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: September 30, 2008
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.
(THE GABELLI LOGO)
GLOBAL GOLD,
NATURAL RESOURCES
& INCOME TRUST
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
Third Quarter Report
September 30, 2008
TO OUR SHAREHOLDERS,
The Gabelli Global Gold, Natural Resources & Income Trust's (the "Fund")
net asset value ("NAV") declined 41.12% in the third quarter of 2008, compared
with losses of 3.97%, 1.64%, 27.53%, and 32.63% 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 down 31.20% during the third quarter. On
September 30, 2008, the Fund's market price was $20.15 on the American Stock
Exchange, representing a premium of 7.81% to its NAV of $18.69 at the end of the
quarter.
Enclosed is the investment portfolio as of September 30, 2008.
COMPARATIVE RESULTS
AVERAGE ANNUAL RETURNS THROUGH SEPTEMBER 30, 2008 (a)
Since
Inception
Quarter 1 Year 2 Year (03/31/05)
------- ------ ------ ----------
GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NAV TOTAL RETURN (b)................................ (41.12)% (31.05)% 2.86% 6.75%
INVESTMENT TOTAL RETURN (c)......................... (31.20) (23.92) 4.81 7.63
CBOE S&P 500 Buy/Write Index........................... (3.97) (7.48) 2.25 3.63
Philadelphia Gold & Silver Index....................... (32.63) (21.59) 6.20 11.23
Amex Energy Select Sector Index........................ (27.53) (13.71) 7.47 13.62
Lehman Brothers Government/Corporate Bond Index........ (1.64) 2.41 3.60 3.79
(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 LEHMAN BROTHERS
GOVERNMENT/CORPORATE BOND INDEX IS AN UNMANAGED MARKET VALUE WEIGHTED INDEX
THAT TRACKS THE TOTAL RETURN PERFORMANCE OF FIXED RATE, PUBLICLY PLACED,
DOLLAR DENOMINATED OBLIGATIONS. DIVIDENDS AND INTEREST INCOME ARE
CONSIDERED REINVESTED. YOU CANNOT INVEST DIRECTLY IN AN INDEX.
(b) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN THE NAV PER
SHARE AND REINVESTMENT OF DISTRIBUTIONS AT NAV ON THE EX-DIVIDEND DATE AND
ARE NET OF EXPENSES. SINCE INCEPTION RETURN IS BASED ON AN INITIAL NAV OF
$19.06.
(c) TOTAL RETURNS AND AVERAGE ANNUAL RETURNS REFLECT CHANGES IN CLOSING MARKET
VALUES ON THE AMERICAN STOCK EXCHANGE AND REINVESTMENT OF DISTRIBUTIONS.
SINCE INCEPTION RETURN IS BASED ON AN INITIAL OFFERING PRICE OF $20.00.
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, 2008 (UNAUDITED)
SHARES MARKET VALUE
------ ----------------
COMMON STOCKS -- 99.3%
ENERGY AND ENERGY SERVICES -- 40.3%
60,000 Allis-Chalmers Energy Inc.+ (a) ....................... $ 759,000
65,000 Baker Hughes Inc. (a) ................................. 3,935,100
207,400 BJ Services Co. (a) ................................... 3,967,562
1,650,000 Boart Longyear Group .................................. 1,460,384
117,000 BP plc, ADR (a) ....................................... 5,869,890
75,000 Chesapeake Energy Corp. (a) ........................... 2,689,500
54,600 Chevron Corp. (a) ..................................... 4,503,408
307,692 Comanche Energy Inc.+ (b)(c)(d) ....................... 1,849,995
65,000 ConocoPhillips (a) .................................... 4,761,250
140,000 Devon Energy Corp. .................................... 12,768,000
55,000 Diamond Offshore Drilling Inc. (a) .................... 5,668,300
60,000 Exxon Mobil Corp. (a) ................................. 4,659,600
65,000 Galp Energia SGPS SA, Cl. B ........................... 1,065,139
247,000 Halliburton Co. (a) ................................... 8,000,330
195,000 Imperial Oil Ltd. ..................................... 8,351,515
186,000 Lamprell plc .......................................... 1,063,131
53,700 Marathon Oil Corp. (a) ................................ 2,141,019
173,900 Murphy Oil Corp. (a) .................................. 11,153,946
120,000 Nabors Industries Ltd.+ (a) ........................... 2,990,400
199,800 Noble Corp. (a) ....................................... 8,771,220
440,000 Petroleo Brasileiro SA, ADR (a) ....................... 19,338,000
142,300 Rowan Companies Inc. (a) .............................. 4,347,265
100,000 Royal Dutch Shell plc, Cl. A .......................... 2,876,547
150,000 Saipem SpA ............................................ 4,415,553
100,000 Sasol Ltd., ADR (a) ................................... 4,249,000
150,000 StatoilHydro ASA, ADR (a) ............................. 3,570,000
305,000 Suncor Energy Inc. (a) ................................ 12,852,700
60,000 Technip SA ............................................ 3,325,497
117,500 Tesoro Corp. (a) ...................................... 1,937,575
