800    
National Oilwell Varco Inc.
  May 11/65     1,200,000  
  200    
National Oilwell Varco Inc.
  May 11/70     217,000  
  600    
National Oilwell Varco Inc.
  May 11/80     270,000  
  600    
National Oilwell Varco Inc.
  May 11/85     123,000  
  900    
National Oilwell Varco Inc.
  Aug. 11/85     420,750  
  250    
Newcrest Mining Ltd.(k)
  Jun. 11/45     113,003  
  1,975    
Newmont Mining Corp.
  Jun. 11/60     235,025  
  3,420    
Newmont Mining Corp.
  Sep. 11/57.50     1,128,600  
  178    
Nexen Inc.
  May 11/25     25,810  
  1,100    
Nexen Inc.
  Jun. 11/22.50     352,000  
  250    
Nexen Inc.
  Sep. 11/26     50,625  
  750    
Nexen Inc.
  Sep. 11/27     118,125  
  1,100    
Noble Energy Inc.
  May 11/90     968,000  
  320    
Noble Energy Inc.
  May 11/95     164,800  
  300    
Occidental Petroleum Corp.
  May 11/95     358,500  
  300    
Occidental Petroleum Corp.
  May 11/100     226,500  
  1,400    
Occidental Petroleum Corp.
  May 11/105     588,000  
  12,000    
PanAust Ltd.(k)
  Sep. 11/0.90     413,327  
  313    
Peabody Energy Corp.
  Jun. 11/55     547,750  
  300    
Peabody Energy Corp.
  Jun. 11/60     397,500  
  300    
Peabody Energy Corp.
  Jun. 11/65     282,000  
  1,200    
Peabody Energy Corp.
  Jun. 11/70     804,000  
  2,500    
Petrohawk Energy Corp.
  May 11/23     555,000  
  1,500    
Petroleo Brasileiro SA, ADR
  Apr. 11/40     165,000  
  200    
Petroleo Brasileiro SA, ADR
  Jul. 11/37     94,200  
  4,120    
Petroleo Brasileiro SA, ADR
  Jul. 11/42     667,440  
See accompanying notes to schedule of investments.

4


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2011 (Unaudited)
                     
