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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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 OMITTED]
THE GABELLI
GLOBAL GOLD,
NATURAL RESOURCES
& INCOME TRUST
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
Third Quarter Report
September 30, 2007
TO OUR SHAREHOLDERS,
The Gabelli Global Gold, Natural Resources & Income Trust's (the "Fund")
net asset value ("NAV") gained 9.46% in the third quarter of 2007, compared with
gains of 0.34%, 3.01%, 8.86%, and 24.38% for the Chicago Board Options Exchange
("CBOE") S&P 500 Buy/Write Index, the Lehman Brothers Government/Corporate Bond
Index, the Amex Energy Select Sector Index, and for the Philadelphia Gold &
Silver Index, respectively. The Fund's market price, adjusted for distributions,
was up 9.17% during the third quarter. On September 30, 2007, the Fund's market
price was $28.40 on the American Stock Exchange, representing a discount of
2.04% to its NAV of $28.99 at the end of the quarter.
Enclosed is the investment portfolio as of September 30, 2007.
COMPARATIVE RESULTS
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AVERAGE ANNUAL RETURNS THROUGH SEPTEMBER 30, 2007 (A)
-----------------------------------------------------
SINCE
INCEPTION
QUARTER 1 YEAR 2 YEAR (03/31/05)
------- ------ ------ ----------
GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NAV TOTAL RETURN (B)...................................... 9.46% 42.44% 25.64% 27.12%
INVESTMENT TOTAL RETURN (C)............................... 9.17 36.51 23.02 23.60
CBOE S&P 500 Buy/Write Index................................ 0.34 7.78 7.49 8.46
Philadelphia Gold & Silver Index............................ 24.38 32.85 23.68 28.00
Amex Energy Select Sector Index............................. 8.86 42.27 20.01 26.91
Lehman Brothers Government/Corporate Bond Index............. 3.01 5.08 4.20 4.35
(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 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
SEPTEMBER 30, 2007 (UNAUDITED)
MARKET
SHARES VALUE
-------- --------
COMMON STOCKS -- 100.0%
ENERGY AND ENERGY SERVICES -- 35.2%
30,000 Baker Hughes Inc................................. $ 2,711,100
228,000 BJ Services Co. (a).............................. 6,053,400
71,000 BP plc, ADR...................................... 4,923,850
20,000 Chesapeake Energy Corp........................... 705,200
54,600 Chevron Corp..................................... 5,109,468
65,000 ConocoPhillips................................... 5,705,050
140,000 Devon Energy Corp. (a)........................... 11,648,000
55,000 Diamond Offshore Drilling Inc.................... 6,230,950
60,000 Exxon Mobil Corp. (a)............................ 5,553,600
247,000 Halliburton Co. (a).............................. 9,484,800
120,000 Imperial Oil Ltd................................. 5,946,614
110,000 Marathon Oil Corp................................ 6,272,200
174,000 Murphy Oil Corp. (a)............................. 12,160,860
120,000 Nabors Industries Ltd.+.......................... 3,692,400
200,000 Noble Corp. (a).................................. 9,810,000
220,000 Petroleo Brasileiro SA, ADR (a).................. 16,610,000
150,000 Rowan Companies Inc. (a)......................... 5,487,000
150,000 Saipem SpA....................................... 6,399,635
150,000 Statoil ASA, ADR................................. 5,088,000
130,000 Suncor Energy Inc. (a)........................... 12,325,300
60,000 Technip SA....................................... 5,364,400
120,000 Tesoro Corp...................................... 5,522,400
65,000 Transocean Inc.+................................. 7,348,250
105,000 Valero Energy Corp. (a).......................... 7,053,900
170,000 Weatherford International Ltd.+ (a).............. 11,420,600
200,000 Williams Companies Inc. (a)...................... 6,812,000
174,500 XTO Energy Inc. (a).............................. 10,791,080