20,000 Total SA, ADR (a) ..................................... 1,213,600
83,000 Transocean Inc.+ (a) .................................. 9,116,720
105,000 Valero Energy Corp. (a) ............................... 3,181,500
308,000 Weatherford International Ltd.+ (a) ................... 7,743,120
166,400 Williams Companies Inc. (a) ........................... 3,935,360
246,250 XTO Energy Inc. (a) ................................... 11,455,550
----------------
189,986,676
----------------
EXCHANGE TRADED FUNDS -- 0.3%
16,000 ETFS Physical Platinum+ ............................... 1,586,880
----------------
METALS AND MINING -- 58.7%
293,000 Agnico-Eagle Mines Ltd. ............................... 16,135,510
160,000 Alcoa Inc. (a) ........................................ 3,612,800
175,000 Anglo American plc .................................... 5,771,316
95,000 Anglo Platinum Ltd. ................................... 8,532,110
138,500 AngloGold Ashanti Ltd., ADR (a) ....................... 3,199,350
166,473 Aquila Resources Ltd.+ ................................ 1,210,312
1,123,807 Atlas Iron Ltd.+ ...................................... 1,376,539
454,000 Barrick Gold Corp. (a) ................................ 16,679,960
170,000 BHP Billiton Ltd., ADR (a) ............................ 8,838,300
SHARES MARKET VALUE
------ ----------------
181,900 Companhia Vale do Rio Doce, ADR (a) ................... $ 3,483,385
480,000 Eldorado Gold Corp.+ .................................. 2,994,785
200,000 Equinox Minerals Ltd.+ ................................ 473,573
35,000 Eurasian Natural Resources Corp. ...................... 314,233
125,000 Franco-Nevada Corp., Toronto .......................... 2,354,945
125,000 Franco-Nevada Corp., Toronto (e) ...................... 2,354,945
178,200 Freeport-McMoRan Copper & Gold Inc. (a) ............... 10,130,670
614,500 Fresnillo plc ......................................... 3,495,947
200,000 Gold Fields Ltd. ...................................... 1,943,506
1,035,800 Gold Fields Ltd., ADR (a) ............................. 9,933,322
369,500 Goldcorp Inc. (a) ..................................... 11,687,285
377,700 Harmony Gold Mining Co. Ltd., ADR+ (a) ................ 3,656,136
728,000 Hochschild Mining plc ................................. 3,248,613
342,500 IAMGOLD Corp. ......................................... 1,889,100
773,983 Imdex Ltd. ............................................ 764,551
470,000 Impala Platinum Holdings Ltd. ......................... 9,418,155
251,100 Ivanhoe Mines Ltd., New York+ (a) ..................... 1,521,666
50,000 Ivanhoe Mines Ltd., New York+ (b) ..................... 303,000
8,040 Ivanhoe Mines Ltd., Toronto+ .......................... 48,727
850,000 Kagara Ltd. ........................................... 1,860,646
100,000 Kazakhmys plc ......................................... 1,031,148
1,150,000 Kinross Gold Corp. (a) ................................ 18,538,000
6,483,488 Lihir Gold Ltd.+ ...................................... 14,346,032
176,582 Lonmin plc ............................................ 7,138,876
285,600 Lundin Mining Corp.+ (a) .............................. 851,088
744,307 Newcrest Mining Ltd. .................................. 16,251,672
359,400 Newmont Mining Corp. (a) .............................. 13,930,344
4,945,000 OZ Minerals Ltd. ...................................... 6,272,005
6,580,000 PanAust Ltd.+ ......................................... 2,885,918
80,000 Peabody Energy Corp. .................................. 3,600,000
567,300 Randgold Resources Ltd., ADR (a) ...................... 23,276,319
30,000 Rio Tinto plc, ADR (a) ................................ 7,485,000
180,000 Teck Cominco Ltd., Cl. B .............................. 5,111,205
70,000 Vedanta Resources plc ................................. 1,434,895
274,335 Xstrata plc ........................................... 8,369,344
1,132,000 Yamana Gold Inc. (a) .................................. 9,429,560
----------------
277,184,793
----------------
TOTAL COMMON STOCKS ................................... 468,758,349
----------------
WARRANTS -- 0.1%
ENERGY AND ENERGY SERVICES -- 0.1%
34,091 Comanche Energy Inc., Cl. A, expire 06/13/13+
(b)(c)(d) .......................................... 93,750
36,197 Comanche Energy Inc., Cl. B, expire 06/13/13+
(b)(c)(d) .......................................... 93,750
82,965 Comanche Energy Inc., Cl. C, expire 06/13/13+
(b)(c)(d) .......................................... 187,501
----------------
375,001
----------------
See accompanying notes to schedule of investments.