Number of       Expiration Date/   Market
Contracts       Exercise Price   Value
        OPTION CONTRACTS WRITTEN (Continued)        
        Call Options Written (Continued)        
  1,600    
Rio Tinto plc, ADR
  Apr. 11/75   $ 72,000  
  836    
Rio Tinto plc, ADR
  Apr. 11/80     8,360  
  500    
Rio Tinto plc, ADR
  Jul. 11/80     90,000  
  600    
Rowan Companies Inc.
  Apr. 11/34     618,000  
  700    
Rowan Companies Inc.
  Apr. 11/35     654,500  
  2,000    
Rowan Companies Inc.
  Jul. 11/44     680,000  
  110    
Royal Dutch Shell plc, Cl. A(i)
  Jun. 11/24     39,263  
  168    
Royal Dutch Shell plc, Cl. A(i)
  Jun. 11/2200     297,805  
  500    
Royal Gold Inc.
  Apr. 11/55     15,000  
  2,717    
Royal Gold Inc.
  Jul. 11/55     523,022  
  400    
Schlumberger Ltd.
  May 11/90     248,000  
  1,000    
Schlumberger Ltd.
  May 11/95     365,000  
  200    
Schlumberger Ltd.
  May 11/100     34,600  
  2,000    
Spectra Energy Corp.
  Jun. 11/27     200,000  
  3,384    
Statoil ASA, ADR
  Apr. 11/25     930,600  
  2,045    
Suncor Energy Inc.
  Jun. 11/40     1,247,450  
  4,300    
Suncor Energy Inc.
  Jun. 11/46     1,070,700  
  2,500    
Talisman Energy Inc.
  May 11/25     250,000  
  4,000    
Talisman Energy Inc.
  Jul. 11/25     540,000  
  1,150    
The Williams Companies Inc.
  May 11/29     318,550  
  2,200    
The Williams Companies Inc.
  Aug. 11/33     336,600  
  200    
Total SA, ADR
  May 11/55     128,000  
  2,000    
Total SA, ADR
  May 11/60     530,000  
  800    
Total SA, ADR
  Aug. 11/65     120,000  
  500    
Transocean Ltd.
  May 11/80     157,500  
  800    
Transocean Ltd.
  Aug. 11/75     642,000  
  432    
Transocean Ltd.
  Aug. 11/85     163,080  
  1,200    
Ultra Petroleum Corp.
  Sep. 11/50     504,000  
  870    
Vale SA, ADR
  Apr. 11/38     1,740  
  850    
Vale SA, ADR
  Jun. 11/37     40,375  
  850    
Vale SA, ADR
  Jun. 11/38     27,625  
  3,500    
Valero Energy Corp.
  Jun. 11/28     1,277,500  
  1,500    
Weatherford International Ltd.
  Apr. 11/22     145,500  
  955    
Weatherford International Ltd.
  May 11/21     212,965  
  3,000    
Weatherford International Ltd.
  May 11/22     462,000  
  2,000    
Weatherford International Ltd.
  Aug. 11/21     610,000  
  1,000    
Weatherford International Ltd.
  Aug. 11/26     86,000  
  1,000    
Weatherford International Ltd.
  Aug. 11/27     64,500  
  72    
Xstrata plc(i)
  Apr. 11/14     44,180  
  500    
Xstrata plc(i)
  Jun. 11/16     322,847  
  315    
Xstrata plc(i)
  Sep. 11/16     419,420  
  8,000    
Yamana Gold Inc.
  Apr. 11/13     72,000  
  4,000    
Yamana Gold Inc.
  Jul. 11/13     268,000  
                   
       
TOTAL CALL OPTIONS WRITTEN
(Premiums received $41,185,311)
        56,922,122  
                   
       
Put Options Written — (0.2)%
           
  1,000    
Agnico-Eagle Mines Ltd.
  May 11/70     630,000  
  700    
Anadarko Petroleum Corp.
  Aug. 11/70     209,300  
  900    
AngloGold Ashanti Ltd., ADR
  Apr. 11/42     13,500  
  400    
Antofagasta plc(i)
  Sep. 11/1200     352,124  
  200    
Apache Corp.
  Apr. 11/110     3,600  
  600    
Baker Hughes Inc.
  Apr. 11/40     1,800  
  1,000    
Barrick Gold Corp.
  Apr. 11/42     1,000  
  250    
BG Group plc(i)
  Apr. 11/13     12,031  
  225    
BHP Billiton Ltd., ADR
  May 11/80     10,800  
  490    
Compania de Minas Buenaventura SA, ADR
  Jun. 11/35     30,625  
  600    
Compania de Minas Buenaventura SA, ADR
  Jun. 11/40     108,000  
  1,400    
Denbury Resources Inc.
  Jun. 11/17     17,500  
  500    
Eldorado Gold Corp.(j)
  May 11/15     23,466  
  2,000    
Freeport-McMoRan Copper & Gold Inc.
  Aug. 11/47.50     468,000  
  1,400    
Gold Fields Ltd., ADR
  Jul. 11/15     47,600  
  700    
Goldcorp Inc.
  Apr. 11/39     2,450  
  850    
Halliburton Co.
  Apr. 11/30     3,400  
  1,000    
Halliburton Co.
  Apr. 11/37     3,000  
  500    
IAMGOLD Corp.(j)
  May 11/15     2,579  
  1,000    
IAMGOLD Corp.
  Jun. 11/17     20,000  
  1,500    
Kinross Gold Corp.
  May 11/15     82,500  
  250    
Newcrest Mining Ltd.(k)
  Jun. 11/38.50     271,698  
  250    
Noble Energy Inc.
  May 11/75     5,625  
  300    
Noble Energy Inc.
  May 11/80     14,250  
  330    
Oil Service HOLDRS (SM) Trust
  Jan. 12/104.10     70,125  
  1,000    
Petrohawk Energy Corp.
  Jun. 11/16     11,500  
  409    
Randgold Resources Ltd., ADR
  Sep. 11/75     177,915  
  300    
Rio Tinto plc, ADR
  Apr. 11/62.50     3,000  
See accompanying notes to schedule of investments.