------------
196,230,057
------------
METALS AND MINING -- 64.7%
364,098 Agnico-Eagle Mines Ltd. (a)...................... 18,132,080
160,000 Alcoa Inc. (a)................................... 6,259,200
265,000 Alpha Natural Resources Inc.+.................... 6,155,950
85,000 Anglo American plc............................... 5,719,883
58,000 Anglo Platinum Ltd............................... 8,777,496
120,000 AngloGold Ashanti Ltd., ADR...................... 5,626,800
591,605 Aquila Resources Ltd.+........................... 2,740,298
322,000 Barrick Gold Corp. (a)........................... 12,970,160
170,000 BHP Billiton Ltd., ADR (a)....................... 13,362,000
220,000 Companhia Vale do Rio Doce, ADR.................. 7,464,600
31,637 Compania de Minas Buenaventura SA,
ADR............................................ 1,511,616
2,269,341 Consolidated Minerals Ltd........................ 9,887,277
640,000 Eldorado Gold Corp.+............................. 3,950,736
14,100 Eramet........................................... 5,135,023
140,000 Foundation Coal Holdings Inc..................... 5,488,000
MARKET
SHARES VALUE
-------- --------
10,000 Freeport-McMoRan Copper
& Gold Inc. (a)................................ $ 1,048,900
200,000 Gold Fields Ltd.................................. 3,604,140
702,300 Gold Fields Ltd., ADR (a)........................ 12,704,607
369,500 Goldcorp Inc. (a)................................ 11,291,920
714,200 Harmony Gold Mining Co. Ltd.,
ADR+ (a)....................................... 8,506,122
528,000 Hochschild Mining plc............................ 4,094,279
342,500 IAMGOLD Corp..................................... 2,978,560
406,000 Impala Platinum Holdings Ltd..................... 14,143,672
758,832 Independence Group NL............................ 4,410,445
738,100 Ivanhoe Mines Ltd., New York+.................... 9,632,205
50,000 Ivanhoe Mines Ltd., New York+ (b)................ 652,500
48,000 Ivanhoe Mines Ltd., Toronto+..................... 623,496
850,000 Kagara Zinc Ltd.................................. 4,676,340
349,656 Kingsgate Consolidated Ltd.+..................... 1,666,137
1,081,000 Kinross Gold Corp.+ (a).......................... 16,193,380
6,483,488 Lihir Gold Ltd.+................................. 22,667,330
203,780 Lonmin plc....................................... 15,213,873
322,600 Meridian Gold Inc.+ (a).......................... 10,678,060
744,307 Newcrest Mining Ltd.............................. 18,492,924
359,400 Newmont Mining Corp. (a)......................... 16,075,962
1,545,000 Oxiana Ltd....................................... 5,319,314
4,580,000 Pan Australian Resources Ltd.+................... 3,373,176
667,600 Randgold Resources Ltd., ADR..................... 22,191,024
30,000 Rio Tinto plc, ADR............................... 10,302,000
141,600 Teck Cominco Ltd., Cl. B......................... 6,722,316
257,756 Xstrata plc...................................... 17,107,793
191,400 Yamana Gold Inc., New York....................... 2,254,692
100,000 Yamana Gold Inc., Toronto........................ 1,181,320
------------
360,987,606
------------
PAPER AND FOREST PRODUCTS -- 0.1%
8,500 Mondi Ltd........................................ 84,868
21,250 Mondi plc........................................ 202,170
------------
287,038
------------
TOTAL COMMON STOCKS.............................. 557,504,701
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TOTAL INVESTMENTS -- 100.0%
(Cost $385,580,043)........................................ $557,504,701
============
---------------
Aggregate book cost................................. $385,580,043
============
Gross unrealized appreciation....................... $174,621,682
Gross unrealized depreciation....................... (2,697,024)
------------
Net unrealized appreciation (depreciation) ......... $171,924,658
============
See accompanying notes to schedule of investments.