2
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
SHARES MARKET VALUE
------ ----------------
WARRANTS (CONTINUED)
METALS AND MINING -- 0.0%
62,500 Franco-Nevada Corp., expire 03/13/12+
(c)(d)(e) .......................................... $ 205,315
----------------
TOTAL WARRANTS ........................................ 580,316
----------------
PRINCIPAL
AMOUNT
---------
CORPORATE BONDS -- 0.6%
ENERGY AND ENERGY SERVICES -- 0.6%
$ 3,000,000 Comanche Energy Inc., 12.500%, 06/13/13 (b)(c)(d) ..... 2,775,000
----------------
NUMBER OF EXPIRATION DATE/
CONTRACTS EXERCISE PRICE
--------- ----------------
CALL OPTIONS PURCHASED -- 0.0%
ENERGY AND ENERGY SERVICES -- 0.0%
273 Rowan Companies Inc. ............... Oct. 08/42.50 2,730
----------------
TOTAL INVESTMENTS -- 100.0%
(Cost $479,760,588) ............................. $ 472,116,395
================
Aggregate book cost ................ $ 479,760,588
================
Gross unrealized appreciation ...... $ 88,443,424
Gross unrealized depreciation ...... (96,087,617)
----------------
Net unrealized
appreciation/(depreciation) ..... $ (7,644,193)
================
SHARES
------
COMMON STOCKS SOLD SHORT -- (2.5)%
EXCHANGE TRADED FUNDS -- (2.5)%
(140,000) SPDR Gold Trust+ ................... (11,909,800)
----------------
TOTAL COMMON STOCKS SOLD SHORT
(Total proceeds $11,303,775) .... $ (11,909,800)
================
OPTION CONTRACTS WRITTEN -- (4.9)%
NUMBER OF EXPIRATION DATE/
CONTRACTS EXERCISE PRICE
--------- ----------------
CALL OPTIONS WRITTEN -- (4.9)%
1,000 Agnico-Eagle Mines Ltd. ............ Nov. 08/65 $ 345,000
256 Agnico-Eagle Mines Ltd. ............ Nov. 08/75 51,200
1,000 Agnico-Eagle Mines Ltd. ............ Jan. 09/65 610,000
674 Agnico-Eagle Mines Ltd. ............ Jan. 09/70 303,300
1,570 Alcoa Inc. ......................... Jan. 09/50 6,280
NUMBER OF EXPIRATION DATE/
CONTRACTS EXERCISE PRICE MARKET VALUE
--------- ---------------- ----------------
30 Alcoa Inc. ......................... Jan. 10/50 $ 1,140
100 Allis-Chalmers Energy Inc. ......... Oct. 08/17.50 700
100 Allis-Chalmers Energy Inc. ......... Oct. 08/20 1,000
200 Allis-Chalmers Energy Inc. ......... Jan. 09/15 13,000
400 Allis-Chalmers Energy Inc. ......... Apr. 09/15 38,000
175 Anglo American plc(f) .............. Oct. 08/3200 15,556
1,385 AngloGold Ashanti Ltd., ADR ........ Oct. 08/40 13,850
1,000 AngloGold Ashanti Ltd., ADR ........ Jan. 09/35 47,500
150 Baker Hughes Inc. .................. Oct. 08/85 750
500 Baker Hughes Inc. .................. Oct. 08/90 2,500
650 Baker Hughes Inc. .................. Jan. 09/75 112,125
1,000 Barrick Gold Corp. ................. Oct. 08/37.50 201,000
2,000 Barrick Gold Corp. ................. Oct. 08/42.50 140,000
700 Barrick Gold Corp. ................. Oct. 08/45 24,500
182 Barrick Gold Corp. ................. Oct. 08/50 3,640
2,051 Barrick Gold Corp. ................. Jan. 09/37.50 937,307
1,500 Barrick Gold Corp. ................. Jan. 09/45 330,000
200 BHP Billiton Ltd., ADR ............. Nov. 08/70 19,000
1,500 BHP Billiton Ltd., ADR ............. Nov. 08/80 60,000
1,074 BJ Services Co. .................... Oct. 08/30 10,740
1,000 BJ Services Co. .................... Oct. 08/32.50 7,500
1,000 BJ Services Co. .................... Jan. 09/27.50 35,000
1,000 BJ Services Co. .................... Jan. 09/30 20,000
1,650 Boart Longyear Group(g) ............ Nov. 08/2.24 16