5


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (Continued)
March 31, 2011 (Unaudited)
                     
Number of         Expiration Date/   Market  
Contracts         Exercise Price   Value  
        OPTION CONTRACTS WRITTEN (Continued)        
        Put Options Written (Continued)        
  300    
Rowan Companies Inc.
  Apr. 11/27   $ 3,000  
  600    
Schlumberger Ltd.
  May 11/80     41,400  
  2,300    
Yamana Gold Inc.
  Jul. 11/10     36,800  
       
 
         
       
TOTAL PUT OPTIONS WRITTEN
(Premiums received $6,069,146)
    2,678,588  
       
 
         
       
TOTAL OPTIONS CONTRACTS WRITTEN
(Premiums received $47,254,457)
  $ 59,600,710  
       
 
         
       
Aggregate premiums
      $ 47,254,457  
       
 
         
       
Gross unrealized appreciation
      $ 11,366,355  
       
Gross unrealized depreciation
        (23,712,608 )
       
 
         
        Net unrealized appreciation/depreciation   $ (12,346,253 )
       
 
         
 
(a)   Securities, or a portion thereof, with a value of $391,632,899 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 March 31, 2011, the market value of fair valued securities amounted to $4,315,626 or 0.35% of total investments.
 
(c)   At March 31, 2011, the Fund held investments in restricted securities amounting to $43,047 or 0.00% of total investments, which were value under methods approved by the Board of Trustees as follows:
                             
Acquisition                        
Shares/                     03/31/11  
Principal         Acquisition   Acquisition     Carrying Value  
Amount     Issuer   Date   Cost     Per Unit  
  307,692    
Comanche Energy Inc.
  06/17/08   $ 1,849,998        
  34,091    
Comanche Energy Inc., Cl. A, Warrants expire 06/18/13
  06/17/08     93,750        
  36,197    
Comanche Energy Inc., Cl. B, Warrants expire 06/18/13
  06/17/08     93,750        
  82,965    
Comanche Energy Inc., Cl. C, Warrants expire 06/18/13
  06/17/08     187,501        
$ 4,644,732    
Comanche Energy Inc., PIK, 15.500%, 06/13/13
  06/17/08     4,419,732     $ 0.9268  
 
(d)   Illiquid security.
 
(e)   Denoted in units.
 
(f)   Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2011, the market value of the Rule 144A securities amounted to $3,897,386 or 0.31% of total investments.
 
(g)   Principal amount denoted in Canadian dollars.
 
(h)   At March 31, 2011, the Fund has entered into over-the-counter Option Contracts Written with Pershing LLC and Morgan Stanley.
 
(i)   Exercise price denoted in British Pounds.
 
(j)   Exercise price denoted in Canadian dollars.
 
(k)   Exercise price denoted in Australian dollars.
 
  Non-income producing security.
 
††   Represents annualized yield at date of purchase.
 
ADR   American Depositary Receipt
 
PIK   Payment-in-kind
                 
    % of        
    Market     Market  
Geographic Diversification   Value     Value  
Long Positions
               
North America
    60.2 %   $ 749,426,036  
Europe
    19.6       243,299,753  
South Africa
    7.3       91,132,632  
Latin America
    7.2       89,401,094  
Asia/Pacific
    5.7       71,013,871  
 
           
Total Investments
    100.0 %   $ 1,244,273,386  
 
           
 
               
Short Positions
               
North America
    (3.5 )%   $ (43,329,395 )
Europe
    (0.7 )     (8,545,898 )
South Africa
    (0.3 )     (3,213,874 )
Latin America
    (0.2 )     (2,272,005 )
Asia/Pacific
    (0.1 )     (1,550,538 )
Africa/Middle East
    (0.0 )     (689,000 )
 
           
Total Investments
    (4.8 )%   $ (59,600,710 )
 
           
See accompanying notes to schedule of investments.