2
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
OPTION CONTRACTS WRITTEN -- (5.1)%
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE
--------- -------------- ------
PUT OPTION WRITTEN -- (0.0)%
1,089 Agnico-Eagle Mines Ltd................ Nov. 07/40 $ 65,340
------------
TOTAL PUT OPTION WRITTEN
(Premiums received $338,565)................... 65,340
============
CALL OPTIONS WRITTEN -- (5.1)%
3,630 Agnico-Eagle Mines Ltd................ Nov. 07/55 653,400
80 Alcoa Inc............................. Oct. 07/45 2,480
1,520 Alcoa Inc............................. Jan. 09/50 345,800
2,650 Alpha Natural
Resources Inc. ..................... Dec. 07/25 265,000
1,200 AngloGold Ashanti Ltd.,
ADR ................................ Jan. 08/50 327,000
300 Baker Hughes Inc...................... Oct. 07/85 195,000
3,220 Barrick Gold Corp..................... Oct. 07/42.50 273,700
1,700 BHP Billiton Ltd., ADR................ Nov. 07/70 1,802,000
1,000 BJ Services Co........................ Jan. 08/27.50 200,000
1,280 BJ Services Co........................ Jan. 08/30 115,200
710 BP plc, ADR........................... Oct. 07/70 88,750
200 Chesapeake Energy Corp. .............. Oct. 07/37.50 4,000
546 Chevron Corp.......................... Dec. 07/90 371,280
2,200 Companhia Vale do
Rio Doce, ADR ..................... Oct. 07/30 924,000
650 ConocoPhillips........................ Nov. 07/85 318,500
700 Devon Energy Corp..................... Oct. 07/80 350,000
700 Devon Energy Corp..................... Oct. 07/85 140,000
550 Diamond Offshore
Drilling Inc. ..................... Oct. 07/105 508,750
2,131 Eldorado Gold Corp.(c)................ Oct. 07/6 74,986
4,269 Eldorado Gold Corp.(c)................ Oct. 07/7 30,044
600 Exxon Mobil Corp...................... Oct. 07/90 228,000
1,400 Foundation Coal
Holdings Inc........................ Dec. 07/40 287,000
100 Freeport-McMoRan
Copper & Gold Inc................... Nov. 07/100 99,000
3,044 Gold Fields Ltd., ADR ................ Oct. 07/17.50 304,400
5,979 Gold Fields Ltd., ADR................. Oct. 07/20 119,580
2,465 Goldcorp Inc.......................... Oct. 07/32.50 160,225
1,230 Goldcorp Inc.......................... Jan. 08/35 182,040
1,000 Halliburton Co........................ Oct. 07/37.50 170,000
1,470 Halliburton Co........................ Oct. 07/40 73,500
7,142 Harmony Gold Mining
Co. Ltd., ADR ..................... Nov. 07/12.50 499,940
1,925 IAMGOLD Corp.(c)...................... Nov. 07/9 91,929
1,500 IAMGOLD Corp.(c)...................... Nov. 07/10 30,161
1,200 Imperial Oil Ltd.(c).................. Nov. 07/56 45,242
8,361 Ivanhoe Mines Ltd..................... Dec. 07/15 961,515
10,810 Kinross Gold Corp..................... Nov. 07/15 1,243,150
6,000 Lihir Gold Ltd.(d).................... Dec. 07/3.84 1,918,808
1,100 Marathon Oil Corp..................... Oct. 07/55 330,000
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE
--------- -------------- ------
3,226 Meridian Gold Inc..................... Oct. 07/35 $ 161,300
1,000 Murphy Oil Corp....................... Oct. 07/65 535,000
740 Murphy Oil Corp....................... Jan. 08/70 362,600
1,200 Nabors Industries Ltd................. Dec. 07/32.50 156,000
550 Newcrest Mining Corp.(d).............. Dec. 07/30 807,936
50 Newmont Mining Corp................... Oct. 07/45 6,250
3,544 Newmont Mining Corp................... Dec. 07/47.50 637,920
400 Noble Corp............................ Jan. 08/50 160,000
1,600 Noble Corp............................ Jan. 08/52.50 476,000
550 Petroleo Brasileiro SA,
ADR................................. Oct. 07/65 583,000
1,650 Petroleo Brasileiro SA,
ADR................................. Oct. 07/70 1,105,500
6,676 Randgold Resources Ltd.,
ADR................................. Dec. 07/30 3,404,760
300 Rio Tinto plc, ADR.................... Oct. 07/280 1,924,500
1,000 Rowan Companies Inc................... Oct. 07/42.50 20,000
500 Rowan Companies Inc................... Oct. 07/45 5,000
300 Saipem SpA(e)......................... Oct. 07/28 419,228