450 BP plc, ADR ........................ Oct. 08/65 3,375
250 Chesapeake Energy Corp. ............ Oct. 08/47.50 5,000
500 Chesapeake Energy Corp. ............ Oct. 08/65 2,500
500 Chevron Corp. ...................... Jan. 09/90 160,000
500 Companhia Vale do Rio Doce, ADR .... Dec. 08/15 247,500
1,000 Companhia Vale do Rio Doce, ADR .... Dec. 08/17.50 295,000
475 Companhia Vale do Rio Doce, ADR .... Dec. 08/35 5,225
200 ConocoPhillips ..................... Nov. 08/85 28,600
450 ConocoPhillips ..................... Jan. 09/80 177,750
1,200 Devon Energy Corp. ................. Oct. 08/115 45,000
200 Devon Energy Corp. ................. Nov. 08/115 42,000
1,000 Devon Energy Corp. ................. Jan. 09/110 520,000
200 Devon Energy Corp. ................. Jan. 09/115 80,000
550 Diamond Offshore
Drilling Inc. ...................... Jan. 09/120 253,000
4,800 Eldorado Gold Corp.(h) ............. Nov. 09/9 101,480
1,500 Equinox Minerals Ltd.(h) ........... Jan. 09/4 23,961
500 Equinox Minerals Ltd.(h) ........... Jan. 09/5 4,698
300 Exxon Mobil Corp. .................. Oct. 08/85 13,500
150 Exxon Mobil Corp. .................. Jan. 09/80 72,000
150 Exxon Mobil Corp. .................. Jan. 09/90 22,500
See accompanying notes to schedule of investments.
3
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
NUMBER OF EXPIRATION DATE/
CONTRACTS EXERCISE PRICE MARKET VALUE
--------- ---------------- ----------------
OPTION CONTRACTS WRITTEN (CONTINUED)
CALL OPTIONS WRITTEN (CONTINUED)
1,782 Freeport-McMoRan Copper & Gold
Inc. ............................ Jan. 09/160 $ 14,256
3,500 Gold Fields Ltd., ADR .............. Oct. 08/12.50 35,000
6,440 Gold Fields Ltd., ADR .............. Oct. 08/15 64,400
6,000 Gold Fields Ltd., ADR .............. Jan. 09/12.50 450,000
1,995 Goldcorp Inc. ...................... Jan. 09/35 877,800
1,700 Goldcorp Inc. ...................... Jan. 09/37.50 510,000
500 Halliburton Co. .................... Oct. 08/42.50 3,500
600 Halliburton Co. .................... Oct. 08/45 3,600
500 Halliburton Co. .................... Oct. 08/50 2,250
470 Halliburton Co. .................... Oct. 08/60 940
1,000 Halliburton Co. .................... Jan. 09/40 104,000
1,000 Harmony Gold Mining Co. Ltd., ADR .. Oct. 08/10 60,000
1,000 Harmony Gold Mining Co. Ltd., ADR .. Nov. 08/12.50 42,500
277 Harmony Gold Mining Co. Ltd., ADR .. Nov. 08/15 4,155
1,750 Harmony Gold Mining Co. Ltd., ADR .. Jan. 09/10 275,625
2,096 IAMGOLD Corp.(h) ................... Nov. 08/7 49,237
2,000 Imperial Oil Ltd.(h) ............... Nov. 08/50 361,757
1,101 Ivanhoe Mines Ltd.(h) .............. Oct. 08/11 7,759
2,000 Ivanhoe Mines Ltd.(h) .............. Dec. 08/11 37,585
100 Kazakhmys plc(f) ................... Dec. 08/20 3,111
2,000 Kinross Gold Corp. ................. Nov. 08/17.50 290,000
2,000 Kinross Gold Corp. ................. Nov. 08/25 40,000
1,500 Kinross Gold Corp. ................. Jan. 09/20 187,500
8,000 Kinross Gold Corp. ................. Feb. 09/17.50 2,120,000
6,000 Lihir Gold Ltd.(g) ................. Feb. 09/3 1,564,697
187 Marathon Oil Corp. ................. Nov. 08/45 37,774
100 Marathon Oil Corp. ................. Jan. 09/50 14,200
250 Marathon Oil Corp. ................. Jan. 09/55 22,500
99 Murphy Oil Corp. ................... Oct. 08/85 1,238
1,000 Murphy Oil Corp. ................... Nov. 08/85 85,000
39 Murphy Oil Corp. ................... Jan. 09/70 21,645