6


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
     The Fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the “Board”) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the “Adviser”).
     Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.
     Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value ADR securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.
     The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
    Level 1 – quoted prices in active markets for identical securities;
 
    Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
 
    Level 3 – significant unobservable inputs (including the Fund’s determinations as to the fair value of investments).

7


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
     A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2011 is as follows:
                                 
    Valuation Inputs        
    Level 1     Level 2     Level 3     Total  
    Quoted     Other Significant     Other Significant     Market Value  
    Prices     Observable Inputs     Unobservable Inputs     at 3/31/11  
INVESTMENTS IN SECURITIES:
                               
ASSETS (Market Value):
                               
Common Stocks:
                               
Energy and Energy Services
  $ 550,053,518           $ 0     $ 550,053,518  
Other Industries (a)
    613,554,213                   613,554,213  
 
Total Common Stocks
    1,163,607,731             0       1,163,607,731  
 
Convertible Preferred Stocks (a)
    4,239,625                   4,239,625  
 
Warrants:
                               
Energy and Energy Services
                0       0  
Metals and Mining
    934,760                   934,760  
 
Total Warrants
    934,760             0       934,760  
 
Convertible Corporate Bonds
        $ 10,168,125       3,897,386       14,065,511  
Corporate Bonds
          8,342,380       43,047       8,385,427  
U.S. Government Obligations
          53,040,332             53,040,332  
 
TOTAL INVESTMENTS IN SECURITIES — ASSETS
  $ 1,168,782,116     $ 71,550,837     $ 3,940,433     $ 1,244,273,386  
 
INVESTMENTS IN SECURITIES:
                               
LIABILITIES (Market Value):
                               
EQUITY CONTRACTS:
                               
Call Options Written
  $ (26,725,658 )   $ (30,196,464 )   $     $ (56,922,122 )
Put Options Written
    (1,631,515 )     (1,047,073 )           (2,678,588 )
 
TOTAL INVESTMENTS IN SECURITIES — LIABILITIES
  $ (28,357,173 )   $ (31,243,537 )   $     $ (59,600,710 )
 
 
(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 March 31, 2011.

8


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
     The following table reconciles Level 3 investments for which significant unobservable inputs were used to determine fair value:
                                                                                 
                                                                            Net change  
                                                                            in unrealized  
                                                                            appreciation/  
                                                                            depreciation  
                            Change in                                             during the  
    Balance     Accrued     Realized     unrealized                     Transfers     Transfers     Balance     period on Level 3  
    as of     discounts/     gain/     appreciation/                     into     out of     as of     investments held  
    12/31/10     (premiums)     (loss)     depreciation     Purchases     Sales     Level 3†     Level 3†     3/31/11     at 3/31/11  
 
INVESTMENTS IN SECURITIES:
                                                                               
ASSETS (Market Value):
                                                                               
Common Stocks:
                                                                               
Energy and Energy Services
  $ 0     $     $     $     $     $     $     $     $ 0     $  
Warrants:
                                                                               
Energy and Energy Services
    0                                                 0        
Convertible Corporate Bonds
    3,419,897       (144 )           477,633                               3,897,386       477,633  
Corporate Bonds
    43,047       10,873             (184,143 )     173,270                         43,047       (184,143 )
 
TOTAL INVESTMENTS IN SECURITIES
  $ 3,462,944     $ 10,729     $     $ 293,490     $ 173,270     $     $     $     $ 3,940,433     $ 293,490  
 
 
  The Fund’s policy is to recognize transfers into and transfers out of Level 3 as of the beginning of the reporting period.
Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/loss on investments.
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.