500 Statoil ASA, ADR...................... Oct. 07/30 200,000
1,000 Statoil ASA, ADR...................... Oct. 07/35 50,000
600 Suncor Energy Inc..................... Oct. 07/95 180,000
700 Suncor Energy Inc..................... Dec. 07/95 441,000
1,416 Teck Cominco Ltd.,
Cl. B(c)............................ Nov. 07/48 281,164
1,200 Tesoro Corp........................... Nov. 07/50 192,000
650 Transocean Inc........................ Nov. 07/115 292,500
1,050 Valero Energy Corp.................... Oct. 07/70 94,500
1,700 Weatherford
International Ltd................... Nov. 07/65 892,500
2,000 Williams Companies Inc................ Nov. 07/35 260,000
1,745 XTO Energy Inc........................ Nov. 07/60 698,000
1,914 Yamana Gold Inc....................... Oct. 07/15 9,570
-----------
TOTAL CALL OPTIONS WRITTEN
(Premiums received $18,747,412) ............... $28,090,608
===========
-------------------
Aggregate premiums.................................. $19,085,977
===========
Gross unrealized appreciation....................... $ 3,392,390
Gross unrealized depreciation....................... (12,462,361)
-----------
Net unrealized appreciation
(depreciation) ................................... $(9,069,971)
===========
-------------------
(a) Securities, or a portion thereof, with a value of $194,994,022 are pledged
as collateral for options written.
(b) At September 30, 2007, the Fund held an investment in a restricted security
amounting to $652,500 or 0.12% of total investments.
(c) Exercise price denoted in Canadian dollars.
(d) Exercise price denoted in Australian dollars.
(e) Exercise price denoted in Euros.
+ Non-income producing security.
ADR American Depository Receipt
See accompanying notes to schedule of investments.
3
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2007 (UNAUDITED)
% OF
MARKET MARKET
VALUE VALUE
----- -----
GEOGRAPHIC DIVERSIFICATION
LONG POSITIONS
North America .................... 46.2% $257,862,361
Europe ........................... 18.3 101,741,929
Asia/Pacific ..................... 15.5 86,595,241
Latin America .................... 10.4 57,857,466
South Africa ..................... 9.6 53,447,704
----- ------------
100.0% $557,504,701
===== ============
SHORT POSITIONS
North America .................... (2.4)% $(13,516,047)
Europe ........................... (1.1) (6,087,237)
Asia/Pacific ..................... (0.8) (4,528,744)
Latin America .................... (0.5) (2,773,000)
South Africa .................... (0.3) (1,250,920)
----- ------------
(5.1)% $(28,155,948)
===== ============
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.
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.
Securities and assets for which market quotations are not readily available are
fair valued as determined by the Board.
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. An equity swap is a swap where 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. If this occurs, it
could have a negative impact on the Fund's ability to make dividend payments.
The use of derivative instruments involves, to varying degrees, elements of
market and counterparty risk in excess of the amount recognized below. The
change in value of swaps, including the accrual of periodic amounts of interest
to be paid or received on swaps is reported as unrealized appreciation or
depreciation.
The Fund has entered into equity swaps with Morgan Stanley. Details of the swaps
at September 30, 2007 are as follows:
NET
NOTIONAL EQUITY SECURITY INTEREST RATE/ TERMINATION UNREALIZED
AMOUNT RECEIVED EQUITY SECURITY PAID DATE APPRECIATION
------ -------- -------------------- ---- ------------
3 Month LIBOR plus
Market Value 45 bps plus Market Value
Appreciation on: Depreciation on:
$4,897,347 (30,400 Shares) MMX Mineracao e MMX Mineracao e 03/06/08 $5,959,187
385,933 (2,400 Shares) Metalicos SA Metalicos SA 03/06/08 471,168
111,418 (600 Shares) 03/06/08 102,729
----------
$6,533,084
==========
5
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THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
AND YOUR PERSONAL PRIVACY
WHO ARE WE?