700 Murphy Oil Corp. ................... Jan. 09/75 280,000
200 Nabors Industries Ltd. ............. Jan. 09/32.50 18,000
1,000 Nabors Industries Ltd. ............. Jan. 09/35 55,000
410 Newcrest Mining Ltd.(g) ............ Nov. 08/30 648,006
415 Newcrest Mining Ltd.(g) ............ Jan. 09/30 1,056,012
1,800 Newmont Mining Corp. ............... Dec. 08/45 397,800
1,000 Newmont Mining Corp. ............... Dec. 08/50 111,500
800 Newmont Mining Corp. ............... Jan. 09/47.50 155,200
1,000 Noble Corp. ........................ Oct. 08/55 15,000
500 Noble Corp. ........................ Dec. 08/50 118,750
500 Noble Corp. ........................ Dec. 08/55 50,000
1,000 Noble Corp. ........................ Jan. 09/50 295,000
6,580 PanAust Ltd.(g) .................... Oct. 08/1.17 10
400 Peabody Energy Corp. ............... Oct. 08/50 80,000
NUMBER OF EXPIRATION DATE/
CONTRACTS EXERCISE PRICE MARKET VALUE
--------- ---------------- ----------------
400 Peabody Energy Corp. ............... Oct. 08/55 $ 36,000
400 Petroleo Brasileiro S.A., ADR ...... Jan. 09/45 220,000
2,000 Petroleo Brasileiro S.A., ADR ...... Jan. 09/47.50 880,000
2,000 Petroleo Brasileiro S.A., ADR ...... Jan. 09/57.50 375,000
1,600 Randgold Resources Ltd., ADR ....... Oct. 08/50 76,000
1,673 Randgold Resources Ltd., ADR ....... Dec. 08/40 1,012,165
4,000 Randgold Resources Ltd., ADR ....... Dec. 08/50 1,040,000
300 Rio Tinto plc, ADR ................. Jan. 09/360 120,000
100 Rio Tinto plc, ADR ................. Jan. 09/420 15,000
646 Rowan Companies Inc. ............... Oct. 08/40 6,460
800 Rowan Companies Inc. ............... Jan. 09/50 14,000
100 Royal Dutch Shell plc, Cl. A(f) .... Dec. 08/1900 33,557
300 Saipem SpA(i) ...................... Dec. 08/30 37,799
1,000 Sasol Ltd., ADR .................... Dec. 08/55 95,000
1,500 StatoilHydro ASA, ADR .............. Jan. 09/40 18,750
3,050 Suncor Energy Inc. ................. Jan. 09/50 922,625
600 Technip SA(i) ...................... Dec. 08/52 42,234
300 Teck Cominco Ltd., Cl. B(h) ........ Oct. 08/48 1,691
500 Teck Cominco Ltd., Cl. B(h) ........ Nov. 08/40 46,042
500 Teck Cominco Ltd., Cl. B(h) ........ Nov. 08/46 19,497
500 Teck Cominco Ltd., Cl. B(h) ........ Nov. 08/48 15,974
950 Tesoro Corp. ....................... Nov. 08/22.50 69,350
225 Tesoro Corp. ....................... Nov. 08/25 10,575
200 Total SA, ADR ...................... Nov. 08/75 10,000
330 Transocean Inc. .................... Jan. 09/30 138,600
500 Transocean Inc. .................... Jan. 09/140 117,500
1,050 Valero Energy Corp. ................ Dec. 08/37.50 165,900
3,000 Weatherford International Ltd. ..... Jan. 09/35 262,500
1,664 Williams Companies Inc. ............ Jan. 09/32.50 95,680
250 Xstrata plc(f) ..................... Dec. 08/2600 191,673
500 XTO Energy Inc. .................... Nov. 08/50 160,000
970 XTO Energy Inc. .................... Jan. 09/55 291,000
1,000 XTO Energy Inc. .................... Jan. 09/60 195,000
1,000 Yamana Gold Inc. ................... Oct. 08/10 30,000
7,000 Yamana Gold Inc. ................... Oct. 08/14 35,000
2,000 Yamana Gold Inc. ................... Jan. 09/11 208,000
1,320 Yamana Gold Inc. ................... Jan. 09/12.50 92,400
----------------
TOTAL CALL OPTIONS WRITTEN
(Premiums received
$25,347,628) .................... $ 23,126,972
================
See accompanying notes to schedule of investments.