9


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purposes of increasing the income of the Fund. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.
     The Fund’s derivative contracts held at March 31, 2011, if any, are not accounted for as hedging instruments under GAAP.
     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 Fund’s portfolio securities at the time a swap transaction reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction. During the period ended March 31, 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 Fund’s portfolio. As a writer of put options, the Fund receives a premium at the outset and then bears the risk of unfavorable changes in the price of the financial instrument underlying the option. The Fund would incur a loss if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. The Fund would realize a gain, to the extent of the premium, if the price of the financial instrument increases between those dates. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security.
     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.

10


 

THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (Continued) (Unaudited)
     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 March 31, 2011 are reflected within the Schedule of Investments.
     The Fund’s volume of activity in equity options contracts during the period ended March 31, 2011 had an average monthly premium amount of approximately $42,441,214.
     Written options activity for the Fund for the period ended March 31, 2011 was as follows:
                 
    Number of        
    Contracts     Premiums  
Options outstanding at December 31, 2010
    248,423     $ 41,187,943  
Stock splits on options
    2,100        
Options written
    283,989       48,082,826  
Options repurchased
    (101,082 )     (19,378,650 )
Options expired
    (122,445 )     (17,012,349 )
Options exercised
    (45,244 )     (5,625,313 )
 
           
Options outstanding at March 31, 2011
    265,741     $ 47,254,457  
 
           
     The following table summarizes the market value of derivatives held at March 31, 2011 by primary risk exposure:
         
Liability Derivatives:   Market Value
 
Equity Contracts
  $ (59,600,710 )
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.

11


 

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

12


 

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

13


 

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

 


 

(IMAGE)
TRUSTEES AND OFFICERS
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
One Corporate Center, Rye, NY 10580-1422
     
Trustees   Officers
Anthony J. Colavita
  President,
  Anthony J. Colavita, P.C.
James P. Conn
  Former Managing Director &
  Chief Investment Officer,
  Financial Security Assurance Holdings Ltd.
Mario d’Urso
  Former Italian Senator
Vincent D. Enright
  Former Senior Vice President &
  Chief Financial Officer,
  KeySpan Corp.
Frank J. Fahrenkopf, Jr.
  President & Chief Executive Officer,
  American Gaming Association
Michael J. Melarkey
  Attorney-at-Law,
  Avansino, Melarkey, Knobel & Mulligan
Salvatore M. Salibello
  Certified Public Accountant,
  Salibello & Broder, LLP
Anthonie C. van Ekris
  Chairman, BALMAC International, Inc.
Salvatore J. Zizza
  Chairman, Zizza & Co., Ltd.
  Bruce N. Alpert
  President
Carter W. Austin
  Vice President
Peter D. Goldstein
  Chief Compliance Officer
Molly A.F. Marion
  Vice President & Ombudsman
Laurissa M. Martire
  Vice President & Ombudsman
David I. Schachter
  Vice President
Agnes Mullady
  Treasurer & Secretary
Investment Adviser
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
Custodian
The Bank of New York Mellon
Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
Transfer Agent and Registrar
American Stock Transfer and Trust Company
Stock Exchange Listing
                 
            6.625%  
    Common     Preferred  
NYSE Amex—Symbol:
  GGN   GGN PrA
Shares Outstanding:
    60,039,937       3,955,687  
The Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “Specialized Equity Funds,” in Monday’s The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “Specialized Equity Funds.”
The Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.
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 Fund’s shares are trading at a discount of 7.5% or more from the net asset value of the shares. The Fund may also, from time to time, purchase its preferred shares in the open market when the preferred shares are trading at a discount to the liquidation value.

 


 

(FULL PAGE GIF)
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, 2011

 


 

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 5/31/11
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 5/31/11
         
By (Signature and Title)*
  /s/ Agnes Mullady
 
Agnes Mullady, Principal Financial Officer and Treasurer
   
Date 5/31/11
 
*   Print the name and title of each signing officer under his or her signature.