The Gabelli Global Gold, Natural Resources & Income Trust (the "Fund") is a
closed-end management investment company registered with the Securities and
Exchange Commission under the Investment Company Act of 1940. We are
managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors,
Inc. GAMCO Investors, Inc. is a publicly held company that has subsidiaries
that provide investment advisory or brokerage services for a variety of
clients.
WHAT KIND OF NON-PUBLIC INFORMATION DO WE COLLECT ABOUT YOU IF YOU BECOME A
SHAREHOLDER?
When you purchase shares of the Fund on the American Stock Exchange, you
have the option of registering directly with our transfer agent in order,
for example, to participate in our dividend reinvestment plan.
o 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.
o 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.
--------------------------------------------------------------------------------
[GRAPHIC OMITTED]
PICTURE OF FLAGS
TRUSTEES AND OFFICERS
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
ONE CORPORATE CENTER, RYE, NY 10580-1422
TRUSTEES
Anthony J. Colavita
ATTORNEY-AT-LAW,
ANTHONY J. COLAVITA, P.C.
James P. Conn
FORMER MANAGING DIRECTOR &
CHIEF INVESTMENT OFFICER,
FINANCIAL SECURITY ASSURANCE HOLDINGS LTD.
Mario d'Urso
CHAIRMAN, MITTEL CAPITAL MARKETS SPA
Vincent D. Enright
FORMER SENIOR VICE PRESIDENT &
CHIEF FINANCIAL OFFICER,
KEYSPAN CORP.
Frank J. Fahrenkopf, Jr.
PRESIDENT & CHIEF EXECUTIVE OFFICER,
AMERICAN GAMING ASSOCIATION
Michael J. Melarkey
ATTORNEY-AT-LAW,
AVANSINO, MELARKEY, KNOBEL & MULLIGAN
Salvatore M. Salibello
CERTIFIED PUBLIC ACCOUNTANT,
SALIBELLO & BRODER, LLP
Anthonie C. van Ekris
CHAIRMAN, BALMAC INTERNATIONAL, INC.
Salvatore J. Zizza
CHAIRMAN, ZIZZA & CO., LTD.
OFFICERS
Bruce N. Alpert
PRESIDENT
Carter W. Austin
VICE PRESIDENT
Peter D. Goldstein
CHIEF COMPLIANCE OFFICER
Molly A.F. Marion
ASSISTANT VICE PRESIDENT & OMBUDSMAN
James E. McKee
SECRETARY
Agnes Mullady
TREASURER
INVESTMENT ADVISER
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
CUSTODIAN
Mellon Trust of New England, N.A.
COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP
TRANSFER AGENT AND REGISTRAR
American Stock Transfer and Trust Company
STOCK EXCHANGE LISTING
Common
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Amex-Symbol: GGN
Shares Outstanding: 18,086,062
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.
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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
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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.
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THE GABELLI GLOBAL GOLD, NATURAL
RESOURCES & INCOME TRUST
ONE CORPORATE CENTER
RYE, NY 10580-1422
(914) 921-5070
WWW.GABELLI.COM
THIRD QUARTER REPORT
SEPTEMBER 30, 2007
GGN Q3/2007
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
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By (Signature and Title)* /s/ Bruce N. Alpert
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Bruce N. Alpert, Principal Executive Officer
Date November 15, 2007
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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
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Bruce N. Alpert, Principal Executive Officer
Date November 15, 2007
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By (Signature and Title)* /s/ Agnes Mullady
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Agnes Mullady,
Principal Financial Officer and Treasurer
Date November 15, 2007
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* Print the name and title of each signing officer under his or her signature.