4
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)
Aggregate premiums and proceeds .... $ 36,651,403
================
Gross unrealized appreciation ...... $ 9,908,852
Gross unrealized depreciation ...... (8,294,221)
----------------
Net unrealized
appreciation/(depreciation) ..... $ 1,614,631
================
----------
(a) Securities, or a portion thereof, with a value of $253,401,413 are pledged
as collateral for short sales and options written.
(b) At September 30, 2008, the Fund held investments in restricted securities
amounting to $5,302,996 or 1.12% of total investments, which were value
under methods approved by the Board of Trustees as follows:
ACQUISITION
SHARES/ 09/30/08
PRINCIPAL ACQUISITION ACQUISITION CARRYING VALUE
AMOUNT ISSUER DATE COST PER UNIT
----------- ------------------------------------ ----------- ----------- --------------
307,692 Comanche Energy Inc. ............... 06/17/08 $1,849,998 $ 6.0125
34,091 Comanche Energy Inc., Cl. A,
Warrants expire 06/13/13 ........ 06/17/08 93,750 2.7500
36,197 Comanche Energy Inc., Cl. B,
Warrants expire 06/13/13 ........ 06/17/08 93,750 2.5900
82,965 Comanche Energy Inc., Cl. C,
Warrants expire 06/13/13 ........ 06/17/08 187,501 2.2600
$ 3,000,000 Comanche Energy Inc., 12.500%,
06/13/13 ........................ 06/17/08 2,775,000 92.5000
50,000 Ivanhoe Mines Ltd., New York ....... 04/25/05 337,529 6.0600
(c) Security fair valued under procedures established by the Board of Trustees.
The procedures may include reviewing available financial information about
the company and reviewing the valuation of comparable securities and other
factors on a regular basis. At September 30, 2008, the market value of fair
valued securities amounted to $5,205,311 or 1.10% of total investments.
(d) Illiquid security.
(e) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At September
30, 2008, the market value of Rule 144A securities amounted to $2,560,260
or 0.54% of total investments.
(f) Exercise price denoted in British Pounds.
(g) Exercise price denoted in Australian dollars.
(h) Exercise price denoted in Canadian dollars.
(i) Exercise price denoted in Euros.
+ Non-income producing security.
ADR American Depositary Receipt
% OF
MARKET
GEOGRAPHIC DIVERSIFICATION VALUE MARKET VALUE
-------------------------- ------ ------------
LONG POSITIONS
North America ...................................... 50.4% $237,923,685
Europe ............................................. 17.3 81,925,950
Asia/Pacific ....................................... 11.8 55,580,591
Latin America ...................................... 11.6 54,691,459
South Africa ....................................... 8.9 41,994,710
----- ------------
Total Investments .................................. 100.0% $472,116,395
===== ============
SHORT POSITIONS
North America ...................................... (6.2)% $(29,371,475)
Asia/Pacific ....................................... (0.9) (4,280,906)
South Africa ....................................... (0.2) (832,280)
Europe ............................................. (0.0) (323,931)
Latin America ...................................... (0.1) (228,180)
----- ------------
Total Investments .................................. (7.4)% $(35,036,772)
----- ------------
See accompanying notes to schedule of investments.
5
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (UNAUDITED)
1. SECURITY VALUATION. Portfolio securities listed or traded on a nationally
recognized securities exchange or traded in the U.S. over-the-counter market for
which market quotations are readily available are valued at the last quoted sale
price or a market's official closing price as of the close of business on the
day the securities are being valued. If there were no sales that day, the
security is valued at the average of the closing bid and asked prices or, if
there were no asked prices quoted on that day, then the security is valued at
the closing bid price on that day. If no bid or asked prices are quoted on such
day, the security is valued at the most recently available price or, if the
Board of Trustees (the "Board") so determines, by such other method as the Board
shall determine in good faith to reflect its fair market value. Portfolio
securities traded on more than one national securities exchange or market are
valued according to the broadest and most representative market, as determined
by Gabelli Funds, LLC, the Adviser.
Portfolio securities primarily traded on a foreign market are generally valued
at the preceding closing values of such securities on the relevant market, but
may be fair valued pursuant to procedures established by the Board if market
conditions change significantly after the close of the foreign market but prior
to the close of business on the day the securities are being valued. Debt
instruments with remaining maturities of 60 days or less that are not credit
impaired are valued at amortized cost, unless the Board determines such amount
does not reflect the securities' fair value, in which case these securities will
be fair valued as determined by the Board. Debt instruments having a maturity
greater than 60 days for which market quotations are readily available are
valued at the average of the latest bid and asked prices. If there were no asked
prices quoted on such day, the security is valued using the closing bid price.
Futures contracts are valued at the closing settlement price of the exchange or
board of trade on which the applicable contract is traded.
Securities and assets for which market quotations are not readily available are
fair valued as determined by the Board.
On January 1, 2008, the Fund adopted Statement of Financial Accounting Standard
No. 157, "Fair Value Measurements" ("SFAS 157") that clarifies the definition of
fair value for financial reporting, establishes a framework for measuring fair
value, and requires additional disclosures about the use of fair value
measurements. The three levels of the fair value hierarchy under SFAS 157 are
described below:
- 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).
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. The
summary of inputs used to value the Fund's net assets as of September 30, 2008
is as follows:
OTHER FINANCIAL
INVESTMENTS IN INSTRUMENTS
SECURITIES (UNREALIZED
VALUATION INPUTS (MARKET VALUE) DEPRECIATION)*
---------------- -------------- ---------------
Level 1 - Quoted Prices $439,799,856 --
Level 2 - Other Significant Observable Inputs (7,720,229) $(4,660,422)
Level 3 - Significant Unobservable Inputs 4,999,996 --
------------ -----------
Total $437,079,623 $(4,660,422)
============ ===========
----------
* Other financial instruments are derivative instruments not reflected in the
Schedule of Investments, such as futures, forwards, and swaps, which are
valued at the unrealized appreciation/depreciation on the investment.
6
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED) (UNAUDITED)
The following is a reconciliation of Level 3 investments for which significant
unobservable inputs were used to determine fair value:
INVESTMENTS IN
SECURITIES
(MARKET VALUE)
--------------
BALANCE AS OF 12/31/07 --
Accrued discounts/(premiums) --
Realized gain/(loss) --
Change in unrealized appreciation/(depreciation) --
Net purchases/(sales) $4,999,996
Transfers in and/or out of Level 3 --
----------
BALANCE AS OF 9/30/08 $4,999,996
==========
In March 2008, the Financial Accounting Standards Board (the "FASB") issued
Statement of Financial Accounting Standard No. 161, "Disclosures about
Derivative Instruments and Hedging Activities" ("SFAS 161") that is effective
for fiscal years beginning after November 15, 2008. SFAS 161 is intended to
improve financial reporting for derivative instruments by requiring enhanced
disclosure that enables investors to understand how and why an entity uses
derivatives, how derivatives are accounted for, and how derivative instruments
affect an entity's results of operations and financial position. Management is
currently evaluating the implications of SFAS 161 on the Fund's financial
statement disclosures.
2. SWAP AGREEMENTS. The Fund may enter into equity swap transactions. The use of
equity swaps is a highly specialized activity that involves investment
techniques and risks different from those associated with ordinary portfolio
security transactions. In an equity swap, a set of future cash flows are
exchanged between two counterparties. One of these cash flow streams will
typically be based on a reference interest rate combined with the performance of
a notional value of shares of a stock. The other will be based on the
performance of the shares of a stock. There is no assurance that the swap
contract counterparties will be able to meet their obligations pursuant to the
swap contracts, or that, in the event of default, the Fund will succeed in
pursuing contractual remedies. The Fund thus assumes the risk that it may be
delayed in or prevented from obtaining payments owed to it pursuant to the swap
contracts. The creditworthiness of the swap contract counterparties is closely
monitored in order to minimize the risk. Depending on the general state of
short-term interest rates and the returns of the Fund's portfolio securities at
that point in time, such a default could negatively affect the Fund's ability to
make dividend payments. In addition, at the time an equity swap transaction
reaches its scheduled termination date, there is a risk that the Fund will not
be able to obtain a replacement transaction or that the terms of the replacement
will not be as favorable as on the expiring transaction. 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 Fund has entered into an equity swap agreement with Morgan Stanley & Co.
Incorporated. Details of the swaps at September 30, 2008 are as follows:
NET UNREALIZED
INTEREST RATE/ TERMINATION APPRECIATION
NOTIONAL AMOUNT EQUITY SECURITY RECEIVED EQUITY SECURITY PAID DATE (DEPRECIATION)
---------------------------- ---------------------------- ---------------------------- ----------- --------------
3 Month LIBOR plus
Market Value 45 bps plus Market Value
Appreciation on: Depreciation on:
$15,892,674 (572,000 Shares) MMX Mineracao e Metalicos SA MMX Mineracao e Metalicos SA 03/11/09 $(13,246,244)
(572,000 Shares) Anglo Ferrous Brazil SA Anglo Ferrous Brazil SA 03/11/09 8,326,449
(274,000 Shares) LLX Logistica SA LLX Logistica SA 03/11/09 259,373
------------
$ (4,660,422)
============
7
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 an American Stock Exchange ("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 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.
8
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.
9
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.
- 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.
(GRAPHIC)
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
FORMER ITALIAN SENATOR
Vincent D. Enright
FORMER SENIOR VICE PRESIDENT &
CHIEF FINANCIAL OFFICER,
KEYSPAN CORP.
Frank J. Fahrenkopf, Jr.
PRESIDENT & CHIEF EXECUTIVE OFFICER,
AMERICAN GAMING ASSOCIATION
Michael J. Melarkey
ATTORNEY-AT-LAW,
AVANSINO, MELARKEY, KNOBEL & MULLIGAN
Salvatore M. Salibello
CERTIFIED PUBLIC ACCOUNTANT,
SALIBELLO & BRODER, LLP
Anthonie C. van Ekris
CHAIRMAN, BALMAC INTERNATIONAL, INC.
Salvatore J. Zizza
CHAIRMAN, ZIZZA & CO., LTD.
OFFICERS
Bruce N. Alpert
PRESIDENT
Carter W. Austin
VICE PRESIDENT
Peter D. Goldstein
CHIEF COMPLIANCE OFFICER
Molly A.F. Marion
ASSISTANT VICE PRESIDENT & OMBUDSMAN
Agnes Mullady
TREASURER AND SECRETARY
INVESTMENT ADVISER
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
CUSTODIAN
The Bank of New York Mellon
COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP
TRANSFER AGENT AND REGISTRAR
American Stock Transfer and Trust Company
STOCK EXCHANGE LISTING
6.625%
Common Preferred
---------- ---------
Amex-Symbol: GGN GGN PrA
Shares Outstanding: 18,143,275 4,000,000
The Net Asset Value per share appears in the Publicly Traded Funds column, under
the heading "Specialized Equity Funds," in Monday's The Wall Street Journal. It
is also listed in Barron's Mutual Funds/Closed End Funds section under the
heading "Specialized Equity Funds."
The Net Asset Value per share may be obtained each day by calling (914) 921-5070
or visiting ww.gabelli.com.
For general information about the Gabelli Funds, call 800-GABELLI
(800-422-3554), fax us at 914-921-5118, visit Gabelli Funds' Internet homepage
at: WWW.GABELLI.COM, or e-mail us at: closedend@gabelli.com
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Fund may, from time to time, purchase
its common shares in the open market when the Fund's shares are trading at a
discount of 7.5% or more from the net asset value of the shares. The Fund may
also, from time to time, purchase its Series A Cumulative Preferred Shares in
the open market when the preferred shares are trading at a discount to the
liquidation value of $25.00.
(GRAPHIC)
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, 2008
GGN Q3/2008
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940,
as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
as of a date within 90 days of the filing date of the report that
includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule
30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Gabelli Global Gold, Natural Resources & Income Trust
--------------------------------------------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date November 24, 2008
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, Principal Executive Officer
Date November 24, 2008
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady,
Principal Financial Officer and Treasurer
Date November 24, 2008
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.